June 24 average daily rates in Orange County for 30-year fixed loans with one-point fee: Conforming up to 6.078%, Jumbo up to 7.446% and Conforming-Jumbo up to 7.208% (Note: conforming-jumbo rates are for loans from $417,000 to $729,750, while conforming is up to $417,000 -- both types are sold to GSEs. Jumbos here are $730,000 or higher and not sold to GSEs.)
Source: Newspaper Chart Services 
20 O.C. homeowners bilked in land grant scheme, authorities say
May 22nd, 2008, 3:50 pm · 1 Comment · posted by Jeff Collins
A spokesman for the state Attorney General’s Office said today that 20 delinquent Orange County homeowners were among at least 345 victims of an alleged scam in which they transferred their homes to a “federal land grant” to shield them from foreclosure. Many victims also deeded their properties to businesses that, according to authorities, were running the foreclosure rescue scam.
Arrested were William Hutchings, 62, accused of heading the operation; Xiaoke Li, 43, both of Scripps Ranch in San Diego, according to an Attorney General press release. Others arrested included Edgar Martinez, 30, and Diego Gil, 38. An arrest warrant for Shawna Landis, 29, of Sorrento Valley, has been issued.
Charges include conspiracy, grand theft, and deceitful practices as foreclosure consultants. The defendants couldn’t be reached for comment because they’re still in jail, according to a spokesman for the San Diego District Attorney’s Office. Landis is still being sought.
The attorney general filed civil action seeking a restraining order and penalties. According to the release:
Federal Land Grant Company — a San Diego-based business run by Bill Hutchings, his wife Xiaoke Li and former wife Shawna Landis — tricked desperate homeowners into believing that they could protect their homes from foreclosure by deeding their property to “federal land grants.” Land grant transfers, used hundreds of years ago when the United States was still acquiring land from other countries, are no longer recognized by any court or county assessor. …
Federal Land Grant required homeowners to pay up to $10,000 to put their property in a so-called land grant which the company claimed would prevent foreclosure. Federal Land Grant also tricked homeowners into signing over the deed to their home and paying the company rent.
The San Diego District Attorney’s office estimates that the alleged fraud scheme targeted 400 homeowners in San Diego County, with more victims throughout the state.
Most of the victims were Hispanic immigrants who speak little English, according to the state press release. The Attorney General’s Office reported that more than 280 properties in San Diego and Riverside counties were transferred to Federal Land Grant or one of its affiliated companies. An additional 65 properties were transferred in Los Angeles, Orange and San Bernardino counties. At least 60 homeowners lost their homes in foreclosures.
More victims are being sought, officials said. Foreclosure rescue scams have become increasingly common since the housing slump began as strapped homeowners become increasingly desperate. Orange County recorded nearly 900 foreclosures in April, the highest number on record.
Related links:
- Let the borrower beware
- Banks take possession of record number of O.C. homes
- Supply of O.C. distressed homes for sale up again
June 10th, 2008 at 1:41 pm
This group ought to be hung out to dry!! I believe that too many people got into the housing market in the first place without good advice or doing their homework. Those scammers in the industry ought to be prosecuted as well for taking advantage of these people. This kind of greed goes beyond the pale. I believe in the death penalty for this ilk. They have ruined the lives of many and the people will never see just compensation.