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Full-Text Articles in Real Estate

A Lender's Vorpal Sword: Expungement Affidavits & Their Power To Void Sheriff's Sales & Revert Mortgages Back To The Homeowner, Joshua Labar Jun 2016

A Lender's Vorpal Sword: Expungement Affidavits & Their Power To Void Sheriff's Sales & Revert Mortgages Back To The Homeowner, Joshua Labar

Cornell Real Estate Review

Like many Americans across the country, Michigan residents have faced a staggering number of foreclosures in the last few years.2 In 2009, Laura Buttazzoni was one of the many Michigan homeowners facing the dire reality that she was going to lose her home.3 After Buttazzoni’s failed attempt to sell her home, her bank initiated a sheriff’s sale in late 2009.4 After the statutory redemption period expired,5 Fannie Mae evicted Buttazzoni and relisted the home in 2011.6 Even though Buttazzoni’s home was foreclosed, sold at a sale, and relisted on the market—she ...


Between We Buy Houses And We Buy Wholesale, Cori R. Harvey Jul 2014

Between We Buy Houses And We Buy Wholesale, Cori R. Harvey

Cornell Real Estate Review

The distressed residential real estate market has always depended upon the innovations of private, micro investors to reorganize the housing market and redistribute distressed properties for the benefit of homeowners, home buyers, and lenders alike. This Article asks whether recent trends in residential distressed real estate investing have created a new niche for operationally-sophisticated, yet small and nimble, private investors.


The Impact Of The Great Recession On Nevada’S Latino Community, John P. Tuman, David F. Damore, Maria J.F. Agreda Dec 2013

The Impact Of The Great Recession On Nevada’S Latino Community, John P. Tuman, David F. Damore, Maria J.F. Agreda

Brookings Mountain West Publications

The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada ...


Foreclosure Of Securitized Commercial Mortgages - A Model Of The Special Servicer, Peng Liu, Daniel Quan Nov 2011

Foreclosure Of Securitized Commercial Mortgages - A Model Of The Special Servicer, Peng Liu, Daniel Quan

Articles and Chapters

The decision to foreclose on a CMBS mortgage is made by the special servicer. A mortgage loan is in special servicing when it is either delinquent or in a state of imminent default. A special servicer should represent the interests of the underlying CMBS bondholders by returning the highest possible value to the investors. In this paper, we show that a special servicer's compensation structure results in an incentive for her to extend a loan beyond the time desired by its bondholders. We develop a model and demonstrate how compensation incentives interact and influence a special servicer's foreclosure ...


In Or Out Of Mortgage Trouble? A Study Of Bankrupt Homeowners, Melissa B. Jacoby, Daniel T. Mccue, Eric M. Belsky Dec 2010

In Or Out Of Mortgage Trouble? A Study Of Bankrupt Homeowners, Melissa B. Jacoby, Daniel T. Mccue, Eric M. Belsky

Melissa B. Jacoby

We examine the determinants of missed payments and foreclosure initiation among a national sample of homeowners who filed for personal bankruptcy in 2007, using a rich dataset from the 2007 Consumer Bankruptcy Project.

Credit access had a significant effect on keeping mortgages current across all of our models: access to, and reliance on, credit cards reduced the chance of missed payments and default, increasing the likelihood that bankruptcy could produce a fresh start. Missed mortgage payments also were associated with a substantial drop in income and with the use of a mortgage broker. The probability of foreclosure initiation was lower ...


Foreclosure Of Securitized Commercial Mortgage - A Model Of The Special Servicer, Peng Liu Ph.D., Daniel C. Quan Ph.D. Aug 2010

Foreclosure Of Securitized Commercial Mortgage - A Model Of The Special Servicer, Peng Liu Ph.D., Daniel C. Quan Ph.D.

Cornell Real Estate and Finance Working Papers

The decision to foreclose on a CMBS mortgage is made by the special servicer. A loan is in special servicing when the mortgage is either delinquent or in a state of imminent default. The special servicer should represent the interests of the underlying CMBS bondholders by getting the most dollars back for the investors. In this paper, we show that the special servicer's compensation structure results in an incentive for him to extend the loan beyond the time desired by the bondholders. We develop a model of these conflicting incentives and demonstrate how compensation incentives interact and influence the ...


Redefining Distressed Opportunities, Ben Carlos Thypin Jul 2010

Redefining Distressed Opportunities, Ben Carlos Thypin

Cornell Real Estate Review

[Excerpt] As the commercial real estate (CRE) industry embarks on a new year and hopes to put the pain of 2009 behind it, industry players should keep in mind that much of the wreckage left in the wake of the world financial crisis remains unresolved and billions of dollars in looming CRE loan maturities further cloud the outlook. By the end of Q1 2010, nearly $222 billion worth of CRE was distressed, of which $27 billion had been resolved. At the beginning of 2009, many predicted that a flood of distressed assets would be coming to market and hundreds of ...


Acquisition Of Distressed Commercial Real Estate Debt, Paul Griesmer Cre, Frics, Harvey Berenson, Philip L. Brady Jul 2010

Acquisition Of Distressed Commercial Real Estate Debt, Paul Griesmer Cre, Frics, Harvey Berenson, Philip L. Brady

Cornell Real Estate Review

This article addresses key considerations that apply to the acquisition and resolution of distressed commercial real estate debt. This article is based on the experience of the authors dealing with troubled real estate loan restructurings, problem loan resolutions, and distressed loan purchases and dispositions.


Could Have, Would Have, Should Have: A Short History Of The Housing Boom/Bust In The 2000s, Gerd-Ulf Krueger, Geoffrey Leplastrier Jul 2009

Could Have, Would Have, Should Have: A Short History Of The Housing Boom/Bust In The 2000s, Gerd-Ulf Krueger, Geoffrey Leplastrier

Cornell Real Estate Review

[Excerpt] The history of the great housing boom and bust between 2003 and 2006 has not yet been written; this is a first attempt. It has been done here not to show that “mistakes were made” but to reconstruct the subjective horizon that drove people to act in a certain way during that time period, their justifications and rationalizations, often against a multi-media show of doubt. We hope, the collective investment community, can then honestly address the question of when we could have, would have, and should have pulled pack in the respective investment horizons.


Cmbs: An Introduction, Alex Weis, John Njoku May 2009

Cmbs: An Introduction, Alex Weis, John Njoku

Cornell Real Estate Review

Commercial backed securities (CMBS) were conceived during the last major real estate downturn- the Savings & Loan Crisis of the early 1990s- as an answer to a lack of liquidity which plagued real estate. Deemed viable financial instruments, they were extolled as risk mitigators and credit enhancers and provided a means to finance large transactions by breaking them into smaller components.


The Sky Isn’T Falling Everywhere, Brian Mikelbank, Charlie Post, Ivan Maric Jan 2008

The Sky Isn’T Falling Everywhere, Brian Mikelbank, Charlie Post, Ivan Maric

Urban Publications

This report looks at the consequences of treating Cuyahoga County’s housing market as “one market” versus a shrinking but relatively price stable market and a submarket plagued by abandonment and foreclosure. Brian Mikelbank was interviewed about the study on WCPN. org on Tuesday, November 11, 2008.