Two Florida men were sentenced in federal court last week to prison terms for mortgage fraud and four more were added to another federal mortgage fraud indictment, including a banker and an attorney. From the Orlando Sentinel on those already sentenced: Richard Nanan, a former loss-mitigation negotiator with Taylor, Bean & Whitaker, was sentenced to… CONTINUE
A Good Dip?
The median price for California homes rose for the fourth consecutive month in February, according to a report released March 18 by MDA Dataquick. The report noted that the 11% increase in the year-over-year median price was due to a dip in foreclosures and an increase in sales of high-end properties. From the AP story… CONTINUE
Seeing Double
In an interview with CNBC this week, Meredith Whitney of the NY-based financial services advisory firm Meredith Whitney Advisory Group predicted that the housing market would face another downturn once government-backed programs fade away, causing a double-dip for the U.S. housing market: Government programs to support housing have been “murky” and when the modifications caused… CONTINUE
NAR Defends BPOs
Appraisers — who have seen their fees cut in half in recent years as a result of a mandated clearing house approach to appraisal assignments which was a knee jerk reaction by the Legislature resulting from lender fraud cases where the Bank insisted appraisers keep values inflated — are now protecting what is left of… CONTINUE
More on Fewer Foreclosures
The real estate community continues to be abuzz about the recent Mortgage Banker’s Association quarterly report on foreclosures for the end of the fourth quarter of 2009, which showed that fewer homeowners are falling behind on their loans. However, it also reported that the number of homeowners who have missed at least three payments kept… CONTINUE
947,000 HAMPy Campers
The Wall Street Journal reported this week on the HAMP ramp-up, noting that the number of households benefiting from the Home Affordable Modification Program (HAMP) was up 11% in January and that, overall, about 947,000 households have taken advantage of the government’s foreclosure prevention program. The article also noted the steps the Treasury is taking… CONTINUE
A Pony in the Pile
From the hallowed pages of the Washington Post came news this week that home equity is on the rise. Digging through the pile to find the pony, the Post reported on what it called “the least-publicized statistic” from Federal Reserve research on mortgage balances and home-value changes: According to the Fed’s most recent “flow of… CONTINUE
Tough (and Expensive) Talk
Real estate agents and talking on the phone while driving go together like milk and cookies. Just be sure California doesn’t turn it into sour milk! Look at these fines and think again about the cost of that hands-free cell phone headset: Drive using wireless phone not hands free, first offense: $148 Drive using wireless… CONTINUE
FHA Policy Update
The FHA has announced a number of policy changes “to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.” The FHA said it would take the following steps: Increase the mortgage insurance premium (MIP); Update the combination of FICO scores and down payments for new borrowers; Reduce… CONTINUE
New Laws Establish More Oversight for Mortgage Broker Activities
AB 260 – Effective Jan. 1, 2010: Tightens restrictions on mortgage brokers so they cannot steer borrowers to riskier, higher-interest loans when they qualify for less-expensive ones. Mortgage Broker Activities Restricted: Commencing January 1, 2010, a mortgage broker will be deemed a fiduciary with a duty to place the borrower’s economic interest above his or… CONTINUE
Don’t Mortgage Your Career by Being Ignorant of California’s New Real Estate Laws
Knowledge is power…and a powerful weapon that can be used against you in litigation if you don’t pay enough attention to the rules and regulations that govern California real estate transactions. Several new laws took effect while you were out celebrating the New Year or catching the bowl games…do you know what they are? We… CONTINUE
Slapp Happy
When are demand letters and other communications useable as a defense to a lawsuit? When your lawyer is really creative. Or not. A recent court of appeal decision held that correspondence from one partner to another in which the first partner tries to talk the second partner out of selling the second partner’s interest to… CONTINUE
