Items Tagged with 'California'

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Despite adverse conditions, California home-buying season off to a good start

Housing inventory drops to 2017 low
While low housing inventory and slow wage growth are par for the course in California, the state pushed past those roadblocks to record a strong start to the year. But strong housing demand, coupled with a shortage of available homes for sale, is still causing major problems for the state, as California Association of Realtors President Geoff McIntosh explains.
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Los Angeles struggles to retain workers due to high housing costs

Can’t compete with more affordable markets
Los Angeles may have year-round sunshine and great beaches, but that may not be enough to entice workers to accept jobs there. Businesses, instead, must develop special hiring packages in order to compete with more affordable housing markets. What would it take to get you to work in LA?
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United Shore to pay $1.4 million for allegedly overcharging California borrowers

CEO Mat Ishbia: We didn't benefit one penny and not one borrower was harmed
United Shore Financial Services, the parent company of United Wholesale Mortgage, will pay $1.4 million as part of a settlement with the California Department of Business Oversight, which accused the lender of overcharging “thousands” of borrowers for interest on their mortgages. But the company's CEO says that the fine is for a long-fixed problem and that the company didn't benefit at all from the alleged overcharging.
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PropertyRadar: No, California is not in a housing bubble

Home sales fall to lowest level since 2008
San Francisco Bay Area home sales plummeted to the lowest of any month since February 2008 as average home prices soared into the millions. The extreme rise in home prices, however, is not a sign that the housing market is in a bubble and about to pop. Instead, this report explains what is to blame.
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Katie Porter, California mortgage settlement monitor and Warren protégé, running for Congress

Elizabeth Warren: "There's no one I trust more to take on Donald Trump"
The coming battle for control of Congress in 2018 has a new combatant, one that would bring significant experience in the mortgage space to the House of Representatives. Katie Porter, who served as California’s independent monitor for the nationwide $25 billion National Mortgage Settlement and boasts Sen. Elizabeth Warren, D-Mass. as a mentor, announced that she is running for a seat in the House of Representatives in 2018.
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California home sales start 2017 on a strong note

Median sales price drops below $500,000 for first time since March 2016
While winter usually means a decline in home sales, California just saw its first increase in home sales between December and January since 2012, a sign that the Golden State could be in for a strong housing year.
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California regulator reveals what Ocwen did wrong

Auditor found "hundreds" of violations of law
Ocwen Financial announced late last week that it successfully extricated itself from the mortgage servicing restrictions placed on it by the California Department of Business Oversight. The final settlement total included $198 million in debt forgiveness. So why was the settlement so big? Turns out that Ocwen’s operations weren’t exactly squeaky clean for the last few years.
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Ocwen reaches $223 million settlement with California over servicing violations

Mortgage servicing restrictions lifted, can now acquire California MSRs
Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years. The settlement includes a cash payment of $25 million. Ocwen is also required to provide an additional $198 million in debt forgiveness.
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