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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Arizona State Banking Authority Targets Mortgage Fraud
State targets mortgage fraud
from the Arizona Republic, reports that a wave of mortgage fraud in the Valley has prompted state legislation that would define it as a crime punishable by up to 10 years in prison. Cash back deals are a newer form of mortgage fraud whose rapid spread in Arizona has alarmed regulators and real estate industry leaders. The fraud involves obtaining a mortgage for more than a home is worth and pocketing the extra money in cash. The deals inflate home values and can affect values across whole neighborhoods. Ultimately, lenders end up with bad loans. Felicia Rotellini, superintendent of the Arizona Department of Financial Institutions, said her agency was flooded with calls Monday from people reporting cash-back deals and other potential mortgage fraud. Valley appraiser Dennis McMillen said mortgage fraud is an issue in the housing market but that it's not always due to inflated appraisals. In some cases, he said "real estate agents and mortgage brokers are withholding the cash-back agreements from the contract, thus the appraiser and title company does not know of these agreements." Don Matheson of Re/Max Excalibur in Scottsdale said "this is a very big problem and very damaging to our real estate market. We need to catch these people and put them in jail."
CLICK ON LINK FOR:
- EXACTLY WHAT I HAVE BEEN SAYING FOR YEARS
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Arizona economy expected to topple national numbers
from the Phoenix Business Journal, reports that Arizona will topple the expected U.S. growth rate of 3 percent in 2007 thanks to it's continuing population boom, according to ASU economist Edward Prescott, the keynote speaker at yesterday's Arizona Bank & Trust Economic Summit 2007, "Trends to Bank On". "The Arizona trend dominates," Prescott told the more than 300 who attended. Katie Pushor, chief executive and president of the Greater Phoenix Chamber of Commerce, said the state is the second destination for domestic migration next to Florida and the eight internationally. "People want to move to this state," she said. "There is an overwhelming perception of opportunity here." Unemployment is the lowest in 25 years, hovering under 4 percent, but escalating housing prices are keeping some workers from moving here, Pushor said. "Affordability is really an issue for the work force," she said. Also included is an article on this same speech from the Arizona Republic titled Arizona likely to outpace nation. In it, Edward Prescott is quoted as saying "there's got to be another 20 years of rapid growth, and then health thereafter."
Housing Bubble and Real Estate Market Tracker from SA
Apartment.com's recent informal survey of its rental-seeking customers revealed that the 1 reason renters nationwide will move this year is to find a bigger place (43.2%) vs. cheaper rent (33.8%) or a work relocation (19.5%) or other reasons (38.4%.) I wonder what apartment dwellers in the Bay Area are thinking...
Second-home markets: Where people are buying overseas from CNN Money
Freddie Mac said 89% of the loans it owns that were refinanced in the third quarter of 2006 had loan amounts at least 5% higher than the original mortgage balances, the threshold for considering a loan a cash-out refinancing. It's the highest share of cash-out refinance loans reported since 1990. Entire story from MarketWatch HERE
How to Speed Up the Sale Of Your Home This Winter
from the WSJ, reports that even though the spring selling season is still weeks away, there are steps you can take to move your house quickly.
HAVE FUN: · Exquisite Tiburon Estate [Byzantium]
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Today we have the Fed speaking and release of Fed mi [read more]
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