Category Archives: Pound Ridge

BofA offers 30,000 borrowers $4.75 billion in principal reductions | South Salem NY Real Estate

Bank of America ($9.12 0%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program.

Bank of America executives participated on a teleconferenced update to the settlement.

They said that, through September, BofA completed or approved $15.8 billion in mortgage debt relief for 164,000 homeowners.

The progress report comes the same day that four other banks are expected to release their compliance updates with the national mortgage servicing settlement. The $20 bilion-plus settlement, which was reached between the big banks, state attorneys general and the federal government, outlines consumer-relief mandates and servicing requirements for the nation’s largest mortgage servicers.

BofA said in addition to $4.75 billion in principal reductions, the company has extended $230 million in pre-settlement forebearance.

And to date, 45,000 homeowners with mortgages serviced or owned by BofA have received $2.5 billion in relief through programs offering extinguishment of home equity loans and lines of credit.

Another 62,000 BofA customers were greenlighted for short-sales or deeds-in-lieu of foreclosure offering another $7.4 billion in relief on unpaid principal balances.

By Oct. 31, 23,000 homeowners had been offered assistance via interest rate reductions, with most of that activity occurring in just the past month.

Through September, about 1,000 rate reductions were completed with interest-rate aid totaling $250 million in unpaid principal balances.

BofA notes that when evaluating the gross amount of forgiveness activity, the relief is not always calculated dollar-for-dollar, so the aid amount is often higher than what is credited.

via housingwire.com

FHA splits REOs from pre-foreclosures | Pound Ridge NY Real Estate

The audit for the Federal Housing Administration found the mutual insurance fund short a projected $13.48 billion. However, it could have been worse, if not for the separation of REOs and pre-forelcosures on FHA books.

Capital resources for the year was negative $2.34 billion, which was impacted by five factors including an estimated decrease of $0.45 billion in real-estate owned inventory.

This year the FHA introduced the claim-type prediction model to separate REO claims and pre-foreclosure claims, according to the recent audit submitted to Congress, resulting in a decrease of $5.04 billion for the year and an expected decrease of $6.46 billion in 2018.

Distribution between REO and pre-foreclosure claims were relatively stable until widespread declines in home prices and higher volumes of defaults started to impact the fund in 2009. As a result, foreclosure claims became prolonged and delayed.

In previous years, historical average claim rates between REOs and pre-foreclosures were used to forecast future years. However the delay in claims decreased more REO counts than pre-foreclosure counts, so to avoid any biased delays the claims are now separately accounted for.

Click on the chart to view distribution between REO and pre-foreclosure claims:

“We assume that approximately 20 percent of the model projected REO liquidations would take the form of asset sales instead of foreclosure and the loss rate of the asset sales will gradually converge to the loss rates on REO dispositions during the next two years,” according to the report.

Click on the chart to view REO loss rate.

Empty Idaho Governor’s Mansion Riles Residents | South Salem Realtor

It’s a stunning, 7,100-square-foot mansion — ”visible for miles,” some have said — sitting on a grassy hilltop in Boise, ID with views over the scenic Boise Valley. The magnificent, Mediterranean-style structure commands 37 green acres and boasts a library, a boardroom, two kitchens and ample entertainment spaces. A dream home, it seems — so why is it so hard to get someone to take it?

You’d think people would be fighting to lay claim to Idaho’s majestic governor’s mansion, but nothing could be further from the truth. As a matter of fact, the state’s governor doesn’t even want it — and never did.

After being elected governor in 2006, Clement Leroy “Butch” Otter politely declined to occupy the State of Idaho’s Executive Residence. Instead, Otter chose to live on a much humbler riverside ranch in western Idaho. So the Idaho governor’s mansion, also known as the Governor’s House and the Idaho House, has remained empty, aside from the occasional state function.

But it sure does cost a lot to let a house like that sit vacant. Keeping up with the maintenance of the home continues to cost Idaho taxpayers at least $125,000 a year. And just this year, the maintenance price tag was even higher: $177,400.

Public outrage

Angry residents have demanded that the empty, 32-year-old home be returned to the Simplot family, the founders of a potato-farming empire who donated the hilltop mansion to the state in 2004 for the sole purpose of it being the governor’s residence — something that didn’t become official until 2009. Yet Gov. Otter, whose marriage to a Simplot ended in divorce in 1993, has never moved in.

“It’s inappropriate to continue funding this mansion on the hill,” Boise resident Barbara Kemp said during a public hearing held by the Governor’s Housing Committee on Oct. 2. Kemp told the committee that potato magnate J.R. Simplot himself, who is now dead, would have seen the mansion as a “waste of money” and financial drain on a state that’s already “tapped out.”

Kemp’s thoughts are echoed by former Boise legislator John Gannon, who said at the hearing that Idaho’s governor’s mansion program (which includes a maintenance fund that has plummeted from $1.5 million in 2005 to $900,000 in 2012) is both costly and outdated.

“There is nostalgia for a governor’s mansion, probably based upon the beautiful century-old homes that many other states have. But I think many Idahoans are frustrated that the idea just hasn’t worked in Idaho,” Gannon told AOL Real Estate. “After 25 years, many expensive plans, and a costly, empty mansion for six years, the governor’s mansion program has failed.”

Despite pressure from Boise residents to hand the keys back to the Simplot family, the heirs to the Simplot estate have said that they have no intention of taking it back.

“It’s a special piece of property that the Simplot family intended to be used for a special purpose, and being utilized as the official residence of the governor would fulfill that intent,” Simplot spokesman David Cuoio said in a statement to AOL Real Estate. “We are satisfied with the agreement we made with the state.”

A proposal was made in February to sell the mansion in order to save Idaho’s drowning state parks system, but it was rejected by lawmakers.

An ‘outdated’ program?

According to Gannon, the very idea of having a governor’s mansion is becoming “obsolete.” The traditional, hierarchical ideal of having a governor “watching over” his or her people and the necessity of designated housing for the chief executive (conventionally meant to symbolize the “grandeur of government”) is backward and does not cater to a “modern-day” governor with his own family, tastes and preferences.

“This is fundamentally why the modern Simplot mansion has been empty,” Gannon told AOL Real Estate. “No person should live in a home chosen by others.”

And it’s not just Idaho’s Gov. Otter who thinks so.

Governors from several other states have also declined to move into official residences or only occupy them part-time, including Colorado’s John Hickenlooper, Michigan‘s Rick Snyder, Indiana‘s Mitch Daniels, New Jersey‘s Chris Christie, New Hampshire‘s John Lynch, New York‘s Andrew Cuomo and Ohio’s John R. Kasich. In some cases, governor’s mansions have been transformed into museums or wedding mills just “to make ends meet.”

The future of the Idaho House is now being questioned in a series of public hearings taking a look at how to fend off some of the state’s fiscal problems. Though there is a case to be made for preserving historic structures and landmarks, “I can’t believe we would let this symbol of Idaho go to some developer,” Boise resident Michael Costanecki said at one public hearing.

But the costs involved in maintaining a governor’s mansion is hard to justify and “not worth the expense,” according to governors from Arizona, Massachusetts, Rhode Island and Vermont, which don’t have governor’s mansions, as well as California — where the governor’s mansion long ago was turned into a state park.

“A governor has the right to choose a residence and receive a housing allowance as part of the compensation package,” Gannon told AOL Real Estate. “In Idaho, it’s time to end a program that has failed.”

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Kitchens of Cooking Celebrities | North Salem NY Real Estate

They sing, they act and some of them even cook. While many celebrities are usually spotted dining out or confess to having private chefs, a small number of them say they love to play chef.

But who would blame them when their cooking space features high-end appliances, a deep farmhouse sink and extended counter space? We’re taking a tour through some gorgeous kitchens owned by celebs who actually use them.

Source: People.com

Justin Timberlake and Jessica Biel

Who’s the cook in Justin Timberlake and Jessica Biel’s relationship?

The newlyweds actually share the kitchen duties, Timberlake told Jay Leno recently.

“She likes to cook. I like to bake … so dinner and dessert,” Timberlake said.

Perhaps the two share duties in his modern Manhattan penthouse. The sleek and minimal space has deep counter space and stainless steel appliances.

Justin Timberlake’s sleek penthouse kitchen

Source: WikiCommons

Emma Stone

For Emma Stone, cooking is both therapy and passion. She confessed recently that baking was one way she could manage her anxiety growing up. Stone’s boyfriend, actor Andrew Garfield, told Vanity Fair that the actress is also serious about some day opening a bakery of her own.

Might as well get some practice in! Her galley-style kitchen in her new Beverly Hills home has white tiled countertops, stainless steel appliances and a large sink with built-in drainboard.

Emma Stone bought her home in May 2012.

Source: US Weekly

Gwyneth Paltrow

In between acting and raising a family with Coldplay rocker Chris Martin, Gwyneth Paltrow runs the website goop.com, which is devoted to healthy living. The actress also recently published a cookbook entitled “My Father’s Daughter.”

The amateur chef likely needs a large space for preparing her meals, which is why her new home in Los Angeles is perfect. The spacious and modern kitchen has high-end appliances and a large island perfect for meal prep.

Paltrow’s kitchen would be a great setting for her next cookbook.

Source: IMDb

Matthew McConaughey

Texas-born actor Matthew McConaughey has long professed his love for Texas-style barbecue, stopping by Guy Fieri’s food show as well as sharing recipes with Rachael Ray.

Even now as he prepares for a role requiring a strict diet, McConaughey told US Weekly he’s been preparing a lot of rib-eye steak for his wife, Camila Alves.

The couple share a home in Austin with their two children. Not only does McConaughey’s home include a large kitchen, but it also has a back patio with great barbecuing space.

McConaughey’s Austin home has great indoor and outdoor cooking spaces.

Source: IMDb

Taylor Swift

Taylor Swift has confessed that she loves to bake with her friends Selena Gomez and Emma Stone. She has plenty of kitchens spread across her homes in Nashville, and most recently Cape Cod, but we can imagine her spending time playing chef in her Beverly Hills home.

Her new California kitchen is a charming light-filled space with butcher block countertops and plenty of cabinet space.

Swift’s cheery cooking space is perfect for the singer.