Sacramento area officials explore using eminent domain to aid underwater homeowners - Real Estate - The Sacramento Bee: Sacramento and Elk Grove officials are exploring a controversial plan to use their powers of eminent domain to seize underwater mortgages from private investors and slash the amounts borrowers owe.
The proposal, pushed by a San Francisco-based group of financiers called Mortgage Resolution Partners, is meant to alleviate the drag on local economies of thousands of homes worth far less than buyers paid. It's also meant to turn a handsome profit for investors who would advance the vast sums needed to buy the mortgages.
The proposal has infuriated opponents in the mortgage industry. They call it an illegal use of eminent domain, a power that gives government the right to seize property for the public good while paying just compensation.
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More California municipalities ponder cramdown by condemnation.
Saturday, August 11, 2012
Friday, August 10, 2012
HOA Hall of shame president facing state charges - www.ktnv.com
HOA Hall of shame president facing state charges - www.ktnv.com:
Now, the state has formally accused Joe Bitsky and his wife, Barbara, of "failing to act in the best interests of the association for reasons of self-interest, gain and revenge." Bitsky himself is accused of "incompetence and intentional wrongdoing." And both are charged with "willful and intentional misuse of association money."
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Thanks to Rodney Gray for this link. This situation has been simmering for a long time.
Now, the state has formally accused Joe Bitsky and his wife, Barbara, of "failing to act in the best interests of the association for reasons of self-interest, gain and revenge." Bitsky himself is accused of "incompetence and intentional wrongdoing." And both are charged with "willful and intentional misuse of association money."
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Thanks to Rodney Gray for this link. This situation has been simmering for a long time.
Wednesday, August 08, 2012
State Senator Mike Bennett meets with frustrated Willowbrook homeowners | wtsp.com
State Senator Mike Bennett meets with frustrated Willowbrook homeowners | wtsp.com: LAKEWOOD RANCH, Florida -- Dozens of homeowners in a Lakewood Ranch community met with State Senator Mike Bennett Wednesday night to talk about the issues they've had with the construction of their homes.
Residents in the Willowbrook subdivision said they are dealing with shoddy construction and blame the builder, KB Home. According to homeowners, for years they've struggled with mold, gaping holes, and rotted wood. Some have not had any work done. Of those who have had work done, many say the problems still exist. Manatee County has posted "potential hazard" signs on a number of units in the subdivision.
Over the weekend, homeowners mailed letters to KB Home and also to lawmakers. The meeting was a result of that, with Senator Bennett receiving about 20 to 30 letters.
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Yet another condo project that gets along with water about as well as Preparation H with hemorrhoids.
Residents in the Willowbrook subdivision said they are dealing with shoddy construction and blame the builder, KB Home. According to homeowners, for years they've struggled with mold, gaping holes, and rotted wood. Some have not had any work done. Of those who have had work done, many say the problems still exist. Manatee County has posted "potential hazard" signs on a number of units in the subdivision.
Over the weekend, homeowners mailed letters to KB Home and also to lawmakers. The meeting was a result of that, with Senator Bennett receiving about 20 to 30 letters.
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Yet another condo project that gets along with water about as well as Preparation H with hemorrhoids.
Tuesday, August 07, 2012
Owner of First National Center in Oklahoma City pleads guilty to embezzlement, faces up to 10-year prison sentence | NewsOK.com
Owner of First National Center in Oklahoma City pleads guilty to embezzlement, faces up to 10-year prison sentence | NewsOK.com
Aaron Yashouafar, owner of Oklahoma City's landmark First National Center, will have to pay $1 million to tenants of a Nevada condominium complex and faces up to 10 years in prison after pleading guilty to one felony count of embezzlement. The plea comes as Yashouafar faces an Aug. 17 “final” deadline to pay $12 million to Capmark Group to retain control of First National Center, and follows a string of foreclosures, bankruptcies and controversies involving properties owned by his investment groups.
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Thanks to Rodney Gray for this link.
Aaron Yashouafar, owner of Oklahoma City's landmark First National Center, will have to pay $1 million to tenants of a Nevada condominium complex and faces up to 10 years in prison after pleading guilty to one felony count of embezzlement. The plea comes as Yashouafar faces an Aug. 17 “final” deadline to pay $12 million to Capmark Group to retain control of First National Center, and follows a string of foreclosures, bankruptcies and controversies involving properties owned by his investment groups.
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Thanks to Rodney Gray for this link.
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