was in substance no different, but respected the
FHFA's proposal would establish a framework for conservatorship and receivership
operations for Fannie Mae, Freddie Mac and the Federal Home Loan Banks, under the Housing and Economic Recovery Act of 2008 (HERA).
I quickly learned a receivership
is the by-product of a civil lawsuit.
The number of firms going into receivership
also rose in the first six months of this year, with receivers appointed to 118 companies.
necessarily contemplate a broad array of powers for the receiver's disposal.
After a receivership
is set up for a particular association, "any unit that goes into foreclosure that has a renter in it is automatically included under the umbrella...on behalf of the association," said Ken Arnold, David Arnold's son and the founder of Association Financial, which manages accounts receivables for condo and homeowner associations.
The manager's time may be spent dealing with emergency issues for the first week or two, says Bill Hoffman, President, Trigild, which provides receivership
, management and disposition services for lenders with distressed properties.
"A bank trying to recover lost assets will appoint a surveyor, which shows up as a receivership
. We have all known for some time that the property and construction sector has been badly hit by the downturn and these figures are evidence of that."
"Following the demise of administrative receiverships
under the Enterprise Act 2002, receiverships
under the Law of Property Act are proving highly effective as a method of enforcing security held by mortgagees and as a result are becoming increasingly popular," he said.
are administered not by professional, licensed insolvency practitioners, as is the ease in the United Kingdom and many other countries, but by an individual selected by the insurance commissioner who may or may not be experienced in receivership
and insurance matters.
at housing authorities have generally resulted from long-standing, severe, and persistent management problems that led to deterioration of the housing stock.
are statutorily permitted in a host of factual situations including real estate, business entity dissolutions, and consumer protection.