Home >> Author Archives: Sara Ortega

Author Archives: Sara Ortega

Credit Agency Files Antitrust Suit Against CoreLogic, Experian

Florida-based CreditBureau Services filed a suit Tuesday against Experian, the national consumer credit data repository, and CoreLogic, Inc., the nation's largest credit report reseller, in the U.S. District Court for the Southern District of Florida for alleged violations of the antitrust laws. The suit claims that Experian and CoreLogic sought to deny smaller credit agencies access to Experian's mortgage credit information for "tri-merged" mortgage credit reports. Banks and investors require tri-merged reports to extend credit for home mortgages.

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Mortgage Rates Slam into New Record Lows as Europe Wobbles

Mortgage rates continued to drop Thursday as the average 30-year fixed mortgage rate slammed into a new record low of 3.87 percent, according to Freddie Mac. The GSE found that for interest rates for the 15-year loan fell to 3.13 percent, while the jumbo 30-year fixed mortgage declined to 4.47 percent, each setting record lows. Adjustable-mortgage rates were mixed, with the average 3-year and 1-year ARMs inching higher to 3.07 percent. The popular 5-year and 1-year ARMs pulled back below the 3 percent threshold.

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Two Arrested in $1.3M Ponzi Scheme Targeting Latino Investors

California Attorney General Kamala Harris announced Friday the arrest of Edwin G. Salazar, 34, of Downey, California, and Michael Z. Zuniga, 41, of Fullerton, California, in a $1.3 million Ponzi scheme that targeted Latino investors, many of whom were seniors. Salazar and Fullerton, who operated as OMEGA Investments Corp., were arrested on 57 counts of elder abuse, grand theft, and securities fraud. From January 2007 through June 2008, the licensed insurance agent issued more than $1.3 million in fraudulent securities to individual investors they befriended through their insurance business.

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Foreign Buyers Rush to Prop Up U.S. Housing Market: NAR

The combination of low housing prices and the comparative weakness of the dollar continues to push foreign buyers to the United States, raising international home sales to $82.4 billion up from $66.4 billion last year, according to the National Association of Realtors 2012 Profile of International Home Buying Activity. NAR conducted the survey and asked realtors to report their international business activities within the United States for the 12 months ending March 2012. Twenty-seven percent reported having worked with international clients this year.

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Genpact Appoints VP of Business Development for Quantum

Genpact Limited, a global provider of business processing and technology management services, announced Tuesday the appointment of William Bill Mitchell as assistant VP of business development for the company's Quantum Mortgage Origination System technology platform.

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Miami Home Sales Fall from Previous Year, Luxury Market Rises

While Miami home sales in April fell slightly, the multimillion-dollar luxury home market experienced a 36.5 percent increase from both the month before and previous year, according to San-Diego based DataQuick. In April, 101 homes sold for more than $2 million or more. During the first four months of 2012, 286 homes sold for the same amount or more, up 14.4 percent from the same period in 2011. Miami-area home sales rose modestly in April compared with March but fell slightly short of the year-ago level.

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Thirty-Year Fixed Mortgage Rate Ties Record Low: Zillow

The 30-year fixed mortgage rate tied the all-time low at 3.59 percent, down one basis point from last week, according to a Zillow report released Tuesday. The real estate Web site also found the 15-year fixed-rate mortgage averaging 2.95 percent, while rates for 5-year and 1-year adjustable-rate mortgages hovered at 2.6 percent. The last time Zillow reported the same low mortgage rate was May 18. New York and Illinois both saw base points decrease by 9 and 11 points respectively.

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Successful, Local Businesses Could Increase Home Value: Study

Before moving toward home renovations to increase value, Independent We Stand, a national small business organization, has another suggestion: Support local, independently-owned businesses in the neighborhood. A recent study conducted by American Express OPEN reported that home values in neighborhoods with strong, independent retail districts grew at a much faster rate over a 14-year period than those without. From this information, Independent We Stand created a home value calculator online to help homeowners determine the value increase of their homes.

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Single-Family Home and Condo Sales on the Rise in Connecticut

In Connecticut, single-family home sales are up 25 percent in April while median home prices are down 5 percent, according to a report released Thursday by The Warren Group. This increase marks the fourth consecutive month sales have been rising year-over-year. In April, 1,946 single-family homes were sold, up from 1,550 the same month in 2011. This level is the highest reported in home sales so far, beating the 1,610 sales recorded in March. Similarly, condominium sales also increased while the median cost decreased.

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