Chance Gates' Blog

www.realtor.org

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A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising?

Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or to request a modification. If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

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www.nevadawolfpack.com

RENO, Nev. – Fresh off the greatest season in school history, the Nevada football team announced the signing of 24 student-athletes to National Letters of Intent on Wednesday, head coach Chris Ault announced at an afternoon press conference at Cashell Football Center.

The class comes with an emphasis on the defensive side of the ball and features nine mid-year players who are already enrolled at the University of Nevada and will go through spring drills with the team.

“This is a solid class,” said Ault, the 2010 Western Athletic Conference Coach of the Year. “Our recruiting priorities were on the defensive side,  as well as tight ends, running backs and a freshman quarterback. I feel this class will create some quality competition as well as develop much needed depth.

“There is no question we lost some outstanding seniors off a championship team. Our challenge now is to redefine the role of each position and develop the individual skills necessary to meet the demands of our offensive and defensive schemes.”

The class consists of 17 players coming from the high school ranks (six of whom have already enrolled at Nevada this semester), four junior college transfers and three sophomore transfers with three years of eligibility remaining. Fourteen of the players are on the defensive side of the ball with nine offensive players and one player classified as an athlete.

The lone quarterback of the class is Tanner Roderick, a 6-foot-2, 190-pound product from Bozeman, Mont. Roderick was the Gatorade Player of the Year in Montana and is also an all-state basketball player. He threw for 2,500 yards and 28 touchdowns while running for more than 1,900 yards and 23 touchdowns during his senior season.

Nevada’s two running backs are Kendall Brock (5-9, 193 pounds) from Fresno, Calif., and Anthony Knight (6-1, 225) from Groton, Mass. Brock was the Fresno Bee Player of the Year and was widely considered to be the player of the year in the San Joaquin Valley after running for 2,400 yards and 40 touchdowns. Knight tallied 1,300 yards in just eight games last season, with an average of 14.7 yards per carry.

Nevada brought in four offensive linemen and two tight ends with four of those players already enrolled. Of the two high school products coming in the fall, Ault noted that Andrew Main (6-3, 253) was an All-CIF center at Los Alamitos (Calif.) High School, a traditional powerhouse in Southern California.

The Wolf Pack inked five defensive linemen, including Rykeem Yates (6-2, 271), who signed with UCLA a year ago but enrolled at Nevada this semester, and Reginald Coates (6-1, 232), a multi-sport star who was All-CIF at Crespi High School in Encino, Calif.

With three seniors projected to start at linebacker in 2011 for Nevada, that position was a defined need and the class includes five newcomers to the linebacking corps. One of those players, Burton De Koning (6-2, 218), was a standout on the Folsom (Calif.) High School state championship team who was named Player of the Game in the section championship, the state championship and the end of the season all-star game.

There are four newcomers in the defensive backfield, including two spring enrollees. One of the newcomers, Desman Carter (6-1, 200) of Kasier High School in Fontana, Calif., turned down offers from multiple Pac-12 and Big 12 schools to sign with Nevada.

Nevada is coming off a historic season in which the Wolf Pack went 13-1, won the WAC championship and defeated Boston College of the ACC in the Kraft Fight Hunger Bowl in front of more than 30,000 Wolf Pack fans at AT&T Park in San Francisco.

“Nevada has always had a great name but it’s recognized everywhere we go now,” said Jim Mastro, Nevada’s running backs coach and recruiting coordinator. “The success of ‘The Dream Team’ this past season and Coach Ault’s Pistol Offense have made Nevada football a nationally recognized name.”

The signing class was unveiled at a press conference Wednesday, and the football program is holding a National Signing Day Party Wednesday evening at the Bully’s Sports Bar location on Robb Drive.

Ault and his coaching staff will unveil the 2011 Wolf Pack Football recruiting class with a detailed rundown on each member of the class with a video presentation. The Fremont Cannon will be on display along with the WAC Championship Trophy, the Kraft Fight Hunger Bowl Trophy and the ESPN Herbie Award for the Game of the Year. The Wolf Pack’s team highlight video from the historic 2010 season will also be shown.

The function is open to the public, and Bully’s will be offering food and drink specials throughout the evening. The event runs from 6-8 p.m., and Wolf Pack fans are encouraged to stay afterward to watch the Nevada basketball team take on Utah State in a pivotal WAC showdown on ESPN2.

Season tickets for the 2011 football season will be on sale at the event.

The Wolf Pack will open spring drills on Thursday, March 24 with the annual Silver and Blue Game set for Saturday, April 16.

2011 Nevada Football Recruiting Class

Alphabetical (24)
Name    Pos.    Ht.    Wt.    Class-Exp.    Hometown (School)
Zack Brickell*    OL    6-3    265    Fr.-HS    Fallbrook, Calif. (Fallbrook HS)
Kendall Brock    RB    5-9    193    Fr.-HS    Fresno, Calif. (Clovis West HS)
Teondray Caldwell    Ath.    5-9    196    Fr.-HS    Los Angeles, Calif. (Venice HS)
Desman Carter    DB    6-1    200    Fr.-HS    Fontana, Calif. (Kaiser HS)
Reginald Coates    DL    6-1    232    Fr.-HS    Encino, Calif. (Crespi HS)
Paul Dancy    DL    6-3    258    Jr.-TR    Los Angeles, Calif. (Mt. San Antonio College)
Burton De Koning    LB    6-2    218    Fr.-HS    Folsom, Calif. (Folsom HS)
Lorenzo Devers    LB    6-0    234    Fr.-HS    Orange, Calif. (Orange Lutheran HS)
Ryan Goforth*    DB    6-1    202    Fr. HS    Long Beach, Calif. (Long Beach Poly HS)
Randy Horton    TE    6-4    260    So.-TR    Simi Valley, Calif. (College of the Canyons)
Tyler Houk    DL    6-4    251    So.-TR    Visalia, Calif. (College of the Sequoias)
Lenny Jones*    LB    6-3    239    Fr.-HS    San Leandro, Calif. (San Leandro HS)
Bryson Keeton    DB    6-2    188    Fr.-HS    Bakersfield, Calif. (Ridgeview HS)
Anthony Knight    RB    6-1    225    Fr.-HS    Groton, MA (Lawrence Academy)
Bryan Lane    LB    6-4    210    Fr.-HS    Sacramento, Calif. (Christian Brothers HS)
Andrew Main    OL    6-3    253    Fr. HS    Los Alamitos, Calif. (Los Alamitos HS)
Jon McNeal*    LB    6-1    230    So.-TR    Venice, Calif. (Santa Monica CC)
Jacob Peppard    DL    6-3    250    Jr.-TR    La Habra, Calif. (Cerritos College)
Tanner Roderick    QB    6-2    190    Fr.-HS    Bozeman, Mont. (Bozeman HS)
Eric Stewart*    TE    6-3    235    Jr.-TR    Los Angeles, Calif. (El Camino College)
Connor Talbott*    OL    6-3    270    Fr.-HS    Reno, Nev. (Bishop Manogue HS)
Tyler Thompson*    DB    6-2    203    Jr.-TR    Sanger, Calif. (Bakersfield College)
Sebastian Tretola*    OL    6-5    305    Fr.-HS    Cajon, Calif. (Cajon HS)
Rykeem Yates*    DL    6-2    271    Fr.-HS    Fresno, Calif. (Edison HS)

* – Enrolled at Nevada in Spring of 2011.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

http://www.realtor.org/press_room/news_releases/2011/01/phs_continue

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Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors®

The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, credits good affordability conditions and economic improvement. “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit,” he said “In the past two years, home buyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”

The PHSI in the Northeast increased 1.8 percent to 73.9 in December but is 5.3 percent below December 2009. In the Midwest the index rose 8.0 percent in December to 84.6 but is 5.1 percent below a year ago. Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

NOTE: Existing-home sales for January will be reported February 23 along with revisions for the past three years, and the next Pending Home Sales Index will be released February 28. Fourth quarter metro area home prices and state home sales will be published February 10; release times are 10:00 a.m. EST.

Information about NAR is available at www.realtor.org

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Better to be occasionally cheated than perpetually suspicious.

Books are like a mirror. If an ass looks in, you can’t expect an angel to look out.

Difficulties should act as a tonic. They should spur us to greater exertion.

Golf without bunkers and hazards would be tame and monotonous. So would life.

He best keeps from anger who remembers that God is always looking upon him.

He who has faith has… an inward reservoir of courage, hope, confidence, calmness, and assuring trust that all will come out well – even though to the world it may appear to come out most badly.

History has demonstrated that the most notable winners usually encountered heartbreaking obstacles before they triumphed. They won because they refused to become discouraged by their defeats.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

1.New Home Sales by Price Range

,$250K = 34%, 250-300K = 17%, >350K = 6%

2. Top New Home Sales by Area

South Suburban, West Reno, North Valley

3# of Active Communities: 30

4. New Home Unsold Inventory: 99

5. Top 5 Builders: Lennar, KB Home, DR Horton, Pulte, Ryder Homes

6. Finished Lot Supply: 3,407 Homesites

2011 Predictions: Demand will pick up slighly, Land Prices have stabilized at pre 1997 numbers. New Communities will appear this year. Standing inventories will remain low as speculative construction is limited.

Thanks to Builders magazine for this information.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Mission Statement

The mission of the Washoe County School District Gifted and Talented Education Program is to provide our gifted and talented students differentiated instruction that is commensurate with their exceptional abilities through a wide spectrum of curricular and instructional gifted services and opportunities. The District will provide programs for gifted and talented students to work together under the guidance of trained teachers in an atmosphere that is intellectually and academically rigorous, fosters creativity, and provides emotional support.

Philosophy

The National Association for Gifted Children (NAGC) Standards of Excellence delineates both requisite and exemplary standards for gifted education programming which serve as benchmarks for measuring program effectiveness. National standards include criteria for student identification, program design, professional development, curriculum and instruction, socio-emotional guidance and counseling, and program evaluation. These standards, which represent professional consensus on essential practice in gifted education, provide a blueprint to encourage and guide

WCSD and State of Nevada  Definition of Gifted and Talented Students

Gifted and Talented students are those who exhibit evidence of high intellect, superior academic performance, and/or exceptional capabilities when compared to others of their age, experience, or environment. These students require special services not provided in a general school setting. The State of Nevada (NAC 388.440) defines a “gifted and talented pupil” as “a person under the age of 18 years who demonstrates such outstanding academic skills or aptitudes that s/he cannot progress effectively in a regular school program and therefore needs special instruction or special services.”

Characteristics of Gifted [PDF]             Characteristics of Gifted -Spanish [PDF]

Criteria for Recommendation and Placement

Parents and teachers are encouraged to recommend students for testing for the GATE Program if they demonstrate gifted characteristics. You may contact the GATE office at 850-8010 to get an application packet or go online at our website at www.washoe.k12.nv.us. The packet includes forms for authorization to test, and parent and teacher recommendations, including standardized test scores. All nominations are considered. WCSD students that would like to participate in the GATE must be evaluated by our program staff. No outside testing will be accepted. An individually administered IQ test will be set up at the student’s school site. Those students who score at or above the 98^th percentile on the IQ test are accepted into the program. There is also a matrix for those who score close to the 98^th percentile and have additional factors that warrant inclusion. High school students who score at or above the 98^th percentile in a major content area on a nationally standardized achievement test are also qualified.

Authorization for Testing [PDF]                  Authorization for Testing -Spanish [PDF]

Appeal Request [PDF]

http://www.washoecountyschools.org/district/departments/gifted-and-talented-program/parent-handbook

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

1.Active Inventory at 2200 range

2. Market Absorption = 6 months supply

We are absorbing our inventory in spite of our unemployment numbers

3. # of Active Communities: 30

4. Market Absorption in Million Dollar Homes = 35 months

5. Percentage of new listings that are distressed: 75% in Dec 2010

6. Two Thirds of Our Sellers Do Not Turn into Buyers. One third of sales are REO/BankOwned. One Third are Short Sales. Society is becoming less mobile

Real Estate is still a GOOD investment

Thanks to Builders magazine for this information

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

www.nevadwolfpack.com

RENO, Nev. – The University of Nevada will hold a National Signing Day Party on Wednesday, Feb. 2 at the Bully’s Sports Bar location on Robb Drive.

Join WAC Coach of the Year Chris Ault and his coaching staff as they unveil the 2011 Wolf Pack Football recruiting class with a detailed rundown on each member of the class with a video presentation. The Fremont Cannon will be on display along with the WAC Championship Trophy, the Kraft Fight Hunger Bowl Trophy and the ESPN Herbie Award for the Game of the Year. The Wolf Pack’s team highlight video from the historic 2010 season will also be shown.

The function is open to the public and Bully’s will be offering food and drink specials throughout the evening. The event runs from 6-8 p.m. and Wolf Pack fans are encouraged to stay afterward to watch the Nevada basketball team take on Utah State in a pivotal WAC showdown on ESPN2.

“The 2010 season was indeed a historic one for the University of Nevada and we’re tremendously excited for the future of the program,” said Keith Hackett, senior associate athletics director. “Our coaching staff has worked tirelessly to bring in a great group of student-athletes and this will be a fun event. We want also want to offer our appreciation to Bully’s for hosting this event and for their continued support of University of Nevada athletics.”

Second-year women’s soccer coach Dr. Melissa Price and her coaching staff will also be at the event as Price brings in her second recruiting class to the University of Nevada.

2011 Nevada football season tickets will be on sale at the event and Silver & Blue Outfitters will be on hand with Wolf Pack merchandise available.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Image by Getty Images via @daylife

RISMEDIA, January 27, 2011—Mortgage rates have remained steady, according to the latest figures from FreeRateUpdate.com. Current 30-year conforming fixed mortgage rates are at 4.625 percent, 15-year conforming fixed mortgage rates are at 3.875 percent and conforming 5/1 adjustable mortgage rates are at 3.125 percent. Well-qualified borrowers are able to take advantage of these low conforming mortgage rates with only 0.7 to 1.0 percent origination fees.

Current 30-year fixed FHA mortgage rates are 4.500 percent, 15-year fixed FHA mortgage rates are 4.000 percent, and FHA 5/1 adjustable rate mortgage rates are 3.125 percent. FHA mortgages have more favorable loan terms than conforming mortgage rates. The tradeoff, however, is the higher closing costs associated with an FHA loan. Additional fees that the Federal Housing Administration charges to borrowers include upfront mortgage insurance premiums, annual mortgage insurance premiums, additional residential appraisals, etc.

Jumbo mortgage rates are likewise currently stable. Current 30-year fixed jumbo mortgage rates are 5.125 percent, 15-year fixed jumbo mortgage rates are 4.750 percent, and jumbo 5/1 adjustable mortgage rates are 3.875 percent. Borrowers interested in obtaining a jumbo mortgage loan are able to do so in excess of the conforming loan limit for their desired area.

Mortgage back securities (MBS) prices are currently higher today than yesterday. MBS prices have in increased by +9/32 (FNMA 30-year 4.5 at 102.11). Mortgage rates and MBS prices have an inverse relationship, which means they move in opposite directions. Therefore, as MBS prices increase, mortgage rates are expected to decrease

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Sheila Bair, Federal Deposit Insurance Corp chair, called for a new commission that would compensate home owners who have lost their homes to foreclosure because of mistakes lenders made.

She suggested the claim’s commission be modeled after ones created to compensate victims of the BP oil spill and the Sept. 11, 2001, terrorist attacks.

Her plea for a commission is to address accusations in recent months that banks have taken illegal shortcuts in foreclosure proceedings and “robo-signing” hundreds of unread foreclosure documents a day.

“Every time servicers have delayed needed changes to minimize their short-term costs, they have seen a deepening of the crisis that has cost them — and the rest of us — even more,” Bair said at a Mortgage Bankers Association event.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney. For a free copy of my blog titled  “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures.

Source: “FDIC’s Blair Calls for Foreclosure Claims Commission,” Reuters News (Jan. 19, 2011)