Items Tagged with 'California housing'

ARTICLES

  • California sues one of its own cities for not building enough affordable housing

    Governor: California’s housing crisis is an existential threat to our state’s future
    In an unprecedented move, the state of California is suing one of its own cities for not building enough affordable housing. Late last week, California Gov. Gavin Newsom announced that the state is suing the city of Huntington Beach for “standing in the way of affordable housing production and refusing to meet regional housing needs,” actions that “harm California families’ ability to find affordable places to live and drive up housing costs for everyone.”
    Read More
  • Mr. Cooper laying off 109 mortgage employees in California

    Latest rounds of cuts for mortgage industry
    Over the last several months, layoffs have hit companies across the housing industry as the industry works to find solid footing in a shifting mortgage market. One company that’s been growing is Mr. Cooper Group, the nonbank formerly known as Nationstar Mortgage. But, layoffs are about to hit Mr. Cooper, too.
    Read More
  • Zillow to begin buying houses in California, North Carolina

    Expands direct buyer business to Riverside, California and Charlotte, North Carolina
    It seems to be all about expansion these days for Zillow. The online real estate giant recently got into the mortgage business with its acquisition of Mortgage Lenders of America. Zillow has also been growing its direct buyer business, Zillow Offers, wherein the company is buying houses directly from sellers then lists the home for sale. And the company will soon be buying houses in California and North Carolina.
    Read More
  • Gateway Mortgage shuttering California branches, laying off dozens

    Oklahoma lender closing all 8 California retail branches
    Over the course of the year, thousands of people working in the mortgage business have been laid off as rising interest rates drive mortgage originations lower and the economics of the mortgage business become tougher for companies to survive unscathed. Now, Gateway Mortgage Group is joining that list and becoming the latest mortgage company to lay off a number of employees.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More