February 2011Huffington Post By Shahien Nasiripour How does this help struggling homeowners working two jobs with just enough money to get through the month? This solution means banks will keep the homes and fines will be paid from ill gotten proceeds and reams of digital “funny money.” Until jail sentences are handed out, starting at the top of the food chain, look for history to repeat, as Middle Class America will again be left to pay the bill. Sorry homeowner! -Dave Roe
HSBC North America Holdings, the nation’s ninth-largest bank by assets, warned investors Monday of impending fines after receiving notice from federal bank regulators admonishing the lender for improper foreclosure practices.
The bank is the latest in a string of large financial companies that have used recent securities filings to prep investors for fines and a significant increase in costs associated with processing mortgages and repossessing homes, after being cited by regulators for deficient and sometimes illegal operations. On Friday, Ally Financial, Wells Fargo & Co., and SunTrust Banks — three of the nation’s 10 largest handlers of home mortgages — said in regulatory documents that they expect to be sanctioned by the U.S. government for their foreclosure practices.
The penalties follow months-long criminal and civil probes by federal and state regulators into lenders’ mortgage practices. Officials said they found significant shortcomings and violations of various state laws. A “small number” of foreclosures should not have occurred, John Walsh, the interim head of the Office of the Comptroller of the Currency, the federal regulator of national banks, told a Senate committee earlier this month after his agency surveyed less than 3,000 out of millions of loan files. READ MORE
I couldn’t help but think of my Dad when I found this home on MLS! He loves this neighborhood (Woodbridge Ranch) and he’s spent a lot of time with Todd looking at surrounding properties.
The BIGGEST HOME IN ROSEVILLE is actually not the most expensive home in Roseville, but has the most square feet in all of the homes for sale in the3 Roseville zip codes (95678, 95661, 95747). This home is a little under 6000 square feet (5900 actual) but it also has a 400 square foot pool house.I’m a big fan of ponds and pools, which this house lays claim to, as well as a 5 acre lake. Of course, the BIGGEST HOME IN ROSEVILLE has to have it’s own steam shower, sauna, playhouse and sports court and be in close proximity of parks(2), tennis courts, equestrian area and walking trails. And to finish things off, it comes with 5 bedrooms and 6 bathrooms – Yikes, holy housecleaning!
How much for this home? $799,000
Did I mention it has a private gate?
First-time homebuyers NO LONGER need settle for “fixers” or “crackerboxes” when they shop for there first castle!
Last year, first-time buyers took advantage of state and federal programs that entitled them to GENEROUS REBATES when they bought a home. They also benefitted from ROCK-BOTTOM INTEREST RATES. Now, PRICES HAVE DROPPED so dramatically that first-time homebuyers can choose from homes with options they could never afford just two years ago.
Buyers are finding that they can move to better neighborhoods. “Buyers care about location and quality when buying real estate, no matter how many homes they’ve purchased in the past,” says Todd Slack, real estate specialist and broker of Prime California Homes and Lending. “Buyers also prefer to be in a good school district, close to work, and always love when they can get a better price than they expected.”
This is bad news for sellers who want to offload rundown properties. But this is good news for kings who are shopping for their first castle!