Bank of America expects civil charges over mortgage bonds

Bank of America expects civil charges over mortgage bonds

 
The logo of the Bank of America is pictured atop the Bank of America building in downtown Los Angeles November 17, 2011. REUTERS/Fred Prouser

 

The Justice Department intends to file civil charges against Bank of America Corp (BAC.N) linked to a sale of one or two mortgage bonds, the bank said on Thursday in a regulatory filing.

The Securities and Exchange Commission may also file civil charges for one of those bonds, the bank said. Both cases relate to mortgages that were too big to be guaranteed by Fannie Mae or Freddie Mac, but were packaged into “jumbo” mortgage bonds.

The filing did not specify what the cases were about. A Bank of America spokesman did not immediately return a call seeking comment.

The new charges, disclosed in a quarterly filing, underscore the extent of the second-largest U.S. bank’s hangover from the financial crisis. Bank of America has announced a series of settlements with investors and the U.S. government, including an $8.5 billion settlement with investors in mortgage-backed securities and a $1.6 billion deal with bond insurer MBIA Inc (MBI.N).

Staff at the New York Attorney General’s office said they intend to recommend filing an action against the bank’s Merrill Lynch unit from their mortgage bond investigation, the bank said in the filing.

The SEC is also considering civil charges against Merrill Lynch linked to repackaged debt securities known as collateralized debt obligations, the filing said.

Many of Bank of America’s headaches, including the $8.5 billion settlement, arise from its disastrous 2008 acquisition of Countrywide Financial Corp, a mortgage lender it bought at the height of the housing crisis for $2.5 billion. Analysts estimate the bank has lost more than $40 billion from bad loans, litigation and settlements linked to the purchase.

(Reporting by Dan Wilchins in New York; Editing by Peter Rudegeair and Lisa Shumaker)

 

John Marcotte

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Luxury home sales up 63.5%

 

Luxury home sales up 63.5%

John Fitzpatrick and Sean Larkin of the Kentwood Co. in the DTC are listing this 17,437-squat-foot house in Parker for $3.95 million.

John Fitzpatrick and Sean Larkin of Kentwood Co.-DTC office are listing this 17,437-squat-foot house in Parker for $3.95 million.

The luxury home market in the Denver area in July experienced a 63.5 percent year-over-year gain, the second biggest percentage gain of any month this year, according to a report by Kentwood Real Estate.

The percentage gain for homes that closed at $1 million or more was only bested by April, in which luxury home sales catapulted by an incredible 140.7 percent.

The July year-over-year percentage gain was almost twice the 32.2 percent gain in closings for the entire market. However, as always, the number of people buying homes that cost at least $1 million represents a small percent of the overall market.

Buyers purchased 85 luxury homes in the core Denver-area counties of Adams, Arapahoe, Broomfield, Denver, Douglas and Elbert counties, according to the Kentwood report.

In July 2012, buyers purchased 52 homes.

The closed sales value, on a year-over-year basis in July, was commensurate with the number of sales.

The total sales volume for luxury homes last month rose 61.6 percent to $134.5 million, compared with $83.2 million in July 2012.

Every month this year, so far, has improved when compared with the same month in 2012.

On a year-over-year, monthly basis sales have risen:

  • 12 percent in January.
  • 7 percent in February.
  • 20 percent in March.
  • 140.7 percent in April.
  • 23.6 percent in June.
  • 63.5 percent in July.

Year-to-date, the number of luxury transactions increased 43.3 percent to 417 compared with 291 in the first seven months of 2012, while the dollar volume is up 42.5 percent to $634.3 million, compared with $445.1 million.

Sellers shouldn’t over-price even in strong market!

Boulder Luxury homes

 

 

John Marcotte

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Boulder Coupons & Special Offers

Boulder Coupons & Special Offers

We’ve been bargain-hunting in Boulder… just for you! Find great savings at Boulder-area hotels, restaurants and attractions with this list of special offers and coupons. With so many money-saving offers, it’s easy to dive into Boulder — without diving into your wallet.

There are plenty of great savings for you to choose from! Just go to a category and click on the offer title to view the special offer or coupon. You can also click on the company name for more information on the company.

 

SERVICES

Offer

Offer Valid

7/1/2013 – 12/31/2013

eGo Car Share

eGo CarShare

Visiting Boulder and need a car for a few hours or a few days? eGo CarShare offers 24/7 pay-as-you-go access to a fleet of 40+ conveniently located vehicles throughout Boulder and Denver. Use promo code “BCVB25-2013” to get $10 off your application… more

 

 

 

John Marcotte

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Tickets Now On Sale for TEDxBoulder Beta

Tickets Now On Sale for TEDxBoulder Beta – August 22

tedxboulder beta 2013

Last week, we announced that tickets are officially on sale for TEDxBoulder 2013. This week, they’ve opened up ticket sales to the only pre-TEDxBoulder event for 2013: TEDxBoulder Beta on August 22.

Applied Trust — a mainstay in the Boulder tech community — and TEDxBoulder have created an event where the community can mix, mingle, and get to meet the speakers on this year’s slate. An added bonus? Live music! Here are the event details:

 

Date: August 22, 2013

Location: eTown Hall in Boulder

Time: 5:30-9:30PM

Tickets: $15 — 100% of ticket sales will be donated to The Black Knights– Fairview High School’s FIRST Robotics team

How to Get Tickets: Just click here

Who’s Performing? Glad you asked. Nicole Atkins and Blake Brown

Speaker applications for TEDxBoulder 2013 close on August 5 and speakers will be announced shortly thereafter. When you come on down to this year’s TEDxBoulder Beta, you’ll get to hear from many of the speakers. Their topics, background — come ask questions and meet your fellow community members as they gear up for one of the biggest speaking engagements of their careers. And no — most won’t be professional speakers. They’ll be people, just like you, who have ideas worth spreading.

 

Click here to get your TEDxBoulder Beta tickets.

 

 

John Marcotte

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Boulder History Museum’s History Mystery Challenge

Boulder History Museum’s History Mystery Challenge

boulder history museum

I knew you’d click if I put “beer” right in the headline. And you should. It’s time to get your beer on for some Boulder-style shenanigans, brought to you by the Boulder History Museum.

On Thursday, August 15, grab your buddies and head down to the 6th Annual History Mystery Challenge:’Downtown Beer’ Edition, sponsored by the Boulder History Museum. Teams can have from two to six people on them and teams will run around Boulder in search of answers. It’s time to bone up on your Boulder historical trivia AND don your best beer-themed costume in the process. And don’t worry about the extent of your Boulder historical knowledge. In true Wheel Of Fortune style, you can buy clues (instead of vowels) throughout the event to move you along from one place to another.

Grab that registration form here. Deadline for entry is August 9th.

The event runs from 5:30-8:30PM on Thursday, August 15.

Oh — and leave your smartphone at home. They’re against the rules. You’re going to have to run this race the old fashioned way. Like without blue dots and Google.

 

 

John Marcotte

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State home prices up 9.2%

State home prices up 9.2%

Home prices in Colorado rose 9.2 percent in June from June 2012, trailing the U.S. appreciation of 11.9 percent, according to a report released today by CoreLogic.

Colorado’s appreciation ranked it 15th of the states and the District Columbia, according to the CoreLogic Home Price Index.

The Colorado and U.S. figures include distressed sales.

When distressed sales are excluded, appreciation drops to 8.6 percent in Colorado and 11.0 percent nationally.

Nationally, home prices have risen for 16 consecutive months.

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” said Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.”

The trend is expected to continue.

“The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” said Anand Nallathambi, president and CEO of CoreLogic.

“Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.”

Highlights as of June 2013:

  • Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent).
  • Including distressed sales, this month only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).
  • Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent).
  • Excluding distressed sales, no states posted home price depreciation in June.
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2013) was -19 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -14 percent.
  • The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-44.3 percent), Florida (-38.6 percent), Arizona (-33.9 percent), Rhode Island (-31.7 percent), and Michigan (-31.1 percent).f the top 100 Core Based Statistical Areas measured by population, 99 were showing year-over-year increases in June, up from 98 in May 2013.

Courtesy of John Rebchook InsideRealEstateNews.com

 

 

John Marcotte

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Wonderland HIlls Neighborhood Guide

Wonderland Hills Neighborhood Guide

By  of YOURboulder.com

wonderland lake boulder

You never hear people talking about the Wonderland Hills neighborhood. Perhaps it gets overshadowed by the fancy neighborhood to the south — Newlands — or perhaps the residents of Wonderland Hills just know how to keep a secret. Whatever the reason, this neighborhood offers residents quiet living, large lots and easy access to the Wonderland Lake.

History: Wonderland Hills got it’s start in the early 70′s as a new high-end development. It was designed to be a “luxury” suburb of Boulder that provided proximity to both the foothills and the vibrant downtown scene…mountain living without all that pesky driving.

Housing: The Wonderland Hills area features a mix of condos and single-family homes. Set along peaceful residential streets, this neighborhood feels farther away from town that it really is and as you might expect, there is a price to pay for the calm. Houses range from the $400,000′s to the millions and consist of spacious layouts situated on large lots.

Restaurants & Shopping: Living in Wonderland Hills gets you close to many of the favorite North Boulder institutions, including China Gourmet, Lucky’s Market and Dagabi. And should you want to venture farther, all of Pearl Street awaits a mere 10-minute SKIP bus ride away. With RTD bus stops located up and down Broadway (not to mention, a wide bike lane), you can travel all over Boulder with little hassle.

Into Wonderland Lake

Photo by Zane Selvans on Flickr

Family & Fitness: The crowning jewel of this neighborhood is really Wonderland Lake and the extensive trail system that allows for miles of biking, hiking and general adventuring. Children of all ages will find something to love here. In addition to the many paths, the lake area also has a park with kid’s play structures, benches and a large open lawn perfect for picnicking. If outdoor recreation isn’t your thing, the North Boulder Rec Center is nearby. It offers a weight room, indoor pool and a variety of fitness classes.

Boulder County Schools

 

John Marcotte

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Community Cycles: A Boulder Bike Shop with Heart

Community Cycles: A Boulder Bike Shop with Heart

By  of YOURboulder.com

your boulder community cycles Tucked into a quiet industrial park behind Boulder Beer sits an unassuming little bike shop.

But this little bike shop is unlike the others you find around town. Community Cycles is a non profit bike collective that has been doing good things for the Boulder biking community since 2006.

Not only do they accept donations of old used bikes, but they also use those very bikes to teach the basics of bicycle maintenance. Brilliant, right?

The combination of education, advocacy and community involvement has proved to be a smart one indeed for Community Cycles. They work on a membership and donation system. Once you become a member, you get all the benefits of having your very own bike shop.

In addition to being able to find just the right part, you can use the service bays to fix your bike and rent trailers at no extra charge. And since Community Cycles is located right off the bike path, they often receive “roll-up” donations from riders who have found bicycles abandoned along the path. The bikes that are for sale in the retail area of the shop have all been completely refurbished and perform like new.

With the wide array of workshops, classes and rolling bike clinics, there’s no reason not to jump in and get involved. Learning the fundamentals of fixing your own bike is highly recommended, especially if you’re riding it regularly and don’t want to spend a ton of money on service work.

From the beginner to the more advanced rider, Community Cycles offers education for all levels. On August 3rd, Community Cycles is offering a Saturday workshop introducing women to the basics of bike commuting. And if you’re just interested in meeting other riders, there are social rides and film nights on the schedule.

According to Dax, the sales & service manager at the shop, the only challenge that Community Cycles has encountered recently is that of a rainy nature. “We have strong community support and people know who we are. Even with the slow start to the cycling season, it’s been a pretty successful year so far. Honestly, the weather has been our biggest adversary.”

Community Cycles is always on the lookout for new members and volunteers. They’re also currently hiring for a few part-time bike mechanics. If you ride a bicycle and you care about supporting others doing the same locally, then be sure to take a closer look at Community Cycles.

 

 

 

John Marcotte

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2013 Rocky Mountain Tea Festival

 

2013 Rocky Mountain Tea Festival

The Rocky Mountain Tea Festival

August 3 and 4

At the Boulder Dushanbe Teahouse

The Tea Festival is hosted at The Boulder Dushanbe Teahouse.  Nestled at the foot of the Rocky Mountains, the Teahouse was a gift to the city of Boulder from a sister city, Dushanbe, Tajikistan.  The elaborate, handcrafted teahouse is the only one of its kind in the Western Hemisphere, and is one of the city of Boulder’s premier tourist attractions.

The Rocky Mountain Tea Festival was started 8 years ago as a way to offer our customers an opportunity to learn more about premium, loose leaf tea. We invited a number of speakers and industry leaders to come teach seminars, workshops, and host tea tastings.  The response was gratifyingly strong, and the Tea Festival became an annual tradition.  As the Tea Festival grew, we were able to expand to include more seminars, a Tea Dinner, a small bazaar, and the popular Children’s Tea Parties.

 

The goal of the Tea Festival is to offer a non competitive forum for lovers of tea to come and learn, taste, and discuss their favorite beverage.  This interactive event allows people to connect one – on – one with leaders in the tea industry, taste phenomenal teas, and enjoy a weekend of celebrating one of nature’s more prized

tea bazaar

More details here on the Rocky Mountain Tea Festival 

 

 

John Marcotte

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Blood Drive with Bonfils

Blood Drive with Bonfils

Date: Sunday August 4th, 2013
Time: 9:00 AM to 1:30 PM
Location: First United Methodist

 

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First United Methodist Church and Bonfils Blood Center are hosting a blood drive. All are invited to join this important cause for our community. Contact kimberly.cattau@gmail.com to sign up.

 

 

 

John Marcotte

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