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» rates are currently at historically low levels, and the refinancing covered the penalties." Greystone also provided a $12 million loan for a 216-unit apartment complex located in Lincoln, Nebraska. The two remaining loans were for apartments in Florida and Washington. Greystone was the No. 1 lender for the Federal Housing Administration (FHA) in 2012 and is ranked as a top-10 Fannie Mae lender. Rhode Island rank: 9 90+ Day Delinquency Rate Foreclosure Rate March 2013 4.0% 4.1% 3.8% 4.2% 4.6% -1.0% Top County 7.9% 3.7% 7.6% year-over-year change 11.5% -9.0% 3.9% 90+ Day Delinquency Rate Foreclosure Rate 13.4% year ago 5.8% 12.9% 3.8% Top Core-Based Statistical Area eAST STroudSBurg, PA 90+ Day Foreclosure Delinquency Rate Rate March 2013 6.3% 13.4% year ago 5.8% 12.9% year-over-year change 8.0% -3.4% Top Core-Based Statistical Area PRovIdenCe-new BedfoRd-fAll RIveR, RI-MA 90+ Day Foreclosure Delinquency Rate Rate March 2013 3.8% 3.8% 4.2% year-over-year change 14.3% -7.4% state Supreme Court also found "none of the statutes that plaintiffs rely upon prohibit MERS from foreclosing on the Bucci mortgage," Justice Francis X. Flaherty wrote in the court's opinion. Flaherty explained MERS was enforcing the mortgage on behalf of the owner of the note, a party that is, without question, entitled to enforce the obligation the mortgage secures. "Therefore, we see no reason why MERS, as an agent of the owner of the note, cannot foreclose on behalf of that entity," he wrote. As of July 2011, MERS no longer forecloses in its own name; mortgages are now assigned to a member lender before initiating foreclosure proceedings. South Carolina rank: 13 90+ Day Delinquency Rate Foreclosure Rate March 2013 2.5% 3.8% 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 March 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. STAT INSIGHT 600 Maximum number of days allowed by the GSEs to process a foreclosure in Pennsylvania. Source: Fannie Mae and Freddie Mac delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. Unemployment Rate 3.6% 8.4% year ago 2.4% 4.8% 9.3% year-over-year change note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously year-over-year change 8.0% 4.8% year ago March 2013 6.3% 5.2% year-over-year change 4.4% Top County Monroe CounTy 5.0% 4.6% year ago 2.7% Foreclosure Rate year ago Unemployment Rate 3.4% -14.2% PRovIdenCe CounTy 4.8% rank: 16 3.0% 10.6% year-over-year change March 2013 Pennsylvania Foreclosure Rate March 2013 9.1% year ago 90+ Day Delinquency Rate 90+ Day Delinquency Rate Unemployment Rate VISIT US ONLINE @ DSNEWS.COM 3.2% -25.0% -9.7% Top County JaSper CounTy 90+ Day Delinquency Rate FROM THE BENCH Foreclosure Rate March 2013 5.2% 6.8% year ago Rhode Island Supreme Court Supports MERS' Role as Mortgagee 4.4% 8.5% year-over-year change 18.7% -20.0% Top Core-Based Statistical area LanCaSTer, SC 90+ Day Delinquency Rate Foreclosure Rate March 2013 A Rhode Island Supreme Court ruling determined Mortgage Electronic Registration Systems, Inc. (MERS), as mortgagee, has the authority to proceed with a foreclosure on behalf of another entity. In Bucci v. Lehman Brothers Bank, FSB et al, a five-justice panel ruled MERS' role as mortgagee is consistent with Rhode Island law, according to a statement from MERS. Court documents show Lehman Brothers, the lender, granted the mortgage to MERS as nominee. After the plaintiffs stopped making payments, MERS initiated foreclosure proceedings. The day before the foreclosure sale, the plaintiffs then sought a declaratory judgment and injunctive relief. The plaintiffs attempted to argue that the language of the mortgage did not authorize MERS to foreclose. However, the trial justice denied the plaintiffs' request. The 3.7% 5.8% year ago 4.0% 6.9% year-over-year change -6.8% -15.6% 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 March 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. STAT INSIGHT 10.5% Non-current mortgages— delinquent or in the process of foreclosure—in South Carolina. Source: Lender Processing Services 105