The hidden cost of government settlements - The Washington Post: When Bank of America agreed in December to pay $335 million to resolve federal charges that its mortgage-lending arm discriminated against black and Hispanic borrowers, government officials hailed it as the largest fair-lending settlement in history. But, in fact, the banking giant has the right to a massive discount on the payout. Thirty-five percent of the settlement is deductible. That means Bank of America could wind up saving $117 million on its tax bill.
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Nice. We, the taxpayers, get to subsidize the settlements paid by banks for their bogus lending practices. Thanks to Mystery Reader for this engine-starter.
Saturday, October 13, 2012
Thousands of families could be caught by church repair bills as archaic rights revived - Telegraph
Thousands of families could be caught by church repair bills as archaic rights revived - Telegraph: "Thousands of families are set to receive warnings that they could face large bills to repair their local church, even if they have never attended it, after parishes were ordered to enforce a 500-year-old land law...People living in more than 5,000 parishes in England are subject to the historic “chancel repair liabilities”, which affect properties built on former monastic land.:
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Thanks to Mystery Reader for this mind-boggling evidence that, no matter how bad you think your HOA is, things could always be worse.
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Thanks to Mystery Reader for this mind-boggling evidence that, no matter how bad you think your HOA is, things could always be worse.
Number of low-price homes plummets in state - latimes.com
Number of low-price homes plummets in state - latimes.com:
"Competition for lower-priced homes in California is so hot that the number of cheaper homes available for sale has sunk more than 40% in the last year, pushing out many would-be buyers. Homes that sold for $313,200 or less were the most competitive type of home nationally, but nowhere did inventory in that price range drop more than in the Golden State, according to a report released Thursday by real estate website Zillow."
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So in California, a $312,000 home is "lower-priced," even in a post-housing bubble market. How are middle class Americans supposed to buy these palaces with their stagnant wages, assuming they aren't already reduced to selling oranges at freeway on-ramps and living in a tent in their mother-in-law's back yard? The problem now, in post-bust America, is that investors (colloquially known to some as "vulture capitalists") have taken over the low end of the housing market: "First-time home buyers are being squeezed out of the market by falling inventory and the rapid influx of investors looking to buy basic homes to rent out," Zillow chief economist Stan Humphries said. "Investors are paying in cash and can close sooner, which is more favorable to banks and homeowners looking to sell."
"Competition for lower-priced homes in California is so hot that the number of cheaper homes available for sale has sunk more than 40% in the last year, pushing out many would-be buyers. Homes that sold for $313,200 or less were the most competitive type of home nationally, but nowhere did inventory in that price range drop more than in the Golden State, according to a report released Thursday by real estate website Zillow."
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So in California, a $312,000 home is "lower-priced," even in a post-housing bubble market. How are middle class Americans supposed to buy these palaces with their stagnant wages, assuming they aren't already reduced to selling oranges at freeway on-ramps and living in a tent in their mother-in-law's back yard? The problem now, in post-bust America, is that investors (colloquially known to some as "vulture capitalists") have taken over the low end of the housing market: "First-time home buyers are being squeezed out of the market by falling inventory and the rapid influx of investors looking to buy basic homes to rent out," Zillow chief economist Stan Humphries said. "Investors are paying in cash and can close sooner, which is more favorable to banks and homeowners looking to sell."
Thursday, October 11, 2012
Florida homeowner association: florida homeowner association fight banks - OrlandoSentinel.com
Florida homeowner association: florida homeowner association fight banks - OrlandoSentinel.com: Jan Bergemann, president of the Cyber Citizens for Justice association watchdog group, said this week that law firms should not represent both groups.
"That should be a conflict of interest,'' Bergemann said. "Banks normally like to postpone as long as possible the moment they are the deeded owner. The homeowner association, meanwhile, has an interest to foreclose as soon as possible.'
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Conflicts of interest are determined on a case by case basis. That said, law firms that play both sides of the street are making some denizens of Privatopia uncomfortable.
"That should be a conflict of interest,'' Bergemann said. "Banks normally like to postpone as long as possible the moment they are the deeded owner. The homeowner association, meanwhile, has an interest to foreclose as soon as possible.'
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Conflicts of interest are determined on a case by case basis. That said, law firms that play both sides of the street are making some denizens of Privatopia uncomfortable.
Political lawn signs: Free speech or an eyesore? | News - Home
Political lawn signs: Free speech or an eyesore? | News - Home: Calderon says despite the First Amendment right to freedom of speech, in almost all sign disputes, the HOA will prevail. While courts typically rule against local or state governments that restrict political signs, HOAs are private entities and can create their own rules.
"And the thing is that they're not discriminating on the grounds of what kind of speech it is," said Calderon. "You can restrict speech on time, manner and place."
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And watch those flags and flagpoles, too.
"And the thing is that they're not discriminating on the grounds of what kind of speech it is," said Calderon. "You can restrict speech on time, manner and place."
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And watch those flags and flagpoles, too.
Lake County homeowners form anti-HOA group | www.wftv.com
Lake County homeowners form anti-HOA group | www.wftv.com: LAKE COUNTY, Fla. —The leaders of more than 200 Lake County homeowners turned to WFTV in hopes of solving a problem with what they say is an out-of-control Homeowners Association.
Homeowners insist they have no say in what happens in their community, partly because Yale University owns Harbor Hills in Lady Lake.
Homeowners sent a binder full of complaints about Harbor Hills to the Ivy League school. But so far, they've gotten no response.
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Yale? Paging the perfessor...
Homeowners insist they have no say in what happens in their community, partly because Yale University owns Harbor Hills in Lady Lake.
Homeowners sent a binder full of complaints about Harbor Hills to the Ivy League school. But so far, they've gotten no response.
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Yale? Paging the perfessor...
Wednesday, October 10, 2012
Suburban poverty Kabul style: One million residents populate the steep hills around the Afghan capital... but it's a long way from the high life | Mail Online
Poverty i Kabul style: One million residents populate the steep hills around the Afghan capital... but it's a long way from the high life | Mail Online
"Low-income housing has spread high into the hills and, while running water has been recently added to some of the luckier neighbourhoods, foul and disease-laden open sewers still run downhill through streets and putrid gutters.
In suburbs like Jamal Mina, home to construction worker Ahmad Tazim and his family, residents are almost literally on top of each other - living a hand-to-mouth existence made even wore brutal by the seemingly endless conflict in the country.
But life is to become even worse for Tazim and other construction workers like him - the booming construction industry is about to bust. And it's not just disastrous news for the poor in the country: the emerging upper class in Kabul alsoface losing their new mansions and high-rise apartments in a much-feared economic freefall."
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Tuesday, October 09, 2012
Residents at Orlando condo complex face eviction due to unpaid... | www.wftv.com
Residents at Orlando condo complex face eviction due to unpaid... | www.wftv.com: ORLANDO, Fla. —People who live in an Orlando condo complex could soon be kicked out of their own homes.
The Orlando Utility Commission is about to shut off water to The Village on Crayrich Circle because the complex isn't paying its bills. And if the water is shut off, no one will be allowed to live there.
The Orlando Utility Commission is about to shut off water to The Village on Crayrich Circle because the complex isn't paying its bills. And if the water is shut off, no one will be allowed to live there.
Moody's targets Calif. cities for downgrades | Money - KCRA Home
Moody's targets Calif. cities for downgrades | Money - KCRA Home: SACRAMENTO, Calif. — One of the nation's top credit rating agencies will review dozens of California cities for possible credit downgrades amid mounting concern over municipal bankruptcies and bond defaults.
Moody's Investors Service announced Tuesday that it would scrutinize nearly 30 California cities for possible downgrades.
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Not just in Privatopia...things are tough all over. Five years of economic malaise are taking an accumulated toll despite some positive economic indicators in recent weeks.
Moody's Investors Service announced Tuesday that it would scrutinize nearly 30 California cities for possible downgrades.
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Not just in Privatopia...things are tough all over. Five years of economic malaise are taking an accumulated toll despite some positive economic indicators in recent weeks.
State of the association | ind.gmnews.com | Independent
State of the association | ind.gmnews.com | Independent: The housing bust battered home sales and prices while skyrocketing foreclosures. It also took its toll on homeowner associations, which govern and maintain condominiums, townhomes and single-family communities.
With unemployment hovering at 8 percent, many homeowners are struggling with mortgage payments, and assessments (which pay for HOA costs) are falling by the wayside. All this is happening as more and more people move to multi-unit housing and become HOA members.
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The fallout of the economic downturn continues to roil Privatopia.
With unemployment hovering at 8 percent, many homeowners are struggling with mortgage payments, and assessments (which pay for HOA costs) are falling by the wayside. All this is happening as more and more people move to multi-unit housing and become HOA members.
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The fallout of the economic downturn continues to roil Privatopia.
Notorious HOA Board Removed by State - 8 News NOW
Notorious HOA Board Removed by State - 8 News NOW: NORTH LAS VEGAS -- The state real estate division on Monday took what it termed "unprecedented action" by removing an infamous one-time HOA president and his entire board.
The Nevada Commission for Common-Interest Communities and Condominium Hotels (CICCH) ousted Joseph Bitsky, Barbara Bitsky and Hellen Murphy – the full three-person board of the Autumn Chase Homeowners Association in North Las Vegas – for hundreds of violations of state law governing HOA's.
The Nevada Commission for Common-Interest Communities and Condominium Hotels (CICCH) ousted Joseph Bitsky, Barbara Bitsky and Hellen Murphy – the full three-person board of the Autumn Chase Homeowners Association in North Las Vegas – for hundreds of violations of state law governing HOA's.
Monday, October 08, 2012
Treasurer accused of stealing $70,000 from west Toledo homeowner - ToledoNewsNow.com: News, Weather & Sports for Toledo, OH
Treasurer accused of stealing $70,000 from west Toledo homeowner - ToledoNewsNow.com: News, Weather & Sports for Toledo, OH: TOLEDO, OH (Toledo News Now) -
Residents of west Toledo's Lincolnshire neighborhood are upset after a police report has surfaced alleging a member of the neighborhood association stole from its members.
A report filed by the association's board of trustees claims former association treasurer Peter Williamson stole more than $70,000 from the association's accounts between 2011 and August of 2012, when he resigned. Residents say just three days after Williamson's resignation they received a letter requesting they pay an additional $100 in neighborhood dues in order to pay for pool repairs. The cost of those repairs, residents say, was suspiciously similar to the amount missing.
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Innocent until proven guilty. But these kinds of stories are all too common in Privatopia.
Residents of west Toledo's Lincolnshire neighborhood are upset after a police report has surfaced alleging a member of the neighborhood association stole from its members.
A report filed by the association's board of trustees claims former association treasurer Peter Williamson stole more than $70,000 from the association's accounts between 2011 and August of 2012, when he resigned. Residents say just three days after Williamson's resignation they received a letter requesting they pay an additional $100 in neighborhood dues in order to pay for pool repairs. The cost of those repairs, residents say, was suspiciously similar to the amount missing.
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Innocent until proven guilty. But these kinds of stories are all too common in Privatopia.
‘World’s largest yacht’ headed to Eastport and other Maine ports of call — Down East — Bangor Daily News — BDN Maine
‘World’s largest yacht’ headed to Eastport and other Maine ports of call — Down East — Bangor Daily News — BDN Maine
EASTPORT, Maine — Billed as “the world’s largest privately owned yacht,” The World will tie up at Eastport’s downtown breakwater pier Tuesday morning, allowing those who live aboard the 12-deck, 644-foot vessel to enjoy a day of exploring the historic Washington County seaport.
The unique ship is a floating city, owned by 130 families from 19 different countries who occupy with their guests 165 private condominium residences. Launched in 2002, The World continuously circumnavigates the globe, and it has now visited 800 ports in 140 countries. The ship’s 2012 itinerary is taking those aboard to 31 different countries. Beyond Eastport, the ship is scheduled to stop in Bar Harbor, Rockland and Portland before heading on to Boston. Its last port of call before heading to Eastport was in Canada at St. Andrews, N.B.
The World is the only private residential community at sea.
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I've blogged about 'The World" before, but here she is, about to grace the state of my birth with her intensely private and opulent presence. I seem to remember that there were some interesting taxation advantages to be had by making this ship one's principal residence.
Sunday, October 07, 2012
Condo owners sue management -- Walworth County Today
Condo owners sue management -- Walworth County Today:
ELKHORN — Forty-five Lake Lawn Lodge condominium owners have sued the resort and its condo association for more than $5 million over rent payments, a unit management agreement and other financial matters.
The suit, filed Sept. 26 in Walworth County, has been assigned to Judge James Carlson. The summons requires the defendants to respond with a written answer to the complaint within 45 days.
The 40-page complaint alleges that Lake Lawn and Lodges at Lake Lawn Resort Condominium Association manipulated agreements with the owners following the resort’s Aug. 5, 2009, foreclosure. The 45-condo owners allege that the defendants illegally obtained a majority of the governing board through four commercial units and assumed control of 70 percent of rental revenue when a customary percentage for management was 40 percent.
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Another dispute over alleged manipulation of voting rights to seize control of an association for financial gain. I don't know who is right or wrong in this particular case. However, it seems to me that the frequency of this sort of situation has increased since the housing market collapsed. Before the crash, disputes over architectural review decisions, foreclosures for unpaid assessments, and strange rules violations cases were the norm in the press. Now there seem to be more embezzlements, frauds, and association control controversies. Everybody involved in common interest housing is getting squeezed by the loss of value--banks and investors, developers, management companies, lawyers, and most of all the owners who are expected to support these associations through collective use of their scarce individual resources.
ELKHORN — Forty-five Lake Lawn Lodge condominium owners have sued the resort and its condo association for more than $5 million over rent payments, a unit management agreement and other financial matters.
The suit, filed Sept. 26 in Walworth County, has been assigned to Judge James Carlson. The summons requires the defendants to respond with a written answer to the complaint within 45 days.
The 40-page complaint alleges that Lake Lawn and Lodges at Lake Lawn Resort Condominium Association manipulated agreements with the owners following the resort’s Aug. 5, 2009, foreclosure. The 45-condo owners allege that the defendants illegally obtained a majority of the governing board through four commercial units and assumed control of 70 percent of rental revenue when a customary percentage for management was 40 percent.
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Another dispute over alleged manipulation of voting rights to seize control of an association for financial gain. I don't know who is right or wrong in this particular case. However, it seems to me that the frequency of this sort of situation has increased since the housing market collapsed. Before the crash, disputes over architectural review decisions, foreclosures for unpaid assessments, and strange rules violations cases were the norm in the press. Now there seem to be more embezzlements, frauds, and association control controversies. Everybody involved in common interest housing is getting squeezed by the loss of value--banks and investors, developers, management companies, lawyers, and most of all the owners who are expected to support these associations through collective use of their scarce individual resources.
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