A real estate investor pleaded guilty today in U.S. District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County,Calif.,Sharis A. Pozen,Acting Assistant Attorney General of the Department of Justice’s Antitrust Division,and Benjamin B. Wagner,U.S. Attorney for the Eastern District of California,announced. [...]
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 | Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac,today released its third-quarter 2011 U.S. Foreclosure Sales Report,which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011,down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010. [...] Based on what we’ve heard,the settlement between major banks and states’Attorneys General (AGs),the federal Department of Housing and Urban Development,and the Department of Justice would represent an important step forward in addressing foreclosure abuses. The settlement would include key reforms to clean up unfair mortgage servicing practices. It would also provide an important template for ways banks can use principal reduction to reduce unnecessary foreclosures and put the country back on a path to economic recovery. [...] The U.S. mortgage loan delinquency rate was 8.15 percent of all home loans in November,up 2.7 percent from the month before and down 9.6 percent from a year ago,according to the “First-Look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate,on the other hand,was 4.16 percent in November,a 3.0 percent decrease from the month before and a 2.0 percent increase from a year ago. [...] 14 Individuals Charged in the Continuing Investigation SACRAMENTO,Calif. — The U.S. District Court in Sacramento today unsealed an indictment against four real estate investors and an auctioneer for their participation in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County,Calif.,Sharis A. Pozen,[...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for October 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 224,394 properties in the U.S. during the month,a three percent increase from the previous month and a decrease of 14 percent from the year before. During the month,1 out of every 579 homes in the U.S. had a foreclosure filing. [...] WASHINGTON – Lisa Wright,46,and Cathy Saffer,52,of Pompano Beach,Fla.,were charged today with a conspiracy to defraud homeowners and banks in a foreclosure rescue scheme,announced the Department of Justice. Also charged was Barrington Coombs,57,a certified public accountant of Weston,Fla.,who participated in the scheme. A federal grand jury in the Southern District of Florida returned an indictment charging Wright and Saffer with one count of conspiracy,three counts of mail fraud and three counts of wire fraud. The grand jury charged Coombs with one count of conspiracy and one count of wire fraud. [...] The U.S. mortgage loan delinquency rate was 7.93 percent of all home loans in October,down 2.0 percent from the month before and down a whopping 14.6 percent from a year ago,according to the “First-Look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate,on the other hand,was 4.29 percent in October,a 2.5 percent increase from the month before and a 9.4 percent increase from a year ago. [...] This morning,Trans Union released a report showing the national mortgage delinquency rate (the rate of borrowers 60 or more days past due) increased to 5.88 percent (from 5.82 percent in the 2nd quarter) during the third quarter of 2011,after falling in the previous quarter by the largest rate in two years. This is the first time mortgage delinquency rates have increased since the end of 2009. [...] In late September I wrote about a plan presented by acting Comptroller of the Currency,John Walsh,to address the “robo-signing”issue as well as other improper practices in the foreclosure process that have surfaced. Mr. Walsh’s plan includes an independent review of the files of borrowers that feel they were a victim of a wrongful foreclosure practice as well as the potential for compensation or other relief for borrowers that were found to have been subject to improper foreclosure practices. Just this week it was announced that eligible borrowers may not apply for a review of their file and,if irregularities are found,file a claim for compensation. [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for 3rd quarter 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 610,337 properties in the U.S. during the quarter,a very slight (less than 1 percent0 increase from the previous quarter but a decrease of over 34 percent from the year before. During the quarter,1 out of every 213 homes in the U.S. had a foreclosure filing. [...] This morning,Freddie Mac released the results of it’s Primary Mortgage Market Survey revealing that the interest rate on a 30-year fixed rate mortgage averaged 4.01 percent,which is an all-time record low and the interest rate on a 15-year fixed rate mortgage averaged 3.28 percent,also an all-time record low! [...] A report released this morning by CoreLogic shows that the current residential “shadow”inventory as of July 2011 declined slightly from 1.7 million units in April to 1.6 million units,and was down from 1.9 million units a year ago. This current shadow inventory represents a 5 month supply. CoreLogic includes in it’s shadow [...] Eighth Guilty Plea in the Investigation to Date WASHINGTON — A real estate investor pleaded guilty today in U.S. District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County,Calif.,Sharis A. Pozen,Acting Assistant Attorney General of the Department of [...] Signs point to trouble ahead for the housing market as recent growth in foreclosure filings suggest REO Inventories may balloon in coming months according to the Radar Logic July 2011 Monthly Housing Market Report. On the heels of a couple of upbeat articles I’ve been able to write about the market,I get hit [...] Robo-signing is one of those terms I never heard until the news of improper foreclosure practices by some of the nation’s largest lenders started hitting the news in the past year and now the word has become synonymous with bad foreclosure practices. As a result,in April of this year the Office of the Comptroller [...] I keep saying that,until the foreclosure rate gets back down closer to a “normal”rate and the REO inventory is absorbed to the point where they are no longer putting such immense downward pressure on home prices,we are not going to see any sort of sustainable recovery in the housing market. It [...] National Association of REALTORS® (NAR) President,Ron Phipps,wrote a letter to Shaun Donovan,Secretary of the Department of Housing and Urban Development,Timothy Geithner,Secretary of the Treasury Department and Edward DeMarco,Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs [...] UPDATE –Criminal Complaint against M &B Builders –click here. Criminal complaint against Harold H. Buchman –click here. WASHINGTON – Two Mobile,Ala.,real estate investors and one real estate investment company have agreed to plead guilty today for their roles in a conspiracy to rig bids for the purchase of real [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for August 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 228,098 properties in the U.S. in August,a 7 percent increase from the previous month but a decrease of almost 33 percent from the year [...] A report released today by CoreLogic shows that 22.5 percent (10.9 million) of all homeowners in the U.S. with a mortgage were in a negative equity position in the second quarter of 2011,down slightly from 22.7 percent the prior quarter. Negative equity is also referred to as being “underwater”or “upside down”and [...] Federal Reserve Governor Elizabeth A. Duke,while speaking at the Federal Reserve Board Policy Forum last week,discussed the effect on the housing market that properties acquired by banks and lenders through foreclosure (REO’s) and suggested that if some of this inventory was converted to rental property by the lenders,this may have a positive [...] This morning,RealtyTrac released their U.S. Foreclosure Sales Report for the 2nd quarter of 2011 which shows that foreclosure sales accounted for 31 percent of all home that were sold in that quarter,down from nearly 36 percent in the previous quarter but up almost 30 percent from the year before when it [...] HomeSteps,the home-sale division of Freddie Mac,announced “Condo Cash”,a special limited-time offer to pay up to $1,500 in future condo fees for eligible buyers purchasing a condominium being sold through the Freddie Mac HomeSteps program. [...] SACRAMENTO,Calif. — A real estate investor pleaded guilty last Friday in U.S. District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County,Sharis A. Pozen,Acting Assistant Attorney General of the Department of Justice’s Antitrust Division,and Benjamin B. Wagner,[...] WASHINGTON –Four Florida men were arrested this past week on charges that they defrauded homeowners in Massachusetts and elsewhere in connection with a home loan modification scam,announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division,U.S. Attorney Carmen M. Ortiz for the District of Massachusetts and Christy Romero,[...] | ||||
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