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A federal foreclosure lecture California can do without

May 19
Posted by News Feed in General Real Estate

Should federal officials lecture state lawmakers on policy? The general counsel for the Federal Housing Finance Agency, the regulator overseeing Fannie Mae and Freddie Mac, certainly seems to think so.

At issue are two bills backed by California Atty. Gen. Kamala Harris to set new rules for the foreclosure process. The bills ran into stiff opposition from lenders, so the top Democrats in the Assembly and state Senate moved them to a conference committee in the hope of working out a compromise that could keep them on track.

Alfred Pollard, who was a longtime banking industry executive and lobbyist before joining the FHFA, blasted the bills in a letter to five members of the conference committee. In addition to offering some specific technical objections to the bills, Pollard went on at length about the drawbacks of slowing the foreclosure process.

“State laws that stretch out the period for legitimate foreclosures — after every effort is made to avoid foreclosure and to keep homeowners in their homes — result in no added benefit for the homeowner and produce harm to the housing finance system and to neighborhoods,” Pollard wrote. “Adding impediments to actions undertaken after default and layering restrictions on legitimate foreclosures, thereby permitting homeowners to stay in their homes for hundreds of days while not paying their mortgages, property taxes or homeowners’ association dues, costs neighborhoods, costs lenders and, ultimately, costs local taxpayers and future borrowers.”

Pollard conceded that even lenders must obey the law. “However,” he warned, “adding new laws, procedures and requirements where sanctions have been applied and remedial steps taken, may only add to delays and produce no different outcome for homeowners who have received appropriate efforts at loan modifications or foreclosure avoidance approaches.”

He went on to argue that the state didn’t need to address problems in the foreclosure process because federal regulators and law enforcement officials are addressing the issue. In fact, he contended, “should a borrower be treated improperly, laws in all states have always provided protection for them from fraud or deceptive practices.”

To which one can only say: Really?

Pollard must have been so busy trying to regulate Fannie and Freddie — admittedly, a full-time job — that he had no time to speak to any of the people across the country who’ve worked with defaulting borrowers. Or to the state prosecutors who’ve investigated lenders’ practices.

Or maybe he thinks it’s just peachy to have one set of bank employees foreclose on and repossess a home while another set is working with the homeowners on a loan modification.

That’s not to say Harris’ bills should pass as-is. Pollard offered some valid criticisms about the way the measures were drafted; for example, lawmakers should ensure that they don’t provide new avenues for fraud, and the definition of “robo-signing” is too broad.

The FHFA also has a legitimate interest in the legislation. Its mandate is to protect taxpayers from excessive losses at Fannie and Freddie, which are under federal conservatorship. If California passes laws that deter lenders from cutting their losses on loans backed by Fannie or Freddie, the FHFA’s job would be that much harder.

But it strains credulity to argue that the current system is working or that lenders are making “every effort” to avoid needless foreclosures. Lenders and loan-servicing companies have been timid, in part because they failed to scale up to meet the volume of defaults, in part because of the restrictions imposed on them by investors, and in part because they feared that more borrowers would default just to take advantage of the situation.

There’s no question that foreclosure was the right result for millions of borrowers who took on foolish risks or who lost so much income in the recession that they could no longer afford to be homeowners. But the collapse of the housing bubble exposed a system so flawed, it led banks to foreclose on an untold number of homeowners who could have been rescued by the right kind of modification, one that saved the lender money in the long run.

State officials are right to try to fix that system, given that the foreclosure process is governed by state law. And Pollard’s critiques about bill drafting can help that process. But he should save his foreclosure advocacy for when he returns to his former employ.

ALSO:

When all else fails, rob the poor

Facebook IPO disappoints, to the delight of many

Honduras drug raid: The State Department has some explaining to do

Article source: http://www.latimes.com/news/opinion/opinion-la/la-ol-federal-regulator-lobbies-legislature-on-foreclosure-bills-20120518,0,2465559.story

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Will Facebook IPO Boost Local Real Estate?

May 19
Posted by News Feed in General Real Estate

PHOTO: A television crew prepares for a broadcast in front of a 'like' sign outside Facebook headquarters on May 18, 2012 in Menlo Park, Cali.

Tax revenue from Facebook’s $104 billion IPO may not fill California’s $16 billion budget deficit, but it will likely give a boost to Silicon Valley’s already inflated real estate prices.

The median home value in Menlo Park, Calif., the home of Facebook’s headquarters, is $1 million, up 4.5 percent year-over-year according to the Zillow Home Value Index.

Old and new Facebook workers are buying up property in the Bay Area, adding to the demand from tech workers at nearby companies like Google, Zynga and LinkedIn.

In the nearby town of Cupertino, home of Apple Inc., the median home value is also $1 million, up 1.6 percent year-over-year, according to Zillow.

Around the time that Facebook announced its IPO and started its road show, there was an influx of multi-million dollar real estate coming onto the market in Silicon Valley, said Zillow chief economist Stan Humphries.

“Sellers clearly want to take advantage of those reaping rewards from this historic financial event,” Humphries said.

Home prices have already been rising in many high-end neighborhoods and cities in the area, and Humphries said he expects they will continue to increase as the young Facebook IPO beneficiaries look to make moves in the real estate market.

Michael Dreyfus of Dreyfus Properties specializes in residential real estate in the towns of Palo Alto, Menlo Park, Woodside, Portola Valley and Atherton.

“There’s no way there’s not going to be an effect,” Dreyfus said of Facebook’s IPO and the local real estate market.


PHOTO: A television crew prepares for a broadcast in front of a 'like' sign outside Facebook headquarters on May 18, 2012 in Menlo Park, Cali.

PHOTO: A television crew prepares for a broadcast in front of a 'like' sign outside Facebook headquarters on May 18, 2012 in Menlo Park, Cali.













He said he knows sellers who have waited for two years, not yet listing their homes in anticipation of the IPO.

While Facebook’s headquarters are in Menlo Park, Dreyfus said the hottest area is in neighboring Palo Alto.

“Palo Alto is ground zero for all of this, particularly because the younger money has always preferred Palo Alto because it’s a more urban environment,” Dreyfus said.

Downtown Palo Alto, by Stanford University, has numerous coffee shops, a movie theater, restaurants and bookstores.

“The schools are excellent, you can send your kid to public school and you are in the mix,” Dreyfus said.

Dreyfus said the dotcom bubble and Google’s IPO have educated property owners into becoming “savvy sellers.”

“They’ve seen this song before, they think they can play it, and they may be right,” said Dreyfus, who knows sellers who have held off and not responded immediately to increasing demand.

One reason for sellers’ patience may be that companies and some regulations prevent some stockholders from selling their shares until a specified time. That “lockup” period means Facebook employees won’t be using stock proceeds to buy homes in cash just yet. The period may be 90 days for institutional buyers and 180 days for employees. Companies like Zynga and LinkedIn have inititated more than one lockup period. Some lockup periods can encourage employees not to sell stock for as long as a year.

While most of his clients have been established executives who have moved to California to work at tech companies, the homes Dreyfus sold to Facebook employees in the past two years tend to have been to young families.

“I’m 50, so they all seem really young,” he said.

When asked if he was participating in any Facebook employee-related sales on Friday, Dreyfus said one of his two offices was planning to host a party celebrating the IPO’s completion.

“We’re tired of hearing about it,” Dreyfus said. “Imagine that every real estate conversation has worked Facebook in.”

Though grateful for the boost from Facebook and every other tech economy, he hopes people will focus on living “fundamentals.”

“The story is about all the companies in the Valley and how well they’re all doing,” he said. “And we want everyone to take a deep breath because we are really fortunate to live in this place.”

Article source: http://abcnews.go.com/Business/facebook-ipo-give-pop-silicon-valley-real-estate/story?id=16379764

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A current lawmaker on the ballot— who would know?

May 19
Posted by News Feed in Economy

SACRAMENTO, Calif.—Assemblywoman Beth Gaines has been a state lawmaker since she won a special election to fill an empty seat last year.

But voters can’t tell that from her ballot designation, which identifies her as a “small business owner” as she runs for re-election. The issue has taken center stage in her primary battle with another Republican, who has criticized her ballot label as deceptive.

It’s also not surprising. With the public taking a dismal view of the performance of the state Legislature, at least 10 current state lawmakers who are running for re-election or new seats are not disclosing their political office on the ballot.

“It’s not something that I’m that proud of, being a California legislator these days, quite frankly,” said Assemblyman Bill Berryhill, R-Ceres.

He identifies himself only as a “farmer” as he runs for the state Senate, a designation he hopes will draw a more positive response from voters in his Central Valley district.

“The voters are frustrated with our inaction and our inability to work together up here in Sacramento,” Berryhill said. “We’re not held in very high esteem, where farmers people trust. Legislators, they don’t have so much trust for, and understandably.”

Ballot descriptions matter particularly in primaries like the one June 5, said Shaun Bowler, a University of California, Riverside political science professor who studies voter behavior.

Voters often search for clues as

they sort between unfamiliar candidates. They examine names, gender, political affiliations and occupations—and more so this year because lawmakers are running in new political districts drawn after the 2010 census.

“‘Incumbent’ is a bad word,” Bowler said. “This year, the Legislature is in low standing, Congress is in low standing, and candidates can be part of the problem because they campaign against the institution they’re trying to join.”

Gaines, a Republican from Roseville, won a court fight to keep her ballot listing because she and her husband, state Sen. Ted Gaines, run their own insurance company even as they make a combined $190,000 a year from their state legislative salaries. Her husband has been a lawmaker since 2006 but also lists himself on the ballot as “small business owner.”

Beth Gaines’ Republican opponent, Andy Pugno of Folsom, has aired radio ads and mailed political fliers accusing Gaines of trying to hide her full-time, publicly funded job while she spends 10-15 hours a week on the insurance business. The ads say Gaines is “cheating” and being “dishonest.”

“The voters I talk to are offended and insulted that any politician would play these games and try to appear as something they’re not,” Pugno said in an interview.

“It’s an issue that goes straight to the trustworthiness of the candidate or the incumbent.”

Gaines said she is really good at multitasking as a legislator, business owner and mother of six children, two of whom still live at home. She denied any intent to deceive voters or shortchange taxpayers.

“I don’t think of myself as a politician in any way, shape or form,” Gaines said. “I am here to be a voice for small business. And when I am done, I will go back to my small business.”

Like Gaines, Pugno describes himself on the ballot as a “small business owner,” yet he is best known as the attorney who represented supporters of the 2008 Proposition 8 ban on same-sex marriages. A Gaines political mailer and an independently funded radio advertisement point out that Pugno’s primary occupation is practicing law.

“You don’t want to list ‘lawyer.’ They probably hide that one more than they do incumbent,” said Bowler, the voting behavior expert.

Polls show voters have regarded state lawmakers negatively for the past 10 years, and the distrust has deepened during the recession as California has dealt with multibillion dollar budget deficits.

Recent polls show just one in five voters thinks the Legislature is doing a good job. The distaste is particularly apparent among Republican voters, 87 percent of whom disapproved of lawmakers’ performance in the Field Poll’s most recent snapshot in February.  

Assemblywoman Cathleen Galgiani, D-Livingston, identifies herself as a “state legislator” as she runs against “farmer” Berryhill for the Senate.

“I’ve identified myself as a lawmaker because I’m proud of my record and I want to be forthright with voters. I know that there are people who are unhappy with the Legislature right now. But I’m a legislator and I’m not going to hide from that,” Galgiani said. “I think he should be forthright, too.”

Assemblymen Dan Logue, Mike Morrell and Richard Pan are running for re-election but are not advertising their role in the Legislature. Logue, of Linda, and Morrell, of Rancho Cucamonga, identify themselves as “small business owners.” Pan, a Democrat from Sacramento, lists his occupation as “pediatrician/physician.”

Logue and Morrell, both Republicans, said they consider themselves to be citizen-lawmakers. Both said they listed “small business owner” because they were restricted to just three words as their ballot designation.

There is an alternative. At least 20 other current state legislators chose a hyphenated approach such as “businesswoman/senator” or “Assemblymember/attorney.”

Pan noted that an asterisk placed by his name on the secretary of state’s official candidates list identifies him as an incumbent, although the mark does not appear on the actual ballot sent to mail-in voters in his district, where he is among six candidates.

Republican Assemblymen Jeff Miller of Corona and Kevin Jeffries of Lake Elsinore also list “small business owner” as each seeks another office. Miller is a candidate for the 31st Senate District and Jeffries is running for Riverside County supervisor.

“They know I’m an elected official,” Miller said of his constituents. “A lot of them don’t know I own my own business.”

The ballot description for Bob Dutton says “independent small businessman” in his bid for the 31st Congressional District seat. What he does not include is that he is a current state senator from Rancho Cucamonga who until this year was the Republican minority leader.

Similarly, Assemblyman David Valadao, a Republican from Hanford, is running in the 21st Congressional District as a “small businessman/farmer.”

Dutton and Jeffries did not respond to requests for comment. Valadao said he actively farms and believes voters won’t be fooled by a legislator who is just trying to avoid being labeled a politician.

“I think the voters are smart enough to see what’s really going on between just a picture of a guy standing in front of a tractor and someone who actually does what they do,” he said. “I am who I am.”

Article source: http://www.mercurynews.com/news/ci_20662401/current-lawmaker-ballot-mdash-who-would-know

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Sacramento-area jobless rate drops a full point to 10.5%

May 19
Posted by News Feed in Economy

Even accounting for various variables – unlike state data, the local data are not seasonally adjusted – the region outperformed California as a whole.

California’s unemployment rate decreased slightly to 10.9 percent in April – down from 11 percent in March – according to EDD’s statistics.

Unlike Sacramento, however, the state lost jobs. EDD said the number of non-farm jobs in the state dipped by 4,200 in April. However, since September 2009, the state has seen a gain of 385,600 jobs.

“These are still not stupendous gains, but definitely we’re stringing them together now,” said Dennis Meyers, principal economist of the state Department of Finance. “There’s slow, but steady improvement.

“More people are employed and less unemployed. It’s inch-by-inch progress … All told, the first four months of the year are pretty much on track with what was going on last year.”

EDD said four categories – mining and logging; trade, transportation and utilities; professional and business services; and other services – added jobs in April, with an overall gain of 19,100. Professional and business services posted the largest increase in that time, adding 12,700 jobs.

Meyers called professional and business services growth – including well-paying technology jobs – a good sign in a segment where California historically has stood out.

Palo Alto economic consultant Steve Levy also was encouraged by “very strong (job growth) in Internet-related and professional, scientific and technical services – the foundation of California’s innovation and technology complex.”

However, he added: “Overall job growth remains constrained by low levels of residential construction, which has kept construction-related jobs levels from rising, from layoffs in local government and education, and from the lack of growth in manufacturing job levels.”

Two other categories drew Meyers’ attention.

He pointed to a 3.5 percent, 1,000-job surge statewide in mining and logging year-over-year. He said April employment of 29,300 in the segment was a notable plus.

Seven categories reported month-to-month job declines statewide. Construction posted the largest decrease over the month, down 6,700 jobs, although Meyers wondered if the April survey was skewed by rain.

Nationally, the Labor Department said the unemployment rate inched down to 8.1 percent in April from 8.2 percent in March.

Significantly, department officials noted that the jobless rate fell in two-thirds of the states last month, which was cited as evidence that modest economic growth is boosting hiring in most areas of the country.

The department said the jobless rate was less than 7 percent in 22 states in April, compared with 13 states in April 2011. The unemployment rate dropped in 37 states in April, the most in three months.

Unemployment rose in five states and was unchanged in eight.

Article source: http://www.modbee.com/2012/05/19/2206413/sacramento-area-jobless-rate-drops.html

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Public records for May 19

May 19
Posted by News Feed in Mortgages

PUBLIC RECORDS

BIRTHS

Lakewood Ranch Medical Center

O’Carroll, Kahlan Angeliese, a girl to Karen and Sean O’Carroll, Sarasota, April 9, 2012

Manatee Memorial Hospital

Luciano, Nyalise Nevaeh, a girl to Mariah Stanley and Robert Luciano, Bradenton, May 9, 2012

Martinez, Arabella, a girl to Xinia and Luis Martinez, Palmetto, April 26, 2012

Williams, Nevaeh Miracle, a girl to Tiera Jackson and Walter Williams, Palmetto, May 12, 2012

MARRIAGE LICENSES

MANATEE COUNTY

Wednesday, MAY 9, 2012

Joshua Howard Williams and Patience Christine Anderson

Lukasz Marek Gryko and Olivia Esmay Toribio

Brent Allen Thorpe and Amanda Mae Harness

Thursday, MAY 10, 2012

Casey Joseph Holthaus and Kristine Diane Walbridge

Daniel Warren Defoe and Ashley Gayle Turner

Carlos Manuel Diaz and Marcy Lynn Mahnen

Robert Thomas Fels and Stephanie Lynn Watkins

William Scott Poulton and Tara Anne Donovan

Anibal Pineda-Pineda and Jacqueline Medrano

Austin Donald Tipps and Casey Griffin Dellinger

Marcus Evan Powell and Amanda Leigh McNish

Erik Joseph Hautly and Stacey Catherine Payne

John Angelo Haralampopoulos and Michele Rose Lindeman

Friday, MAY 11, 2012

Jason Ryan Winters and Tarah Lynn Wheeler

Jesus Alejandro Alamilla and Ruth Isela Jimenez Figueroa

Jon Joseph Bertolinio and Amanda Lee White

Gregg William McClendon and Dorothy June Killillay

Christopher Dennis Marks and Lashley Evelyn Feaster

John Anderson Carnegie and Edna Yvonne Frazier

Scott William Bishop and Lisa Mary Fender

Aaron Matthew Larkin and Heather Marei Booth

Jose Guillermo Rodriguez Cruz and Sadie Marie Campbell

Thomas Frank Dicellis and Melissa Ann Luffman

James Douglas Nelson and Natalie Ann Hayden

Mark Steven Kaliher and Allison Diana Young

Mauricio Alexander Calles Castro and Claudia Paola de Leon Alvarez

Monday, MAY 14, 2012

Robert Cantu and Marita Jean Hamm

Peter Hendrik Chamberlain and Katelyn Darlene Bowman

Christopher Thomas Rousse and Grace Emily Cole

Brandon Scott Reagan and Andrea Marie Thomas

Breon Lamar Mitchell and Amiee Noelle Grace

Adrian Thomas Fraser and Sharon Louise Hunt

Barry Wyn Roberts and Brianne Clare Sutton

Joseph John O’Neil and Doloris Anita Struzik

Douglas David John Trentham and Joanne Megan Young

Alexander Graham Duchart and Raffaela Ward

Michael Stephen Mitchell and Vicki Marie Green

Christian Patrick Birkley and Kerri Ann Augustine

Tuesday, MAY 15, 2012

Thomas Dutertre and Aimee Kathleen Aldrich

Steven Ross Avery and Leslie Dickinson Talbot

Victor Manuel Ortiz and Katherine Mendez

Shane Bryan Shipley and Madeline Marie Pruitt

Tyler Ward Mathews and Allison Joy Hoppingarner

James Brian Stinson and Mary Miller Morris

Domenick Vellone and Jane Ellen Barton

Dalphant Bruce German and Kerry-Ann Nicole Blake

Christopher Vincent Williams and Ashley Victoria Kadlac

DIVORCE PETITIONS

MANATEE COUNTY

Wednesday, MAY 9, 2012

Michael William Kuster and Holly Mae Kuster

Hugo Marroquin and VilmaAlvarado

Bertram Lawton and Phillis Lawton

Marcos H. Rojas and Diana G. Rojas

Thursday, MAY 10, 2012

Robert D. Melendez and Cheyanne D. Melendez

Dany Joseph Clermont Goulet and Laurie Kim Goulet

Higinio Aguilar and Gloria N. Aguilar

Patrick Thomas and Amanda Thomas

Shane Faust and Nathalia R. Johnson

William R. Sanders and Simone S. Harbas

Anthony George Allen and Gwenna Lynn Allen

Friday, MAY 11, 2012

Olmane Moseau and Marie Frantz Saintasse

Richard Matthew Walls and Karen Marie Walls

Alfredo A. Pineda-Canizales and Yenny K. Espinosa-Villamizar

Moreno Deleonardis and Kimberli Cotton-Deleonardis

Wyman Kirk McKinley and Kristene Adele McKinley

Quentin C. Talbert and Clare A. Talbert

Monday, MAY 14, 2012

Leander Kilroy Adderley and Casandra Adderley

Warren J. Cutter and Charlene M. Cutter

Jared Gladkowski and Phoebe Dutton

Tuesday, MAY 15, 2012

Kelly Lee Yarman and Jessica Yarman

Jeffrey Bomberger and Tracee Murphy Bomberger

James Wesley Stuart and Regina Lee Stuart

CIVIL SUITS

MANATEE COUNTY

Wednesday, MAY 9, 2012

Paul Peters vs. Belford Poppell et al (auto negligence)

Bank of America NA et al vs. Robert J. Ulrich et al (mortgage foreclosure)

Bank of New York Mellon et al vs. Kenneth D. Keating et al (mortgage foreclosure)

Federal National Mortgage Association vs. Charles J. McIntosh et al (mortgage foreclosure)

US Bank NA et al vs. Juanita Laidig (mortgage foreclosure)

Wells Fargo Bank NA vs. Greg Peterson et al (mortgage foreclosure)

Wells Fargo Bank NA vs. Mari F. Iacopetti et al (mortgage foreclosure)

Branch Banking and Trust Company et al vs. Hamilton H. Jones et al (mortgage foreclosure)

Bank of New York Mellon et al vs. Owen A. Keesey et al (mortgage foreclosure)

Bank of America NA vs. James W. Husbands et al (mortgage foreclosure)

Midfirst Bank s. Quintiliano Alejandre et al (mortgage foreclosure)

Thursday, MAY 10, 2012

State Farm Mutual Automobile Insurance Company et al vs. Shakeena M. Jackson et al (auto negligence)

CACH LLC, vs. Timothy J. Curry (contract and indebtedness)

TD Auto Finance LLC vs. Clarence McDaniel et al (contract and indebtedness)

Chet Bailey et al vs. Hugh Leach (contract and indebtedness)

Federal National Mortgage Association vs. Sandra Shute et al (mortgage foreclosure)

Bank of America NA vs. Robert L. Walden et al (mortgage foreclosure)

US Bank NA et al vs. Wendy A. Moore et al (mortgage foreclosure)

Wells Fargo Bank NA vs. David B. Vandyke et al (mortgage foreclosure)

Bank of America NA et al vs. Mario Cabrera et al (mortgage foreclosure)

Regions Bank vs. Mitchell J. Leslie (mortgage foreclosure)

Wells Fargo Bank NA vs. John H. Stahler et al (mortgage foreclosure)

Suntrust Mortgage Inc. vs. Juna Charles et al (mortgage foreclosure)

Bank of America NA et al vs. Beatrice Willis et al (mortgage foreclosure)

Bank of America NA vs. Murray L. Hall et al (mortgage foreclosure)

Deutsche Bank National Trust Company et al vs. Jaime Orjuela et al (mortgage foreclosure)

Wells Fargo Bank NA vs. Michael J. White et al (mortgage foreclosure)

Ocwen Loan Servicing LLC vs. Gilda E. Dietch et al (mortgage foreclosure)

Friday, MAY 11, 2012

David Baldauf as trustee of the RB 1955 Trust vs. The Cats Lore LLC (contract and indebtedness)

Star2star Communications LLC vs. Visualcue Technologies Inc. (contract and indebtedness)

Discover Bank vs. James J. Klausch (contract and indebtedness)

Regions Bank vs. James G. McDonnell (contract and indebtedness)

Deutsche Bank National Trust Company et al vs. Mallory O’Grady et al (mortgage foreclosure)

Bank of America NA et al vs. Terri Bissonette et al (mortgage foreclosure)

Bank of America NA vs. Robert J. Palmer et al (mortgage foreclosure)

Wells Fargo Bank NA vs. Pamela Caravello et al (mortgage foreclosure)

Wells Fargo Bank NA vs. Pamela J. Kesten et al (mortgage foreclosure)

US Bank NA et al vs. Erwin D. Delasalas et al (mortgage foreclosure)

Bayview Loan Servicing LLC vs. Jane Louis Courtnay Miller (mortgage foreclosure)

Wells Fargo Bank NA vs. Jason Sirmans et al (mortgage foreclosure)

Wells Fargo Bank NA vs. David Agosto et al (mortgage foreclosure)

Scottsdale Capital Advisors Corporation vs. Harvey F. Levin et al (mortgage foreclosure)

Nationstar Mortgage LLC v.s Anthony Glasford et al (mortgage foreclosure)

Monday, MAY 14, 2012

Leslie Wengler vs. Progressive American Insurance Company (auto negligence)

American Express Centurion Bank et al vs. TVS Precious Paws Boutique LLC (contract and indebtedness)

James Devoe et al vs. Matthew Carpenter et al (negligence)

Wells Fargo Bank NA vs. Sheryl L. Rycerz et al (mortgage foreclosure)

Deutsche Bank National Trust Company et al vs. Richard Marin et al (mortgage foreclosure)

Bank of New York Mellon et al vs. Thomas Williamson et al (mortgage foreclosure)

Bank of New York Mellon et al vs. Perry W. Campbell et al (mortgage foreclosure)

Bank of America NA et al vs. Ida Faye Grooms et al (mortgage foreclosure)

Bank of America NA vs. Ronald D. Maugherman et al (mortgage foreclosure)

Branch Banking and Trust Company vs. Leslie A. Pelley et al (mortgage foreclosure)

Suntrust Bank vs. Lathikhne S. Rattana et al (mortgage foreclosure)

Bank of America NA vs. Diane S. Remsnyder et al (mortgage foreclosure)

Wells Fargo Bank NA vs. Daniel E. Test et al (mortgage foreclosure)

Wells Fargo Bank NA vs. Lonie Hutchins et al (mortgage foreclosure)

Wells Fargo Bank NA et al vs. James M. Grow et al (mortgage foreclosure)

Tuesday, MAY 15, 2012

Piper Fire Protection Inc. vs. Adam Jacobson et al (contract and indebtedness)

Fifth Third Mortgage Company vs. Adrienne E. Gunter et al (mortgage foreclosure)

Bank of New York Mellon et al vs. Vanessa Rafaniello et al (mortgage foreclosure)

Article source: http://www.bradenton.com/2012/05/19/4044753/public-records-for-may-19.html

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Increasing Mortgage Rates Threaten Thousands of Brits with Home-Loss

May 19
Posted by News Feed in Mortgages

RoadFish.com men’s lifestyle and finance magazine today expressed concern for its friends in the UK dealing with the Eurozone crisis, especially after a recent report stated that over 100,000 families in the UK could lose their homes if mortgage prices continue to rise.

New York, NY (PRWEB) May 19, 2012

RoadFish.com men’s lifestyle and finance magazine today articulated its hope that rising UK mortgage rates is pure speculation, in response to learning that a jump even as small as 20 pounds a month (equivalent to $31 in US) could put more than 100,000 British families in a position where they can no longer afford their mortgages. The continuing Eurozone crisis has taken its toll on families as it is, and further mortgage increases could be the tipping point that would cost folks their homes. Even British estate agents would not welcome such a jump in business, since it would mean displacing so many unfortunate families.

Tammy Hughes of the UK publication Daily Mail reported that a leading British charity recently revealed that over 100,000 people around Great Britain will be susceptible to losing their homes if mortgage payments go up by as little as 20 pounds, or $31 US dollars, per month. A statement made by the Consumer Credit Counseling Service (CCCS) claimed that for families who are already financially stressed by credit card debt, overdue utility bills, and other financial burdens might be pushed to the max with any further mortgage rate increases, causing them to lose their homes. Unfortunately, the Bank of England issued a warning that families should buckle down and get ready to see increases in mortgage rates in the coming months, as UK lenders are dealing with higher borrowing costs that will trickle down to the consumer-level.

Una Farrell, a spokeswoman for CCCS, was quoted in the above-mentioned article as saying, “People are just about hanging on by the skin of their teeth. Thus far we have not had that many repossessions and that is for two reasons: for one, lenders have shown considerable forbearance up until now and two interest rates have stayed low. But wage freezes and higher energy and fuel prices are all just eroding and eating away at peoples ability to keep up with their mortgage repayments. Just a small rise in their repayments could push thousands of people over the edge and ultimately would mean that they lose their homes.”

RoadFish.com expressed concern for friends and family living in the UK who may face increased financial struggles in the coming months. RoadFish.com’s Senior staff writer is quoted as saying, “It’s so unfortunate that as the US sees record-low prices in mortgages, our friends across the pond will be experiencing big spikes in theirs. I feel so much optimism for the US, that this is our year to finally climb out of the financial black hole that the recession dumped us in, and I wish I could say the same for the UK.”

Tanya Powley of the Financial Times reported that due to increasing instability in the Eurozone, it is likely that homeowners and borrowers will see even more jumps in mortgage rates in the coming months. Powley’s prediction is backed by the Bank of England, whose governor, Mervyn King, warned the UK of the “risk of a storm heading our way from the Continent.” The Bank of England stated that elevated funding costs have caused banks to fight for restoration in their margins. Mortgage rates already climbed in April and the beginning of May, and borrowers are paying a higher mortgage rate in mid-May than they were at the start of 2012.

The Eurozone crisis, otherwise known as the European sovereign debt crisis, is being blamed for the probable increase in mortgage rates. The Eurozone, which refers to the “euro area” of 17 European Union member states that collectively use the Euro as their common currency, has been in dire financial straights for going on two years. The ongoing financial hardship has made it difficult for many of the Euro countries to refinance their international debt without the aid of a third party, and debt continues to grow. Currently, the United Kingdom has the highest gross foreign debt of any European country.

RoadFish.com encourages Brits to “hang in there” during the tough financial times. RoadFish.com’s Senior staff writer is quoted as saying, “It’s a really crappy time for mortgage rates to go up in England, as families are being stretched thin already, but you’ve got to persevere. Sometimes in the toughest of times, we learn how strong we really are, and what we’re truly capable of. Families and individuals all over the US have been doing it for years, and there’s encouragement in knowing that no one is alone in this. Everyone is here for each other. Lean on family, lean on friends, and let them lean on you when it’s their turn.”

The above-mentioned Daily Mail article reported that during the months of January through April 2012, a total of 9,600 home repossessions took place, which is a stable number from 2011. The Daily Mail article gave proof however of the already-rising mortgage rates. Last week, the Yorkshire Building Society increased rates on its two-year fixed loans from 3.24% up to 3.54%. The Daily Mail reported that likewise, ING Direct plans to raise its mortgage rates within the coming week up to 3.49%, from 3.29%.

About RoadFish.com

RoadFish.com is an online men’s lifestyle and finance magazine targeted toward men in their 30′s and 40′s that have already attained a moderate level of success in life, and are striving toward more. It goes over current events of interest to this group, such things as exciting adventures, consumer interests, and the tips on budget-friendly holiday parties as well as ways to make more and save more money. It is a publication owned by Purpose Inc.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebUK-mortgage-rates-rise/threaten-home-loss-in-UK/prweb9525262.htm

Article source: http://www.chron.com/business/press-releases/article/Increasing-Mortgage-Rates-Threaten-Thousands-of-3570542.php

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Convicted rapist-murderer in Sacramento gets life term without parole

May 19
Posted by News Feed in Local Real Estate

Neither did Judge Greta Curtis Fall. She called Griffin’s murder of Murphy in her senior-living apartment in Folsom “depraved” and “unconscionable.” Fall said Griffin presents “a serious danger to public safety.” Then she ordered Griffin sent away for the rest of his life.

Griffin, 43, was a medical transport worker who had a client in the Creekside Drive complex in Folsom where Griffin lived. Police and prosecutors said he had recently been hit with a major increase in his child-support payment. They said he entered Murphy’s apartment and stole her handbag and a coffee can with change she used for laundry. A friend discovered Murphy’s body the morning of Dec. 21, 2009.

Authorities said Griffin quit his job a month after Murphy’s death and moved back to his home state of South Carolina. Probation records showed his past included travels to Albany, Ga., and Tallahassee, Fla., and criminal convictions in those two states as well as in his hometown of Columbia, S.C.

They also showed he’d been found guilty of possession of crack cocaine, grand theft and bank robbery. According to his probation report, he had been “banished” from Dougherty County, Georgia.

Murphy was a Realtor in eastern Sacramento County who raised three children and had two grandkids. Despite the fact Griffin was 23 years younger than Murphy at the time of her death, he maintained in a statement contained in his probation report that they had a “relationship.” He suggested it might explain the presence of his DNA in her home and on her body. He said he was with her until 10 p.m. the Saturday before she died and that someone else must have broken into her apartment before her body was found.

In court Friday, Griffin said he “would like to express my deepest sorrow to the family and friends” of Murphy.

“Even greater,” he said, “I am deeply apologetic to my family and friends for even being accused of such a horrid crime. Upon my last ounce of integrity, I couldn’t have and wouldn’t have ever caused harm to Miss Murphy, or anyone else for that matter.”

He said he intends to try to prove his innocence. “I won’t give up, slow up, or let up, or shut up, until my freedom is restored.”

In a statement he read in court on behalf of Murphy’s family, her son, Mark Judish, said “it makes us physically sick to imagine how terrified she must have been as she fought against him as he forcibly raped her.”

“Sylvester Griffin has no regard for human life,” Judish said. “He is despicable and a brute. His choice to rape and murder our mom has earned him life without parole.”

Rhonda Walker, the victim’s daughter, said her mother was a top ally in her own fight against breast cancer. Walker said one of her enduring memories of her mother will be her love of the Christmas season, especially the last one of Murphy’s life, the one shattered by violent death.

“The Christmas presents she lovingly wrapped and addressed to me are still sitting on my nightstand,” Walker said. “I don’t think I’ll ever be able to open them.”

Article source: http://www.modbee.com/2012/05/19/2206430/convicted-rapist-murderer-in-sacramento.html

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Foreclosure-prevention efforts face obstacles in Sacramento

May 19
Posted by News Feed in Local Real Estate

SACRAMENTO — Efforts to ease California’s foreclosure woes, among the worst in the nation, are running into roadblocks at the state Capitol.

A rare legislative conference committee called to rescue a pair of stalled foreclosure-prevention bills is bogged down in marathon sessions. Meanwhile, Gov. Jerry Brown is pushing to use some of California’s share of the $25-billion national mortgage settlement to plug holes in the state’s budget, dismaying housing activists.

Since the start of the real estate bust, foreclosures have been a persistent drag on the state’s homeowners and economy. Experts see reducing foreclosures as key to getting the housing market back on track.

How to do that remains a matter of intense debate. State Atty. Gen.Kamala D. Harrisand advocacy groups have called for tougher reforms and more help for borrowers, while the banking lobby contends that lawmakers shouldn’t intervene with what appears to be a market recovery.

The conflict over the foreclosure bills is a classic David and Goliath political struggle, said Derek Cressman, western states director for Common Cause, a government watchdog group.

“The underlying reality is that the banks and the mortgage brokers have the wherewithal to make significant campaign contributions,” he said. “That puts the thumb on the scale.”

The committee, with three members from the state Senate and three from the Assembly, started taking testimony last week from dozens of witnesses, beginning with Harris, chief proponent of an initiative she’s dubbed the Homeowner Bill of Rights.

Harris wants new laws to lock in some of the reforms she and other attorneys general secured from five mega-banks as part of a national legal settlement in February. Taking into account credits designed to encourage the banks to make payments to homeowners, California’s share of the settlement could climb to as high as $18 billion.

“This bill of rights is simply about common sense reform and about bringing transparency for an otherwise confusing and daunting system,” Harris said.

Banks, loan servicers and allies in the real estate industry, who defeated similar legislation in the last two years, fear that Harris’ proposals go too far when the housing market is on a modest upswing.

Fewer California homeowners are falling behind on their mortgages, and foreclosures, though still high, are at their lowest levels since 2008, according to industry surveys released this week. Nearly 354,000 California mortgages are delinquent, according to the Mortgage Bankers Assn.

Although the California Bankers Assn. stressed that it supports “meaningful consumer protections,” it’s cautioning that new legislation must avoid doing “long-term damage to the marketplace” that would make it harder for borrowers to get low-cost mortgages.

Large banks are pushing back against a Harris proposal to give homeowners the right to sue when not all required steps in foreclosure actions are taken. They also oppose a requirement that they delay foreclosures when borrowers have asked for a loan modification to lower their monthly payments.

Banks are a powerful lobby in Sacramento. They made nearly $500,000 in campaign contributions to legislators during the 2009-10 session, according to Maplight.org, a nonpartisan group that tracks political money.

The banks’ complaints gained weight this week when the federal government’s chief home-loan regulator warned committee members that some of Harris’ proposals are too broad and could lead to more homeowner lawsuits.

Bank opposition isn’t Harris’ only problem. She also faces an attempt by Brown to take $410 million that California received as part of the national settlement. Harris has said she would spend the money on housing counseling and legal services for low- and moderate-income people.

Brown wants to use the cash to trim a $16-billion deficit in his proposed 2012-13 fiscal year budget. He would backfill existing housing fraud prevention and anti-discrimination programs, whose funding would otherwise be cut, and make interest payments on housing-project bonds.

Harris’ office has argued that housing counselors and legal services would help ensure borrowers facing foreclosure would benefit from the mortgage settlement. Those groups have said demand for their services has surged.

Housing advocates have been closely watching how California will spend the $410 million it received from the banks given Harris’ profile in the talks, that it was the largest cash payment to a state and the sheer size of California’s mortgage market. Before Brown announced he wanted to use the funds for other purposes, the affordable housing group Enterprise Community Partners had found that only 27 states were putting all of their settlement money toward housing initiatives.

“We appreciate that the governor is grappling with huge deficits and major financial challenges,” said Jeff Schaffer, vice president for the group. But “we find it problematic if those resources are going to be diverted.”

Article source: http://www.latimes.com/business/la-fi-foreclosure-bills-20120519,0,1628151.story

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Celebrity Real Estate: Seacrest and Ellen deal, Aniston rents

May 19
Posted by News Feed in General Real Estate

The big real estate news in celebrity circles? Ellen DeGeneres finally sold her home, selling it to fellow star Ryan Seacrest, and Jennifer Aniston and Justin Theroux are renting in Beverly Hills while their modern home is renovated.

Ryan Seacrest buys Ellen DeGeneres’ custom estate

Westside Estate Agency

Ellen DeGeneres and Portia De Rossi’s home is a midcentury modern.

 

Even in Hollywood circles, $49 million is a hefty chunk of change to put down on a home. But for uber-producer, television host and radio personality Ryan Seacrest, Ellen DeGeneres’ and Portia de Rossi’s custom and very private estate, pictured above, was worth it.

Shortly after Seacrest listed his longtime Hollywood Hills home on the market, he made an offer on DeGeneres’ and de Rossi’s enormous Beverly Hills abode, TMZ reports.

DeGeneres and de Rossi listed it as a pocket listing through the Westside Estate Agency in October 2011 and bought their own new place, Brad Pitt’s former Malibu bachelor pad, for $12 million in December 2011. And although DeGeneres earns a whopping $45 million a year, even she may have been feeling the pressure of having a home linger on the market.

What accounts for the hefty price tag? Beverly Hills real estate comes at a huge premium. According to property records, DeGeneres bought the home for $27,000,270 in September 2007. Shortly after, she bought the neighboring parcel to add to the estate, creating a property that takes up nearly a full city block. Add in the gated drive leading to the midcentury modern house, high-end security, a pool, tennis court and guest houses: It’s easy to see how the value of the property escalates.

Seacrest is paying a ton, and he can afford it, but at least he’s also getting a slew of custom interior features like multiple private home offices, a mediation room, personal gym, lap pool, enormous shoe closets — all serving to boost the home’s appeal.

Despite the custom design, DeGeneres is known for hopping houses. When Architectural Digest featured the home, she revealed that her family always rented growing up, and since then she’s had an affinity for buying homes, designing them and then moving on to the next one.

Whether Seacrest will follow suit remains to be seen. With a new gig at NBC and continued earning power as Hollywood’s A-list host and “American Idol” front man, he’s earned the right to plunk down his millions on one of Los Angeles’ priciest celebrity homes.

Westside Estate Agency

Most of the home has been renovated and restored by DeGeneres.

Westside Estate Agency

The formal, paneled living room looks over the pool area.


Jennifer Aniston renting Beverly Hills home

 

Zillow

The modern rental includes patio space connecting to a pool and spa.

The queen of real estate, otherwise known as Jennifer Aniston, is at it again!

Or, rather, the queen of real estate turnover is at it again.

In the past year alone, Aniston sold her beloved “Ohana” estate, bought and then sold two New York City penthouse apartments, and plunked down $20.97 million for a new love nest in Bel-Air.

More recently, the celebrity real estate rumor mill has been buzzing with news that the Aniston and current boyfriend Justin Theroux are on the move yet again while they remodel their Bel-Air mansion. The “Wanderlust” co-stars have reportedly scooped up a rental property in the highly sought-after 90210 neighborhood.

The $40,000-per-month rental first hit the market last summer as a for-sale listing at $14.9 million. But after a series of price reductions, Aniston snatched it up for temporary quarters. The gated contemporary features five bedrooms, 6.5 bathrooms and 6,500-square feet of living space.

A Zen-like vibe is quite apparent upon entering the property. The entryway is suspended above water features and leads to a hand-carved front door. According to the listing, views of the ocean can be seen from nearly every room and there’s the kind of open space that makes for perfect entertaining. Amenities also include a zero-edge pool and spa, an outdoor cooking area, outdoor shower, state-of-the-art home theater and temperature-controlled stone wine room.

Zillow

The kitchen features stainless steel high-end appliances.

Zillow

The bathroom has sliding glass doors opening out to the lawn.

See more photos of Aniston’s rental on the Zillow blog.

Related:

Article source: http://bottomline.msnbc.msn.com/_news/2012/05/18/11748694-celebrity-real-estate-seacrest-and-ellen-deal-aniston-rents?lite

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Real estate spotlight, May 18, 2012

May 19
Posted by News Feed in General Real Estate



AUBREY COHE, Seattle Post-Intelligencer

Copyright 2012 Seattle Post-Intelligencer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

By AUBREY COHEN, SEATTLEPI.COM STAFF

Published 09:41 p.m., Friday, May 18, 2012

  • of 1212 McGilvra Boulevard E. The 4,253-square-foot house, built in 1938, has five bedrooms, 3.75 bathrooms, fireplaces in the living, family and downstairs rec rooms, a front courtyard, a large back deck and a two-car garage on a manicured quarter-acre lot. It's listed for $2.1 million. Photo: Kate Morgan And Jonathan Himschoot/Windermere Real Estate / SL

    of 1212 McGilvra Boulevard E. The 4,253-square-foot house, built in 1938, has five bedrooms, 3.75 bathrooms, fireplaces in the living, family and downstairs rec rooms, a front courtyard, a large back deck and a two-car garage on a manicured quarter-acre lot. It’s listed for $2.1 million.

    Photo: Kate Morgan And Jonathan Himschoot/Windermere Real Estate
    / SL

    of

 

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Article source: http://www.seattlepi.com/realestate/article/Real-estate-spotlight-May-18-2012-3569198.php

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