Red House Realty's Blog

No one should burn in prison!

2012-02-16T09:06:00.000-08:00

A woman cries outside the National Prison compound in Comayagua, Honduras, after a devastating fire.

STORY HIGHLIGHTS

In central Honduras, more than 300 inmates burned or suffocated to death in a prison
Frida Ghitis: In 21st century, we cannot force prisoners to live in medieval conditions
Countries rich and poor are guilty of prison disasters, Ghitis says
She says that regardless of their crimes, prisoners deserve to be treated humanely

Editor's note: Frida Ghitis is a world affairs columnist for The Miami Herald and World Politics Review. A former CNN producer/correspondent, she is the author of "The End of Revolution: A Changing World in the Age of Live Television."

(CNN) -- In central Honduras, more than 300 inmates burned or suffocated to death in a prison. One can only imagine the cries of those trapped in their cells, while no one could find a key to let them escape the flames. We can only try to comprehend the agony of the prisoners' parents, children, relatives or friends as they saw the images on television, wondering whether their loved ones survived or, if they died, how much they suffered in their final moments.

The horrific tragedy at Honduras, a small impoverished country in Central America, brings to the forefront an issue that has long been ignored: Abysmal prison conditions.

Fire one of the worst incidents of its kind in Latin America

Across the world, in rich and poor countries alike, many people who are sentenced to prison suffer unspeakable conditions. Even if we assume that those incarcerated have gone through a fair trial, nothing justifies condemning individuals to live below the minimum level of human decency.

Frida Ghitis

Even in normal times, few people have the inclination to worry about the dregs of society -- those who have been locked away because they have committed crimes. But our own humanity says we must do something. In the 21st century, we cannot force prisoners to live in medieval conditions.

Inhuman prison standards have become the human rights violation of our time, neglected by those who make a lot of noise about freedom of speech and freedom of religion. Scores of countries are routinely violating international agreements on the treatment of prisoners without facing any consequences. It's time for that to stop.

Dignified and humane treatment of prisoners -- including fire prevention measures -- should become a requirement for good standing in the international community.

Nasty, harsh, overcrowded: Life in a Honduran prison

Whether this week's prison fire started accidentally or was deliberately set, the moral and probably the legal responsibility of this tragedy lies with the authorities whose duty it was to guard and, yes, protect the prisoners, no matter what their crimes were.

Almost 300 die in Honduras prison fire

Honduras has a shameful history of prison disasters, followed by promises of reform, and then more disasters. More than 100 inmates died in a 2004 prison fire, and 86 died in a 2003 prison riot. The abysmal conditions of the prisons have caused these catastrophes.

But Honduras is hardly alone.

A few years ago, the Council of Europe's human rights commissioner toured prisons in France and labeled some of them as "dungeons." He described two of the facilities as "on the borderline of human dignity." Hundreds of prisoners have committed suicide in France in recent years.

In the U.S., Human Rights Watch says in many facilities, imprisoned and detained individuals -- who may not have been tried or found guilty of any crime -- "confront conditions that are abusive, degrading and dangerous." For example, authorities and the public have often held a casual if not dismissive attitude toward prison rape and the murder of sexual offenders by other inmates. If a society wants to sentence anyone to death, it should defend that decision through formal channels, not let prisoners do the dirty work.

Some of the biggest prison populations are in Russia and China. Many Chinese prisoners endure brutal hard labor producing goods the country then sells for profit. Russian prisons are notorious for deputizing inmates to brutally enforce discipline. Diseases such as HIV and tuberculosis are rampant, as is malnutrition.

In many countries, tough tough drug laws have triggered an explosion in prison population, creating a condition of overcrowding and all that follows.

A growing menace is drug gangs. Some authorities have lost control of what goes on inside the prisons to gangs. I once met a prison guard in Peru who told me he would be afraid to step in the yard of the prison where he worked. As a result, gangs rule, sometimes in "Lord of the Flies" fashion, demanding payment and loyalty from fellow prisoners in exchange for protection from violence or rape, and even for food and water.

A little more than a year ago, the Security Minister of Honduras remarked that prisons have become "universities of crime." Inmates may be jailed for minor crimes, but after years of abuse, they emerge as hardened criminals, who will exact payment from society. And that payment will hurt. Honduras urgently needs to review its prison facilities, relieve overcrowding and improve safety standards.

Unjustified deaths in prison occur practically everywhere. The measure of our humanity is how we treat those not in a position to defend themselves. Regardless of their crimes, prisoners deserve to be treated humanely.

Consider the hundreds of people crying for their lives in that Honduran prison, or in other prisons around the world. A civilized, moral society should do everything in its power to prevent such suffering. And any country that allows it to go on should feel the pressure to change.

Oil power struggle as U.S. leaves Iraq

2011-12-12T11:54:00.000-08:00

Oil returning Kurdistan to former glory

STORY HIGHLIGHTS

Fight brewing over who has the rights to sign oil contracts for Iraq's Kurdish region
Exxon Mobil signed a deal with the Kurdish regional government that Baghdad says is illegal
Gulf Keystone says it is working an oil field of at least 8 billion barrels -- one of the largest oil fields covered in this part of the world
As Kurds insist they should sign the oil contracts, they also remember Saddam Hussein attempts to wipe out their communities

Erbil, Iraq (CNN) -- Along the road in the semi-autonomous Iraqi region of Kurdistan frozen oil bleeds out of the rock face.

For Todd Kozel, CEO of the independent oil and gas exploration and production company Gulf Keystone, it was an irresistible lure at the time few were daring to invest in Kurdistan.

But not all is well in Kurdistan and old arguments with Baghdad over oil power and revenue are likely to loom large as U.S. forces withdraw from the country.

Kozel says Kurdistan offers opportunity. "To be able to compete with majors we have to be able to go places and do things and try to find opportunities that are unconventional," he says.

"After that first visit, I never looked back. After visiting Kurdistan in June of 2006 and literally seeing oil running down rocks at a road cut, I was just fascinated. I had to be here and I had to participate."

At the site where it all began, Shaikhan 1, drill manager Michael Chisnall remembers the day they realized they had hit it big.

"As we carried on the drilling process it was one of those things where I use to say to Todd or send an email everyday with an operational update that we have a big problem. We just cannot stop finding oil."

Iraqi Kurds worry about future

Kurds anxious over U.S. troop withdrawal

Iraq fuming over Exxon-Kurdistan deal

Initially they had estimated the Shaikhan field held about a billion barrels of oil.

"It's turned out to be something that we never would have dreamed, that it would be this size. It's now an oil field of 8-13.5 billion barrels and that's one of the largest oil fields covered in this part of the world in history," Kozel says.

The risk he took turned out to be well worth the reward.

"Our market capital was 45 million pounds (about $70 million) in August of 2009. Our market cap right now is 1.6 billion pounds as a result of the Shaikhan discovery."

Others have been just as intoxicated by the potential that Kurdistan holds. Oil rigs are mushrooming all over the hills, on the outskirts of cities. The exploration is entirely driven by and reliant on foreign companies able to shoulder the risk.

Exxon Mobil, the first of the majors, recently signed its own deal for six plots. It was a deal that elated the the Kurdistan Regional Government (KRG) but it left the central government in Baghdad fuming as oil once again ended up mired in Iraqi politics.

The KRG signs profit sharing deals, much to the ire of Baghdad -- which only signs service contracts and views the KRG deals as illegal and unconstitutional.

Iraq still doesn't have a hydrocarbons -- or oil and gas -- law.

While both sides agree that some revenues are funneled back to the central government, the dispute is over power and authority to sign contracts and the type of contract.

Both sides are so far unable to come to an agreement, and Baghdad blacklists any company that signs a deal with the KRG.

On December 5, the Iraqi Cabinet approved a revised draft budget for 2012 of 117 trillion dinars ($100 billion), government spokesman Ali al-Dabbagh said in a statement released on Thursday. Projected income estimates exports of 2.6 million barrels of oil per day including 175,000 barrels a day from the Kurdish Autonomous Region.

The heightened tensions manifested themselves at a recent oil and gas conference in the capital of Kurdistan, Erbil.

The Prime Minister of the KRG, Barham Salih addressed the conference, emphasizing: "I also say to our partners in Baghdad very clearly, Kurdistan has a constitutional right to develop its own oil resources."

Speaking on behalf of Baghdad, Moaffak al-Rubaei, former national security advisor slammed back calling the deal illegal, threatening to ban and sue the oil giant.

"In Baghdad some people view this contract to be targeting the federal government, to weaken the federal government and it has some political connotations."

But the Kurds will not be stopped.

"Development of oil resources in Kurdistan is a contribution to the Iraqi economy," Salih told CNN.

"But there is also one other factor. Our recent history is very instructive. There is no way that we will be dissuaded from our constitutional right to developing our resources and allow ourselves to ever again become hostages to the whims of some bureaucrats in Baghdad. We've been there before. Oil was used to strangle our people, to commit genocide."

In the late 1980s Saddam Hussein led a vicious Arabization campaign against the Kurds, forcibly displacing them from their homes and replacing them with Arabs. Entire villages were razed to the ground. Other places like Halabja were gassed with deadly chemical agents.

There is a continuing territorial dispute between the region of Kurdistan and the rest of Iraq, which is under the command of the predominantly Shi'a Arab central government in Baghdad.

The current Kurd-Arab tensions don't just center around land, but what's underneath it. Billions and billions of barrels of black gold are in disputed territories, like the oil rich city of Kirkuk, all of which lends to the volatility.

The Kurds for their part are extremely worried about the vulnerable state that the U.S. is leaving Iraq in.

"There is one fundamental topic for Iraq, one fundamental challenge," Salih says. "Where do you want to be 10 years from now? Would we want to risk another centralized dictatorship with access to oil resources and turn it into weapons and tear into the communities and the people of Iraq here again? Absolutely not."

Iraq's tantalizing oil wealth could very easily turn from a blessing into a curse.

Package sent to Deutsche Bank CEO was bomb!!

2011-12-08T11:24:00.000-08:00

FRANKFURT (Reuters) - A suspicious envelope sent to Deutsche Bank Chief Executive Josef Ackermann - the face of capitalism inGermany - was a functioning letter bomb, investigators said on Thursday.

No one has so far claimed responsibility for the package, which was intercepted late on Wednesday.

It raised fears that a wave of protests against the failures and excesses of bankers could turn more violent, and prompted police across Europe to warn banks to be extra vigilant.

Ackermann, 63, a Swiss who is the first non-German to head Germany's biggest bank, is one of the few senior managers in the country always surrounded by bodyguards.

"Initial investigations show that this was an operational letter bomb," the Criminal Investigations Office for the state of Hesse and Frankfurt prosecutors in a statement.

Frankfurt's offshoot of the Occupy protest movement, which is critical of banks and has been staging protests in New York, Washington, London and many other cities, said it had nothing to do with the attempted attack.

"We condemn any action that is linked to violence," said Frank Stegmaier, an activist in the Occupy Frankfurt group, which has been camping outside the European Central Bank in the German financial capital since mid-October.

"Occupy has other ways of protesting," he added.

ANTI-CAPITALIST SENTIMENT

Security has been stepped up at Deutsche Bank offices around the world, banking sources said. One insider said the number of threats against Ackermann had increased in recent months and his security would be increased, although there were no plans to cancel public appearances.

Two Greek commercial banks said they had already been operating under top security conditions after similar letter bomb incidents last year.

One banking source said that since 2006 every item of mail sent to members of Deutsche Bank's executive committee was put through a security check.

"We are deeply affected by the violent assault on our CEO Josef Ackermann," a spokesman for Deutsche Bank said. Employees heading to work, however, said they did not feel threatened.

"There are always people who think a solution would be to make someone pay, but as an employee, I do not feel threatened," Stefan Popp told Reuters Television.

European leaders were to meet in Brussels on Thursday and Friday to try to agree on a way out of a sovereign debt crisis that has triggered a wave of government austerity measures and caused Germans to fret they may have to foot the bill.

Some experts said the euro zone debt crisis could have triggered the attempted attack.

"It seems likely the incident is linked to the groundswell of public anger toward the banking sector, as highlighted by a number of anti-capitalist protests around the world," said Louise Taggart, Europe and Eurasia analyst at AKE Group.

"A likely explanation is that the letter bomb was sent from Greece, which is facing a particularly difficult economic situation following the implementation of severe austerity measures," she said.

A letter bomb sent to Chancellor Angela Merkel last year originated in Greece and is thought to have been linked to an anarchist group in reaction to the extreme austerity measures.

NO MORE BOMBS?

The police said they were unaware of any further letter bombs having being sent.

"We have no indications that other countries are affected. There is no sign that there are other letter bombs," Udo Buehler, spokesman for the Criminal Investigations Office for the state of Hesse, told Reuters Television.

Another security expert said he believed the attack came from the anti-capitalist movement in Germany which has been gaining momentum, as seen by a number arson attacks on the Berlin rail network earlier this year [ID:nL5E7LD2HE].

"I don't think a sustained campaign against business or even banking leaders is likely in Germany. Ackermann is a highly symbolic target, who has personal security wherever he goes," said David Lea, a senior analyst for Europe at Control Risks.

Ackermann is the highest-paid chief executive of a German blue-chip company, earning 9 million euros ($12 million) in 2010. He is chairman of the Institute of International Finance, the bank lobbying group negotiating a private-sector contribution toward a multi-billion euro bailout of Greece.

Due to retire as chief executive in May after more than 10 years at the head of Deutsche, he is credited with transforming the bank into a "global champion," and has become associated with Wall Street-style bonuses and a shareholder-driven management style.

Last month, Ackermann was whistled and shouted at by Occupy Movement members during a speech in the city of Hamburg.

A previous Deutsche Bank head, Alfred Herrhausen, was murdered in 1989 by leftist Red Army Faction guerrillas who blew up his car.

(Additional reporting by Sabine Wollrab, Ed Taylor, Philipp Halstrick, Reuters TV and Harry Papachristou in Athens, William Maclean in London; Writing by Madeline Chambers in Berlin, Editing by Rosalind Russell)

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2011-11-10T09:41:00.000-08:00

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'via Blog this'

Libya — Protests and Revolt (2011)

2011-05-02T16:57:00.000-07:00

Libya, an oil-rich nation in North Africa, spent more than 40 years under the firm, if erratic, leadership of Col. Muammar el-Qaddafi. But in February 2011, the unrest sweeping through much of the Arab world erupted in several Libyan cities. Though it began with a relatively organized core of antigovernment opponents in Benghazi, its spread to the capital of Tripoli was swift and spontaneous. Colonel Qaddafi lashed out with a level of violence unseen in either of the other uprisings, but an inchoate opposition cobbled together the semblance of a transitional government, fielded a makeshift rebel army and portrayed itself to the West and Libyans as an alternative to Colonel Qaddafi's corrupt and repressive rule.

Momentum shifted quickly, however, and the rebels faced the possibilty of being outgunned and outnumbered in what increasingly looked like a mismatched civil war. Then as Colonel Qaddafi’s troops advanced to within 100 miles of Benghazi, the rebel stronghold in the west, the United Nations Security Council voted to authorize military action, a risky foreign intervention aimed at averting a bloody rout of the rebels by loyalist forces. On March 19, American and European forces began a broad campaign of strikes against Colonel Qaddafi and his government, unleashing warplanes and missiles in a military intervention on a scale not seen in the Arab world since the Iraq war.

For more info, click here.

What is Good Friday?

2011-04-22T12:08:00.000-07:00

Good Friday was the day on which Jesus died. Good Friday is a Friday before Easter Sunday. It is a religious day on which Christians commemorate the crucifixion of Jesus Christ and his death. It is believed that lord died on Good Friday and resurrected on Easter Sunday. Good Friday is called so because christen believe that Jesus sacrificed his life for humanity and good of everyone.

Click here for more info.

The Next Housing Shock

2011-04-15T12:15:00.000-07:00

As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that's causing lawsuits and hampering an already weak housing market. Scott Pelley reports.

Read more here.

April Fools Pranks - Fun Ideas!

2011-04-01T12:28:00.000-07:00

by Carleyy
April Fools is a special holiday about pranking your friends and family and fooling the ones you love. Pull off an epic April Fools Day prank with one of these clever tricks. Go down as an April Fools Day legend!

To see more pranks, click here!

Facebook backlash continues with evidence of 'frenemies'

2011-03-31T09:56:00.000-07:00

Facebook friends may not be all that friendly, according to a new survey. In yet another examination of the negative social and psychological vibes generated by Facebook participation, researchers reported this week that 85% of women say they have been annoyed by their Facebook friends' postings.

The survey of more than 400 women, from Eversave, a company that offers daily deals online, was conducted to examine how social networking influences consumers' reactions to daily deals. Researchers found that women said they use Facebook to keep their friends informed of their lives (79% of the participants) and to share information (64%).

To continue reading, click here.

Los Angeles: Mom is hated by Dermatologists

2011-03-11T10:56:00.000-08:00

Emily, a local mom of three, is the perfect example of a smart consumer using the web to get quality products for a low cost. Emily was admittedly a bit overwhelmed by her hectic life and had had given up on spending time on herself and her needs. Jen decided to change her life, and recently discovered a clever way of combining two beauty product trials from a trusted company Miracle Face Kit & Hydroxatone to unlock the secrets of anti-aging. Her results are comparable to what you might attain at Medi Spas and Doctors offices for $2000 or more, all the while using nothing but free trial offers.

Emily thought it was important to share her story with you. This trick has not only removed her wrinkles, but also tightened her neck and face instantly. It changed her life and I hope it can change yours too.

Emily, who makes an average salary, doesn't have the extra cash to try every celebrity endorsed Anti-Aging miracle cream out there let alone splurge on expensive medical procedures. At one time she did considered taking out loans for injecting Botox and even contemplated getting a facelift, but became frightened after researching Botox and face lift malpractice stories. Jen was determined to find a safe and AFFORDABLE solution that would yield real results and not leave her in debt.
Nevertheless, as we began to investigate the countless success stories reported by people from all around the globe, we decided that Emily's anti-aging secret was worthy of a closer investigation.

To read Emily's actual letter, click here.

Southern California Fun Places!

2011-03-07T14:40:00.000-08:00

Looking for something fun to do this week?

This site brings you fun places in Southern California - theme parks, theaters, beaches, missions, movie and TV studios, zoos, scenic drives and more! Whether you are a resident of Southern California or a visitor from out-of-town, you will enjoy seeing our extensive list of theaters, entertainment, amphitheaters, beaches, missions, camping, fairs, theme parks, trains, horseback riding, movie studios, TV studios, cruises, party towns, ports of call, zoos, scenic drives, and California sights.

Click here to visit!

'Soft Underbelly' of Security Exposed Following Airport Attacks, Experts Warn

2011-03-04T12:03:00.000-08:00

Two recent attacks at international airports expose a "soft underbelly of aviation security" at terminals in the United States and around the world, industry experts told FoxNews.com.

"As [Wednesday's] attack in Frankfurt revealed, the open area of the airports, whether parking areas, loading/unloading zones, and the terminals themselves, have historically been prime targets [for terrorists]," Andrew Thomas, editor of the Journal of Transportation Security, wrote in an email to FoxNews.com. "There is no reason to believe that this won't continue to be the case."

Since Transportation Security Administration officials have "overwhelmingly focused" their efforts on passenger and baggage screening, Thomas said vulnerabilities at locations like terminals, ticket counters and other areas prior to security checkpoints will remain, both domestically and abroad.

For more information, click here.

How to Use Facebook: 5 Tips For Better Social Networking

2011-03-03T12:02:00.000-08:00

Facebook is a social networking site that is enormously popular, but it can be a frustrating user experience. The design of Facebook leaves a lot to be desired and there are almost too many choices for things to do on Facebook. Also some of the more popular Facebook activities are trivial instead of useful - throwing sheep is an oft-quoted example.

Having said that, there's no doubt that Facebook is a powerful social networking tool. So how can you best utilize it and find the good apps? In this post we aim to find out. We'll be focusing specifically on social activities, rather than the many other potential uses of Facebook (work, brand management, etc).

Tip 1: Update Your Status Regularly

This is a simple thing to do to keep your Facebook profile active. Right at the top of the page there is a place where you can "write something." Usually a comment about what you're doing or thinking. Once a day, or even once every few days, is enough. But update it enough to keep your page interesting.

For more tips, click here.

Obama administration sees unsettled home prices keeping market down

2011-03-02T14:29:00.000-08:00

Existing home sales are rising and home affordability is high, but the Obama administration believes the nation's housing market remains fragile because prices are unsettled.

In its latest housing scorecard released by the Department of Housing and Urban Development and the Treasury Department, the administration said mortgage delinquencies in January continued to decline from record levels seen at the beginning of 2010. Although that is partly due to the foreclosure moratorium enacted across the nation following the robo-signing fiasco last fall. The administration expects the decline will be temporary as lenders revise and resubmit foreclosure paperwork this year.

Although existing homes sales rose in the first month of 2011, the figure is still lower than the levels seen through much of the first half of 2010, according to the administration.

For more information, please click here.

Bernanke backs QE2 policy as helping weak economic recovery

2011-03-01T10:38:00.000-08:00

Tuesday, March 1st, 2011, 11:18 am

Rising consumer and business confidence coupled with the Federal Reserve's accommodative monetary policy and improving credit conditions point to a more rapid pace of economic recovery in 2011, the Fed Chairman Ben Bernanke told the Senate Banking Committee Tuesday.

The housing market remains exceptionally weak, though, Bernanke said, as the number of vacant and foreclosed homes continue to weight heavily on prices while sales and construction are still depressed.

In his biannual report to Congress, Bernanke said the Fed's policy of reinvesting proceeds of maturing securities into longer-term Treasurys "appears to have contributed to an improvement in financial conditions and a strengthening of the recovery."

He said the policy lowers term premiums and puts downward pressure directly on longer-term interest rates.

"By easing conditions in credit and financial markets, these actions encourage spending by households and businesses through essentially the same channels as conventional monetary policy," Bernanke told Congress.

For more information, please visit:
Bernanke backs QE2 policy as helping weak economic recovery

Mortgage application filings rise on low interest rates

2011-02-23T12:49:00.000-08:00

The volume of mortgage applications filed in the past week jumped more than 10% as turmoil in the Middle East sent interest rates lower, spurring more lending activity, the Mortgage Bankers Association said in its Weekly Mortgage Applications Survey Wednesday.

A survey of loans applications for the week ending Feb. 18 shows the market composite index — a measure of loan volume — growing 13.2% on a seasonally adjusted basis when compared to a week ago. On an unadjusted basis, the index increased 14.8%.

The four-week moving average for the seasonally adjusted market index is up 1.9%, while the four-week moving averages for the purchase index and the refinance index are up 1.6% and 1.8%, respectively.

For more informationa, please visit:
Mortgage application filings rise on low interest rates

Interested in a Real Estate Career?

2011-02-11T15:41:00.000-08:00

Interested in a Real Estate Career?

Schedule an interview today!

Call Us (818)859-7800

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Realtor Marketing - Implement the Perfect Lead Follow Up System Using Internet Marketing Methods

2011-02-11T15:32:00.000-08:00

For all Realtors, obtaining leads is hugely time consuming and expensive. If you can obtain "high quality" leads it is better, but also more expensive and time consuming.

My research shows that a Realtor's time and expense for lead generation will be cut in half (or more) after putting in an effective internet lead generation system.

What is less understood is that the internet also can provide you with the best possible lead follow-up system.

How many times have you seen a real estate sales person (or any sales person) spend huge amounts of time and money on leads, and then waste it all by not following up?

The good news is that when you implement a cutting edge internet marketing system to generate leads you can also at the same time put in a cutting edge lead follow-up system so the two systems work together well.

For more information, please visit:
Realtor Marketing - Implement the Perfect Lead Follow Up System Using Internet Marketing Methods

HousingWire to Acquire REO Insider, Enhance Mortgage Media Leadership

2011-02-11T15:20:00.000-08:00

Acquisition by leading U.S. financial news platform will strengthen media company's brand in multi-trillion dollar mortgage market, expand market coverage and allows for future growth in one of the hottest sectors in real estate

DALLAS, Sept. 17 /PRNewswire/ -- HousingWire, the nation's largest publication for U.S. mortgage investment, origination and servicing executives, announced Friday that it has entered into an agreement to acquire REO Insider, the leading trade journal focused on distressed real estate transactions.

Through the acquisition, HousingWire will add in-depth REO market reporting to its existing coverage areas spanning loan originations, secondary market trading of whole loans and mortgage-backed securities, and loan servicing. REO Insider will cease to operate as a separate publication.

"The distressed real estate market, whether via REO or short sales, has never been more relevant to the overall economic picture than it is right now," said HousingWire CEO Paul Jackson. "This acquisition will solidify HousingWire's position as the only end-to-end news and information source that crosses the entire housing finance spectrum."

HousingWire currently reaches more than 3 million readers each year though its digital and print content distribution networks, making it the largest source of housing finance news in the United States. Per the agreement, HousingWire will assume ongoing management of various conferences and research products tied to REO Insider, as well as other assets.

REO Insider organized and hosted REO Expo 2010 in Dallas this past June, bringing more than 1,500 industry professionals together. The company also launched the Pinnacle Awards program, the REO industry's first-ever peer-selected awards program, based upon a research product developed by the publication.

To read more please visit:
HousingWire to Acquire REO Insider, Enhance Mortgage Media Leadership

Sand Capital on fast track to acquire $1 billion in REO, distressed assets

2010-09-15T10:09:00.000-07:00

A Scottsdale, Ariz.-based investment company has acquired more than $100 million in distressed debt and REO properties.

Sand Capital, a division of Sandor Development Co., said its goal is to acquire $1 billion of distressed assets before the commercial real estate markets stabilize.

Jay Stein, president and CEO of Sand Capital, told REO Insiderthe firm has been acquiring properties for more than two years and now has a presence in about 25 states — investing in all parts of the U.S. except the Northeast.

“The economic conditions present in the market for the last two years have created once-in-a-quarter-century opportunities for our company,” Stein said.

To read more please visit:

Sand Capital on fast track to acquire $1 billion in REO, distressed assets

GSE foreclosures and short sales rising, despite loss mit efforts

2010-09-10T14:55:00.000-07:00

Fannie Mae and Freddie Mac continue an aggressive push to modify mortgages and refinance loans in their respective portfolios, boosting the volume of Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) workout plans.
But completed and initiated foreclosures and third-party sales are back on the rise in the second quarter of 2010 and short sale volume is up more than 150% from volume in 2Q09, according to the Federal Housing Finance Agency’s second quarter government-sponsored enterprise (GSE) “Foreclosure Prevention & Refinance Report.”
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GSE foreclosures and short sales rising, despite loss mit efforts

Celebrating hard labor, one abandoned property at a time

2010-09-08T10:59:00.000-07:00

by Kerry Curry

The Sarasota Herald-Tribune ran a Labor Day story that caught our eye about a fellow cutting the lawns of abandoned properties.
These aren’t ordinary lawns that a professional lawn-care firm can easily dispense with in 20 minutes.
No, Rob Ellis and his work partner, Mike Herbert, spent more than two hours cutting and clearing debris — and dodging rats, snakes and a wasp’s nest at an abandoned home recently, according to the Herald-Tribune — all for $20 pay from the city of North Port that will be split between the two men. After expenses, that’s about $4 per hour.
Ellis created his lawn care business after losing his job as a heavy equipment operator two years ago. He’s proud to have a steady job and an honest day’s work. But reading this story, you can’t help but feel for this guy and others like him: good workers seeing little reward as the economic malaise drags on.
The Sarasota metro area has been hard hit by the recession. Some 12% of its workers are unemployed, according to the Bureau of Labor Statistics, much higher than the national average of 9.6% unemployment.

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Celebrating hard labor, one abandoned property at a time

South Florida’s Broward Co. bucks trend: Pending home sales up 17%

2010-09-07T11:02:00.000-07:00

Pending home sales in Broward County, the county seat of Fort Lauderdale, rose 17% in August compared to August 2009, but were flat with July 2010 figures.
Sales rose from 6,705 to 7,845 when compared to the year-ago figure, according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS).
The figure includes single-family homes and condominiums. Pending sales were up just 0.19% when compared to July figures. A sale is listed as pending when the contract has been signed but the transaction has not yet closed.
Contrary to national trends, which show home sales trending lower, the South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers, the Miami association said in a news release.

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South Florida’s Broward Co. bucks trend: Pending home sales up 17%

Excessively delaying Fannie Mae foreclosures to cost servicers

2010-09-02T14:33:00.000-07:00

Fannie Mae will now review the compensatory fees due to servicers in cases where the government sponsored entity feel servicers are unnecessarily delaying foreclosure.
In a letter sent to servicers, Fannie Mae said it plans to review compensation when it deems it applicable, stating that loans “must not be put on hold on a blanket basis.”
Fannie Mae is clear that servicers must not jump the gun either, but rather must follow the letter of the law as it pertains to the Home Affordable Modification Program (HAMP) and Home Affordable Foreclosure Alternatives (HAFA) guidelines.

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Excessively delaying Fannie Mae foreclosures to cost servicers

Fannie REO VP: 70% of sales in 2009 went to key owner-occupants

2010-09-02T14:03:00.000-07:00

Roughly 70% of the 123,000 Fannie Mae REO sales in 2009 went to owner-occupants, a group of buyers key to a housing recovery, according to Jay Ryan, Jr., Fannie Mae’s vice president for REO alternative disposition.
The government-sponsored enterprise’s (GSEs) First Look program, which gives owner-occupants and Neighborhood Stabilization Program (NSP) grantees a 15-day head start on purchasing an REO before investors. In Las Vegas, it’s 30 days.
In a research paper for the Federal Reserve summit on neighborhood stabilization this week, Ryan wrote that the First Look program has been well received by homebuyers. He added that because the program was launched in the summer of 2009 there isn’t enough historical data to draw conclusions, but Fannie Mae will provide metrics in 2011.

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Fannie REO VP: 70% of sales in 2009 went to key owner-occupants