By Janis Mara, Wednesday, February 23, 2005. A California investigation into alleged kickback schemes involving title insurance companies is a good idea, industry figures said, with one advocating even wider investigations. "It's a good idea," said Devon Callan, a loan originator with American Advantage Mortgage, regarding the investigation that California Insurance Commissioner John Garamendi announced on Tuesday. "It's one thing to set up a strategic alliance between yourself and another company. more...
By Inman News, Wednesday, February 23, 2005. Last summer, the California Department of Insurance seized $500,000 in escrowed funds from a Southern California title insurer after an investigation uncovered the company allegedly was using rebates to entice brokers to steer customers to them. more...
By Inman News, Wednesday, February 23, 2005. The Department of Housing and Urban Development on Tuesday announced $26.8 million in "sweat equity" grants to help low-income families become homeowners. The funds are awarded to families that contribute at least 100 hours of their own labor to building or rehabilitating their own homes. The funding is provided through HUD's Self-Help Homeownership Opportunity Program (SHOP), which employs volunteers, experienced tradesmen and the hard work of applicants themselves. more...
By Inman News, Wednesday, February 23, 2005. Grubb & Ellis/BRE Commercial brokered the sale of the Moreno Corporate Center, a 199,604-square-foot office/industrial complex in Moreno Valley, Calif. The value of the transaction was $17.3 million. The project consists of one three-story, steel-framed office building and five one-story, multitenant industrial buildings on approximately 13.2 acres. more...
By Inman News, Wednesday, February 23, 2005. Marcus & Millichap completed the sale of a Borders Books & Music store in San Diego, Calif. The value of the transaction was $13 million. San Diego-based LandGrant Development sold the property to a San Francisco-based investment partnership in a 1031 exchange. The San Diego Borders is located at 668 6th Ave. in the city's historic Gaslamp District. The class A property was constructed in 2002 and includes 33,000 rentable square feet. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** more...
By Inman News, Wednesday, February 23, 2005. Investcorp has sold a portfolio of four office buildings in Northern New Jersey, as well as one mixed-use property in San Francisco, Calif., for undisclosed prices. Investcorp, in partnership with Wilson Meany Sullivan LLC, sold One Powell Street in downtown San Francisco to SPI Holdings LLC. One Powell Street was originally built by the Bank of Italy (later Bank of America) as its headquarters in 1921. The historic American Renaissance-style structure is eight stories high and totals approximately 80,000 square feet. more...
By Inman News, Wednesday, February 23, 2005. Fannie Mae's federal regulator has found new problems with the mortgage giant's accounting practices, including questions with regard to securities and loan accounting, Fannie said Wednesday. more...
By Inman News, Wednesday, February 23, 2005. Following several recently reported incidents of crimes against Realtors, the Houston Association of Realtors and the Houston Police Department have partnered to create, "Project: Sold on Safety," teaching Realtors basic safety practices to use in their business. Realtor security is a cause for concern because Realtors regularly show open houses and meet with clients alone whom they have little or no information about. more...
By Inman News, Wednesday, February 23, 2005. A mother, her daughter, son and daughter-in-law accused of buying millions of dollars worth of real estate and cars in an identity theft scam have been jailed in California, the Associated Press reported Friday. Mildreada Andrews, 45; her daughter, Melanie Marie Andrews, 22; her son, Michael Lee Andrews, 24; and her daughter-in-law, Isis Andrews, 19, were arrested 18 months after they fled Washington State, Bill Hanley, a Palm Springs, Calif., police detective told The Columbian of Vancouver. more...
By Inman News, Wednesday, February 23, 2005. ForSaleByOwner.com, a site that charges a flat fee for marketing properties online, today announced an alliance with a company that publishes real estate and legal forms. more...
By Inman News, Wednesday, February 23, 2005. Members of a Los Angeles area multiple listing service now have access to an online transaction system helping them manage their real estate deals from listing to closing. The Combined Los Angeles and Westside Multiple Listing Service entered an agreement with First American Residential Group, providing the 11,600 MLS members access to Transaction Manager, a Web-based transaction system. more...
By Inman News, Wednesday, February 23, 2005. Fannie Mae's investment portfolio contracted in January for a third straight month as a result of mortgage portfolio sales and a reduction in purchases, the mortgage giant said Tuesday. The country's No. 1 mortgage finance company said its investment portfolio shrank at an annualized 16.8 percent rate in January, compared to a 10.1 percent decline in December 2004. The company's investment portfolio was at $890.8 billion. more...
By Janis Mara, Wednesday, February 23, 2005. California Insurance Commissioner John Garamendi is issuing subpoenas to parties he believes are involved in kickback activities, the commissioner said Tuesday. more...
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