Items Tagged with 'California real estate'

ARTICLES

  • 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.
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  • 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.
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  • 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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  • 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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  • Four Californians accused of running mortgage fraud scheme that targeted minorities

    Face a total of 194 counts
    Four Californians face a total of 194 charges for allegedly operating a mortgage fraud scheme that preyed on distressed minority borrowers who were seeking help with paying off their mortgages. According to the indictment, between 2012 and 2017, they used a fake insurance company called SafeCare, claiming to offer mortgage aid to primarily minority families for a low monthly fee.
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