SAN DIEGO (CN) – A San Diego real estate agent was sentenced Monday to four years in prison for helping a drug dealer buy a $2 million house in the nation’s wealthiest community, federal prosecutors said. Marco Manuel Luis, 32, pleaded guilty to four counts of money laundering, including money derived from illegal activity, the… CONTINUE
Not timley reporting an E&O claim – Big OOPS !
We’ve talked about it many, many, times before. E&O Policies are “claims made and reported” policies. That means you have to report the claim within the policy period, or you lose coverage. Sometimes, you have even stricter deadlines. Like the one RE/Max Mega Group had. It required reporting within 30 days of receipt of a… CONTINUE
Banks Admit Under-Trained Staff in Foreclosure Crisis – SHOCKING!
JPMorgan, vowed to expand training after a review found that the mortgage-servicing unit “struggled to absorb rapid staffing growth and, in many cases, hired representatives with little or no home lending industry experience.” Bank of America, said compliance operations were understaffed as of midyear 2011 and that some people lacked the skills or stature needed… CONTINUE
Goodbye to Grubb & Ellis?
Gruss & Ellis filed Bankruptcy. Grubb & Ellis then sold itself to BGC, in a deal both think works for them, and G&E’s creditors. BGC bought most of G&E’s senior debt (at a discount…). Think of it like buying the note on a defaulted CRE loan; now you get to foreclose and own the property… CONTINUE
Mortgage Principal-Reductions Remain Only a Dream
The Federal Housing Finance Agency acknowledges its mandate to offer the maximum assistance posible to distressed homeowners. And, it conceds that principal reductions would provide much needed relief to negative equity homeowners. However, it maintains that current loss mitigation tools in use allow it to fulfill its laudable mission without resorting to principal reductions to eliminate… CONTINUE
Settlement – Schmettlement. It’s a Gift to the Banks
NOBODY seems to like the grand settlement reached yesterday between the various States attorneys general and “the Banks” – except, well, the Banks. One commentator said: “The bottom-line: This Settlement is only a drop in the bucket of the monetary relief that is truly needed to enable upside-down owners to keep their homes and get our… CONTINUE
Strategically Thinking … Strategic Defaults Makes Sense
The duty of all Americans to repay their mortgage debt as a moral imperative is an illusion created by lenders (and the collusive federal government) to shame homeowners into repayment. Notwithstanding this so-called moral duty, homeowners enjoy the same rights as governments and corporations to default on their debts when fundamentals tell them it is… CONTINUE
OOPS… National Associattion of Realtors overstates sales numbers
The National Association of Realtors (NAR) has admitted to grossly overstating its numbers of reported home sales over the first years of this Lesser Depression. After the trusted real estate data firm CoreLogic questioned the accuracy of NAR’s numbers, the real estate trade union took a second look and revised its reported home sales data… CONTINUE
Lenders Win Another Round on Condo Foreclosure – ALMOST
Just last week, in Harbour Vista, LLC v. HSBC Mortgage Services Inc., 2011 WL 6318525 (Cal.App. 4 Dist. 2011), the California Court of Appeal held that plaintiffs may not obtain default judgments in quiet title actions. But … (And the “But” is fascinating.) Harbour owned a ground lease under a condo complex. Julie Nugent purchased… CONTINUE
Plaintiff Able to state claim against lender for Truth in Lending Act (TILA) violations.
Shaterian v. Wells Fargo Bank, N.A. , (N.D.Cal.) January 11, 2012 A borrower stated a claim against a lender for violations of TILA disclosure requirements by alleging that the lender had failed to clearly and conspicuously disclose that payment schedules for an option adjustable rate mortgage (Option ARM) on the borrower’s residence were not based… CONTINUE
Cramdowns – or a Crock of Crap?
Representative Zoe Lofgren, a California Democrat, proposed securing meaningful principal write-downs for underwater homeowners by allowing a temporary reduction in the interest rates of those homeowners who file for bankruptcy. She presented the plan in a letter to President Barack Obama earlier this month and it was discussed by the Democratic lawmakers and FHFA’s acting… CONTINUE
Some real help for commercial property owners?
In a bold attempt to further energize the economic recovery, the federal government through the SBA 504 Loan Program has modified its debt refinance program to help small businesses facing imposing balloon payments. Imagine a scenario where you have a small business in a building you purchased in 2001 for $1 million, and for which… CONTINUE
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