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FROM OUR DESK The Most Wonderful Time of the Year For some, the holiday season is their favorite time of year; for others, it's summertime; for us here at DS News, it's the Five Star Conference. This annual industry event is put on by our parent company, the Five Star Institute, and it brings together thousands of industry professionals from all over the country and from every corner of default servicing. directly from "the ultimate source" about conditions in their local markets, forecasts they do or don't agree with, challenges they could use some help with, and issues that need to be addressed— and all that happens in between a program jam-packed with engaging networking opportunities that put attendees directly in front of the industry's biggest decision-makers; appearances by two former presidents, a first lady, and two of the country's most esteemed political analysts; and groundbreaking academic debate sessions presented by speakers so passionate about the business that several brought the audience to their feet. If you were here in Dallas during that first week of September, relive some of the highlights It gives us the rare opportunity to meet face-to-face with the readers of DS News and hear that defined this year's event, and if you weren't able to make it this go-around, catch up on what you missed by flipping to page 16 for our "Exposure" piece, where you'll find the hustle and bustle of the 2012 Five Star captured in stills. During the closing address of the Five Star Conference, Bill Clinton told attendees his default servicing | in print and online vol. 10 no. 10 formerly publisher editorial director dsnews.com editor staff writer contributing writers copy editors advisory board editorial Mark Hulme Carrie Bay Esther Cho Tory Barringer Ed Delgado, Rich Geary, Chuck Green, Mark Lieberman, Jeff Raff, Rick Sharga, Sean O'toole, Mike Wileman Heather Hill, Alison Rich, Cassie Smith, Emily White Youree Gerald B. Alt, LOGS Network Amy Crews Cutts, PhD, Experian Ed Delgado, Wingspan Portfolio Advisors Jeffrey Jaffee, CitiMortgage Rick Sharga, Carrington Mortgage Holdings David A. Trott, Esq.,Trott & Trott P.C. design director of sales advertising art directors: Jonathon Won creative director: Jason Stone Pete Stanton national account sales Andi Zimmerman: 214.525.6700 Jason Myers: 214.525.6760 senior account executive Donna Lott: 214.525.6792 administration was probably just as much to blame for the housing crisis as any other because it was during his tenure that the bubble began to form. He and his staff should have been keenly aware that the underpinnings of a mortgage meltdown were taking root, Clinton said, considering they'd just come through the dot-com bubble and bust and had case study evidence in front of them depicting the tell-tale signs. But it's time to move past laying blame and finding fault, the former president stressed, and instead put that energy into supporting the strategies and programs that can get us out of the downturn's depths. Clinton left those in attendance with a thought they'll chew on all the way to the polls come November: Whichever candidate is elected the country's commander-in-chief for the next four years, he'll need the support of friends and foes, no matter whether their affiliation of record begins with an "R" or a "D" in order to get any kind of plan for economic growth off the ground. Before America's leaders were grasping for signs of economic progress, back in 2005 and 2006, before the subprime-triggered housing bust snowballed into the worst economic downturn of a generation, the vast majority of the general public couldn't define a short sale was. Now, economists tout them as the housing market's saving grace and they're top-of-mind for distressed homeowners looking for a story-ending other than foreclosure. Short sales increased 9 percent from 2010 to 2011 and are on pace to rise 22 percent in 2012, according to mid-year figures from CoreLogic. With this loss mitigation weapon taking the industry by storm, we've made it the central focus of this month's issue. All industry experts stress—no matter what area of default servicing they're in—training is essential for real estate professionals to catch a piece of this burgeoning market opportunity so they don't sell themselves short. Well here's your primer. In this issue, Ed Delgado explains the ins and outs of the short sale market, Chuck Green ventures into the darker side of short sale fraud, and Mike Wileman and Daren Blomquist tackle the industry's short sale obstacles. It certainly is an exhilarating time in default servicing, and here at DS News, we remain committed to delivering you an industry-focused publication that digs deep to mine the issues from every angle and present you with practical, useable information that you can take away and put into action to further your success. Drop us a line at editor@dsnews.com to let us know what's affecting your business or what industry practice, development, or challenge you'd like to see explored in DS News. From the DS News Editorial Team account executives Thomas Griffin: 214.525.6754 Ryan McLemore: 214.525.6723 circulation and legal league 100 social media ds news black book corporate officers Kevin Shields Kelli Snowgren: 214.525.6786 Shannon McGuire chairman and chief creative officer: Mark Hulme chief financial officer: John Harrison chief operating officer: Rick Creel director of human resources: Ernest Gillespie corporate office 1909 Woodall Rodgers, Suite 300 Dallas, Texas 75201 Phone: 214.525.6700 magazine Follow DSNewsDaily on No part of this publication may be reproduced without written permission from the publisher. ©2012 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. 4

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