Phoenix firm Radical Bunny ordered to pay $189.8 million to real estate investors

April 14, 2010 By Leave a Comment

Phoenix-based Radical Bunny LLC has been ordered by the Arizona Corporation Commission to pay $189.8 million in restitution to its investors.
After a 22-month investigation, the Corporation commission has found that Radical Bunny fraudulently sold unregistered deed-of-trust investments. The group, which raised money from almost 900 investors and then lent it to Mortgages Ltd., was not registered as a securities dealer.
Investors in Radical Bunny were told that their money would be used to purchase fractionalized interests in notes secured by real-estate deeds of trust. However, the Corporation Commission found that Radical Bunny pooled investor funds to make unsecured loans to Mortgages …

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Posted by CatherineReagor’s Blog

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AZ Sen. Kyl backs $200 million fund to prosecute real estate fraud

March 13, 2010 By Leave a Comment

New national legislation calls for setting up a $200 million fund to help states prosecute mortgage and real estate fraud cases.
Sen. Jon Kyl (R-AZ) is teaming with Charles Schumer (D-NY) to back the Fighting Real Estate Fraud Act of 2009, which would set up a grant program that local prosecutors, state attorney generals and Native American Tribes could apply for to fund investigations.
Arizona is in the top 20 states for mortgage fraud, according to a Federal Bureau of Investigation report issued earlier this year.  Mortgage giant Fannie Mae ranked Arizona no. 5 for the highest rate of "significant misrepresentations" discovered …

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Ariz. lenders offer help for home buyers

March 13, 2010 By Leave a Comment

The Arizona Mortgage Lenders Association is teaming with several government housing agencies to hold the Home Buyer’s Fair 2009 on Saturday Oct. 17th.
 The free event offers help on: the $8,000 tax credit for first-time home-buyers; buying a home with no money down; credit requirements and repair; qualifying for a mortgage and buying a foreclosure home.
The Mortgage Lenders Association is working with the Phoenix office of the Department of Housing and Urban Development, Consumer Credit Counseling and several city housing agencies to put on the event, which starts a 10 a.m. at the Glendale Renaissance Hotel. Details: www.azmortgagelenders.com.
  …

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Two AZ "foreclosure rescue" firms to pay $1.37 million in fines, restitution

March 13, 2010 By Leave a Comment

The Arizona Attorney General’s office has settled two mortgage fraud lawsuits for $1.37 million. Most of the money will go towards paying restitution to consumers who lost money to the "foreclosures help" firms.
Richard Winer, principal of the firm Taken Care of Investments, has agreed to pay fines totaling $691,000,half of which goes to consumers who lost money to the firm, according to a Maricopa Superior Court consent judgment.
In March, Attorney General Terry Goddard’s filed a complaint alleging Winer and his businesses defrauded 270 Arizona homeowners in danger of foreclosure, by promising to obtain the deed to their home and then …

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Posted by CatherineReagor’s Blog

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What will it take for Arizona to keep growing?

March 13, 2010 By Leave a Comment

Or more importantly, what will it take for metro Phoenix to draw more quality jobs and keep growing?
Check out azcentral.com’s virtual town hall on creating jobs. It stars at 11:30 a.m. today.
 
 Economic development expert Ioanna Morfessis and Goldwater economist Byron Schlomach will answer questions and address the topic key to Arizona’s continued growth.
Growth is key to the Valley’s housing market’s recovery. 
  …

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Posted by CatherineReagor’s Blog

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Phoenix apartment rents dip, again

March 13, 2010 By Leave a Comment

The average rent for a Valley apartment slipped again, according to new data from research firm RealFacts. 
The typical Phoenix-area apartment now costs $761 a month to rent, down almost 1 percent from the second quarter of this year. The area’s apartment vacancy rate is at 12.8 percent, down 2.5 percent from last year.
"It’s a bad time to be a landlord," said Jay Butler, director of Realty Studies at Arizona State University.
Metro Phoenix Apartment owners are giving away free rent, TVs, Ipods and scooters to attract renters.
Butler said he recently saw a sign on a Phoenix apartment complex offering a deal …

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Sen. John McCain to talk real estate

March 13, 2010 By Leave a Comment

Ariz. Sen. John McCain will speak to Arizona’s top real estate leaders on Oct. 30th. He is the keynote speaker at Urban land Institute’s fall town hall event.
McCain is on tap to talk about the state’s economy, environment and energy needs at Urban Land Institute’s town hall.
The event starts at 3:30 p.m. at the Arizona Biltmore Resort. Go to arizona.uli.org. …

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Posted by CatherineReagor’s Blog

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Bankers file lawsuit over repeal of AZ foreclosure law

March 13, 2010 By Leave a Comment

The Arizona Bankers Assocation has filed a lawsuit to overturn legislation that repealed a controversial new state foreclosure law.
Earlier this week, the Bankers Association field the suit in the Arizona Supreme Court alleging the legislation is unconstitutional. The fight centers around SB 1271, which was passed in early July and allowed lenders to go after the assets of many homeowners in foreclosure. The bill made it legal for lenders to seek the difference between what a borrower owed and how much they were able to recoup from reselling the forecloure home.
Many in the real estate industry fought to repeal the …

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Posted by CatherineReagor’s Blog

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Green building conference comes to Phoenix

March 13, 2010 By Leave a Comment

The U.S. Green Building Council is holding its annual Residential Summit in the metro Phoenix Nov. 11th through the 13th. The event is expected to draw thousands of developers, planners and investors from across the country.

According to the U.S. Department of Energy, households account for 20 percent of energy consumed and 21 percent of carbon emissions.
 
The Green Building Council estimates that as many as 120 million U.S. homes need energy efficiency improvements and retrofits.
 
Former Vice President Al Gore is the keynote speaker. He will speak at the Arizona Diamondbacks’ Chase Field  Wed. Nov. 11th. Grammy winner Sheryl Crow …

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Real estate leaders convene for Urban Land Institute's fall meeting. When will the market recover?

March 13, 2010 By Leave a Comment

Is the real estate market showing signs of a recovery? Will there be a rally in the market? How is the federal stimulus plan helping the economy and real estate.
 
Those issues will all by analyzed and debated at the fall Urban Land Institute conference in San Francisco. Thousands of the world’s top analysts and most influential developers are at the three-day event, considered one of the most important annual real estate meetings in the world.
 
I will be covering the event and keep you updated on forecasts for Arizona and key trends affecting the state, and particularly the Valley.
The …

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