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Mortgage Daily Industry News

City Sues Countywide to Stop Foreclosures
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San Diego's city attorney announced that a civil complaint was filed in San Diego Superior Court by his office's Consumer and Environmental Protection Unit against Countrywide Financial Corp. San Diego accuses Countrywide of engaging in a "pattern of unlawful, fraudulent or unfair predatory real estate lending practices." The alleged activities have left a number of the city's residents facing foreclosure. San Diego seeks civil penalties and injunctive relief that will prevent Countrywide from starting or proceeding with foreclosures on owner-occupied properties located in San Diego that secure ARMs with teaser rates made to subprime borrowers.
Losses, Lawsuits and Solvency
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MGIC Investment Corp. reported a $98 million second-quarter loss as a result of falling home values, a softening economy and elevated delinquencies and foreclosures. IAC Interactive Corp. will take a $100 million charge tied to goodwill and intangible assets of its lending segment, which includes LendingTree, according to a filing with the SEC Tuesday. Franklin Bank Corp. is facing its third investor class-action lawsuit since May. The American Bankers Association issued a press release supporting a Pennsylvania federal court ruling that found the National Credit Union Administration went too far in establishing a 3,400-square-mile area as well-defined for determining...
Majority of Subprime Borrowers Single
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ComplianceTech announced a new analysis of Home Mortgage Disclosure Act data. The report was based on 1.9 million subprime-rate mortgages originated in 2006. Borrowers with no co-applicants accounted for 65 percent of subprime loans.
$500k Fine, License Revocation for Calif. Co.
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Washington's Department of Financial Institutions announced that it intends to revoke the license of Paramount Equity Mortgage Inc. In addition, the state is issuing a $500,000 fine against the company, demanding nearly $10,000 in examination and investigation fees and requiring restitution for borrowers. The California-based company is accused of using deceitful advertising, faulty disclosures and unlicensed originators.
New ResCap CEOs
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Thomas Marano has been named chief executive officer of Residential Capital LLC, an announcement said. Marano replaces Jim Jones. Marano was named non-executive chairman of the Minneapolis-based unit in April.

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Does Your REALTOR Rank?

Lake Realty Group was founded by Paul Zubrys to support all types of SW Michigan Real Estate transactions. (stats)

Paul Zubrys specializes in waterfront properties, homes, cottages, condos, lots and land in South West Michigan. His geographical area of expertise extends from all real estate in New Buffalo Michigan through Union Pier, Lakeside, Harbert, Sawyer and St Joseph, to as far north as South Haven.

Since 1986, Paul has been representing buyers of lakefront luxury homes, waterfront property, and beach cottages with deeded private beach rights like those in Gowdy Shores, Gordon Beach, Timberlane Estates, and Grand Beach.

As a buyer, it is important to understand the various beach communities to know which location would best match your specific needs. Whether in New Buffalo Township or Chikaming Township, Paul has in depth understanding of all the beach communities and has a reputation for matching buyers with the best property.

Paul's state of the art web site, TheDailyListings.com, provides buyers with accurate, real time information about all MLS listings in Harbor Country. It also features water front properties on the Galien River and the St Joseph River as well as lake front properties on Lake Michigan and southern Michigan inland lakes.

Paul has assisted some of the midwest's most successful real estate developers acquire large parcels of farm land and acreage for vacation home and resort property development. Many of the most desirable properties with development potential are not listed in the MLS. As a Buyer's Broker, Paul keeps a close watch on these properties, typically large parcels of acreage, and routinely aides buyers with the acquisition of these properties.

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©2007 Southwestern Michigan Regional Information Center, LLC. All rights reserved. All information contained herein should be deemed reliable but not guaranteed. All representations are approximate, and individual verification is recommended.

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Paul Zubrys | Principal Broker,
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Lake Realty Group, LLC
Vacation - Resort Property c1986
Michigan / Indiana / Los Cabos
Baja California Sur, Mexico
(US) 312.846.9595 | Email