Shortsalenurse's HAFA Blog

November 14, 2012

Fannie Mae Cuts the MARKET SHARE by Refusing to Pay Closing Costs….. REALLY?

You will find Fannie Mae Servicing Guide Announcement SVC – 2012-19 in  the PDF Attachment below which supports this statement.    On page 6, you will see  under the sub heading Unacceptable Short  Sale Transaction Costs, and I quote “buyers discount points or mortgage loan origination costs.”

This means that if your shopping for a new home and the loan is held by Fannie Mae , you can not ask for the Traditional closing costs credit even if you exceed the asking price of the home.   This will cut the NUMBER of people who can buy the home.    At least to me this lacks some logic.   Do we and when I say “WE”  I mean the Tax Payers who still control “Fannie Mae and Freddie  Mac”, want to limit the number of people who can buy a home before it goes into foreclosure?    The old saying that “Common Sense is not that common” just keeps rushing into my mind.    Who did the math on this and compared the facts that FHA and Fannie Mae policy should be in alignment.   What is even more odd is,  Fannie Mae will  allow for this type of closing cost credit on the loans they still invest in everyday in the  marketplace.   Really!   I just called a Bank and confirmed that this is still the policy.

The complexity of short sales transactions is growing.  Dealing with professionals that know where the rules are and how to apply them is very important to achieve success. You don’t want to spend a few months waiting to  find out  Fannie Mae will not allow for Traditional closing cost consideration, as is standard in a FHA Transaction.  Will this rule change?  I sure hope so!  Realtors talking about this rule impact will / could change it.   Fannie can you hear us?


Servicing Guide Announcement SVC – 2012- 19

George Kenner Broker Associate – Keller Williams Realty – Ca. Lic. Number 01229951

619-723-5715 –


September 17, 2012

Foreclosure Numbers for 91915 and I HAVE A BUYER THAT WANTS A HOME in this zip

This video will give a quick overview of the state of Distressed Property in the 91915 Zip code as of September 17, 2012.  Plus we have a Buyer that is ready to buy but has not found the right property.  He is more than willing to wait for a short sale.  His “Roots” will have him in this area for what will likely be a long Government Career.  Yes, he is a very stable buyer.    Give us a call if you are ready to discuss selling your home in a short sale to already approved buyers.

Here is the link to  91915 foreclosures for SSN Blog   PDF that I mention would be posted to support the numbers that I give in the video.  If you need to see how the numbers effect you please call me.

George Kenner , Broker Associate – Keller Williams Realty  Chula Vista – East Lake 

2060 Otay Lakes Road, Chula Vista  Calif.  91915


Lic. 01229951

August 21, 2012

Secret BULK Sale to the HEDGE FUNDS? Sure looks like Companies are getting RICH!



As I’ve been communicating to you over the past year about the Federal Housing Finance Administration’s (FHFA) REO “bulk sales” initiative, I have an important update to share with you.

Despite vehement opposition from C.A.R. and California Congressional members, the negative economic impact to the state’s housing market, and cost to taxpayers, FHFA is moving ahead with its REO bulk sales pilot initiative, which calls for the sale of nearly 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Inland Empire areas to undisclosed institutional investors.

Not only are Fannie Mae and FHFA moving forward with the plan, they are doing it in a secretive manner and are refusing to disclose any details. We are disappointed they fail to understand that this initiative will harm the communities in which it will be implemented and are carrying out this ill-conceived plan.

In response to FHFA’s failure to implement the REO initiative in an open and transparent manner, C.A.R. is filing a request for details through the Freedom of Information Act.

FHFA, Fannie Mae’s conservator, announced earlier this summer that winning bidders in the foreclosure auction had been chosen, with transactions expected to close in the third quarter. But FHFA didn’t release any details of the transactions, such as property locations, final property count, sales price, or names of winning bidders.

While FHFA and Fannie will not provide details of the transaction, C.A.R. has confirmed that Fannie Mae has created an LLC in California, called SFR 2012-1 US West LLC, to transfer the foreclosed properties from Fannie Mae to the LLC. It is unknown whether the winning bidders will purchase the full LLC or only a share, thus splitting the ownership between Fannie Mae and the winning bidders.

This REO initiative poses a direct threat to the Inland Empire housing market. According to C.A.R. statistics, the targeted properties are in markets that have seen significant stabilization over the last three years. Not only is the Inland Empire experiencing a severe lack of available housing, demand is also strong, and REO listings are selling in less than 30 days. In fact, the unsold inventory currently stands at a 3.1- and 3.8-month supply in Riverside County and San Bernardino County, respectively, half of the long-run average of 6 to 7 months.

C.A.R. is also concerned that FHFA and Fannie may have used antiquated market data, perhaps as old as 2011, to determine property valuations. Because the bulk sales initiative is only now in the process of closing, these dated valuations will drag down comparables and harm the Inland Empire housing market, which has shown strong signs of stabilization. Additionally, because of this price discrepancy and the very nature of bulk sales, we believe Fannie Mae is assured to not receive fair market value of the properties, thereby saddling taxpayers with their loss.

We have voiced our opposition to the bulk sales program with Acting Director Edward J. DeMarco on numerous occasions advising him that investors don’t need government incentives to purchase properties by offering REOs at a discount price and that home prices will be further depressed in affected areas.

C.A.R. also has provided FHFA with multiple updates on California’s housing market conditions over the past year, which it has clearly ignored. FHFA has provided no rationale or supporting evidence to C.A.R. leadership explaining why it is moving forward with the sale of unmarketed REO properties, despite the overwhelming evidence C.A.R. has provided why bulk sales shouldn’t be pursued.

In May, California Congressmen Gary Miller (R-Brea) and seven other California congressional members introduced a bill that called for FHFA to cease its bulk sales plan in California. H.R. 5823, the “Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012,” prevents the FHFA from implementing the sale of Fannie Mae real estate-owned (REO) properties in California to institutional investors.

The introduction of H.R. 5823 followed on the heels of a letter Congressman Gary Miller and 18 other California Congressional members sent to the FHFA in April asking the agency to refrain from implementing its “REO Initiative” pilot program in California. The letter stated, “We are concerned that including California counties in this initiative is in direct conflict with your duty as conservator to preserve and conserve the Company’s assets… In California, there is no question that disposing properties through bulk sales will yield a lower return for the GSEs and taxpayers than through traditional disposition methods. This means that such a program will increase losses to the taxpayer and GSEs,” the letter concludes.

C.A.R. will continue to fight the implementation of bulk sales in California, and I will continue to keep you updated on this important topic as it unfolds.


LeFrancis Arnold


 George Kenner, Broker Associate   2060 Otay Lakes Road, Chula Vista  CA. 619-723-5714

Ca. Brokers Lic. # 01229951

February 7, 2012

PNC BANK’S FUNKY MATH .. they think ZERO is better than $6000.00














As always I tried to work with  the Loss Mitigation Department of this Bank and got no where.  I sent advance notice of the first video to the CEO and his upper management.    Inasmuch as there has been no response from  PNC BANK logic seems to point to a refusal to take the full HAFA consideration, but if the Realtor will pay,  PNC will close the transaction to close.  This is of course speculation as NO ONE above the loss mitigation officer has called me to discuss this.  Mr. Rohr has thus far not communicated if he wants to take me up on the offer of the carne asado burrito yet.

Here are some interesting links that point to facts mentioned in the story or views of other Real Estate Agent and the “MEDIA” across the United States, Seems I  am not the only one who has had a tough way to go with PNC.    this is a  San Diego Media Link


George Kenner, Broker Associate   4700 Spring Street Suite 101 La Mesa, Ca. 91942  Lic. 01229951

All Marketing done with the assistance of Kalabash Marketing.  Good Night Mrs. Kalabash where ever you are.

This is a double secret pinky finger message to Mrs. Kalabash, don’t go were your eyes don’t belong!

December 5, 2011

HELP … A NEW LOGO… And News on Mrs. Bouchard

Distractions from life can end up leading back to a point of focus.  Take Mrs. Bouchard and Cody.  Mrs. Bouchard can not even leave her home to ask for help on a street corner and this was driving me to think no one was ever going to be fair.  Enter a distraction, my new hobbie of video editing , I always wanted to be a film maker and in this new computer world that is closer to being possible.

Hang with me for a minute, I am going somewhere with this.  Just as I lose all faith in anyone doing the right thing, someone “surprises” me.   Enter Cody , he is a video artist that made  a template, that I purchased from a third party agent.  When  I purchased it arrived in the  wrong format.  I reached out and asked for help and Cody who  is on the other side of the country worked  past midnight correcting the format and even inserting the text creating the correct title.   YES, Cody went far beyond the call of duty  for me.  He made the right business move.  He was kind, polite and happy to help.   So where is that for Mrs. Bouchard?  Is there no one what can reach out and rescue her?

In the coming days, I hope to be able to announce a  broadcast interview with her.  Who knows, who could or will be in the audience?  Who could you invite?  I understand it’s only fair to share what Cody did for me.    I am only going to show the first part of my plan to move all branding to the “Brokers Group” within Keller Willians, La Mesa.  Enjoy Cody’s work.

Check out Cody, this young man knows what is right and does it!

George Kenner, Broker Associate        Phone 619-723-5714

Ca. Brokers Lic. Number 01229951

This is a secret Message for Mrs. Kalabash, don’t look it’s private!

August 10, 2011

Tuesday August 09 HAFA UPDATE – See it here first.

On Tuesday, August 9, 2011 the U.S. Department of the Treasury issued Supplemental Directive 11-08 – HAFA Policy Update, which implements many of the recommendations received during the Summit and Working Groups. 

 Specifically, Supplemental Directive 11-08 implements the following key changes:

 Requires servicers to develop and post on their website a HAFA Matrix that describes various components of a servicer’s HAFA Policy, including any unique HAFA eligibility criteria or program rules, the servicer’s process for re-evaluation of property value, and contact information for HAFA assistance.

Removes non-mortgage debt from the $6,000 subordinate lien cap. However non-mortgage lien holders still must provide lien releases and waive borrower liability.

 Requires all servicers to develop a process for periodic re-evaluation of property value and to reconcile discrepancies between the servicer’s independent assessment of value and market value data provided by the borrower or the borrower’s real estate broker. 

To view Supplemental Directive 11-08, please click here.

To view the HAFA Matrix template, please click here.

George Kenner, Broker Lic. 01229951  Keller Williams Realty, 4700 Spring Street, La Mesa , Ca. 91941

619-723-5714  contact

All Marketing done with the assistance of Kalabash Marketing, good nite Mrs. Kalabash where ever you are!

April 19, 2011

Short Sale Realtor VS. Bank of America, Realtor puts them on the Ropes! KNOCK OUT PUNCH?

In a Few Days

It’s Coming! Another Video!

UPDATE!!!!!!!!!!!!! From First Post April 19th.

Friday, June 6 th!!

First the Video then the update


I do have an update on one Transaction, the Freddie Mac Loan….At the end of the Day today June 6th they approved the Short Sale but I am still waiting on the other file, I don’t know where the Loan Modification Stands.  There will be more follow up on this… stay tuned.

I am going to leave the  letter  posted below just as it was written and sent to many parties including Congressmen,   during the process of helping this client.  It will most likely come down in a few days.  I recently hit a National Blog and this video started it’s viral process one more time.  Here is a link to the blog, this brought thousands of views.

Mr. (*&(&(*& )(*)(*)(*):
Senior Vice President, Loss Mitigation
Bank of America

Sometimes emotion can get over wrought and focus is lost, but sometimes that same emotion can bring a clarity that pushes someone into action that saves lives.  I know this for a fact having worked in Law Enforcement and experienced that action.

Law enforcement personnel are always aware of  public ire and the personal exposure to criminal behavior brought on by malfeasance.  Needing to take action but refusing.   I have decided I will not be accused of malfeasance.  Strong advocacy for my clients and community is my duty and thus your about to feel some emotion, let’s see if I can share some passion.

I brought two transactions to your attention in a video at  One was a Freddie Mac short sale and the other a twin tracked Fannie Mae Loan Mod failure and possible reconsideration or movement into HAFA which was not offered to the client, which is the GSE mandate.   I do not have answers on either of these transactions, it’s been over 30 days.  That does not count the time it sat with your associate Mr. B(*&(&( or Mr. S(*&)(&(&(*&r who suggested I send the file to the Mortgage Side to get the Branch involved. More on steering later.

I am losing it, not enough passion, lets kick this up a notch.  Your Bank is a total failure you are failing the American People the regulators and real estate professions and in the process your costing our country billions of dollars.  We should lock your doors and put you all on the unemployment line and let you feel what it is like to not be able to get out from under the thumb of the worst Bank in the United States.  To fully comprehend the importance of timely action, your team needs to feel the same pain my clients do.  Now I am starting to feel like I am catching a groove, are you feeling how I really feel about what your doing to my clients?

Right after our last correspondence I gave my (*&(& Street transaction to the most capable of professionals to handle in concert with your  Mr. David (*&(&(*&)( and Mrs. C(*&(&(& *****   so there would be full objectivity and I would not be accused of being incompetent. Late today, I found out that your HAFA subcontractor has lost the file or can not see it in Equator, they are looking for the purchase offer.  This is coming from the Escalation Officer at AMS.

This of course means after you issued instruction to escalate these files it has taken 30 days to even look at the file.  I say break out your CHECK BOOK, FREDDIE MAC IS OWNED SOME MONEY.. and by the way I did my job and I want my commission.  Does your company have no shame?  Do you have no liability for reckless abandonment of these files?  Pay me and fix my client’s credit, which you continue to damage!

My Broker of Record who is receiving a copy of this correspondence can personally vouch for the person who has been working the file. The  incompetence of your Bank is not invented and I don’t think questioning the ability of the people who took over the “hands on” of this file is a good strategy to consider.  Fixing the file is not only a better plan it is the only course of action you can take if your to meet your duty to the investors, the GSE and thus the tax payers.  By all mean I encourage you to call my Broker of Record.  I am sure he will tell you,  I am the first to arrive and the last to leave my the office.  I am tireless in trying to help my clients.

If you are testing the ability of advocates to bring timely action, I personally am up to the challenge.  I have not one single thing that I can not afford to lose.  In fact, inasmuch as your quickly destroying our market and the Real Estate Professionals desire to commit to selling your short sale stock, your own inaction will be what rushes you to failure.

I think it was Socrates that said;  “the only thing I can contemplate which could hurt you more than a lie, is the truth.”   Where the truth can not go maybe a Congressional inspired audit or hearings could help. How many loans are you doing this to?  Do you really think you should be handling Fannie Mae and Freddie Mac loan servicing?  These are Public Loans should we be paying for your incompetence?

As you reflect on this tirade, you may want to get your hands on the list of files I gave Mrs C*()(*_* & &)__ ^%$ .  You have more problems headed your way, I want resolves, my clients are not expecting lip service from me.  They contracted with me for results, that is what I owe them.

In contempt for your inaction, the files land on your desk, good managers own the problem, what kind of manager are you?  Tell me do my clients deserve better than your company is providing?  I think they do.

George Kenner

The link to the video for quick posting to Facebook is below!

This is the link to the Video’s of the Bank of America VP.

All marketing done with the assistance of Kalabash Marketing

Good night Mrs. Kalabash where ever you are!

George Kenner, Broker Associate Keller Williams Realty, Lic. 01229957

Contact George at 619-723-5714  or email

Mrs. Kalabash if there is ever a chance you will see me again, now is it, so here is a secret message just for you.

Realtors Get HAFA Certified as is Recommended By

the California Association of Realtors.

Get Ready Something is coming!

April 15, 2011

Short Sale God of Truth, Reports on Bank of America

It’s about 5:30am here on the west coast and I forgot to do something, turn my Black Berry to silent mode.  It just woke me up a little early  with an E Mail Message from Bank of America.

The Greeks believed that there were multiple Gods that controlled everything in the earthly realm. Thinking of that,  the “God of Short Sale Truth” wanted me to know early this morning that the same case I mentioned below, where Bank of America lost the file for Freddie Mac and cost tax payers thousands of dollars, as we are backing Freddie Mac losses,  was declined.  But they did not want me to know why!

I guess for the rest of the day I will be fighting to get them to listen to logic, or more importantly, figure out why this was declined.   With this new improved  data system they are using  their is no telling.  Looking inside the system there is no reason posted and the link to the e mail for the negotiator is broken, it routes me to an error.     Now I  don’t want to be accused of “piling on” or “roughing the banker” and get a penalty,  but after all I can prove that they lost this file for 90 days, costing everyone more than was necessary.   Well there is the exception of Bank of America who is getting paid as the Servicer, they are profiting from this.   But let’s see if they make good on the MONTHS of payments that were missed while there was an offer on the table and  it was lost in their system.    Maybe our Congressmen can find this out for us.  Who wants the loan number, maybe the President of Freddie Mac?  I personally don’t feel like paying Bank of America to screw things up.  Maybe if this cost them they would take this serious, peoples homes and lives are involved here

If Bank of America just made a mistake,  and this is still in process I will let everyone know, that is only fair but if it is like the Deed in Lieu my clients are waiting for it could be some time before I even know.  Will the foreclosure happen before they answer.  We will see.


Friday at aprox 9:35 am, Pacific Standard time.

After arriving to work I found out that a pending trustee sale on the above mentioned property was canceled.   Now why stop a sale on a denied file.   MAYBE THIS HAPPENED because of what I call Blog Magic.  Did Bank of America finally figure out that this is a very problematic file and that  they can contribute the amount of money they lost for Freddie Mac could help off set this.  At least in my opinion they owe something into this transaction… CALL ME B  of A and lets discuss this….

All Marketing is done with the assistance of Kalabash Marketing

Good Night Mrs. Kalabash where ever you are.

George Kenner, Broker Associate Keller Williams Realty

lic. 01229951 – 619-723-5714


April 12, 2011

You are not the Keystone Cops and I am not Bluffing!

Short  sales as they are currently  set up are like a duel,  Realtors want to be nice to everyone and present a “Win Win” situations but  they are duty bound to protect the interests of CLIENTS, not the bank, who can not see heads from tails though the stupidity of their own short sale systems.   Thus the most effective of us (Realtors) flirt with disaster every day.  Well here is to flirting with danger.  I am going to post a note that went to two Senior Vice Presidents of a Major Bank and their Contractor today.   Let’s see it they want to fix this for my client or if they want to me address the CEO in a video clip here at the BLOG.  Of course there will be an appeal to my 5 area Congressman to investigate, this lender in the clip.  If  the video goes viral who knows maybe it will be the dueling shot that brings attention and a full audit of this lender’s servicing practices.  They are after all a Federal Savings Bank, permitted by the Federal Government, and they are doing this to Fannie Mae and Freddie Mac assets and they owe the us Tax Payers a few Hundred Billion at this point.  I say that is enough of a reason for an audit, and penalties if due.

Time for the excitement,  here is a copy of the last string of the letter……  The name of the Bank is eliminated at this point.  But in the NEXT STING if it is necessary I will post the BANK and Contractor Name.   You want to harvest something from a BLOG here is something to reap, after all you sowed it.

Mr. B      (Sr. VP. Bank Name Omitted)
Mrs. B    (Bank Contractor Omitted)
Fellow Professionals:
I got a call by someone at 1-800-000-0000 ex 2773 they left a message, in a voice mail message, stating they needed to talk to me in regards to the letter of April 07. (possibly this e mail letter thread).  I have tried to return the call all morning but there is no ability to leave a voice message.  (Possible System issue you would like to look at)
If you have some update please let me know.  I would of course still like to bring this to a close, on a sale, as would my client.  I think that the silence relative to the evaluation of the current offer is a statement that the investor wants it back.  Who is the investor? I would like to talk to them.  Are you going to offer my client some additional incentive and possible correction to his credit report for all of this delay.  You have squandered months of credit reporting time on this,  when he was doing all he could.
In my opinion he should not ever be shown more than 4 months late on his mortgage.  In fact inasmuch, no contribution in any amount was asked for in the SSA even the 4 months of delinquent reporting could be unfair.  He has done all he can for both the servicer and the investor.  I have been able to achieve this type of correction on other HAFA transactions, most recently with (Name Omitted)  Mortgage.
If there is some reason for me go slowly with this, maybe one of you could reach out to me personally, if not I plan on posting a copy of this letter chain on the blog.  I find it grossly unfair not to offer multiple warnings before bringing Banks  conduct about this to a VIDEO.  Video if properly staged can be far more effective.
As I have promised my Broker of Record, I have to ask; Do you have any REO Business for me?  Maybe this correspondence will prove that I follow up and I try to obtain the most positive results for all parties.  But when I represent someone if I have to get inventive I will, it is my duty.

George Kenner
Broker Associate
Keller Williams Realty
lic. 01229951

All marketing done with the Assistance of Kalabash Marketing

Good night Mrs. Kalabash where ever you are.

Tonight’s Secret Message to Mrs. Kalabash, No BANKER EYES ALLOWED!
Where were you when your client’s needed you *%$# …..?

April 9, 2011

60 Minutes Rocks the Forclosure World Again..

This problem is not going away. The “Short Sale System” has  to improve to take care of this human made disaster.  A boon doggle  that Bankers need to take responsibility for .  Listen to the Head of the FDIC at the end of this RECENT VIDEO. (If you have to sit through a few YouTube advertisements this vid clip is worth it!)

Logic may point to SHORT SALES  and the incentives to do them growing.  I know of a  story that is still developing, one that I am just about to BLOG.  (RANT)   I know of a Bank that is taking months just to take back a property after the clients agreed to give it up.   This is not right and clearly the Deed in Lieu process at the end of HAFA is not impossible to do.  It is very near the time to give  out the name of this  lender, and their contractor.    Is it time for the FEDS to come in and break up one of these SUPER LENDERS that are making records profits when even the Government is losing money?  Treating my clients in good faith is mandatory, or I am going to speak out for them.  I will yell from hill and dale and to any Senate or Congressional Committee that will listen.  THIS IS JUST WRONG!

Just like  the story featured in this 60 minutes clip the BANK I am about to expose  is hiding behind a Contractor who will blame another contractor and on and on.  Bottom line we have to bring PROFESSIONALS with Authority to do Short Sales into the industry.  Maybe it is time for me to put in a few job applications because someone is about to take some blame.  I  feel some job losses for Bankers who have seen fit,  not to  take action.  If we can put man on the moon we can fix this problem!  We just need the right people in charge! Right now it does not look like we have the right people at the helm.

All Marketing done with the Assistance of Kalabash Marketing

Good night Mrs. Kalabash where ever you are. – 619-723-5714

George Kenner, Broker Associate Keller Williams Realty, Lic. 01229951

Realtors now is the time to consider Getting HAFA Trained, this is not going away.

Keep a secret don’t share this with Mrs. Kalabash!

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