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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
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.
