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Investors are moving their focus into California's less expensive, more rural areas, according to a California Association of Realtors survey.
Class action lawsuits have led to reforms to force-placed insurance practices, said Adam Moskowitz, a partner at Miami law firm Kozyak Tropin & Throckmorton.
The Federal Housing Finance Agency banned banks and mortgage servicers from accepting commissions on force-placed insurance policies issued by affiliated companies. At least one mortgage servicer, Ocwen Financial, has found a way around the ban.
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Just when you thought the exotic issues regarding residential default had all been discovered, discussed and litigated, here comes the so-called zombie foreclosure.
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Acquisitions of large portfolios of single-family rental properties are continuing at a rapid pace, even as investors concentrate on renovating, and filling vacancies in, their existing inventories.
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Fannie Mae and Freddie Mac suffered "significant financial harm" from "excessively-priced" force-placed insurance, an inspector general's report says, advising their regulator to assess whether to sue banks and insurers for damages.
Risks and headwinds abound, but if smaller investors opt to pool their properties into multi-borrower securitizations, this market could materially grow. Lingering economic factors suggest large players will remain involved.
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