MEMBER CONTRIBUTIONS
THE POST-REO BROKERAGE | p15
Shrinking Cities Case Studies in Urban Rehabilitation and Development p11 Housing Reform is Key Women May be Absent from the Conversation p7 OH! REO, REO! WHERE FOR ART THOU, REO? A look at who’s got what accounts p23
VOL. 1 / ISSUE 3 INFORMING WOMEN SPECIALIZING IN THE HOUSING ECONOMY The Official Publication of NAWRB
DECISION TO DIVERSIFY
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READY, SET, CERTIFY! Get a running start. Earn more visibility by telling your story as a diverse, life-experienced business owner. Experts will be on hand to teach you about the advantages of obtaining certification for Women, Minority,Small, and Disadvantaged-Owned business. The session is open to all REO EXPO attendees; Current NAWRB members are invited to bring their certification packages for a complimentary on-site review.
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Mark Fleming
Hear Nando Parrado’s incredible story of survival against all odds in the remote Andes mountains. It will be the boost of inspiration you need to take your business to the next level.
Chief Economist for CoreLogic, Mark Fleming will talk about the indicators and trends that he believes will influence the housing market in 2012, focusing on the issues that you’ll need to keep an eye on in the coming year.
Actor, comedian, talk show host, and philanthropist George Lopez brings an evening of laughter exclusively to the attendees of REO EXPO. You’re sure to laugh the night away with one of America’s hottest comedians, in a special show just for you!
REO EXPO 2012/NAWRB registration discount of $50, cannot be combined with any other offers. Promotional Code: HWNTWK
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TRAINING SESSIONS
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Be amused. Be inspired. Be informed. Nando Parrado
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BREAKING THE ASSET GRIDLOCK
EXHIBIT HALL
7
HOUSING REFORM IS KEY AND WOMEN MAY BE ABSENT FROM THE CONVERSATION
OH! REO, REO! WHERE FOR ART THOU, REO? A LOOK AT WHO’S GOT WHAT ACCOUNTS IN REO
Trustee Corps HousingWire | REO Expo No Paws Left Behind DS News Safeguard Properties Lisa Henry-Weaver Group Cerreta Realty Group 2012 Project RE/Max Hall of Fame US Best Repairs, Inc.
WE ARE NOT AMUSED
23
By Ann Sullivan, Government Relations, Women Impacting Public Policy
THIS ISSUE
ADVERTISERS inside inside 6 6 13 33 33 39 39 back
40
5 10 28 31 33 35 38
Members Have Mothers, Too: Jane on Lisa | Lisa on Jane Work Harder Not Smarter: Optimizing a Work-Life Balance Q&A: Social Media | How to Bow Out Gracefully NAWRB Reviews | Books & Film App Mapp: Working Mothers Edition Speak, Write, Attend & Network Ncrowd
CEO CENTER(FOLD) 25 Tracy Croft, Croft Real Estate Services, LLC
1 | N Magazine
MAGAZINE VOLUME 1/ ISSUE 3
15
FEATURES
DECISION TO DIVERSIFY THE POST-REO BROKERAGE
SHRINKING
CITIES
11
Case Studies in Urban Rehabilitation and Development
Editor in Chief
Publisher
Cade Holleman Cade.Holleman@NAWRB.com
DesirĂŠe Patno
Managing Editor & Advertising
34 Executive Park, Suite #260 Irvine, CA 92614
Crescent Seward Crescent.Seward@NAWRB.com
Graphic Design Vincent Forsang Vincent.Forsang@NAWRB.com
Info
E-mail Nmag@NAWRB.com
Call 949-559-9800
Research & Staff Writer Jackie Andoniu Jackie.Andoniu@NAWRB.com
Web NAWRB.com
WILL YOU JOIN US FOR READY, SET, CERTIFY AT REO EXPO? REO Expo is just around the corner and NAWRB has partnered with them to bring our members and other attendees an exciting industry-first event. NAWRB will lead a certification training session explaining not just our own women-owned business certification, but where our program fits in with other options for minorities, veterans, disabled veterans, and HUBzone busienss owners. An exclusive option for NAWRB members is the ability to bring documentation for on-site reviews that will drastically improve the certification process. We’re proud to innovate alongside REO Expo and drive value back to NAWRB members, who also receive an exlcuse discount on REO Expo attendance. NAWRB will have a booth in the expo hall—BOOTH 100—and our members are encouraged to use the booth to network, meet other attendees and members, and let NAWRB staff introduce you to new business contacts. In the last issue of N, REO Expo was awarded the Staff Pick in our first annual review of industry conferences, 12 Conferences for 2012. We encourage you to attend this year’s REO Expo and join us for Ready, Set, Certify! on Friday, June 15th from 8:30-11am.
LETTER FROM THE EDITORS Real estate is a cyclical industry, though the last few years have just been a spiral. The economy seems to be on more solid footing though lackluster performance lingers in housing-related sectors. That’s why this issue focuses on decision-making, innovation, and how to diversify the services your business offers. Eight NAWRB members contributed to “Decision to Diversify: the Post-REO Brokerage,” giving strategic advice on how to move a small business into related services and additional revenue streams. In the Ncrowd, four other women talk about their strategies to increase short sale business and stay viable in a changing market. And this month’s CEO Center(fold), Tracy Croft, talks about embracing the current market atmosphere. This Spring issue of N focuses on new business strategies, including a Mother’s Day feature celebrating mothers and daughters as business owners. Spring is normally the busiest home buying and selling season of the year—but how is your business really doing? Are you in need of new ideas to create new revenue streams? This month you’ll get some incredible guidance from the N editorial staff, contributors, and members who authored candid and valuable lessons from their own successful businesses. NAWRB is proud to represent your business. We also understand the struggles women business owners face in this particular economic climate. This issue is dedicated to that recognition and our concerted effort to help you guide your business to ever greater success.
MEMBER OR MOTHER?
NAWRB SALUTES OUR MEMBERS AND THEIR MOTHERS For Mother’s Day, Lisa Henry-Weaver and her mother Jane Henry sat down to share what they think of each other as business women.
JANE ON LISA AS A BUSINESS OWNER
I bought little Lisa a bike when I received my first real estate commission check. At the time, I didn’t foresee Lisa taking over the family business, but was pleasantly surprised when she did. As a teenager Lisa was more concerned with riding horses, but after 25 years, it was time for her to take the business reins. When I was a broker, the seller used to be able to only work one offer at a time, but today they can do multiple offers. Brokers can also show ten times the amount of houses. Back when I started, I would show just 3-5 homes before the client made “I’VE WATCHED MY DAUGHTER GROW their purchase. AND HANDLE FUNDAMENTAL SHIFTS IN Now with the THE REAL ESTATE INDUSTRY, INCLUDING internet, buyers TECHNOLOGY OBSTACLES I NEVER EVEN want to look at IMAGINED.” 20-30 homes. Despite the significant changes in the industry, I’m proud of Lisa as a business owner. She’s very LISA ON JANE AS A BUSINESS OWNER knowledgeable, people oriented, and an excellent leader that has grown the business. Even in the beginning The best advice my mom ever gave me about real when Lisa would go on listing appointments with me, estate is to always listen. She says the secret to selling is she would tell me later that I made her nervous. I was being a good listener, which is true. Before I bought the surprised because she didn’t act nervous at all. I was very business in 2006, I already had a great job and the family impressed by that. tried to get me to come into the business for years. I finally gave in when my son was “LED BY MOM’S EXAMPLE, I STAY ACTIVE IN THE diagnosed with COMMUNITY AND ALWAYS GIVE BACK.” Autism because I wanted the flexibility. I didn’t really change the office; we still have a lot of fun, everyone is respected, and everyone has input. When it comes to working in and taking over a family business, it’s important to respect the differences of how each of you run your business. My mother has always been active with the Christian Care Center, Chamber, and local churches in the community. Her volunteer work has inspired me to do the same. Just this year, my mom was nominated and awarded Citizen of the Year in our community. My mother is a true inspiration to me. Of course when I was a teenager I never thought I’d say that! Above the business, I hold my mom’s hard work in the community in high regard and hope to be just like her one day.
5 | N Magazine
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HOUSING REFORM IS KEY AND WOMEN MAY BE ABSENT FROM THE CONVERSATION
by Cade Holleman
For working families, housing is the centerpiece of the American Dream. It has been a cornerstone of domestic policy dating back to World War II. The economy built on and around housing drives ancillary purchases and investments impacting around $3 trillion annually, and since 2008, it has been on life support. We are a property-owning, property-valuing society. We have the space to do it and for three generations our government has been behind us every step of the way. Now we are faced with a future housing economy absent the federal government. However the government reforms its role in the housing economy will significantly impact the way we do business, how we anchor our communities, and how we help low income
7 | N Magazine
families become middle class families. Congress mandated its first government-sponsored enterprises (GSE) in 1938 to service the residential mortgage market, FNMA, known as Fannie Mae. The federal government stepped into the housing market in a big way after World War II as veterans coming home needed jobs and housing. The effort has remained unchanged for over half a century: Fannie, and since the 1970s her sibling Freddie, have been buying mortgages from the banks that originate them to homebuyers. This is a two step boon for banks: they get an influx of fresh funds with which to originate more mortgages to more homebuyers, and the risk of default is transferred away from them and to the purchasing GSE. Meanwhile, peaking at 69% in 2004, the American people achieved one of the highest rates of homeownership anywhere in the world. At a time when roughly 95% of new mortgages are backed by the Federal government either through
in the crisis, Bear Stearns. JPMorgan then absorbed Washington Mutual, illuminating a key pattern of the financial crisis: a firm that was already deemed “too big to fail” before the crisis had now consumed two rival institutions on both ends of the banking spectrum, a depository institution and an investment bank. In the same period Bank of America absorbed the country’s largest subprime lender, Countrywide, and then an investment bank, Merrill Lynch. JPMorgan and Bank of America are now the number one and two largest US banks by assets held. “Too big” barely describes them. In fact, they now have a much fancier, less clear moniker: Systemically Important Financial Institution (SIFI), which in a nutshell means that if just one fails then the entire global financial system is likely to go with it. The anchor to this system is Fannie and Freddie. Congressionally mandated, they have always held the implicit- or perceived-backing of the government.
“WOMEN MUST BE PART OF THE CONVERSATION AS OUR HOUSING FINANCE SYSTEM IS RESHAPED FOR THE 21ST CENTURY.” GSE purchases or FHA insurance, numerous bills have been introduced in Congress that would eliminate or substantially reduce the government’s role in mortgage markets. That role should be reformed and mitigated but not until the market is willing to bear it —meaning the private sector develops a taste for part of the risk associated with the loans they originate and are willing to bear losses if homeowners default. At the top of the economic food chain built on mortgages, the Wall Street firms whose securities feed on mortgages as underlying assets will have to wean themselves off risk and take a bigger dose of regulation. Speaking to investors this year, JPMorgan Chase Chief Executive Jamie Dimon admitted, “We made too many mistakes” and that his bank contributed to the collapse of the housing industry. Dimon, one of the few crisis-era financial firm CEOs left standing, told shareholders that JPMorgan was “one of the better actors in this situation—but not good enough.” In a government-brokered deal, JPMorgan swallowed the smallest and first major investment bank to go bust
Congress built into the GSEs a certain unattainable duality that does not exist in the charters of private sector banking institutions. Private sector banks are free to focus on the bottom line and maximize shareholder value. While GSEs share this responsibility, they are also accountable to the Department of Housing and Urban Development (HUD) on Affordable Housing Goals (AHG). Each year, as the GSEs purchase mortgages from banks a percentage of those mortgages must have been originated to low or moderate income homebuyers. At the peak of the market in 2005 and 2006, goals exceeded 50% of all GSE purchases. Often, those mortgages were considered subprime because they were originated to homebuyers with less than pristine credit though the mortgage did conform to minimum standards. The business model of the GSEs is akin to telling a retail store to buy low grade fabric but sell its clothes on Fifth Avenue. The financial crisis was not the fault of Fannie and Freddie, nor their AHGs. The mission of Fannie and Freddie is clear as is the purpose of AGHs. Today there remains a market purpose for both, arguably more than ever.
The way forward… without women?
Women must be part of the conversation as our housing finance system is reshaped for the 21st century. Since financial deregulation gained steam in the 1980s and innovate financial products came into common use, the modern mortgage has found a new market purpose: that of an interest-yielding asset on top of which securities and other structured financial products are built. But our government and the key industries that would lobby for change have seen a mass exodus of women. Since the crisis, women have left financial services firms in droves. The first decade of this century saw a 2.6% decrease in women working at financial firms; in the same period, the ranks of men grew by 9.6%. Wall Street has never been a haven for women and the post-crisis era saw numerous high profile departures of female executives from Lehman Brothers to Bank of America. One report suggested that the bulk of layoffs during the recession were suffered by women and that U.S. banks, insurance companies, and real estate firms still struggle with sexism. In Washington, D.C. more high profile departures of women are taking place. Shelia Bair, chairman of the Federal Deposit Insurance Corporation (FDIC) stepped down at the end of her term in July last year. Elizabeth Warren, architect of the Consumer Financial Protection Bureau (CFPB) was never nominated for the post as Director of that agency because of so little faith in Congress confirming her appointment. On the Hill, long-time Maine Senator Olympia Snowe, a key advocate for women-owned small businesses and ranking member of the Committee on Small Business & Entrepreneurship, recently announced that she would not seek re-election saying, “that an atmosphere of polarization and ‘my way or the highway’ ideologies has become pervasive in campaigns and in our governing institutions.” In the last Congress women chaired eight committees. In the current Congress, that number is down to six. When looking at congressional committees that exercise oversight in housing financerelated affairs, only one woman sits on the Senate’s Banking, Housing, and Urban Affairs Committee whereas nine women sit on the House Committee on Financial Services. The House’s Committee on Oversight and Government Reform has two women (out of ten) on its Subcommittee on Tarp and Financial Resources. The Joint Economic Committee counts “housing” and “Women and Families in the Economy” as issues; that committee has one woman from the Senate and two from the House. A grand total of 15 women.
The last notable election cycle for women was 1992 when the number of women in Congress dramatically jumped from 32 to 54. In 2010, the number of women in office declined for the first time in 30 years. Today, the United States ranks 71st in the world for percentage of women in office. Rutgers’ Center for American Women and Politics’ 2012 Project subtly notes, “that’s one behind Turkmenistan.” Women do not just impact the purchase of a house. They impact over 80% of all household purchases. The reform of Fannie and Freddie is not a matter of reforming two wayward and complicated behemoths, but will define the path to homeownership for future generations of Americans. It is noteworthy, and alarming, that as we consider one of the largest overhauls in the history of the American housing finance system, that women will be so strikingly absent from the conversation. N
“THE REFORM OF FANNIE AND FREDDIE IS NOT A MATTER OF REFORMING TWO WAYWARD AND COMPLICATED BEHEMOTHS, BUT WILL DEFINE THE PATH TO HOMEOWNERSHIP FOR FUTURE GENERATIONS OF AMERICANS.” This article is reprinted with permission. It was originally published in the May 2012 issue of Enterprising Women.
OPTIMIZING A WORK-LIFE BALANCE
Organization and productivity can influence not only a more positive work environment, but enable business expansion and success.
80/20
DIY
Figure out 20% of your daily tasks that will have an 80% chance of improving profitability and public awareness.
Doing-It-Yourself can be overwhelming. Utilize an intern to alleviate tasks and give back to the community.
3Ds
TNT
Delegate, Defer, Do.
Thanks-but-No-Thanks can avoid making commitments you don’t have time or ability to commit to.
AM/PM Figure out what part of the day you are most productive.
AIDA Use Attention-Interest-DesireAction to sort through your work.
WORK DAY ALTERNATIVES California, Colorado, Illinois, Kentucky, Minnesota, Nevada, Oregon, and Washington require a 10 minute break for every 4 hours worked. Most states give the options to take a lunch break or work through a lunch break. BREAKS & LUNCHES
Some companies require employees to take a mandatory days off in order to keep within budget. FURLOUGH DAYS
Working four days in a row, for 10 hour shifts, will result in a three day weekend. 3 DAY WEEKEND
From car, to plane, to hotel, then meeting with clients. Keep in touch by using Skype, Google Chat, and GoToMeeting to link the distance between employees, office, and clients. ON THE ROAD
Rent an office space or conference room by hour, week, or month for an alternative location. Use applications such as Opendesk, Loosecubes, Desktime, and Deskwanted to locate the nearest rental office. OFF-SITE OFFICE
10 | N Magazine
SHRINKING
CITIES Case Studies in Urban Rehabilitation and Development Innovative cities across the nation are fighting to improve their regions and build smaller, stronger communities.
by Crescent Seward
11 | N Magazine
Drive through downtown Los Angeles, Detroit, Spokane, and the vibrancy is muted. One in four
large city neighborhoods have deteriorated into vacant scenes waiting for economic revival. Between 1980 and 2000, suburbanization dramatically decreased urban populations, establishing abandoned properties, vacancies, and blight as measures of inner city shrinkage. Coined “the shrinking city phenomenon” in 2006, affluent professionals and families found it more desirable to move into the suburbs and commute to work. Coupled with the decline of the manufacturing industry, dozens of cities like Detroit, Memphis, Santa Ana, and Chicago were affected – and developers had no choice but try to revitalize urban areas to make them more desirable again. Just at the cusp of this movement arrived the housing crisis of 2008, and now cities are suffering even more shrinkage due to the housing economy. Enter the Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP). Congress passed the Housing and Economic Recovery Act of 2008 (HERA) to fund the NSP in hope that the program could solve the problem. The purpose of NSP was to provide targeted assistance to redevelop foreclosed homes and residential properties that might otherwise become sources of blight within the communities. Phase one of the program allocated $3.92 billion to communities nationwide, but it was soon found municipalities could not funnel the funds and make developmental changes fast enough. The seeds of recovery that NSP was supposed to plant failed to take root in many hard-hit communities Phases two and three also proved too limited as the program’s large dollar amount and targeted impact was misleading. Although NSP grantees deployed their funds in different ways, no amount of money could solve the problem. Making Home Affordable (HAMP, HARP, HAFA) was created to help the individual homeowner, but this also only scratched the surface of the entire crisis, and individual municipalities saw that. Rehabilitation efforts are now back into effect, and each city is doing it their own way with new development, greening, and even planning for more shrinkage or rightsizing.
RUST BELT OF SINGLE INDUSTRY TOWNS | Detroit & Pittsburg Have you seen RoboCop, the 1987 film set in a futuristic Detroit eerily ridden with crime because of gentrification and capitalism? Plans to destroy “Old Detroit” and replace it with the utopia of “Delta City” sounds familiar to neighborhood rehabilitation efforts beginning in the early 2000s. Detroit has a negative
“It is sometimes considered un-American or taboo to admit to population decline in historically important US cities, but that has led to cities continuing to plan for growth —even while they are shrinking.” stigma in society already about significant economic decline resulting in population out-migration, and Hollywood played on that. Detroit is known for its collection of stunning pre-depression architecture, most of which is sitting vacant and waiting for economic revival. The patterns of shrinkage vary widely. Inner city decline coupled with suburban development led to a doughnut-shape effect that began in the 1960s and 1970s, which has continued with more recent job-loss and economic decline. In cities like Detroit, decline began undoubtedly in the 1950s. Some neighborhood residents have taken over adjacent vacant lots creating areas of suburban-like low density development. Though not limited to older industrial areas of the Midwest, urban shrinkage is prevalent in areas like Detroit because they were unable to diversify, remaining single-industry towns whose fortunes rose
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and fell along with the economy. Think Detroit Autos and Pittsburg Steel, although Pittsburg has diversified its economy with greening, healthcare, education, technology, and financial services. Detroit’s persistent reliance on one industry contributed to the hollowing out of its core. Some cities are is using greening at different levels, ranging from the greening of rooftops to developing green regions. At the city scale, it has become a tool to change the character and use of vacant land within a shrinking city. Philadelphia and Pittsburg are widely cited case studies using greening as a policy specifically to tackle shrinkage and resulting vacant properties. Working with Philadelphia residents, businesses, and local organizations, the focus is on individual lots which are cleared of litter, followed by planting grass and saplings to create mini-park settings. Pittsburgh is also funding large capital investment projects downtown while having a very successful green building initiative. It is fifth in the nation for the number of green buildings receiving the Leadership in Energy and Environmental Design (LEED) certification.
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INNOVATION OF ARTIST TOWNS | Memphis & Santa Ana Urban spaces are unique to downtowns. They allow opportunities for interaction, diversity, culture, and a sense of place. In culturally rich Memphis, the NSP was administered locally by the City of Memphis Division of Housing and Community Development. Divison-acquired properties had to be rehabilitated for the purpose of resell, rent, or lease purchase in order to stabilize neighborhoods and control potential blight that foreclosures caused. The program provided emergency assistance to the local government to redevelop foreclosed properties that were abandoned and vacant, but a shrinking and culture-seeped city like Memphis could not revive from NSP funds alone. Each city is picking its own way to focus and improve. Memphis, along with four other cities, has recently been awarded a Bloomberg Grant. Named after New York City Mayor Michael Bloomberg, the grant awards cities for innovation in policy with a strong mayoral form of government. $24 million in all was awarded to the five cities to encourage retail and manufacturing to come back into town. Other culturally rich and artist-centric cities, like Santa Ana on the California coast, have struggled with the constraints of NSP funds and are using innovation to achieve stability in their communities. In phase one of the NSP, $5,795,151 was allocated to Santa Ana, a city severely impacted by suburbanization, shrinkage, and the housing crisis. Then, the American Recovery and Reinvestment Act of 2009 (ARRA) provided additional funding for NSP 2 activities on a competitive basis. Santa Ana was awarded $10 million to undertake the same activities and programs as NSP 1: acquisition and rehabilitation of single family homes, condominiums, and historic homes; acquisition and rehabilitation of rental housing; and redevelopment. Then, HUD allocated an additional amount of $1,464,113 in NSP 3 funds to Santa Ana through the Frank-Dodd Act. As shown, the program could not single-handedly solve the crisis, not unless it was aided by the private sector. Santa Ana now utilizes a Property-Based Business Improvement District (PBID), a mechanism for property and business owners to collaborate. It is a partnership between the public and private sector organized for the improvement of a specific commercial area. The PBID is largely a property tax in downtown Santa Ana used to promote bars, restaurants, and maintain the security of the area. The idea is that the public sector cannot solve all the problems facing
commercial districts today, so the private sector takes the initiative. Memphis and Santa Ana focus on the arts, cultural attractions, and entertainment to develop stabilization in their communities, raise population, and stimulate economic revival.
2012 + BEYOND Experts comment it is sometimes considered unAmerican or taboo to admit to population decline in historically important US cities, but that has led to cities continuing to plan for growth – even while they are shrinking. Some cities continue to invest in downtown projects hoping for a return to growth even as they face population loss, often greening, resizing, or a mixed strategy with a combination of plans. Some experts even suggest that a downtown depends on the suburbs, rather than the other way around. Yet, even
“Urban spaces are unique to downtowns. They allow opportunities for interaction, diversity, culture, and a sense of place.” as the urban population has drifted outwards, there are arguments for the continuing regional importance of the downtown of the primary city in the metropolitan area. NAWRB’s response to HUD last September suggested an NSP-like funding program to cover partial startup costs to enable small, women-owned businesses to transition into property management and specialized service roles. Planning for shrinkage and rehabilitation is still a difficult idea to sell because of the negative connotations of the terms. There is a strong tendency among shrinking cities to invest in their downtowns, despite trends that show that a return to previous highs in populations is unlikely. Perhaps there is room to address shrinkage at a regional or national level, while still allowing innovation and city-specific responses at the municipal level. Either way, innovative cities across the nation are fighting to improve their regions and build smaller, stronger communities. N
15 | N Magazine
The National Association of Women Post-REO Brokerages? NAWRB will not be changing its name, though market shifts have left many in the industry wondering what happens after REO. Experts tell us the next twelve months will see the last big wave of significant inventory to hit the market. REO is here to stay for the immediate future, but with every short sale, loan modification, refinance, forbearance, rental, bulk, investor, or courthouse sale chipping away at REO inventories, the niche will not be the market maker it once was. What will shrink with REO inventory is the viability of a business model built entirely upon REO disposition. In other words, brokers better start finding new baskets for some of those revenuegenerating eggs. Repositioning a business is no easy task. Making the decision to diversify can turn a business into a more nimble, market-responsive organization, or be a costly mistake. The following pages feature women who have successfully diversified their businesses to include ancillary services that require many of the same skills. What readers will find, like these women, is that those who can make it in REO can make it in almost any real estaterelated service. The skills honed in REO disposition: property preservation and management, occupant and vendor relations, knowledge of distressed asset transactions, navigating government and proprietary loss mitigation schemes—are all transferable. It is time to revisit your business strategy and lay the groundwork for post-REO success. Here is how a handful of women did just that—and their advice on how you can too.
Introduction by Cade Holleman
PROPERTY PRESERVATION Looking Beyond as a Small Business Owner
Handling Transferees
Shelly West-Chenoweth Owner | Atlas Field Services
Elizabeth Goodchild Owner | Weichert Realtors Goodchild Homes
swchenoweth@atlasfieldservices.com
liz@goodchildemail.onmicrosoft.com
As a small business owner, there are many unknowns that you have to prepare and develop contingencies for. Diversifying and even repositioning your customer base can help you expand business. Although you may have one or two primary clients, it is absolutely beneficial to determine if there is room to grow with any of your smaller clients and understand how your current clients affect your business growth. After analyzing your accounts, you may determine that your larger clients are more resource intensive than other smaller clients. It would be wise to change your strategy for growth by actually reducing the amount of business you do with a larger client in order to save your resources and help make growth possible with your smaller accounts. One of the best methods to build and grow business in the real estate industry is to diversify product and service offerings. Most companies in this industry primarily
One of the best methods to build “and grow business in the real estate industry is to diversify product and service offerings.”
offer highly specialized services, which prohibits them from any possible room for growth. Start by expanding what you currently offer to your existing clients before moving into other markets. Always maintain focus on what you are good at but do not be afraid to get your feet wet and try new things. Find out what other services you can provide that are in alignment with what you already offer. Although Atlas Field Services primarily provides preservation and maintenance services, there are several value-added services we provide, such as EPA renovations, minor rehabilitation, glass replacement, and even plumbing services. Keep in mind that several of your current and potential clients would rather do business with one company in order to streamline the handling process. Always look beyond and try to understand current and future client needs.
17 | N Magazine
RELOCATION
I believe in the adage “Never put all your eggs in one basket,” and have applied this to running our real estate brokerage in the last eight years. If you look at any company in any industry, streams of revenue exist in the form of brand category, target markets, and service distinctions, just to name a few. The real estate business is no different. There is the REO business, short sale niche, agent centric revenue and ancillary businesses offering lending, title, home warranty, etc. These streams
streams of business are “These various faucets where we need
to make sure the flow of revenue stays steady.”
of business are various faucets where we need to make sure the flow of revenue stays steady. The fear is when the robust flow of water revenue starts trickling down to a desperate drip. One of my faucets I carefully installed is relocation. It helps that my franchise affiliation has allowed me to be part of the third largest relocation company in the world, but privilege was not automatically given … it was earned. Servicing RELO transferees takes a different approach to handling, much like REO or short sale buyers transactions. They are typically very bright, extremely high-tech, emotional because they usually have families that are anxious with the move, and a sense of urgency. Making sure that we mirror our clients to serve their needs is the first step to winning this type of clientele. You have to be analytical, equally high-tech, value-added mentality, responsive, and highly resourceful. The second step to win over a RELO transferee is immersing yourself in the industry and join associations like Worldwide ERC and Workforce Mobility, as well as getting your relocation designations. Relocation is a special niche, just like REOs. It helps to be associated with industry leaders and being active in your local chapters. What is the great thing about this revenue faucet? The flow is steady, the price points are high, and the revenue cycle is short and guaranteed; definitely worth installing this faucet!
TITLE Reinventing Your Skill Set Throughout the Industry
Renee Smith Owner | Smith Title Services renee@smithtitleservices.com
Madonna is an inspiration for me, as even in her 50s, do not need to open a title company yourself, but find the music she creates hits #1 on the pop charts. How one that is looking for realtors or brokers to partner with does she continue to keep relevant in an ever changing in advertising, promotion and training events to offer industry? She reinvents the package that her valuable customers a resource where all their real estate needs are skills are marketed in, year after year. This is an important met. Now that is a woman watching the trends. lesson for every one of us business owners. Major changes From 2007 to 2010, women-owned businesses (in are not needed, but watching the trends and making whole or part) grew from 28.7% to a whopping 45% of adjustments will keep our businesses growing. In my own all US businesses, per US Census Bureau Director Tom professional life, I was sitting in a law office in 2003. The Mesenbourg in the report Women Owned Businesses. firm’s insurance industry practice was shrinking and so I Additionally, “between 1997 and 2011, the number of began picking up more real estate clients on my own. In women-owned firms increased by 50 percent, a rate one 2007, I saw the firm as a limiting force and a half times the national average in my creative ability to service clients You can too. … generating nearly $1.3 trillion in and opened my own practice. In 2010, I revenue and employing close to 7.7 broke off my title company from my legal services to give million people,” states Michelle Juergen in Entrepreneur more flexibility to reach a larger group of customers. By Magazine’s “Trend Watch: Can’t Keep a Good Woman 2011, I wrote a book and began reaching more people Down.” through my writing and speaking skills. Finally in 2012, The current trend for the title industry, as described I launched a weekly TV show about short sales. At my by American Land Title Association in their March core I am a lawyer; however, by making adjustments 2012 report, states the title insurance industry generated and additions over the last decade I have come from a $9.47 billion in title insurance premiums in 2011. Fifteen law firm associate to an attorney, author, publisher, and states, including the District of Columbia, reported statewide title company President. You can too. increases in title insurance premiums written during The title industry offers many exciting opportunities 2011 when compared to 2010. to real estate practitioners. As the lynch pin in every Did you receive any portion of this income? Because real estate transaction, I encourage business owners if the US Census Bureau is correct, you have almost a to look at an opportunity to partner up with or own a 50/50 chance that the title company processing your title company. I began working with a title insurance closings is in some way owned by a woman. 2012 is underwriter because my clients complained about me the year of opportunity in the real estate title industry handling the legal and contract aspect, but not handling to reinvent your marketing package. With the recent the title policy. By listening to my clients, a new income Attorney General’s $25 billion settlement with the major stream was born into my career which has lead to other banks, residential housing sales increasing in several large valuable opportunities. Many states have limited referral markets, and your competition being driven out of the fees from title companies to real estate agents, but market, the time is right to partner with a title company partnering or sponsorships are allowed. Many times you to make your services more well rounded for clients.
“
”
LEGAL Property Management After Foreclosures End
Verna Porter Partner | Kimball, Tirey & St. John LLP verna.porter@kts-law.com
If you have built your real estate practice around servicing financial institutions by brokering their residential REO properties, you have probably noticed that new assignments have been steadily decreasing. You may be wondering how to maximize your opportunities as the market changes and the option of managing rental properties. Freddie Mac and Fannie Mae are considering maintaining current and new REO properties as rentals. The GSEs and financial institutions have acknowledged that the practice of evicting occupants of foreclosed properties prior to offering properties for sale adds unnecessary disruption to neighborhoods, as well as to occupants of the premises. Vacant units become
“Property Management is
just one possibility open to a broker or agent when the economy becomes healthy and post-foreclosure repossessions dwindle.” unsightly when not maintained by a caring resident. They invite squatters and vandalism. The quality of life in a neighborhood containing many vacant units deteriorates and property values decrease. Decreased values cause many homeowners to “go upside down” on their mortgages, thus leading to more foreclosures. Attempts to alleviate the situation by offering loan modifications to homeowners delinquent in making mortgage payments has not been as successful as purveyors of the various programs anticipated. Financial institutions are exploring options revolving around renting REO inventory. One option being seriously considered is to sell the properties to private individuals or pool investors who will offer them as rentals, either to the current residents or to new tenants. The reasoning is that residents would not suffer the trauma of being displaced, that properties would be maintained properly, that neighborhoods would not become blighted, and that the economy would improve generally because banks
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Questions about legal issues in short sales or other real estate transations? Visit NAWRB’s REO Expo booth and visit with Verna June 12 and 13 or contact KTS directly.
and government-subsidized entities would no longer need financial assistance from public funds. Whether the property is bank-owned or investor-owned, an outside professional can usually provide more efficient management than in-house personnel. To be qualified to manage property owned by a third party, there are certain legal requirements. If you are not a manager who resides on the premises, such as in multiunit buildings, you need to be a licensed real estate broker or a certified property manager. Your state’s Department of Real Estate can provide a list of qualifications. It is essential that you have a management contract with each entity that employs your services. The contract should set forth the duties and expectations of both parties. It should contain specific details regarding the authority and responsibilities of each party to the contract. Before offering a tenancy, it is necessary to determine if there are local or national laws governing terms of the tenancy. If the property is still in the inventory of the lender, the Protecting Tenants at Foreclosure Act may apply. If the tenant is “bona fide,” then the owner must honor the terms of the lease. The next consideration is whether or not the property is subject to any local laws that govern terms of the tenancy or evictions. Many local cities and counties have such laws. They vary from jurisdiction to jurisdiction. If the property is not subject to any such local law, then there are many good forms available for writing a lease. The California Association of Realtors has lease forms. Also, various owners’ associations produce their own forms. The law firm in which this writer is a member can provide forms. Screening an existing occupant may not be practical if the property is occupied by an existing tenant or prior owner. Each institution or private owner will probably have its own criteria. Property Management is just one possibility open to a broker or agent when the economy becomes healthy and post-foreclosure repossessions dwindle. Many other opportunities are and will be available for professionals to use the skills developed during the foreclosure crisis.
CONTRACTING
So You Think You Want to Be a Contractor?
HUD HOMES Effective Systems That Cross Over to Traditional Real Estate
Melva Wagner Owner | Melco, Inc.
Marlene Ceretta Owner | Ceretta Realty Group
missmel10@aol.com
marlene@cereta.net
It has often been said “It’s a man’s work,” and yes the contracting business, depending on your area of specialty, can be a male-dominated world. But women are continuing to take over! The Fairness in WomenOwned Small Business Contracting Act of 2012 has brought on new awareness and promise, allowing women-owned small businesses their fair share in the federal marketplace. What does it take to be a successful contractor? Here are my top pointers on building a successful business: POSITIVE ATTITUDE It is everything! You will have so many ups,
When I first began working for M&I Bank, Fannie Mae, and Freddie Mac, these entities had a huge amount of assets that needed to be sold. They a ll had systems
“The biggest difference
between HUD homes and other REO assets is that HUD has a zero tolerance policy for mistakes, which has crossed over to make my entire business more effective.”
downs, and surprises, so your positive attitude of success will keep you going even when you think you cannot. EYE THE FUTURE Be able to be five steps ahead of everyone else and think outside the box. WHAT MAKES YOU SO SPECIAL Be able to answer “What can I offer that’s different?”; or “How do I set myself apart from the rest?” NETWORKING IS KING Do your research and select a successful and experienced company you can either team with on projects or mentor your company. Most agencies hire contractors based on past performance. COMMUNICATION Once you get the project, stay in touch with your client during the entire job, not just at completion. ACCEPT RESPONSIBILITY Being able to accept responsibility and blame when projects go wrong will gain you respect in the long run. CLIENT IS ALWAYS RIGHT Be open to someone else’s perspective. UNDERSTAND YOUR CLIENT’S PROBLEMS You are hired to resolve a problem and devise solutions for them. Before contacting your client, know their business and issues. DIVERSIFY Do not think just because you have business cards, a web site, and a sign, business will come to you.
Diversifying and transitioning from a real estate agent or broker, to growing your business and working as a contractor for state and federal government is not easy, with its mound of paperwork, competition and, constant need of continuing cash flow, but when using the top ten pointers and keeping your focus, it can be very rewarding.
in place to handle the workflow, which forced me to develop my own effective processes to meet their various timelines, requirements, and technological needs. Because Cerreta Realty Group is 80% woman-owned, certified, and experienced in REO, my application was approved to sell homes for HUD—which requires an even more detailed approach to selling assets, from marketing to reporting. The biggest difference between HUD homes and other REO assets is that HUD has a zero tolerance policy for mistakes, which has crossed over to make my entire business more effective and improving my relationships with other clients. The systems that HUD Local Listing Brokers (LLB) must learn are daunting, but the tasks are well defined and the same for each property. Having a HUD account could have had a negative impact on our other clients if we had not been prepared, but it enhanced our business because we had additional inventory to advertise with the knowledge necessary to complete a successful HUD bid and contract package. Having the pleasure of working with HUD has made our office staff more efficient and precise. I think all of our clients are benefiting from the learning curve that I and my staff have gone through, in order to be considered a HUD Local Listing Brokerage.
SHORT SALES
EDUCATION SERVICES
Repositioning Your Business to Stay Profitable
The Role in Today’s Real Estate Market
Lucretia Ramsey Broker | Ramsey Realty Services, Inc.
Patricia de Santos Owner | Real Estate Education Services
lucretiaramsey@bellsouth.net
realestatepatty@gmail.com
It is important to be aware the real estate market is in a constant state of change. I have been in the real estate industry for 28 years and have experienced highs and lows, but when the market turned in 2008 I was not prepared. I made the decision to transition my business model from traditional real estate to REOs because if you were solely a traditional seller, you were simply out of luck in moving properties. The Atlanta market was hit like a tidal wave in 2008; it was around 70% REO with the prices of homes sliding at a rapid pace downward and the average price drop was around 50%. In 2010, I became a Certified Distressed Property Expert (CDPE) and started to sell short sale homes. By 2011, I noticed the REO inventory was slowing down significantly. I would search our Multiple Listing Service (MLS) and noticed more properties were short sale than REOs. We have all been told about the shadow inventory of REO that exists, yet the tsunami of inventory has not hit the market. In December of 2011 I did a study on our market, proving the short sale inventory was running close to the REO inventory (about 50%), which began my wakeup call that the industry was changing more toward short sales – so I transitioned my business back towards a traditional firm with short sales and buyers.
“It is important to be aware the real estate market is in a constant state of change.” I find my clients are more appreciative of the services I offer when I have short sale listings: your bottom line is higher, you have no utility or expenses to pay, and you are truly helping someone whose life is in trouble. As you transition your business, take some of the funds you budgeted for REO to create a short sale website, and send communications to your network of contacts to let them know you sell short sales. Agents need to become aware the market has changed, inventory is down, short sales are increasing, and banks are more willing to work with a short sale. As a business owner, you must stay in tune with the market changes so that you are able to reposition your business to stay profitable.
This is the era of the short sale, and as much as it is a blessing to the real estate industry in the prevention of foreclosure, it is also a hindrance to a gainful income for real estate professionals because of how they are processed. We have come a long way in developing
“Education is the universal
antidote for working in the current real estate market.”
a system to manage the huge inventory of distressed properties, but there is still a long way to go. The system is fluid, like trying to jump on a moving train, and the short sale transaction can be just as dangerous. Education is the universal antidote for working in the current real estate market. Without appropriate training, the realtor is metaphorically attempting to cross the freeway during rush hour traffic; maybe you make it and maybe you do not. Education has always played a part in every real estate market. The value can be measured in pitfalls, lost transactions, and litigation as a result of the lack of education. The real estate industry has always been haunted by high risk with easy access to lawsuits by disgruntled clients. No real estate market is so heavily reliant on education as in today’s real estate market. There have never been so many complicated, convoluted, irregular, inconsistent, and chaotic types of real estate transactions as there are in today’s market. Considering the cost of education in this challenging real estate market, consider for a moment the cost of the lack of education as well. There are attorney’s fees, court fees, stress and emotional toll, not to mention the potential cost to close relationships. All can be devastating without proper education. Mitigating this potential risk with education is a bargain not only to your pocketbook, but also to the protection of your future. New agents as well as seasoned agents must be trained for a real estate market we have not seen before. Invest in education so you can thrive in this market and remain solvent to experience the real estate recovery in the distance.
DID YOU KNOW? NAWRB REPRESENTS OVER 1,200 PROFESSIONALS IN THE HOUSING ECONOMY. DS NEWS SELECTED NAWRB AS ONE OF FOUR TRADE GROUPS HAVING A “RESOUNDING IMPACT ON THEIR COMMUNITIES.” HOUSINGWIRE SELECTED NAWRB AS “ONE OF THE MORE INNOVATIVE” THINKERS AMONG 4,000 REOTO-RENTAL RESPONDENTS TO FHFA. NAWRB IS THE MOST VISIBLE WOMEN'S TRADE GROUP IN MORTGAGE DEFAULT MEDIA. NAWRB IS THE ONLY PROVIDER OF WOMENOWNED BUSINESS CERTIFICATION SPECIFIC TO REAL ESTATE.
ABOUT NAWRB NAWRB is the premier women’s trade group specializing in the housing economy. As the only provider of women-owned business certification specific to real estate, NAWRB is dedicated solely to the promotion of underrepresented women-owned businesses.
NAWRB.COM
f/NAWRB | t/@NAWRB
the big
CHASE
3
Chase outsources its REO inventory to ten asset management companies. There is an in-house REO vendor at Chase, but they direct listing brokers to apply with their AMs. Those are: Atlas REO CoreLogic Green River Capital Lender Processing Services New Vista NRT REO Experts PMH* now Stewart Lender Services Precision Asset Management REO World ServiceLink
OH! REO, REO! WHERE FOR ART THOU, REO? A LOOK AT WHO’S GOT WHAT ACCOUNTS IN REO. Though, like all lovers, they tend to break up periodically.
BofA
Bank of America utilizes a direct vendor network to list REOs as well as twelve outside asset management companies. Outsourcers with BofA accounts are: Carrington Mortgage Services CoreLogic IAS iServe Keystone Lender Processing Services Michaelson, Connor & Boul New Vista Old Republic DMS PMH* now Stewart Lender Services Skyhill US Res
WELLS FARGO
Wells Fargo primarily utilizes Premiere Asset Services (PAS), a division of Wells Fargo Home Mortgage, to dispose of its REO assets. PAS has over 40,000 REO properties currently under management (PAS has several clients other than Wells Fargo). In some instances, outside vendors may service Wells Fargo REO assets, such as ServiceLink.
Below are the web addresses for each company listed here: www.atlasreo.com www.corelogic.com www.greenrivercap.com www.lps-am.com www.newvistareo.com www.reoexperts.net www.pmhfinancial.com www.stewart.com www.precisionamc.com www.reoworld.com www.servicelinkfnf.com
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https://portal.pasreo.com www.iaservices.com www.keystonebest.com www.iserverealestate.com www.mcbreo.com www.oldrepublicdefault.com www.skyhillreo.com www.usres.com www.24amn.com www.chrisleyam.com www.equitypointe.com
www.nationstarmtg.com www.nreob.com www.vrmco.com www.carringtonms.com www.blbresources.com www.mmrem.com www.hudpemco.com www.citysidecorp.com www.oforireo.com www.best-assets.com www.chase.com
www.bankofamerica.com www.newbernforrent.com www.wellsfargo.com www.firstprestonht.com www.hometelosfirst.com www.hud.gov www.mha.gov www.fhfa.gov www.treasury.gov www.va.gov www.fdic.gov
www.cbre.com www.4prescient.net www.gacompanies.com www.qfp-llc.com www.ocwen.com www.cushwake.com www.fanniemae.com www.freddiemac.com www.usa.gov www.whitehouse.gov www.nawrb.com
HUD
the matriarch the kinsmen
The Department of Housing and Urban Development (HUD) is the single largest holder of real estate in the United States. Any FHA-insured loans that default are conveyed back to HUD and resold through its network of asset management contractors. In 2010 HUD awarded mutliple contracts to manage and market its portfolio of REO. M&M 3.0 remains an active contract for at least half of the original awards made in 2010. AMs awarded contracts in 2010 were: BLB, Cityside, First Preston HT (formerly Hometelos), Matt Martin, Ofori, Pemco, Best Assets. In 2011 HUD reconstituted and rebid six contract areas in the western US. HUD plans to award new AM contracts in those regions by Spring 2012. Announcements had not been made at the time of press.
the siblings
TREASURY
The Department of Treasury doesn’t acutally own any REO, but it stepped into the housing market with Obama’s flagship Making Home Affordable Program. Treasury writes the guidance that servicers use when administering programs such as HAMP, HARP, and HAFA.
VA
The Department of Veteran Affairs does not separpate its origination, servicing, and REO disposition contracts as other institutions in the federal government. BofA previously performed this contract but recently Vendor Resource Management (VRM) was awarded the contract, valued at $179 million for service of upwards of $1 billion in real estate.
FDIC The Federal Deposit Insurance Corporation (FDIC) gets its hands on real estate when a bank fails and the regulator must step in to wind the organization down. In instances when the FDIC cannot negotiate a sale of the failed bank, it will outsource any real estate property to its own network of contractors. FDIC contracts with: CB Richard Ellis Prescient Quantum/G&A Joint Venture Ocwen Financial Cushman and Wakefield
FHFA
The Federal Housing Finance Agency, like the Department of Treasury, doesn’t actually own any REO but it does regulate the GSEs: Fannie and Freddie. FHFA operates within the HUD framework and reports up through that organization. While brokers can’t get an REO account from FHFA, this regulator is the most influential voice in the policies and procedures of the GSEs.
FANNIE MAE
Fannie Mae maintains a network of direct/retail brokers that the GSE will list directly with. However much of its REO inventory is outsourced to a network of asset management firms. Those firms are: 24 Asset Management Atlas REO Chrisley Asset Management Equity Pointe Green River Capital National Default Services Nationwide REO Brokers, Inc. Old Republic DMS Phoenix Asset Management PMH* now Stewart Lender Services VRM
FREDDIE MAC Freddie Mac, like Fannie Mae, maintains a network of direct/retail brokers that the GSE lists directly with. However, since 2006 the GSE has outsourced to at least one firm. In 2011, Freddie added two additional vendors. It’s complete list of outsourcers are: VRM Green River Capital Atlas REO
EMBRACING THE CURRENT MARKET ATMOSPHERE by Crescent Seward
Croft manages a successful brokerage, has a family of three boys, a marriage, and troubleshoots through the current housing economy—all in a day’s work. Tracy Croft started her real estate career in mortgage origination as an underwriter, but wanted flexibility in her career after her first child, so she got her real estate license. Now she runs one of the largest REO brokerages in central Florida, Croft Real Estate Services, LLC, representing major financial institutions, assisting them in large-scale asset disposition, and is certified as a women-owned business through NAWRB. Couple her degree in Finance with her background in traditional real estate, and she has a broad understanding of the challenges in today’s housing economy and what each client faces. Passionate about the real estate industry, Croft relishes in the idea that every transaction is different, giving her the opportunity to always learn and evolve in the current market atmosphere. Just as Croft transitioned from traditional real estate to bank-owned, she is now reaching out to large investors and transitioning into short sales. “Bulk and short sales is the natural progression,” she advices. The Orlando area alone is a high velocity market
TRACY CROFT Broker/Owner
CROFT REAL ESTATE SERVICES, LLC 415 S. Summerlin Ave. Orlando, FL 32801
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with a lot of transactions with investors and first time home buyers. Croft watches the market, embraces its progression, and pays attention to her clients’ range in needs. “Investors are not as sensitive to price,” she says for example, “they’re thinking about short term and long term rentals.” The biggest value she gets from diversifying her business is awareness. She utilizes technology, networking with like-minded women business owners, and connecting to her clients with a special level of understanding. How does this CEO manage her successful business, marriage, and family at the same time? What recharges her is spending time with her family, taking short three-day vacations, golfing, and visiting theme parks together. She has a fulltime staff of agents and an operations department, who work as a motivated team when Croft is out of the office. “What I love about real estate is it provides a platform to allow flexibility to be a mom and take care of my kids,” she affirms. Embracing the current housing market may not come easy, but in order to optimize her life-business balance, it’s worth it.
CONTACT TRACY
www.croftrealestate.com tcroft@croftrealestate.com (407) 802-2255
Photographer Carolyn By Design Photography
CEO CENTER(FOLD)
REAL ESTATE IS CHANGING. AND WE’RE TAKING SOME
OF THE CREDIT.
Real estate has changed forever. The new normal means your business has to offer multiple, specialized real estate solutions for the housing economy. WELCOME TO SPECIALIZATION IN THE HOUSING ECONOMY SHE IS CHANGING REAL ESTATE.™ Join NAWRB in moving real estate and the housing economy forward.
»
SHE.
SOCIAL MEDIA How to Bow Out Gracefully
Diversify your business, not your social media. The old school of thought to be present everywhere is time consuming and spreads your staff too thin. Strength is not always in numbers. Trying to keep so many profiles updated with meaningful interactions is daunting. The new school of thought is to decide which platforms to use, and bow out of the rest. Review your business` social media platforms and ask yourself these questions:
Is there successful interaction with the audience I am trying to reach, or am I just wasting my time?
How much is too much? Experts suggest investing efforts in only 2–3 main social media outlets for a strong outreach. Streamline your message to the main places your audience wants to interact.
Be mindful of the type and quality of interactions with the demographic you are trying to reach. If you find more are commenting on your website’s blog than a Facebook post, that is a perfect example. Focus on where your network wants to be.
If I decide to stop using a platform, should I stop updating my profile? Or delete it?
Are there more active users on this social media outlet versus others?
This is tricky because if a profile is deleted or never updated again, visitors might assume the business went under.
A user friendly platform like Twitter can reach not only real estate professionals, but like-minded women business owners. In today’s economy, networking across the board may prove more beneficial than a real estate-only site.
But how do I bow out gracefully so there is no misconception I went out of business, or that I do not care?
What kind of interaction does this platform provide? It might be faster to “like” or “retweet” something instead of posting a time consuming blog. On the other hand, your audience may prefer to read an article rather than a sentence about the economy. Pay attention to what they want.
Host a simple message or graphic that lets your network know where you are going. Instruct them where to find you and focus on those places from now on. Remember, your objective is to optimize your time to make your business successful.
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Your marketing the same way.
g materials work NAWRB PLATINUM MARKETING SERVICES
REO RÉSUMÉ MAKEOVER
PROPOSAL / APPLICATION REVIEW
FULL MARKETING PACKAGE
Have you read or watched something lately that impacted you? Share your thoughts with N Magazine’s editorial staff and readers. Send reviews to Nmag@NAWRB.com
Bossypants | Tina Fey
READ IT
review by Crescent Seward Tina Fey’s Bossypants takes you through her journey of nerdy improve, sketch comedy, awkward fashion, motherhood, and as a business owner. Fey embodies the hectic task-juggling businesswoman, but instead of complaining, she jokes about it. Amongst her wit, she also provides advice to women in the workforce: “When faced with sexism or ageism or lookism … ask yourself the following question: Is this person in between me and what I want to do? If the answer is no, ignore it and move on. Your energy is better used doing your work and outpacing people that way.” This entertaining book is a fun and easy read that will get you laughing and thinking. Not only will you learn how to run your own business, but how to plan Peter Pan birthday parties at the same time. 2011 | $15 paperback
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Detroit: A Biography | Scott Martelle
READ IT
review by Cade Holleman Detroit is widely viewed as the epicenter of America’s housing crisis, but Detroit’s problems are hardly due to the financial crisis. The real issue facing Detroit is much deeper than an overwhelming stock of abandoned properties. Since the 1950s, people have been abandoning the city altogether. It’s once-mighty auto manufacturers have been decentralizing away from Detroit, and then across the globe, taking jobs, investment, economic development, and opportunity with them. When the economic underpinnings of Detroit began to change the city did not change with it, according to city biographer Scott Martelle. Detroit: A Biography chronicles the city’s growth from meadowland trading outpost to its heyday as an economic power center of global significance. The downfall, of course, is also chronicled. Organized labor and the auto companies are only represented here as much as they have to be to tell the story of Detroit. What is also necessary to tell the story of Detroit is immigration, race, riots, and white flight; all integral to Detroit’s development as a city so present in America’s cultural iconography. Detroit is a light read, considering the status of the city, its deep roots, and even deeper problems. 2011 | $15 paperback
Game Change | staring Julianne More and Ed Harris
WATCH OR READ
review by Cade Holleman This HBO movie, based on the book of the same name by journalists John Heilemann and Mark Halperin, retells a story still fresh in America’s political history. Undoubtedly the most exciting election of a generation, there was a point in 2008 where a white man, a white woman, and a black man all stood equidistant from the White House. Enter Sarah Palin. What the movie shows—and this reviewer has not read the book—is a side to Palin that is vulnerable and at times a victim. This might surprise Palin’s critics and give them a fresh take on a woman who quite literally stumbled into national politics. Generally, Palin is portrayed as the woman many Americans respect: an outspoken, charismatic leader who could potentially usher in a new generation of Republican leadership. Just before watching Game Change, I sat through many “documentaries” on Palin. I have to say, she may not have my vote, but she has my respect. And after watching this film, she might have a little more of yours as well. 2012 | check your local HBO listings
Mad Men | Season 5 on AMC
WATCH IT
review by Crescent Seward Set in the stylized 1960s New York advertising industry, this Emmy winning show has developed quite the following. The award winning ensemble cast transports the viewer effortlessly to a world of masculine business negotiations and the art of the sale. The series depicts authentic 1960s roles between men and women in the workforce, along with struggles of family values, and the challenge of business in a rapidly changing era. “This is why I don’t allow crying in the breakroom. It erodes morale. There are places to do that, like your apartment,” says the Director of Agency Operations, Joan Harris, in an episode. The best takeaway from watching is the fundamental human nature of business, the subtle social commentary, and writing that requires deeper contemplation rather than your standard TV drama. 2012 | Sundays 10:00 PST
LISA HENRY-WEAVER Jane Henry Realtors, Inc.
Residential REO/Foreclosure Specialists
LISA HENRY-WEAVER Broker/Owner LWLISA@aol.com Direct: (972) 839-7227 Office: (972) 442-7575
Working Mothers Edition Download these apps to any smartphone or tablet device. They can help you and your staff stay better connected, work more efficiently, and manage your family. Available on iTunes or Google Play.
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(972) 839 –7227
ing mother’s dream. You can search recipes, create shopping lists that are helpful in-store, and follow stove-side directions. One fun feature is entering in a specific food item you already have on hand, like broccoli, then get a plethora of broccoli recipes. FREE
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GOOGLE TRANSLATE This app includes translations for over 60 languages and can be helpful for communicating with clients that speak other languages. You can say the phrase into the phone and hear the translated version, or opt for the text version. FREE CARDSTAR A great way to lighten the weight of your purse and store all membership and rewards cards. You are able to redeem coupons, deals and special offers from your favorite retailers—all in one place. Scan each card into the application and have all cards with you at all times. FREE SCANBIZCARDS This amazing application is worth the price. It scans business cards not only into the application, but you can choose to have the information go into your phone contacts and/or an excel spreadsheet. A working mother on the go can quickly begin a new business relationship, even while running errands. $6 WEBMD This application provides valuable knowledge about health for the fast-paced working mother. There’s sections like Symptom Check, Conditions, Drugs and Treatments, First Aid Essentials, Pill Identification, and a Local Listing search. FREE
Marlene Cerreta President/Designated Broker Marlene@Cerreta.net Certified women-owned brokerage Arizona State #5520 | DBE Certification | NAICS #531210
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www.CerretaTeam.com
*Pricing subject to change
BOARD OF DIRECTORS NOTES The second 2012 Board of Directors meeting reviewed major milestones achieved in the first quarter of 2012 thus far. Items on the agenda included:
• • • •
Release and reaction of the SHE logo, which represents Specialization in the Housing Economy. NAWRB is pushing the advancement of professional women deserving recognition in the business field. N Magazine has received positive feedback from well known icons such as: REALTOR Magazine Editor-in-Chief, HousingWire staff, Fannie Mae representatives, and VRM. Conference planning was addressed and the NAWRB effort to increase speaker diversity at industry conferences. The NAWRB Certification process was reviewed and discussed. #ReadySetCertify will be hosted at REO Expo, Friday June 15 from 8:30 am-11:00am for further assistance and certification education.
The next board meeting is scheduled for early May. If you have any suggestions for the association, would like to become more involved, or contact your Board Chair, please email info@NAWRB.com.
NAWRB APPOINTS ELIZABETH GOODCHILD TO BOARD OF DIRECTORS by Jackie Andoniu Chicago based Elizabeth Goodchild joins the NAWRB Board of Directors to manage the organization’s Northeast region. She will also take an advisory role for the organization’s N Magazine. A valuable asset to the NAWRB family, Goodchild offers over 10 years of real estate expertise and is recognized within her community as a top realtor. Goodchild started her women-owned brokerage, Weichert Realtors Goodchild Homes in 2008. She is also Minority and WomenOwned Certified by the Chicago Minority Supplier Development Council and National Women’s Business Enterprise. In the years prior to her real estate career, she was the CFO for Chicago Magazine for eight years, and held financial roles at Motorola and McDonald’s Corporation. She currently acts as adjunct for Lake Forest Graduate School of Management in courses like Financial Accounting and Leading a Sales Force Management. Goodchild is a mother to Grace (12) and twin boys Darien and Daniel (9), and proud wife to Weichert Broker Associate, David.
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MOVERS & SHAKERS
OM DSNEWS.C
Desirée Patno, President of NAWRB, NAWRB FOUNDER
ed Diversuifi Defa lt esents DS News Pr
LED MINORITY-IONS ORGANIZAT ING ARE HAV G DIN A RESOUNTHEIR IMPACT ON ITIES. COMMUN
ted ionately impac disproport es have s have been by foreclosur minority group of people affected lose their shown that as likely to majority Studies have than twice onsible . While the losure crisis ity borrowers are more to the Center for Resp 2008. by the forec 2004 and ts, according families, minor between their counterpar originated been white ers have lost Caucasian age loans American borrow 12 percent for white home as their sis of 27 million mortg n Africa and under analy of all Latino African ared with just Lending’s Latino and ly one-quarter sly delinquent, comp ted better than Approximate seriou nately impac have fared sure or are disproportio borrowers have been home to foreclo reports. Asian that they, too, the Center study found borrowers, has fallen below ers, but the tions. n Americans age origina American borrow rate for Africa share of mortg ownership just relative to their Freddie Mac, the home s found that to sure crisis. Housing Studie to foreclosure for r According foreclo the Cente of sity’s Joint as a result all homes lost these hard1990s levels Harvard Univer for more than a third of orhoods in report from nted that the neighb A separate s tracts accou chers note U.S. Censu , there academia resear 5 percent of communities and 2011. The ity. families and that are nately minor between 2008 to minority our industry are disproportio especially unforgiving ca. anies within Ameri hit markets comp in s been and has izations all homeowner all While this crisis of minority-led organ ities, but for wnership to faction ot just for minor the opportunity of homeo sses for the future. is a sizeable damage—n g to expand mitigate the and their busine under age also workin working to themselves tly ry leaders are positioning —those curren These indust they do, they’re ation of homebuyers ers, and as gener s and qualified borrow says among the next ity trade group or Hispanic. industry’s minor minority- and Freddie Mac will be Asian look at the the one in four ry. as some of take a closer indust well we , ing as 44—about servic next few pages as for the coming year, the default Within the place within agend g out their e got on their that are carvin what they’v ed companies women-own
/CEO:
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Desiré
e Patno
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MELCO INCORP ORATED AND LSTATE ISLANSEL D PROPER TIES
ONLIN
It’s a man’s world? Women VENDOR REO Broke Nah, not if the the brainc rages (NAW National Assoc RESOUR hild of Desir iation of RB) has years in any say ée Patno MANAG CE the indus try, a decad , who has spent in it. NAWRB owner. EMENT is When she more than e of that first got no quest as a woma FOUNDER FOUNDER 20 into real ion: It : Keith : Melva n busin Murray Wagner FOUNDER HEADQUA ess “Even back was a male-domin estate in the » : Plano » RTERS: 1990s, there then, as ated world VRMco.com , Texas » MelcoIncorpKey West, Florid break that was . shell eventu the S&L crisis a » SellstateIsl orated.com, was unfold forefront andPropert of this indust ally and help to ing, I knew “The push wome was right ies.com solution that I’d to get wome ry,” Patno says. to the crisis Melva Wagn starts with “I told mysel n leaders to the n busine That time er says ss owner f that when is now, accor always realization value.” That’s she push this s knew involv the the ding to Patno time that prom ed, I’d know she wante year to be an estate broke pted help busine is to effect a d . She says it.” entreprene change r and licens real sses of 1995, that appraiser ur. in the indust NAWRB’s big all types, to insula ed aspiration In Keith te thems ry—a chang no matte Murray form with found Vendo took elves from r what sex and rocky e that will to the what is road Melco Incor founding of Manageme r Resource almost certai or race the owner The gover ahead. porated, , nt (VRM n to be an nment’s business with the ) in 2005 issues still uncertain newest consulting a small goal of solution vexing consu achieving It wasn highest for tacklin the Feder ’t until 1997 firm. possible the mers g the myriad al Housi Wagner recovery when rates for ng Admin is to turn REOs primary housin obtain clients. held by istration concern g estate licens ed her real the GSEs into rental with the Murray how partic and took that units. ipating invest government’s focus shifte e that Melco Freddie ners. “We REO-to-rent Patno says her ’s Mac in 2006 idea to ors will take d to real want to al propo the succe estate. to divers and was In 2006, make the minor sal is ssful bidde ifying their ity and wome sure whoever Island PropeWagner started service r on an REO business gets this Federal contract n aspec partHousing pot…that t,” Patno with the Island Prope rties, now Sellsta Freddie Finance they includ the initiati GSE. says. She Mac te Agency’s rties, and ve reflects e awarded VRM’s principremains one of (FHFA) latest notes that the was Request elements her first for Inform al announcem of NAWR distressed property When emba clients. ation last B’s respo listing FHFA direct nse to the ent on rking on had 50 listing . By 2007, she project for s prospectivefall. Section its first agency’s Freddie 342 of the investors companies s. Wagner’s two Mac in 2006, VRM’s total Dodd in gover and servic worke staff nment contra -Frank Act, e provid d in tande was with Melco the comp which ers to review cts and m, “If the gover any is 300-p13. Today, handling procuremen outlines divers manageme prope with both nment is ity inclus ness should t. putting GSEs and lus strong, nt and prope rty ion go a ervatio target vicers to wome major serrty preswhy financia n. on how as clients much , and expan l institutions n-owned comp service When defau same or anies, there’s of their busiofferin ded and higher,” lt invent began to short sales, gs that includ no reaso according outsourcers should ory NAWRB. decrease, e n to Cade she knew Wagner valuation as well as REO Holleman, n’t be targeting says “The federa and she had services the executive to divers to surviv for the commercial l governmen director “And that ify e. She real estate of t sets a model should small busine used her 8(a) sector. great Even with broker or its broad vendor servic translate to our example,” Hollem secure contrass certification footprint, the divers an industry to VRM contin er service cts with easily, wheth adds. e categories es. We would Navy and evolve its ues to like to relate to er outlined Homeland the U.S. core the REO-t in the Dodd see specific goals it’s provide owned dispos business of bankSecurity o-rental facility Holleman set for -Frank legisla to proposal.” maintenance management points out pany recen itions. The comtion as they the federa and tly launch l governmen that it’s been asked about services. When mentor ed an REO women-own t has implem 10 years in the progra diversity, that she’s making, repossesse m that repurp ented a the fact represented ed small busine but a oses contra woma d sses cting n or a minor doesn’t properties, homes as rental American . Real estate agent in industries where program for come ity but gives Industry s and broke it’s all about to mind; she they are option of tenants Classification have made says underrs—denote purchasing the that list. business. diversity in one’s System down the d by the the home (NAICS) “It’s not North road. code of just about “Most of Cheryl Crawf 531210— Holleman says, “it’s woman ownership ord, SVP a lot of time us have invested operations, real estate about wome of in a single and mone says the services. real estate building is lookin company y into industry The gover n business owner our g to niche,” to provid nment has ship default servicbusiness on the in the rental get more involv e a new owned busine specifically in specialized ed avenue es side, are plenty sses.” to increa targeted such functio space by offerin but there se the utiliza our g of other little niches within our and mainte ns as rent collec tion of wome industry tion nance n, to revenue,” as property generate she says. manageme well as advice to Wagner’s its nation nt throug other wome wide h minority-ow estate profes network of real nned comp and sionals. to divers anies is ify to market chang accommodate es.
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is awarded Enterprising Women of the Year due to her persistent expansion of her company during such an uncertain economic climate. Goodchild’s appointment to the Board of Directors was also recognized in this article.
ROBO-SIGNING SETTLEMENT MAY BOOST SHORT SALES NAWRB Executive Director, Cade Holleman, is quoted about diversifying to stay afloat in Inman News. The article summarizes the government’s $25 billion settlement with the nation’s top mortgage servicers.
WIPP NAWRB partnered with Women Impacting Public Policy (WIPP) to applaud the pending introduction of
DIVERSIFIED DEFAULT NAWRB is recognized in DS News`
Fairness in Women Contracting Act.
led organizations who are making
WOMEN’S COUNCIL OF REALTORS
an impact in local communities
On April 16, Patno joined Women’s
across the nation. Board chair Melva
Council of Realtors’ San Fernando
Wagner’s company Melco, Inc. is
Valley, CA Chapter for a Women in REO
also featured alongside NAWRB as
Panel. Stephanie Vitacco and Summer
“having to diversify to survive.” NAWRB
Sepulveda spoke with Patno, sharing
was selected as one of four trade
ideas and business development tools
assocations to be featured in the issue.
with chapter members at the Monthly
March print issue highlighting minority-
Business Resource Meeting. Patno
PEOPLE MOVERS The March print issue of HousingWire covered Goodchild’s appointment to the NAWRB board of directors.
shared specific information about NAWRB’s women-owned business certification and how to grow and diversify REO businesses in today’s market.
ENTERPRISING WOMEN Patno accepted the Enterprising Women of the Year Award March 12–13 in Fort Lauderdale, FL.
HILL VISIT Executive Director Cade Holleman and Government Relations Chair Melva Wagner participated in the ASAE Power of A conference and met with elected officials to share NAWRB’s agenda.
REOMAC At REOMAC, the Annual Educational Summit, Patno spoke at the breakout session on the effects of renting versus homeownership in the industry. NAWRB also held a #WomenBizOwners networking event, Salon Day.
Ncrowd If your REO inventory does not recover to previous levels, what is your plan to move your business forward and stay profitable in the mortgage default business?
Join the Ncrowd A series of questions sent to members via the NAWRB Newsroom. To be considered for publication in the Ncrowd, members in good standing should respond with creative solutions they’ve used to better manage their businesses, families, and selves. To find out the next issue’s questions, email Nmag@NAWRB.com.
From short sale negotiation to REO disposition to property management or preservation, what skill is the most important common denominator when moving from service to service?
TANIA LEIDER Working more with investors, traditional buyers, attorneys for estate sales, short
GLORIA JACKSON The most important
sales, out of state buyers, property management, and
common denominator in any facet of our business is
commercial are all viable options. Diversification is
communication. It’s crucial to keep our clients informed
difficult as each segment requires a different set of
and ask the right questions so that you can anticipate
systems and experience in order to be profitable.
issues and proactively head them off before it becomes a big problem.
BRANDY GAISER
We want to not only survive,
but thrive! I opened a Short Sale Department and am
CAROL KEMP While one needs to be assertive in
working on a Property Management Department to
the sale and negotiation of real estate, we have found
diversify and protect myself against any lulls in REO.
that in REO it is important to change our demeanor a bit and be more receptive to the tasks at hand and
GLORIA JACKSON
We have been doing short
proceed with caution versus full speed ahead.
sales for a couple of years and have a lot of experience and contacts in the industry. We will contact smaller
BRANDY GAISER
local banks and offer our services, advertise to hom-
when offering a multitude of services under one roof.
eowners who need to sell, and negotiate short sales.
You have to not only learn as much as you can about
Flexibility is a needed skill
the services you are offering, but you have to be better
CAROL KEMP
Since the robo-signing issue
than the next guy.
settlement, we have noticed an increase in the number of assets being assigned to our firm. This being said,
TANIA LEIDER
we never gave up on our general line of real estate or
is headed and getting there just in time. If you are too
our new home sales.
early, holding and development costs will eat you up. If
Recognizing where the market
you are too late, everyone is already sitting down while you are trying to figure out what seat is left for you.
Tania Leider Broker/Owner, Fire, Inc. ccim@fire-reo.com
Gloria Jackson Broker, EXIT Realty associates gloriahjackson@yahoo.com
Carol Kemp Broker/Owner, Kemp Real Estate, Inc. carolkemp@aol.com
Brandy Gaiser Broker/Owner, Giving Tree Realty brandy@givingtreerealty.com
38 | N Magazine
Women are 12% of Governors 17% of Congress 24% of State Legislators Don't get mad. Get elected. The 2012 Project is a national, non-partisan campaign of the Center for American Women and Politics (CAWP) to increase the number of women in Congress and state legislatures by taking advantage of the once-in-a-decade opportunities of 2012. What not you? Why not now? http://the2012project.us
Contributed Article
WE ARE NOT AMUSED By Ann Sullivan, President of Madison Services Group and head of Government Relations for Women Impacting Public Policy (WIPP), the nation’s largest women business owners policy group. #TalkToUs2012
Those of us who are involved in advocating for the There is simply nothing funny about trivializing success of women-owned businesses are used to the women and telling them to sit down and shut up. And challenges that come with running a successful business. for those women who have chosen to take their families’ Access to credit, complicated taxes, high healthcare costs, economic well being into their own hands by running employing a talented workforce in a down economy – a business, this attitude is nothing short of distressing. these challenges require strong women who are eternally But it may explain why women business owners have optimistic. We are responsible for meeting a payroll and to make many attempts at finding financing for their running a profitable business –no one else holds that businesses before finding operating or growth capital. It responsibility for our businesses. may explain why the government awards less than 5% Women business owners follow economic news and of all of its contracts to women-owned businesses. It economic policy. The changes we seek have to do with might explain why, until recently prohibited by law, our business. We leave the social debates to someone else. insurance rates were higher. Although we certainly have opinions about social issues, Almost as upsetting, is that the political parties are we unite behind a business agenda and push for changes having a heyday at our expense. The partisan emails, that affect the bottom line. A key element from both parties, are trying to exploit of being effective is being bipartisan or this nasty name calling to garner our nonpartisan, if you include independents. “IT’S TIME TO votes. This is an example of how vitriolic The ability to work across party lines to SPEAK UP AND the partisanship has invaded the Nation’s achieve legislative results is a hallmark IT’S TIME TO Capital and state legislatures. It is a byof women’s business organizations, such GET ACTIVE.” product of the political atmosphere where as Women Impacting Public Policy and anything is fair game. The breakdown organizations that join together under a in respect for differing opinions allows common policy umbrella. ignorance and bias to thrive. This year, however, the climate But there is a way to fix this. We changed for women in this country and, can start by electing more women to the looking back, it has been in the works for U.S. House and Senate and in the State some time. Gender bias is shockingly accepted in the Capitals. We can insist that the media refrain from media and political discussions in this country. If our perpetuating gender bias, and we can refuse to support daughters voice their opinions about their health, some companies that sponsor those who perpetuate it. We in the media feel completely free to call them names. can band together in large coalitions to demand a stop to And then the apologies, which are certain to follow, the insults without being beholden to any political party. say the comments were a poor attempt at humor. In There is a direct connection between how society politics, some suggest that women are incapable of views women and the success of women business owners. making decisions about their health care while others Gender bias affects us at all levels—whether we are in politics suggest that women should be making these trying to secure a loan, buy a property, get a contract or decisions alone—without their partners. Gender bias, buy insurance. How can women business owners expect which we felt certain was at least a generation behind to get a seat at the economic table if they aren’t afforded us, has crept into state legislature discussions under the the respect that they should come to expect? guise of talking about reproductive choice. It’s time to speak up and it’s time to get active. It feels like everyone is talking about us but no one is talking to us.
40 | N Magazine
ABOUT NAWRB
Overview NAWRB is the premier women’s trade group specializing in the housing economy. As the only provider of women-owned business certification specific to real estate, NAWRB is dedicated solely to the promotion of underrepresented women-owned businesses.
FOR WOMEN-OWNED BUSINESSES
Gold Certified
If you’re a woman business owner of a company performing work in housing economy, join and become a Gold Certifed member of NAWRB. Women-owned business certification is one of the most advantageous marketing tools women business owners can have in today’s competitive market. Gold Certified members of NAWRB receive direct referrals on short sale and REO listings, as well as the daily NAWRB Newsroom, access to the monthly Call4All, and standing invitations to every #WomenBizOwners Working Event.
FOR INDIVIDUAL WOMEN
Women with Access
If you’re a woman working in the housing economy in any capacity, become a Woman with Access. Women with Access are individual women with access to the daily NAWRB Newsroom, limited Call4All teleconferences, tiered pricing on
#WomenBizOwners Working Events, and discounts on other events, conferences, and industry publications.
Cade Holleman Executive Director
Crescent Seward Communications Coordinator
Patricia de Santos Education & Community Enhancement
Jackie Andoniu Media & Member Specialist
DesirĂŠe Patno National President
Melva Wagner Government Relations
Vincent Forsang Visual Communications Coordinator
Heidi Robinson Membership & Events
Elizabeth Goodchild Certification & N Magazine
Alex Hernandez Membership Coordinator
N CONC LUSION
THE MOTHER OF ALL SETTLEMENTS? THAT’S WHAT’S MOST IMPORTANT: CURING AMERICA’S HOUSING ECONOMY.
Negotiating the National Mortgage Settlement was sort of like running into that lady who seems to have been pregnant for 47 months. It was endless. And when it finally came, well, there it was. Not joyous like the birth of a baby, not relief that our government finally punished those responsible for the crisis because that’s not what the settlement was about. The settlement, at the end of the day, was about paperwork. Did servicers appropriately handle foreclosure-related paperwork when processing tens of thousands of cases? No. That issue is clear, it’s been settled, and now it’s clear that the huge number negotiated is actually a pretty sweet deal for the servicers; but all that has been hashed time and again in the media. While 26 billion sounds like a number that could put a dent in our housing crisis, in reality it will have an impact akin to the Neighborhood Stabilization Program (the community approach) and the Making Home Affordable program (the mortgage-by-mortgage approach); it’s too targeted, excludes too many needy homeowners, and yet again pushes back the day of reckoning for America’s housing economy. A market correction is still not within our grasp, even after NSP, MHA, and this year’s settlement. Think about that: this year’s settlement. It was March 2008 when Bear Stearns collapsed, marking the beginning of the end. Kudos to state Attorneys General for showing an impressive mandate in working together and getting the job done (minus Oklahoma). Admittedly, the housing crisis has proven a cunning foe for our government. And it’s easy to forget that fighting any epidemic requires a series of trial and error before the right cure is found. And that’s what’s most important: curing America’s housing economy.