Mortgage

Mortgage

Former President of Bay Area Home Builder Pleads Guilty to Mortgage Fraud Conspiracy

Ayman Shahid, 39, of Danville, California, the former president of Discovery Sales Inc. (DSI), pleaded guilty in federal court in Oakland, California, to conspiracy to commit bank fraud announced U.S. Attorney Melinda Haag for the Northern District of California, Special Agent in Charge David J. Johnson of the FBI’s San Francisco Division, Acting Special Agent in Charge Thomas McMahon of the Internal Revenue Service-Criminal Investigation (IRS-CI) and Special Agent in Charge Leslie DeMarco for the Federal Housing Finance Agency’s Office of Inspector General (FHFA-OIG).

C.A.R. Opposes Tax on Home Buyers in Senate Highway Transportation Bill

The CALIFORNIA ASSOCIATION OF REALTORS® is opposing a provision in the highway bill now being considered by the U.S. Senate that taxes home buyers by increasing the fees Fannie Mae and Freddie Mac charge on their loans. This provision would extend a tax on homeowners that Congress implemented in 2011, which C.A.R. opposed at the time.

Interthinx 2014 Data Reveals “New Normal” for Mortgage Fraud Risk

Interthinx, Inc., a subsidiary of First American Financial Corporation (NYSE: FAF) and a leading provider of comprehensive risk mitigation solutions for the financial services industry, has released its annual interactive Mortgage Fraud Risk Report

Wells Fargo leads NAHREP’s Inaugural Top 250 Latino Mortgage Originators List

The National Association of Hispanic Real Estate Professionals ® (NAHREP) has released its 2015 report on the Top 250 Latino Mortgage Originators in the United States. Wells Fargo Home Mortgage led the way with the most mortgage originators on the list, with independent lenders New American Funding and Alterra Home Loans finishing second and third, respectively. NAHREP reports that it received more than 800 nominations from 42 different companies.

California Housing Finance Agency Celebrates Homeownership Month Offers Multiple Programs to Help Buyers Achieve...

June is National Homeownership month, the market is turning around and there are thousands of families who can now take advantage of low interest rates and down payment assistance to make the jump from renting to owning.

North Hollywood Man Charged with Stealing from Elderly Victims Seeking Mortgage Modifications

A 29-year-old North Hollywood man has been charged with bilking three elderly women out of more than $50,000 while claiming to help them get a mortgage modification, the Los Angeles County District Attorney’s Office announced today

KEEP YOUR HOME CALIFORNIA EXPANDS CRITERIA OF PROGRAMS TO HELP HOMEOWNERS ATTAIN AFFORDABLE MORTGAGE...

Keep Your Home California announced today changes to help more low and moderate income homeowners, who are struggling with their monthly mortgage payments, remain in their homes as part of the free mortgage-assistance program

TMC Financing Provides SBA 504 Loan to San Francisco Design Firm

TMC Financing today announced the owner of humangear, inc. and Pawgear, Inc. DBA Paww financed the purchase of a 6,725-square-foot iconic creative space at 636 Shrader Street in the Upper Haight area of San Francisco, with a 20-year, fixed-rate SBA 504 real estate loan. The nearly $5 million total project cost includes the purchase price and building renovations.

Liberty SBF Closes On $1.1MM SBA 504 Loan For a Hotel Acquisition in Palm...

Liberty SBF, a full-service commercial real estate finance company, recently provided a $1.1MM first lien SBA 504 Loan from its own balance sheet for the acquisition of a 24-room, 33,330 square-foot, non-flagged hotel in Palm Springs, CA. Liberty SBF also provided an interim second lien loan so the borrowers could quickly close while waiting for the second lien that will be provided by a Long Beach, CA-based Certified Development Company (CDC).

California Federal Court Holds in MERS’ Favor

MERSCORP Holdings, Inc. today announced the Central District of California federal court held that as the named beneficiary under a recorded deed of trust, Mortgage Electronic Registration Systems, Inc. (MERS) has a statutory right to notice

Advocates: Grandma May Get Run Over By HUD’s New Reverse Mortgage Policy

Earlier this week, a group of consumer advocates and attorneys sent a letter to the Department of Housing and Urban Development (HUD) about a new HUD policy that was supposed to help widowed homeowners and surviving heirs after a reverse mortgage borrower passes away. A federal judge ordered HUD to create a new policy, but advocates charge that HUD’s new policy is so restrictive that virtually all surviving non-borrowing spouses will be excluded from relief.

Attorney General Kamala D. Harris Announces 24 Year Prison Sentence For Leader of Mortgage...

Attorney General Kamala D. Harris and United States Attorney for the Eastern District of California Benjamin B. Wagner today announced that Alan Tikal, the principal operator of a large-scale mortgage fraud scheme, was sentenced to 24 years in prison

CIRB Reveals 2014 Solar Permit Statistics

For the past year, CIRB has been tracking month-by-month photovoltaic (PV) installations and valuations across the state of California. 2014 numbers show the volume of solar permit issuance and city-level calculations of residential and commercial installations

California Housing Finance Agency Comments on Moody’s Upgrade

The California Housing Finance Agency commented today on a decision by Moody's Investor Service to upgrade its rating on the agency's Home Mortgage Revenue Bonds from Baa2 to A3.

California Foreclosure Starts Hover Near 8-Year Low

La Jolla, CA. - April 23, 2014 - (RealEstateRama) -- For the third consecutive quarter California foreclosure starts remained little changed at a level last seen in early 2006, the result of steady economic growth and higher home values. Foreclosure processors are still mostly plowing through a pool of toxic subprime mortgages originated back in mid-to-late 2006, a real estate information service reported.

California March Home Sales

WASHINGTON, D.C. - April 17, 2014 - (RealEstateRama) -- An estimated 32,923 new and resale houses and condos sold statewide in March. That was up 28.2 percent from 25,680 in February, and down 12.8 percent from 37,764 sales in March 2013, according to San Diego-based DataQuick.

Eastern California Real Estate Investor Pleads Guilty to Bid Rigging and Fraud at Public...

WASHINGTON, D.C. - January 2, 2013 - (RealEstateRama) -- An Eastern California real estate investor pleaded guilty today to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions in Eastern California, the Department of Justice announced.

Attorney General Kamala D. Harris Announces $2.1 Billion Mortgage Settlement with Ocwen

SAN FRANCISCO - December 19, 2013 - (RealEstateRama) -- Attorney General Kamala D. Harris today announced a $2.1 billion multistate and federal settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, LLC (Ocwen) over alleged mortgage servicing misconduct

Northern California Real Estate Investor Pleads Guilty to Bid Rigging at Public Foreclosure Auctions

WASHINGTON, D.C. - November 5, 2013 - (RealEstateRama) -- A Northern California real estate investor pleaded guilty today for his role in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced

Lessons from Past Mortgage Settlements Should Guide Department of Justice Settlement with JP Morgan...

WASHINGTON, D.C. - October 22, 2013 - (RealEstateRama) -- Amid reports of Department of Justice negotiations of a multi-billion dollar settlement with JP Morgan Chase for securitizing faulty mortgages, 13 California organizations are calling for all future mortgage and foreclosure settlements to meet the needs of local communities and consumers most affected by unscrupulous practices.

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DWR Update on Oroville Spillway Repair Activities

The following is an update from the Department of Water Resources (DWR) on construction-related activities on the Oroville Spillway Recovery project. DWR is committed to informing the surrounding communities and the general public about the work being done to repair the damaged spillway and related impacts to roads, recreation, public access and surrounding infrastructure.

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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...