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 –


November 6, 2012

Realtors Speak out on Election Day…. CAR. Calls for Removal of Demarco at FHFA and George says Tell him about The Bush Tax Forgiveness Law… Do we Get an Extension or NOT?

First let me share a news release with you.  This is from the California Association of Realtors, whoever planned this to be let this go on Election Day…. BRAVO!

C.A.R. calls for change of leadership at FHFA
LOS ANGELES (Nov. 5) – The following is a statement by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) on last week’s announced REO bulk sale transaction between Fannie Mae, the Federal Housing Finance Agency (FHFA) and Colony Capital:
“Fannie Mae and FHFA’s decision to move forward with the REO bulk sale in California amounts to another gift to Wall Street at the expense of taxpayers,” said C.A.R. President LeFrancis Arnold.  “The deal, which calls for the sale of more than 400 foreclosed homes in Los Angeles and the Inland Empire, not only hurts taxpayers and prospective home buyers, but will also delay a full recovery in the housing market.”
“The implementation of this ill-conceived program highlights the failure of FHFA to appropriately address this issue despite C.A.R. and others outlining alternatives,” said Arnold.  “The botched execution of the REO bulk sales, and Home Affordable Foreclosure Alternatives (HAFA) and Home Affordable Refinance Program (HARP) under FHFA’s oversight and leadership has demonstrated a lack of understanding of the housing market.  Given these and other missteps, C.A.R. believes it is time for a change in leadership at the FHFA.”
C.A.R. opposes bulk sales in California because the state is experiencing a severe shortage of available housing, which will negatively impact the state’s housing market.  The median home price in the Inland Empire is up 15 percent from $172,000 in February 2012 to $198,270 in September, and unsold inventory is down from 5.3 months to 3.8 months during the same period.  The median home price in Los Angeles has risen 37 percent from $272,920 in February 2012 to $373,020 in September, and inventory is down from 5.7 months to 3.7 months.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® ( is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Now to George’s Video Address.
George Kenner, Broker Associate –  Keller Williams Realty – Chula Vista / Eastlake 
2060 Otay Lake Road, Suite 200 – Chula Vista, Ca. 91915
619-723-5714 –

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

May 18, 2012

Sitting on the Doc of the Bay Hoping this Short Sale will go away!

Sitting by the dock at the bay hoping this short sale will go away.  This week my problem file is with GMAC Mortgage who states they are servicing a loan for IMPAC Mortgage.  The NOTICE OF DEFAULT however does not clearly name IMPAC as the owner.  But I have lots of E Mails that say IMPAC.  It is my understanding the true owners name is supposed to be on the NOD.

There are two issues with this file one is that there is no relocation funds for the Seller / Homeowner and the other is they waited till they presented the approval to take commission dollars away from the real estate agents.  This may or may not be legal but I for one do not think it is MORAL.   As many great men have said doing what is legal is not always the best standard to follow.   Even this very week Bank of America announced relocation fees on some transactions that will go as high as $30,000.00 and HAFA is set at $3000.00.   3000 times by the current approval I hold still comes out to ZERO dollars for my client.  Is that an error.   Well that is what I am trying to find out.  In my view I have a duty to my client to try to make sure there is not some mistake.  How do you feel.   Here are two videos that I hve posted to try to put a human face on the subject.  If I get as satisfactory correction to this I will post it, and if I do not, well excuse me I do not even what to think to think negative.   Some higher power will not allow my unemployed client to hit the streets without having something in his pockets.   San Diego and California Mortgage Lenders at not that cold hearted!

George Kenner, Broker Associate  Lic. 01229951 619-723-5714

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!

January 30, 2012

OK! Bank of America and Freddie Mac CEO’s, The BALL Is On Your Side of the Court ! UPDATE UPDATE UPDATE!

Fair Warning Was Given!  I have e mailed, made repeated calls, I have even sent pictures of this home to try to bring it to a fair value with Bank of America management but nothing has happened.  This means the PUBLIC FIGURE CEOs are the only ones to turn to. Were I them, I would pic up the phone and call me to say thank you for bringing this “systems issue” to their attention.  Will they fix this or will they run and hide from simple questions?

Let me share a few other things  I have done to support the efforts I have made to bring this to a resolve.  I have sent in local foreclosure “Pin Maps”,  I have begged borrowed and pleaded with my fellow Realtors to bring me some type of offer but they tell me I am nuts.  I use coded entry log lock boxes, and those entry logs were provided to the bank to call the other Realtors to see if what I was saying was true.  Were all my fellow Realtors and their clients crazy?  Was the Market lying?   I will give the CEOs the name of a Real Estate Managers in my area who have seen this home and found it was not properly priced, if they want to call.

This is the first of what may be more videos on this home.  There is really more to say.  Frankly I want to know who owns the appraisal company that valued these properties and did not tell Freddie Mac that FHA was the prevailing loan used in this demographic and that it would not be eligible because of condition.  Freddie Mac belongs to us, the “Tax Payers” the way they are doing business is our business.  Do they really not know the condition of this home and was it hidden from them?

HERE IS ANOTHER HOT  QUESTION for the CEO of Freddie Mac.   Why not give us a special HOME PATH Rehab loan NOW?  Why wait till it is foreclosed upon.  Please give me the logic for this, because I can not see it.   STAY TUNE FOLKS.. if this is corrected I am going to pull this video as there is no reason to make villains but on the other hand we have to have change in the short sale system for US the taxpayers.  We are backing programs and people who don’t seem to have a handle on the problem.

The picture of me holding video ball is part of an e mail that I am sending to my friends in the Industry.  It will show up on your Iphone, or I pad or your droid and go straight to the UTUBE by just tapping the ball.   If you want a copy of this to forward to your friends by all means just ask i will send you a copy of the e mail it can be fowarded and in most systems the link is maintained.  Sooner or later someone will know one of these CEOs and they will see the reason it is important to help my clients and my community.  I have heard the banks say many times that they want to short sell.

Am I not doing them a service bringing this to their attention?

All Marketing done with the Assistance of Kalabash Marketing, Good Night Mrs. Kalabash where ever you are!

George Kenner, Broker Associate, Lic # 01229951 – Keller Williams Realty.619-723-5714

Top Secret Message for Mrs. Kalabash… dont be taken your eyes to places where they are not invited!

December 27, 2011

And I sell homes 2…. Fighting for Short Sale Sellers is just part of the job.

Of  course representing Sellers in a short sale is only successful if  buyers can be found for the house that is being sold, and then Bank approves the transaction. We are finding  more and more the Banks are insisting that full advertising campaigns be put in place.   On this issue I happen to agree.  Videos, Virtual Tours, Open Houses and lots of photos in the MLS  have their place.   Cheap selling homes does no one any good.  I think (hope) the “equity vacuum” should comes to an end soon. Losing money on a home is no fun for anyone.   While other are staying on the same old advertising course  the Brokers Group is expanding their  influence by using state of the art marketing.   Here is just a little sample of what we are doing.

George Kenner, Broker Associate  – Keller Williams Realty, La Mesa  CA. 919142  619-723-5714  Ca. Lic.# 01229951

Marketing Assistance provided by Kalabash Marketing, Good Night Mrs. Kalabash where ever you are.

Secret message to Mrs. Kalabash.


December 18, 2011

We as a team are expanding… Time to leverage the Luxury Home Short Sales that we do!

It is not new to anyone that even the wealthy are not faring well in the current economy.  Luxury home owners need help and are finding that if they work with the bank to avoid a foreclosure they are often treated with more respect and co-operation.   The overall economy is not the fault of the general citizenry of this country.  Very few people saw this coming.  Even I lost a lot of equity in my home and I have been in Banking and related Real Estate industry for over 22 years now.

Please enjoy this intro video for a new website we are launching to serve the needs of our community.  We can and often do this type of special promotion for luxury short sales.   If we can help you in any way, we are never more than just a phone call away.  The Broker Group stands ready to help you however we can.

George Kenner Broker Associate, Keller Williams Realty, 4700 Spring Street La Mesa, Ca. 91942  619-723-5714

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

This is a secret Message to Mrs. Kalabash, don’t be nosey and go looking where your eyes do not belong!

DRE. Brokers Lic .01229951

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!

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