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Citigroup has agreed to pay $7 billion in fines and relief
over claims it misled investors about mortgage-backed
bonds (JUSTIN LANE / EPA)
Citigroup Inc. will provide $7 billion in cash and consumer relief to settle federal and state investigations into the sale of defective mortgage investments during the subprime housing boom, the Wall Street giant and federal officials said Monday.
California is among several states that will share in the settlement, which includes a record $4 billion in civil fines and $500 million in repayments for public pension fund and other losses, plus $2.5 billion in consumer relief.
Citi will pay California $102.7 million to offset losses in its public pension funds, according to Atty. Gen. Kamala Harris' office. California also is guaranteed at least $90 million in consumer relief, the most of any state.
The agreement follows a series of similar settlements by Wall Street firms that packaged high-risk loans during the housing boom to create bonds they sold to investors around the world. Buyers included public employee retirement funds, which suffered significant losses, as well as smaller financial firms that failed.
JPMorgan Chase & Co.’s $13-billion settlement of mortgage-related claims, announced in November, was the largest of these settlements so far. U.S. Atty. Gen. Eric Holder said more are to come.
“Citi is not the first financial institution to be held accountable by this Justice Department, and it will certainly not be the last,” Holder said at a Washington news conference.
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CDAR Brings Enhanced Search Tools and Powerful Member Amenities with iHomefinder!Here it comes! As Promised!
Our premium public search integrates seamlessly into our MLS as a great way to expose listings to the public. You can now search for active and solid listings using a convenient free-text search field OR an interactive Map Search.
Our new premium public search also features:
- Detail of Listings, with All Pictures
- Open House and Member Roster Searches
- Mobile WebSite
- REALTOR® and REALTOR® Office Searches
- Access to REALTOR® Websites
(There will be an MLS Update at our next General Membership Meeting!
CLICK HERE FOR MORE INFO ON THE GMM)
Andrea V. Bramblia - Associate Editor - Inman News
Four Remaining MLS' Committed to Operating Southern California Venture Through 2016
The California Desert Association of Realtors has joined the largest multiple listing service in the nation in withdrawing from a joint venture of California MLSs that aggregates real estate listings into a common database.
In December, California Regional MLS, which serves about 73,000 agents and brokers, submitted a letter of intent to pull out out of California Real Estate Technology Services Inc., or CARETS, a data-sharing and standardization effort that went live in 2008.
“It no longer served our purpose. The contiguous marketing areas that we were dealing with as members of CARETS were no longer going to be available to us, so we didn’t feel that the expense was giving us a return.”
Banks said the association was not worried about less exposure for its listings. “Our current thinking is that it’s much more valuable to the buying and selling public for the listings to be syndicated to prospective buyers and sellers than to out-of-area agents. We syndicate worldwide through realtor.com, Point2, ListHub and our member brokerages,” he said.
Banks said the association syndicates to sites such as Zillow, Trulia and Redfin, and also displays its listings on its just-launched public-facing MLS website from Rapattoni Corp., cdaronline.org. “We are not invisible to buyers and sellers,” Banks said.
California Desert Association of REALTORS® to Withdraw from Big SoCal Listings Group
There's one Coachella Valley, but from the eyes of many longtime real estate agents, there are two distinct territories. Palm Springs — and everything else.
Palm Springs draws heavily on its star-studded links to Hollywood and mecca of retro and new midcentury homes to attract buyers. "There's a difference in culture," said David Banks, a board member of the California Desert Association of Realtors. For instance, he said, "Palm Springs is the old Movie Colony area."
That's partly why there's not one, but two, real estate groups that sell homes and condos in the desert. The 760-member Palm Springs Regional Association of Realtors is near the airport. The much larger California Desert Association of Realtors, which has 3,000 members, is based in Palm Desert. Each group keeps its own database of property listings.