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OIG reported, "Fannie Mae, as guarantor of the mortgages in the [Bank of America] portfolio, faced the prospect of significant losses were it not to purchase the MSR; thus, the value of the MSR to Fannie Mae might well have exceeded the value to a purchaser with no such liability." FHFA-OIG did, however, find some After reviewing the purchase, FHFA- fault with Fannie Mae's approach in negotiating the deal, specifically with the GSE's reliance on only one independent valuator's review of the portfolio and the fact that Fannie "did not avail itself of its internal Model Risk Oversight Group to assess the independent valuator's process or conclusions." FHFA-OIG "ventures no findings as to the validity of the independent valuator's valuation model or the accuracy of its valuation of the [Bank of America] portfolio," the report noted. According to the report, the terms of the BofA deal were not out of line with other similar deals, but FHFA-OIG suggested, "The High Touch Servicing Program would benefit from a more rigorous valuation process." Florida rank: 1 90+ Day 3.93% 4.25% -7.3% 90+ Day 4.90% year ago 5.21% percent point change -5.9% -7.5% Top Core-Based Statistical Area Foreclosure MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL 90+ Day Delinquency Rate august 2012 4.17% year ago 4.59% percent point change -9.2% -6.9% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the August 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 17.41% 16.22% Rate 20.64% Delinquency Rate Foreclosure Rate august 2012 13.27% year ago 13.70% percent point change -3.1% Top County MIAMI-DADE COUNTY Delinquency Rate august 2012 19.09% Foreclosure Rate OVER $60 MILLION IN REO SALES ANNUALLY RESIDENTIAL & COMMERCIAL Marketing, Sales & Management Cash For Keys Utility Set-Up BPO's Evictions Same Day Occupancy Confirmation Experts In HOA Communications Loss Mitigation Property Preservations & More mcubelo-hinton@suncrestfl.com www.SunCrestFL.com 407. 876. 3615 Mary Cubelo-Hinton / Broker Unemployment Rate 8.8% 10.5% -16.2% Florida IN THE NEWS Adriana M Aleman, MBA Florida Dreams Realty Group aaleman@floridadreamsrealty.com Cell 321 689 6258 www.floridadreamsrealty.com MEMBER Shades Acquires Suncoast and Changes Leadership STAT INSIGHT 20.7% active home loans in the state. Source: Lender Processing Services Non-current mortgages in Florida as a percentage of all Holdings, Inc., acquired Suncoast Real Estate Owned (REO) Holdings, Inc., a Florida corporation that acquires, remodels, and disposes of distressed assets through televised and online auctions. Suncoast transferred all of its issued and outstanding capital stock to Shades in exchange for 15.5 million shares of Shades' common stock. In conjunction with the acquisition, In mid-September, Florida-based Shades Shades announced a change in its leadership. According to the company, Sean Lyons, its president and CEO, resigned and Andy Garrett, Suncoast's CEO, was named the new president, CEO, and director of Shades. Garrett has more than 15 years' real estate experience. In 2011, Garrett completed the purchase, rehab, and sale of 251 homes through television auctions, while maintain- ing an average profit margin of 27.1 percent. According to the National Association of Realtors, auctions are the fastest-growing segment of the real estate industry. In a company release, Shades explained that its Suncoast REO Holdings subsidiary plans to capitalize on this trend by maintaining a sus- tained marketing campaign to drive aware- ness of its auction program and promoting its improved foreclosures and REOs. "Becoming a publicly traded company marks an important milestone in the devel- opment of our business," Garrett said. "Our PropertyMax standards set us apart from competitors by minimizing risk and increas- ing security for buyers. With our in-place business model, seasoned management team, and wide-reaching auction network, we are well-positioned to benefit from the strong demand for foreclosed and bank-owned homes." FirstService Merges Property Management Companies rental division of FirstService Corporation headquartered in Fort Lauderdale, Florida, announced its merger with TenantAccess, Inc., and PropertyAccess, Inc., both FirstService Residential Realty, the 82