Realtor Association of Greater Miami and the Beaches and

GREATER MIAMI CHAMBER Launch Landmark Program

MIAMI, FL, May 5, 2010 -- The Greater Miami Chamber of Commerce in partnership with the Realtor Association of Greater Miami and the Beaches (RAMB) is proud to announce ShortSaleSolutions, a landmark national pilot program designed to expedite and improve the short sale process in South Florida and markets across the country that are suffering the unnecessary consequences of prolonged and bureaucratic short sales.

 “In South Florida, we have a huge number of potential short sales that don’t close or end up in foreclosure despite strong demand from qualified buyers,” said Terri Bersach, 2010 RAMB Chairman of the Board.  “We see instances where buyers make offers and wait months to hear back from lenders and simply move on.  This inactivity and inefficiency represent significant impediments to the South Florida real estate market and markets across the U.S. with a prevalence of upside down mortgages.  We are excited about bringing ShortSaleSolutions to lenders and loan servicers and ultimately to Realtors and their clients in order to rid the local market of failed short sales and to reduce foreclosures.”

ShortSaleSolutions will shorten the processing time for short sales, reduce staff time, decrease the number of expensive foreclosures, and significantly improve the South Florida real estate market.  Participating lenders and servicers will receive significant benefits, promotion, exposure and results.  Realtors and homeowners will benefit from quicker sales and the prevention of potential foreclosures that are typically more detrimental on both a financial and a personal level.  Once many of these short sale transactions are handled in an expeditious manner, the causes of many current foreclosures will be eliminated.

“South Florida has been ground zero for the real estate industry in the past few years,” said Barry E. Johnson, president/CEO of the Greater Miami Chamber of Commerce. “The depreciation of home values is having a tremendous affect on homeowners and our greater community, so we appreciate the work of RAMB and are proud to partner with them to curb the number of foreclosures in our region.”

The participation of banks is critical to the success of the program.  Ocean Bank and Coldwell Bank are among those who are committed to the ShortSaleSolutions program.

“The ShortSaleSolutions program created by RAMB could make a significant difference in improving the housing situation in the South Florida market,” said Juan Jaureguizar, Vice President and Servicing Manager, Residential Mortgage Department at Ocean Bank and member of the Greater Miami Chamber of Commerce.   “Ocean Bank is excited about the opportunity to participate in this program.”

“We believe we can establish a plan of action which will provide all parties to the transaction with an opportunity to create higher efficiencies and a better result for our customers and the professionals that serve them,” said Charles Richardson, Coldwell Banker Regional Senior Vice President of Southeast Florida.  “From a financial perspective, everybody will win if we all work together.”

For information, contact Marina Foglia at 305-577-5464 or mfoglia@miamichamber.com.

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About the Greater Miami Chamber of Commerce

The Greater Miami Chamber of Commerce is an association of businesses and professions representing more than 400,000 employees, organized to create economic progress in Miami-Dade County. To carry out its mission, the Chamber serves as the voice of business enterprise and involves the private sector in community leadership. For more than a century, the Chamber has been widely recognized and respected for its extraordinary record of economic development and community improvement. The Greater Miami Chamber is an activist chamber. Its program of work is organized in five areas: Advocacy, Domestic Business Development, International Business Development, Leadership Programs and Marketing & Member Services. The Chamber holds the license to the Miami Free Trade Zone, Inc. and is nationally recognized as one of the Top 10 Executive Speaking Forums in America. Visit www.MiamiChamber.com.

About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida.  Comprised of three organizations, the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches, RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.  RAMB’s official Web site is www.miamire.com.