July 2011

Real Estate Purgatory

(Source: By Bill Silverfarb, Daily Journal) – For more than 100 years, train tracks have divided the North Central San Mateo neighborhood. Sometimes loud, sometimes considered an eyesore, they have become part of the neighborhood’s landscape.


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Real Estate Stat Junkies, This One’s for You

(Source: Boston Globe by Scott Van Voorhis) – Check out this Forbes piece. It breaks down the various real estate indexes – Case-Shiller, Clear Capital – and looks at how they stack up with each other.


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Are Bank Examiners to Blame for Slow Job Growth?

(Source: New York Times By SIMON JOHNSON) – With unemployment back up to 9.2 percent, as reported last week, the hunt is on for an explanation of why job creation has been so slow since the financial crisis of 2008. [...]


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Bank Bonus Clampdown Deepens Wave of Job Cuts

(Source: Reuters By Sarah White) – Investment bankers are still smarting from Europe’s crackdown on bonuses, and not just because this year’s cash rewards were smaller than before — many now risk losing their jobs as a result of these [...]


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Bank of America Calls Attention to the Good Things it Does

(Source: North Jersey BY RICHARD NEWMAN) – Bank of America, which has been a lightning rod for criticism and lawsuits amid the nation’s worst-ever home foreclosure crisis, wants to call attention to itself — for a good reason. The country’s [...]


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Wealth at Private Banks Rise, But New Client Money Slows

(Source: CNBC By: Gauri Bhatia) – The global wealth management industry saw its assets under management grow at a strong 11.12 percent in 2010, according to an annual report from London-based consultancy Scorpio Partnership.


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Mortgage Loan Modifications: Be on the Lookout

(Source: ABC News By LINH TRAN) – Being rewarded for doing the right thing is nothing unusual but hard to believe when big banks are the ones doing the rewarding.


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Free Homeowner Counseling Event in San Diego on July 16th

(LoanSafe.org) – Homeowners who need dire assistance should come to this free. Families and walk ins are most very welcomed. Save hundreds of dollars in pro-bono legal sessions to learn your legal rights that you have for your financial hardship.Come [...]


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Report: Foreclosure Prevention Program a Failure

(Source: The Bay Citizen By Aaron Glantz) – The Obama administration’s flagship anti-foreclosure program is failing California homeowners.


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Blumenthal Announces Senate Probe of Mortgage Servicers

July 11 (Source: By Janice Podsada, The Hartford Courant, Conn.) – Sen. Richard Blumenthal said Monday the Senate Judiary Committee will investigate alleged abuses by mortgage servicers, including improper loan modification agreements and shoddy foreclosure procedures, which may have resulted [...]


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Connecticut Man Pleads Guilty to $4 Million Mortgage Scam

(Source: FBI) – David B. Fein, United States Attorney for the District of Connecticut, announced that CHRISTIAN TUDOROF, 43, of Stamford, waived his right to indictment and pleaded guilty today before United States Magistrate Judge Joan G. Margolis in New [...]


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Former Diamond Mortgage Employees Plead Guilty in $4.9M Mortgage Fraud

(Source: Kansas City Business Journal) – Former employees of Overland Park-based Diamond Mortgage have pleaded guilty to their roles in a $4.9 million mortgage fraud scheme.


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Why the Real Estate Recession is Halting Divorces

(Source: Moneyland By Tara-Nicholle Nelson) – Study after study has looked at the impact of the recession on everything from obesity to fashion. But I’ve had my eye on a number of reports all year which, collectively, seem to indicate [...]


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R. Kelly’s Chicago Mansion is Foreclosed

(Source: NME) – R Kelly may lose his multimillion-dollar mansion in Chicago after failing to make mortgage payments for more than a year.


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Inflated Sales Figures Masked the Severity of the Bust

(Source: Chicago Tribune) – The Illinois Association of Realtors has admitted to peddling inflated sales prices in its latest report on Chicago condos and houses, and possibly in previous reports as well. The group owned up to the phony figures [...]


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Investors Optimistic About Commercial Real Estate Market

(Source: The Bryan Ellis Real Estate Letter Posted by Carole VanSickle) – While you might not think that bank regulators beginning to pressure lenders to deal with non-performing loans is a good thing, the fact that this trend is increasing [...]


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How to Find the Best Market for Rental Real Estate Investing

(Source: Money Morning By Martin Hutchinson) – The weak U.S. housing market and high inflation, despite their negative effects on the economy have actually created a promising opportunity for rental real estate investing.


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Banks Selling Your Shopping Data, Treasury Slows Printing Presses, 5 Steps To Get Out Of Debt

(Source: Forbes Bill Hardekopf) – Banks have found a new way to make money off their customers. Many of the nation’s leading banks and card issuers, including Wells Fargo, Citi, USAA, Sovereign Bank and Discover, are selling information about consumers’ [...]


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Credit-Card Interest Rate Increases Can Take Effect as Quickly as 14 Days

(Source: The Boston Globe) – If you get a notice that your credit card interest rate is going up, don’t rush to charge your summer vacation before the rate increase kicks in.


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Consumer Watchdog Group to Police Banks Year-Round

(Source: CNBC) – The new U.S. consumer financial watchdog is gearing up to deploy hundreds of examiners to large banks, saying Tuesday it will do year-round policing at the biggest and riskiest banks.


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Three Favorite Big U.S. Banks

(Source: Barrons) – There has been a confluence of issues surrounding the largest mortgage players over the last few weeks.


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Central Banks Take Back their Gold

(Source: goldnews.bullionvault) – ACCORDING TO the Bank for International Settlement’s, central banks have pulled 635 tonnes of gold in the past year, the largest withdrawal in more than a decade. The move, disclosed in the BIS’s annual report, marks a [...]


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Banks Should Love the Fed’s Durbin Amendment Ruling

(Source: Forbes by Tim Chen) – In late June, the Federal Reserve issued its final regulations on debit interchange fees, handing both large banks and smaller credit unions a victory. Although the financial industry fought the Durbin Amendment from its [...]


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How the Brand-New Debit Fee Cap Will Affect Investors

(Source: MSNBC By Neha Chamaria By Neha Chamaria) – Visa warned of slower growth in revenue and earnings for fiscal 2012. The news comes after the Federal Reserve issued its final regulation on debit card fees. This not only affects [...]


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Spooked US Investors Pose Threat to European Bank Funding

(Source: E-Financial News by Elena Moya) – Europe’s largest banks are facing the possibility of short-term funding challenges as concern over the region’s debt crisis spreads among US investors, traditionally a crucial source of short term-capital, according to JP Morgan [...]


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Could A Federal Reserve Bank Go Bust?

(Source: Forbes) – The 12 Federal Reserve banks have assets, including risky assets. They have liabilities. They have a thin capital cushion. Could one of them become insolvent?


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Danish $80 Billion Fund Bets Bank Losses Won’t Impact Tests

(Source: By Peter Levring and Frances Schwartzkopf) – Denmark’s banks, which are grappling with the fallout of Europe’s toughest resolution laws, will probably pass European stress tests even after failures sent the industry’s funding costs higher, the $80 billion ATP [...]


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When Banks Voluntarily do Principal Reductions

(Source: Reuters) – The holy grail of mortgage modification is principal reduction — the only thing which gets homeowners out of negative equity hell. And one of the big questions is why it’s not more common: it seems to make [...]


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Hundreds in Hollywood Wait in Line for Help to Save their Homes

(Source By Donna Gehrke-White, Sun Sentinel) – HOLLYWOOD Some homeowners emerged jubilant from the Westin Diplomat Resort on Monday, snagging instant mortgage modifications during a daylong event in Hollywood.


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Wells Fargo to Help Central Valley Customers Facing Mortgage Payment Challenges

MODESTO, Calif., Jul 11, 2011 (Source: Market Watch) — Wells Fargo & Company WFC +0.84% announced today it is hosting a free workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing [...]


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