Henry A. Barrios / The Californian
Augustine Ramirez in court Tuesday for a preliminary hearing in an alleged $4.1 million mortgage fraud scheme. 
Henry A. Barrios / The Californian
Guadalupe Ramirez, left, and Maria Quijada Ramirez, center, along with attorney H.A. Sala in court Tuesday for a preliminary hearing in an alleged $4.1 million mortgage fraud scheme. Get more info…
As an almost-inevitable follow-up to its Jan. 7 ruling that invalidated two foreclosures completed by U.S. Bancorp and Wells Fargo, the Massachusetts Supreme Judicial Court has agreed to hear an appeal from a buyer who purchased a foreclosed property from U.S. Bancorp in 2006 only to have a lower court declare that he was not the property’s owner because U.S. Bancorp did not own the mortgage when it foreclosed.
The case could have far-reaching implications on the market for foreclosure properties, calling into question the validity of previous sales of foreclosed (REO) properties, which represent 15 percent of all real estate sales, according to RealtyTrac. It could
Massachusetts has been a state that has had a lot of firsts: the first subway, the first public park, the first Dunkin Donuts, the first college, etc. This could be why Massachusetts’ seniors are helping to lead the way in reverse mortgage knowledge. A Massachusetts reverse mortgage is a special type of loan designed for borrowers at least 62 years of age who own their homes. The Massachusetts reverse mortgage allows a person to borrow a portion of the equity they have retained in their home. The amount a person is allowed to borrow is determined by the age of the youngest borrower, the value of the home and the expected interest rate with the Massachusetts reverse mortgage program chosen.
With a Massachusetts reverse mortgage, borrowers will not only have a chance to eliminate their monthly mortgage payment, but also obtain access to additional funds. Get more info…
The Federal Reserve Bank of San Francisco stopped in Bakersfield Wednesday on a tour organized to educate agencies that help people recover from or avoid foreclosure.
About 30 social service and counseling professionals from a variety of agencies attended the free, one-day workshop at the California Avenue offices of Greater Bakersfield Legal Assistance.
Near the end of a two-hour economic forum with more than 150 real estate agents, Tucson City Manager Mike Letcher laid out his plan of action to reverse the city’s financial troubles. At every opportunity, he said he is going to meet with department heads, managers, “and everybody that touches a customer, that we need to focus on being more business friendly.”At first, his comments drew some bemused murmurs from the crowd.A business friendly City of Tucson?
At a realtors’ forum, Tucson City Manager Mike Letcher (left) and Marana Town Manager Gilbert Davidson discussed how the recession has forced governments to change their operations. RogeA lot of news on the health and direction of the economy came out last week. GDP was up solidly, increasing at an annual rate of 3.2%, extending the trend of the last two quarters. The consumer confidence index rose to a 
reading of 60.6, the highest level since May. Home sales increased last month, while Case Schiller reported that home prices are still soft. The Fed concluded their two day meeting and released a statement that despite a pick up in the economy and even though commodity prices are moving higher, their bigger concern is still the risk of deflation in the economy. Their quantitative easing program will continue as planned.