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Drop in conforming loan limits would raise cost of housing financing, hamper housing recovery

LOS ANGELES, CA - June 24, 2011 - (RealEstateRama) -- More than 30,000 California families will face higher down payments, higher mortgage rates, and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac are reduced beginning October 1, 2011, according to analysis by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

RICHARD LESTER JOINS REAL ESTATE MORTGAGE NETWORK, INC. AS NORTH AND SOUTH CAROLINA AREA...

CHARLOTTE, NC - June 24, 2011 - (RealEstateRama) -- Real Estate Mortgage Network, Inc. (REMN), is pleased to announce that mortgage industry veteran, Richard Lester, is joining the company. Taking on the newly created role of Area Manager for the Ca...

Mortgage finance: Congressman announces reform bill At Policy Summit

WASHINGTON, DC - June 24, 2011 - (RealEstateRama) -- Rep. Gary Miller (R-CA) today announced plans to introduce a bill to reform the nation’s mortgage finance system during a policy summit convened by the National Housing Conference (NHC). About 200 people attended the event at the Columbus Club in Washington, D.C., where Miller offered views on the importance of the government-sponsored enterprises (GSEs) in providing access to credit for Americans.

Remarks by Under Secretary Jeffrey A. Goldstein before the National Housing Conference’s Policy Summit...

WASHINGTON, D.C. - June 24, 2011 - (RealEstateRama) -- Good morning. Thank you, Maureen, for that kind introduction, and thanks to the National Housing Conference for inviting me here this morning. I’m glad to have the opportunity to talk about the future of housing finance, and also to hear your thoughts on how we can best move forward.

Charles Dunn Company Completes $2,475,000 Sale of an Office Property in Beverly Hills

LOS ANGELES, CA - June 23, 2011 - (RealEstateRama) -- Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,475,000 sale of a 5,550 square foot office building located at 417 S. Beverly Dr. in Beverly Hills, Calif.

Faris Lee Investments Completes $16.5 Million Sale of Westchester Place Retail Property in Los...

Irvine, CA - June 23, 2011 - (RealEstateRama) -- Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $16.5 million sale of Westchester Place, a two-story 50,861-square-foot retail center located at 8820-8844 South Sepulveda Blvd. in Los Angeles. Built in 2007 and situated on 1.71 acres, tenants include: Bed Bath & Beyond, Starbucks Coffee, Wells Fargo and Movement Performance Institute.

MBA Study Shows First Quarter 2011 Mortgage Banker Production Profits Slide as Volume Drops

WASHINGTON, DC - June 22, 2011 - (RealEstateRama) -- Independent mortgage banks and subsidiaries made an average profit of $346 on each loan they originated in the first quarter of 2011, down from $1,082 per loan in the fourth quarter of 2010, according to the Mortgage Bankers Association’s (MBA) First Quarter 2011 Mortgage Bankers Performance Report released today.

MISMO® Appoints Minton to Board of Directors

Washington, DC - June 22, 2011 - (RealEstateRama) -- MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), which develops data transfer protocols that span the entire residential and commercial real estate finance industry, today announced the appointment of Gabe Minton, Senior Vice President of Information Services at ServiceLink, to its Board of Directors

Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. - June 22, 2011 - (RealEstateRama) -- Mortgage applications decreased 5.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 17, 2011.

Real Estate Lawyer Sentenced in Manhattan Federal Court to 46 Months in Prison for...

New York, NY - June 22, 2011 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced that ALEXANDER KAPLAN, formerly a Brooklyn-based real estate lawyer and the owner of a title insurance company, was sentenced on Friday, June 17, 2011, in Manhattan federal court to 46 months in prison by United States District Judge RICHARD J. HOLWELL for his role in a multimillion dollar mortgage fraud scheme. KAPLAN was convicted, on February 6, 2009, of eighteen counts of mortgage fraud after a two-week jury trial

Realtors® Urge Regulators to Reconsider Narrow QRM Definition

Washington, DC - June 22, 2011 - (RealEstateRama) -- The National Association of Realtors® is urging regulators to go back to the drawing board on the proposed Qualified Residential Mortgage rule.

Morgan Keegan to Pay $200 Million to Settle Fraud Charges Related to Subprime Mortgage-Backed...

Washington, D.C. - June 22, 2011 - (RealEstateRama) -- The Securities and Exchange Commission, state regulators, and the Financial Industry Regulatory Authority (FINRA) announced today that Morgan Keegan & Company and Morgan Asset Management have agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities. Two Morgan Keegan employees also agreed to pay penalties for their alleged misconduct, including one who is now barred from the securities industry.

Rhodes Ranch NV Short Sale Experts – We Stop Foreclosure

Las Vegas, NV - June 22, 2011 - (RealEstateRama) -- A recent report released by IMS Advanced Realty Data Services named The Myers Team the #1 Short Sale Real Estate Team in Nevada. Number one status was determined by actual short sale listings closed in 2010.

Pahrump Nevada Short Sale Experts – We Stop Foreclosure

Las Vegas, NV - June 22, 2011 - (RealEstateRama) -- A recent report released by IMS Advanced Realty Data Services named The Myers Team the #1 Short Sale Real Estate Team in Nevada. Number one status was determined by actual short sale listings closed in 2010.

New Jersey Man Sentenced to More Than 13 Years for Foreclosure Rescue Scam

PHILADELPHIA, PA - June 21, 2011 - (RealEstateRama) -- Gennaro Rauso, 47, of Trenton, NJ, was sentenced today to 160 months in prison for several mortgage fraud related charges, announced United States Attorney Zane David Memeger. Rauso owned and operated a real estate management company—D&B Property Investors—that purported to help financially distressed homeowners with their foreclosure problems

J.P. Morgan to Pay $153.6 Million to Settle SEC Charges of Misleading Investors in...

Washington, D.C. - June 21, 2011 - (RealEstateRama) -- The Securities and Exchange Commission today announced that J.P. Morgan Securities LLC will pay $153.6 million to settle SEC charges that it misled investors in a complex mortgage securities transaction just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money back

FTC Stops Bogus Mortgage Loan Modification Business

WASHINGTON, D.C. - June 21, 2011 - (RealEstateRama) -- Under a settlement with the Federal Trade Commission, a federal court banned three men and their company from the mortgage modification business and ordered them to pay nearly $19 million for consumer refunds. The defendants allegedly deceived distressed homeowners with phony claims that they would negotiate with lenders to modify their mortgages and make them more affordable

Fairfax County to Participate in the First Regional Affordable Housing Expo

June 21, 2011 - (RealEstateRama) -- On Saturday, June 25, 10 a.m.to 4 p.m., Fairfax County will join with the Northern Virginia Affordable Housing Alliance (NVAHA), the counties of Arlington and Loudoun; the Cities of Alexandria and Falls Church; the Town of Herndon; Cardinal Bank, and George Mason Mortgage, to jointly host the Northern Virginia Housing Opportunities Expo, the area’s first annual regional affordable housing expo. The event will be held at T.C. Williams High School, 3330 King Street, Alexandria, VA 22301.

Former Colonial Bank Senior Vice President Sentenced to 8 Years in Prison for Fraud...

WASHINGTON, DC - June 20, 2011 - (RealEstateRama) -- A former senior vice president and head of Colonial Bank’s Mortgage Warehouse Lending Division was sentenced today to eight years in prison for her role in a more than $2.9 billion fraud scheme that contributed to the failures of Colonial Bank and Taylor, Bean & Whitaker (TBW). Colonial Bank was one of the 25 largest banks in the United States and TBW was one of the largest privately-held mortgage lending companies in the United States in 2009.

NATIONAL HOUSING CONFERENCE CONVENES POLICY HEAVYWEIGHTS TO DEBATE THE FUTURE OF HOUSING FINANCE

Washington, DC - June 20, 2011 - (RealEstateRama) -- As the country struggles economically, the future shape of the mortgage finance system remains a central question, as do questions about Fannie Mae, Freddie Mac and role of government in general. The question of how most Americans will finance their housing choices in a post-bubble world hangs in the balance. To consider the choices and help chart a course forward, the National Housing Conference (NHC) will host its annual Policy Summit on mortgage finance reform Friday, June 24, from 8:00 a.m. to 12:30 p.m. at the Columbus Club in Union Station. The event is open to members of the media.

Business Real Estate Press Releases

Support Ukrainian Refugees

GFP Real Estate and Its Tenants Raise More Than $200,000 to...

GFP Real Estate is pleased to announce that its "Support Ukraine in Crisis" campaign raised more than $200,000 to support humanitarian relief efforts on the ground in Ukraine.

Recent Gov & Nonprofit Real Estate Press Releases