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		<title>Minnesota Supreme Court Rules for Property Owners/Renters In Red Wing Challenge</title>
		<link>http://www.nationalreia.com/minnesota-supreme-court-rules-for-property-ownersrenters-in-red-wing-challenge/</link>
		<comments>http://www.nationalreia.com/minnesota-supreme-court-rules-for-property-ownersrenters-in-red-wing-challenge/#comments</comments>
		<pubDate>Sat, 07 Jan 2012 05:02:26 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
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		<description><![CDATA[WEB RELEASE: December 28, 2011 CONTACT: John Kramer (703) 682-9320 [Private Property] Red Wing, Minn.—Today the Minnesota Supreme Court handed down an important victory for Red Wing property owners and renters and for citizens across the state of Minnesota. The court allowed a property rights case to go forward that had been tied up by...]]></description>
			<content:encoded><![CDATA[<p><strong>WEB RELEASE: <strong>December 28, 2011</strong></strong><br />
<strong>CONTACT: John Kramer (703) 682-9320</strong></p>
<p>[Private Property]</p>
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<p><strong><br />
Red Wing, Minn.</strong>—Today the Minnesota Supreme Court <a title="Court Opinion" href="http://www.ij.org/images/pdf_folder/private_property/redwing/red_wing_inspection-opinion_12-28-11.pdf">handed down an important victory</a> for Red Wing property owners and renters and for citizens across the state of Minnesota. The court allowed a property rights case to go forward that had been tied up by procedural hurdles for more than five years. The case challenges Red Wing’s rental inspection program, under which the city can enter and inspect people’s homes without any evidence that a code violation has taken place. The decision, which seriously examined the facts of the case and the practical impact of the law on plaintiffs’ rights, is a model of judicial engagement.</p>
<p>Nine landlords and two tenants from Red Wing, Minn.—who are represented by the public interest law firm the Institute for Justice—object to Red Wing’s rental inspection law.  Many cities across Minnesota—including Minneapolis, St. Paul, Duluth and Rochester—have local laws like Red Wing’s that allow government officials to conduct housing inspections of all rented homes in the city, even if the tenant refuses to consent to the search and even if the government has no reason to believe there is a problem with the rental home or even with the building.  The unusual alliance of landlords and tenants sued the city to prevent government inspectors from violating their rights.</p>
<p>“Red Wing’s unreasonable and unconstitutional inspection program allows government inspectors to poke around in practically every nook and cranny in your home—even closets and your bathroom,” said IJ Senior Attorney Dana Berliner.  “Our clients sought to test the constitutionality of this law <em>before </em>it is used to illegally enter their homes. Now, thanks to the Minnesota Supreme Court, they will get an answer to that question. The courthouse door remains open for our clients.”</p>
<p>As the Minnesota Supreme Court pointed out, “The City has actually begun enforcing the rental inspection ordinance against appellants.” Therefore, there is a real dispute that affects plaintiffs’ rights, and the courts can go forward to address whether the law is unconstitutional.</p>
<p>Until today’s ruling, the city had announced its plan to continue to try to enter the plaintiffs’ homes without their consent and force the plaintiffs to engage in piecemeal litigation to protect themselves. With the ruling, the plaintiffs can settle the constitutionality of the law once and for all.</p>
<p>Landlord Robert McCaughtry, a plaintiff in the case, has had enough of the city’s inspection program. He said, “I’m not against the city having housing standards, but it’s wrong for the city to force its way into peoples’ homes without any evidence of a problem or code violation. I’m grateful that we’ll finally get our opportunity to show that this program is unconstitutional.”</p>
<p>“Increasingly local governments use ‘administrative warrant’ programs to skirt the protections of the Fourth Amendment and force their way into people’s homes,” said IJ Minnesota Chapter Attorney Anthony Sanders. “The Fourth Amendment, and the similar provision in the Minnesota Constitution, was intended to protect people’s property and privacy rights, and its standards—requiring probable cause of an actual violation of the law—are entirely reasonable and not something the government should be allowed to ignore.”</p>
<p>The court remanded the case to the Minnesota Court of Appeals to decide the issue the plaintiffs have been fighting for all along: whether the Minnesota Constitution allows inspections without probable cause.</p>
<p>“The Minnesota Supreme Court has regularly interpreted the Minnesota Constitution to provide greater protection for individual liberty than is provided by the U.S. Constitution,” said Berliner.  “We believe this is an excellent opportunity to ensure all Minnesotans are free from unreasonable searches of their homes and properties.”</p>


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		<title>FedEx and UPS to Raise Small Package Rates for 2012</title>
		<link>http://www.nationalreia.com/fedex-and-ups-to-raise-small-package-rates-for-2012/</link>
		<comments>http://www.nationalreia.com/fedex-and-ups-to-raise-small-package-rates-for-2012/#comments</comments>
		<pubDate>Tue, 13 Dec 2011 19:22:30 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
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		<description><![CDATA[Cleveland, Ohio, December 7, 2011—The National REIA Shipping Program, managed by PartnerShip, today announced that FedEx Corp. (NYSE: FDX) and UPS (NYSE: UPS) will increase envelope and small package shipping rates for 2012. Air Shipping Costs to Increase Effective January 2, 2012, the cost to ship an overnight envelope with Memphis-based FedEx Express will increase...]]></description>
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<p><strong><br />
Cleveland, Ohio, December 7, 2011—</strong>The National REIA Shipping Program, managed by PartnerShip, today announced that FedEx Corp. (NYSE: FDX) and UPS (NYSE: UPS) will increase envelope and small package shipping rates for 2012.</p>
<p><strong><br />
Air Shipping Costs to Increase</strong></p>
<p>Effective January 2, 2012, the cost to ship an overnight envelope with Memphis-based FedEx Express will increase by a net average of 3.9%. The full average rate increase of 5.9% will be partially offset by adjusting the fuel price threshold at which the fuel surcharge begins, reducing the fuel surcharge by 2%. Air packages shipped with Atlanta-based UPS will increase by a net average 4.9% beginning January 2, 2012. The rate increase for UPS air and international shipments is based on a 6.9% increase in the base rate, less a 2% reduction to the index-based air and international fuel surcharge.</p>
<p><strong>Ground Shipping Rates Going Up As Well</strong></p>
<p>Effective January 2, 2012, the cost to ship with FedEx Ground will increase by a net average 4.9%. The full average rate increase of 5.9% will be partially offset by adjusting the fuel price threshold at which the fuel surcharge begins, reducing the fuel surcharge by 1%. UPS ground shipping will also increase by a net average 4.9% for U.S. domestic services, achieved through a 5.9% increase in the base rate, less a 1% reduction to the index-based ground fuel surcharge.</p>
<p>Additionally, UPS Next Day Air Freight and UPS 2nd Day Air Freight rates for shipments within and between the U.S., Canada and Puerto Rico will increase 5.9%. UPS 3 Day Freight rates will remain unchanged.</p>
<p><strong>About PartnerShip</strong></p>
<p>Cleveland, Ohio-based PartnerShip, which developed and manages the National REIA Shipping Program, is a leading freight management company that provides shipping solutions to small- and medium-sized businesses nationwide. PartnerShip leverages its relationships with over 17,000 customers to provide businesses of all sizes the exceptional savings typically reserved for large-volume shippers. 800-599-2902 <a href="http://www.partnership.com/">PartnerShip.com</a></p>
<p>For more information or to enroll in the National REIA Shipping Program to save on every shipment you send and receive, please visit: <a href="http://www.partnership.com/73NREIA">www.partnership.com/73NREIA</a></p>


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		<title>CoreLogic Rolls Out New Services to Assist Lenders with HARP 2.0</title>
		<link>http://www.nationalreia.com/corelogic-rolls-out-new-services-to-assist-lenders-with-harp-2-0/</link>
		<comments>http://www.nationalreia.com/corelogic-rolls-out-new-services-to-assist-lenders-with-harp-2-0/#comments</comments>
		<pubDate>Tue, 29 Nov 2011 18:22:52 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
				<category><![CDATA[industry news]]></category>
		<category><![CDATA[Corelogic]]></category>
		<category><![CDATA[FHFA]]></category>
		<category><![CDATA[Frannie Mac]]></category>
		<category><![CDATA[Freddie Mac]]></category>
		<category><![CDATA[HARP]]></category>

		<guid isPermaLink="false">http://www.nationalreia.com/?p=1638</guid>
		<description><![CDATA[CoreLogic has announced a new set of services designed specifically to address the anticipated increase in refinance activity expected from revisions to the Home Affordable Refinance Program (HARP). The redefined program, recently announced by the Federal Housing Finance Agency (FHFA) and dubbed HARP 2.0, was introduced to assist qualified underwater homeowners in refinancing their mortgages....]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.corelogic.com/" target="_blank">CoreLogic</a> has announced a new set of services designed specifically to address the anticipated increase in refinance activity expected from revisions to the Home Affordable Refinance Program (HARP).</p>
<div id="articleColumn1">
<p>The redefined program, recently announced by the Federal Housing Finance Agency (FHFA) and dubbed HARP 2.0, was introduced to assist qualified underwater homeowners in refinancing their mortgages.</p>
<p>Many lenders are expected to look to third-party providers to help them manage the expected spike in mortgage refinancing.</p>
<p>CoreLogic says its <a href="http://www.corelogic.com/HARPServices" target="_blank">new HARP 2.0 offerings</a> will combine the company’s data and analytics with experienced teams of outsourcing professionals to improve operational pull-through.</p>
<p>The California-based company explained that the new service line will help to identify HARP-qualified borrowers in order to enhance lenders’ retention and acquisition efforts and fulfill day-to-day workflow requirements for underwriting, closing, and post-closing auditing and quality control.</p>
<p>CoreLogic will supply HARP-specific teams, available as staff augmentation or full-component outsourcing, as part of the service.</p>
<p>Using proprietary predictive analytics, CoreLogic’s solution will assist lenders in determining how much of a volume increase they are likely to see due to HARP 2.0.</p>
</div>
<div id="articleColumn2">
<p>The company says lenders will be able to gauge the likelihood and potential success of imminent refinance activity, staff accordingly, and improve results by employing transaction-based outsourcing to help meet retention and acquisition targets.</p>
<p>“Over the past few years, mortgage companies have really been fighting a battle on two fronts,” said Scott A. Brinkley, SVP of outsourcing and technology solutions for CoreLogic.</p>
<p>On one front, origination volumes have been down as the economy struggles to rebound, Brinkley explained, while on the other front, servicers are wrestling with complex regulations and compliance issues in the default space.</p>
<p>“The combination of these two realities has created operational strain on many organizations,” Brinkley said. “We’ve positioned our service offerings in a manner that will allow us to seamlessly integrate our solutions within a lender’s decisioning and work-flow processes to help them better manage these spikes and spend more time and energy focusing on their core business operations.”</p>
<p>CoreLogic HARP 2.0 services will provide logic-based analysis for portfolio segmentation of the entire HARP-eligible population. Using additional data layers, such as searches for voluntary and involuntary lien information, lenders can also gain greater clarity into their market opportunities and streamline the closing process.</p>
<p>According to Kevin Wall, SVP of business and information services for CoreLogic, the introduction of HARP 2.0 will place an additional capacity strain on an already taxed origination model.</p>
<p>“Difficulty maintaining a balanced infrastructure during this turbulent and uncertain market will test lenders’ ability to realize the overarching benefits of the program,” Wall said. “Our solutions will assist lenders in identifying and prioritizing HARP-eligible borrowers and provide the capacity to move them effectively through the refinance process.”</p>
<p>&nbsp;</p>
<p><em>DSnews.com article by Carrie Bay 11/28/11</em></p>
</div>


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		<title>Mid Year 2012</title>
		<link>http://www.nationalreia.com/slide-title-2/</link>
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		<pubDate>Mon, 31 Oct 2011 20:15:18 +0000</pubDate>
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			<content:encoded><![CDATA[<p>Join us in Seattle &#8211; an innovative city for an innovative conference.  This year we bring more of the best and most loved sessions.</p>
<p>This is one that you CANNOT miss!!</p>


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		<title>Annual Cruise</title>
		<link>http://www.nationalreia.com/slide-1-title/</link>
		<comments>http://www.nationalreia.com/slide-1-title/#comments</comments>
		<pubDate>Mon, 31 Oct 2011 19:59:10 +0000</pubDate>
		<dc:creator>successt</dc:creator>
				<category><![CDATA[Slider Homepage]]></category>

		<guid isPermaLink="false">http://www.nationalreia.com/?p=1567</guid>
		<description><![CDATA[Here at National REIA we pride ourselves on being your number one facilitator for advanced networking in the realm of real estate investing.  Our annual cruise has connected 5,000+ investors from more than 70 cities over the past twelve years.  Each year brings something new. Join National REIA in February 2012 for an AMAZING week...]]></description>
			<content:encoded><![CDATA[<p>Here at National REIA we pride ourselves on being your number one facilitator for advanced networking in the realm of real estate investing.  Our annual cruise has connected 5,000+ investors from more than 70 cities over the past twelve years.  Each year brings something new. Join National REIA in February 2012 for an AMAZING week at sea. This Educational Conference unites real estate investors from all over the country and the world for an unparalleled learning experience.</p>


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		<title>EPA Launches New Mapping Tool to Improve Public Access</title>
		<link>http://www.nationalreia.com/epa-launches-new-mapping-tool-to-improve-public-access/</link>
		<comments>http://www.nationalreia.com/epa-launches-new-mapping-tool-to-improve-public-access/#comments</comments>
		<pubDate>Fri, 30 Sep 2011 21:37:26 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
				<category><![CDATA[industry news]]></category>
		<category><![CDATA[ECHO]]></category>
		<category><![CDATA[epa]]></category>
		<category><![CDATA[Kachina]]></category>
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		<guid isPermaLink="false">http://www.nationalreia.com/?p=1549</guid>
		<description><![CDATA[EPA Launches New Mapping Tool to Improve Public Access to Enforcement Information / Mapping feature supports the White House Regulatory Compliance Transparency Initiative and improves public access to information Release date: 09/30/2011 Contact Information: Stacy Kika (News Media Only), kika.stacy@epa.gov, 202-564-0906, 202-564-4355 WASHINGTON – The U.S. Environmental Protection Agency (EPA) today announced the release of...]]></description>
			<content:encoded><![CDATA[<p>EPA Launches New Mapping Tool to Improve Public Access to Enforcement Information / Mapping feature supports the White House Regulatory Compliance Transparency Initiative and improves public access to information</p>
<p>Release date: 09/30/2011</p>
<p>Contact Information: Stacy Kika (News Media Only), <a href="mailto:kika.stacy@epa.gov">kika.stacy@epa.gov</a>, 202-564-0906, 202-564-4355</p>
<p><strong>WASHINGTON</strong> – The U.S. Environmental Protection Agency (EPA) today announced the release of a new mapping feature in EPA’s Enforcement and Compliance History Online (ECHO) database. As part of EPA’s ongoing effort to improve transparency, the EPA and State Enforcement Actions Map will allow the public to access federal and state enforcement information in an interactive format and to compare enforcement action information by state. The map will be refreshed monthly to include up to date information about the enforcement actions taken to address violations of air, water, and waste laws.</p>
<p>“EPA is committed to providing the public with easy to use tools that display facility compliance information and the actions EPA and the states are taking to address pollution problems in communities across the nation,” said Cynthia Giles, assistant administrator for EPA’s Office of Enforcement and Compliance Assurance. “EPA is proud to announce our latest effort under the President’s White House Regulatory Compliance Transparency Initiative and we will continue to take steps to make meaningful enforcement and compliance data available as part of an open, transparent government.”</p>
<p>Map users can choose the year, the media (air, water, waste, multiple), and whether they would like to display enforcement information for actions taken at the federal level, state level, or both. Users can then click on a state to view facility locations and click on a facility to list its name, the environmental statute the facility has an enforcement action under, and a link to a detailed facility compliance report.</p>
<p>ECHO provides integrated searches of EPA and state data about inspections, violations and enforcement actions for more than 800,000 regulated facilities. Now in its ninth year, ECHO recently received its 10 millionth data query and has completed a record year of more than 2 million queries. President Obama recognized ECHO in his January 2011 Presidential Memorandum on regulatory compliance, as a model for transparency for other federal agencies to follow.</p>
<p>Enforcement and Compliance History Online: <a href="http://www.epa-echo.gov/">http://www.epa-echo.gov</a></p>


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		<title>NEW Communciation Tool To Stay Updated On The RRP Law</title>
		<link>http://www.nationalreia.com/new-communciation-tool-to-stay-updated-on-the-rrp-law/</link>
		<comments>http://www.nationalreia.com/new-communciation-tool-to-stay-updated-on-the-rrp-law/#comments</comments>
		<pubDate>Fri, 09 Sep 2011 03:58:20 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
				<category><![CDATA[industry news]]></category>
		<category><![CDATA[EPA. Lead Paint]]></category>
		<category><![CDATA[RRP Law]]></category>

		<guid isPermaLink="false">http://www.nationalreia.com/?p=1534</guid>
		<description><![CDATA[In an effort to enhance outreach and communication, EPA will soon begin to use a new communication tool, called GovDelivery, to disseminate information and updates about the Lead Renovation, Repair and Painting (RRP) program.  We plan to begin sending out messages using this new tool within the next week and we invite you to sign...]]></description>
			<content:encoded><![CDATA[<p>In an effort to enhance outreach and communication, EPA will soon begin to use a new communication tool, called GovDelivery, to disseminate information and updates about the Lead Renovation, Repair and Painting (RRP) program.  We plan to begin sending out messages using this new tool within the next week and we invite you to sign up. You can subscribe yourself or others by visiting <a href="http://service.govdelivery.com/service/subscribe.html?code=USAEPA_426">http://service.govdelivery.com/service/subscribe.html?code=USAEPA_426</a>.</p>
<p>The intended audience for this tool is the RRP industry (including renovators, trainers, etc.).  For that reason, much of the information will be regulatory or technical in nature.  However, it is an open list and anyone is welcome to subscribe.</p>
<p>GovDelivery is a communication tool for EPA to notify interested parties about the RRP Program; it is not a discussion tool.  If you have specific questions about information provided via GovDelivery, please continue to call the National Lead Information Center at 800-424-LEAD(5323) or your existing contacts (EPA regional offices, etc.) to get more information.</p>
<p>Please subscribe now since we anticipate beginning to send out messages within the next few days.</p>
<p>Thank you.</p>
<p>Doreen Cantor Paster<br />
Associate Chief, Lead, Heavy Metals, &amp; Inorganics Branch<br />
Office of Chemical Safety and Pollution Prevention<br />
U.S. Environmental Protection Agency (7404T)<br />
1200 Pennsylvania Avenue, NW<br />
Washington, DC 20460<br />
Phone: 202-566-0486</p>


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		<title>University to Pay Penalty, Replace Windows in EPA Lead-Paint Case</title>
		<link>http://www.nationalreia.com/university-to-pay-penalty-replace-windows-in-epa-lead-paint-case/</link>
		<comments>http://www.nationalreia.com/university-to-pay-penalty-replace-windows-in-epa-lead-paint-case/#comments</comments>
		<pubDate>Thu, 01 Sep 2011 15:24:17 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
				<category><![CDATA[industry news]]></category>
		<category><![CDATA[epa]]></category>
		<category><![CDATA[Health and Safety]]></category>
		<category><![CDATA[Kachina]]></category>
		<category><![CDATA[Lead]]></category>
		<category><![CDATA[Regulations]]></category>

		<guid isPermaLink="false">http://www.nationalreia.com/?p=1521</guid>
		<description><![CDATA[Washington University, St. Louis, has agreed to pay a $2,778 civil penalty and spend at least $24,998 to replace old windows in its married-student housing units to settle allegations that it failed to disclose the presence of lead-based paint or lead-based paint hazards to tenants prior to the leasing of some of its other housing...]]></description>
			<content:encoded><![CDATA[<p>Washington University, St. Louis, has agreed to pay a $2,778 civil penalty and spend at least $24,998 to replace old windows in its married-student housing units to settle allegations that it failed to disclose the presence of lead-based paint or lead-based paint hazards to tenants prior to the leasing of some of its other housing units.</p>
<p>Under a civil consent agreement filed by the Environmental Protection Agency’s Region 7 office in Kansas City, Kan., the agency said Washington University leased three apartments near its main campus to student tenants in 2008, 2009 and 2010, without disclosing to the tenants that the City of St. Louis Health Department had previously cited the university for lead-based paint violations at those properties in 2000 and 2006.</p>
<p>The settlement alleges that Washington University indicated, in lead-warning statements attached to those property leases, that it had “no knowledge of the presence of lead-based paint or lead-based paint hazards in the units,” EPA said.</p>
<p>EPA said the university also failed to provide tenants with records and reports of the city’s citations of the units.</p>
<p>Those actions violated of the Residential Lead-Based Paint Hazard Reduction Act of 1992 and the Toxic Substances Control Act, which require landlords and sellers of properties built before 1978 to disclose certain types of information about lead-based paint hazards to tenants and buyers prior to a lease or sale. The federal government banned lead-based paint from housing in 1978.</p>
<p>As part of its settlement with EPA, Washington University has agreed to perform a supplemental environmental project that will involve the replacement of approximately 103 old windows in other married-student housing units.</p>
<p>EPA said lead-based paint on surfaces subjected to regular friction, such as windows and door jams, commonly results in the deterioration of the paint and an increase in the presence of lead-paint dust. The project, which will eliminate that particular source of lead-paint dust in these residences, is expected to cost between $24,998 and $31,000.</p>
<p><em>Article provided by: <a href="http://www.durabilityanddesign.com/">Durability + Design</a> August 31st, 2011</em></p>
<p>&nbsp;</p>


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		<title>Baltimore City Landlord Pleads Guilty To Lead Paint Violations</title>
		<link>http://www.nationalreia.com/baltimore-city-landlord-pleads-guilty-to-lead-paint-violations/</link>
		<comments>http://www.nationalreia.com/baltimore-city-landlord-pleads-guilty-to-lead-paint-violations/#comments</comments>
		<pubDate>Tue, 30 Aug 2011 17:01:10 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
				<category><![CDATA[industry news]]></category>

		<guid isPermaLink="false">http://www.nationalreia.com/?p=1515</guid>
		<description><![CDATA[Previously Cited by the State for numerous Lead Paint Violations and documented children with elevated Lead blood levels living in his properties. Baltimore, Maryland- Cephus Murrell, age 68, of Catonsville, Maryland, pleaded guilty today to three misdemeanor counts of violating the Toxic Substances Control Act, in connection with improper lead paint abatement at rental properties...]]></description>
			<content:encoded><![CDATA[<p>Previously Cited by the State for numerous Lead Paint Violations and documented children with elevated Lead blood levels living in his properties.</p>
<p>Baltimore, Maryland- Cephus Murrell, age 68, of Catonsville, Maryland, pleaded guilty today to three misdemeanor counts of violating the Toxic Substances Control Act, in connection with improper lead paint abatement at rental properties owned and managed by Murrell, as well as failure to disclose to tenants the presense of documented lead-based paint hazards. Murrell owns and manages approximately 175 rental housing units throughout Baltimore.</p>
<p><a href="http://www.nationalreia.com/wp/wp-content/uploads/C.-Murrell-Lead-Paint.pdf">Click here to read more.</a></p>


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		<title>Investors Wanted to Rent out Government REOs</title>
		<link>http://www.nationalreia.com/investors-wanted-to-rent-out-government-reos/</link>
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		<pubDate>Fri, 26 Aug 2011 18:09:45 +0000</pubDate>
		<dc:creator>National REIA</dc:creator>
				<category><![CDATA[industry news]]></category>
		<category><![CDATA[Legislative Updates]]></category>
		<category><![CDATA[Foreclosures]]></category>
		<category><![CDATA[Rentals]]></category>
		<category><![CDATA[REOS]]></category>

		<guid isPermaLink="false">http://www.nationalreia.com/?p=1506</guid>
		<description><![CDATA[On Wednesday, the Federal Housing Finance Agency (FHFA), HUD, and the Treasury Department issued the call for private investors, industry stakeholders, and community organizations to share their recommendations on how best to manage the disposition of government-owned properties. The agencies have issued an official Request for Information (RIF) to explore alternatives for foreclosed homes held...]]></description>
			<content:encoded><![CDATA[<p><img class="alignleft size-full wp-image-1507" style="margin: 5px;" title="for_rent_1" src="http://www.nationalreia.com/wp/wp-content/uploads/for_rent_1.jpg" alt="" width="200" height="188" />On Wednesday, the <a title="http://www.fhfa.gov/" href="http://www.fhfa.gov/" target="_blank">Federal Housing Finance Agency</a> (FHFA), <a title="http://www.hud.gov/" href="http://www.hud.gov/" target="_blank">HUD</a>, and the <a title="http://www.treasury.gov/" href="http://www.treasury.gov/" target="_blank">Treasury Department</a> issued the call for private investors, industry stakeholders, and community organizations to share their recommendations on how best to manage the disposition of government-owned properties.</p>
<p>The agencies have issued an official <a title="http://www.fhfa.gov/webfiles/22366/RFIFinal081011.pdf" href="http://www.fhfa.gov/webfiles/22366/RFIFinal081011.pdf" target="_blank">Request for Information</a> (RIF) to explore alternatives for foreclosed homes held by <a title="http://www.fanniemae.com/" href="http://www.fanniemae.com/" target="_blank">Fannie Mae</a>, <a title="http://www.freddiemac.com/" href="http://www.freddiemac.com/" target="_blank">Freddie Mac</a>, and the <a title="http://www.fha.gov/" href="http://www.fha.gov/" target="_blank">Federal Housing Administration</a> (FHA) – both current inventories and the expected inflow of new properties.</p>
<p>Together, the three entities hold nearly 250,000 REO homes. About 70,000 of those are currently listed for sale, and another 22,000 have been listed and a buyer has made an offer but the deal hasn’t closed yet, according to an FHFA spokesperson.</p>
<p>Federal officials believe the most effective tactic to take to reduce taxpayer losses and help alleviate the market’s oversupply of homes is to sell off pools of properties to responsible investors who will employ an REO-to-rental strategy. But they say they’re open to any range of creative ideas that will reduce the REO inventories of the GSEs and FHA, and minimize loss severities at the same time.</p>
<p>Per the RFI, strategies might include: joint venture proposals that specifically address local economic and real</p>
<p>estate conditions; analytic approaches to determine the appropriate disposition strategy for properties, whether sale, rental, or demolition; programs for previous homeowners to rent properties or for current renters to become owners through a lease-to-own option; or plans that include asset contributions from other REO holders, including banks and private securitization trusts.</p>
<p>Officials noted that any recommendations involving a rental strategy should also include details on the steps the investor will take to ensure the properties are well maintained and managed.</p>
<p>The ultimate goal, according to the administration, is to improve loss recoveries compared to individual retail REO sales, help stabilize neighborhoods and local home values, and where feasible and appropriate, improve the supply of rental housing.</p>
<p>The initial scope of the project proposal is to get around 90,000 homes off Fannie’s, Freddie’s, and FHA’s books, a HUD spokesperson explained. She noted, though, that this is just a preliminary ballpark figure, not the full reach of what they hope to accomplish.</p>
<p>The primary objective, she stressed, is to develop innovative and effective strategies for managing not only the current inventory held on government portfolios, but the stream of new REOs coming down the pipeline.</p>
<p>Federal officials say they are looking for input not only on how to enhance market outcomes in the process of disposing of REO properties, but responses from industry participants that have the technical and financial capability to engage in large-scale transactions with the GSEs or FHA.</p>
<p>Based on responses to the RFI, Fannie, Freddie, or FHA may issue requests for proposals to third parties to implement the transactions or disposition structures suggested, according to administration officials.</p>
<p>“Taking steps to encourage private investment in REO properties and transition them into productive use will help stabilize neighborhoods and home values at a critical time for our economy,” said HUD Secretary Shaun Donovan.</p>
<p>The full RFI, detailing the administration’s objectives and how to submit recommendations, <a title="http://www.fhfa.gov/webfiles/22366/RFIFinal081011.pdf" href="http://www.fhfa.gov/webfiles/22366/RFIFinal081011.pdf" target="_blank">can be viewed online</a>. Responses are requested by September 15th.</p>
<p><strong><em>Article Provided by Carrie Bay with DSNews.com</em></strong></p>


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