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Preferred Mortgage Services Video - Castro Valley, CA - Real

Preferred Mortgage Services - Castro Valley, CA

The Latest: BofA CEO asked about mortgage modifications

The Latest on the appearance of U.S. bank CEOs before Congress (all times local):

3:15 p.m.

The chief executive of one of the largest mortgage lenders in the country said he’s never personally experienced what a mortgage modification is like.

That’s the comment made by Brian Moynihan, the CEO of Bank of America, when he was asked by Representative Madeleine Dean, D-Pennsylvania, whether he’s ever sat with someone going through a foreclosure or a mortgage modification.

Bank of America is the nation’s fourth-largest mortgage lender. During the financial crisis, it purchased Countrywide Financial, which specialized in some of the most toxic types of mortgage selling in the country.

Because of that, BofA paid tens of billions of dollars in fines and penalties to regulators for how it mishandled mortgage lending. It also was tasked with modifying hundreds of thousands of mortgage to save them from foreclosure.

Real Estate Innovator REX Moves Its HQ from California to Texas

REX harnesses new technology to take the stress and confusion out of buying and selling homes, and lowers consumer cost through a transaction-total commission of 2% compared to the 6% charged by most traditional brokers. REX was established in late 2015 in Southern California.

“Texas is a place of outsized ambition and out-of-the-box thinking,” said Jack Ryan, REX CEO and co-founder, who moved to Austin last year. “It’s the perfect place for REX to continue expanding its national business, and to fulfill its goal of radically reducing transaction costs for consumers so they can get the most value out of their most important asset -- their home.”

By employing data science, machine learning and artificial intelligence, REX is able to price homes more accurately than traditional brokerages; then, target them to qualified buyers through Zillow, Google, Facebook, Trulia and more. Its licensed agents are salaried and incentivized to focus their attention on the customer experience versus commission. In addition, REX makes home buying and selling simpler by offering escrow, titling, mortgage and insurance, all in one place and at competitive rates.

What do you think New employer sanctions law has Mexican consulate swamped?

A new law that penalizes employers who hire illegal immigrants goes into effect Tuesday. But the impact can already be seen in many ways here in the Valley.

The Mexican Consulate located in downtown Phoenix is swamped.

Placido Castellanos restaurant can't be hurting too bad. Even at $200.00 a day (and average 30 days each month) He still makes $6000.00 monthly. If it were an American business owner siting the same thing, they'd be called a whiner.

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