Latest News

23% Improvement Over 2010 number Of Late Mortgage Payments

by ritasimpson February 20, 2012 Latest News

The survey, released by the Mortgage Bankers Association, showed that 7.6% of residential mortgages were at least 30 days past due on their payments at the end of 2011. That was down from 8.3% one year earlier and from a peak of 10% in early 2010, but it is still much higher than the historical …

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Investors Posed To Purchase Pool of REO’s

by ritasimpson February 2, 2012 Latest News

The Federal Housing Finance Agency (FHFA) today announced the first step of a Real-Estate Owned (REO) Initiative targeted at the hardest-hit metropolitan areas announced in August 2011. Investors interested in participating may “pre-qualify” to establish eligibility to bid on transactions in the initial pilot phase as well as subsequent phases.

The REO Initiative will allow qualified …

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FED Advocates REO Rental Program

by ritasimpson January 5, 2012 Latest News

The Federal Reserve called on lawmakers to do more to help the ailing housing market, which has been blamed for dragging down economic recovery. In a 26-page white paper, the Fed told lawmakers that more aggressive action is needed in preventing home values from falling further and handling the large supply of foreclosures that continue …

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Eviro Groups Petition for Review of Septic MOU

by ritasimpson December 22, 2011 Latest News

Environmental groups filed a petition with the State Water Resources Control Board asking it to review the Los Angeles Regional Water Quality Control Board’s Memorandum of Understanding with the City of Malibu regarding the Malibu Civic Center septic prohibition.

While the city states the Memo of Understanding is just a framework to the discussions moving froward, …

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View Restoration Ordinance in Malibu, Close to Approval

by ritasimpson December 14, 2011 Latest News

Finally after more than three tortuous years in deliberations and reversals, the Council seems to be leaning towards an approval of a View Restoration Ordinance that would protect Ocean views for property owners. Details are still in the works and the decision could still be reversed, however it is starting to look like there is …

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2 million Foreclosure-Prevention Actions By Fannie, Freddie Mac

by ritasimpson December 14, 2011 Latest News

Nearly 2 million foreclosure prevention actions since the start of conservatorship.  Nearly 1.7 million of these actions have allowed borrowers to retain homeownership, with more than one million being permanent loan modifications.•  Loans modified since the start of HAMP are performing substantially better compared with loans modified in earlier periods. Serious delinquency rates continued to decline. However, the percentage …

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Fed Keeps Rates Alone, Upbeat about The Economy

by ritasimpson December 14, 2011 Latest News

Federal Reserve reaffirmed its pledge to keep interest rates low, saying the economy has already been showing signs of “expanding moderately.” The economy has shown some improvement in employment and consumer spending in recent weeks.

In reaffirming a pledge it first issued in August, the Fed said the federal funds rate will remain near zero until …

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Should Additional Mortgage Fees Offset the Payroll Tax Reduction?

by ritasimpson December 13, 2011 Latest News

To pay for the proposed extension of the payroll-tax cut, a proposal has emmerged that would boost fees that Fannie and Freddie collect from lenders. Here is how it would work:

Fannie and Freddie don’t issue mortgages, but instead buy them from lenders. They bundle those loans into securities that are sold to investors, and promise to …

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BOA New Program Keeps People in Their Homes

by ritasimpson December 12, 2011 Latest News

Bank of America is considering a program that would allow investors to buy a foreclosed home and then rent it back to the former home owner.

Bank of America would go to the customer and say, ‘We’ll do a short sale. Will you be interested in leasing your property back? We’re still going to sell the …

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Why Did The Coast Guard Remove Dume Buoy?

by ritasimpson December 9, 2011 Latest News

For over 100 years, the Point Dume buoy has warned mariners away from dangerous rocks,  and enchantedvisitors and residents with the sound of its deep, mournful whistle.

Point Dume residents and others are upset by the removal of the buoy. The area’s large colony of sea lions appears to have dispersed following the removal of the buoy, and only a …

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