Merged firms settle into new downtown site

Prominent and longstanding firms that have offices on Broad Street in downtown Charleston have a fresh-faced neighbor.

Keller Williams Realty and John Liberatos Real Estate Co. , which merged earlier this year, are getting used to their new office at 35 Broad, which opened several weeks ago.

The new location has 15 agents, most of whom came from the Liberatos firm.

Liberatos will keep his former office on Wentworth Street, which handles his company's rental property division. But Keller Williams didn't have an office in downtown Charleston before this.

The national Keller Williams brand entered the local market in 2003 with its first office in Mount Pleasant. A year later, it opened another office in West Ashley, and two years later, a third office in North Charleston near Charleston Southern University.

In 2006, Island Realty on Isle of Palms joined the company, adding a barrier island office to its roster.

Relief for some

A mortgage relief bill that's weaving its way through Congress is aimed at helping struggling homeowners, but it could accidentally turn up the heat on those who are trying to sell their homes.

Part of the bill would give some first-time buyers a refundable tax credit of up to $8,000, or up to 10 percent of a home's value. However, the money could be applied only to the purchase of vacant homes, leaving primary homeowners out of luck.

A Washington Post article reported the legislation was influenced heavily by lobbyists from major banks.

Although the measure has been tied up by a Nevada senator, other lawmakers say they're hopeful it will pass in the next few weeks and survive President George W. Bush's veto pen.

The bill would provide $150 million in funding for foreclosure counseling. An earlier batch of funding worth $180 million passed in December, and part of that money made its way to Family Services Inc. , a North Charleston-based nonprofit that works with financially struggling homeowners.

Fighting fraud

Responding to a wave of mortgage fraud complaints, the S.C. Department of Consumer Affairs and the state Attorney Generals Office have launched a mortgage fraud hotline.

The toll-free number is 800-553-7723. It's staffed 8:30 a.m.-5 p.m. on weekdays. Callers can report suspicious mortgage-related incidents, and victims can get help.

"South Carolina has directly and disproportionately been targeted for this type of fraud," said Attorney General Henry McMaster.

Earlier this year, Consumer Affairs representatives pushed a state bill that would strengthen lending standards. The proposal would have required mortgage lenders to become licensed with the state and take continuing education courses, similar to requirements in 48 other states. But like so many other bills this legislative season, it never became a law.

Reach Katy Stech at kstech@postandcourier.com.