Mortgage

SANTA ANA, CA - October 8, 2010 - (RealEstateRama) -- An Orange County attorney has been indicted on charges related to a mortgage fraud scheme in which 30 homes were purchased at inflated prices, with the excess proceeds going to the lawyer and other members of the conspiracy.

WASHINGTON, DC - October 5, 2010 - (RealEstateRama) -- U.S. Senator Jeff Bingaman today announced that New Mexico will receive $10.7 million to help struggling homeowners stay in their homes.

OLYMPIA, WA - October 6, 2010 - (RealEstateRama) -- Washington Attorney General Rob McKenna announced today a settlement with Wells Fargo Bank that provides loan modifications for residents in Washington and seven other states who obtained problematic mortgages from Wachovia Bank and Golden West Corp., which did business as World Savings Bank.

Scottsdale, AZ - October 8, 2010 - (RealEstateRama) -- If you are thinking about buying or selling horse property, you first step is to visit http://www.nicholasmcconnell.com. There, you can get in contact with an experienced Realtor to help you with all of your Arizona Horse Property needs. If you have been thinking about selling a home in Arizona, this is the first place you will want to start. Pricing your home correctly may be the most important factor when putting your home on the market with a Real Estate professional with the current market conditions. Many home owners wonder how to price their home correctly.

October 7, 2010 - (RealEstateRama) -- A 61-year-old Alexandria man was sentenced earlier today in federal court in Minneapolis on charges connected to a scheme to defraud mortgage lenders and others out of more than $800,000. United States District Court Judge Joan N. Ericksen sentenced Dale Charles Dodge, Jr., to 34 months in prison on one count of wire fraud and one count of engaging in a monetary transaction with property derived from unlawful activity, commonly referred to as money laundering. Dodge was indicted on September 15, 2009, and pled guilty on May 12, 2010.

PHILADELPHIA, PA - October 5, 2010 - (RealEstateRama) -- Important emergency mortgage relief for unemployed homeowners is on the way under a major new federal program authored by Congressman Chaka Fattah (D-PA) and unveiled at a news conference Tuesday with Fattah and Deputy Secretary Ron Sims of the U.S. Department of Housing and Urban Development.

WASHINGTON, D.C. - October 7, 2010 - (RealEstateRama) -- National civil rights groups, including the Leadership Conference on Civil and Human Rights, the National Fair Housing Alliance, National Council of La Raza, the NAACP, and the Center for Responsible Lending are renewing their April 2007 call to institute an immediate national moratorium on foreclosures. Until lenders demonstrate that they are adhering to all existing laws, regulations, and contractual guidelines related to loss mitigation and foreclosure legal process, lenders in all 50 states should not move forward with any foreclosures

McLean, VA - October 7, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage rate dropped yet again to break the survey's all-time low; the 15-year fixed-rate did the same. The 5-year ARM also set an all-time survey low.

TRENTON, NJ - October 6, 2010 - (RealEstateRama) -- Attorney General Paula T. Dow announced today that Wells Fargo Home Mortgage has agreed to provide New Jersey consumers with nearly $67 million in loan modifications and pay the state $3.98 million to resolve allegations that companies it acquired – Wachovia Corporation, Golden West and World Savings -- deceptively marketed adjustable rate mortgage loans.

Washington, D.C. - October 6, 2010 - (RealEstateRama) -- Rep. Lynn Woolsey, D-Petaluma, and 30 other members of the California Democratic Congressional Delegation sent a letter Tuesday to the Attorney General, Federal Reserve Chairman, and the Comptroller of the Currency requesting investigations into possible systemic wrongdoing by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures.

Washington, DC - October 6, 2010 - (RealEstateRama) -- Today, Congresswoman Lucille Roybal-Allard joined 30 other Members of the California Democratic Congressional Delegation in sending a letter to Attorney General Holder, Federal Reserve Chair Bernanke, and Comptroller of the Currency Dugan requesting investigations into systemic wrongdoing by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures.

October 6, 2010 - (RealEstateRama) -- The Colorado Bureau of Investigation plans to add six new fraud unit positions to pursue mortgage fraud in Colorado with a new $1.7 million grant that was awarded this month from the Bureau of Justice Assistance of the U.S. Department of Justice, CBI Director Ronald C. Sloan announced.

TALLAHASSEE, FL - October 6, 2010 - (RealEstateRama) -- Attorney General Bill McCollum today announced a multi state agreement with Wells Fargo Bank over allegations of deceptive marketing of payment option adjustable rate mortgage loans (POA’s) by Wachovia Corporation and Golden West Corporation, before Wells Fargo acquired the companies. From April 1, 2010 through the term of the agreement, more than 4,000 Florida POA borrowers will be eligible for loan modifications that are expected to provide almost $388 million in mortgage relief in Florida. This sum includes more than $208 million in principal forgiveness for Florida homeowners. Overall, loan modifications will be offered to 8,700 borrowers in eight states with a total economic value estimated to be more than $772 million through mid-2013.

Washington, D.C. - October 6, 2010 - (RealEstateRama) -- Speaker Nancy Pelosi joined California Democratic Congressional Delegation members in sending a letter to Attorney General Holder, Federal Reserve Chair Bernanke, and Acting Comptroller of the Currency Walsh requesting investigations into systemic wrongdoing by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures. Delegation members have received thousands of complaints from their constituents, which appear to outline a clear pattern of misconduct on the part of lenders and servicers. Recent press accounts have also reinforced the view that these institutions are routinely failing to respond in a timely manner, misplacing requested documents, and misleading both borrowers and the government about loan modifications, forbearances, and other housing related applications

WASHINGTON, D.C. - October 6, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 1, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.3 percent compared with the previous week.The Refinance Index decreased 2.5 percent from the previous week. The seasonally adjusted Purchase Index increased 9.3 percent from one week earlier and is the highest Purchase Index observed in the survey since the week ending May 7, 2010. The unadjusted Purchase Index increased 9.1 percent compared with the previous week and was 34.7 percent lower than the same week one year ago

Scottsdale, AZ - October 6, 2010 - (RealEstateRama) -- It is of extreme importance to higher a Realtor that has been in this type of market before. You may visit at any time to contact an experienced, aggressive Realtor with Coldwell Banker that will help you buy or sell propery in Desert Mountain. The guidelines have changed along with the time frames, and paperwork needed to execute a purchase or sale of a property here in Arizona

BALTIMORE, MD - October 5, 2010 - (RealEstateRama) -- In light of recent developments concerning faulty affidavits filed in foreclosure cases, Attorney General Douglas F. Gansler, Governor Martin O’Malley, and Congressman Elijah Cummings today called on the major mortgage companies to halt foreclosure proceedings in Maryland while the companies thoroughly review the manner in which affidavits are prepared, reviewed and signed, and the sufficiency of the process employed to verify elements of default leading to a foreclosure.

WASHINGTON, DC - October 5, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced a commitment to insure a mortgage loan to the John & Mary E. Kirby Hospital in Monticello, Illinois. The $31.2 million loan is made possible through the Federal Housing Administration’s (FHA) Section 242 Hospital Mortgage Insurance Program.

Scottsdale, AZ - October 5, 2010 - (RealEstateRama) -- If you are thinking about buying a foreclosure in Scottsdale, Arizona please visit http://www.nicholasmcconnell.com for all of your Arizona Real Estate needs. The difference between a good Realtor and a bad Realtor can cost you hundreds of thousands of dollars. Purchasing a home may be the single most important investment of your life, and possibly the largest purchase you will ever make. When you are dealing with hundreds of thousands of dollars, it may be a good idea to use a Realtor with experience, a fine knowledge of the area, education, and aggressiveness. An aggressive Realtor that knows how to negotiate the price of the home with you effectively may be the single most important factor when getting a good price on a home.

URBANA, IL - October 4, 2010 - (RealEstateRama) -- A federal jury deliberated approximately five and one-half hours before returning guilty verdicts on all nine counts of fraud charged against Decatur real estate broker Terry Hart for his participation in a real estate “flipping” scheme Hart’s sentencing is scheduled on Jan. 20, 2011. Trial began in Urbana federal court on Sept. 21.

WASHINGTON, DC - October 4, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced a commitment to insure a mortgage loan to Unity Hospital of Rochester in New York State. The $197 million loan is made possible through the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance Program.

October 4, 2010 - (RealEstateRama) -- Five Maine residents filed a complaint today against GMAC Mortgage, LLC (GMAC) on behalf of themselves and a class of Maine homeowners, alleging that the company routinely and systematically files false certifications that it has a right to foreclose on Maine homeowners, and false affidavits when asking courts to enter foreclosure judgments

McLean, VA - October 4, 2010 - (RealEstateRama) -- The following statement was issued today by Bruce Witherell, Chief Operating Officer for Freddie Mac (OTC:FMCC). "Freddie Mac is deeply concerned about recent reports that there may be affidavits that were improperly executed in connection with foreclosures. The alleged practices in these reports are clearly not in compliance with Freddie Mac's guidelines and directives to its servicers

Washington, D.C. - October 4, 2010 - (RealEstateRama) -- Speaker Nancy Pelosi issued the following statement today after Congress passed, and President Obama signed, an extension until the end of fiscal year 2011 of single family loan limits for the Federal Housing Administration (FHA) and for Fannie Mae and Freddie Mac. The extension of these loan limits will ensure that families across America will continue to have access to affordable mortgages, and will also provide a boost to the ongoing recovery of the nation’s housing market.

Olympia, WA - September 29, 2010 - (RealEstateRama) -- The Washington State Department of Financial Institutions (DFI) Division of Securities obtained a Preliminary Injunction in King County Superior Court against the Seattle-based Chesterfield Mortgage Investors, Inc. (CMI). A receiver, Mel R. Codd, was appointed for CMI.

FRANKFORT, KY - October 1, 2010 - (RealEstateRama) -- Gov. Steve Beshear, along with Kentucky Housing Corporation (KHC) Chief Executive Officer Richard L. McQuady, today announced that Kentucky will receive additional funding from the U.S. Treasury Department to help unemployed and underemployed homeowners pay their mortgages as they seek work. Kentucky originally expected to receive $55.6 million, but received notification today that that state will receive an additional $93.3 million for a total of $148.9 million.

Washington, D.C. - September 30, 2010 - (RealEstateRama) -- The Independent Community Bankers of America (ICBA) announced today that Ron Haynie has joined ICBA as president and CEO of ICBA Mortgage, ICBA's mortgage services subsidiary.

LOS ANGELES, CA - October 1, 2010 - (RealEstateRama) -- A federal grand jury has indicted a Downey man on a series of fraud charges for allegedly running two related fraud schemes—a Ponzi scheme that took more than $11 million from more than 300 victims, and a mortgage fraud scheme that preyed on homeowners by stealing the equity from their homes and secretly taking title to their properties.

LOS ANGELES, CA - October 1, 2010 - (RealEstateRama) -- Representatives of the Financial Fraud Enforcement Task Force met in Los Angeles today for the latest in a series of Mortgage Fraud Summits. The task force—established by President Barack Obama in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes—is comprised of representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement agencies.

Los Angeles, CA - October 1, 2010 - (RealEstateRama) -- Councilmember Alarcon will attend to help kick-off the event. Additional organizations supporting the fair include Los Angeles Neighborhood Housing Services (LA NHS), City of Los Angeles, FDIC, Keep Your Home Foundation, Bet Tzedek, Legal Aid Foundation-Los Angeles and Public Counsel. The CALIFORNIA ASSOCIATION OF REALTORS(r) is working in conjunction with the partnership as well