Monthly Archives: June 2010

AMAZING MAP: What Cities Are Gaining and Losing Residents

Click on Los Angeles and the map looks like a red planet exploding. The red lines indicate residents who are leaving LA, mostly for Texas and North Carolina. Black lines indicate residents moving into a county. Here the black lines show you that New Englanders are moving to LA in modest numbers.

Wake County NC is the opposite in population… Continue reading

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Photos Help Appraisers ID Tarballs, Tar Patties, Oil Mousse, Etc.

The Mississippi Department of Environmental Quality announced oil spill advisories for streets in Jackson and Harrison Counties. Tarballs were reported on Ocean Boulevard in Biloxi.

Yes, streets.

Since oil is blobbing into city limits, it is probably wise for Gulf Coast appraisers, homeowners, lenders and realtors to know how to describe oil contamination to governmental agencies and on a BP claim form. Federal first responders put together a… Continue reading

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Oil Hits Mississippi Beaches

Mississippi Governor Haley Barbour announced that oil and tarballs have landed on Mississippi shores. He said most of the oil is between Ocean Springs and Gautier although oil was also touching the booms protecting Biloxi Bay. The bay is now closed to boat traffic.

“While command and control of on-water resources has improved, it must get much better, and the amount of resources to attack the oil offshore must… Continue reading

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Tips for Lenders On Dealing with Foreclosure Pets

Humans aren’t the only ones who lose their homes during a foreclosure. The American Humane Society says animal shelters have been overwhelmed by abandoned pets whose owners who lost their houses. Some delinquent home owners simply move out and leave the pets locked inside the abandoned home. Weeks later, the lender’s agent finds the terrified pets in an empty, filthy.

The problem is so widespread… Continue reading

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Foreclosures in Gulf Counties Menaced by Oil Spill

Charts designed by FNC Sr. Research Economist Yanling Mayer

Source: Federal Reserve Bank of NY

ALABAMA

Jimmy Buffett hosts free concert to boost the Gulf Shores embattled tourism industry–and 35,000 tickets are grabbed in five minutes. The math is easy and awesome; that’s 7,000 tickets per minute.

FLORIDA

When the bubble burst, Florida real estate went reeling into the ropes like a boxer… Continue reading

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FNC’s First Servicing Exec Forum a Smashing Success

Smashing. Fantastic. Great. Engaging. On target.

Those are the comments I’ve heard today about FNC’s inaugural Servicing Executive Forum held at the historic Rosemont Mansion on Turtle Creek in Dallas yesterday. The steamy weather outside did nothing to dampen the invigorating and illuminating debate inside.

Attendees agreed the event was a huge success that should be repeated annually, if not even more frequently.

Most of the nation’s key servicing executives as… Continue reading

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Oil Slick on Gulf Shores, Alabama Beach



FNC accounts payable manager Corinne Williamson received these dramatic photos from colleagues on the Gulf Shores… Continue reading

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500 Arrests for Mortgage Fraud in FBI Sting

The Justice Department today announced nearly 500 arrests for mortgage fraud since March as part of an undercover sting called Operation Stolen Dreams. A total of 1,215 defendants have been targeted in cases that amounted to more than $2.3 billion in losses.

FBI agents have been working in 23 mortgage fraud task forces across the country. Attorney General Eric Holder said the Justice Department will also file in civil suits… Continue reading

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How Much Protection is Homeowners’ Insurance Against the Spill?

When Insurance Information Institute President Bob Hartwig testified before the Congressional Committee on Transportation and Infrastructure he had a sliver and a scrap of good news to put on the table. He said he believed that the oil spill would not make property insurance harder for Gulf Coast residents to get. And policies from the National Flood Insurance Program will cover damage due to oily water if a storm blasts… Continue reading

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CitiMortgage & Fannie Mae Give Gulf Coast Homeowners a Break

CitiMortgage, a unit of Citigroup, announced today that it would suspend all foreclosure sales and filings for 90 days on properties within 25 miles of the Gulf Coast. This would give distressed customers a breather until Sept. 17. There is a small caveat: the grace period applies only to first mortgages that Citi owns.

Fannie Mae also announced a break for Gulf Coast homeowners today. Effective immediately, servicers of… Continue reading

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