Former Mayor Dorn Pleaded Guilty in Loan Case

January 31, 2010
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Inglewood, California – the former 74-year-old mayor, Roosevelt Franklin Dorn, pleaded guilty to a offensive count of conflict of interest.

Roosevelt Dorn was charged in June 2008 in connection with a low-interest loan he acquired through the City of Inglewood in 2004. Prosecutors said Dorn had a law modified in order to become eligible for a city residence incentive program that offered low-interest housing to executive non-elected municipal employees. The change in the law extended the program to elected officials.

Dorn went on to obtain a $500,000 loan through the program in November 2004. It was alleged that some of the funds were used to pay off his residence in Inglewood, California,…

Loan Modification Processing

January 31, 2010
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The Loan Modification Programs are all the rage right now as the homeowner has a channel to facing foreclosure. A loan modification is different than a foreclosure. A foreclosure means the borrower has been delinquent for more than six months or longer and cannot refinance their home because the home exceeds the value of the loan.

A loan modification program can lower payments without refinancing, it can waiver late fees and lower your interest rate. A home loan modification is like a refinance with the objective of finding a suitable payment agreement the homeowner can agree to with considerations to their financial situation, in fact it is often called a modified…

William F. Brantley’s Historic Residence Listed for $5.5 Million

January 31, 2010
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William F. Brantley’s home in Savannah Georgia was built in 1857 and was designed by John Norris.

The historic residence had a gorgeous renovation in 2009 and won an ASID award, a 2009 award from the Georgia Trust and a Preservation Award in 2008 from the Historic Savannah Foundation.

The said residence deserves the awards since it has five lovely bedrooms that have been very elegantly redone. It is located in the Historic District near Forsyth Park and has a garden level with guest suite, craft room, butler’s pantry and exercise room. The formal living room, dining room, family room, private office and kitchen are located on the parlor level and several…

FinCEN Launched The Latest Edition of SAR Activity Review-by the Numbers

January 31, 2010
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The Financial Crimes Enforcement Network (FinCEN) has launched its latest and 13th edition of The SAR Activity Review - By the Numbers. The report’s findings signified some moderation in previously reported suspected fraudulent activities and significant increases in other areas.

The Suspicious Activity Report (SAR) filings for the first six months of 2009 that shows suspected Mortgage Loan Fraud have risen just one percent from the corresponding period in 2008, however, remained at a historically high level. This follows six straight years of double-digit growth.

SARs filed by Money Services Businesses present a 76 percent increase in suspected fraud involving Traveler’s Checks. SARs filed by casinos indicate an 18 percent rise in…

Spanish-Style Takes Place in West Hollywood

January 31, 2010
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Are you looking for a Spanish-style residence in America? Take a peek on this.

A Spanish-style home takes a cut in West Hollywood. The house has three bedrooms, two and a half baths which is built in 1926 that features dark hardwood floors, granite counter tops, a Viking range, subzero fridge, two fireplaces, a two-car detached garage and an open patio in the front.

The Spanish-style home was last sold in 2006 for $1.125 million. The house has been on and off the market for the past two years.

In Dec 2009 it went back on the market for $1.499 million. Now, it is been reduced by $100,000. New asking price is $1.399…

Hollywood Hills Home of Tedi Sarafian on the Market for $1,749,000

January 31, 2010
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The renovated Normandy-style 1920s home of the screenwriter, Tedi Sarafian, in the Hollywood Hills was listed for $1,749,000.

The ivy-covered two-story home has three bedrooms, 2 ½ bathrooms, a formal dining room, a den with a fireplace, beamed ceilings and dark hardwood floors. French doors open to a side terrace and a covered back porch designed for al fresco dining and entertaining. There are mature trees, gardens and a swimming pool adjacent to a guesthouse that doubles as a music studio.

Sarafian bought the house in 2004 for $1,195,000, according to public records.

The listing agent is Penelope P. Alexitch of Keller Williams Realty’s Sunset office.

Sarafian was told by the former owner that…

Defrauding Mortgage Lenders Divulged by Accountant

January 31, 2010
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Stamford, Connecticut – The 50-year old accountant, Jose I. Flores, waived his right to indictment and pleaded guilty to one count of conspiracy to commit wire fraud stemming from his participation in a mortgage fraud scheme.

Flores admitted that from approximately 2004 to 2008, he connived with others to defraud mortgage lenders by causing the co-called “accountant letters” that contained materially false information about the loan applicant that is to be submitted to lending institutions on behalf of applicants for residential real estate mortgages.

According to court documents and statements made in court, Flores, who did business as a tax preparer and accountant under the name Harvard Financial Services, Stamford, Connecticut, was…

How Much Does the White House Cost?

January 31, 2010
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Do you wonder if the White House is affected by the ups and downs in real estate?

The White House is not even immune to the nationwide housing sprawl – the famous presidential mansion in Washington, D.C. tumbled by the value of $15.5 million to $292.5 million over the past year, according to the study conducted by the real estate site Zillow.

This marks the second year in a row that the landmark’s value has dropped, making for a total loss of $39.5 million since 2008 that means it was once worth $332 million. The Irish architect, James Hoban, designed the White House. It was built in 1792 and much improved and…

All in One Brockman Update and Foreclosure 101

January 31, 2010
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Nowadays, if you live in downtown you need to be versed in the ABCs of foreclosure – at least eight residential properties and a hotel are in bankruptcy – so you can sound as if you know what you are talking about at the Nickel Diner.

Even in the concise and sensible prose of the Downtown News that tries to explain the scheming of foreclosure and what happens once the banks take over, it is still easy to get confused with the terms like “liens that are junior to you” and “mezzanine lenders”. What is made clearer is the present state of the Brockman building, the stately structure at 7th and…