Accenture exec: Foreclosure update shows short-sale stigma is gone | Bedford Corners NY Real Estate
A senior residential mortgage and tech executive with Accenture believes one of the major trends that emerged in 2012 is the banks' willingness to conduct more short sales while continuing to pursue other loss mitigation efforts. Ghazale Johnson, a senior executive with Accenture Credit Services, specializes in both residential mortgages and technology. Johnson says servicers have "really embraced the short-sale concept," and other loss mitigation tools. What prompted the change, she says, is a recognition by Fannie Mae and Freddie Mac in 2012 that short-sales could be encouraged by simply making the process easier. Some of the 2012 short-sale changes included the removal of limitations associated with private mortgage insurance and pushback from second-lien holders. The result, Johnson notes, was a greater willingness among servicers and lenders to push forward with short sales. Johnson responded to the Federal Housing Finance Agency's report of Fannie ...