California Housing Finance Agency 2011-2012 ANNUAL REPORT

SINGLE FAMILY PROGRAMS

 

Portfolio Management And Mortgage Insurance

The Portfolio Management division works with outside servicers and oversees the maintenance, preparation for market and sale of properties. The division reaches out to mortgage servicers to encourage loan modifications for financially- strapped families and make them aware of their options. When families cannot keep their homes for financial reasons, the division works with its partners to resolve claims issues.

California Housing Finance Agency

FORESTHILL BRIDGE

The Foresthill Bridge is the highest bridge in California and the 4th highest in the US. Opened in 1973, the bridge spans the North Fork of the American River in the Sierra Nevada foothills, standing 731 feet above the riverbed.

Accomplishments - Portfolio Management and Mortgage Insurance

Mortgage Insurance and Portfolio Management:

  • Processed 1,059 new REOs for the fiscal year, a 32 percent decrease from a year ago
  • Sold 1,651 REOs, a 4 percent increase from a year ago
  • Dramatically reduced REO inventory to 309, a 65 percent decline compared to a year ago
  • CalHFA Multifamily inspectors reviewed and inspected repair and rehab work that was completed on properties, allowing the REO Manager to focus on marketing and closing sales