Two NYC hotels will be under new management thanks to mismanagement of funds by their developers. During a foreclosure proceeding last month, Judge Joan Madden essentially fired the Alexico Group, which ran the Flatotel and the Alex Hotel, for failing to pay real estate taxes or mortgage payments but assigning themselves hundreds of thousands of dollars in management fees and Read full article »
Tag archives for foreclosure ruling
Hotel Management Company Fired in New York Ruling
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MERS Update: Two More States Uphold MERS in Foreclosure Controversy
Although a New York U.S. Bankruptcy judge has called the entire concept of the MERS (mortgage electronic registration system) foreclosure process “absurd,” California and New Hampshire judges have added their names to the roster of courts that support the MERS system. MERS was designed to help mortgage originators buy and sell loans in bundles quickly. The system helped save money Read full article »
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Prominent Lawyer Held in Contempt for Florida Foreclosure Fraud
Following on the heels of a New York ruling that lawyers must sign affidavits attesting to the truthfulness and thoroughness of their foreclosure filings, a Florida judge has found one of Fannie Mae’s former law firm’s partners in contempt for “sham” foreclosure documents that wasted the court’s time. Marc Ben-Ezra, a founding partner of Ben-Ezra & Katz, received the contempt Read full article »
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The Next Logical Step: Foreclosed-Home Buyers at Risk in Massachusetts Foreclosure Decision
In Massachusetts, the groundbreaking foreclosure reversal ruling of a few weeks ago is now following its logical path. In what “appears to be the next step in the conversation,” according to borrower lawyer Paul Collier, the Supreme Judicial Court of Massachusetts will now examine buyers’ rights when a foreclosed home has been resold. The case will bypass lower courts and Read full article »
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Wells Fargo Backing Down on Maryland Foreclosures
Although Wells Fargo has steadfastly maintained that it does not have the robo-signer issues that have plagued so many other major lenders, it is backing down and refilling foreclosures in Maryland starting today. According to a statement released by the lender on Wednesday, there are potential flaw in some pending Maryland foreclosures that will mean that the entire process needs Read full article »
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The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.