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Lenders accused of preying on blacks
Three companies violated civil-rights laws by targeting predominantly black neighborhoods in Cleveland for home loans that were likely to result in foreclosure, according to complaints made by a housing advocacy group. The Housing Advocates Inc. filed the complaints Monday with the city of Cleveland and the U.S. Department of Housing and Urban Development, accusing Argent Mortgage Co., Wells Fargo Bank and First National Mortgage Co. of unfair lending practices. The agency filed on behalf of 77-year-old Elizabeth Redrick and other black residents whose homes are in foreclosure. Redrick lives on East 147th Street in ZIP code 44110, where the housing agency reported that the population is nearly 74 percent black. Agency director Ed Kramer said Argent, based in California, made 30 percent more loans in Redrick's ZIP code over three years than in ZIP code 44118, an area in and around Cleveland Heights where residents are 53 percent white.
How Do People In Southern California Afford Mortgage Loan Payments ...
Any loan amount above these conforming loan limits is considered a jumbo mortgage, and any amount over $650,000 is considered a super jumbo loan. "Once again, although the new conforming loan limits will help some home buyers qualify for a lower-cost loan, they do not go far enough to benefit most home buyers in California," said Jim Hamilton, president of the real estate trade group. "Conforming loan limits need to more accurately reflect the cost of housing in California." So, how do Southern Californians afford those million dollar loans? The 2006 Fannie Mae and Freddie Mac conforming loan amounts are: No. of Units Contiguous 48 States, District of Columbia and Puerto Rico Alaska, Hawaii, Guam & U.S. Virgin Islands 1 $417,000 $625,500 2 $533,850 $800,755 3 $645,300 $967,950 4 $801,950 $1,202,925 .
FHLB 11th Dist Cost-Of-Funds Index Down To 4.299% In March
NEW YORK -(Dow Jones)- The cost of funds in the 11th District, a gauge of thrift deposit and financing costs and a key benchmark for adjustable-rate mortgage securities, was down to 4.299% in March. The rate was 4.376% in February and 4.392% in January. The cost-of-funds index measures deposit and financing costs for thrifts in California, Nevada and Arizona. The data are reported by the Federal Home Loan Bank of San Francisco, which compiles the data on a monthly basis. (END) Dow Jones Newswires April 30, 2007 18:32 ET (22:32 GMT) Copyright 2007 Dow Jones & Company, Inc. .
Fitch Affirms 12 RMBS Classes from Citigroup Mortgage Loan Trust ...
The affirmations, affecting approximately $950.6 million in outstanding certificates, reflect adequate levels of credit enhancement relative to expected losses and low seasoning. The pool is seasoned 18 months and has a pool factor (current collateral balance as a percentage of the initial balance) of approximately 81.5%. To date, the trust has experienced no realized losses. The pool consists of conventional, fully amortizing fixed- and adjustable- rate mortgages extended to Alt-A borrowers, secured by first-liens on single family residential properties. The loans are master serviced by CitiMortgage (rated 'RMS1' by Fitch). At closing, the three largest geographic concentrations of loans were in California,Virginia, and Maryland. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com.
California First Time Home Buyer Program Offers Zero Down Payment ...
There are California lenders that have specialized programs that want to help people purchase their first home. Some programs are tailored for people with damaged credit, while most can help people with little saved for a down payment. For more information about first time home buyer programs available to you please call toll free 1-866-398 4664 or go to: www.goldmedalmortgage.com/FirstTimeHomeBuyerLoans There are numerous lenders that specialize in loans for first time home buyers. Some of these lenders will even loan up to 103 percent of the home's purchase price to include closing costs. Loan programs are available where up to $300,700 can be borrowed. There are a few lenders offering zero down jumbo mortgages over $300,700. The best way to buy your first home for no cash out of your pocket is to qualify for a 100 percent mortgage where the borrower receives a pre-approval letter or certificate from the lender.
Mortgage company flounders
All Fund Mortgage, a Tacoma company, is behind in payments owed to employees as it faces money troubles. One manager, Len Richard, has filed a claim with the California Department of Industrial Relations for about $18,000 in unpaid wages and expenses. Richard joined All Fund in December and operates a one-man office in Beverly Hills. All Fund also has been ordered to repay dozens of Federal Housing Administration-insured loans, according to court records. Cindy Laybourn, vice president of operations for All Fund, declined to comment and referred calls to David Syme, who Laybourn said is the company's legal counsel. He did not return phone calls Wednesday or Thursday. An e-mail to employees this week from All Fund said the company takes the late payments "very seriously." The company employs loan officers around the country and processes the loans they sell.
Maguire Properties Completes Acquisition of $2.875 Billion Office ...
LOS ANGELES--(BUSINESS WIRE)--Maguire Properties, Inc. (NYSE:MPG), a southern California focused real estate investment trust, today announced that it has completed its acquisition of a portfolio of assets in Orange County and Downtown Los Angeles that was part of the former Equity Office Properties portfolio from the Blackstone Group. The purchase price was $2.875 billion (before reserves and closing costs) which was funded through $2.27 billion of new mortgage financing, $223 million in bridge financing and a $400 million term loan originated by Credit Suisse, Lehman Brothers and Merrill Lynch & Co. Credit Suisse also originated a new secured revolving credit facility for up to $130 million. Mr. Robert F. Maguire III, Chairman and Chief Executive of Maguire Properties, said "We are enormously pleased to have completed the strategic acquisition of this portfolio.
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