Real Estate News – July 12, 2012
Real Estate Bright Spot: More Businesses Buying Office Space (via cnbc.com): http://ow.ly/ccYZm Wells Fargo, the nation’s largest home mortgage lender, has agreed to pay at least $175 million to settle accusations that its independent brokers discriminated against black and Hispanic borrowers during the housing boom, the Justice Department announced on Thursday. If approved by a federal judge, it would be the second-largest residential fair-lending settlement in the department’s history (via nytimes.com): http://ow.ly/ccZ2D The Consumer Financial Protection Bureau released its final proposal for simpler mortgage disclosures — a three-page summary of home-loan costs and risks — to a lukewarm response from industry groups and a key consumer advocate (via latimes.com): http://ow.ly/ccZ7a The U.S. foreclosure inventory — consisting of loans that have been referred to an attorney for foreclosure but have not yet completed the process through a sale — hit 4.1 percent of all active mortgages in May, holding near-record highs (via REALTORMag): http://ow.ly/ccZbo The U.S. Department of Housing and Urban Development (HUD) said Monday that it has charged a Minnetonka-based condominium association and its management company with an alleged violation of a federal housing law for prohibiting the sale or rental of units to families with children (via tcbmag.blogs.com): http://ow.ly/ccZmJ
Nearly 40 people are being foreclosed on by a Titusville, Florida homeowner’s association for homes they can’t even live in (via wftv.com): http://ow.ly/ccYUg