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You could enjoy an easy stroll to the sand in Newport Beach if you can arrange to snap up this week’s spotlighted foreclosure. Click on the photo for a bigger image.
This three-bedroom, two-bathroom house, at 235 Walnut St., became bank-owned property on Aug. 11, according to , which provided the photo.
Countrywide Home Loans was the [...]

The federal government is preparing to seize control of Fannie Mae and Freddie Mac, the two government-sponsored entities that buy most of the mortgage loans in the U.S., the New York Times is reporting, citing unidentified sources.
The move, which could be announced this weekend, would amount to a bailout, the Times says. It would cost [...]

Federal regulators today formally reprimanded Newport Beach-based Downey Financial, ordering it to maintain higher levels of capital and take other steps to protect consumer deposits.
The Office of Thrift Supervision issued two cease-and-desist orders against Downey. One order requires the company to maintain adequate levels of capital, develop a business strategy for running the thrift unit, [...]

Randy Johnson of Newport Beach, author of and a mortgage broker since 1983, answers questions…

Q. (Soon we will) miss our mortgage payment. Is a short sale the way to go? Our mortgage company said they would rather go that route and sent us a packet to fill out. What will happen after [...]

Orange County rose two slots in the national ranking of riskiest places to make a home loan, hitting No. 7 in the third quarter up from No. 9 in Q2, reports First American CoreLogic.
No. 1, again, is the Inland Empire and No. 2, also again, is Los Angeles.
First American CoreLogic says falling home prices and [...]

Axa IM and Kyobo Life, the third largest insurer in Koreal have officially embarked on a joint asset management venture following an agreement signed in the second term of 2008.The combined business will focus on increasing the proportion of third party institutional and retail clients and developing equity expertise. Previous Axa Rosenberg CIO in Tokyo, [...]

The association warns proposals for free loans for first-time buyers are concerning. It says the scheme will cause uncertainty within the industry relating to the regulatory risks involved in advising first-time buyers.AMI Director General Chris Cummings says: “We would have liked to see this proposal opened up beyond the first-time buyer market as the biggest [...]

Paramount has 30 registered individuals and provides advice to the corporate, trusts, medical, family and matrimonial segments. Managing director Simon Jones and the current directors and management team will remain in their current roles.Towergate Financial chairman Patrick Snowball says: “Paramount Group is another great signing renowned for a highly qualified and experienced management team and [...]

London-based BPS also used client money to pay its general expenses, further increasing the deficit.Chief executive officer Robert James and directors Stuart Lawton and Paul Adams were found not fit and proper to carry out certain regulated financial services functions, including senior management.During a routine visit in April 2005 the FSA discovered that all three [...]