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Lenders accused of illegal kickbacks

By Inman News, Wednesday, October 28, 2009.

Consumers don't have to prove they were overcharged in order to sue settlement services providers for triple damages under the Real Estate Settlement Procedures Act (RESPA), a federal court of appeals has ruled in a precedent-setting decision involving allegations of "captive reinsurance" of private mortgage insurance (PMI) policies.

The decision exposes Countrywide Financial Corp. owner Bank of America to potential damages of nearly $2.7 billion. Countrywide is accused in a proposed class-action lawsuit of funneling business to private mortgage insurers who had agreed to reinsure policies with an affiliated company, Balboa Reinsurance Co.  more...

Suing over excess loan fees

By Tara-Nicholle Nelson, Wednesday, October 28, 2009.

In the case Thomas et al. v. US Bank et al., several Missouri homeowners received high loan-to-value-ratio second mortgages from an originator, up to 125 percent of the appraised value of their homes. The mortgages were later sold to various lenders.

After the originator, FirstPlus Bank, went out of business, the homeowners filed suit against the lenders, alleging that they were charged loan fees in violation of the Missouri Second Mortgage Loan Act (MSMLA), which regulates lending practices on second mortgages secured by homes located in Missouri.  more...

Real estate can be a lonely place Premium Content

By Kris Berg, Wednesday, October 28, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/bionicteaching/2041278305/" target=blank>bionicteaching</a>.

My husband was talking to another agent about the latest drama in our little real estate neighborhood. It involved one more in the steady stream of personnel changes we have become accustomed to in this market.

"Did you hear that (Agent 'X') left (Company 'A') to team up with (Agent 'Y') at (Company 'B')?" he asked.

Agents change logos all the time; this is nothing new.  more...

Secret to painting galvanized steel

By Bill and Kevin Burnett, Wednesday, October 28, 2009.

Q: I have galvanized steel railings that were painted a few years ago with two coats of epoxy paint. Now it is peeling off in large chunks.

I can't seem to get a definitive answer from the painters I've asked as to what paint to use and how to apply it. Recommendations have included everything from Rust-Oleum to oil-based paint to using epoxy again. I was hoping you could steer me in the right direction.

A: The secret to a long-lasting paint job on any surface is in the preparation. A good-quality paint should not fail after only a few years.  more...

Reversal for new-home sales

By Inman News, Wednesday, October 28, 2009.

Sales of newly built single-family homes fell 3.6 percent from August to September to a seasonally adjusted annual rate of 402,000, a 7.8 percent decline from a year ago, the Census Bureau said today.

It was the first month-over-month decline in new-home sales since March, although builders were still able to chip away at the inventory of new homes on the market, which fell 4 percent from August to a seasonally adjusted 251,000 units.  more...

Mortgage bankers' HQ up for sale

By Inman News, Wednesday, October 28, 2009.

The Mortgage Bankers Association's Washington, D.C., headquarters is reportedly up for sale, with the trade group planning to remain as a tenant in the 170,000-square-foot building through 2020.

Citing a letter to members by MBA Chief Executive Officer John Courson, the Washington Business Journal reported that broker Holliday Fenoglio Fowler LP will immediately begin marketing the 10-story property, located at 1331 L St. NW.  more...

Demand for mortgages cools

By Inman News, Wednesday, October 28, 2009.

Demand for mortgages fell a seasonally adjusted 12.3 percent during the week ending Oct. 23, driven largely by a 16.2 percent drop in applications for refinancings from the previous week, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

Applications for purchase loans were down a seasonally adjusted 5.2 percent from a week earlier, and 15.4 percent from a year ago.  more...

Transparency works both ways Premium Content

By Robert Hahn, Wednesday, October 28, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/spilt-milk/2882642676/in/set-72157604069131486/" target=blank>yoppy</a>.

There was a time when baseball was called America's pastime. Ah, those innocent bygone days of lazy Saturday afternoons in Mayberry ...

The America we live in today is a little bit different. Our national pastime is probably video games, and our national sport is without question the grand obsession that is the National Football League. Football is America writ large: aggressive, competitive, passionate.  more...

Foreclosures spread from bubble markets

By Inman News, Wednesday, October 28, 2009.

An analysis of foreclosure-related filings at the metro level by data aggregator RealtyTrac shows new hot spots emerging in cities not generally viewed as bubble markets, including Provo, Utah; Rockford, Ill.; and Lansing, Mich.

All but one of the 20 metro markets tracked by RealtyTrac as having the highest rate of foreclosure-related filings during the third quarter were located in four states where speculation helped drive up prices during the boom: California, Florida, Nevada and Arizona. Those states also accounted for 37 of the 50 markets identified as having the highest foreclosure rates.  more...

House of horrors

By Bernice Ross, Wednesday, October 28, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/barelyfitz/28626934/">BarelyFitz</a>.

When you're in the real estate business, sooner or later there will be a house that someone says is haunted. The story below is true. Were these events just coincidence or were they something else?

When I was working on my doctorate, my closest friend and study partner was living in a new house in Orange County, Calif. She was in the antique business. Her home was like a showcase, every last inch of it beautifully decorated. When I met her, she was in the process of getting a divorce.  more...

'War stories' of a home inspector

By Barry Stone, Wednesday, October 28, 2009.

DEAR BARRY: My friend is a home inspector, and he sometimes tells me crazy stories about buyers, sellers and agents. I've been reading your column for years, and you've covered countless topics of interest. But you've never mentioned any personal experiences from the trenches. How about a couple of interesting stories? --Ben

DEAR BEN: I'm grinning broadly as I write this. Great question, by the way.

The main character of the first story was a rather disturbed lady who rented the home that was scheduled for inspection.  more...