According to the Wall Street Journal, from developers to nonprofits, everyone is grabbing for the tax breaks offered for investments in low-income neighborhoods, or “opportunity zones.” These zones were created as part of the tax overhaul and allowed governors to designate up to 25% of their state’s low-income Census tracts as tax-favored opportunity zones where investors can defer …
It appears that the family that commits mortgage fraud together goes to jail together, too. Three members of a California family who ran a foreclosure company will spend more than 45 years in jail, collectively, after each was found guilty of participating in a $20 million mortgage fraud scheme that preyed on financially distressed homeowners. …
Entire California family jailed for $20M mortgage fraud Read More »
Foreclosures in the first half of 2018 are far below their peak of 1.6 million in 2010, but 40% of local markets showed an uptick in foreclosure starts. The first six months of 2018 saw 362,275 foreclosure filings, a 15% decline from the same period last year. But 40% of local markets showed an uptick …
Cities along the West Coast, unsurprisingly, have some of the priciest homes in the nation. Among the 10 cities with the highest share of homes worth more than $1 million, four are in California: San Jose, San Francisco, Los Angeles, and San Diego, according to a new LendingTree analysis. In these four housing markets, more …
At the end of last year, Puerto Rico suffered a devastating hurricane, which some estimates say killed as many as 5,000, and left the island without power for weeks. Now, Americans are moving in on the island, capitalizing on the downward trend in real estate prices due to the storm. After Hurricane Maria hit the …
Garth Anthony Gardner, 49, a citizen of the Republic of Trinidad & Tobago, pled guilty yesterday to charges involving a scheme in which he made misrepresentations to apply for and obtain more than $3 million in multiple home equity line of credit loans. According to the government’s evidence, in October 2003, Gardner purchased a property …
Man Obtained 24 Loans on Two Properties, Then Defaulted Read More »
According to the latest report from the Department of Housing and Urban Development, four-person households in the Bay Area that make less than $117,400 can qualify for certain low-income housing programs. That’s the highest in the nation, and it’s just shy of the area’s median household income of $118,400. For one-person households in the area, those …
Make Less Than $117K? In SF, You Can Get Low Income Housing Money Read More »
For the second time this month, federal authorities have arrested a number of people who allegedly participated in schemes designed to intercept and hijack wire transfers from businesses and individuals, including those involving real estate transactions. Eight more people were arrested and four more were charged with participating in a widespread, Africa-based cyber conspiracy that …
African Hackers Steal $15 million From US Wire Transfers Read More »
by Anthony Gilbert The RealFX Group Mortgage wire fraud is a serious problem, and one that every buyer, real estate brokerage, and mortgage company wants to avoid dealing with. This is also true of sellers, who can see their deals fall through when the buyer of their home is swindled out of money. With that in mind, …
Can Blockchain be a Solution to Mortgage Wire Fraud? Read More »
A federal district judge ruled Thursday that the structure of the Consumer Financial Protection Bureau (CFPB) violates the Constitution. Judge Loretta Preska of the Southern District of New York ruled that the CFPB’s creation as an independent agency with a director that could only be dismissed for wrongdoing was unconstitutional. She ruled that the entire section of the …
Federal court rules CFPB structure unconstitutional Read More »
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