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FHFA Statement on HOA Super-Priority Lien Foreclosures

Updated 7/19/18: Bradley Arant Boult Cummings LLP published a blog authored by associates Stephen Parsley and R. Aaron Chastain titled Nevada Courts Provide Additional Guidance on HOA Super Priority Lien Law for Lenders.

Link to blog

Updated 3/23/18: The Washington Post published an article titled D.C. ruling offers good news for condo associations, bad news for banks.

Link to article

Updated 3/23/18: Bradley Arant Boult Cummings LLP published an article authored by attorney Alex McFall titled HOA Super-Priority Lien Law Preempted by Federal Statute.

Link to article

Updated 3/20/18: Riker Danzig Scherer Hyland & Perretti LLP posted a blog authored by attorneys Michael R. O’Donnell, Michael Crowley and Dylan Goetsch titled Washington D.C. Appellate Court Holds Foreclosure Of Condominium Lien Extinguished First Mortgage Despite Condominium Association’s Representations To The Contrary.

Link to blog

Updated 3/19/18: Bradley Arant Boult Cummings LLP published an article authored by attorneys Andrew J. Narod, Jon H. Patterson, R. Aaron Chastain and Thomas R. Lynch titled Is a Foreclosure Crisis Looming in Our Nation’s Capital?

Link to article

Updated 9/6/17: Maurice Wutscher LLP posted a blog by Ralph T. Wutscher titled FYI: 9th Cir Holds Federal Foreclosure Bar Preempts Nevada HOA Superpriority Statute.

Link to blog

Updated 8/29/17: Wolters Kluwer published an article authored by Richard A. Roth, J.D. titled Nevada Homeowner Association’s Superpriority Lien Doesn’t Trump FHFA’s Interest.

Link to article 

Updated 7/27/17: The Las Vegas Review-Journal published an article titled Nevada Supreme Court rulings favor HOAs.

Link to article

Updated 7/6/17: DS News published an article titled Homeowners Associations: The Robin Hood of Foreclosure.

Link to article

The Nevada Association of Realtors published a report titled Nevada’s Homeowners’ Association Super Priority Lien.

Link to report 

Updated 6/23/17: The Las Vegas Review-Journal published an article titled Nevada high court ruling involves foreclosed Henderson home.

Link to article

Investor Update
April 21, 2015

Title 12 United States Code Section 4617(j)(3) states that, while the Federal Housing Finance Agency acts as Conservator, “[no] property of the Agency shall be subject to levy, attachment, garnishment, foreclosure, or sale without the consent of the Agency.” This law precludes involuntary extinguishment of Fannie Mae or Freddie Mac liens while they are operating in conservatorships and preempts any state law that purports to allow holders of homeownership association (HOA) liens to extinguish a Fannie Mae or Freddie Mac lien, security interest, or other property interest.

As noted in our December 22, 2014 statement on certain super-priority liens, FHFA has an obligation to protect Fannie Mae’s and Freddie Mac’s rights, and will aggressively do so by bringing or supporting actions to contest HOA foreclosures that purport to extinguish Enterprise property interests in a manner that contravenes federal law. Consequently, FHFA confirms that it has not consented, and will not consent in the future, to the foreclosure or other extinguishment of any Fannie Mae or Freddie Mac lien or other property interest in connection with HOA foreclosures of super-priority liens.

12/22/2014:  Statement of the Federal Housing Finance Agency on Certain Super-Priority Liens                                    

Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consum??ers: Consumer Communications or (202) 649-3811?????

Source: FHFA

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties