Wednesday, October 9, 2013

Housing News Digest, October 9

FEMA Extends Stay For Displaced Flood Victims Some flood victims have spent weeks in hotels while spending time looking for new apartments or waiting for repairs to their homes. Now the Federal Emergency Management Agency has extended the stay for those folks. Despite new funding some people are having to move from one hotel to another, especially this weekend. It’s Parents’ Day weekend at the University of Colorado and the Buffs are taking on Oregon. Hotels have been booked for months.

  Displaced Colorado flood survivors face housing shortage LONGMONT - Thousands of Coloradans displaced by the floods are facing a new challenge: finding a place to live. There is tremendous need for temporary and permanent housing right now and survivors are flooding an already tight rental market. The Colorado Office of Emergency Management says nearly 20,000 homes are either damaged or destroyed statewide. All of those people must now find new places to live in a very crowded housing market.

  Colorado disasters leave homeowners, RMBS investors in limbo Severe natural disasters struck Colorado in recent weeks, causing a trail of damage that prompted residential mortgage-backed securities investors to search for areas of potential exposure within mortgage securitizations. Some RMBS investors are exposed to properties in the disaster-declared area, but the risk seems minimal at this point, Morningstar analysts concluded. Within the nine FEMA-designated 'disaster area' counties, approximately 50,000 homes are attached to 4,756 RMBS transactions, dated from 1993 to 2013. The total exposure, as calculated by outstanding loan balance, hit roughly $9 billion. Keeping this in perspective, the impacted deals represent only 1.08% of the entire nonagency RMBS universe, Morningstar said.

  Aspen worker-housing sales show uptick in 2013 Aspen’s worker housing has surpassed its total sales from a year ago by nearly 60 percent. Through Wednesday, 40 deed-restricted units had sold for a total of $18.6 million this year. In 2012 and 2011, sales totaled $11.1 million (57 units) and $13.1 million (60 units), respectively. Tom McCabe, executive director of the Aspen-Pitkin County Housing Office, said higher-end units have languished on the market in recent years, particularly in the resident-occupied category, the most expensive worker residences. However, in the past month, two separate resident-occupied units, both priced at more than $1 million, have sold.

  AG Suthers Announces New Requirements for Big Banks Under National Mortgage Settlement Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today issued new metrics that impose greater oversight over Bank of America, JP Morgan Chase, CitiGroup and Wells Fargo under the National Mortgage Settlement. These new metrics are the result of violations that the monitor reported earlier this summer regarding the banks’ compliance with the settlement. Staff of the Consumer Protection Section of the Colorado Attorney General’s Office serve on the monitoring committee and throughout the summer, Smith and the committee developed new protocols to give greater protection and additional resources to homeowners working to save their homes from foreclosure. These improved protocols are now being tested as part of these new metrics.