CALIFORNIA LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION
California home loan modifications
The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection.
The State Bar of California, alarmed by the number of lawyers preying on vulnerable homeowners, today identified 16 attorneys who are under investigation for misconduct related to loan modification.
“In my 21 years in attorney discipline, I have not seen a crisis of this magnitude. It is truly unprecedented,” said Interim Chief Trial Counsel Russell Weiner, who is waiving investigation confidentiality in favor of public protection. The waiver, allowed by law, is used only occasionally, but Weiner said the seriousness of the problem demanded a strong reaction by the bar in order to protect consumers. This is the first time the names of more than a few lawyers being investigated have been made public. Read more 
The Federal Deposit Insurance Corp. Needs Cash
FDIC
Insiders say the FDIC is ready to start ordering banks to prepay about $36 billion in premiums to replenish the deposit insurance fund that has been severely depleted by a rash of bank failures.
It would be the first time the FDIC has required prepaid insurance fees. Under the plan, banks would have to pay in advance their insurance premiums for 2010-2012, bringing in about $12 billion for each of the three years.
FDIC Chairman Sheila Bair said earlier this month that she was “considering all options, including borrowing from Treasury,” to replenish the insurance fund. Yet she is generally perceived as considering that the most unpalatable approach.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. The FDIC insures deposits at 8,246 institutions with $13.5 trillion in assets.
New Deposit Insurance Limits – The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor. For more information visit: Deposit Insurance Simplification Fact Sheet.
Insured institutions are required to place signs at their place of business stating that “deposits are backed by the full faith and credit of the United States Government.” Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure. San Francisco real estate
Eli Broad on Real Estate Market
Interview and discussion with Eli Broad of Broad Foundation. He talks about the housing market, and the Fed’s agenda. (Bloomberg News)
Mr. Broad cofounded Kaufman & Broad with $25,000 borrowed from in-laws; became one of nation’s biggest home builders supplying parents of baby boomers with affordable housing. Bought Sun Life Insurance (later renamed SunAmerica) in 1971; sold to AIG in 1998 for $18 billion in cash and stock. Massive art collection recently appraised at $1.5 billion; owns large Jeff Koons collection. Bailed out struggling Los Angeles Museum of Contemporary Art in December. Has donated $600 million to Broad Institute of Harvard and MIT for biomedical research.
San Jose California real estate
Is California Housing About to Recover? Time for A Reality Check!
San Diego California housing market
The worst part of the housing decline is yet to come. Seasonality. I think that one word pretty much sums up what most optimists have mistaken for a resurgent housing market. There is the next tsunami of foreclosures just starting and have yet to peak (best guess – Summer of 2011), bank failures have yet to peak, the dollar crises is building, the true unemployment number is somewhere north of 20%. There will be no recovery on the backs of home owners for a long time to come. It will take many years for the housing sector to return to any semblance of normality.
Plus, The dollar crisis is building.
When it hits, interest rates will rise dramatically as the US struggles to finance its massive budget and trade deficits while the rest of the world tries to escape a depreciating dollar.
Since the spring of this year, the value of the US dollar has collapsed against every currency except those pegged to it. The Swiss franc has risen 14% against the dollar. Every hard currency from the Canadian dollar to the Euro and UK pound has risen at least 13 % against the US dollar since April 2009. The Japanese yen is not far behind, and the Brazilian real has risen 25% against the almighty US dollar. Even the Russian ruble has risen 13% against the US dollar.
What sort of recovery is it when the safest investment is to bet against the US dollar?
spot gold price
San Diego August Home Sale Prices
San Diego real estate median sales prices in August for single family homes.
The San Diego home price data was derived from data published by the San Diego Union Tribune and the graph were produced by www.websitetrafficbuilders.com
San Diego California home sales
San Diego Home Sales Take Huge Drop
San Diego California home sales
According to the California Association of Realtors San Diego home sales were down 13.4 percent from July 2009, but, were actually up slightly from August 2008.
The median price of an existing single-family home in San Diego County last month was $375,710, up 0.8 percent from $372,640 the previous month, but down 3.3 percent from $388,710 in August of last year.
The statewide median price of an existing single-family home was $292,960 last month, up 2.6 percent from $285,480 in July, but down 16.9 percent from $352,730 in August of last year.
Properties in the $500,000-and-under range, which used to be unheard of in some areas, are now common. But, there are signs that the San Diego market has hit bottom and could be poised for a rebound.
The Standard & Poor’s/Case-Shiller Home Price Index reflected an increase in San Diego County home prices in June and July. Los Angeles real estate agents