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STATE OF AFFAIRS: NORTHEAST ยป New York raNk: 3 90+ Day Delinquency Rate Foreclosure Rate october 2013 2.8% Unemployment Rate 5.5% 7.7% Year ago 3.1% 6.1% 8.4% Year-over-Year chaNge -10.0% -9.3% -8.3% Top County 90+ Day Delinquency Rate SullivaN couNtY Foreclosure Rate october 2013 2.9% 2.2% Year ago 3.1% 3.4% Year-over-Year chaNge -7.4% -35.5% Top Core-Based Statistical Area kiNgStoN, NY 90+ Day Delinquency Rate Foreclosure Rate october 2013 4.7% 9.0% Year ago 4.5% 8.8% Year-over-Year chaNge 5.3% 2.0% 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 October 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary October 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. New York Todd Yovino Broker/Owner Island Advantage Realty, LLC Metropolitan New York and Long Island's Default Specialist for Over 25 Years Todd@iarny.com | 631-820-3400 www.islandadvantage.com IN THE NEWS Chase Boosts Customer Loyalty with Mortgage Rewards Chase's Mortgage Cash Back rewards program allows customers who have both their mortgage and personal checking account with Chase to earn up to $500 annually. 118 Since the program began four years ago, Chase has paid out $87 million to more than 368,000 homeowners. The bonuses are paid on the anniversary month of a new or refinanced mortgage. In December, Chase distributed $4 million in Cash Back rewards to customers, just in time for the holidays. Throughout all of 2013, bonuses paid out totaled $37 million. Kevin Watters, CEO of Chase Mortgage Banking, sees the program as an effective way to boost customer loyalty. "We want our customers to know how much we value their business. That's why our Mortgage Cash Back program rewards customers who have both their mortgage and checking accounts with us," he said. Customers can use the yearly bonuses for cash or to pay down the principal on their mortgages to save even more. By choosing the pay-down option, customers receive an additional savings in interest, which could help the pay off their mortgage early. By applying the bonus to mortgage principal, Chase estimates a borrower with a mortgage of $250,000 would save $9,162 over the life of the loan. JPMorgan Strikes Deal with Mortgage Investors JPMorgan Chase & Co. reached a $4.5 billion agreement with 21 institutional investors to settle mortgage repurchase and servicing claims on 330 residential mortgagebacked securities (RMBS) issued by JPMorgan, Bear Stearns, and Chase. The group of investors supports the arrangement, according to the Houston-based law firm representing the group, Gibbs & Bruns LLP, and have asked the trustees to accept JPMorgan's offer. JPMorgan called the settlement "another important step" in its efforts to resolve legacy RMBS matters and said it believes it is "appropriately reserved for this and any remaining RMBS litigation matters." The trustees have until January 15, 2014, to accept the offer, which may be extended pursuant to the terms of the offer for an additional 60 days. The offer includes the following key terms: 1. Payment by JPMorgan of $4.5 billion in cash to the trusts to settle mortgage repurchase and servicing claims; 2. Implementation of certain servicing changes to mortgage loans in the trusts; 3. Reimbursement to the trustees for expenses associated with their evaluation of the offer; 4. A release of all repurchase and servicing claims that have been or could have been asserted by the 330 trusts; and, 5. Continuation of a previously agreed tolling and forbearance agreement among JPMorgan and the trustees to permit the trustees to evaluate the proposed settlement. Among the institutional investors participating in the agreement are BlackRock Financial Management, the Federal Home Loan Bank of Atlanta, both GSEs, The Prudential Insurance Company of America, and Teachers Insurance and Annuity Association of America. They institutional investors said they will seek to obtain court approval of the settlement if the trustees elect to pursue a judicial instruction concerning their decision to accept the settlement. JPMorgan also agreed to pay the investors' attorneys' fees. KNOW THIS New York's REO inventory increased 65% in Q3 2013, RealtyTrac reported. The missing piece for your Real Estate Needs! Kamla Jaikaran (Kay) Carrington Real Estate Services (US), LLC Kamla Jaikaran (Kay) 1010 Northern Blvd, Suite 208 Great Neck, NY 11021 Phone: 718-986-6517 Efax: 718-732-2711 Email: kdjaikaran@gmail.com www.carringtonres.com BPO/CMA orders: Please email: bpoprony@gmail.com