One intent of the recent $25-billion mortgage settlement among attorneys general, the nation’s five largest mortgage servicers and certain federal agencies was to do away with such errors, but in recent weeks consumer advocates have raised concerns that borrowers who are in the foreclosure process may still be harmed.

More than 80% of the attorneys surveyed said they had in the last year represented a borrower who was awaiting a loan modification but a foreclosure sale was attempted.

The same percentage of attorneys said they represented a borrower who had fees improperly assessed on their home by banks while they were in foreclosure.

The survey was the result of interviews of 260 consumer attorneys in 45 states, conducted by the National Consumer Law Center and the National Assn. of Bankruptcy Attorneys this month. For the full results of the survey click here.

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Article source: http://www.latimes.com/business/money/la-foreclosure-errors-20120222,0,2222605.story

JEFFERSON CITY, Mo. — The ink wasn’t even dry on a settlement with the nation’s top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.

He’s not the only politician eyeing the cash for purposes that have nothing to do with foreclosure. Like a pot of gold in a barren field, the $25 billion deal offers a tempting and timely source of funding for state governments with multimillion-dollar budget gaps.

Although most of the money goes directly to homeowners affected by the mortgage crisis, the settlement announced this month by attorneys general in 49 states includes nearly $2.7 billion for state governments to spend as they wish.

Some are pledging to use it as relief for struggling homeowners or to help related initiatives such as a Michigan plan to assist children left homeless by foreclosures. But several states are already planning to divert at least some of the money to prop up their budgets, and more will be wrestling with those decisions in the coming weeks.

For some consumer advocates, the diversion is reminiscent of the 1998 tobacco settlement in which states spent billions on projects that had nothing to do with curbing smoking.

“We shouldn’t be in the position of taking money that is intended to help consumers and their mortgage tribulations and putting that to another purpose,” said Joan Bray, a former Democratic Missouri senator who now is chairwoman of the Consumers Council of Missouri.

States that use the onetime payout for immediate expenses may also face the question of what to do next year when the money is used up. But officials in struggling states say they must deal with the most immediate problems first.

A federal judge in Washington could approve the final settlement by the end of February. Once that happens, money could begin flowing to states within a couple of weeks, arriving just as lawmakers are crafting budgets for the upcoming fiscal year.

Republican legislative leaders in Missouri have already embraced the Democratic governor’s plan to use nearly all of the state’s $41 million settlement payment to help shore up the budget. The mortgage money allowed Nixon to reduce his proposed funding cut for public colleges and universities from 12.5 percent to 7.8 percent – potentially easing student tuition increases.

The money was “as we looked at it, relatively unfettered,” Nixon said. “Clearly the economy was affected all across the country by foreclosure challenges, and I think it is apt and appropriate to use those dollars to help restore some of the challenging cuts that I was forced to make.”

In Pennsylvania, where a fourth straight budget deficit is projected, Democrats are pressing the Republican-run attorney general’s office to use some of its $69 million payment to offset $2 billion in cuts to programs that benefit education, the elderly, disabled or poor.

“The governor’s budget has so many cuts to so many valuable programs, if the attorney general’s office has $69 million, why not use that to offset these cuts to essential programs?” said state Rep. Joe Markosek, the ranking Democrat on the House Appropriations Committee.

Vermont plans to use $2.4 million from the settlement to help balance its budget. Maryland Attorney General Doug Gansler said about 10 percent of his state’s $62.5 million payment will be made available for the governor and lawmakers to spend as they choose.

In Wisconsin, Gov. Scott Walker wants to use $26 million to plug a state budget hole because the foreclosure crisis had a “direct impact on the economy.” But the Republican governor’s plan has ruffled some Democrats, including Milwaukee Mayor Tom Barrett.

St. Louis homebuilder Bob Suelmann, who has a background in real estate and finance, said it’s “ridiculous” for states to divert mortgage settlement payments to other purposes.

“It’s like taking tax money that was supposed to go to road improvements, and then suddenly the bridges are falling down and you don’t know what to do about it,” Suelmann said. “That money should go to something that can directly improve the situation with the housing program.”

When the tobacco settlement was reached, states initially promised to beef up public health with the $206 billion paid out over several decades. Instead, much of the money went to general government operations. State funding for tobacco-prevention programs has now fallen to its lowest level since 1999, according to recent estimates.

“The lesson is advocates have to be vigilant,” said Marie Cocco, a spokeswoman for the Campaign for Tobacco-Free Kids.

Most states will probably use the money for mortgage-assistance hotlines, mediation between borrowers and lenders, legal aid and financial counseling, said Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, who was the lead negotiator on the settlement.

But, he added, officials “have to acknowledge that there has been damage done to states and their budgets and their services because of this mortgage crisis. …So states will have some flexibility in how they spend” the money.

Illinois Attorney General Lisa Madigan said she will oppose any efforts to use the money to prop up the state’s shaky budget.

California, which was one of the hardest hit states by the mortgage crisis, will receive the largest payment – about $430 million at a time when the state is facing a $9.2 billion deficit. A spokesman for Gov. Jerry Brown said no decision has been made on how to spend the money.

Some consumer advocates say they will be watching closely to see where the payments are spent.

“As insufficient as it is,” said Kathleen Day, a spokeswoman for the nonprofit Center for Responsible Lending, “this money was intended to go directly to help struggling homeowners.”

___

Associated Press writers Chris Blank in Jefferson City; Marc Levy in Harrisburg, Pa.; Scott Bauer in Madison, Wis.; David Gram in Montpelier, Vt.; Brian Witte in Annapolis, Md.; Beth Duff-Brown in San Francisco; Chet Brokaw in Pierre, S.D.; Tim Martin in Lansing, Mich.; Christopher Wills in Springfield, Ill.; Randall Chase in Dover, Del.; Norma Love in Concord, N.H.; Rachel La Corte in Olympia, Wash.; and Derek Kravitz in Washington contributed to this report.

Also on HuffPost:

Article source: http://www.huffingtonpost.com/2012/02/22/national-foreclosure-settlement_n_1294867.html

Christopher Dale Northam, 44, was fatally shot May 30 at the warehouse in Roseville where he was about to open an innovative new business: indoor skim-boarding. Northam had at least one gunshot wound to his head.

This morning detectives arrested Christopher Jon Michael Northam, 25, of Roseville, on a warrant charging him with the homicide of his father.

The son’s ex-wife, Averill Elizabeth Easley, 34, of Roseville was also arrested on a warrant charging that she was an accessory after the fact. She is suspected of giving false and misleading information to police about key facts.

At the time of his death, Northam was reportedly negotiating with a major investor from Dubai who was interested in helping launch and expand the business.

Dubbed Skim X, the venture aimed to combine skim-boarding and skateboarding in an indoor water park. Northam was a partner in the business with his son, Christopher.

Roseville police conducted a nearly 9-month investigation, which included witness interviews, search warrants, the examination of financial records and the elimination of other potential suspects, according to a department press release.

In the end, police said, detectives concluded that the elder Northam was killed by his son for financial gain, according to a press release.

© Copyright The Sacramento Bee. All rights reserved.

Article source: http://www.sacbee.com/2012/02/22/4282938/sacto-911-son-arrested-in-killing.html

Kathy Robertson
Senior Staff Writer – Sacramento Business Journal

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Sacramento health care providers and Wells Fargo 
 

Wells Fargo
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Student Insurance Services have joined forces to help identify sports-related concussions and provide access to care in the Sacramento region.

Kaiser Permanente 
 

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Is Kaiser Permanente planning to outsource a big chunk of its National Facilities work? Stand by for detailsCalifornia health plans improve in diabetes, heart care: Report Consortium forms to identify, treat sports concussions

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, the Mercy Neurological Institute, Sutter Health 
 

Sutter Health
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and the UC Davis Health System 
 

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launched the effort Tuesday with Wells Fargo.

The Sacramento Valley Concussion Care Consortium responds to growing concern over the short- and long-term effects of sports-related concussions. The group aims to improve identification and management of the condition and provide student athletes with better access to local medical professionals trained to evaluate and treat concussions.

Last year, Wells Fargo introduced the Play it Safe program, which works with providers, schools and families to promote awareness and education about concussion care. The program provided baseline neurocognitive testing and insurance coverage to protect the health and financial well-being of young athletes and their families.

The Centers for Disease Control and Prevention 
 

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estimates between 1.6 million and 3.8 million sports and recreation-related concussions occur in the United States each year.

Currently, two Sacramento youth programs and two high schools are participating in the Play it Safe program.

Kathy Robertson covers health care, labor/workplace issues, law, immigration, medical technology and biotechnology for the Sacramento Business Journal.

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Article source: http://www.bizjournals.com/sacramento/news/2012/02/22/group-identify-treat-sports-concussions.html

Article source: http://www.boston.com/business/personalfinance/articles/2012/02/22/past_foreclosure_means_waiting_years_for_new_loan/

By DAVID A. LIEB, Associated Press
–
6 minutes ago 

JEFFERSON CITY, Mo. (AP) — The ink wasn’t even dry on a settlement with the nation’s top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.

He’s not the only politician eyeing the cash for purposes that have nothing to do with foreclosure. Like a pot of gold in a barren field, the $25 billion deal offers a tempting and timely source of funding for state governments with multimillion-dollar budget gaps.

Although most of the money goes directly to homeowners affected by the mortgage crisis, the settlement announced this month by attorneys general in 49 states includes nearly $2.7 billion for state governments to spend as they wish.

Some are pledging to use it as relief for struggling homeowners or to help related initiatives such as a Michigan plan to assist children left homeless by foreclosures. But several states are already planning to divert at least some of the money to prop up their budgets, and more will be wrestling with those decisions in the coming weeks.

For some consumer advocates, the diversion is reminiscent of the 1998 tobacco settlement in which states spent billions on projects that had nothing to do with curbing smoking.

“We shouldn’t be in the position of taking money that is intended to help consumers and their mortgage tribulations and putting that to another purpose,” said Joan Bray, a former Democratic Missouri senator who now is chairwoman of the Consumers Council of Missouri.

States that use the onetime payout for immediate expenses may also face the question of what to do next year when the money is used up. But officials in struggling states say they must deal with the most immediate problems first.

A federal judge in Washington could approve the final settlement by the end of February. Once that happens, money could begin flowing to states within a couple of weeks, arriving just as lawmakers are crafting budgets for the upcoming fiscal year.

Republican legislative leaders in Missouri have already embraced the Democratic governor’s plan to use nearly all of the state’s $41 million settlement payment to help shore up the budget. The mortgage money allowed Nixon to reduce his proposed funding cut for public colleges and universities from 12.5 percent to 7.8 percent — potentially easing student tuition increases.

The money was “as we looked at it, relatively unfettered,” Nixon said. “Clearly the economy was affected all across the country by foreclosure challenges, and I think it is apt and appropriate to use those dollars to help restore some of the challenging cuts that I was forced to make.”

In Pennsylvania, where a fourth straight budget deficit is projected, Democrats are pressing the Republican-run attorney general’s office to use some of its $69 million payment to offset $2 billion in cuts to programs that benefit education, the elderly, disabled or poor.

“The governor’s budget has so many cuts to so many valuable programs, if the attorney general’s office has $69 million, why not use that to offset these cuts to essential programs?” said state Rep. Joe Markosek, the ranking Democrat on the House Appropriations Committee.

Vermont plans to use $2.4 million from the settlement to help balance its budget. Maryland Attorney General Doug Gansler said about 10 percent of his state’s $62.5 million payment will be made available for the governor and lawmakers to spend as they choose.

In Wisconsin, Gov. Scott Walker wants to use $26 million to plug a state budget hole because the foreclosure crisis had a “direct impact on the economy.” But the Republican governor’s plan has ruffled some Democrats, including Milwaukee Mayor Tom Barrett.

St. Louis homebuilder Bob Suelmann, who has a background in real estate and finance, said it’s “ridiculous” for states to divert mortgage settlement payments to other purposes.

“It’s like taking tax money that was supposed to go to road improvements, and then suddenly the bridges are falling down and you don’t know what to do about it,” Suelmann said. “That money should go to something that can directly improve the situation with the housing program.”

When the tobacco settlement was reached, states initially promised to beef up public health with the $206 billion paid out over several decades. Instead, much of the money went to general government operations. State funding for tobacco-prevention programs has now fallen to its lowest level since 1999, according to recent estimates.

“The lesson is advocates have to be vigilant,” said Marie Cocco, a spokeswoman for the Campaign for Tobacco-Free Kids.

Most states will probably use the money for mortgage-assistance hotlines, mediation between borrowers and lenders, legal aid and financial counseling, said Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, who was the lead negotiator on the settlement.

But, he added, officials “have to acknowledge that there has been damage done to states and their budgets and their services because of this mortgage crisis. …So states will have some flexibility in how they spend” the money.

Illinois Attorney General Lisa Madigan said she will oppose any efforts to use the money to prop up the state’s shaky budget.

California, which was one of the hardest hit states by the mortgage crisis, will receive the largest payment — about $430 million at a time when the state is facing a $9.2 billion deficit. A spokesman for Gov. Jerry Brown said no decision has been made on how to spend the money.

Some consumer advocates say they will be watching closely to see where the payments are spent.

“As insufficient as it is,” said Kathleen Day, a spokeswoman for the nonprofit Center for Responsible Lending, “this money was intended to go directly to help struggling homeowners.”

Associated Press writers Chris Blank in Jefferson City; Marc Levy in Harrisburg, Pa.; Scott Bauer in Madison, Wis.; David Gram in Montpelier, Vt.; Brian Witte in Annapolis, Md.; Beth Duff-Brown in San Francisco; Chet Brokaw in Pierre, S.D.; Tim Martin in Lansing, Mich.; Christopher Wills in Springfield, Ill.; Randall Chase in Dover, Del.; Norma Love in Concord, N.H.; Rachel La Corte in Olympia, Wash.; and Derek Kravitz in Washington contributed to this report.

Copyright © 2012 The Associated Press. All rights reserved.

Article source: http://www.google.com/hostednews/ap/article/ALeqM5iukyoIUf65FpELcExPtfsIgUp5fw?docId=7ef758ac2fbe43dbbd5907c25a0f4a37

Loan Thi Tuong Nguyen, 43, of Westminster and Lynn Eichenberger, 42, of Chatsworth were arrested Wednesday and each charged with 15 counts of grand theft, two counts of money laundering and one count of conspiracy to commit grand theft, according to the District Attorney’s office.

Nguyen, a licensed real estate agent, also faces additional charges of forgery and false recording of documents.

An initial court date has not been set for Nguyen and Eichenberger and it wasn’t immediately clear if they had retained attorneys.

Prosecutors are aware of 17 alleged victims and say the investigation is ongoing.

Nguyen is accused of using her contacts in the Vietnamese community to persuade people to invest in foreclosed properties by paying half the value up front to secure them in escrow. She had no authority to sell the properties and instead funneled the money into a business account set up by Eichenberger, prosecutors said.

Nguyen is also accused of telling Vietnamese-Americans in foreclosure on their own homes that she could help them refinance if they paid 50 percent of their mortgage up front. That money also went into a business account set up by Eichenberger, prosecutors said.

Article source: http://www.sacbee.com/2012/02/22/4283321/calif-da-real-estate-fraud-targeted.html

Eric Elegado of Escondido and his wife, Charmagne, entered not guilty pleas Tuesday to conspiracy, fraud and money laundering.

Seven other real estate agents and loan officers also are charged.

Prosecutors claim they obtained more than $50 million in mortgage loans for unqualified buyers, many of them poor immigrants, by lying about their finances and even creating phony W-2 forms and bank statements.

Article source: http://www.sacbee.com/2012/02/22/4282614/realtor-8-others-charged-with.html

It will be the year the market turned the corner, said Jeffrey D. Doxey, president of Eagle Commercial Realty, who spoke about the retail sector.

The morning event at the Westin Hotel drew about 300 people in real estate and related fields.

“We will look back at 2011 as the bottom,” said Bill White, president of Joyner Fine Properties, who addressed residential real estate. “We think we are on a road to recovery.”

He said foreclosures will continue to vex the residential market for another 18 to 24 months, but stability has returned and home prices will begin to rise in 2013.

J. Scott Adams, president of the mid-South region for CBRE, said capital has returned to commercial real estate.

“The fundamentals are improving across the board,” he said. “Richmond is a great place to do business.”

Investment sector

Adams noted that commercial property sales in the Richmond area outpaced the nation on a percentage basis last year.

The area saw a three-fold increase over national averages, Adams said, “which is exciting because it means investors believe in the fundamentals of Richmond.”

Nationally, commercial property sales rose to $209.1 billion in 2011 from $129.9 billion in 2010. Locally, they increased to $603.3 million from $222.8 million a year ago.

Six property sales in the Richmond area with a total value of about $300 million accounted for more than all the sales here in 2010, Adams said.

The biggest — and only local buyer among the top six deals — was Lingerfelt Development, which purchased the Liberty office portfolio of 14 properties in western Henrico County for $97 million in May.

He noted that the amount of troubled loans is subsiding with lenders taking back properties and resolving or restructuring loans.

However, loans made from 2005 to 2007 will come due 2012 through 2017, presenting another challenging period, he said.

Still, real estate as an investment is beating stocks and bonds, Adams said. “Our industry should continue to outperform other industries. … It is the No. 1 investment alternative.”

Industrial sector

Matthew Braun, a specialist with Cushman Wakefield | Thalhimer, said 2011 reversed two years of negative absorption — when more space is vacated than leased —in the industrial sector.

The vacancy rate in the industrial sector here dipped below 12 percent in 2011, he said, noting that the national average vacancy rate is about 10 percent.

Amenities that began to creep back into deals to maintain occupants will get reversed. “And the focus will be on quality tenants instead of warm bodies,” Braun said.

Construction starts and finishes, essentially nonexistent last year, will change in 2012 with 2.2 million square feet of space that will be built for Amazon.com Inc.

The Seattle-based online retailer plans to invest $135 million to open two distribution centers in Chesterfield and Dinwiddie counties this year that will employ 1,350 people.

“Before this year is out, we will see some other big announcements,” Braun predicted.

Office sector

Jane duFrane, director of leasing for Highwoods Properties, said 2011 was the year of big deals for office space.

The biggest space taker was Mondial Assistance USA, now Allianz Global Assistance, which leased 288,560 square feet in Deep Run I in Henrico, the headquarters building for the former Circuit City Stores Inc.

The big deals helped reduce the vacancy rate in the office sector to 11.4 percent in 2011, duFrane said.

“In 2011, we leased a lot of space,” she said. “But there weren’t a lot of small deals.

“Richmond’s typical bread and butter is 2,000 square feet to 10,000 square feet. Where were those deals?”

If a company is looking for smaller office space, there is ample — 731 options, she said.

She noted that most new buildings were for medical offices and they were 100 percent pre-leased.

Developers are not risk-tolerant, she said. “The markets are still tight. No one is willing to go out on a limb and offer spec office space.”

Retail sector

Doxey with Eagle Commercial said retail sales are expected to rise 7.7 percent this year from 2011, the strongest increase since 1999.

Even so, analysts are predicting 3,000 to 5,000 store closings nationwide this year.

As many as 17,000 stores closed in the last three years, as the weak economy took its toll and consumers pulled back on spending.

“For 2012, the crystal ball is a little foggy,” Doxey said. “The game changers for the year —– if gas prices hit $5 a gallon, we will see a lot of consumers on the sidelines.”

This year could see a battle for survival between J.C. Penney and Sears, leaving the winner to compete with Kohl’s. “We believe it will be J.C. Penney,” he said.

Also, Staples is likely to emerge as the strongest among the three major office suppliers, he said.

He said Regency Square still has a lot of life, even though the troubled mall was taken back in December from Michigan-based Taubman Center Inc. by the lender.

Article source: http://www2.timesdispatch.com/business/2012/feb/22/tdbiz01-officials-commercial-real-estate-ready-to--ar-1706074/