Thursday, December 15, 2011

This would be great news - BofA developing foreclosure rental programs to deal with distressed properties « HousingWire


Friday, December 9th, 2011, 3:35 pm
Bank of America (BAC: 5.28 +0.96%) is looking at a new program to rent a home back to the borrower after foreclosure.

"There are programs that we are quite interested in," said Ron Sturzenegger, who leads the bank's legacy asset servicing division, in an interview with HousingWire. "We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant."

In February, BofA formed the division to handle the servicing for delinquent mortgages, loans no longer being written, and to sort out outstanding representation and warranty claims. Currently, more than 35,000 employees at the bank are sorting through 1.1 million loans 60 days delinquent or worse, according to its third-quarter financial statement.

The Federal Housing Finance Agency is working on an REO rental program for Fannie Mae and Freddie Mac. It received more than 4,000 ideas on how to do it.

But private banks own $50.4 billion worth of REO properties, too, according to the Federal Deposit Insurance Corp., and millions of these homes are sitting vacant.

Sturzenegger described how their idea would work.

"We are looking at programs where you can capture somebody before the REO process and offer a deed-for-lease. We would go to the customer and say, 'We'll do a short sale. Will you be interested in leasing your property back? We're still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on,'" he said.

Sturzenegger stressed the bank would still sell the REO as before in areas where there is a market for them and they can still get reasonable bids. But some areas are so saturated with inventory, there isn't enough investor or homebuyer demand and properties can sit for years uninhabited.

Rick Sharga, the executive vice president at Carrington Mortgage Holdings, said in an interview that many firms, including Carrington are preparing to participate.

"We already have the infrastructure and assets in place to participate effectively," he said. "Everyone is waiting on final direction from the FHFA."

Sturzenegger stressed the private program at BofA is in its infancy.

"It's in the very early stages," he said.

Jacob Gaffney contributed to this report.

Write to Jon Prior.

Follow him on Twitter @JonAPrior.

10 Days of Christmas in Utah - Zoo Lights


December 3rd - December 31st

(Closed Christmas Day)


Sunday - Wednesday... 5:30 to 8 pm (grounds close at 9)
Thursday - Saturday....... 5:30 to 9 pm (grounds close at 10)
Christmas Eve ............. 5:30 to 8 pm (grounds close at 9)
Christmas Day ............. Closed


Adults ......................  $6                 Member Adults .......................  $5
Children (3-12) ......  $4                Member Children (3-12) ......  $3
Seniors (65 ) ..........  $4                Member Seniors (65 ) ..........  $3
Toddlers (2 & under) FREE        Member Toddlers (2 & under) FREE

Where wildlife meets wild lights!  ZooLights! returns to Hogle Zoo for it's 5th holiday season, with more sparkling lights, over 250 animated light displays and more nightly fun than ever before! View glittering animated animals made out of lights, warm up under heaters and enjoy a hot chocolate and deep fried s'more along the way.  Take a ride on the Conservation Carousel (weather permitting) and then stop in to see Santa in EdZoocation Station!  Stop into the Wild Zootique to finish your holiday shopping and pick up some hologram glasses to see the lights as never before.

Help Us Switch on the Lights!

December 3rd at 5:30 pm come see santa flip the switch and light up the zoo to officially start the 5th year of ZooLights!

Join the Reindeer Parade!  

Join the reindeer parade each evening at 5:40 in the Entry Plaza as two of Santa’s tiny reindeer make their way to Santa’s Station - then visit with the Jolly Old Elf himself!  Santa's Reindeer will leave ZooLights! with Santa on Christmas Eve.

Nightly Entertainment and Activities

Each night of the week will be a different performance or activty.  Check out our calendar of events for all the details!  All activities are free of charge with ZooLights admission.

Sundays - Eco Explorer Station
Mondays & Wednesday - Holiday Ornament Craft Night
Tuesdays - Glow in the Dark Temporary Tattoos
Thursdays - Ice Carving in the Entry Plaza
Fridays & Saturdays - Vintage Carolers

Recycle Your Old Holiday Lights!

Don't let your old lights end up in a land fill! Holiday lights are made up of glass, wire, and plastic, none of which are biodegradable. Bring in your old lights any night of Zoolights and Five Star Holiday D├ęcor's light recycling program will break down donated lights to their component parts so they can be recycled effectively.  As a thank you for recycling, pick up a Five Star Holiday Decor coupon booklet with deals on their holiday lighting services.  For more information on this and other Five Star Holiday Decor programs, click here!

Holiday Gift Ideas

Give a gift that will keep on giving!  Shop for fun toys for our Zoo animals or buy a Zoo Membership for your family or as a gift for someone else.  Enrich your life and theirs with the season's most unique gift of all, perfect for families and the person that has everything! Click here for some great holiday gift ideas.

Family Friendly Early New Year's Countdown

Get the kids in bed on time while still letting them ring in the new year, with our early countdown at 9 pm at ZooLights!  Kids can do a new years craft, get a noise maker, and count down with our lighted countdown display.  Come early to see all the lights and enjoy the last night of ZooLights. 


Visit ZooLights! via Limo!

Ride in style to ZooLights with Divine Limousine and get free admisison!  Purchase any 3hr package (Monday - Thursday) or 4hr package (Friday & Saturday) and your ZooLights admission for up to 2 adults and 4 children is included.  Rates start at $90 per hour.  Visit for more information and to book your ride to ZooLights!