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Anyone remember Victor Vangelakos?  He’s the loneliest condo dweller in Fort Myers, Fla.–and he can’t take it anymore, according to the News-Press.

Last year Mr. Vangelakos paid $430,000 for his condo in Tower 1 of the Oasis in downtown Fort Myers. He was only one of a few to actually close on an apartment in the building after putting down a deposit. Not wanting to run a 32-story building with only a few occupants, developer The Related Group hashed out deals with the other buyers who settled into Tower 2. Mr. Vangelakos’s lenders, as we wrote last year, wouldn’t agree to a swap. So, the Weehawken, N.J., firefighter went ahead with his family’s plan to use the apartment as a vacation home.

In an article last year, the Los Angeles Times wrote about a local man in a similar situation who described one of the perks of being the only guy in an empty apartment building: taking out the garbage in the nude. For  the Vangelakos family such perks have apparently lost their appeal. They say that living in the 32-story tower is “creepy, especially at night.” Birds have nested in the empty apartment units.

Now, Mr. Vangelakos is suing Related in Miami to get out of his contract, according to the News-Press. He says Related is stalling and “playing hardball” because of his wife’s legal problems: She’s in prison for taking parking ticket payments in her job at Weekhawken City Hall.

Related’s general counsel Betsey McCoy says that the company is happy to offer the family a swap for a condo in Tower 2. But so far, Mr. Vangelakos is still fighting.

Correction: An earlier version of this blog post said that Mr. Vangelakos touted taking out the garbage in the nude as a perk of living in an empty building. That was not correct. A different apartment dweller in California  made that statement. We regret the error.

Anyone remember Victor Vangelakos?  He’s the loneliest condo dweller in Fort Myers, Fla.–and he can’t take it anymore, according to the News-Press.

Last year Mr. Vangelakos paid $430,000 for his condo in Tower 1 of the Oasis in downtown Fort Myers. He was only one of a few to actually close on an apartment in the building after putting down a deposit. Not wanting to run a 32-story building with only a few occupants, developer The Related Group hashed out deals with the other buyers who settled into Tower 2. Mr. Vangelakos’s lenders, as we wrote last year, wouldn’t agree to a swap. So, the Weehawken, N.J., firefighter went ahead with his family’s plan to use the apartment as a vacation home.

In an article last year, the Los Angeles Times wrote about a local man in a similar situation who described one of the perks of being the only guy in an empty apartment building: taking out the garbage in the nude. For  the Vangelakos family such perks have apparently lost their appeal. They say that living in the 32-story tower is “creepy, especially at night.” Birds have nested in the empty apartment units.

Now, Mr. Vangelakos is suing Related in Miami to get out of his contract, according to the News-Press. He says Related is stalling and “playing hardball” because of his wife’s legal problems: She’s in prison for taking parking ticket payments in her job at Weekhawken City Hall.

Related’s general counsel Betsey McCoy says that the company is happy to offer the family a swap for a condo in Tower 2. But so far, Mr. Vangelakos is still fighting.

Correction: An earlier version of this blog post said that Mr. Vangelakos touted taking out the garbage in the nude as a perk of living in an empty building. That was not correct. A different apartment dweller in California  made that statement. We regret the error.

Anyone remember Victor Vangelakos?  He’s the loneliest condo dweller in Fort Myers, Fla.–and he can’t take it anymore, according to the News-Press.

Last year Mr. Vangelakos paid $430,000 for his condo in Tower 1 of the Oasis in downtown Fort Myers. He was only one of a few to actually close on an apartment in the building after putting down a deposit. Not wanting to run a 32-story building with only a few occupants, developer The Related Group hashed out deals with the other buyers who settled into Tower 2. Mr. Vangelakos’s lenders, as we wrote last year, wouldn’t agree to a swap. So, the Weehawken, N.J., firefighter went ahead with his family’s plan to use the apartment as a vacation home.

In an article last year, the Los Angeles Times wrote about a local man in a similar situation who described one of the perks of being the only guy in an empty apartment building: taking out the garbage in the nude. For  the Vangelakos family such perks have apparently lost their appeal. They say that living in the 32-story tower is “creepy, especially at night.” Birds have nested in the empty apartment units.

Now, Mr. Vangelakos is suing Related in Miami to get out of his contract, according to the News-Press. He says Related is stalling and “playing hardball” because of his wife’s legal problems: She’s in prison for taking parking ticket payments in her job at Weekhawken City Hall.

Related’s general counsel Betsey McCoy says that the company is happy to offer the family a swap for a condo in Tower 2. But so far, Mr. Vangelakos is still fighting.

Correction: An earlier version of this blog post said that Mr. Vangelakos touted taking out the garbage in the nude as a perk of living in an empty building. That was not correct. A different apartment dweller in California  made that statement. We regret the error.

Anyone remember Victor Vangelakos?  He’s the loneliest condo dweller in Fort Myers, Fla.–and he can’t take it anymore, according to the News-Press.

Last year Mr. Vangelakos paid $430,000 for his condo in Tower 1 of the Oasis in downtown Fort Myers. He was only one of a few to actually close on an apartment in the building after putting down a deposit. Not wanting to run a 32-story building with only a few occupants, developer The Related Group hashed out deals with the other buyers who settled into Tower 2. Mr. Vangelakos’s lenders, as we wrote last year, wouldn’t agree to a swap. So, the Weehawken, N.J., firefighter went ahead with his family’s plan to use the apartment as a vacation home.

In an article last year, the Los Angeles Times wrote about a local man in a similar situation who described one of the perks of being the only guy in an empty apartment building: taking out the garbage in the nude. For  the Vangelakos family such perks have apparently lost their appeal. They say that living in the 32-story tower is “creepy, especially at night.” Birds have nested in the empty apartment units.

Now, Mr. Vangelakos is suing Related in Miami to get out of his contract, according to the News-Press. He says Related is stalling and “playing hardball” because of his wife’s legal problems: She’s in prison for taking parking ticket payments in her job at Weekhawken City Hall.

Related’s general counsel Betsey McCoy says that the company is happy to offer the family a swap for a condo in Tower 2. But so far, Mr. Vangelakos is still fighting.

Correction: An earlier version of this blog post said that Mr. Vangelakos touted taking out the garbage in the nude as a perk of living in an empty building. That was not correct. A different apartment dweller in California  made that statement. We regret the error.

Anyone remember Victor Vangelakos?  He’s the loneliest condo dweller in Fort Myers, Fla.–and he can’t take it anymore, according to the News-Press.

Last year Mr. Vangelakos paid $430,000 for his condo in Tower 1 of the Oasis in downtown Fort Myers. He was only one of a few to actually close on an apartment in the building after putting down a deposit. Not wanting to run a 32-story building with only a few occupants, developer The Related Group hashed out deals with the other buyers who settled into Tower 2. Mr. Vangelakos’s lenders, as we wrote last year, wouldn’t agree to a swap. So, the Weehawken, N.J., firefighter went ahead with his family’s plan to use the apartment as a vacation home.

In an article last year, the Los Angeles Times wrote about a local man in a similar situation who described one of the perks of being the only guy in an empty apartment building: taking out the garbage in the nude. For  the Vangelakos family such perks have apparently lost their appeal. They say that living in the 32-story tower is “creepy, especially at night.” Birds have nested in the empty apartment units.

Now, Mr. Vangelakos is suing Related in Miami to get out of his contract, according to the News-Press. He says Related is stalling and “playing hardball” because of his wife’s legal problems: She’s in prison for taking parking ticket payments in her job at Weekhawken City Hall.

Related’s general counsel Betsey McCoy says that the company is happy to offer the family a swap for a condo in Tower 2. But so far, Mr. Vangelakos is still fighting.

Correction: An earlier version of this blog post said that Mr. Vangelakos touted taking out the garbage in the nude as a perk of living in an empty building. That was not correct. A different apartment dweller in California  made that statement. We regret the error.

California will receive $700 million and Florida will take $400 million in federal aid to begin designing programs to ease foreclosures, under the Obama adminstration’s latest effort to ease the housing crisis.

President Obama announced the program, which would aid state housing finance agencies in the “hardest-hit” states, during a swing through Las Vegas last month. On Friday, the administration announced the funding formulas and totals for the five states that are set to receive aid.  Michigan will receive $155 million, Arizona gets $125 million and Nevada receives $103 million.

Funding is awarded based on a formula based on unemployment, price declines and the volume of delinquent loans. California had the second worst price decline, the third-worst unemployment rate, and the greatest volume of delinquent loans at the end of 2009–enough to grab almost half of the $1.5 billion that the Obama administration agreed to give to the five states.  While Nevada, which has had the sharpest home-price declines and has a 13% unemployment rate, walks away with the smallest cash grant, the state actually takes the most money per delinquent borrower. (Read more about the funding allocation formula here).

It’s now up to the states to decide how to use the money, and they’ll have to present plans to Treasury next month. Those plans could include new efforts to modify loans, including principal write-downs for borrowers who owe far more than their homes are worth, initiatives to address second-lien mortgages, and efforts to speed up short sales, where homes are sold for less than the amount owed.

California will receive $700 million and Florida will take $400 million in federal aid to begin designing programs to ease foreclosures, under the Obama adminstration’s latest effort to ease the housing crisis.

President Obama announced the program, which would aid state housing finance agencies in the “hardest-hit” states, during a swing through Las Vegas last month. On Friday, the administration announced the funding formulas and totals for the five states that are set to receive aid.  Michigan will receive $155 million, Arizona gets $125 million and Nevada receives $103 million.

Funding is awarded based on a formula based on unemployment, price declines and the volume of delinquent loans. California had the second worst price decline, the third-worst unemployment rate, and the greatest volume of delinquent loans at the end of 2009–enough to grab almost half of the $1.5 billion that the Obama administration agreed to give to the five states.  While Nevada, which has had the sharpest home-price declines and has a 13% unemployment rate, walks away with the smallest cash grant, the state actually takes the most money per delinquent borrower. (Read more about the funding allocation formula here).

It’s now up to the states to decide how to use the money, and they’ll have to present plans to Treasury next month. Those plans could include new efforts to modify loans, including principal write-downs for borrowers who owe far more than their homes are worth, initiatives to address second-lien mortgages, and efforts to speed up short sales, where homes are sold for less than the amount owed.

California will receive $700 million and Florida will take $400 million in federal aid to begin designing programs to ease foreclosures, under the Obama adminstration’s latest effort to ease the housing crisis.

President Obama announced the program, which would aid state housing finance agencies in the “hardest-hit” states, during a swing through Las Vegas last month. On Friday, the administration announced the funding formulas and totals for the five states that are set to receive aid.  Michigan will receive $155 million, Arizona gets $125 million and Nevada receives $103 million.

Funding is awarded based on a formula based on unemployment, price declines and the volume of delinquent loans. California had the second worst price decline, the third-worst unemployment rate, and the greatest volume of delinquent loans at the end of 2009–enough to grab almost half of the $1.5 billion that the Obama administration agreed to give to the five states.  While Nevada, which has had the sharpest home-price declines and has a 13% unemployment rate, walks away with the smallest cash grant, the state actually takes the most money per delinquent borrower. (Read more about the funding allocation formula here).

It’s now up to the states to decide how to use the money, and they’ll have to present plans to Treasury next month. Those plans could include new efforts to modify loans, including principal write-downs for borrowers who owe far more than their homes are worth, initiatives to address second-lien mortgages, and efforts to speed up short sales, where homes are sold for less than the amount owed.

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA), American Bankers Association (ABA), and the American Financial Services Association (AFSA) joined with 11 state and local mortgage lending groups on Friday to send a letter to the U.S. Department of Housing and Urban Development expressing concerns about the way in which HUD is proposing to implement the 2008 SAFE Act. The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing), was passed in July 2008 as part of the Housing and Economic Recovery Act. It directs states to adopt licensing and registration requirements for loan originators that meet minimum standards established by the act in lieu of HUD establishing nationwide standards. It also encourages the Conference of State Bank Supervisors (CSBS) and the American Association of Residential…(read more)

Posted To: MND NewsWire

Mortgage rates reversed course yet again during the week ended March 4 with the 30-year fixed-rate mortgage (FRM) once more falling below 5 percent. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year FRM averaged 4.97 percent with an average of 0.7 point compared to an average rate of 5.05 percent with 0.7 point the previous week. The 15-year FRM averaged 4.33 percent, down from 4.40 percent the week before. Fees and points remain unchanged at 0.7 point. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had an average rate of 4.11 percent, down from 4.16 percent during the week ended February 25. Fees and points also declined from 0.6 point to 0.5 point. The one-year Treasury-indexed ARM was the lone exception to the downward trend. The average rate for…(read more)