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Countrywide reaches fair-lending agreement with N.Y. attorney general

By Inman News, Wednesday, December 6, 2006.

Countrywide Home Loans Inc. will compensate minority borrowers who were allegedly given high-cost loans and implement a $3 million consumer education program as part of an agreement with the New York attorney general's office.

Attorney General Eliot Spitzer launched inquiries into the lending practices of several banks last year, citing data lenders provide to federal regulators as evidence that black and Latino customers were more likely to receive higher-cost loans.  more...

Wobbly toilet a sign of wetter things to come

By Bill and Kevin Burnett, Wednesday, December 6, 2006.

Q: I recently had my bathroom floor tiled. Now the toilet wobbles when I sit down or get up. It doesn't leak. What can I do to stop this? Will a bead of caulk or plumber's putty do the job?

A: If the toilet doesn't leak now, it will in short order.

Several things could be causing the wobble. The closet bolts might not be tight, or the closet flange may be broken or bent. Also, the wax ring that seals the connection between the toilet and the discharge pipe may be not be set properly.

Tightening the closet bolts is an easy fix.  more...

Neighbors sue dairy farm over health concerns

By Robert Bruss, Wednesday, December 6, 2006.

C&R Vanderham Dairy received the necessary county permits to construct a large facility for 1,456 milk cows and 1,408 "support stock" on its 60-acre farm.

However, neighbors objected, arguing the facility would prove an objectionable aroma in the vicinity, and disposal of manure could become a problem.

Purchase Bob Bruss reports online.  more...

Selling home difficult when neighbor's a slob

By Robert Bruss, Wednesday, December 6, 2006.

DEAR BOB: My mother's neighbors moved in about four years ago. Since then they have accumulated cars (on blocks), a shed that is overflowing, and many piles with blue tarps. I am afraid when my mother wants to sell her home (she is 84), she will have problems. What recourse does she have? --Darlene H.

DEAR DARLENE: Your mother should consult the appropriate city or county code-enforcement officials to see if the neighbors are violating any ordinances. If so, ask the government to enforce its ordinances.  more...

Baltimore gets athletic apparel co.

By Inman News, Wednesday, December 6, 2006.

Transwestern negotiated a 308,220-square-foot flex/industrial lease in Baltimore, Md., under which athletic apparel developer/distributor Under Armour will retain for six years.

The landlord, ASB Capital Management, signed Under Armour to the lease at 1040 Swan Creek Drive, a property that is now 100 percent leased. The warehouse space was built in 2003.

Transwestern provides commercial real estate services nationwide.

Atria East changes hands on Long Island

By Inman News, Wednesday, December 6, 2006.

Heritage Management Co. LLC sold Atria East, a 207,000-square-foot office building in Hempstead, N.Y., for $46 million. It had paid $37 million for the property in mid-2005.

The Treeline Cos. purchased the property at 990 Stewart Ave., which is part of a two-building, five-acre complex.

The property was originally built to serve as a data center for Chase Manhattan Bank. The six-story structure features an atrium lobby, a full-service cafeteria and ample parking, including two underground levels.  more...

Bascom buys 654 apartments

By Inman News, Wednesday, December 6, 2006.

The Bascom Group LLC purchased the Crescent at Windy Hill apartment community in Marietta, Ga., for $21.4 million.

TVO North America sold the property, which is located at 2121 Windy Hill Road. It was constructed in the early 1970s on 41.5 acres and includes a community lake directly adjacent to the apartment buildings.

Crescent at Windy Hill is comprised of 359 one-bedroom apartments, 37 two-bedroom/one-and-a-half-bath apartments, and 258 two-bedroom/one-bath apartments. Unit sizes range from 693 to 1,037 square feet with an average of 849 square feet.  more...

Wells Fargo offers financial counseling to subprime borrowers

By Inman News, Wednesday, December 6, 2006.

Wells Fargo & Co. has launched an educational program to help subprime borrowers keep their credit in good standing, even as it faces a possible class-action lawsuit over its lending practices and as Congress considers tighter limits on exotic loans.

Wells Fargo's "Steps To Success" program includes free access to credit records and bilingual "financial literacy" advice to borrowers who take out subprime loans with the bank.  more...

Title insurance probe widens in Missouri

By Inman News, Wednesday, December 6, 2006.

Missouri regulators have initiated enforcement actions against 16 title insurance agencies accused of charging rates not approved by the state and misrepresenting to consumers the actual cost of a policy.  more...

D.C. housing slowdown deepens

By Inman News, Wednesday, December 6, 2006.

Sebring Capital Partners closes its doors

By Inman News, Wednesday, December 6, 2006.

A Texas-based subprime lender that employed 325 people has unexpectedly closed its doors, but will honor loans in the pipeline.

Sebring Capital Partners, a wholesale mortgage lender founded in 1996, has been struggling with a decline in loan originations. The company closed an estimated $209 million loans in the second quarter of 2006, down from $235 million in the same quarter of 2005 and $449 million in the second quarter of 2003, the Dallas Business Journal reported.  more...

Canadian home sales still on record pace

By Inman News, Wednesday, December 6, 2006.

Seasonally adjusted home sales in Canada numbered 38,303 units in October, the Canadian Real Estate Association reported today, which is down 0.8 percent compared to September. Home sales activity via the nation's Multiple Listing Service system is still on track to set a new annual record.  more...

Rates plummet, home loan apps soar

By Inman News, Wednesday, December 6, 2006.

Overall mortgage application volume increased 8.1 percent last week on a seasonally adjusted basis from the week before, inspired by a significant drop in interest rates, the Mortgage Bankers Association reported today.

The seasonally adjusted refinance index increased by 13.7 percent to 1,989.7 from 1,749.6 the previous week, and the purchase index increased by 4.9 percent to 426.6 from 406.7 one week earlier.  more...

Decline in overnight real estate rates intensifies

By Inman News, Wednesday, December 6, 2006.

Long-term mortgage interest rates fell further Tuesday, and the benchmark 10-year Treasury bond yield edged up to 4.44 percent.

The 30-year fixed-rate average dipped to 5.58 percent, and the 15-year fixed rate sank to 5.34 percent. The 1-year adjustable was down at 5.28 percent.

The 30-year Treasury bond yield increased to 4.57 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...