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Cash flow_title%

Archive for 'Cash flow'

Best Choice for Dividend Safety in Large Cap Oil

There’s a clear winner for dividend safety, longevity and steady increases in the big oil sector.This company has grown its dividend at  an average rate of over 7% every year for the last 20 years and it also has been able to increase that dividend no matter what the price of oil has been.

In this article, I will be searching for the one large oil company that has the safest dividend. With oil prices continuing to fall towards the $30 level, it is important to see how much flexibility companies have when it comes to their ability to continue paying their dividend. I will be using a similar process as I used for an article I wrote last month after Kinder Morgan (NYSE:KMI) cut its dividend to determine which major oil company has the safest dividend.

Screening Process

I used the FinViz stock screener to find my initial list of companies that are profitable and have outperformed the global energy sector ETF (NYSEARCA:IXC).

Screen Criteria

  • Industry: Major Integrated Oil & Gas, Independent Oil & Gas
  • Dividend Yield: Positive
  • PE: >1 [Profitable]
  • Market Cap: > $10 billion

Screen Results & Elimination

After running the screen, I found fourteen companies that met these criteria.

Eliminations

Now that I had my initial list of large oil companies, I looked at the dividend history of each company and eliminated those companies that have had a dividend cut after the top in oil in 2008. In addition, I also excluded EPD because it is an MLP and I already covered it in my article on MLPs. Like with my MLP article I eliminated any remaining stocks that have underperformed the global energy market over the last year, as represented by the iShares Global Energy ETF [IXC].

Read more from Brad Kenagy

 

 

 

Mortgage Lenders vs The Scarecrow: If I Only Had a Brain

Are you kidding me? The Banks are just now paying homeowners to get out of a house they can’t afford anymore? They should have been doing this years ago instead of dragging out the short sale process and then delivering the big “No” months later. And then letting the house go through the foreclosure process, which eats up more time and costs them even more money in the process. Here’s one for you: “The banks have realized, ‘We are losing more on the foreclosures than the shorts,'” Augustyniak said. “And they are even willing to compensate the sellers, to give the sellers money to vacate the property.” Wow! What a revelation! Any half-assed Real Estate investor straight out of a short sale seminar in 2006 could have told them that. Guess it takes a while to sink in.

Chase Puts Their Money Where Their Mouth is With Large Short Sale Cash Incentive

McGeough Lamacchia Realty and Dorner Law negotiate a $35,000 payment to their short sale client at closing.

Quote startIt’s important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale.Quote end

Chase Bank sent a homeowner (name withheld) a solicitation letter offering up to $35,000 to do a short sale. Back in August the homeowner called McGeough Lamacchia Realty right away and the home was listed for sale within two weeks.

Once an offer was obtained the staff at McGeough Lamacchia Realty and Dorner Law submitted a short sale package to Chase along with their solicitation letter to remind them that this $35,000 was offered. After five weeks of negotiating Chase not only offered a short sale approval and waived the entire deficiency balance but they agreed to pay this homeowner the entire $35,000.

Over the past year more major banks have realized that paying distressed homeowners a substantial sum is a great way to incentivize them to move out of the home they can no longer afford. Chase has been sending out these solicitation letters of up to $35,000 for about a year. Citi Mortgage has been paying up to $12,000 for about 6 months and Bank of America has most recently agreed to pay up to $20,000.

McGeough Lamacchia Realty and Dorner Law have negotiated large sums for its clients before, but this $35,000 is a new record that they are proud of. These programs are only offered on the loans where these banks actually own the mortgage. Most mortgages are being serviced by the large banks on behalf of one of the three GSE’s: Fannie Mae, Freddie Mac, and FHA (Federal Housing Administration). FHA does offer a $1,500 incentive to do a short sale under their Pre-Foreclosure Sale program. Fannie Mae and Freddie Mac do not currently offer any money unless the short sale is through the Treasury’s HAFA program.

Under the Treasury’s HAFA (Home Affordable Foreclosure Alternative) program which came out in April 2010, lenders are paying $3,000 to distressed homeowners who complete a short sale through the HAFA program.

“It is clear that the major banks have woken up and realized that a short sale is the best way to decrease losses and assist distressed homeowners in a graceful and dignified exit from their home. It’s unfortunate that Fannie Mae and Freddie Mac still haven’t seen the light,” says Anthony Lamacchia.

Short sales are increasing across the country for several reasons:

  •     They are becoming better known to distressed homeowners.
  •     Banks have realized that they save tremendous money through a short sale vs. a foreclosure
  •     Banks have finally hired more staff and are working hard to better their short sale processes
  •     All the major banks are now sending out letters offering short sales to homeowners who cannot qualify for a loan modification. Bank of America recently came out with a Home Transition Guide.
  •     Banks recognize that the sooner they get out of a non-performing loan the more money they save.

“I did my first short sale 20 years ago. They are a great alternative to foreclosure and it is nice to see more distressed homeowners are finally opting for them, especially now that these great incentives are being offered,” says Attorney Hillery Dorner.

Nationally short sales have increased 12% in 2011 and many believe they will increase by much more in 2012.

“One thing distressed homeowners need to know now is that banks will be foreclosing much faster in 2012 than they did in 2011 due to these robo-signing issues for the most part being worked out. Therefore it is important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale,” says John McGeough.

For more on this story, visit the New England Short Sale Blog

About McGeough Lamacchia:

McGeough Lamacchia is the #1 Listing Agency in Massachusetts and named one of the Top 100 Real Estate Teams in the country by RealTrends and the Wall Street Journal. They are a full service real estate agency specializing in short sales in Massachusetts and New Hampshire.

So there you have it. All you seminar graduates, go out there and make some money.

Foreclosed Self Storage Facility Goes for $10.5 Million

Foreclosed Self Storage Facility Goes for $10.5 Million

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm has successfully brokered the sale of the Casino Self Storage property located in the city of  Moorpark in Ventura County, California.  Dean Keller, the firm’s president, was the exclusive listing agent and sole broker in the transaction.  The sale was facilitated by special servicing company LNR Partners, LLC on behalf of a CMBS fund that had foreclosed on the property earlier this year.  The buyer was Public Storage, a publicly traded REIT, which will re-brand the property with its name.

“This is a classic example of a very desirable first class property that was just over-leveraged in a very difficult economic climate,” Keller said “It is the nicest storage facility in the city and it should perform very well in the long run.”

The property sold for $10.5 million on an “all cash” basis. This was much less that the property’s outstanding debt at the time of foreclosure.  Although physical occupancy was over 85%, economic occupancy was approximately 66%, offering further upside potential to the buyer.  The facility’s gross potential income at the time of closing was approximately $1,078,000 per year.

Casino Self Storage contains nearly 85,430 net square feet of self storage space divided into 822 units, including 91 climate controlled units.  The attractive two-story project was built in 2005 and is located on Los Angeles Avenue (also known as State Highway 118) on a highly visible corner in retail and commercial oriented location.  The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.

“There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years and we have been the exclusive listing broker for most of them,” Keller said.  “There are plenty of buyers looking to “steal” lender owned properties, but we have been able to obtain very good and fair prices for the sellers – usually millions of dollars more than the “direct offers” received from potential buyers and other brokers before our listing and marketing of the property.  Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.”

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $900 million in completed self storage sales, including many lender-owned “REO” properties, numerous portfolio sales, and a record setting single property sale at over $31 million.  For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Contact: Dean Keller

Phone (949) 888-5355

Fax (949) 203-6105

Email: DKeller@BancapSelfStorage.com

Multi-Family Property Report Card Just Released

RED CAPITAL GROUP Research Team shares latest multifamily market review and outlook online on its website, including rental rate and occupancy trends and outlooks and metro area conditions.

Daniel J. Hogan, Director of Research, RED CAPITAL GROUP, LLC

RED CAPITAL GROUP, LLC has posted on its website its Research Team’s most recent multifamily housing industry report entitled “Multifamily Housing Industry 2011 Mid-Year Review and Second Half Outlook Report”.

To access the report, log on to http://www.redcapitalgroup.com and scroll down to the “Recent Multifamily Housing Market Analysis” section to register for the download.

Researched and written by Daniel J. Hogan and Joseph M. Mandeville, both of RED’s in-house Research Team, the report is highlighted by the introduction of a fully-integrated occupancy, rent and cap rate forecasting model. The report provides a full set of 2011 to 2013 annual payroll projections and annual five-year rent growth and occupancy rate forecasts for 46 metropolitan markets across the country (the “RED 46”) as well as five-year total return and risk-adjusted return estimates and probability distributions of total return for each market. The study also engages in some “What If” modeling to help probe key questions confronting the multifamily housing space, such as the relative impact of accelerating inflation on asset performance and returns in different metropolitan markets.

In addition, the report contains a summary of the performance of metro markets during the first half of 2011, including:

  •     Apartment Demand & Occupancy Trends
  •     Apartment Rent Trends
  •     Metro Area Economic Conditions
  •     Macro-economic Outlook

Highlights of key points summarized in the report include:

  •     Abundant employment growth among Americans aged 20- to 29-years in the period May 2010 to May 2011 triggered the strongest apartment demand observed in a generation.
  •     Export-driven manufacturing revivals fueled stronger than expected hiring in corners of the Heartland, such as Nashville, Pittsburgh, Columbus, Louisville and Saint Louis.
  •     High tech hubs (Seattle, San Jose) and Texas metro areas (Dallas, Fort Worth, Houston, Austin) posted the strongest job growth in the spring, while Milwaukee surprised many by leading the nation in year-over-year job growth.
  •     With the exceptions of Seattle, San Jose, San Diego and Portland, Western Region economies continued to struggle with negative or flat results in the second quarter.

Operating nationwide since its inception in 1990, comprehensive debt and equity capital provider RED CAPITAL GROUP, LLC is recognized for its industry expertise, innovative and comprehensive structures, and consistently high lender rankings, including having closed more FHA Multifamily & Healthcare loans during HUD FY-2010 than any other lender and remaining active as a top Fannie Mae DUS® lender for both multifamily and seniors. Red Mortgage Capital, LLC’s nationwide agency platform includes Fannie Mae DUS, Freddie Mac Seller/Servicer for Seniors, and FHA MAP and FHA LEAN lending for multifamily, seniors housing and health care properties. RED’s Research Team supports the firm’s underwriting and lending functions, and provides unique intelligence and perspective.

RED CAPITAL GROUP, LLC is committed to being the nation’s premier provider of capital across the spectrum of asset classes.

About RED CAPITAL GROUP, LLC
RED CAPITAL GROUP, through three operating companies, provides integrated debt and equity capital to the multifamily, student and seniors housing, and health care industries. Red Mortgage Capital, LLC is: a leading Fannie Mae DUS® lender for both Multifamily and Seniors Housing; the nation’s most active FHA Multifamily/Seniors lender (MAP- and LEAN-Approved); a national Freddie Mac Seniors Housing Seller/Servicer; an active financier of Critical Access, community and rural hospitals; and services more than $14 billion of income property mortgage loans. Red Capital Markets, LLC (MEMBER FINRA/SIPC) is a leader in: the trading and distribution of Fannie Mae and GNMA Project MBS; the underwriting of developer-driven multifamily housing bonds; and also is remarketing agent for $1.5 billion in variable rate demand tax-exempt and taxable housing and health care bonds. Red Capital Partners, LLC delivers proprietary debt and equity to the multifamily and health care industries and provides asset management services for RED’s proprietary debt and equity investments.

RED CAPITAL GROUP is headquartered in Columbus, Ohio, employs more than 200 and maintains eight offices nationwide. Since 1990, the bankers of RED CAPITAL GROUP have provided over $52 billion in taxable and tax-exempt first mortgage debt, mezzanine level capital and equity to multifamily, seniors housing, health care, and other real estate properties nationwide. RED CAPITAL GROUP is a subsidiary of ORIX USA Corporation.

About Our Parent ORIX USA Corporation
ORIX USA Corporation (http://www.orix.com) is the U.S. subsidiary of ORIX Corporation, a publicly-owned Tokyo-based international financial services company established in 1964. ORIX Corporation is listed on the Tokyo (8591) and New York (NYSE:IX) stock exchanges. ORIX USA Corporation is a diversified corporate lender, finance company, and advisory service provider with more than $6 billion in assets and an extensive portfolio of credit products and advisory services. ORIX USA is headquartered in Dallas, Texas and has approximately 1,400 employees worldwide.

Red Mortgage Capital, LLC is a licensed FHA MAP and FHA LEAN lender.
DUS® is a registered trademark of Fannie Mae.

REIT Focusing on D.C. Shopping Centers

Saul Centers, Inc. (NYSE: BFS), an equity Real Estate Investment Trust (REIT), announced the acquisition of three Giant Food-anchored shopping centers located in the metropolitan Washington, DC / Baltimore area.  The centers total 635,000 square feet of leasable area, of which 98% is leased.  The aggregate purchase price was $168.5 million and the transaction closed on September 23, 2011.

Kentlands Square is a 241,000 square foot neighborhood shopping center located in Gaithersburg, Maryland, in Montgomery County, the state’s most populous and affluent county.  More than 38,000 households, with annual household incomes averaging over $114,000, are located within a three-mile radius of the center.  The center was constructed in 1993, is 100% leased and is anchored by a 61,000 square foot Giant Food supermarket and a 104,000 square foot Kmart.  The property, which was purchased for $74.5 million, is adjacent to the Company’s two Kentlands properties, one of which is anchored by Lowe’s Home Improvement.

Severna Park is a 254,000 square foot neighborhood shopping center located in Severna Park, Maryland, in Anne Arundel County.  More than 15,000 households, with annual household incomes averaging over $112,000, are located within a three-mile radius of the center. The center was constructed in 1974 and renovated in 2000, is 100% leased and is anchored by a 63,000 square foot Giant Food supermarket and a 92,000 square foot Kohl’s. The property was purchased for $61.0 million.

Cranberry Square is a 140,000 square foot neighborhood shopping center located in Westminster, Maryland, in Carroll County.  More than 12,000 households, with annual household incomes averaging over $72,000, are located within a three-mile radius of the center.  The center was constructed in 1991, is 92% leased and is anchored by a 56,000 square foot Giant Food supermarket and a 24,000 square foot Staples.  The property was purchased for $33.0 million.

The acquisition was financed with (1) $60.0 million from two secured-bridge loans, each with an initial term of six months and accruing interest, payable monthly, at a rate equal to LIBOR plus 175 basis points; (2) a $38.0 million non-recourse permanent loan secured by Severna Park; (3) approximately $17.1 million in cash and borrowings from the Company’s line of credit; and (3) $55.8 million of new equity through the issuance of 1,684,782 restricted shares of common stock and operating partnership units of Saul Centers, issued per the terms of a Stock Purchase Agreement with the B. F. Saul Real Estate Investment Trust dated August 9, 2011, at a price of $33.12 per share, determined using the average closing price of the common stock for the trailing five days immediately prior to the closing of the acquisition.  The Stock Purchase Agreement was executed during the acquisition auction which allowed the Company to bid for the acquisition by providing the certainty for the required equity in the event the acquisition was successful.

The $38.0 million non-recourse permanent loan secured by Severna Park has a 15-year term and requires monthly principal and interest payments based upon a 4.30% interest rate and 25-year amortization schedule.  Additionally, the Company has entered into interest-rate lock agreements for two non-recourse permanent loans totaling $63.0 million, the proceeds of which will pay-off the bridge financing.  The loans, both of which have a 15-year term, will require aggregate monthly payments based on a weighted average interest rate of 4.58% and 25-year amortization schedules.  The two loans are expected to close within 45 days, subject to customary closing conditions.

The Company expects to record transaction expenses totaling approximately $2.4 million ($0.10 per diluted share) during the quarter ending September 30, 2011, and projects that the financial results of these acquisitions will be modestly accretive to per share Funds from Operations available to common shareholders during 2012.

Saul Centers is a self-managed, self-administered equity real estate investment trust headquartered in Bethesda, Maryland.  Saul Centers currently operates and manages a real estate portfolio of 58 operating community and neighborhood shopping center and office/mixed-use properties totaling approximately 9.6 million square feet of leasable area. Over 85% of the Company’s cash flow is generated from properties in the metropolitan Washington, DC/Baltimore area.

http://www.saulcenters.com

UFAN: Will investigations by state Attorneys General help uncover improper practices by mortgage lenders?

In a statement released by her office, California Attorney General Kamala Harris announced recently the creation of a mortgage fraud task force. The task force is comprised of 17 lawyers and eight special agents from the state Department of Justice, and will investigate everything from small scale fraud targeting borrowers to large scale corporate practices, according to the Attorney General’s Office.

The task force created by Harris signals that California is now taking an aggressive approach to the fraud underlying the mortgage crisis seriously affecting the state, and coincides with a nationwide effort among all 50 state attorneys general to investigate the causes and effects of the mortgage crisis, as reported by the L.A. Times. Harris told the Times “California was disproportionately harmed by the mortgage crisis, and our homeowners badly need relief. We will critically evaluate every possible avenue of relief for Californians. If it will result in real accountability and real results, no option will be off the table.”

According to the Attorney General’s Office, “Last year alone, there were foreclosure filings against 546,669 California homes. It is projected that between 2009 and 2012, a total of 2 million California homes will enter the foreclosure process. In the last year, the California Department of Justice has received thousands of complaints related to foreclosure scams, mortgage fraud, and mortgage servicing practices.” These figures are distressing to say the least.

In conjunction with the announcement of the task force, the Attorney General announced the subpoena of Lender Processing Services, Inc. (LPS) in May for its role in “robo-signing” of mortgage documents. Robo-signing refers to bank employees signing documents required in the foreclosure process without verifying their content or accuracy. LPS is alleged to have prepared and recorded these false foreclosure documents on behalf of some of the major mortgage lenders and servicers in the country. The company is based in Florida but has several offices in California and, according to its website, services more than 50% of the mortgages in the US. In its press release, the Attorney General’s Office warned that the risks of robo-signing are particularly serious in California where foreclosures are mostly unsupervised by the courts.

UFAN has recently filed suit against Bank of America (case # 34-2011-00109314) and Wells Fargo (case # 34-2011-00110146) in Sacramento County Superior Court, alleging multiple causes of action related to mortgage lending practices. It is UFAN’s hope that the investigation will uncover facts that will bolster the cases filed.

ABOUT THE UNITED FORECLOSURE ATTORNEY NETWORK

UFAN Legal Group, PC dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm providing mortgage litigation and other debt related legal services. The dedicated attorneys and staff at UFAN work tirelessly to seek justice and fight for the rights of its clients. For more information call toll free 1-866-400-4242.

This release may constitute attorney advertisement. The information in this release and on the UFAN website (ufanlaw.com) is for general information purposes only. Nothing in this release or on the UFAN website should be taken as legal advice. Prior successes are no guarantee of future performance. Litigation is inherently uncertain and results in litigation are never assured.

 

The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) reiterate their calls to protect rental housing as lawmakers work toward enactment of a jobs bill.

The legislative language released by the Obama Administration once again includes a tax increase on carried interest(1) as a revenue raiser.  NMHC/NAA remind lawmakers of the devastating effect such a tax increase would have on rental housing.

While this proposal is being marketed as a “tax increase on hedge fund managers and other rich Wall Street executives,” the truth is that real estate partnerships—and the estimated 550,000 workers employed by the apartment business and the 16 million Americans who rely on our industry to provide them with safe, decent affordable housing—will be very adversely affected by such a change.

Carried interest has been a fundamental part of real estate partnerships for decades.  Increasing the taxes on carried interest would not only increase the cost of producing new housing, it would decrease the supply by making many deals financially unworkable.

A carried interest tax increase would have a devastating impact on our rental housing supply at a time when demand is increasing against the backdrop of a supply shortage.

It will also kill jobs and depress income for cities and counties.  In recognition of the serious harm this legislation could have beyond Wall Street to “main street,” in 2010 both the U.S. Conference of Mayors and the National Association of Counties adopted official positions opposing it and urged Congress and the Administration to maintain current law as it relates to real estate partnerships.

“The apartment industry supports sound economic policy that helps restore job growth, but a tax increase on carried interest is bad for our economy and bad for our housing supply,” noted Cindy Vosper Chetti, NMHC/NAA Senior Vice President for Government Affairs.

The National Multi Housing Council (NMHC) and National Apartment Association (NAA) operate a Joint Legislative Program and represent the nation’s leading firms participating in the multifamily rental housing industry.  NMHC/NAA’s combined memberships are engaged in all aspects of the development and operation of apartment communities, including ownership, construction, finance and management.  One-third of Americans rent their housing, and over 14 percent of all U.S. households live in an apartment home.  For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org or visit NMHC’s web site at www.nmhc.org.

(1) A “carried interest” (or “promote”) is an interest in the capital gain of a partnership when it sells its property.

http://www.nmhc.org

Multifamily Utility Company reports an untapped revenue stream that will increase multifamily cash flow and increase property value by allocating utility costs back to tenants through utility billing.

Over the past few years, apartment investors and property managers have had a plethora of issues. Downward pressures on rents, increased vacancies, persistent competition and decreased property values have impacted the multifamily market. Even more so, the soaring costs of utilities that continue to spike year after year. The EPA forewarn that the investment in U.S. drinking water infrastructure improvements from 2007-2027 are estimated to be $334 billion. Multifamily investors are looking towards ancillary income in defense against these rising costs and also increase their net cash flows. According to Brian Stone, President of Multifamily Utility Company, there is an untapped revenue stream many multifamily investors are turning to. That is, by allocating utility costs back to the tenants through utility billing.

Increasing multifamily cash flows can be as simple as increasing the property’s net operating income (NOI). For example, take a multifamily asset of 150 units with at value of $5 million with estimated monthly water/sewer bill of $5000, electric/gas bill of $7000 and a monthly trash bill of $1000. After removing the common area deduction (CAD) of 15%, the rest of the costs can then be reallocated to the tenants. Utilizing a resident utility billing service (RUBS) will increase the net operating income (NOI) by approximately $132,600 per year and $663,000 over 5 years.

The ancillary income from utility reimbursement can be added to the gross scheduled income (GSI); therefore increasing the net operating income (NOI), which in turn will increase the asset’s overall cash flows.

Mr. Stone recommends that a Ratio Utility Billing System(RUBS) is for situations where the constraints of space and/or construction do not allow a property to be submetered, and can be utilized for almost all utilities including water, wastewater, electric, gas and trash. It requires no initial capital investment and is based on a pre-calculated formula. The formula is determined based on several variables including the number of occupants and square footage of the unit. He also suggests that different variables may be used for different utilities and are typically determined by state and local regulations.

Increasing the NOI will also increase the overall Capitalization Rate (Cap rate). Let’s look at the difference before and after initiating a ratio utility billing service (RUBS) shown in the above diagram.

Property owners are always looking to reduce expenses, and utilities are one of the largest and fastest growing expense categories. The goal of RUBS is to help control the growth of utility expenses. A RUBS program provides investors the opportunity to control rising utility expenses. Once utility expenses are under control, apartment communities operate more efficiently. By making the residents responsible for their own level of consumption, they will conserve. Water consumption is typically reduced by up to 20%, as seen in some studies. RUBS can be initiated in as little as 30 days, providing an instant boost to your bottom line.

Multifamily Utility Company is an industry leader specializing in submetering and allocation of water, gas and electric utilities throughout the United States.

To Learn More about Increasing your Multifamily Cash Flow visit http://www.multifamilyutility.com or contact Tiffany Mittal at 1-800-266-0968 x721 for more information.

Real Estate Group Calls for Reinstituting Federal Tax Credit

Real Estate Group Calls for Reinstituting Federal Tax Credit-Image via Wikipedia

The National Mortgage Complaint Center is warning of further US residential real estate valuation declines, based on new information related to US foreclosures. The group worries if the US residential real estate markets do not soon stop their declines, a second recession might be a optimistic thing. The group has called President Obama’s, or former House Speaker Pelosi’s attempts to help homeowners in foreclosures, or loan modifications, an utter failure, and a waste of taxpayer money. The group says, “We desperately need to stabilize the US residential real estate markets, and we think restoring the Federal Tax Credit for a home purchase would a huge step in the right direction. However, this time the Congressional Federal Tax Credit should be increased to $15,000, and it should be inclusive of not just first time home buyers, it should apply to every qualified home buyer, including investors.” The National Mortgage Complaint Center says, “With the enormous devaluations we have seen in most US residential markets, we need to stop the hemorrhaging, and do something meaningful to stabilize one of the most vital aspects to the US economy-our residential real estate markets.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is urging US House of Representatives Speaker John Boehner to introduce immediate legislation that restores the Federal Tax Incentive Plan for home buyers. However, the group says, “the Federal Tax Incentive Home Purchase Program should not be limited to first time home buyers only. We believe a more robust federal tax incentive plan is called for, to include not just first time home buyers, but all qualified home buyers, including investors. Someone needs to step up to the plate to rescue the US residential real estate markets, and leadership is needed-now.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is now warning, “If someone in the federal government does not exert some leadership immediately, it might be too late for the US residential real estate markets, and our economy. We appreciate the concept of free enterprise, and or risk, and return is lost on President Obama, but someone in DC had better start thinking outside of the box now, or it could be too late to do anything about the sinking US residential real estate markets.” The National Mortgage Complaint Center is also warning, “Now would not be a time for the US Congress to allow President Obama, and former House Speaker Pelosi to make an Economic Social Statement, with another insane program that allows individuals not qualified to buy a home, to get one. Now is the time to let the free enterprise system work, for qualified buyers, with tax credits being the incentive for participation.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, “On the topic of the US Federal Government, mortgages, and failure, we have a gigantic problem in Florida, and the extreme US Southeast involving imported toxic Chinese drywall, and probably 200,000+ homes. Typically these homes turn into foreclosures, because of homeowner fears about health effects to themselves, or their children. These fears are not unfounded. In a typical Florida home, or condominium, that contains toxic Chinese drywall, the electrical wires turn black, and copper tubes, or pipes also turn black, get pitted, and leak. The astonishing thing to us is in many to most cases US Taxpayer owned Fannie Mae gets the house as a foreclosure, and simply resells it to a new home buyer, with the only disclosure being As Is. As soon as the Florida, or Gulf States foreclosure buyer discovers the home contains toxic Chinese drywall, the home becomes a foreclosure all over again. And President Obama is contemplating getting the US Federal Government into the mortgage business? Has everyone in Washington, DC lost their minds? President Obama has yet to mention the toxic Chinese drywall disaster in Florida, or US Gulf States one time in public, after nearly three years in office?” http://NatonalMortgageComplaintCenter.Com

For more information about the imported toxic Chinese drywall disaster please visit http://ChineseDrywallComplaintCenter.Com

 

Foreclosure Attorney Files Suit Against Bank of America for Alleged Scheme

Foreclosure Attorney Files Suit Against Bank of America for Alleged Scheme-Image via Wikipedia

Lawsuit filed on behalf of homeowners allegedly injured by the mortgage practices of Bank of America.

On Wednesday August 17, 2011, United Foreclosure Attorney Network (UFAN) filed suit in Superior Court in Sacramento, CA (case number 34-2011-00109314) on behalf of over 100 homeowners against Bank of America and others alleged by Plaintiffs to be involved in a scheme to defraud and otherwise take advantage of American homeowners.

According to UFAN’s managing attorney Kristin Crone, “This is a chance for homeowners to fight for their rights. And, it will be a fight.” The complaint details how a vast number of homeowners nationwide are facing mortgage debts far greater than the value of their homes. Some homeowners lost what equity investments they had in their homes when the housing market crashed.

The lawsuit levies blame for the crash of the mortgage market against big banks and mortgage lenders. According to the complaint, between 2000 and present, mortgages were packaged up in pools and the pools were sold to investors. Because a bank could quickly recoup amounts spent issuing mortgages by the sale of these pools of mortgages (otherwise known as Residential Mortgage Backed Securities, or RMBS), the banks incentivized mortgage brokers and lending institutions with high fees for origination (yield spread premiums, origination fees, and discount fees). These fee incentives encouraged the origination of highly predatory loans to individuals who could not afford the loans long term, the complaint alleges.

The complaint alleges that the terms of the loans were complex and difficult to understand even for sophisticated borrowers. Many of the loans had a two to five year period of a low fixed interest rate and interest only payments. Most homeowners were promised a refinance prior to the increased payments due at the end of the fixed rate period. But, when the time came to refinance, despite the fact that the financial situation of the borrower many times remained the same, no refinance was given. In some instances, refinances or “loan mods” were granted but they actually increased the borrower’s monthly payment and/or required a large cash payment up front of $10,000 or more.

Court documents show that the lead Plaintiff in the case, like many others, was told by Bank of America to stop her mortgage payments in order to be considered for a loan modification. The homeowner stopped her payments and began negotiations for more fair terms with the bank. Smartly, the homeowner saved money so she could bring her loan current if negotiations were not fruitful. The complaint alleges that she was promised her home would not be foreclosed while she was being considered for a loan modification. She told bank representatives that she could bring her loan current if it was going to sell. Court documents show that the bank promised her the foreclosure would be postponed. It was not. This client has now permanently lost her property to a third party buyer.

UFAN plans to bring claims against all of the major banks on behalf of homeowners within the next few months. “Our clients want to fight for their rights and they are just asking for a fair shake,” says Ms. Crone. “We are trying to give them the chance to be heard and to try to stay in their homes under reasonable loan terms. The banks have been giving everyone the runaround through loss mitigation departments that repeatedly lose documents and claim to work with homeowners while selling their homes out from under them. Filing suit was a last resort for many of our clients, but the bank made it seem as if it was the only way to really get their attention.”

ABOUT UNITED FORECLOSURE ATTORNEY NETWORK

The United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm practicing on the cutting edge of mortgage fraud and foreclosure defense. UFAN represents clients who have been victims of predatory lending and/or wrongful foreclosure. The dedicated attorneys and staff at UFAN work tirelessly to seek justice for fraudulent mortgage practices and fight for the rights of American homeowners. For more information call toll free 1-866-400-4242.

This release may constitute attorney advertisement. The information in this release and on the United Foreclosure Attorney Network (TheUFAN.com) website is for general information purposes only. Nothing in this release or on the United Foreclosure Attorney Network (TheUFAN.com) website should be taken as legal advice. Prior successes are no guarantee of future performance. Litigation is inherently uncertain and results in litigation are never assured.

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