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REALTOR® Risk Management and Consumer Protection Forum Report
Get reports from C.A.R.'s business meetings: regional reports, reports of affiliates, special presentations and legal updates.
Scam Watch
The "Scam Watch" feature will provide you with a summary of all the latest short sale and foreclosure scams. Included is a "Scam Resources" feature to provide you with tools to assist your clients in avoiding scams. Check back frequently since this feature is updated on a regular basis.
Jan. 30, 2012
Regualtory News: The CALHFA Mortgage Assistance Corporation has four programs to assist distressed property owners.
Jan. 30, 2012
Regulatory News: Attorney General Eric Holder along with Housing and Urban Development (HUD) Secretary Shaun Donovan, Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami and New York Attorney General Eric T. Schneiderman today announced the formation of the Residential Mortgage-Backed Securities Working Group under President Obama’s Financial Fraud Enforcement Task Force (FFETF).
Jan. 30, 2012
What's New: The IRS says, take advantage of the Earned Income Tax Credit (EITC). Today, Earned Income Tax Credit Awareness Day, local officials and community organizations across the nation are holding news conferences and sponsoring other events highlighting the benefits of this key work incentive.
Realegal®: LAPD Warning Against Hiring Unmanned Aircraft Operators for Aerial Photos
Jan. 24, 2012
Legal Article: California law requires property owners (for properties built before 1994) to install water-conserving plumbing fixtures by 2017 for single-family properties and 2019 for other properties ). Additionally, if a property is altered or improved after 2014, then water-conserving plumbing fixtures must be installed as a condition of final permit approval. (Cal. Civ. Code section 1101.4)
Jan. 23, 2012
What's New: Leasing agents and property managers are reminded that governmental fair housing agencies and others may use testers to check for discrimination in rental housing.
Jan. 20, 2012
What's New: As part of a continuing, coordinated effort against commercial marijuana operations in California that started last fall, federal prosecutors over the past week have filed four asset forfeiture lawsuits against properties housing marijuana storefronts in Los Angeles and Orange counties and have sent warning letters to property owners and operators of illegal marijuana stores in several Southland cities.
Jan. 20, 2012
Regulatory News: Gary Bobel, Scott Thomas Spencer (a.k.a. Thomas Cole), Mark Andrew Spencer (a.k.a. Mark Andrews), and Travis Iverson each pled guilty today before Magistrate Judge William McCurine to conspiracy charges related to their commission of wire fraud, money laundering and tax evasion, and criminal forfeiture. According to documents filed in court, Gary Bobel opened up a loan modification business in Northen San Diego County in 2008. Bobel hired telemarketers to sell his services, including defendants Scott Spencer, Mark Spencer, Roger Jones, and dozens of others. Defendant Travis Iverson ran a separate call center in Riverside for Bobel.
Jan. 20, 2012
Regulatory News: The Department of Housing and Community Development (HCD) awarded a $23,250,000 loan as seed capital to implement the Golden State Acquisition Fund (GSAF) to finance affordable housing. The loan was awarded to a consortium of four non-profit community development financial institutions. The GSAF will make loans to housing developers to acquire real property for the development and preservation of affordable housing.
Jan. 20, 2012
What's New: Raymond Foakes, 48, of Rohnert Park, California, was sentenced yesterday to 70 months in prison and ordered to pay $1,085,000 in restitution for his role in a multi-million dollar mortgage fraud scheme. The defendant, the former President of the Hells Angels Sonoma Chapter, pleaded guilty on October 25, 2011, to conspiracy to commit bank and wire fraud, wire fraud and money laundering. According to the plea agreement, Foakes admitted that from 2006 until early 2007, he was involved in a scheme to fraudulently obtain mortgage loans for parcels of real property located in Northern California, including for a property located at Laguna Road in Santa Rosa, California. As part of this conspiracy, Foakes submitted a series of false statements on mortgage loan applications and altered bank statements.
Jan. 18, 2011
What's New: The Consumer Financial Protection Bureau (CFPB) today announced a key initial step in implementing its Nonbank Supervision program — the publication of the Mortgage Origination Examination Procedures. These procedures are a field guide for CFPB examiners looking at mortgage originators in both the bank and nonbank sectors of the industry.
Jan. 17, 2012
Legal Article: Brokers are involved in property management in many different ways. Some brokerages handle only property management. For others property management is an important but not exclusive part of their business and some brokers only manage a couple of properties, often as a way to provide additional service to their investor clients or to help a previous client who now wants to rent out their home. Many brokers like maintaining a property management business in conjunction with a real estate practice as it provides a steady source of income regardless of the overall market.
Jan. 17, 2012
Legal Article: Property managers, acting as withholding agents, for a foreign investor may be required to withhold 30% of gross rental receipts for passive rental income. However, the IRS allows the foreign investor the choice of electing to forego withholding on passive rental income, and instead be taxed on a net income basis (although the owner may have to file estimated tax returns). Failure to withhold when required may make the property manager personally and primarily liable for any tax that must be withheld. The liability of the property manager includes amounts that should have been paid plus interest, penalties, and where applicable, criminal sanctions. Even if the foreign investor elects to forego the 30% federal withholding, he or she may still be subject to the California Franchise Tax Board 7% withholding.
Jan. 6, 2011
What's New: Starting in 2012, FTB plans to add reporting requirements related to real estate deductions such as property parcel number, deductible, and nondeductible amounts. For samples of all counties’ property tax bills and guidance on determining which taxes and fees are deductible, visit ftb.ca.gov and search for real estate tax.
Jan. 20, 2012
Legal Article: The primary purpose of the California's homestead law is to protect a person or family’s residence from certain types of creditors. It allows debtors and their families to remain in the home in some situations even when a sale of the home could pay off the creditors.
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