msgbartop
California Short Sales, Foreclosures, REOs Los Angeles, San Diego, Riverside & Orange County Short-Sales Listings
msgbarbottom

01 Feb 10 California Mortgage Defaults Drop

The number of California homes entering the home foreclosure process dropped again during 4th quarter 2009 amid signs that the worst may be over in battered marketing, while slowly spreading to more to the higher priced real estate. There are mixed signals for 2010: It’s unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing home foreclosure policies among mortgage lenders and loan servicers, a real estate information service reported.

While many of the refinance loans that went into default during fourth quarter 2009 were originated in early 2007, the median origination month for last quarter’s defaulted loans was July 2006, the same month as during the prior three quarters. The median loan origination month during the last quarter of 2008 was June 2006. This means the home foreclosure process has moved forward through one month of bad loans during the past 12 months.

01 Feb 10 SEC Charges 2 California Advisory Firms with Improper Short Sales

Two California investment advisory firms were charged with improper procedures for short sales today by the Securities and Exchange Commission.  Palmyra Capital Advisors LLC, which lists $21.7 million in assets in its ADV disclosure form, profited in three of its managed hedge funds by violating short-selling rules, the SEC alleged. The regulator claimed it found that the firm made California short sales in 2008 in advance of a public offering by Capital One Financial Corp., resulting in improper profits of $225,500.

AGB Partners LLC, which lists $10 million in assets, and its principals, Gregory Bied and Andrew Goldberger, allegedly netted thousands of dollars by shorting in advance of their purchase of stock in a secondary offering, according to the SEC.  Both firms agreed to settle the SEC’s charges without admitting or denying its findings.

Palmyra Capital consented to be censured and pay more than $330,000 in disgorgement and penalties. AGB Partners, Mr. Bied and Mr. Goldberger consented to be censured and pay more than $50,000 in disgorgement and penalties.  An attorney for Palmyra could not be reached for comment. ABB Partners’ attorney, Hardy Callcott of Bingham McCutchen LLP, declined to comment.