Home

CaliforniaRealtySite

Get the latest news on California real estate

Inspector General Looks at GSE’s as Legal Costs Pass $100 Million

February 22nd, 2012

admin

Both before and after they were placed into conservatorship the two government sponsored enterprises Fannie Mae and Freddie Mac (the Enterprises) spent large amounts of money to defend themselves and former senior executives in class action lawsuits and other legal matters. For example, in cases arising out of alleged accounting malpractices in the 2004 to 2006 period, Fannie Mae has advanced $99.4 million for the legal defense of three of its former senior executives. Furthermore, $37 million of those funds have been advanced since the conservatorship began and hence were taxpayer funds and Freddie Mac has paid $10.2 million in legal defense costs for former senior executives since it was placed in conservatorship. In both post-conservator instances the Federal Housing Finance Administration…(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

View full post on Mortgage News Daily

Share and Enjoy:

MERS Has Second Court Win in Month

February 22nd, 2012

admin

Posted To: MND NewsWire

For the second time in just under a month the Mortgage Electronic Registration System ( MERS ) has won a significant court victory. The company which serves as registration agent for major mortgage lenders is currently involved in multiple lawsuits throughout the country. It prevailed in one of these suits, a case filed the U.S. Court for the Western District of Kentucky on Tuesday when Christian County Clerk, by and through its County Clerk, Michael Kem; et al. v MERS; et al. was dismissed with prejudice. The county clerks had sued MERS and a group of MERS members under provisions of the Kentucky laws regarding the recording of deeds. The Plaintiffs asserted, on behalf of all of the state’s County Clerks that MERS had violated the statutes in order to avoid recording mortgages and paying the…(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

View full post on Mortgage News Daily

Share and Enjoy:

A space on the mantel: Homes of Oscar nominees

February 22nd, 2012

admin

The movers and shakers of the movie-making industry have checked off most of the red-carpet events this awards’ season: Critics’ Choice Awards, Screen Actors Guild Awards and Golden Globes. Next up? The granddaddy of ‘em all: The Academy Awards.

View full post on msnbc.com: Real estate

Share and Enjoy:

Home sales jump to fastest pace in almost 2 years

February 22nd, 2012

admin

Sales of previously owned homes surged in January to the fastest pace since May 2010 in another sign that the housing market is slowly making some headway against its longest dip since the Great Depression.

View full post on msnbc.com: Real estate

Share and Enjoy:

Home prices at lowest point in more than 10 years

February 22nd, 2012

admin

Home prices fell to their lowest point in more than a decade in January, but that helped to lift the pace of home sales, according to a report from an industry trade group. View full post on Home mortgage rates and real estate news – CNNMoney.com

Share and Enjoy: