Bernanke calls for nationwide REO rental program

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The Federal Reserve’s foreclosure rental program would do little to lift the ailing housing market, Goldman Sachs analysts wrote in a research paper. REO To Rental Fed Plan Would Do Little For.

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On Wednesday, Federal Reserve Chairman Ben Bernanke got on board, penning a 26-page white paper, arguing that now is an unusually good time to convert foreclosed properties to rental units for three reasons: demand for owner-occupied homes remains low, demand for rental properties is rising, and the problem of banks’ continued hesitance to offer mortgages to everyday Americans means that the.

Bernanke calls for nationwide REO rental program HousingWire . Do we really want the government to become a landlord to all the empty house? What are your thoughts? The government should consider helping the nation’s vacant, unsold stock of foreclosed properties by supporting initiatives to occupy.

Fifth Circuit gives servicers green light to foreclose without note Fifth Circuit Court of Appeals gave servicers foreclosing in Texas the green light to proceed with a foreclosure even when the servicer lacks possession of the note. In a case called, Martins v. Bac Home Loan Servicing , the Fifth Circuit interpreted Texas law as granting servicers a right to foreclose without the note as long as they have a viable mortgage assignment.

Indeed, they argue that in many cases REO-to-rentals may be inappropriate. Yet unless mortgage origination requirements, with tighter underwriting standards, are loosened in the immediate future, borrowers may have little choice but to rent. Furthermore, support for such a program will cost mortgage servicers, bond investors and even taxpayers.

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The administration says it is pursuing potential ideas for REO-to-rental pilot programs ""with a sense of urgency,"" but two California firms don’t plan to wait on the government’s involvement.

REO To Rental Fed Plan Would Do Little For Housing, Says Goldman Sachs. calculates the nationwide effects of renting foreclosed properties as "positive but modest," possibly fostering a 0.5 percent increase in home prices in the first year of program implementation, and a 1 percent increase.

Home prices nationwide have fallen 33 percent since the height. $25 billion mortgage settlement is used toward principal reduction, she said. The REO-to-rental program will take a while to kick.

Housing inventory, buyer demand are market drivers: JPMorgan A buyer’s market happens when housing inventory is higher than the number of people looking to buy a house. Supply and demand dictate that when supply is higher than demand, prices decline; that’s exactly what happens with the housing market during a buyer’s market.