Mortgage brokers are buzzing over the latest bad news for the local housing market: Wells Fargo has designated all of OC and L.A. as “severely distressed”,putting the two counties in the same bottom category with San Diego and the Inland Empire. Wells becomes the first major lender in OC to completely eliminate stated income, stated asset (“liar”) loans, even for highly qualified borrowers. Jason Grange of Premier Mortgage Lending says other lenders are sure to follow: “There are officially no more lenders offering 100% financing in OC …
Most borrowers can expect to put down 10% or even 15%” …
Congresswoman Loretta Sanchez may not have to break a sweat to get re-elected to a seventh term this fall, but the Garden Grove Democrat is considering a much tougher run,for governor. “I hope to at some point,” Sanchez said on “Inside OC” about running for the state’s top job. Sanchez already has opened an exploratory committee, People for Loretta 2010 …
Sanchez is one of those oft-mentioned superdelegates to the Democratic presidential convention in Denver. She remains a steadfast backer of Hillary Clinton, despite the momentum shifting to Barack Obama,who is supported by Sanchez’ younger sister, Congresswoman (from L.A. County) and superdelegate Linda Sanchez. Loretta isn’t hedging her bets by making nice with Obama, either. She said she is unimpressed by Obama’s opposition to the 2003 invasion of Iraq, even though she voted against authorizing the invasion while Clinton approved of it: “Excuse me, he wasn’t there …
He wasn’t under the pressure. It’s easy when you’re sitting out there in Illinois to say, ‘Oh, I’m against the war.'” Loretta said she had to buck Orange County’s “military-industrial” tradition, undergo intense lobbying and endure death threats …
California Stem Cell Inc., an Irvine startup associated with UC Irvine superstar researcher Hans Keirstead, says it has achieved a milestone by securing private financing that will enable it to ramp up its work on treatments for cardiac and central nervous system disorders. Keirstead says the company “has been cooking up some pretty impressive science” …
Spotted by sisters Kelly Brown and Susie Sells at the Corner Bakery in Huntington Beach’s Bella Terra Mall: OC-bred comedian and author Steve Martin and wife Anne Stringfield …
Ah, so many reasons to see the CHOC Follies March 13, 14 and 15 at Chapman U: performances by Julia Argyros, Sandy Segerstrom Daniels, Shanda Lear-Baylor (yes, “chandelier”) and the inimitable Mindy Stearns, two months pregnant with triplets. Call (714) 532-8690 …
EE RR emcees ARCS’ annual scholarship awards dinner honoring four young UCI scientists Thursday at the Beckman Center. Call (949) 760-3621 …
The Insider’s merger of the year: In case you weren’t among the 530 who heard the announcement from Gary Hunt at the annual Forum for Corporate Directors dinner at the Ritz-Carlton Laguna Niguel, Mary Ann Brown and EE RR have tied the knot.
