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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LA real estate agent guilty of homebuyer tax-credit fraud

April 13, 2010 By Leave a Comment

A Los Angeles real estate broker has pled guilty to filing false tax returns to claim almost $70,000 in fraudulent homebuyer tax credits.
Kashawn Monique Savery admitted at a hearing Monday to being involved in filing more than 200 false tax returns seeking more than $1.3 million in fraudulent claims for federal, first-time buyer credits, according to the U.S. Attorney’s office of central California.
Savery has been a licensed California real estate broker with the firm Cornerstone Realty Group since 2006.
The Internal Revenue Service’s criminal unit found 2031 suspicious tax returns on Savery’s computer.
  …

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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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New president at Realty Executives

March 13, 2010 By Leave a Comment

Dominic Scappaticci has left Russ Lyon Sotheby’s Phoenix office to become president of Realty Executives.
John Foltz, Realty Executive former president, will become president emeritus and handle speaking and coaching events for the Phoenix-based brokerage.

"Dominic joins us from a prominent real estate company locally and has a long, successful tenure with some of the nation’s top real estate firms," says Rich Rector, owner and chairman of Realty Executives, which has 1,300 agents in the Valley.
Scappaticci started his real estate career with Realty Exeuctives in 1975.
 
Rector also said "We have been honored to have John Foltz as the president and designated broker …

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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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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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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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Posted by CatherineReagor’s Blog

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Federal Reserve president to talk about Arizona's economy

March 13, 2010 By Leave a Comment

Federal Reserve Bank of San Francisco President Janet Yellen will be in Phoenix to talk about Arizona’s economy next week.
She’s the keynote at Lambda Alpha International’s Phoenix real estate conference on Nov. 10th. The event starts at 7:30 a.m. at the Sheraton Downtown Phoenix. Lambda Alpha is the honorary society for land economics.
Go to Visit www.lai-phx.org for more information. …

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President signs homebuyer tax credit extension

March 13, 2010 By Leave a Comment

Today, the homebuyer tax credit extension was signed as expected by President Barack Obama.
Real estate leaders at the Urban Land Institute fall conference in San Francisco believe the tax credit has helped boost home sales and prices during the past several months. The extension and expansion of the credit is expected to buoy the housing market until next summer.
In metro Phoenix, the area’s median home price has slowing been ticking up since April.
Now that many homeowners can tap the credit to buy other homes, it could help the Valley’s ailing luxury market. …

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Federal Reserve President in Phoenix to talk about the economy

March 13, 2010 By Leave a Comment

On Tuesday, Federal Reserve Bank of San Francisco President Janet Yellen will be in Phoenix to talk about the key issues Arizona is facing for an economic recovery.
She’s the keynote at Lambda Alpha International’s Phoenix real estate conference on Tuesday Nov. 10th. The event starts at 7:30 a.m. at the Sheraton Downtown Phoenix. Lambda Alpha is the honorary society for land economics.
Go to Visit www.lai-phx.org for more information. …

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