A Vallejo man who ran a mortgage scam from a Deli in Benicia has been forced to repay his victims. Rocky Prasad was convicted of two counts of grand theft for falsely offering mortgage loans to two Santa Clara County home-buyers.
An interest-free loan that’s forgiven after five years has done little to entice San Francisco police officers to buy homes in the city.
A northern California man has been indicted by a federal grand jury for stealing $2 million from an educational nonprofit.
As the housing crisis continues, banks are evolving in the way they handle loan modifications. 22% of homes in the Bay are under water, according to the real estate tracking website Zillow.
Bay Area homeowners are rushing to take advantage of mortgage rates that have hit another record low.
San Francisco officials said they’re rebuilding the backbone of the city’s economy one small business at a time. One example is a new specialty shop that opened up in the Mission District this past month with the help of the city’s Revolving Loan Fund.
WellsFargo’s first-quarter income jumped 51 percent as more people opened accounts with the bank and business customers took out loans. New mortgages fell.
Wells Fargo & Co., one of the largest lenders to consumers among U.S. banks, on Wednesday said its fourth-quarter profit shot up, as its customers payment habits improved and it was able to lower the amount of reserves set aside to cover souring loans.