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Dennis Norman The Internet Crime Complaint Center (IC3) and the Federal Bureau of Investigation have published a report about common real estate scams and rental scams they are finding and how to avoid them. Like most scams there are warning signs and red flags that can help you avoid falling victim; knowing what to look [...] Dennis Norman I usually try to keep the focus of my posts on this site on topics that, for the most part, apply to the entire real estate industry and shy away from local issues. I’m going to make an exception today however as I feel this is an issue, albeit local at this point, [...] Author’s Note: I frequently publish stories on actions of the Department of Justice with regard to Fair Housing Laws…I do this not to draw attention to the parties involved in particular suit or case but to heighten the awareness of Property Managers, Brokers and Landlord’s of Fair Housing Laws and the repurcussions of violating them. The [...] Dennis Norman Last week a friend emailed me a link to a video titled “The Indymac Slap in Our Face” that was created by Think Big Work Small. I watched the video which gave a recap of the failure of Indymac bank back resulting in it’s seizure by the FDIC in July, 2008, and the [...] Valentine’s Day is a time for love…Are you feeling left out because you haven’t found Mr or Mrs Right? Maybe you aren’t looking in the right places…. have you tried hanging out in the laundry room of Apartment complexes? All right, I know what you are wondering, what does this have to do with real [...] The Justice Department today announced a settlement of a lawsuit alleging that those involved in the design and construction of two multifamily housing complexes in Davenport, Iowa, violated the Fair Housing Act. The complexes at issue are Kimberly Ridge Manor and Jersey Ridge Manor. The case began when the Davenport Civil Rights Commission filed fair housing [...] Even in Tough Times, 77 Percent of Americans View Homeownership as a Part of Their Own Personal American Dream A national survey released yesterday by Trulia shows that many Americans feel that President Barack Obama has not lived up to the hope he created during his campaign and his first 30 days in office. In Trulia’s latest American Dream [...] Nation’s Fifth-Largest Housing Developer to Retrofit Record Number of Apartments for People With Disabilities, Create National Accessibility Fund
Dennis Norman Today, the National Fair Housing Alliance (NFHA) and its member fair housing organizations in Atlanta, Ga., Melbourne, Fla., and Napa and Marin, Calif., announced a landmark agreement with the A.G. Spanos Companies to increase housing accessibility [...] Dennis Norman The National Association of Home Builders says the health care bill that the Senate passed (H.R. 3590) places a “major financial burden on builders“. According to the NAHB language offered by Sen. Jeff Merkley and “slipped into the Senate health care legislation at the last minute unfairly targets small construction firms with more than [...] According to a press release from the U.S. Department of Housing and Urban Development, borrowers with FHA loans that are experiencing problems associated with drywall (ie; chinese drywall) may be eligible for assistance to help them rehabilitate their properties. FHA is reminding its approved lenders that they are to offer special forbearance for borrowers confronted with [...] Tweet This Post Dennis Norman Freddie Mac, Fannie Mae and CitiMortgage give borrowers a break over the holidays… Within the past day Freddie Mac and Fannie Mae have both announced that they are suspending evictions from December 19, 2009 through January 3, 2010 on foreclosed homes, two families and four families, that they hold. CitiMortgage and CitiFinancial announced [...] Dennis Norman Last week I did a post about the Obama Administrations’ Home Affordable Modification Program (HAMP) and showed how it really has not been effective in helping keep families in their homes and avoid foreclosure as was the intention by the administration. When my kids tell me they don’t like the way I want them [...] Dennis Norman Last week the Treasury Department announced the Home Affordable Foreclosure Alternatives Program (HAFA), the latest program under the Home Affordable Modification Program (HAMP), designed to offer alternatives to homeowners facing foreclosure. THE HAFA PROGRAM: The Home Affordable Foreclosure Alternatives Program provides financial incentives to loan servicers as well as borrowers who do a short-sale [...] Ted Gayer, co-director of Economic Studies, Brookings Institute According to this article, the Joint Committee on Taxation (JCT) has scored a Senate homebuyer tax credit at $16.7 billion. How does the JCT $16.7 billion cost estimate square with my previous back-of-the-envelope calculation of the cost of the tax credit of $73.9 billion? Dennis Norman I have done several posts on the homebuyer tax credit and received and answered hundreds of questions about the tax credits on the various blogs I write for. There appears to be a lot of demand for the credits by homebuyers but also appears to be many questions. If you have questions about [...] In the ongoing debate about whether one should walk away from an underwater mortgage or not, one University of Arizona professor speaks out strongly in favor of taking a hike. According to Brent T. White, an associate professor of law at the University of Arizona: A failure to grasp the true economics of the situation is [...] First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying [...] Dennis Norman I can remember a time, not that long ago, where about the last thing our clients were concerned about was the value of their home going down. After all, for decades, their homes proved to be safe investments….no, they weren’t going to see their values shoot up 50 percent in one month like some [...] I posted yesterday on the Wall Street Journal article Report Sheds Light on Why Homeowners Walk Away. A couple of commenters on the WSJ article said why they were walking away from their mortgage, and I thought their comments were interesting enough to repeat. The first walker says that as a good borrower he is [...] The Justice Department announced it has filed a lawsuit today in federal court for the Eastern District of Missouri alleging a pattern or practice of violations of the Fair Housing Act by the owner and managers of Forum Manor Apartments, a federally-subsidized apartment complex, for refusing to rent to African-Americans and males, refusing to allow [...] Publishers note: If you have been reading our blog for a while you are probably aware we have been supporters and advocates of the home-buyer tax credit as well as the extension and expansion of the credit, which happened last week. We realize however, there are people that do not support the credits for a [...] Department of Justice Press Release TAMPA—United States Attorney A. Brian Albritton today announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties. U.S. Attorney Albritton is [...] Justice Department Obtains Record $2.725 Million Settlement of Housing Discrimination Lawsuit WASHINGTON– The Justice Department announced today the largest monetary payment ever obtained by the department in the settlement of a case alleging housing discrimination in the rental of apartments. Los Angeles apartment owner Donald T. Sterling has agreed to pay $2.725 million to settle allegations [...] Dennis Norman I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of [...]
Department of Justice Press Release PREET BHARARA, the United States Attorney for the Southern District of New York, JOSEPH M. DEMAREST, JR., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation (“FBI”), RICHARD H. NEIMAN, the Superintendent of Banks for New York State, RENE FEBLES, the Special Agent-in-Charge [...] By: Dennis Norman OK, I already know I’m going to aggravate a few agents out there, but it’s really not my intention. I’m going to start out by saying that agents that list REO deals are victim’s of the system they are forced to operate in. Whew, hopefully my CYA is done.. Having said that, at the end [...] Dennis Norman By: Dennis Norman Here is some information agents should share with clients that may be struggling to keep up with their payments on their mortgage, or struggling to get through the paperwork and other requirements for a loan modification under the Affordable Refinance Program. Freddie Mac has launched an effort to help borrowers delinquent borrowers obtain [...] The Office of the United States Attorney for the District of Vermont stated that Benjamin Osmanson, 30, of California and Sarita, Texas, pleaded guilty yesterday to three counts of conspiracy, wire fraud, and money laundering related to his scheme to defraud mortgage lenders by submitting false loan applications in the names of “investors.” Osmanson was [...]
PHOENIX—Mario Bernadel, 51, of Phoenix, was convicted yesterday on 19 counts of Conspiracy to Commit Mail, Wire, and Bank Fraud; Mail Fraud; Wire Fraud; Bank Fraud, and Transactional Money Laundering as a result of his involvement in a cash back mortgage fraud scheme. Sentencing is set before U.S. District Judge Stephen M. McNamee [...] |
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