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  • RE/MAX getting into the mortgage business; launches Motto Mortgage

    While most of the biggest names in mortgage lending are focused on the Mortgage Bankers Association’s annual conference, taking place right now in Boston, one of the biggest names in real estate revealed that it is getting into the mortgage business. On Tuesday, RE/MAX announced that it is launching Motto Mortgage, a mortgage brokerage franchise that the company plans to take nationwide. Click the headline to read more.

Freddie Mac nonperforming assets grow 33% in 3Q, adds $6.8 billion in REO

Freddie Mac reported $120.1 billion in total single-family nonperforming assets in the third quarter, a 33% increase from the $90 billion reported a year ago. For the quarter, the government-sponsored enterprise reported a $2.5 billion loss, down 53% from a year ago, but it did ask the Treasury for another $100 million. Nonperforming assets also increased 1.8% from the previous quarter. Non-interest expense at Freddie Mac reached $800 million in the third quarter, up 60% from the three months prior. Of that, $337 million Freddie reported as REO expenses. A year ago, REO operations actually gained $98 million in income. In the last quarter, Freddie reported a $40 million income for its REO operations. The expenses in the third quarter reflected higher property write-downs "due to lower estimated REO fair values as well as higher expenses driven by increased REO inventory," according to its financial supplement. Freddie reported $13.5 billion worth of REO in its inventory after repossessing $6.8 billion worth in the third quarter. The GSE calculated the value of the property based on the unpaid principal balance of the loan at the time it repossessed the home. Roughly 35% of this inventory sits in the West, the highest percentage of any region in the country, and 18% of it is located in California, the most of any state. Write to Jon Prior.

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