The Federal Reserve Board has amended Regulation Z, which implements the Truth in Lending Act and Home Ownership Equity Protection Act, with new policies for how loan originators may be compensated. Effective April 1, 2011, all loan originators will no longer be able to receive compensation based on the interest rate or other loan terms,… CONTINUE
Greed is Good? NOT. Foreclosure Fraud arrests!
The FBI has launched a massive foreclosure fraud campaign in northern California arresting dozens. Plea bargains and guilty plead abound. Here’s a report from the SF Chronicle. http://www.sfgate.com/cgi-bin/article/article?f=/c/a/2011/02/04/MN3F1HIV4H.DTL#license-/c/a/2011/02/04/MN3F1HIV4H.DTL What is is all about? Greed. The “professional bidders” get together, and agree among themselves as to who will bid on any particular property. Then, later, they… CONTINUE
The MERS Mess – Continued…
The California court of appeal has spoken! No more of the nonsense about MERS not having the ‘right’ to foreclose because it doesn’t hold the note. In Gomes v. Countrywide Home Loans (decided last week) the court ruled that California’s Civil Code relating to non-judicial foreclosures, which specifically allows ‘an agent of the beneficiary’ to… CONTINUE
The Ups or Downs of Foreclosures…
One recent blogger commented: “All the news you have heard this last month does not bode well for those trying to foreclose on poor home owners. Foreclosure levels have dropped tremendously. And the housing market reacts. “This may or may not be good news based on how you view it. For one, the banks are… CONTINUE
Markets Up or Down?
“There is no consistency,” says Lawrence Yun, chief economist of the National Association of Realtors. “In one quarter, a market may see a price increase and the next quarter a price decrease.” I guess what you’ve been feeling in California is being felt all over the Nation.
The Banks are NOT your Friend
Here’s a story from one of our readers… “Seller listed home as a short sale for 240k and buyer offered 240k cash second lien of 30k was in agreement of short sale, first lien holder was not. Home was foreclosed. Listed for 240k sold for 232k. seller is now in collection from 2nd lien. Shouldn’t… CONTINUE
Be Smart About Social Networking to Sell Homes
According to the 2010 NAR Profile of Home Buyers and Sellers, 89% of home buyers used the Internet as one of the information sources in their home search process. So, it is no surprise then that today’s agents are eager to find new ways to reach out to consumers online. A recent REBAC member survey… CONTINUE
Short Sale Liability to Broker for Non-Disclosure?
We recently EZined about an October 2010 case where the court found liability for a listing broker for failure to disclose the transaction was a short sale. We disagreed with the court – which found liability. Not everyone agrees with us. For instance, Peter D from Ventura says: Quote: ”You are full of shit! Fraud… CONTINUE
All Kinds of Concern re: Disclosure of BPOs
In a recent EZine, we wrote that it was our opinion that BPOs (Broker Price Opinions) should be disclosed. What do you think?
Landlord Concessions Help CRE Recovery
Landlord concessions like giving tenants more time to make the rent and agreeing to subleases is helping the commercial real estate sector make a “modest improvement,” according to HousingWire.com. According to data from the latest National Association of Realtors’ Commercial Real Estate Index, subleasing remains high and lenders are more lenient in allowing for extra… CONTINUE
Short Sale Fraud Detector
CoreLogic has just introduced a new software program designed to catch real estate brokers and agents who commit short sale fraud by providing a low bid to lenders in order to get a second commission by flopping the property to a higher bidder. The new CoreLogic Short Sale Monitoring Solution is designed to help lenders… CONTINUE
Rising Trend: Buy & Bail
Buy and bail – where a homeowner buys a new house before his credit is trashed by walking away from the old one – is on the rise, according to a recent Bloomberg report. According to the article, those most likely to “buy and bail” have a large income and low debt, enabling them to… CONTINUE
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