Mortgage

Mortgage
Congressman Ed Royce

Royce Questions Chair Yellen on Financial System Safety and Soundness

U.S. Representative Ed Royce (R-CA) questioned Chair of the Federal Reserve Board of Governors Janet Yellen on bolstering the safety and soundness of the U.S. financial system through the CHOICE Act and housing finance reform during a House Financial Services Committee hearing entitled "Monetary Policy and the State of the Economy."
Ron Penir-OpesAdvisors

Opes Advisors named Top Purchase Lender in San Luis Obispo County for second consecutive...

Real Estate Market Reports named Opes Advisors as San Luis Obispo County’s leading purchase lender for 2016. The company handled a total of 282 home purchases and 201 refinances last year, placing it in the top spot among local lenders for the second consecutive year

California REALTORS® call on HUD and new Administration to make reinstatement of FHA insurance...

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will indefinitely suspend a recently announced cut in its annual mortgage insurance premium

FOIA Request Seeks Data on Reverse Mortgage Foreclosures at Steve Mnuchin’s Former Bank

Earlier today, two nonprofit groups submitted a Freedom of Information Act (FOIA) request about reverse mortgage foreclosures conducted against seniors by Financial Freedom, a reverse mortgage servicer previously owned by Steven Mnuchin, who has been nominated for the United States Treasury Secretary position by President Elect Trump.

Financial Services Members Move the Needle Forward on Housing Finance Reform

Thursday, two bills were introduced by a bipartisan group of members on the House Financial Services Committee to lay the groundwork for housing finance reform next Congress -- H.R. 6500, the Moving Housing Forward Act, introduced by Congressmen John K. Delaney (D-MD), John Carney (D-DE), and Jim Himes (D-CT) and H.R. 6487, the Taxpayer Protections and Market Access for Mortgage Finance Actintroduced by Congressman Ed Royce (R-CA) and Congresswoman Gwen Moore (D-WI). Both proposals seek to address issues in housing finance through pilot programs at Fannie Mae and Freddie Mac.

Reps. Huffman & Thompson Applaud Obama Administration’s “Clean Energy Savings for All Americans Initiative”

its bold new announcement of a cross government partnership, the “Clean Energy Savings for All Americans Initiative,” which includes an expansion of Property Assessed Clean Energy (PACE) programs. This administrative action comes after Reps. Huffman and Thompson urged the Department of Veterans Affairs to enable veterans to receive VA-secured home loans to take advantage of PACE programs.

California Housing Advocates Respond to CFPB’s Final Mortgage Servicing Rules

The Consumer Financial Protection Bureau released its finalmortgage servicing rule today, with stronger protections to prevent unnecessary foreclosures on successors-in-interest, more commonly known as “widow foreclosures.”

Attorney General Kamala D. Harris Announces Arrests and Indictments by California Department of Justice...

Attorney General Kamala D. Harris announced that six individuals were indicted and arrested on 135 felony charges for operating a mortgage fraud scheme throughout Southern California and the Inland Empire, preying on homeowners facing foreclosure. The case is being prosecuted by attorneys in the Attorney General’s Mortgage Fraud Strike Force, created by Harris in 2011 to prosecute mortgage fraud at every step of the process

CBRE’s Philip D. Voorhees and NRIG-West Team Complete Sale of High Quality Retail Center...

CBRE Executive Vice President Philip D. Voorhees and Jimmy Slusher announced today that the National Retail Investment Group – West (NRIG-West) team completed the sale of The Terrace, a two-level, 39,634-square-foot shopping center with structured parking in the city of Newbury Park, Calif. Leased to a complementary mix of 12 restaurant, retail and athletic-focused uses, tenants at The Terrace include: Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports, Bottle and Pint, and others.

SB 1150 Passes Senate Hurdle After Dramatic Turnaround

Senate Bill 1150, a bill to protect widows, widowers and other heirs from unnecessary foreclosures, passed a key hurdle today when it was voted out of the Senate on a vote that was not without drama. Amidst intense industry lobbying pressure and after appearing to go down to defeat for failing to secure sufficient votes yesterday, the bill secured the needed 21 votes today.

Five-Year Commitment from Arch Capital Group Provides Support to Opens Doors for Expansion into...

The Mortgage Bankers Association Opens Doors Foundation (MBA Open Doors) today announced that it is expanding into California in the coming months, thanks to a generous ongoing contribution from Arch Capital Group (U.S.) Inc. (Arch Capital), a parent company of Arch Mortgage Insurance Company (Arch MI).
Congressman Ed Royce

Royce Discusses Housing Finance Reform at Milken Conference

U.S. Representative Ed Royce (R-Calif.) participated in a panel discussion entitled "How To Restart the Private Market for Mortgage Credit" during the Milken Institute Global Conference.

New Data Reveals: CIT Group’s Financial Freedom is Responsible for Nearly 40% of HECM...

Earlier today, the California Reinvestment Coalition called on the Department of Housing and Urban Development (HUD) to impose a moratorium on any additional reverse mortgage foreclosures by CIT Group and its subsidiary, Financial Freedom. The call for a moratorium is based in part on new data (see fact sheet here) that CRC obtained from HUD, indicating that Financial Freedom/CIT Group’s share of reverse mortgage foreclosures (39%) since April 2009 is more than two times greater than the company’s estimated market share (17%).

Two California Residents Admit Participating in Mortgage Loan Modification Scheme

Deirdre M. Daly, United States Attorney for the District of Connecticut, today announced that MEHDI MOAREFIAN, a.k.a. “Michael Miller,” 36, and DANIEL SHIAU, a.k.a. “Scott Decker,” 30, both of Irvine, Calif., pleaded guilty yesterday in Bridgeport federal court to conspiring to defraud homeowners across the United States who were seeking mortgage loan modifications

Attorney General Kamala D. Harris Reaches $470 Million Joint State-Federal Settlement with HSBC to...

Today Attorney General Kamala D. Harris announced that California will join the U.S. Department of Justice, Department of Housing and Urban Development, and 48 other states in entering into a consent judgment with mortgage lender and servicer HSBC over its faulty mortgage servicing practices. This ruling will address mortgage origination, servicing, and foreclosure abuses perpetuated by HSBC.

California Housing Finance Agency Celebrates 40 Years of Lending with a Purpose

The California Housing Finance Agency (CalHFA) is celebrating four decades of partnering, promoting and preserving safe, affordable housing for Californians. Hundreds of thousands of residents have benefited from its programs and products, and CalHFA is poised to open up opportunities to even more through its commitment to lending with a purpose.

Rep. Peters Continues Push to Make College More Affordable for Millions of American Families

U.S. Congressman Scott Peters (CA-52) introduced the Federal Student Loan Refinancing Act. The bill directs the Secretary of Education to automatically lower all federal student loans to 4 percent – which is near the current 30-year mortgage rate

California Third Appellate District Court Finds in MERS’ Favor

MERSCORP Holdings, Inc. today announced that the Court of Appeal of California for the Third Appellate District affirmed the demurrer granted by the California Superior Court, Nevada County

Community Organizations Respond to First Republic Bank’s New Policy to Stop Financing Displacement Mortgages

In response to a new policy announced by First Republic Bank to stop financing so-called “displacement mortgages," 11 local community organizations released this statement today. We commend First Republic Bank for boldly acknowledging the significance of displacement mortgages in the housing displacement crisis that is occurring in San Francisco.

Seven New and Affordable Habitat for Humanity of Greater Los Angeles Homes Completed in...

Habitat for Humanity of Greater Los Angeles (Habitat LA) will dedicate a seven home development, located at 3305 Magnolia Ave, in Lynwood, CA on Saturday, August 29. The seven partner homebuyer families have contributed hundreds of sweat equity hours toward the building of their homes and will pay back a monthly interest free mortgage. The dedication will take place from 11am to 1pm and will celebrate hundreds of hours of hard work and the fulfillment of a lifelong dream for these seven hardworking, low-income families

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Attorney General Becerra Intervenes in Lawsuit To Defend Energy Efficiency Standards

Building on his recent actions to protect federal energy efficiency standards, California Attorney General Xavier Becerra, with the California Energy Commission and six Attorneys General, filed a motion late yesterday to intervene in a lawsuit in order to defend energy saving light bulb regulations. In March, the National Electrical Manufacturers Association (NEMA) filed a lawsuit against the U.S. Department of Energy (DOE) challenging energy efficiency regulations for lamps (light bulbs).

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SolanaBeach_Beachwalk

CBRE National Retail Partners West Completes Sale of BeachWalk in Solana...

CBRE’s John Read announced that his National Retail Partners – West (NRP-West) team along with Reg Kobzi in CBRE’s San Diego office completed the sale of BeachWalk, a 54,973 square-foot coastal retail center in the city of Solana Beach, Calif. Situated along Highway 101, the property is steps to the Pacific Ocean, walking distance to the Cedros Design District and Amtrak Train Station, and less than a mile from the world famous Del Mar Fairgrounds, site of the Del Mar Racetrack. The sale price was $33.25 million. More...