California Files Suit Against Fannie and Freddie

SAN FRANCISCO – California’s attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state’s mortgages respond to questions in a state investigation.

Attorney General Kamala Harris, whose office filed the lawsuits in San Francisco Superior Court, is investigating Freddie Mac’s and Fannie Mae’s involvement in 12,000 foreclosed properties in California where they served as landlords. She also wants to find out what role the companies played in selling or marketing mortgage-backed securities.

 

The essentially identical lawsuits ask the mortgage firms to respond to 51 investigative subpoenas that call on Fannie Mae and Freddie Mac to identify all the California homes on which they foreclosed. They also want the mortgage firms to reveal whether they have information on the decreased value of those homes due to drug dealing or prostitution, as well as explosives and weapons found on those vacant properties.

“Foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entire community,” the lawsuit said.

Harris also called on Fannie Mae and Freddie Mac to disclose whether they have complied with civil rights laws protecting minorities and members of the Armed Forces against unlawful convictions and foreclosures.

The suits also seek to determine whether the companies are in compliance with California’s securities and tax laws.

The companies were taken over by the federal government and put into conservatorship under the Federal Housing Finance Agency in September 2008 to save them from collapse.

An attorney representing the Federal Housing Finance Agency said in a letter attached to the lawsuits that the 51 subpoenas were “frequently vague and ambiguous,” and said state attorneys general did not have the authority to issue subpoenas against the federal conservator.

“The burden to collect that information would be nothing short of staggering,” the letter said.

Representatives of Fannie Mae and Freddie Mac said the companies would not comment on the lawsuits Tuesday.

The lawsuits could determine whether states have a right to investigate the mortgage firms while they are under federal control. Harris argues that since the mortgage companies own properties in California, they are subject to state law and demands.

Fannie Mae and Freddie Mac buy home loans from banks and other lenders, package them into bonds with a guarantee against default and then sell them to investors around the world. The two own or guarantee about half of U.S. mortgages, or nearly 31 million loans.

The companies have so far cost American taxpayers more than $150 billion — the largest bailout of the financial crisis. They could cost up to $259 billion, according to the FHFA.

Two former CEOs at Fannie Mae and Freddie Mac last week became the highest-profile individuals to be charged in connection with the 2008 financial crisis. In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.

The executives were accused of understating the level of high-risk subprime mortgages that the companies held just before the housing bubble burst.

Harris has created a task force that is pursuing criminal charges and civil judgments in mortgage fraud cases. She has said that her office would not join a planned 50-state settlement over foreclosure abuses that federal officials and other state attorneys general are negotiating with major U.S. banks.

She said the settlement gave bank officials too much immunity from civil litigation.

Harris said 768,330 residential mortgages were foreclosed on in California between January 2007 and June of this year.

Read more: http://www.foxnews.com/politics/2011/12/20/california-attorney-general-sues-fannie-freddie-demanding-answers/#ixzz1hAzFp71w

 

 

 

 

 

 

Branch Manager

4117 Mariner Blvd.

Hernando County Florida, 34609

 

Office 352-688-7949

Cell 727-946-0904

Barney Frank Calls It Quits!

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It was because he was going to retire anyway, lost a favorite port town in redistricting and had a tough race last time.

Was this really why Congressman Barney Frank announced today he’s retiring from the House of Representatives?

Perhaps another reason was he’s no longer chairman of the House Financial Services Committee and like a lot of bullies, Mr. Frank found it’s not easy to be stripped of the power to torment and humiliate others.

Brilliant, but acid tongued and generally unpleasant, Mr. Frank ruled with an iron gavel, ran over critics with delight and treated committee members and especially Republican colleagues as lesser forms of life.

 

Mr. Frank’s departure in January 2013 will remove from the House one of its more offensive members. Until then, this petulant, abrasive and downright nasty Congressman will keep making his presence known.

However, it is unlikely that Mr. Frank is leaving for the reason he should depart Congress: out of shame for all he did to stop reform of Fannie and Freddie while there was still time to avert the disaster that almost took down the American economy.

In 2003, he called Fannie and Freddie “fundamentally sound financially” and accused the Bush Administration of trying to “exaggerate a threat of safety… [to] conjure up the possibility of serious financial losses to the Treasury, which I do not see.”

A year later, he said talk of financial problems at Fannie and Freddie were “an artificial issue created by the administration…I don’t think we are in any remote danger here.”

In 2007, as Chairman of the House Financial Services Committee and just as Fannie and Freddie – overleveraged and stuffed to the gills with risky mortgages they’d encouraged and facilitated – were about to go over the cliff, Mr. Frank attacked President George W. Bush’s call for reform as “inane.”

Yet when Fannie and Freddie went belly up in the fall of 2008, Mr. Frank voted for the same Bush Administration reforms that could have averted the bankruptcies of Fannie and Freddie.

Why did Mr. Frank oppose giving these two gigantic financial institutions the same scrutiny as a local bank, a neighborhood savings and loan or a community credit union?

Fannie and Freddie provided “grease” for the Democratic political machine through hundreds of millions in charitable contributions to left wing community and advocacy groups that are critical to Democratic get-out-the-vote efforts.

Fannie and Freddie hired vast armies of influence peddlers – admittedly from both parties, but mostly Democrats – to forestall any efforts at reasonable regulation.

Fannie and, to a lesser extent, Freddie, were led by Democratic political power brokers, masquerading as mortgage bankers while advising Democratic presidents, vetting Democratic running mates, and plumping the election hopes of Congressional Democrats.

Mr. Frank is incapable of feeling shame, regret or a sense of personal responsibility. These are emotions for lesser beings. He’s leaving because of redistricting or to avoid having to raise money or facing those nasty little voters every two years. The House will be a better place for his departure.

Karl Rove is a former senior adviser and deputy chief of staff to President George W. Bush. He is a Fox News contributor and author of “Courage and Consequence” (Threshold Editions, 2010).

 

 

 

 

 

 

 

 

Branch Manager

 

 

4117 Mariner Blvd.

 

Hernando County Florida, 34609

 

 

Office 352-688-7949

 

Cell     727-946-0904

Bring My Puppy Home- Soldier Fights To Bring Puppy Back Home

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This is the story of a soldier and his quest to bring his best friend to the US.

Sergeant Thomas Homan is trying to rescue “Lil’B” – an adorable puppy he found on the streets of Afghanistan.

Homan and the soldiers of the 1st Squad, 1st Platoon of a military police company are trying to send the pup back to the states, but the process is lengthy and extremely and costly.   These soldiers think the pup is worth every penny. They consider “Lil’ B” a morale booster and a little piece of home.

Fox 29 spoke with Homan via Skype.

If you would like to help bring this puppy to the US, click here.

 

Steve Fingerman

Branch Manager

E Loans Mortgage Inc LLC

 

4117 Mariner Blvd.

Hernando County Florida, 34609

 

Office 352-688-7949

Cell     727-946-0940

Breaking News, We Are Now E Loans Mortgage Inc!

Wow, where to begin? Last weeks announcement that Allied was being sued by the United States left our heads spinning here in Hernando County…that lasted for about 2 seconds before reality set in and we went immediately to work to establish new relationships. Now we dont know what about Allied’s corp practices may or may not be true, but it really does not matter. It’s not the way we do business here is Hernando County. We have secured a new relationship with E Loans Mortgage Inc, and our branch is open and ready for business. E Loans Mortgage Inc is a direct mortgage lender who has a primary focus on purchases. That means you can expect faster underwriting times, with extremely competitive products and pricing that only a direct lender like E Loans Mortgage Inc can provide.

We thank everyone for the tremendous support last week, you are valued customers and referral partners made this difficult transition a piece of cake! Thank you for your continued support for our branch here in Hernando County Florida.

Humbly and respectfully,

Steve Fingerman

Branch Manager

E Loans Mortgage Inc LLC

4117 Mariner Blvd.

Hernando County Florida, 34609

Office 352-688-7949

Cell     727-946-0904

Find An FHA Lender In Florida, How To Qualify For An FHA Loan In Florida?

Getting an FHA Purchase Loan in FL,

If you are looking for a Mortgage in Spring Hill FL, Or in Hernando County Florida, you should consider an FHA loan. There are so many reasons to choose an FHA purchase loan, before looking at other options. One of the main reasons is when you are a first time homebuyer, you may not have a lot of money to put down on the house. With FHA you can put down as little as 3.5% down, and the seller can also contribute up to 3% as well. With the rates as low as 5.75%, you can definitely keep your payments low and more manageable.

Why Choose FHA Over Conventional?

An FHA purchase loan in Spring Hill Florida gives you benefits that you can’t with other conventional loans. The main one is the competitive low interest rates. Rates have not been this low in 50 years, and the average FHA rate is comprable if not lower than conventional loans. The rates are lower because the government insures these loans for lenders.

 

FHA loans in Florida also give you the option of a lower down payment, being as low as 3.5% down, versus a conventional loan which requires a minimum of 10% down or more. Your down payment can be the result of gifted funds from a family member or friend, or even a charitable organization. With a conventional loan, everything must be verified which can make for a hectic paper trail.

In addition, you don’t have to be perfect to get an FHA loan in Florida. While you still have to qualify you won’t have to have perfect credit. In fact, it is easier for you to qualify after having had a bankruptcy in your past or even medical collections. Don’t let that deter you from applying for a loan, and if you don’t qualify I will tell you why so that you know what steps you need to take in order to do so. FHA structures their guidelines so that it uses commonsense underwriting guidelines.

What Types of Purchase Loans are Available?

Almost all FHA purchase loans in Florida are fixed rate mortgages, so your rate will never ever change during the life of your loan. FHA has a long history in fact they have been around since 1934, so they are in this for the long haul. It’s nice to know that if you come upon hard times, that there is assistance with FHA. Hopefully, that is something that you will never encounter, but FHA makes those options available for you just in case.

What are the Steps for an FHA Purchase in Florida?

The most important step when considering an FHA Loan in Florida is to know how much you can afford. There is a very specific calculation that is used to compare your current gross income to your existing debts in order to determine the maximum loan amount that you qualify for. Determining what you can afford, will also be determined by your down payment and interest rate.

 

Trying to determine just how much you can get for a maximum loan amount may not be the wisest consideration, but you need to be realistic about the monthly payment that you are comfortable with. It is all about having a personal budget and if you don’t have that worked out it cause you a lot of problems. When you visit our website, you should really take the time to use our FHA mortgage calculator. That will show you what numbers to plug in so you can accurately determine what you qualify for.

The next step is to get prequalified for an FHA Loan in Florida before you start shopping for a home. This is the essential step, and realtors won’t work with you until they know that you have a prequalification in hand. Once you have that, you can begin the process of searching through a wide array of homes. Then, once you have found one you are interested in you can make an offer.

For more information on FHA Loan In Florida, or to being your FHA purchase loan qualification in FL, just visit www.fhaforall.com, and fill out the form today. It only takes a few minutes to complete.

For More Information About Real Estate In Florida and Homes For Sale In Hernando County Please visit http://www.fhaforall.com

Check Out This Funny Betty White Video

Check Out This Funny Betty White Video, Viva La Betty White! LOL

I dont know about you, but she has my vote!

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Steve Fingerman

Branch Manager

E Loans Mortgage Inc

4117 Mariner Blvd.

Hernando County Florida, 34609

Office 352-688-7949

Cell     727-946-0904

Bottom Line – Nation’s labor market perked up in September

Nation’s labor market perked up in September

David Goldman / AP

Joya Green, right, with Metro Fair Housing Services, discusses employment opportunities with Kimberly Anderson, left, of Atlanta, during a job fair at a Goodwill store in Atlanta. By Roland Jones

The nation’s labor market perked up last month, according to the government’s latest jobs report.

U.S. employers added 103,000 net jobs in September, the government said Friday — that’s better than economists had expected, but barely enough to keep up with population growth.

“This is good news and we’ll take it, but it’s not enough to erase the risk of recession, particularly if Europe goes down,” Diane Swonk, chief economist and senior managing director at Mesirow Financial, told CNBC.

Nearly half of the gains last month were due to 45,000 Verizon workers who returned to their jobs after dropping off payrolls in August due to a strike. Excluding those workers, payrolls increased by 58,000 in September. The nation’s unemployment rate held steady at 9.1 percent.

The tone of the September jobs report was strengthened by government revisions that showed 99,000 more jobs were added in July and August than initially reported. Also, hourly earnings rebounded and the average work week rose.

“Hopefully it is sustainable and continues so that we can avoid recession,” Kurt Karl, chief U.S. economist at Swiss Re, told Reuters. “If we keep up like this we will certainly avoid that.”

The weak U.S. economy has been a major challenge for President Barack Obama, who is gearing up for a re-election battle in November 2012.

U.S. employers slowed hiring over the summer as the economy softened, Europe�%

via Bottom Line – Nation’s labor market perked up in September.

 

Steve Fingerman

Branch Manager

E Loans Mortgage Inc

4117 Mariner Blvd.

Hernando County Florida, 34609

Office 352-688-7949

Cell     727-946-0904

Remembering an Icon- Steve Jobs

After learning of the death of Steve Jobs, Time Magazine literally stopped the presses for the first time in 20 years to put the tech visionary on the cover for the eighth time. Time  Managing Editor Rick Stengel and NBC’s Tom Brokaw discuss Jobs’ life and legacy.

 
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Michael Israel Performing Hero

 
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Don’t miss the end…wonderful surprises all the way through. HERO is an amazing accomplishment, a performance you watch with your heart. This work has helped raise interest and awareness for many charities and worthy causes. This performance was produced by Wolfgang Films.

HERO explores commitment to an ideal. It asks the question: What endeavor would you undertake knowing full well that the odds are you will fail? What would you give your all to knowing it’s likely you will be severely injured or even die trying? What is the greatest possible reward and in that thought, what is the most valuable and priceless thing on earth?

Steve Fingerman

Branch Manager

Allied Home Mortgage

4117 Mariner Blvd

Hernando County Florida, 34609

352-688-7949