Tag archives for Wachovia

Wells Fargo Securities Pays Up on SEC Charges to Wachovia Capital Markets of Fraud

Wells Fargo Securities, previously Wachovia Capital Markets (WCM), has refused to admit or deny SEC findings indicating that WCM “violated basic investor protection rules” when it sold investors mortgage-backed securities in late 2006 and early 2007, but it is still paying the Zuni Indian Tribe and another individual investor damages that total more than $11 million. WCM stands accused of Read full article »

$23.7 Million for Colorado, 6 Other States, to Settle Wells Fargo Deceptive Lending Practices Allegations

John Suthers, Colorado’s attorney general, has announced that Colorado, along with seven other states, will get $23.7 million from Wells Fargo to put to rest allegations of “deceptive advertising and problematic lending practices of Wachovia and World Savings”. The allegations stem from the “Pick-a-Pay” loan program that offered an adjustable-rate mortgage (ARM) as part of the package. Colorado will receive Read full article »

Real Estate Lending Scam in California Targets Elderly Homeowners

In Modesto, California, a real estate agent and his roommate set up a simple scam that enabled them to steal thousands of dollars from elderly homeowners while acquiring properties at rock-bottom prices. The agent, James Lee Langford, who is also the owner and broker for Century 21-Apollo Realty in Modesto and his roommate, Jon Vance McDade, would target elderly property Read full article »

Interest Rates Up, Mortgage Applications Down – What Does It Mean?

30-year mortgage rates hit their highest level in a year last week, pushing mortgage applications (both purchase money and refi's) downward, breaking a 3-week uptrend for mortgage applications. Let's be clear: This is a negative occurrence, as fewer mortgage applications invariably means fewer mortgages granted and fewer properties sold. However, its merely a "blip" on the radar screen since a Read full article »

Lessons Learned: Negative Amortization Loans Are BAD

Wachovia recently announced it will no longer offer negative amortization loans, despite their investment of $24 Billion two years ago to buy Golden West, who had "neg am" loans as one if its primary product offerings. Why? Negative amortization loans don't make sense. Nor for lenders. Not for borrowers. Not for anyone. A negative amortization loan is one Read full article »

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.

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.