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The company's single-family serious delinquency rate has declined for eight consecutive quarters since the first quarter of 2010. It stood at 3.67 percent at the end of March 2012, compared to 5.47 percent as of March 2010. Fannie Mae completed 77,748 loan workouts for distressed homeowners over the first three months of this year. Approximately 46,671 were loan modifications, 8,864 were repayment and forbearance plans, and 22,213 were short sales. The company's single-family foreclosure rate was 1.07 percent in the first quarter of 2012, compared to 1.13 percent in 2011. This reflects the annualized number of properties foreclosed as a percentage of Fannie's total guaranty book of business. The GSE acquired 47,700 single-family REO properties in the first quarter of 2012, but disposed of 52,071. As of March 31, the company held 114,157 single-family REOs in its inventory. The carrying value of these properties is figured at $9.7 billion. Fannie Mae issued $6.6 billion in loan repurchase requests during the first quarter. The company collected or resolved $4.5 billion in earlier requests and canceled $337 million. As of the end of the first quarter, Fannie's outstanding requests for loan buybacks stood at $12.15 billion. NAREB Forum on Minority Housing Draws Congressional Support Studies indicate the foreclosure crisis and its community-debilitating aftereffects are having a disproportionate impact on minorities and minority-owned real estate businesses across the nation. The National Association of Real Estate Brokers (NAREB), the oldest African American trade association of real estate business owners and professionals in the country, has positioned itself alongside members of Congress, minority businesses, and granting agencies like the Salvation Army to face this challenge head-on and help minority homeowners deal with the devastating effects of foreclosures and blight in their neighborhoods. NAREB hosted the "State of Housing in Black America Issues Forum" (SHIBA) on May 2 at Howard University in D.C. The public was invited to join and learn more about the challenges facing minorities in today's housing environment as well as viable solutions. 90 Two prominent federal lawmakers showed their support for the cause with special appearances. Congressman Elijah E. Cummings (D-Maryland), ranking member of the House Committee on Oversight and Government Reform, was the featured guest speaker; and Congresswoman Eleanor Holmes Norton (D-District of Columbia), ranking member of the House Subcommittee on Economic Development, Public Buildings, and Emergency Management, delivered opening remarks. The forum featured interactive panel discussions with industry professionals and experts from the housing industry as well as local and national community leaders who provided analysis of research data, along with possible solutions for foreclosure mitigation, contending with neighborhood blight, and disaster recovery. Rep. Cumming's presentation, "The Local Landscape," provided a perspective on the homeownership and foreclosure crisis in black communities situated in the local D.C. area. "NAREB has seen the impact of Congress, especially the members of the Congressional Black Caucus, on homeownership solutions in the past," said Julius Cartwright, president of NAREB. "We recognize the importance of providing Congress with accurate and detailed information and recommendations on how to improve housing conditions in not only low- and moderate-income neighborhoods, but the surrounding communities as well." Cartwright notes that the mortgage fallout has required federal intervention and private sector participation, and capital from both sides. However, "many solutions have not been effective enough to deal with what is really happening—especially in minority communities," according to Cartwright. "It is integral to NAREB's efforts, and in the best interest of our nation, that all of us work together on this," he said. NAREB is currently involved in analyzing federal housing programs and regulations, collecting data from its nationwide network of minority real estate professionals and businesses, creating jobs through its member businesses, and developing market-oriented, privately capitalized recommendations and programs. In February, the organization announced its Homeowner's Assurance Program (HAP), which involves the deployment of capital to purchase, renovate, and resell REO properties while generating jobs and income for real estaterelated small businesses in targeted markets. When initially announced, HAP was billed as a $1.2 billion program. Already, it's brought in enough additional support to increase funding to $1.8 billion. HAP was one of the key highlights of NAREB's forum last month. "Our recommendations go beyond the current designs which do not factor in the social and economic dynamics and strengths of our communities," commented Lawrence Batiste, chairman of NAREB. "The State of Housing in Black America Issues Forum is one of the vehicles NAREB uses to put information and recommendations into the hands of our congressional representatives, so that they can help our communities." This was the third in a series of five forums hosted by NAREB across the country. Previous forums were held in New Orleans and Atlanta. The remaining two forums will take place in Cleveland in August and in Houston in November. Nationwide Title Clearing Meets with Lawmakers to Discuss Industry Issues Nationwide Title Clearing (NTC) met with members of Congress and their staff on April 19 to discuss residential mortgage industry issues and to offer the company's support as a resource. "We welcome the opportunity to work with members of Congress and their staff to identify and incorporate industry best practices into a new national standard for residential mortgage servicing, as well as provide feedback to help avoid excessively onerous legislation for mortgage lenders and servicers," said John Hillman, the company's CEO. As the company relayed its pitch to assist legislators tackling today's housing problems, Nationwide Title noted that it is "in a good position to offer assistance due its extensive industry/land-records knowledge and clientele." Nationwide Title spoke with lawmakers from its home state of Florida, including Reps. Bill Young and Sandy Adams, both Republicans, and Democratic Sen. Bill Nelson, as well as others during the Mortgage Bankers Association National Advocacy Conference in Washington, D.C. Nationwide Title Clearing, headquartered in Palm Harbor, Florida, is a postclosing services provider for the residential mortgage industry.

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