Bank of America-Countrywide settles legacy mortgage case for $500 million.
Bank of America Corp.’s Countrywide unit won final approval of a $500 million class-action settlement with investors who claimed they were duped into buying its mortgage-backed securities. U.S. District Judge Mariana Pfaelzer in Los Angelessaid the settlement was a fair outcome because her previous rulings prevented the investors from recovering damages from Bank of America as Countrywide’s parent […]
NEW HOME SHOPPERS WANT USEFUL SPACES.
Demand for great rooms, spa like baths, other amenities is significant shift in how we live. New home buyers are coming back, but they don’t want the same old McMansion. They want a house they can use. That means a “great room” where everyone can gather — and a spalike bathroom to escape from the […]
Iran’s president: Nuclear deal has helped economy.
TEHRAN, Iran (AP) — Iran’s President Hassan Rouhani said Sunday that last month’s nuclear deal with world powers has already boosted the country’s economy, as he continues a push to convince skeptics of the benefits brought by the pact’s partial sanctions relief. Rouhani told an open session of parliament that, after the “success” of the […]
Where home sales are hottest in San Diego.
Hottest ZIP codes in San Diego! The local home-sales flurry kicked into high gear in May, typically a popular month for property buyers. More than 4,200 properties were sold that month countywide. That’s the highest count in seven years, based on figures from real estate tracker DataQuick. Worth noting: North County neighborhoods topped the Top […]
Healthful living may soon be built into new communities.
An Urban Land Institute report examines how urban design and development can contribute to living environments that help residents thrive. A New York developer may be the first home builder to integrate wellness into its products. But if a major real estate education and research group has its way, healthful living will soon be incorporated […]
Bank of America Reaches Settlement With Freddie Mac
Bank of America announced on Monday that it had reached a settlement with Freddie Mac to resolve issues related to residential mortgages the bank sold to Freddie up to 2009, effectively ending all contractual disputes between the two on loans issued before the financial crisis. The bank said it had agreed to pay $404 million to settle all […]
Three Neighbor Problems
Evict Thy Neighbor? Q. I live in a small nine-unit co-op. Last year, my co-op spent $250,000 to fix several water problems. The work was extensive and included replacing the roof. We took out a loan, which strained our finances and raised our maintenance. This summer the owner of the top-floor unit received approval to have […]
Jobs data positive for all housing stocks, except REITs
Earlier tapering prospects push REITs down. The stock market and the HW 30 responded favorably to a sudden drop in unemployment for the month of November – with the U.S. jobless rate tumbling from 7.3% to 7%. As a result, most housing stocks on the HW 30 rose alongside the index, which alone grew 1.26% Friday. Of […]
PNC settles with Freddie Mac for $89M over repurchase obligations
Deal ends buyback requests tied to 2000-2008 originations. PNC Financial Services Group (PNC) effectively resolved all of its outstanding mortgage repurchase obligations toFreddie Mac by settling for $89 million. The Pittsburgh-based bank, the parent of PNC Bank, said the deal effectively ends buyback obligations tied to toxic mortgage loans sold off to Freddie Mac between the years 2000 […]
Radian writes $3 billion in new mortgage insurance
Delinquent inventory drops in November. Mortgage insurer Radian wrote $3 billion in new primary mortgage insurance in November. Radian (RDN) started the month with 63,874 loans in its delinquent inventory and finished with 62,556 delinquencies on file for the period. In addition, 4,501 new delinquencies were filed for November, which was offset by 3,793 cures, 1,747 paid-off […]