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Financial News USA
May 21


'Real Estate Zebra' settlement in works and Timing critical to reverse-mortgage lender's exit PDF Print E-mail
Real estate agent and blogger Daniel Rothamel says he's willing to give up his "Real Estate Zebra" moniker and shut down a website employing the name if real estate broker and trainer Denise Lones drops her trademark infringement lawsuit against him.Lones, whose company provides marketing and other business services to real estate agents, filed the lawsuit against Rothamel on Feb. 22, claiming his use of zebra-themed imagery and trademarks was diverting business from her company, The Lones Group.In her lawsuit, Lones said she has offered a publication known as "The Zebra Report" since 2005, and provided "blog services" since November 2006 using the mark, "The Zebra Blog."Rothamel has not filed a formal response to the lawsuit in court. [Read the full article]

The surprising decision for Seattle Mortgage Co. to exit the reverse mortgage market apparently had more to do with timing than the ramifications of a class-action lawsuit or a lack of belief in the senior financing option.SMC, a prominent and respected player in the national reverse-mortgage industry for years, was hit with a class-action lawsuit brought by Mary Labrador, a San Francisco resident.While the company contends it did nothing wrong and worked within federal guidelines that govern FHA-insured Home Equity Conversion Mortgages (HECMs), it chose to settle the case rather than spend money to fight it.A reverse mortgage historically has enabled senior homeowners to convert part of the equity in their homes into tax-free funds without having to sell the home, give up title, or take on a new monthly mortgage payment.Reverse mortgages are available to individuals 62 and up who own their home. [Read the full article]

Q: How should I refurbish a rental condo after a tenant of some 13 years has departed? The ceilings have a "popcorn" finish, which I'm sure contains asbestos. The complex was built in the early '70s.Should I have a "hazmat" (hazardous materials) service evaluate or just bring in a contractor to remove the old and replace with current market materials?A: Over the years we've written quite a bit about popcorn ceilings and the potential hazards of asbestos. The fact is, dealing with a popcorn ceiling that contains asbestos can be as messy -- and expensive -- as you want to make it. If we were in your shoes, just trying to get a rental unit looking good again, we would encapsulate.No hazardous-materials service is required unless you want to remove the cottage cheese. In that case, take a small sample of ceiling material from an out-of-the-way place and have it tested at a lab. [Read the full article]

ZipRealty has shed about 900 agents this year as it closes down operations in some markets and moves agents in all remaining markets to independent contractor status, the company said in reporting a $4 million fourth quarter loss.The Emeryville, Calif.-based brokerage said it had about 2,500 agents at the end of February, working in 23 markets in 18 states and Washington, D.C.That's down more than 26 percent from the 3,403 agents ZipRealty engaged at the end of December, the company said.The company announced in January that it was closing offices in 11 markets that accounted for about 13 percent of the company's revenue in 2010. The move will reduce annual operating costs by more than $20 million, the company said Tuesday.All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News.Use of this content without permission is a violation of federal copyright law. [Read the full article]
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