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Email not displaying correctly? View it in your browser. 2009 has been one of the most significant years in the default servicing industry to date. DS News would like to look back on the year that was, and the Loss Mitigation-related stories that were most read and left the biggest impact on viewers. Treasury Releases Guidance for Making Home Affordable Short Sales Amidst the high-profile news Monday about the administration's push to make more loan modifications permanent, the Treasury also laid out finalized guidelines for short sales. The administration is urging servicers to use short sales as an alternative to foreclosure for those homeowners that don't qualify for a reworked mortgage under the Home Affordable Modification Program. To entice servicers, Treasury will pay out $1,000 for each successful short sale. Lack of Bank Liquidity Threatens Commercial Real Estate Market According to Remington Financial Group, a capital services company based in Scottsdale, Arizona, a lack of bank liquidity poses a severe threat to the U.S. commercial real estate market, with a staggering $1.2 trillion in debt due to mature by 2012 and limited options for refinancing. "The commercial real estate industry is a disaster waiting to happen," said Andy Bogdanoff, founder and chairman of the company. California Loan Mod Agents Kidnapped, Tortured for Not Saving Home The despair and desperation that often accompanies a foreclosure seems to have gotten the best of one California couple - but it turned to outright violence when they kidnapped and beat the loan modification consultants they'd hired to help them. Fannie Mae Raises Lending Criteria The government-backed mortgage financier Fannie Mae is tightening its lending standards. The GSE says it will require a credit score of at least 620 for all mortgage loans delivered in accordance with its Selling Guidelines, including loans guaranteed or insured by a federal government agency. Loan Resets Projected to Cause Mortgage Crisis in 2010 As many exotic adjustable rate mortgages (ARMs) are set to recast in 2010, the Consumer Mortgage Audit Center (CMAC) is projecting a mortgage crisis in 2010 as large as the subprime. According to the center, only a few option ARMs in existence have been modified, and looming resets will undoubtedly lead to another wave of foreclosures as payments begin to double and triple. When principal balances go up and house values continue to plummet, CMAC says refinancing will no longer be an option for homeowners in negative amortization. You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference. Unsubscribe roballey.434-974-5586@blogger.com from this list. Corporate Office: DS News 1909 Woodall Rodgers Suite 300 Dallas, TX 75201 Add us to your address book Washington Bureau: 1101 Pennsylvania Avenue NW Suite 600 Washington, D.C. 20004 Copyright (C) 2009 DS News All rights reserved. Forward this email to a friend Update your profile QUICK LINKS DSNews.com DS News' Red Book DS News' Black Book 2009 Five Star Conference DARE