FOR IMMEDIATE RELEASE

 
December 5, 2011

 
SEAN HESS OF ST. AUGUSTINE TEAM INVITED TO FEDERAL RESERVE EVENT

Sean Hess, Broker of St. Augustine Team Realty, recently attended the conference “Exploring Impediments to a Real Estate Recovery: A Policy Discussion” at the Federal Reserve in Atlanta.  The invitation-only event was sponsored by the Federal Reserve Bank’s Center for Real Estate Analytics.

Conference invitees included academics, economists, insurance industry and reinsurance industry executives, real estate executives, and commercial banking interests.  The day was spent giving participants a big picture look at obstacles to real estate recovery in the southeast.

“I think thing that might be a bright spot is policy servicer Ocwen’s ‘Shared-Equity Loan,’” Hess said.  “Essentially the bank writes down the principal on an underwater mortgage.  With the principle down to a much lower point, the loan becomes more manageable for the owner and will get back to a point where the owner can sell it faster.  If there are any profits at closing, the lender will share it as a condition for lowering the principle. 

“Ocwen says that homeowners using this program are very happy with it because it gives them hope of eventually being out from under an underwater mortgage, and a light at the end of the tunnel as to when they can move again.”

Sean Hess can be reached via email at Sean@StAugTeam.com or at (904) 386-8327.

Photo attached:  Sean Hess at the Federal Reserve