Monthly Archives: December 2010

LOS ANGELES, CA - December 21, 2010 - (RealEstateRama) -- Attorney General Edmund G. Brown Jr. announced today that Wells Fargo has agreed to provide loan modifications worth more than $2 billion to thousands of California homeowners with "pick-a-pay" loans and to pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure.

SACRAMENTO, CA - December 21, 2010 - (RealEstateRama) -- California homebuilders pulled permits for 21 percent more homes in November when compared to the same month a year ago, but it wont be enough to keep the state from seeing the second-lowest number of housing starts on record, the California Building Industry Association announced today.

WASHINGTON, D.C. - December 21, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the third quarter of 2010. The analysis shows that the real estate cycle is beginning to once again exert itself in commercial and multifamily property markets. During the third quarter, the economy began to show (modest) growth and absorption picked up in the face of little new space coming on line. The result has been marginal declines in vacancy rates and a firming of asking rents. Property sales and originations volumes picked up, but volumes were not high enough to keep up with the mortgage debt that investors saw paying off and paying down. The weak economy continued to exert pressure on the performance of properties and the mortgages they back. Mortgage delinquencies were mixed in the quarter, with CMBS and banks/thrifts experiencing continued growth in delinquency rates (albeit at slower rates of growth) and delinquencies at life companies, Fannie Mae and Freddie Mac remaining at low levels

La Quinta, CA - December 21, 2010 - (RealEstateRama) -- Coldwell Banker Residential Brokerage is pleased to welcome Lana Quigley to its office in La Quinta. Quigley’s extensive real estate experience spans from the international real estate market in Russia and New York, as well as her home in the desert region.

Washington, DC - December 21, 2010 - (RealEstateRama) -- Refinancings through the Home Affordable Refinance Program (HARP) increased 26 percent in the third quarter of 2010. Fannie Mae and Freddie Mac loan modifications through the Home Affordable Modification Program (HAMP) increased 16 percent in the quarter, although the overall volume of loan modifications and the pace of HAMP modifications declined from previous periods. The data were released in FHFA’s Third Quarter 2010 Foreclosure Prevention & Refinance Report, which includes data on all of the Enterprises’ foreclosure prevention efforts

Torrance, CA - December 21, 2010 - (RealEstateRama) -- Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has named Jeff Gahagan and John Son, both principals of Lee & Associates’ Anaheim office, newly appointed company shareholders.

WASHINGTON, D.C. - December 21, 2010 - (RealEstateRama) -- Small home builders are the mainstay of the nation’s housing industry, including a sizable number of self-employed mom-and-pop operations, according to a new study by economists at the National Association of Home Builders.“Small businesses have always been the predominant force in housing and they lend this industry its economic vitality,” said Bob Jones, NAHB chairman and a builder from Bloomfield Hills, Mich.

CLEVELAND, OH - December 20, 2010 - (RealEstateRama) -- Cuyahoga County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General Richard Cordray and Ohio’s Organized Crime Investigations Commission announced that Susan Alt was sentenced to nine years in prison and ordered 2 million dollars in forfeiture

DALLAS, TX - December 20, 2010 - (RealEstateRama) -- At separate sentencing hearings today, U.S. District Judge Barbara M.G. Lynn sentenced housing developers Brian L. Potashnik and Cheryl L. Potashnik, who were convicted in what has become known as the “Dallas City Hall Corruption Case,” announced U.S. Attorney James T. Jacks of the Northern District of Texas.

December 20, 2010 - (RealEstateRama) -- Mayor Richard M. Daley today officially opened the new Branch of Hope Apartments, which will provide 100 units of affordable, supportive housing in the City’s Englewood community. “Branch of Hope is another new development that demonstrates the city’s strong commitment to providing affordable and supportive housing for our residents who need it,” Daley said in a ceremony at the apartments, 5628-30 S. Halsted St.

SACRAMENTO, CA - December 20, 2010 - (RealEstateRama) -- United States Attorney Benjamin B. Wagner announced today that Melissa Villegas, 31, of Sacramento, the last defendant in a mortgage fraud scheme, pleaded guilty today before United States District Judge Edward J. Garcia to conspiracy to commit mail fraud. Rick Villegas, 33, of Sacramento, pleaded guilty to mail fraud on December 15, 2010; Kathleen DeLapp, 47, of Auburn, pleaded guilty to misprision of felony on December 9, 2010; and Robert Martinson, 48, of Newcastle, pleaded guilty to mail fraud on January 8, 2010

San Francisco, CA - December 20, 2010 - (RealEstateRama) -- The holiday season is upon us, but there are thousands in our community that are unable to enjoy the season without a little help. Once again this year, Zephyr Real Estate is running a campaign to collect toys and food for people in need

WASHINGTON, DC - December 20, 2010 - (RealEstateRama) -- Improvements in consumer spending and consumer confidence, increased demand for goods and services, and falling unemployment claims are all positive factors for a brighter outlook as we move into 2011, according to the December 2010 Economic Outlook released today by Fannie Mae's (FNMA/OTC) Economics & Mortgage Market Analysis Group. Downside risks still exist, however, including a weaker than expected employment report, the ongoing economic turmoil in Europe, and potential inflation problems in China

NEW YORK, N.Y. - December 20, 2010 - (RealEstateRama) -- Mortgage rates increased again this week, with the average conforming 30-year fixed mortgage rate now 4.62 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

McLean, VA - December 20, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today instructed its servicers to delay initiating foreclosure for at least nine months for financially troubled service members who are released from active duty through the end of 2011 and have Freddie Mac-owned mortgages. Freddie Mac is one of the nation’s largest investors in conforming, conventional mortgages

WASHINGTON, D.C. - December 20, 2010 - (RealEstateRama) -- Thousands who own homes and businesses in locations recently designated as high-risk flood areas will soon have a new way to save on flood insurance protection. Beginning January 1, 2011, the Federal Emergency Management Agency's (FEMA) National Flood Insurance Program (NFIP) is offering a new insurance rating option that will allow many property owners to take advantage of lower-cost flood insurance for two years before they are required to pay standard rates. The program will make Preferred Risk Policies (PRPs), which start at just $129 a year and are typically only available for properties in moderate-to-low risk areas, available for properties that have been newly mapped into high-risk areas due to a flood map revision on or after October 1, 2008.

Washington, DC - December 20, 2010 - (RealEstateRama) -- Attorney General Peter Nickles issued an enforcement statement* recently to clarify that the Office of the Attorney General (OAG) will not be challenging the validity of completed foreclosure sales based on failures to comply with the recordation obligations imposed by District law.

Washington, D.C. - December 20, 2010 - (RealEstateRama) -- Today NeighborWorks America, the Congressionally appointed administrator of the National Foreclosure Mitigation Counseling (NFMC) Program, announced that, based on a new report that analyzed the NFMC program through December 2009, the odds of curing a foreclosure, and potentially avoiding losing a home, is 1.7 times larger for a homeowner who works with an NFMC counselor than for a homeowner who doesn’t receive such counseling

BEDFORD, N.H. - December 17, 2010 - (RealEstateRama) -- New Hampshire Housing Finance Authority has been awarded a $2 million grant, funded by the New Hampshire Public Utility Commission administered Greenhouse Gas Emissions Reduction Fund (GHGERF), which will allow the Authority to provide energy efficiency upgrades to affordable multi-family rental units through its Greener Homes Program.

December 17, 2010 - (RealEstateRama) -- On December 7th, at the REALTORS® Triple Play Convention in Atlantic City, the New Jersey Association of REALTORS® recognized Gary P. Foulks, Regional Vice President and Broker of Record of Gloria Nilson, REALTORS®, Real Living® for receiving REALTOR® Emeritus Status from the National Association of REALTORS®. Emeritus status is awarded to a REALTOR® or REALTOR® Associate who has held membership in the National Association for a period of at least 40 years.

JACKSONVILLE, FL—U.S. Attorney Robert E. O'Neill announces that a federal jury today found David Wesley Vickers (age 48, of Jacksonville) guilty of nineteen counts arising out of a mortgage fraud scheme, including conspiracy to commit mail, wire, and bank fraud. Vickers faces a maximum penalty of 30 years in federal prison for the conspiracy count and 20 years for each of the other counts. A sentencing date has not yet been set.

Pittsburgh, PA - December 17, 2010 - (RealEstateRama) -- The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank) has approved $2.69 million in grants under its Affordable Housing Program (AHP). The grants will help finance 15 housing projects – one in Delaware, eight in Pennsylvania and six in West Virginia – creating 395 units of housing for very-low, low- and moderate-income individuals and families as well as those with special needs

December 17, 2010 - (RealEstateRama) -- Congresswoman Maxine Waters (D-CA), chairwoman of the Housing and Community Opportunity Subcommittee, took to the House floor this morning in support of H.R. 5510, the “Aiding Those Facing Foreclosure Act of 2010,” which would allow states to use their Hardest Hit Funds to provide legal assistance for homeowners facing foreclosure.

Washington, D.C. - December 17, 2010 - (RealEstateRama) -- The American Institute of Architects (AIA) Board of Directors (BOD) voted today for Berkebile Nelson Immenschuh McDowell Architects (BNIM) to receive the 2011 AIA Architecture Firm Award. The Kansas City, Mo.-based firm celebrated for advancing the design of sustainable architecture from nearly its inception to today when it has become a preeminent force fundamentally re-shaping the built environment.

Washington, D.C. - December 17, 2010 - (RealEstateRama) -- In the midst of a struggling national economy, The U.S. Conference of Mayors (USCM) will release results of its 2010 Hunger and Homelessness Report on Tuesday, December 21 at 11:00 a.m. during a CONFERENCE CALL featuring several mayors from around the country. In light of cash strapped local budgets and travel bans, the USCM is hosting a conference call instead of having mayors travel to Washington, D.C

Washington, D.C. - December 17, 2010 - (RealEstateRama) -- The AIA Board of Directors elected Chester (Chet) A. Widom, FAIA, as the 2011 recipient of the Edward C. Kemper Award. Named in honor of the AIA’s first executive director, the award recognizes individuals who contribute significantly to the profession of architecture through service to the Institute. Widom will be honored at the 2011 AIA National Convention in New Orleans

DALLAS, TX - December 17, 2010 - (RealEstateRama) -- MRG Document Technologies (MRG), a provider of mortgage document preparation software and compliance technology to banks, credit unions and other lenders nationwide, has developed the forms needed for compliance with upcoming 2011 regulations that mandate changes to both the Truth in Lending Act (TILA) and risk-based pricing disclosures. Both updates are meant to provide consumer clarification in regards to loan decisioning and final terms.

WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- On Thursday, December 16, 2010, the Mortgage Bankers Association (MBA) sent the attached letter to Ben Bernanke, Chairman, and Saundra Bernstein, Director, Consumer and Community Affairs Division, of the Federal Reserve, requesting written guidance to help the industry implement the Board’s final rule on loan originator compensation and steering published on September 24, 2010.

WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- At its December 16th, 2010 meeting, the CHFA Board of Directors approved the Resolution Authorizing for Public Comment Purposes Amendments to the Low-Income Housing Tax Credit Procedures

WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- The Federal Trade Commission staff has submitted comments to the Federal Reserve Board recommending ways the Board could strengthen the rules under the Home Mortgage Disclosure Act, which requires some mortgage lenders to collect and report loan data that the government uses to analyze whether they are complying with fair lending laws