Counseling for homeowners boosted with state grant

About 1,000 Washington State homeowners facing foreclosure will receive financial counseling to help resolve their mortgage issues, thanks to a grant awarded this week by Attorney General Bob Ferguson to the Washington State Housing Finance Commission


Two long-standing and highly respected business organizations have announced their merger. The Seattle Mortgage Bankers Association (SMBA) and the Washington Mortgage Lenders Association (WMLA) will merge, effective February 1, becoming the Washington Mortgage Bankers Association (WMBA). According to WMBA president Lynne Garton, by combining the strengths of the two organizations, “… the WMBA will offer greater support to the mortgage banking community in our state.

1st Half 2015 Property Tax Statements mailed

Doug Lasher, Clark County Treasurer, announced that first-installment 2015 property tax statements have been mailed. Property tax statements include property tax levy amounts, special assessments, and certain fees. There were 94,852 statements mailed, 73,846 postcards mailed for those taxpayers whose mortgage company pays their taxes

Washington AG Ferguson holds Ocwen accountable for mortgage servicing wrongs through joint state-federal settlement

SEATTLE - December 20, 2013 - (RealEstateRama) -- Ocwen Financial Corporation of Atlanta, Georgia, and its subsidiary, Ocwen Loan Servicing, have agreed to a joint state-federal settlement with Attorney General Bob Ferguson, 48 additional states and the District of Columbia, and the federal Consumer Financial Protection Bureau (CFPB).

Washington homeowners received $1.2 billion in consumer relief under National Mortgage Settlement

SEATTLE - August 27, 2013 - (RealEstateRama) -- Attorney General Bob Ferguson announced that the five banks covered under the National Mortgage Settlement have reported providing over $1.2 billion dollars in consumer relief to Washington homeowners. As of June 30, 2013, according to the unaudited bank reports, 16,377 Washington state borrowers have received an average of $74,763 in consumer relief. This relief includes debt reduction loan modifications on first and second mortgages, lower interest rates on underwater mortgages, and transitional assistance for those unable to remain in their homes

Consumers Should Use Caution When Dealing With Mortgage Payment Companies Like Nationwide Biweekly Administration,...

OLYMPIA - August 27, 2013 - (RealEstateRama) -- The Washington State Department of Financial Institutions (DFI) announced today that it issued a Statement of Charges against Nationwide Biweekly Administration, Inc. (Nationwide), a company that accepts and transmits mortgage payments on behalf of Washington homeowners.

U.S. Senate Passes Congressman Denny Heck’s First Bill

WASHINGTON, D.C. - August 2, 2013 - (RealEstateRama) -- The U.S. Senate approved Congressman Denny Heck’s first bill last night by a unanimous, bipartisan voice vote. The bill, cosponsored by Congressman Mike Fitzpatrick (R-PA), gives the Federal Housing Administration authority to quickly make common sense reforms to the federal reverse mortgage program necessary to stabilize it.

Latest National Mortgage Settlement report shows progress made, more work to be done

OLYMPIA - June 20, 2013 - (RealEstateRama) - Attorney General Bob Ferguson said the latest report by the national monitor on the progress of five servicers subject to the National Mortgage Settlement shows success, but much work remains.

Reverse Mortgage Reform Bill To Be Considered By The U.S. House Tomorrow

WASHINGTON, D.C. - June 12, 2013 - (RealEstateRama) -- A bill sponsored by Congressman Denny Heck (D-WA) to enact commonsense reforms to fix the federal reverse mortgage program will be considered by the U.S. House tomorrow. The bill is co-sponsored by Congressman Mike Fitzpatrick (R-PA)

16,765 Washington State Borrowers Receiving $1,480 Checks through National Mortgage Settlement

OLYMPIA, WA - June 5, 2013 - (RealEstateRama) -- Borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for approximately $1,480, much higher than the amount of $840 first announced.

AG Ferguson: National, state mortgage settlement results exceed expectations

OLYMPIA - February 21, 2013 - (RealEstateRama) -- In the year since state Attorneys General and the federal government reached a historic consumer protection settlement with the nation’s five largest banks, the banks report they have provided nearly $46 billion in gross relief to more than 550,000 borrowers, according to an independent monitor’s report released this morning

First Half Property Tax Statements have been Mailed

WASHINGTON, D.C. - February 14, 2013 - (RealEstateRama) -- Doug Lasher, Clark County Treasurer, announced that first-half 2013 property tax statements have been mailed. Property tax statements include property tax levy amounts, special assessments, and certain fees. There were 97,070 statements mailed and 72,277 postcards mailed for those taxpayers whose mortgage company pays their taxes.

Attorney General Ferguson joins state-federal coalition challenging S&P ratings

OLYMPIA - February 5, 2013 - (RealEstateRama) -- Attorney General Bob Ferguson today joined a group of state attorneys general and the U.S. Dept. of Justice in filing suit against Standard & Poor’s. The group alleges the credit rating agency misled investors with regard to structured finance securities backed by subprime mortgages that were at the center of the national financial crisis

First-time homebuyers in East King County offered help with down payments

SEATTLE - February 5, 2013 - (RealEstateRama) -- First-time homebuyers in East King County will again have access to downpayment assistance through the House Key Plus ARCH Downpayment Assistance Program.

Former Bank Vice President Sentenced to 10 Years in Prison for Mortgage Fraud Scheme

WASHINGTON, D.C. - January 29, 2013 - (RealEstateRama) -- A former senior vice president and loan officer at Pierce Commercial Bank was sentenced today in U.S. District Court in Tacoma to 10 years in prison and five years of supervised release for a mortgage fraud scheme that resulted in the collapse of the bank, announced U.S. Attorney Jenny A. Durkan. Shawn L. Portmann pleaded guilty September 18, 2012, to conspiracy to make false statements in loan applications and to make false statements to the Department of Housing and Urban Development (HUD) and one count of making a false statement in loan applications.

Mortgage Fraud Co-Schemers Sentenced in Case That Crippled Pierce Commercial Bank

WASHINGTON, D.C. - January 15, 2012 - (RealEstateRama) -- Three Pierce County women who played important roles in a mortgage fraud scheme that crippled now defunct Pierce Commercial Bank were sentenced yesterday in U.S. District Court in Tacoma, announced U.S. Attorney Jenny A. Durkan. All three of the women worked for years with scheme leader Shawn Portmann, whose fraudulent loans resulted in losses of more than $10 million. Portmann will be sentenced later this month. U.S. District Judge Benjamin H. Settle will determine restitution later this year.

DFI Charges 40 Companies In Continuing Efforts To Combat Mortgage Foreclosure Rescue Scams

OLYMPIA - October 10, 2012 - (RealEstateRama) -- The Consumer Services Division of the Washington State Department of Financial Institutions (DFI) announced today they have filed 40 Statements of Charges against businesses preying on Washington homeowners facing foreclosure. None of the companies or individuals charged with offering these so-called mortgage rescue services are licensed with DFI, a requirement that provides essential consumer protections. In addition, none of the attorneys charged are licensed with the Washington State Bar Association (WSBA) to practice law in the state

Confusing, inaccurate phone calls target older property owners, state, county officials warn of reverse...

Vancouver, WA - August 24, 2012 - (RealEstateRama) -- The Clark County Assessor’s Office is warning county residents of a telephone marketing campaign that seeks personal information from older residents, implying they could receive property tax refunds or relief.

PCCP, LLC Provides $23.2 Million Senior Loan Commitment for Acquisition and Re-Development Financing of...

WASHINGTON, D.C. - June 6, 2011 - (RealEstateRama) -- PCCP, LLC has announced that it has provided a $23.2 million senior loan commitment for the acquisition and re‐development financing of 2055 L Street, NW, a Class B+ office condominium located in the “Golden Triangle” of Washington D.C.’s CBD. The borrower/property owner is a joint venture between Monument Realty and Angelo Gordon & Co. which acquired the asset in December 2010. With this loan in place, the joint venture will now commence a six-month rehabilitation to the owned 102,000 square foot condominium office portion of the 237,000 square foot building.

PCCP Partners With Principal Real Estate Investors to Acquire Class A Office Building in...

SAN FRANCISCO, CA - May 31, 2011 - (RealEstateRama) -- PCCP, LLC has announced that it has partnered with Principal Real Estate Investors, the fourth largest institutional real estate manager in the United States, to acquire a 253,769 square foot class A office building located at 705 5th Avenue South in Seattle. The property is located within the Pioneer Square submarket, which is situated just south of the Seattle CBD, and is 98 percent vacant. The joint venture acquired the property from a private owner in an off market transaction.


KCHA spearheads successful effort to preserve nine subdized apartment complexes in...

WASHINGTON, D.C. - December 3, 2013 - (RealEstateRama) -- When a portfolio of nine privately owned Section 8-assisted housing complexes located in five counties scattered across Washington state was offered for sale last spring, the King County Housing Authority spearheaded a collaborative effort to purchase it. The housing authorities of Bremerton, Grays Harbor County, Yakima, and Chelan County and the City of Wenatchee participated in assuring the preservation of a total of 337 homes within the various communities.


Calmwater Capital Originates $7.6 Million Loan for WSU Student Housing

Calmwater Capital, a leading national direct real estate lender, has provided $7.6 million in senior debt to Nelson Brothers Professional Real Estate, LLC to acquire and upgrade a student housing complex near Washington State University. The 184-bed property, known as College Crest Apartments, is located at 1555 NE Merman Drive in Pullman, Washington.