Real Estate News – February 26 & 27, 2011

Here’s what’s hot in this weekend’s real estate news:

A Los Angeles County, California man who ran a real estate scheme that defrauded homeowners out of more than $140,000 was sentenced Friday to 20 years and four months in prison (via San Diego Union-Tribune):

On Friday a federal judge in Los Angeles approved a deal in which Bank of America will pay $600 million to the New York State Common Retirement Fund and several New York City pension funds that sued Countrywide. Bank of America took over Countrywide, a troubled subprime mortgage lender, at the height of the financial crisis (via the New York Times):

Underwater mortgage holders may have another chance to take advantage of mortgage modifications if a proposal by the Obama administration is approved. In the proposal, the president wants to hold mortgage servicers accountable for the foreclosure frenzy of last year by having them take a loss and reduce the principal owed or else face $20 billion in civil settlement fines (via

Officials say Las Vegas man attempted to burn down foreclosed home (via

The Home Affordable Refinance Program (HARP) is set to expire at the end of June and the national Mortgage Bankers Association has asked the Federal Housing Finance Agency (FHFA) to extend it until the end of 2012 (via

Bank of America Corp. and Wells Fargo & Co., the largest U.S. mortgage firms, said they may face fines or enforcement actions from regulators amid investigations into foreclosure procedures (via

Why 2011 May Be the End of the Housing Crash (via the Wall Street Journal):

FASB Retreats Again, This Time on Leasing (via ComplianceWeek):