For the second time in recent days, an enterprise in the business in dealing with the fallout from the real estate debacle says it is cutting jobs in Orange County.
Paul Muolo of National Mortgage News reports that a local investor in trouble loans is cutting 155 workers (STORY HERE) because there’s not enough bad mortgages to work on …
Kondaur Capital Corp., an active player in the nonperforming loan market, Monday slashed its staff by 39%, saying it is having a hard time finding enough available product to purchase. Company chairman Jon Daurio told National Mortgage News that prior to the layoff of 155 workers, the privately held firm had negative cash flow, but after the cuts it will be cash flow positive.
At press time the Orange, Calif.-based Kondaur was in the process of giving notice to the workers. The
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Federal mortgage giant Fannie Mae has cut ties with a second South Florida law firm handling its foreclosure cases, requiring an immediate transfer of those files to other attorneys and likely causing more turmoil in the state’s foreclosure courts.
The termination of its relationship with the Fort Lauderdale firm of Ben-Ezra & Katz, P.A. was announced today in a notice to loan servicers. The notice says payments to the firm should be stopped immediately and gives servicers a Feb.
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The original partners in the San Diego commercial brokerage firm Irving Hughes, which specialized in tenant representation, have parted ways after 18 years to form two separate companies.
A Feb. 15 statement said Craig Irving and Jason Hughes “are going their separate ways,” though it did not specify the reasons. It described the parting as “amicable,” with each pledging to support the other’s endeavors.
Irving has formed The Irving Group. Hughes has joined David Marino, a former principal and executive vice president with Irving Hughes, to form Hughes Marino, representing tenants in lease and purchase negotiations.
Hughes Marino will also provide design and construction management services, the statement said.
Irving’s new firm is located at 8710 University Center Lane, Suite 100; while Hughes Marino remains located at the former Irving Hughes downtown office, at 655 W. Broadway, S
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The Treasury and Obama Administration released the the first iteration of their plan to wind down government-sponsored mortgage behemoths Fannie Mae and Freddie Mac. The plan was not earth shattering by any means. The basic ideas in it are to slowly wind down the involvement of Fannie and Freddie in the mortgage market by about 10% per year over the next few years. It also recommends reducing the loan limits on government-backed loans this Fall. Here are some excerpts from the recent HousingWire article on the subject:
The administration’s plan, sent to Congress by the Treasury Department, calls for continuing to wind down of the GSEs investment portfolio at an annual rate of no less than 10% per year.
The Treasury also wants to see 10% down payments from potential borrowers. …
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