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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.

Recent Mortgage Developments Validate Homeowner and Housing Counselor Concerns

San Francisco, CA - October 3, 2013 - (RealEstateRama) --Three important developments this week confirmed concerns about mortgage servicing expressed by housing counselors throughout California in a state-wide survey earlier this year. A federal judge ruled in favor of surviving spouses trying to avoid foreclosure, New York’s Attorney General sued Wells Fargo and announced improved agreements with Bank of America over foreclosure prevention efforts, and Joe Smith announced new loan servicing metrics under the National Mortgage Settlement. The developments, along with reported settlement talks between Chase Bank and the Department of Justice, provide hope that more homeowners will receive appropriate help when they seek help from their banks or servicers.

CalHFA Announces New Efforts to Help Low and Moderate Income, First-Time Homebuyers Purchase Homes

SACRAMENTO - August 27, 2013 - (RealEstateRama) -- The California Housing Finance Agency (CalHFA) announced today a new fixed-rate mortgage program with special opportunities for low and moderate income, first-time homebuyers to receive thousands of dollars in down payment assistance.

C.A.R.’s statement on President Obama’s housing speech

LOS ANGELES, CA - August 7, 2013 - (RealEstateRama) -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to President Obama’s speech on housing in Phoenix today:

Sherman Fights for Government Guaranteed Mortgages

WASHINGTON, D.C. - July 29, 2013 - (RealEstateRama) -- Congressman Brad Sherman (D-CA) made the following statement after a House Financial Services Committee markup on the Protecting American Taxpayers and Homeowners Act. To watch a video of his full remarks, click here.

Waters Responds to Committee Passage of Bill to End Affordable 30-Year-Fixed Rate Mortgage

WASHINGTON, D.C. - July 25, 2013 - (RealEstateRama) -- Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named “Protecting American Taxpayers and Homeowners Act” or “PATH Act” (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market. However, because the bill would remove a government guarantee, it would end the affordable 30-year fixed rate mortgage and have negative impacts on the middle class, community banks and credit unions, the housing market, and America’s taxpayers

Waters Calls for Investigation of Mortgage Servicers Who Benefitted by Misleading Borrowers Eligible for...

Washington, DC - June 21, 2013 - (RealEstateRama) -- Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America or any other mortgage servicer, who allegedly benefitted by misleading borrowers eligible for the Home Affordable Modification Program (HAMP).

CRC Comments on New Report from Monitor of Attorney General Mortgage Settlement

WASHINGTON, D.C. - June 20, 2013 - (RealEstateRama) -- Today, in response to the release of a new reportfrom the Monitor of the national mortgage settlement, California Reinvestment Coalition’s Associate Director Kevin Stein released this statement:

East Bay Home Building Company Sales Manager Pleads Guilty to Bribing Bank Loan Officer

SAN FRANCISCO, CA - May 17, 2013 - (RealEstateRama) -- Jason Sterlino pleaded guilty in federal court in San Francisco today to paying bribes to a bank official in order to procure residential mortgage loans, United States Attorney Melinda Haag announced

CalHFA Awarded Nearly $1.3 Million to Provide Counseling for Struggling Homeowners

SACRAMENTO - April 25, 2013 - (RealEstateRama) -- The California Housing Finance Agency (CalHFA) today announced that it will receive nearly $1.3 million in additional federal dollars to provide free counseling to homeowners struggling to avoid foreclosure.

McNerney Introduces the Home Act to Help Homeowners Avoid Forclosure

WASHINGTON, D.C. - April 25, 2013 - (RealEstateRama) -- Congressman Jerry McNerney (D-Stockton) introduced the Housing Opportunity and Mortgage Equity (HOME) Act of 2013 to help underwater homeowners avoid foreclosure. The HOME Act will help lower homeowners’ monthly mortgage payments, providing them with a path to stay in their homes

Golden State Foreclosure Starts Lowest Since Late 2005

WASHINGTON, D.C. - April 23, 2013 - (RealEstateRama) -- The number of California homeowners entering the foreclosure process plunged to the lowest level in more than seven years last quarter. The unusually sharp drop in the number of mortgage default notices filed by lenders stems mainly from rising home values, a strengthening economy and government efforts to reduce foreclosures, a real estate information service reported

Southland Median Home Sale Price Climbs Again; Sales Rise Slightly Yr/Yr

WASHINGTON, D.C. - April 17, 2013 - (RealEstateRama) -- The median price paid for a Southern California home hit a 56-month high in March, rising 23.4 percent from a year earlier as the impact of foreclosures continued to fade and sales of mid- to high-end homes shot up. Total sales were the highest in six years for a March despite a sharp drop in sub-$300,000 deals, a real estate information service reported.

Banks Violate National Mortgage Settlement and CA Homeowners Bill of Rights Protections, New Survey...

WASHINGTON, D.C. - April 3, 2013 - (RealEstateRama) -- A new survey of housing counselors in California reveals that banks are violating several consumer protections that were mandated by the $26 billion National Mortgage Settlement (NMS) and the California Homeowners Bill of Rights. In addition, the survey reveals that bank practices continue to disproportionately affect disadvantaged and hard-hit communities including limited English proficient (LEP) borrowers, widows, and people with disabilities. The results of the survey were released today in a report, “Chasm Between Words and Deeds IX: Bank Violations Hurt Hardest Hit Communities” (pdf)

CÁRDENAS LEADS DEFENSE OF MORTGAGE INTEREST TAX DEDUCTION

Washington, DC - March 15, 2013 - (RealEstateRama) -- During Wednesday’s hearing of the House Budget Committee, U.S. Rep. Tony Cárdenas (D-San Fernando Valley) introduced an amendment protecting the most important tax deduction for middle class Americans, the mortgage interest deduction

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Torres, Poe Introduce Bipartisan Bill to Help Homeowners Prepare for Natural...

With the 2018 hurricane and wildfire season underway, the Homeowners Disaster Preparation Act would provide homeowners with loans to better plan for floods, earthquakes, tornadoes, and landslides. U.S. Representatives Norma J. Torres (D-CA) and Ted Poe (R-TX) introduced the bipartisan Homeowners Disaster Preparation Act