This is not new news, but it is in the news cycle again.
Report: Countrywide won influence with discounts
By Larry Margasak on July 05, 2012WASHINGTON (AP) — The former Countrywide Financial Corp., whose subprime loans helped start the nation’s foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
The report, obtained by The Associated Press, said the discounts — from January 1996 to June 2008 — were not only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide’s business depended largely on Fannie, which at the time was trying to fend off more government regulation but eventually had to come under government control.
Fannie Mae was responsible for purchasing a large volume of Countrywide’s subprime mortgages. Countrywide was taken over by Bank of America in January 2008, relieving the financial services industry and regulators from the messy task of cleaning up the bankruptcy of a company that was servicing 9 million U.S. home loans worth $1.5 trillion at a time when the nation faced a widening credit crisis, massive foreclosures and an economic downturn.
Costa Mesa Overview
| Median home price is $424,000. Based on a rental parity value of $558,000, this market is under valued. |
| Monthly payment affordability has been improving over the last 12 month(s). Momentum suggests improving affordability. |
| Resale prices on a $/SF basis declined from $292/SF to $292/SF. |
| Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. |
| Median rental rates increased $25 last month from $2,291 to $2,316. |
| Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. |
| Market rating = 6 |
Proprietary OC Housing News home purchase analysis 
1585 CORSICA Pl Costa Mesa, CA 92626
$539,995 …….. Asking Price
$212,000 ………. Purchase Price
8/28/1996 ………. Purchase Date
$327,995 ………. Gross Gain (Loss)
($16,960) ………… Commissions and Costs at 8%
============================================
$311,035 ………. Net Gain (Loss)
============================================
154.7% ………. Gross Percent Change
146.7% ………. Net Percent Change
6.0% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$539,995 …….. Asking Price
$107,999 ………… 20% Down Conventional
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$431,996 …….. Mortgage
$101,261 ………. Income Requirement
$2,013 ………… Monthly Mortgage Payment
$468 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$135 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
………… Homeowners Association Fees
============================================
$2,616 ………. Monthly Cash Outlays
($321) ………. Tax Savings
($645) ………. Equity Hidden in Payment
$138 ………….. Lost Income to Down Payment
$155 ………….. Maintenance and Replacement Reserves
============================================
$1,943 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,900 ………… Furnishing and Move In at 1% + $1,500
$6,900 ………… Closing Costs at 1% + $1,500
$4,320 ………… Interest Points
$107,999 ………… Down Payment
============================================
$126,119 ………. Total Cash Costs
$29,700 ………. Emergency Cash Reserves
============================================
$155,819 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # S702660 from our database. Please check back soon.
 |
$599,900 2984 TEAKWOOD Pl |
0.13 miles 4 bd / 2 ba 1,557 Sq. Ft. |
|
 |
$475,000 2939 PEPPERTREE Ln |
0.25 miles 3 bd / 2 ba 1,358 Sq. Ft. |
|
 |
$527,000 3143 SUMATRA Pl |
0.35 miles 3 bd / 2 ba 1,718 Sq. Ft. |
|
 |
$549,000 1602 ELM Ave |
0.47 miles 3 bd / 2 ba 1,600 Sq. Ft. |
|
 |
$710,000 1716 MADAGASCAR St |
0.52 miles 4 bd / 2 ba 1,695 Sq. Ft. |
|
 |
$535,000 1657 IOWA St |
0.67 miles 3 bd / 1.75 ba 1,303 Sq. Ft. |
|
 |
$499,900 1748 MISSOURI St |
0.79 miles 3 bd / 1.75 ba 1,992 Sq. Ft. |
|
 |
$582,000 3293 IOWA St |
1 miles 4 bd / 3 ba 1,885 Sq. Ft. |
|
 |
$560,000 396 PRINCETON Dr |
1.05 miles 3 bd / 2 ba 1,600 Sq. Ft. |
|
 |
$569,000 303 PRINCETON Dr |
1.28 miles 3 bd / 1.75 ba 1,550 Sq. Ft. |
Sign up for the OC Housing News monthly market newsletter.
See the enormous foreclosure pipeline for yourself below. Enter location and press search. Scroll through list by pressing "next."
We provide detailed information on any property.
California Legislature Approves Homeowners’ Rights Bills
The California Homeowner Bill of Rights is one step closer to becoming law as the Legislature sends some of its key provisions to the governor, state attorney general Kamala Harris announced Monday.
AB 278 and SB 900 provide protection for borrowers and struggling homeowners, including a restriction of dual-track foreclosures (in which a lender forecloses on a borrower despite being in discussions to try and save the home). They also guarantee struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers. In addition, the bills impose civil penalties for the practice of robosigning.
The bills passed 53-25 in the Assembly and 25-13 in the Senate. They will be sent to the desk of governor Jerry Brown for consideration.
“The package approved by the Legislature today is a major victory for California’s consumers,” said Assembly Speaker John A. Pérez. “We impose tough new regulations on banks and lenders to stop the abusive practices we’ve seen since the collapse of the housing market, and this package will bring relief to hundreds of thousands of California homeowners.”
The Homeowner Bill of Rights contains four other bills outside of the conference committee process. The various bills contain measures to enhance law enforcement responses to mortgage and foreclosure-related crime, to help communities fight neighborhood blight, and to provide protections for tenants in foreclosed homes.
The California Reinvestment Coalition (CRC), a supporter of the Homeowner Bill of Rights, celebrated Monday’s news.
“After three years of legislative battles, it’s about time that families at risk of foreclosure no longer have to worry about losing their homes while they are seeking a loan modification from a bank,” said Paul Ainger, member of CRC’s board of directors. “The call of California homeowners and communities has finally been answered by our legislature.”