What We're Hearing

California’s implementation of the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) should happen in the next few weeks, according to the California Mortgage Bankers Association. For an active California loan broker this means they will have to be licensed as an individual – no longer can they use a company license and act as a loan officer of a company licensee. Meanwhile, I’ve been combing over the 100-page plus bankruptcy filing by Taylor, Bean & Whitaker of Ocala, Florida. Hundreds of creditors are listed in the Chapter 11 filing including claims from what appear to be former employees (who might be owed back pay) but also a claim from the Alaska attorney general (but not Sarah Palin), several appraisers and law firms (those lawyers don’t miss a trick), a few banks and even a florist and coffee company up in Woburn, Mass. And last but not least, Bloomberg (the box/news people) have submitted a claim...