IN THE NEWS
California
rank: 32
90+ Day
Delinquency Rate
Foreclosure
Rate
october 2012
3.06%
Unemployment
Rate
2.01%
10.1%
year ago
4.00%
3.37%
11.5%
percent point change
-23.5%
-40.4%
-12.2%
Top County
Lake CounTy
90+ Day
Delinquency Rate
Foreclosure
Rate
october 2012
3.53%
3.70%
year ago
4.29%
5.26%
percent point change
-17.6%
-29.7%
Top Core-Based Statistical area
CLearLake, Ca
90+ Day
Delinquency Rate
Foreclosure
Rate
october 2012
3.53%
3.70%
year ago
4.29%
5.26%
percent point change
-17.6%
-29.7%
note:
The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in
foreclosure. State rank is based on the October 2012 foreclosure rate. All figures are rounded to the nearest
decimal. The unemployment rate reflects preliminary October 2012 figures released by the Bureau of
Labor Statistics. All other data courtesy of Lender Processing Services.
California
Nordine Realtors
Since 1990
Leo Nordine
www.nordine.com - nordine@nordine.com
over 3300 personal sales
KNOW THIS
The nation's top
three sellers'
markets are San
Jose, San Francisco,
and Sacramento,
California, according
to Zillow.
128
Former IndyMac
Officers to Pay $169M
in FDIC Suit
A Los Angeles jury ruled last month that
three former IndyMac Bank officers must
pay $169 million in damages to the FDIC
for making "negligent loans" to homebuilders, according to a report from Bloomberg.
The FDIC's suit, filed in 2010, alleged
that Scott Van Dellen (former CEO of
IndyMac's Homebuilder Division), Richard
Koon (former chief lending officer), and
Kenneth Shellem (former chief credit officer) caused $500 million in losses by pushing
for loans before the real estate crash without
taking into consideration credit quality.
According to the suit, the executives
made loans to homebuilders that weren't
creditworthy or didn't provide sufficient
collateral.
The jury found the three men liable for
negligence and breach of fiduciary duty.
Kirby Behre, an attorney for Shellem and
Koon, said in an emailed statement that the
verdict "is the result of a deliberate effort by
the government to scapegoat a few men for the
impact that the unforeseen and unprecedented
housing collapse in 2007 had at IndyMac."
Behre also asserted that Shellem and
Koon used "the utmost care in making loan
decisions, and there is no doubt that all of
the loans at issue would have been repaid
except for the housing crash."
A lawyer for Van Dellen did not immediately return a call from Bloomberg
requesting comment.
SEC Ends Probe of
Wells Fargo
The Securities and Exchange Commission (SEC) has ended its investigation of
potential fraud in offering documents for
mortgage-backed securities (MBS) sold by
Wells Fargo, Bloomberg reports.
The biggest home lender in the country
announced in a regulatory filing in early
December 2012 that the SEC notified
the bank's San Francisco headquarters on
November 20, 2012 that the agency was
ending its probe without enforcement.
Wells Fargo first told investors of the SEC's
investigation in its 2011 annual report, filed
February 28.
Rekon Technologies
Works to Make Short
Sale Process Easier
In November 2012, Rekon Technologies
noticed an uptick in the use of its lien release
software, leading analysts to believe that
short sales will continue to trend positively
this year.
The company touted itself as the largest
provider of advanced lien release, assignment processing, and document preparation software by servicers for short sales.
Research from RealtyTrac shows that short
sales reached a three-year high in Q1 2012.
Short sales are becoming an increasingly
popular alternative for lenders and servicers
because they provide relief from foreclosure
and save both time and money. The Federal
Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac established new
guidelines, effective November 1, 2012, that
expedite the short sale process for lenders
and borrowers.
"The short sales process can be complex and time consuming in the best of
circumstances," said Aurora Marsh, CEO
REO AND
SHORT SALES
SPECIALIST
SOLD
GARY CARTER
20955 Pathfinder Road, Suite 100
Diamond Bar, CA 91765
d: 909-860-5540, c: 951-315-7327
f: 909-860-8470
mr.sold007@yahoo.com
www.garycarterrealtor.com
