A Bird's Eye View » Industry News

Roost’s 50 RE People You Should Follow on Twitter for October 2009

Derek Overbey — Fri, 23 Oct 2009 23:40:17 +0000

So here is our fourth installment of Roost’s 50 Real Estate People You Should Follow on Twitter. If you are seeing this list for the first time, you need to stop and click the July List, August List and September List first because there are some incredible people in real estate who you could be following on Twitter. I know our October List is coming out a little late, but there is a reason. I attended RE [...]

Mortgage Rescue Fraud Escalating in Florida

roostblog — Thu, 08 Oct 2009 20:24:28 +0000

Orlando-based Wineberg, Lopez & Rodriguez Co. appealed to Hispanics by advertising their financial rescue services on Spanish-speaking television and radio programs. Hipolita Roustand responded to one of their ads, and hired them to help modify her mortgage.

The 51-year-old professional housekeeper gave the firm her life’s savings of $700 in addition to biweekly payments of $260 – $1,995 in total. She figures she toiled over more than 20 jobs to pay the Wineberg firm. Roustand, along with hundreds [...]

Seattle Real Estate Developer Bankrupt – Local Investors Lose Big

roostblog — Thu, 01 Oct 2009 19:04:52 +0000

Michael R. Mastro’s reputation as a prolific money-making real estate magnate drew investors to him for 40 years. He amassed an army of investors he called Friends & Family who referred him to their friends and family members. They would visit him at his humble office on Ranier Avenue South, write big checks and Mastro would issue them promissory notes. The notes pledged that they would earn 8, 10, or even 12 percent interest and that they [...]

Detroit Realtor Partners First-Time Home Buyers with Affordable Neighborhood Recovery Property

roostblog — Thu, 01 Oct 2009 05:57:22 +0000

Detroit has plenty of pockets of distressed property that qualifies for federal neighborhood recovery spending. A significant portion of American Recovery and Reinvestment Act of 2009 (ARRA) funding being released by the U.S. Housing and Urban Development (HUD) has been going toward areas with the greatest numbers of distressed property, providing buying opportunities to first-time home buyers with low- to middle-income.

Real estate professionals have the opportunity to assist home buyers in realizing grants and programs afforded by the American Recovery [...]

Massachusetts Mortgage Broker and Fraud Investigators Come Under Scrutiny

roostblog — Wed, 30 Sep 2009 05:43:59 +0000

Massachusetts’ Division of Banks (MDB) received two formal complaints from a non-profit specialist in foreclosure prevention against Your Home Mortgage (YHM). YHM is also the subject of a lawsuit initiated by Greater Boston Legal Services (GBLS) for alleged discrimination and unfair and deceptive practices against a YHM client, Jaime Alvarez.

Alvarez used Maurice Osorno, a broker for YHM, to purchase his home. Alvarez said that he and Osorno are both from the same country and that he trusted Osorno, because he [...]

Houston, TX Business Owner Indicted on Mortgage Fraud

roostblog — Tue, 29 Sep 2009 07:09:23 +0000

When it comes to mortgage fraud, Houston is no different than any other major city.

Brownstone Construction Owner Melvin Lendall Brown was indicted in early September on wire fraud allegedly associated with a mortgage fraud scheme involving several million dollars. The previously sealed 16-count indictment was unsealed and announced on September 3 by U.S. Attorney Tim Johnson and Richard Powers, FBI Special Agent in Charge.

The Houston business owner, Brown, 49, allegedly committed fraud related to a scam to defraud home lenders [...]

Mortgage Technology Magazine Includes Chicago Bancorp in Top 25 List

roostblog — Tue, 29 Sep 2009 04:44:05 +0000

In attempts to compete with large lenders, many small- to mid-sized companies are incorporating innovative technology to remain relevant in the industry. Based in Chicago with branches in Wisconsin, Texas, Florida, California and Arizona, Chicago Bancorp is one of those companies.

Recently given a distinguished honor by Mortgage Technology Magazine, the independent mortgage banker was ranked among the magazine’s 2009 Top 25 Tech-Savvy Lenders. The magazine noted that Chicago Bancorp reduced its loan turnaround by 40% simply by using technology.

Chicago Bancorp [...]

Roost Keeps on Trucking – Adds San Antonio, TX and Colorado Springs, CO to Platform

roostblog — Mon, 28 Sep 2009 23:24:08 +0000

Just when you thought Roost.com was going to take a break from adding more markets, we go and add a couple more. The lucky metros to become part of the Roost platform this time around are San Antonio, TX and Colorado Springs, CO.

The San Antonio metro area has a population of a little more than two million people making it the 28th largest metropolitan area in the United States and 3rd in Texas behind Dallas/Fort Worth and Houston. Currently there [...]

Mortgage Loan Cram Down in Washington, DC

roostblog — Mon, 28 Sep 2009 15:25:50 +0000

More discussion was raised in the House Financial Services Committee regarding regulatory reform to cram down mortgage loans. The legislation, if passed, would allow bankruptcy judges to retroactively cram down or modify mortgage loans to terms more affordable for the homeowner if service providers won’t perform more loan modifications.

Springing into action, the Mortgage Bankers Association (MBA) promptly responded. David Kittle, MBA Chairman, issued a blistering statement noting that should the legislation pass, it would destabilize the mortgage industry, an industry [...]

Idaho Maximum Homeowner Exemption Lowered

roostblog — Mon, 28 Sep 2009 05:41:01 +0000

Alan Domfest, Property Tax Policy Supervisor for the Idaho Tax Commission, announced earlier this month that the state’s maximum tax exemption for homeowners will decrease in 2010. The maximum exemption will be reduced to $101,153 in 2010 as opposed to the current $104,471 for 2009.

Providing a tax exemption for qualified homeowners, Idaho law exempts 50 percent of assessed home values from being taxed. Idaho legislation allows the exemption to apply to a primary dwelling, along with land up to one [...]