Info and Tips about Ky Master Commissioner Sales

Happy Thanksgiving

BGForeclosure wishes everyone the best Thanksgiving.  We have many things to be thankful for!

Nationwide Foreclosures Increase

Nationwide foreclosures are up, as lenders begin working on the backlog.  That’s why 4Q in Kentucky will most like appear similar.

More info: “RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for the third quarter of 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 930,437 properties in the third quarter, a nearly 4 percent increase from the previous quarter but a 1 percent decrease from the third quarter of 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

Foreclosure filings were reported on 347,420 U.S. properties in September, an increase of nearly 3 percent from the previous month and an increase of 1 percent from September 2009. A record total of 102,134 bank repossessions were reported in September, the first time bank repossessions have surpassed the 100,000 mark in a single month.

“Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months,” said James J. Saccacio, chief executive officer of RealtyTrac. “We expect to see a dip in those bank repossessions — and possibly earlier stages of the foreclosure process — in the fourth quarter as several major lenders have halted foreclosure sales in some states while they review irregularities in foreclosure-processing documentation that has been called into question in recent weeks.”

Impact of lender foreclosure halts
Foreclosure activity in the 24 judicial foreclosure states most affected by the foreclosure documentation issue accounted for 40 percent of all foreclosure activity in the third quarter and 36 percent of bank repossessions, or REOs.

“If the lenders can resolve the documentation issue quickly, then we would expect the temporary lull in foreclosure activity to be followed by a parallel spike in activity as many of the delayed foreclosures move forward in the foreclosure process,” Saccacio said. “However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market as sales of pre-foreclosure and foreclosed properties, which account for nearly one-third of all sales, dry up and the shadow inventory of distressed properties grows — causing more uncertainty about home prices.”

KY Foreclosure Filings Decline

Good news on the horizon?  I tend to think that foreclosures will pick back up, but it’s hard to say when.  Read more.

“Overall foreclosures in Kentucky were down 29.8 percent in October from the previous month, according to the latest report from RealtyTrac, an Irvine, Calif.-based online marketplace for foreclosure properties.

However, last month’s totals were still up 13.6 percent from a year ago, the company said in a news release.

It said that foreclosure filings in the state — default notices, scheduled auctions and bank repossessions — were reported on 1,322 properties in October, and that one in every 1,453 Kentucky housing units received a foreclosure filing during the month.

Jefferson County’s 770 filings in October were down 24 percent from September, but still up 23.6 percent from a year ago, RealtyTrac said.”

Foster v. MERS complaint

Here are the attachments and final posting of the entire complaint.  We’ll go over more of this as soon as possible.

MERS Complaint 06 Exhibit A

MERS Complaint 07 Exhibit B

MERS Complaint 08 Cover Sheet

Foster v. MERS, Parts 4 and 5

Here are the next couple of portions of the complaint.  It’s pretty detailed.

MERS Complaint 04

MERS Complaint 05

Foster v. MERS, Part 2 and 3

Here is the next two parts of the complaint filed against MERS.  The complaint itself was pretty lengthy, so I’ll keep working on uploading all of it as quickly as possible.

MERS Complaint 02

MERS Complaint 03

5/3 3Q

Fifth Third Bancorp /quotes/comstock/15*!fitb/quotes/nls/fitb (FITB 12.56, -0.16, -1.26%) today reported third quarter 2010 net income of $238 million compared with net income of $192 million in the second quarter and a net loss of $97 million in the third quarter of 2009. After preferred dividends, the third quarter 2010 net income available to common shareholders was $175 million or $0.22 per diluted share, compared with second quarter net income of $130 million or $0.16 per diluted share, and a net loss of $159 million or $0.20 per diluted share in the third quarter of 2009.

. . .

As noted, we took action to sell about half of our residential mortgage nonperforming loans in the quarter. We also transferred approximately a third of our commercial nonperforming loans – largely loans tied to real estate – to loans held-for-sale. These loans represented situations where we believed a near-term sale was a better solution than the prospects for workout or rehabilitation of the relationship. Disposing of these loans further reduces Fifth Third’s exposure to future real estate losses in what is anticipated will be a slow recovery in that sector. The recognition of these losses will have a beneficial impact on charge-offs in the fourth quarter of 2010 and in 2011. We currently expect fourth quarter net charge-offs will be less than $400 million with improving trends, which would represent less than 2 percent of loans on an annualized basis, given our current expectations for credit trends and the economy.

Nonperforming assets and loans held-for-investment declined by almost $900 million, largely as a result of these actions. The third quarter NPA ratio was 2.7 percent and the NPL ratio was 2.0 percent of loans – the lowest levels we’ve reported since 2008. Nonaccrual inflows declined for the fourth straight quarter. Loan loss reserves of 4.20 percent of loans were reduced by reserves associated with the loans sold or transferred as well as to reflect improvement in the underlying characteristics of the remaining portfolio. Reserve coverage levels remain strong, at 202 percent of NPLs and 153 percent of NPAs. We currently expect provision expense in the fourth quarter to be less than half that recorded this quarter and for reserve levels to continue to trend down, given our expectation of a stable to improving economic environment and credit trends.

Read more.

Farmers 3Q

Farmers Capital Bank Corporation /quotes/comstock/15*!ffkt/quotes/nls/ffkt (FFKT 4.51, -0.02, -0.44%) (the “Company”) reported net income of $1.3 million or $.11 per common share for the quarter ended September 30, 2010 compared to net income of $2.8 million or $.32 per common share for the quarter ended June 30, 2010 and a net loss of $174 thousand or $.09 per common share for the quarter ended September 30, 2009. Net income for the nine months ended September 30, 2010 was $6.0 million or $.63 per common share compared to $2.3 million or $.13 per common share for the same nine month period of 2009.

. . .

The provision for loan losses increased $754 thousand or 13.7% in the linked quarter, but decreased $409 thousand or 6.1% in the current quarter compared to the same quarter a year ago and decreased $609 thousand or 4.3% in the nine-month comparison. Noninterest expenses increased $722 thousand or 4.7% in the linked quarter comparison, $628 thousand or 4.1% in the year-to-year quarterly comparison, and $1.1 million or 2.3% in the nine-month comparison. The overall increase in noninterest expenses in each of the comparable periods was mainly driven by higher expenses associated with repossessed real estate, which offset expense reductions in nearly all other line items. The increase in repossessed real estate expenses is mainly attributed to operating costs associated with these assets and writing down these properties to their estimated fair value less costs to sell due to continued weaknesses in property values. The Company has not been selling properties at deeply discounted prices.

Nonperforming assets have decreased for two consecutive quarters and were as follows for the periods indicated.

Read more.