Items Tagged with 'California housing'

ARTICLES

  • California voters decisively defeat rent control effort

    Nearly two-thirds of voters cast ballots against Costa-Hawkins repeal
    In addition to going to the polls Tuesday and picking a new governor, lieutenant governor, a host of new members of the House of Representatives, and re-electing one of their two senators, California voters also soundly defeated a push to increase rent control in the state. While the measure’s supporters surely view the defeat as a setback, an analysis from UBS argues that the proposition losing is actually the best thing for all involved.
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  • Fannie Mae identifies new fake employers being used on mortgages

    Five California companies appear to not actually exist
    The number of fake employers showing up on borrowers’ mortgages is growing. Earlier this year, Fannie Mae issued a warning to lenders after identifying more than 30 companies that appeared to be fake that were showing up on borrowers’ mortgage documentation as their place of employment. Now, Fannie Mae is issuing another warning, telling lenders that it has found five more potentially fake employers.
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  • Burgeoning real estate giant Compass buying Pacific Union

    The real estate tech company just took over the biggest brokerage in California
    Growing real estate tech company Compass is buying Pacific Union, the fifth largest brokerage in the nation. Compass is serious about growth and has been on an absolute tear since raising a whopping $775 million in funding over the last few years. And now, the company is putting some of that money towards seriously growing its California business by acquiring Pacific Union.
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  • Fisticuffs in Beverly Hills: Mom-and-pop multifamily vs. regulations

    The Apartment Association of Greater Los Angeles is challenging Beverly Hills in court
    The Apartment Association of Greater Los Angeles filed a federal lawsuit against the City of Beverly Hills on behalf of apartment tenants and owners seeking relief from the city’s Rent Stabilization Ordinance. The crux of the case is what the plaintiffs feel is an unnecessary regulatory burden on mom-and-pop owner/operators.
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  • Fannie Mae warns of raft of fake employers being used on borrowers’ mortgages

    10 new potentially fake companies are showing up in mortgage documents
    A few months ago, Fannie Mae issued a warning to lenders, cautioning them of more than 30 employers that were showing up on borrowers’ mortgage documentation that appeared to be fake. Those potentially fake companies were generally located in the Southern California and Los Angeles County areas, but it appears that the fake company problem is now moving north.
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  • Family affair: Wife, husband, and daughter all jailed for $20M mortgage fraud

    Matsuba family members collectively get more than 45 years in jail
    Three members of a California family who ran a foreclosure company will spend more than 45 years in jail, collectively, after each was found guilty of participating in a $20 million mortgage fraud scheme that preyed on financially distressed homeowners. According to the Department of Justice, Dorothy Matsuba, her husband, Thomas Matsuba, and her daughter, Jamie Matsuba, each received a sentence of more than 10 years in jail for taking part in the nearly decade-long scheme.
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  • California landlords fined for housing discrimination

    Allegedly discriminated against testers based on race and national origin
    The owners of two California apartment complexes will pay a four-figure fine to settle charges that they discriminated against prospective tenants on the basis of their race or national origin. “Denying someone an apartment because of how they look or where they come from not only deprives them of a home, it is against the law,” said Anna María Farías, HUD assistant secretary for fair housing and equal opportunity.
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  • Crowdfunding platform DiversyFund plans $50M investment in multifamily, commercial real estate

    Claims new fund’s projected returns are between 15% and 20% per year
    DiversyFund, a crowdfunding platform that specializes in real estate investing, is launching a new fund that will target multifamily and commercial real estate. The company is planning to raise $50 million for the fund with a minimum investment of $5,000, and claims that the fund’s projected returns are between 15% and 20% per year.
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  • California man admits to running $24 million real estate Ponzi scheme

    Used investors’ money to pay personal expenses, fund gambling activities
    A California man admitted in court this week that he ran a massive real estate Ponzi scheme and defrauded investors out of $24 million by falsely promising that he planned to use their money to purchase residential properties and either manage the properties for rental income or flip the properties and resell them for a profit.
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