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Dennis Norman Reverse mortgages have become increasingly popular over the past few years with seniors that find themselves with a large amount of equity in their home, but short on cash, or struggling to pay for the upkeep of the home, property taxes, insurance or other living expenses. A reverse mortgage allows people Continue reading… New Rule Proposed to Protect Seniors Obtaining Reverse Mortgages Dennis Norman Home mortgages are often sold or assigned, sometimes even right after the origination of the loan and, as a result, borrowers find themselves not knowing who their current lender is or how to contact their lender. This issue was addressed back in May 2009, as part of the Helping Families Save Their Continue reading… New Rules for Mortgage Transfers Dennis Norman Over the past couple of years lawsuits have been filed against several lenders over “yield spread premiums” that were paid by the lenders to mortgage brokers originating loans on their behalf. These suits brought a lot of attention to a common practice in the mortgage industry which was to compensate the companies (or Continue reading… New Rules Announced to Protect Mortgage Borrowers Dennis Norman The U.S. Department of the Treasury has announced yet another new plan to help homeowners avoid foreclosure. This plan targets homeowners that are struggling with unemployment and offers two foreclosure-prevention programs to help them. The first program will be through the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Continue reading… Help for unemployed homeowners facing foreclosure Editor’s note – Last month we published an article about HVCC which drew quite a few comments and responses….one such response was from veteran appraiser Paul Collins in which he shares his frustration with the state of the industry and the impact of lenders and legislation on his industry. Our thanks to Paul for allowing Continue reading… HVCC, AMC’s and the Appraisal Industry; a view from the inside For Immediate Release Alleged Schemes Defrauded Investors in Multiple States and Abroad NEWARK, NJ—Eliyahu Weinstein, aka “Eli Weinstein,” was arrested at his home this morning by federal agents on charges that he ran an investment fraud scheme causing losses of at least $200 Continue reading… Leader of $200 Million Real Estate Investment Scam Arrested for Fraud Dennis Norman Today the Federal Housing Finance Agency announce proposed guidance that would prohibit Fannie Mae, Freddie Mac and the Federal Home Loan Banks from investing in mortgages with private transfer fee covenants. Considering that covers the lenders that originate, invest in or, or insure over 90 percent of the homes in the U.S. that Continue reading… Private Transfer Fee Covenants Draw Fire From FHFA The Justice Department filed a lawsuit yesterday against the owners, developers, architects and civil engineers of Park Place Apartments, a 276-unit complex in Louisville, Ky., for failing to provide accessible features required by the Fair Housing Act. Tweet This Post A federal jury in Detroit yesterday returned a $115,000 verdict against an Ypsilanti, Mich., man for sexually harassing female tenants in his capacity as a property manager, the Justice Department announced today. The jury also found the property owner and his company liable for the illegal harassment. The lawsuit, filed Continue reading… Jury Awards $115,000 to Victims of Housing Discrimination
Dennis Norman Fannie Mae, after losing $59.8 Billion in 2008 and then $74.4 Billion in 2009, reported yesterday that things are looking up and they lost only $1.2 Billion in the 2nd quarter of this year. This “good” news comes on the heels of documents being released two weeks ago showing that Countrywide made, Continue reading… Countrywide VIP Loans To Fannie Mae Execs Are Under Investigation Landlord attempted to evict single mother for filing fair housing complaint The U.S. Department of Housing and Urban Development (HUD) announced Friday that a HUD Administrative Law Judge has ordered an Iowa landlord to pay $52,150 in damages and civil penalties for retaliating against a single mother of three by threatening to evict her because she Continue reading… Judge Orders Iowa Landlord to Pay $52,150 To Resolve Discrimination Case The Justice Department today filed a lawsuit against the owner, management company and former manager of Summerhill Place Apartments, a 268-unit apartment complex in Renton, Wash., for violating the Fair Housing Act by discriminating on the basis of race, color, national origin and familial status in the rental of apartments. The Continue reading… DOJ Files Fair Housing Lawsuit Against Apartment Complex in Renton, Washington Dennis Norman By now most real estate agents and brokers have probably heard about the changes to RESPA (Real Estate Settlement Procedures Act) that went into effect at the beginning of this year. One thing that has been a frequent topic of conversation among agents is whether or not they will still be able to Continue reading… New RESPA Rules Prohibit Home Warranty Referral Fees to Agents Dennis Norman UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close.. UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will Continue reading… House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits Three members of an alleged mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit were arrested this morning on wire fraud conspiracy charges, U.S. Attorney Paul J. Fishman announced. Ronald Harris Jr., 40, of West Orange, N.J.; Sterling Continue reading… Three in New Jersey Arrested and Charged in Foreclosure Rescue Scheme Dennis Norman UPDATE June 21, 2010- I said I would update this post after the proposed rules were published on the Federal Register with info on how to submit a comment -If you would like to comment, see the comment instructions in the Federal Register (I highlighted them) by clicking here -end of update. June 4, Continue reading… Is The Government Going to Push Us Into Another Housing Bust? Dennis Norman Last week both Fannie Mae and Freddie Mac announced relief for homeowners with a mortgage insured by either agency (which accounts for over 90 percent of the home loans in the U.S.) that either have drywall problems (the Chinese drywall issue) or are in the Gulf coast area and are affected by the Continue reading… Relief Available For Homeowners with Drywall Issues or Affected by Gulf Oil Spill Dennis Norman According to a press release issued by the FBI, nearly 500 people have been arrested in a nationwide mortgage fraud take-down as part of “Operation Stolen Dreams.” This operation was launched on March 1, 2010 and, according to the FBI, has lead to a total of 485 arrests, 330 convictions and Continue reading… Mortgage Fraud Sweep Results in Almost 500 Arrests Dennis Norman UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th… UPDATE-June 30th-As the Willie Nelson song goes. “Turn out the Continue reading… Senate Passes Key Amendment to Extend Closing Deadline for Homebuyer Tax Credit
Dennis Norman The deadline to purchase a home to qualify for the extended home-buyer tax credit was April 30th with a deadline of June 30, 2010 to close the sale. Since the deadline to purchase I have heard from many buyers with questions and concerns as they realize that, while they made the April Continue reading… Closing Deadline For Homebuyer Tax Credits May Be Extended Dennis Norman Yesterday the U.S. House of Representatives passed H.R. 5072, the FHA Reform Act of 2010 which is good news for home-buyers that may need to rely upon an FHA loan for a home purchase. The bill will still need to be passed by the Senate and then signed into law by the Continue reading… FHA Reform Bill Passed by House; Good News for Homebuyers Dennis Norman Back in January I did a post about FHA’s decision to temporarily (until February 1, 2011 if not revoked earlier) waive their “anti-flipping” rule, thereby allowing homes to be resold with FHA-insured financing even if the sale took place within 90 days of the selling acquiring the property. There were, of course, Continue reading… FHA Looking For Input On Anti-Flipping Rule Waiver Conditions Dennis Norman Last month the Missouri Court of Appeals handed down a decision on a case that caught my attention. The case, Deer Run Properties, L.L.C. vs. Keys To The Lake Lodging, Co. L.L.C., stemmed from the sale of some condominiums and involved a commission claim by a buyers agent. According to the court records, Deer Continue reading… Buyers Agents Beware – You May Not Be Able To Sue Seller for Commission UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA: agents are not permitted to rebate a portion of their commission to the buyer, Continue reading… Fannie Mae Issues Guidelines For HAFA Short-Sales and Deed-in-Lieu Dennis Norman Talk about the housing market not being able to catch a break….it seems every time something positive happens to give us a little encouragement, something else pops up to give the market another black eye. Here we are less than a month after the home-buyer tax credit deadline has passed and we Continue reading… National Flood Insurance Program Likely to Lapse Again Beth Phillips, United States Attorney for the Western District of Missouri, announced today that two more defendants have pleaded guilty in federal court to charges related to mortgage fraud schemes, including a $12.6 million conspiracy that involved 25 upscale residential properties in Lee’s Summit, Missouri and Raymore, Missouri and a Continue reading… Former Mortgage Broker, California Woman Plead Guilty to Mortgage Fraud A 10-count indictment has been unsealed charging six individuals with conspiracy to commit wire fraud and wire fraud, announced U.S. Attorney Karen P. Hewitt. The defendants are charged with submitting false and fraudulent mortgage loan applications and related documents to banks and other lending institutions, thereby inducing the institutions to make Continue reading… Six Charged with Wire Fraud Based on $20 Million Mortgage Fraud Scheme The founder and head of Chicago Development and Planning was sentenced yesterday to 15 years and eight months in prison, and ordered to pay more than $9 million in restitution for wire fraud, mail fraud, and money laundering, U.S. Attorney Joseph P. Russoniello announced. Patricia Morgen pleaded guilty on Dec. 16, 2009. According Continue reading… Ponzi Scheme and Mortgage Fraud Mastermind Sentenced to 15 Years, Eight Months Dennis Norman California typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and forgiving homeowners of their state income taxes on forgiven debt. Continue reading… California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners First Amendment Versus Ballwin City Hall Dennis Norman “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” This Continue reading… Property Owner Gets Jail Time over Yard Art |
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