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» Destiny Realty DonnellWilliams Progressive broker; member NJAR, NCJAR, NAREB, civil& fraternal orgs; 20+ agents; 5 languages; development, title & property mgmnt affiliates. RVP of Region 2 NAREB. FROM THE BENCH New York rank: 3 90+ Day Delinquency Rate Foreclosure Rate February 2013 3.4% Unemployment Rate 6.0% 8.4% year ago 3.3% 5.9% 8.5% year-over-year change 3.6% 1.6% -1.2% Top County SullivaN CouNTY 90+ Day Delinquency Rate February 2013 4.7% Foreclosure Rate 11.6% year ago 4.6% 10.5% year-over-year change 3.1% donnell@destinyrealtyinc.com 973.223.9967 CELL 973.984.8500 OFFICE 973.984.8733 FAX 10.9% Top Core-Based Statistical area GloverSville, NY 90+ Day Delinquency Rate February 2013 COUNTIES SERVED: Morris, Sussex, Essex, Somerset, Union, Passaic Foreclosure Rate 4.4% 8.6% year ago AWARDS: Five Star, CDPE, SFR, NAREB Sales Division 4.1% MEMBERSHIPS: NAREB, NAR, NNA, REMBI, AF&AM, NJAR SERVICES: Sales, Property Management, Cash for Key, Counseling 6.9% year-over-year change 7.5% 24.5% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the February 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary February 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. New York New Mexico rank: 14 90+ Day Delinquency Rate Foreclosure Rate February 2013 1.9% Unemployment Rate 3.5% 6.8% year ago 2.0% 4.1% Custom Loss Mitigation Services 7.0% year-over-year change -1.6% -14.1% -2.9% Michael J. Wallace Top County TorraNCe CouNTy 90+ Day Delinquency Rate Foreclosure Rate February 2013 2.7% 7.2% 516.319.1600 mjwallace@wallacerealestatesolutions.com WallaceRealEstateSolutions.com year ago 3.1% 6.7% year-over-year change -13.7% STAT INSIGHT 8.4% Top Core-Based Statistical area LaS VegaS, NM 90+ Day Delinquency Rate Foreclosure Rate February 2013 3.1% 5.3% year ago 2.6% 5.3% year-over-year change 20.0% -0.5% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the February 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary February 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. VISIT US ONLINE @ DSNEWS.COM 13.5% Share of non-current mortgages in New York state as of the end of February. Source: Lender Processing Services Investor Suit Questions Servicer's Authority to Sell Mortgage Notes A justice for New York's Supreme Court has ordered Nationstar Mortgage to stop the sale of some of its mortgage notes through Auction.com. KIRP LLC, a major investor in six residential mortgage-backed securities (RMBS) trusts sponsored by Residential Accredit Loans, filed a complaint against Nationstar over its selling of non-performing loans backing securities. Nationstar held two auctions, each running for two days. The first began on February 19 and the second on March 4. A third was scheduled for March 11, but Justice Eileen Bransten authorized a temporary restraining order to stop the final sale and transfer of loans and to prevent further auctions. In its filing for the restraining order, KIRP argued that as master servicer, Nationstar has the authority to foreclose or modify the loans, but not to sell them. The memorandum goes on to note that the loans auctioned off were sold at steep discounts, which KIRP says caused financial harm to investors. "It appears from the prices posted on the website that the bulk auction sales, not surprisingly, resulted in sales of the loans at significant discounts," KIRP's filing reads. "Plainly, Nationstar's dumping of trust assets in bulk at fire sale prices through a two-day Internet auction is not an act taken 'in the best interests of the certificate holders,'" the investment firm wrote. An analysis of the case by Barclays holds that although most servicing agreements list alternatives to foreclosure on nonperforming loans, it isn't always clear whether or not those lists are exhaustive. In other words, engaging in an unlisted alternative—such as a sale—may or may not be allowed. "There are two parts to the allegations made under the lawsuit," Barclays explained. "First, that the lawsuit alleges that note sale is not an option available to the servicer, and second, that the sale is harmful to the interests of the investors in the trust relative to other alternatives. "While it is clear that a violation on the second part would seem to go against the duties of a servicer, it is less clear whether the sale is an 99