Wall Street Journal (04/17/12) Zibel, Alan New standards from the Federal Housing Finance Agency will require mortgage servicers to review and respond to short sale requests within 30 days of an offer on the property and provide weekly status updates if the offer is still under review after that. Mortgage firms will have to make [...]

Man sentenced to five years in prison for mortgage fraud scheme. A Carlsbad-based real estate consultant was sentenced to five years in prison for a multimillion dollar mortgage fraud scheme involving properties in Georgia, Florida and California, according to the U.S. Attorney’s office. John J. Borzellino was also ordered by U.S. District Court Judge Janis [...]

                                                                                                 Proposed FHA Changes… FHA Proposed Rule on Seller Concessions Yesterday, HUD published a request for comments (due in 30 days, by March 26) on their revised changes to policies for seller concessions. The new proposal is to limit seller concessions as follows: • Reduces the amount of permitted seller concessions to 3% or $6,000, [...]

Waiting for the next onslaught of news from the world’s credit markets, here’s some musing on “recovery.” The Sacramento-Stockton area, since it was an epicenter of foreclosure activity, has more recently begun to demonstrate the ways local real estate markets can emerge creatively from the depths of the economic crunch. The community of Elk Grove, [...]

I found this article on www.cnn.com.  I  thought it was quite interesting with a good perspective so I decided to repost it.  CNN) — The U.S. Postal Service appears to be the latest casualty in digital technology’s slow but steady replacement of working humans. Unless an external source of funding comes in, the post office [...]

Standard and Poors™ has downgraded the US sovereign rating to AA+, and kept the rating outlook at negative, suggesting improvement in the fiscal situation will be needed to avoid further downgrades. Federal agencies have issued guidance clarifying that this action will not affect risk weightings for US Treasury or agency debt. Key Points: 1. At [...]

Did You Know? Recent years have seen a dramatic increase in the number of reported mortgage frauds in the U.S. According to a recent article in The Wall Street Journal, banks are reviewing their loan portfolios for questionable loans made during the housing boom, and that has caused a 31 percent increase in the number [...]

<!– –>   This newsletter is compliments of: Eric M. Burgess Mortgage Consultant NMLS# 240240 Office: 707-526-6100 Cell: 707-508-5600 San Diego Direct: 619-238-2700                     Thought of the month “A dream is your creative vision for your life in the future. You must break out of your [...]