Former condo president in Hollywood accused of stealing insurance premiums -- South Florida Sun-Sentinel.com
But...but...but...this sort of thing doesn't happen!
HOLLYWOOD - Authorities have charged the former president of a beachside condominium with grand theft for using condo funds to pay health insurance premiums for herself and her husband. Doris Weinstein, 64, is accused of enrolling in the health plan for the Quadomain condominium's Recreation Association employees and receiving coverage worth more than $13,000 over 30 months, according to a Hollywood police detective's report.
Friday, September 21, 2007
Palmer Ranch homeowner and association clash over Web site
This is the future of freedom of expression in this country.
Zaki is at odds with the homeowners association in his 254-home community called The Hamptons, which wants to prevent him from sponsoring a Web site he calls HamptonsNBC. As suggested by what those initials stand for -- Neighbors for a Better Community -- Zaki, a former president of the homeowners association, has some issues with how The Hamptons is being run these days. "Grievances and propaganda" is how the association's attorney described the Web site's content, in a certified letter Aug. 9 demanding that Zaki cease any use therein of the trademarked name The Hamptons. But because it is hard to complain about something without identifying it, and because Zaki felt there was a First Amendment principle involved, he ignored the letter. Last week, the association's property manager gave him until the end of the month to rename the Web site, dissolve it or face a $100-a-day fine, eventually resulting in a lien on his home.
This is the future of freedom of expression in this country.
Zaki is at odds with the homeowners association in his 254-home community called The Hamptons, which wants to prevent him from sponsoring a Web site he calls HamptonsNBC. As suggested by what those initials stand for -- Neighbors for a Better Community -- Zaki, a former president of the homeowners association, has some issues with how The Hamptons is being run these days. "Grievances and propaganda" is how the association's attorney described the Web site's content, in a certified letter Aug. 9 demanding that Zaki cease any use therein of the trademarked name The Hamptons. But because it is hard to complain about something without identifying it, and because Zaki felt there was a First Amendment principle involved, he ignored the letter. Last week, the association's property manager gave him until the end of the month to rename the Web site, dissolve it or face a $100-a-day fine, eventually resulting in a lien on his home.
Climate change may help rainforests - Times Online
So now are the global warming activists and the "save the rainforests" activists going to start counter-protesting each other?
So now are the global warming activists and the "save the rainforests" activists going to start counter-protesting each other?
Thursday, September 20, 2007
Victorville Daily Press : Local News: Association fees increasing everywhere
I've been saying for years that there is a looming private infrastructure crisis because nearly all associations are under-reserved and there is this thing called the law of entropy. Stuff wears out. And then you have to fix it.
Spring Valley Lake’s recent fee increase encapsulates a situation happening all over the region, said an attorney specializing in homeowner’s association law.
“What I am seeing is homeowner dues increase dramatically all over Southern California,” said Michael Chulak, based in Calabasas, who conducts seminars for both members and board members of HOAs. The main reason for SVL’s increase is also the same for most other associations, he added: No money for infrastructure, or in HOA-speak, reserves.
I've been saying for years that there is a looming private infrastructure crisis because nearly all associations are under-reserved and there is this thing called the law of entropy. Stuff wears out. And then you have to fix it.
Spring Valley Lake’s recent fee increase encapsulates a situation happening all over the region, said an attorney specializing in homeowner’s association law.
“What I am seeing is homeowner dues increase dramatically all over Southern California,” said Michael Chulak, based in Calabasas, who conducts seminars for both members and board members of HOAs. The main reason for SVL’s increase is also the same for most other associations, he added: No money for infrastructure, or in HOA-speak, reserves.
Wednesday, September 19, 2007
Salt Lake Tribune - Great-grandma Betty pleads innocent to resisting arrest over dead grass
Thanks to Jeff Hammond for sending this saga of a crime wave in Orem, Utah.
OREM - Betty Perry pleaded innocent Tuesday to charges she failed to water her lawn and resisted arrest when an officer attempted to cite her.
Thanks to Jeff Hammond for sending this saga of a crime wave in Orem, Utah.
OREM - Betty Perry pleaded innocent Tuesday to charges she failed to water her lawn and resisted arrest when an officer attempted to cite her.
ABC7Chicago.com: Cook County sales tax increase proposed...to 11%!
I'm beginning to find hyperbole impossible these days. What can I say? Something like, "The Democratic Party's ongoing campaign to destroy the capitalist economy in the state of Illinois took another step forward today with a proposal to raise the brutal 9% Cook County sales tax to a confiscatory 11%. The current 9% rate has driven businesses into the collar counties like scalded dogs. The proposed increase, if enacted, would make it so hard for the county's municipalities to attract retailers that they will be holding bake sales to pay the police department."
Is that hyperbole? You be the judge.
September 18, 2007 - One Cook County commissioner wants to increase the county's portion of the sales tax, and if approved, the sales tax in Cook County would go up to 11 percent. That tax increase would also apply to restaurant and hotel bills.
Cook County Commissioner Joan Patricia Murphy said the additional tax revenue would be used to avoid another crisis when it is time to come up with next year's budget.
I'm beginning to find hyperbole impossible these days. What can I say? Something like, "The Democratic Party's ongoing campaign to destroy the capitalist economy in the state of Illinois took another step forward today with a proposal to raise the brutal 9% Cook County sales tax to a confiscatory 11%. The current 9% rate has driven businesses into the collar counties like scalded dogs. The proposed increase, if enacted, would make it so hard for the county's municipalities to attract retailers that they will be holding bake sales to pay the police department."
Is that hyperbole? You be the judge.
September 18, 2007 - One Cook County commissioner wants to increase the county's portion of the sales tax, and if approved, the sales tax in Cook County would go up to 11 percent. That tax increase would also apply to restaurant and hotel bills.
Cook County Commissioner Joan Patricia Murphy said the additional tax revenue would be used to avoid another crisis when it is time to come up with next year's budget.
Talk Like A Pirate Day - September 19
Avast, ye scurvy bilge rats. It be Talk Like a Pirate Day. So heave to and prepare to be boarded, by the powers! Arrr!
Avast, ye scurvy bilge rats. It be Talk Like a Pirate Day. So heave to and prepare to be boarded, by the powers! Arrr!
Monday, September 17, 2007
American Home tries to seize $27 million in retirement savings -- Newsday.com
So let's say they put their employees' retirement savings together with the escrowed property taxes that they may not have exactly, literally, technically, mailed to the tax collector. I bet that would be a pretty tidy sum.
Wilmington, De. - Melville-based American Home Mortgage is attempting to seize as much as $27 million that employees set aside from their paychecks as retirement savings -- and if it is successful, the workers may never see the money again.
So let's say they put their employees' retirement savings together with the escrowed property taxes that they may not have exactly, literally, technically, mailed to the tax collector. I bet that would be a pretty tidy sum.
Wilmington, De. - Melville-based American Home Mortgage is attempting to seize as much as $27 million that employees set aside from their paychecks as retirement savings -- and if it is successful, the workers may never see the money again.
Breitbart.tv » Clever Judge Sentences Annoying Noise Offenders to Mandatory Manilow Music
What ever happened to the 8th Amendment protection against cruel and unusual punishment?
What ever happened to the 8th Amendment protection against cruel and unusual punishment?
Sunday, September 16, 2007
San Diego Metro News | SignOnSanDiego.com -- Credit crunch attracts a wave of opportunism
Looks like some very sharp practices going on out there...
The first time Sandra Barranon heard that her home in Potrero had been foreclosed on and sold in a courthouse auction was when the new owner came to her door and told her she and her children had two weeks to vacate. Behind in her mortgage payments, Barranon had been working with First Gov, an El Segundo-based foreclosure consulting firm recently censured with an “F” rating by the Better Business Bureau of the Southland. She said she was contacted by First Gov in March with a promise to restructure the debt on her house.
Looks like some very sharp practices going on out there...
The first time Sandra Barranon heard that her home in Potrero had been foreclosed on and sold in a courthouse auction was when the new owner came to her door and told her she and her children had two weeks to vacate. Behind in her mortgage payments, Barranon had been working with First Gov, an El Segundo-based foreclosure consulting firm recently censured with an “F” rating by the Better Business Bureau of the Southland. She said she was contacted by First Gov in March with a promise to restructure the debt on her house.
It's Godzilla vs. Megalon in the AZ legislature again...
This year's "new laws" article for Arizona, with a battle or two over HOA law:
It wouldn't be a legislative session without a pitched battle or two over homeowner-association rules. As of Wednesday, score one for homeowners within HOAs who want to post for-sale signs on their property: The signs can't be prohibited by HOAs.
This year's "new laws" article for Arizona, with a battle or two over HOA law:
It wouldn't be a legislative session without a pitched battle or two over homeowner-association rules. As of Wednesday, score one for homeowners within HOAs who want to post for-sale signs on their property: The signs can't be prohibited by HOAs.
Full text of Common Ground article on HOA activists
I see that somebody has decided to upload the entire text of the "Critical Mass" article by Chris Durso.
I see that somebody has decided to upload the entire text of the "Critical Mass" article by Chris Durso.
West Lake Worth residents want subdivision gated after crime wave -- South Florida Sun-Sentinel.com
West Lake Worth - In the last week the Sherbrooke Estates subdivision has been hit with six car break-ins, an armed home invasion and a burglary.
Now residents say they want to put up a gate that might help keep crime out.
West Lake Worth - In the last week the Sherbrooke Estates subdivision has been hit with six car break-ins, an armed home invasion and a burglary.
Now residents say they want to put up a gate that might help keep crime out.
Ailing lender's checks bounce -- baltimoresun.com
Shu Bartholomew sent this along. Lenders insist on creating an escrow account and having mortgagors send their property tax payments to the lender along with their house payment. Then the mortgage company makes their property tax payment for them. That's supposed to be so much more reliable than having the flighty wastrel of a homeowner do it him/herself, because the owner will of course have no money when the payment comes due.
Right. Now it seems that American Home Mortgage sent out a bunch of rubber checks. Question: where is the money that is supposed to be in the so-called "escrow" account that each of these owners is supposed to have, safely maintained by the dependable mortgage company?
And of course now the owners are delinquent and may end up having to cough up the money...again. They are the ones who owe the taxes, not the mortgage company.
Checks sent out by the troubled American Home Mortgage Investment Corp. to pay the property taxes of more than 70 homeowners in the Baltimore metropolitan area have bounced, local officials said yesterday. Baltimore City received bad checks for 53 properties - a total of about $63,500. Baltimore County said American Home Mortgage checks bounced for 21 properties, totaling $41,000. Taxes are due at the end of the month.
Shu Bartholomew sent this along. Lenders insist on creating an escrow account and having mortgagors send their property tax payments to the lender along with their house payment. Then the mortgage company makes their property tax payment for them. That's supposed to be so much more reliable than having the flighty wastrel of a homeowner do it him/herself, because the owner will of course have no money when the payment comes due.
Right. Now it seems that American Home Mortgage sent out a bunch of rubber checks. Question: where is the money that is supposed to be in the so-called "escrow" account that each of these owners is supposed to have, safely maintained by the dependable mortgage company?
And of course now the owners are delinquent and may end up having to cough up the money...again. They are the ones who owe the taxes, not the mortgage company.
Checks sent out by the troubled American Home Mortgage Investment Corp. to pay the property taxes of more than 70 homeowners in the Baltimore metropolitan area have bounced, local officials said yesterday. Baltimore City received bad checks for 53 properties - a total of about $63,500. Baltimore County said American Home Mortgage checks bounced for 21 properties, totaling $41,000. Taxes are due at the end of the month.
Saturday, September 15, 2007
Carmichael Man Wants To Build Backyard Crypt - Yahoo! News
Now here is something to make every back yard special--twenty crypts. Fred Pilot dug it up. Reminds me of a story about a gentleman from Transylvania setting up a nice home in England.
Now here is something to make every back yard special--twenty crypts. Fred Pilot dug it up. Reminds me of a story about a gentleman from Transylvania setting up a nice home in England.
Friday, September 14, 2007
Ruidoso News - Water cutoff forces condo dwellers to bottle up
Fred Pilot sent this along. Seems there was a little shortfall in paying the water bill, to the tune of some $24,000, so now these condo inmates have been transported to the 19th century and are lugging their water around in jugs.
Fred Pilot sent this along. Seems there was a little shortfall in paying the water bill, to the tune of some $24,000, so now these condo inmates have been transported to the 19th century and are lugging their water around in jugs.
My Way News - Philly Seeks 10,000 Men to Guard Streets
Is this a new form of privatization or an abject confession of failure by municipal government?
PHILADELPHIA (AP) - The city's embattled police chief, acknowledging that police alone cannot quell a run of deadly violence, has called on 10,000 black men to patrol the streets to reduce crime.
Is this a new form of privatization or an abject confession of failure by municipal government?
PHILADELPHIA (AP) - The city's embattled police chief, acknowledging that police alone cannot quell a run of deadly violence, has called on 10,000 black men to patrol the streets to reduce crime.
Thursday, September 13, 2007
School Rescinds Ban On Flag Clothing - News - NBC 17
It seems that somebody found and returned the principal's brain (see below).
It seems that somebody found and returned the principal's brain (see below).
Wednesday, September 12, 2007
High School Bans American Flag - News - NBC 17
I have often wondered what people do for a living after they accidentally leave their brain on a bus bench and never get it back. Now I know.
I have often wondered what people do for a living after they accidentally leave their brain on a bus bench and never get it back. Now I know.
Tuesday, September 11, 2007
The Daily Commercial | City puts bite in 'no barking' ordinance
See? Cities are getting more like the stereotypical HOA.
MOUNT DORA - The city may put a leash on frequent dog-barking. Under a proposed change in Mount Dora's noise ordinance, dogs won't be able to just keep barking and barking, creating a disturbance in a neighborhood. Mount Dora already prohibits dogs from barking for five minutes at a time. But under the revised ordinance, even if dogs bark for less than five minutes, their owners can be cited by the city if the dog barks for three periods in 24 hours. Such barking is considered a noise disturbance.
See? Cities are getting more like the stereotypical HOA.
MOUNT DORA - The city may put a leash on frequent dog-barking. Under a proposed change in Mount Dora's noise ordinance, dogs won't be able to just keep barking and barking, creating a disturbance in a neighborhood. Mount Dora already prohibits dogs from barking for five minutes at a time. But under the revised ordinance, even if dogs bark for less than five minutes, their owners can be cited by the city if the dog barks for three periods in 24 hours. Such barking is considered a noise disturbance.
Monday, September 10, 2007
wcbstv.com - Housing Market Slump Forces Couple To Open Brothel
That's the old entrepreneurial spirit at work, I guess.
That's the old entrepreneurial spirit at work, I guess.
Limits proposed on fast-food restaurants - Los Angeles Times
Attack of the 50-Foot Nanny State!
Amid worries of an obesity epidemic and its related illnesses, including high blood pressure, diabetes and heart disease, Los Angeles officials, among others around the country, are proposing to limit new fast-food restaurants -- a tactic that could be called health zoning.
Attack of the 50-Foot Nanny State!
Amid worries of an obesity epidemic and its related illnesses, including high blood pressure, diabetes and heart disease, Los Angeles officials, among others around the country, are proposing to limit new fast-food restaurants -- a tactic that could be called health zoning.
Sunday, September 09, 2007
Condo and homeowner associations want to change the laws that govern them. -- South Florida Sun-Sentinel.com
This story is mostly about the efforts of "homeowner" groups that are cozy with the industry. There have been claims that some of these groups are "Astroturf roots." It's getting hard to tell who represents whom these days...but I guess if you were a law firm that wanted to stop reform efforts brought about by real owner groups (like Jan Bergemann's Cyber Citizens for Justice), you might want to confuse the situation.
This story is mostly about the efforts of "homeowner" groups that are cozy with the industry. There have been claims that some of these groups are "Astroturf roots." It's getting hard to tell who represents whom these days...but I guess if you were a law firm that wanted to stop reform efforts brought about by real owner groups (like Jan Bergemann's Cyber Citizens for Justice), you might want to confuse the situation.
Jacksonville.com: Business: Story: CONDO CONVERSIONS GONE BAD
This looks like a playground for lawyers.
Several apartment-turned-condo complexes in the Jacksonville area are swimming in lawsuits, with complaints filed against developers, against homeowners and against condo associations.
This looks like a playground for lawyers.
Several apartment-turned-condo complexes in the Jacksonville area are swimming in lawsuits, with complaints filed against developers, against homeowners and against condo associations.
Business Edge News Magazine - businessedge.ca - Ontario Edition - Dual-purpose airport attracts 'condo' buyers
But can I get a doughnut there, eh?
"They've cooked up a different way to run an airport in northern Alberta - they've gone condo. At the Cooking Lake Airport - the only facility in the province with both a floatplane base and a conventional runway - the traditional model of running an airport has taken a backseat. Instead, the undertaking is described as the only airport in Canada operating with a condominium ownership structure.
But can I get a doughnut there, eh?
"They've cooked up a different way to run an airport in northern Alberta - they've gone condo. At the Cooking Lake Airport - the only facility in the province with both a floatplane base and a conventional runway - the traditional model of running an airport has taken a backseat. Instead, the undertaking is described as the only airport in Canada operating with a condominium ownership structure.
Unusual Insurance Claims
"...every once in awhile, a co-op board or condo association must be prepared to deal with out-of-the-ordinary claims that involve more than just the predictable insurance issues."
"...every once in awhile, a co-op board or condo association must be prepared to deal with out-of-the-ordinary claims that involve more than just the predictable insurance issues."
Saturday, September 08, 2007
Karate school robbery leaves thief hospitalized - Yahoo! News
Proving once again that society's best and brightest do not become street criminals...
Proving once again that society's best and brightest do not become street criminals...
Techdirt: City Sends Spy Planes Out To Determine If Your Home Is Wasting Energy
Wow. Mystery Reader sent this link. Hard to believe this is going on, but there it is.
Wow. Mystery Reader sent this link. Hard to believe this is going on, but there it is.
Friday, September 07, 2007
Police bugs put up for sale | NATIONAL | NEWS | tvnz.co.nz
A Cromwell man who found police surveillance gear in two cars they returned to him has been arrested for theft of property. Ralph Williams had put the devices up for auction on Trade Me but police had the ad taken off the the internet website. Williams was being a little cheeky when he found the bugs in two cars given back to him by police and put them up for sale on the web.
A Cromwell man who found police surveillance gear in two cars they returned to him has been arrested for theft of property. Ralph Williams had put the devices up for auction on Trade Me but police had the ad taken off the the internet website. Williams was being a little cheeky when he found the bugs in two cars given back to him by police and put them up for sale on the web.
Reason Magazine - The Limits of Anti-Kelo Legislation
Thanks to Mystery Reader for this link to an assessment of the limits on "economic development" justifications for eminent domain that were passed all over the nation in the wake of Kelo decision by the USSC.
Legislators have found many different ways to produce bills that appear to protect property rights without actually doing so. Texas, for example, banned "economic development" takings but continues to permit them under other names, such as "community development." The most common tactic, used in some 16 states' post-Kelo laws, is to allow economic development condemnations to continue under the guise of alleviating "blight." While it may sometimes be desirable to use eminent domain to transform severely dilapidated areas, many states define "blight" so broadly that almost any neighborhood qualifies.
Thanks to Mystery Reader for this link to an assessment of the limits on "economic development" justifications for eminent domain that were passed all over the nation in the wake of Kelo decision by the USSC.
Legislators have found many different ways to produce bills that appear to protect property rights without actually doing so. Texas, for example, banned "economic development" takings but continues to permit them under other names, such as "community development." The most common tactic, used in some 16 states' post-Kelo laws, is to allow economic development condemnations to continue under the guise of alleviating "blight." While it may sometimes be desirable to use eminent domain to transform severely dilapidated areas, many states define "blight" so broadly that almost any neighborhood qualifies.
Bloomberg.com: Opinion: A Wall Street Trader Draws Some Subprime Lessons: Michael Lewis
How's this for a pithy lead:
Sept. 5 (Bloomberg) -- So right after the Bear Stearns funds blew up, I had a thought: This is what happens when you lend money to poor people.
How's this for a pithy lead:
Sept. 5 (Bloomberg) -- So right after the Bear Stearns funds blew up, I had a thought: This is what happens when you lend money to poor people.
Thursday, September 06, 2007
California: Homeowner Protection Act clears Legislature
Another step toward making HOAs behave like governments.
Homeowner associations, which already act like little governments, would have to hew to some of the standards of larger regulatory bodies under a proposed state law that has gotten unanimous approval by the California Assembly and Senate. SB 528, authored by state Sen. Sam Aanestad, R-Grass Valley, now heads to Gov. Arnold Schwarzenegger to be signed into law. The Aanestad measure strengthens homeowner protections in common interest developments (CIDs), such as homeowner associations, by requiring all CID boards to only consider matters that are listed on an agenda during regularly scheduled meetings.
Another step toward making HOAs behave like governments.
Homeowner associations, which already act like little governments, would have to hew to some of the standards of larger regulatory bodies under a proposed state law that has gotten unanimous approval by the California Assembly and Senate. SB 528, authored by state Sen. Sam Aanestad, R-Grass Valley, now heads to Gov. Arnold Schwarzenegger to be signed into law. The Aanestad measure strengthens homeowner protections in common interest developments (CIDs), such as homeowner associations, by requiring all CID boards to only consider matters that are listed on an agenda during regularly scheduled meetings.
Ruling on pickups won't wipe out bans by condo associations -- South Florida Sun-Sentinel.com
Cities can't ban pickups in Florida, but not so fast...condos can?
`Residents of condo and homeowner association communities who want the right to park pickups in their driveways shouldn't look to a recent appeal court decision for relief, legal experts say. That ruling applies only to cities. The Third District Court of Appeal in Miami ruled 2-1 that the city of Coral Gables can't enforce the "unconstitutional" code that for years prevented residents from parking pickups in their driveways overnight. In the ruling, Senior Judge Alan R. Schwartz called it "frightening" for a government to make something illegal because some people don't like the way something looks.
Cities can't ban pickups in Florida, but not so fast...condos can?
`Residents of condo and homeowner association communities who want the right to park pickups in their driveways shouldn't look to a recent appeal court decision for relief, legal experts say. That ruling applies only to cities. The Third District Court of Appeal in Miami ruled 2-1 that the city of Coral Gables can't enforce the "unconstitutional" code that for years prevented residents from parking pickups in their driveways overnight. In the ruling, Senior Judge Alan R. Schwartz called it "frightening" for a government to make something illegal because some people don't like the way something looks.
FCC may ban cable exclusivity deals - USATODAY.com
These anti-competitive deals have been going on for decades:
Federal regulators appear set to crack down on cable companies that sign exclusive deals with apartment and condominium buildings, denying residents the fruits of emerging pay-TV competition. Federal Communications Commission Chairman Kevin Martin is recommending prohibiting such future agreements and preventing enforcement of exclusivity clauses in existing contracts, three FCC officials say.
These anti-competitive deals have been going on for decades:
Federal regulators appear set to crack down on cable companies that sign exclusive deals with apartment and condominium buildings, denying residents the fruits of emerging pay-TV competition. Federal Communications Commission Chairman Kevin Martin is recommending prohibiting such future agreements and preventing enforcement of exclusivity clauses in existing contracts, three FCC officials say.
Condo group suing couple over Web site- mlive.com
Here is a story from Michigan. The real problem seems to be that this website includes a forum where people can criticize the BOD and management company. So now do we have attorneys arguing that such activities can be prohibited?
MUNDY TWP. - A married couple who started a Web site for residents in their condominium complex are learning that free speech can be costly. James and Helen Cunningham say they are staggered by a bill from their condo association for more than $3,000 - the attorney's fees racked up by the board of directors so far in suing the couple in Genesee Circuit Court over the site. In court papers, the board claims the site should be shut down because it violates an association bylaw that forbids "annoyances" and interferes with association business. The Cunninghams said they started the site so they could get to know more neighbors in the Lake Park Village subdivision on Fenton Road, north of Baldwin Road, where they've lived for 13 years. James Cunningham said he is dismayed by the board's effort to force him and his wife to finance the lawsuit, even threatening to put a lien on their property if they don't pay by Monday.
Here is a story from Michigan. The real problem seems to be that this website includes a forum where people can criticize the BOD and management company. So now do we have attorneys arguing that such activities can be prohibited?
MUNDY TWP. - A married couple who started a Web site for residents in their condominium complex are learning that free speech can be costly. James and Helen Cunningham say they are staggered by a bill from their condo association for more than $3,000 - the attorney's fees racked up by the board of directors so far in suing the couple in Genesee Circuit Court over the site. In court papers, the board claims the site should be shut down because it violates an association bylaw that forbids "annoyances" and interferes with association business. The Cunninghams said they started the site so they could get to know more neighbors in the Lake Park Village subdivision on Fenton Road, north of Baldwin Road, where they've lived for 13 years. James Cunningham said he is dismayed by the board's effort to force him and his wife to finance the lawsuit, even threatening to put a lien on their property if they don't pay by Monday.
Wednesday, September 05, 2007
Pending Home Sales Sink in July: Financial News - Yahoo! Finance
More bad news...
"Numbers like this should put to rest the belief that we've reached the bottom" in the housing market, said Joel Naroff, chief economist for Commerce Bancorp Inc. "There's still a lot of pain that's ahead of us."
More bad news...
"Numbers like this should put to rest the belief that we've reached the bottom" in the housing market, said Joel Naroff, chief economist for Commerce Bancorp Inc. "There's still a lot of pain that's ahead of us."
Monday, September 03, 2007
Insigniaresidential - FSBO » Blog Archive » Luxury Ghost Towns
Nice turn of phrase...
Three years ago, this Las Vegas suburb was teeming with modern-day prospectors armed with low-interest mortgages, all hoping to strike it rich in real estate. Now, what started with the subprime-mortgage mess and subsequent credit crunch are turning communities like Black Mountain Vista into luxury ghost towns. Buyers who got in over their heads are being forced to abandon their homes, leaving behind empty McMansions on the California coast and see-through condominium towers on Miami Beach. Real estate is turning into a money pit, sapping the fortunes of home buyers, hedge-fund managers and house painters alike. The really bad news? This is only the beginning.
Nice turn of phrase...
Three years ago, this Las Vegas suburb was teeming with modern-day prospectors armed with low-interest mortgages, all hoping to strike it rich in real estate. Now, what started with the subprime-mortgage mess and subsequent credit crunch are turning communities like Black Mountain Vista into luxury ghost towns. Buyers who got in over their heads are being forced to abandon their homes, leaving behind empty McMansions on the California coast and see-through condominium towers on Miami Beach. Real estate is turning into a money pit, sapping the fortunes of home buyers, hedge-fund managers and house painters alike. The really bad news? This is only the beginning.
Sunday, September 02, 2007
Invented languages: They're not just for Klingons anymore
A few years ago, I was in Germany having breakfast with economist Fred Foldvary. We were at a conference on gated communities. There were people from all over the world at this conference, and I said, jokingly, it was too bad everybody couldn't speak Esperanto. Fred replied in Esperanto. He is one of the 2,000,000 Esperanto speakers. What are the odds? I guess about 150 to one?
A few years ago, I was in Germany having breakfast with economist Fred Foldvary. We were at a conference on gated communities. There were people from all over the world at this conference, and I said, jokingly, it was too bad everybody couldn't speak Esperanto. Fred replied in Esperanto. He is one of the 2,000,000 Esperanto speakers. What are the odds? I guess about 150 to one?
Harvard reader of chicken entrails and tea leaves warns of recession, Urges Fed to Cut Rate to 4.25%
You may have gathered from the headline that I am a bit skeptical of economic or other social scientific forecasts. Heck, throw in hard science as well. But who knows? Maybe he's right.
Sept. 2 (Bloomberg) -- Harvard University economist Martin Feldstein said the U.S. housing slump threatens a broader recession, and the Federal Reserve should lower interest rates.
You may have gathered from the headline that I am a bit skeptical of economic or other social scientific forecasts. Heck, throw in hard science as well. But who knows? Maybe he's right.
Sept. 2 (Bloomberg) -- Harvard University economist Martin Feldstein said the U.S. housing slump threatens a broader recession, and the Federal Reserve should lower interest rates.
Private subdivision road upkeep bedevils Gilbert | EastValleyTribune.com
This story is what triggered the editorial linked below. Crumbling private streets coupled with no money to fix them is going to be a huge and growing problem in the years to come, for HOAs across the nation. Finally a public official uses the same term I've been using: "timb bomb."
t least 90 subdivisions in Gilbert are facing a “ticking time bomb” when it comes to their privately owned roads, town officials say. The problem comes after several years of wear and tear start to show and residents start wondering when the town’s government is going to get around to fixing their streets. But in developments with private streets, residents or their homeowners associations are responsible for maintaining the roads. And as these neighborhoods grow older, their deteriorating streets become a problem for the entire town. As a result, the problem has been dropped in the Town Council’s lap as Gilbert helps look for solutions. “It’s a time bomb because, basically, these homeowners associations don’t know what the costs are,” Gilbert Town Manager George Pettit said.
This story is what triggered the editorial linked below. Crumbling private streets coupled with no money to fix them is going to be a huge and growing problem in the years to come, for HOAs across the nation. Finally a public official uses the same term I've been using: "timb bomb."
t least 90 subdivisions in Gilbert are facing a “ticking time bomb” when it comes to their privately owned roads, town officials say. The problem comes after several years of wear and tear start to show and residents start wondering when the town’s government is going to get around to fixing their streets. But in developments with private streets, residents or their homeowners associations are responsible for maintaining the roads. And as these neighborhoods grow older, their deteriorating streets become a problem for the entire town. As a result, the problem has been dropped in the Town Council’s lap as Gilbert helps look for solutions. “It’s a time bomb because, basically, these homeowners associations don’t know what the costs are,” Gilbert Town Manager George Pettit said.
HOAs should shore up own private roads | EastValleyTribune.com
Great editorial forwarded by Fred Pilot. For years I have been warning people about the looming private infrastructure crisis. Here is Gilbert, AZ, addressing one of the biggest time bombs: private streets. The whole problem is laid out in a couple of paragraphs:
In fact, Gilbert had a policy for years of allowing subdivision developers to build smaller, narrower streets with the understanding that a subsequent HOA would have the legal requirement for maintenance. The arrangement meant developers could devote more space to additional houses or other amenities, while Gilbert reduced its commitment to street construction issues. In the most cases, the actual homeowners weren’t around when these deals were struck. So developers should have made it clear to newly created HOAs that privately owned streets were part of the package. In turn, each HOA’s original board should have established a street maintenance program to be followed, and modified as warranted, by those came along afterward. In many cases that didn’t happen, Markham reported, and homeowners only learned they would have to personally foot the bill when they started asking who was going to deal with the crumbling asphalt. The widespread confusion and headaches for homeowners has prompted Gilbert leaders to stop making such arrangements, Markham reported. Most new residential streets must be built to public standards and handed over to the city. But Gilbert wisely isn’t bailing out HOAs that failed to plan ahead. The city is helping such HOAs to get a break on street repair costs from contractors already doing work on city-owned streets in the area.
Great editorial forwarded by Fred Pilot. For years I have been warning people about the looming private infrastructure crisis. Here is Gilbert, AZ, addressing one of the biggest time bombs: private streets. The whole problem is laid out in a couple of paragraphs:
In fact, Gilbert had a policy for years of allowing subdivision developers to build smaller, narrower streets with the understanding that a subsequent HOA would have the legal requirement for maintenance. The arrangement meant developers could devote more space to additional houses or other amenities, while Gilbert reduced its commitment to street construction issues. In the most cases, the actual homeowners weren’t around when these deals were struck. So developers should have made it clear to newly created HOAs that privately owned streets were part of the package. In turn, each HOA’s original board should have established a street maintenance program to be followed, and modified as warranted, by those came along afterward. In many cases that didn’t happen, Markham reported, and homeowners only learned they would have to personally foot the bill when they started asking who was going to deal with the crumbling asphalt. The widespread confusion and headaches for homeowners has prompted Gilbert leaders to stop making such arrangements, Markham reported. Most new residential streets must be built to public standards and handed over to the city. But Gilbert wisely isn’t bailing out HOAs that failed to plan ahead. The city is helping such HOAs to get a break on street repair costs from contractors already doing work on city-owned streets in the area.
Saturday, September 01, 2007
Polk County Condo Complex Has Power Shut Off, Water To Come - News Story - WFTV Orlando
I expect a lot more of this in the near future.
DAVENPORT, Fla. -- Dozens of Polk County families will spend another day in the sweltering heat without electricity, and on top of that could have their water shut off Wednesday. More than 100 residents at the Tropicana Resort condos in Davenport protested outside the front office Tuesday. They said they've paid their rent, but the condo association that runs the complex fell behind on its utility payments by tens of thousands of dollars.
I expect a lot more of this in the near future.
DAVENPORT, Fla. -- Dozens of Polk County families will spend another day in the sweltering heat without electricity, and on top of that could have their water shut off Wednesday. More than 100 residents at the Tropicana Resort condos in Davenport protested outside the front office Tuesday. They said they've paid their rent, but the condo association that runs the complex fell behind on its utility payments by tens of thousands of dollars.
Barclays Capital bails out $1.6bn hedge fund | | Guardian Unlimited Business
Barclays Capital, the high street bank's investment banking arm, has bailed out a $1.6bn (£800m) Cairn Capital hedge fund after it was pushed to the brink of collapse by the global credit squeeze and sub-prime mortgage crisis.
Barclays Capital, the high street bank's investment banking arm, has bailed out a $1.6bn (£800m) Cairn Capital hedge fund after it was pushed to the brink of collapse by the global credit squeeze and sub-prime mortgage crisis.
Friday, August 31, 2007
The Pullins Report - Pullins Law Firm Wins Big in Appeals Court
With links to information about the case.
With links to information about the case.
Bush to unveil homeowners' plan - Mortgage Mess - MSNBC.com
I see no mention of a bailout for the companies that went bust making these loans. I'm wondering what this package is going to look like and who is going to be making the loans.
WASHINGTON - Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump. The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
I see no mention of a bailout for the companies that went bust making these loans. I'm wondering what this package is going to look like and who is going to be making the loans.
WASHINGTON - Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump. The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
Thursday, August 30, 2007
Subprime loans face big hikes - Yahoo! News
New York - Millions of homeowners around the nation are now getting the news in the mail: The interest rate on their home loans is going up, possibly to double-digit levels.
New York - Millions of homeowners around the nation are now getting the news in the mail: The interest rate on their home loans is going up, possibly to double-digit levels.
Boom of condo crash loudest in Miami -- OrlandoSentinel.com
Miami, with its unmatched volume and untold number of speculative buyers, is ripe for the hardest fall in the U.S. "Miami is the poster child for the condo bust," said Jack McCabe, CEO of McCabe Research & Consulting, a real-estate market-analysis firm located in Deerfield Beach. "There are probably only two cities in the world with more construction: Shanghai and Dubai. Unfortunately, there is going to be a lot of foreclosures . . ., and developers, lenders, title companies and real-estate companies will go under."
Miami, with its unmatched volume and untold number of speculative buyers, is ripe for the hardest fall in the U.S. "Miami is the poster child for the condo bust," said Jack McCabe, CEO of McCabe Research & Consulting, a real-estate market-analysis firm located in Deerfield Beach. "There are probably only two cities in the world with more construction: Shanghai and Dubai. Unfortunately, there is going to be a lot of foreclosures . . ., and developers, lenders, title companies and real-estate companies will go under."
Wednesday, August 29, 2007
JS Online: Severed goat head left at law office
Making her an offer she couldn't refuse, or just negative feedback?
Making her an offer she couldn't refuse, or just negative feedback?
Plano man told to remove solar lights | WFAA.com | Local News: TV
More absurd repression by an HOA:
PLANO - Do homeowners' associations wield too much power? Some North Texans facing fines, liens and even foreclosures for everything from fake flowers to satellite dishes say there's no question about it. Eli Barron didn't ask his homeowners' association for permission to install seven solar lights. He didn't know he had to until he received a letter. The association threatened to fine him $200 a day until he removed the energy-conserving lights.
More absurd repression by an HOA:
PLANO - Do homeowners' associations wield too much power? Some North Texans facing fines, liens and even foreclosures for everything from fake flowers to satellite dishes say there's no question about it. Eli Barron didn't ask his homeowners' association for permission to install seven solar lights. He didn't know he had to until he received a letter. The association threatened to fine him $200 a day until he removed the energy-conserving lights.
News: How involved are you with your homeowner's association? | - OCRegister.com
This is a poll. The results aren't in yet, but here's a spoiler: the answer is going to be...not very.
This is a poll. The results aren't in yet, but here's a spoiler: the answer is going to be...not very.
In Greenwood, Home Projects Might Need Neighbors' OK - Local News Story - WRTV Indianapolis
So--another example of building associations into the structure of local government.
GREENWOOD, Ind. -- Greenwood's city council is considering an ordinance that would require homeowners to get approval from their neighborhood association before obtaining a city permit for home additions.
So--another example of building associations into the structure of local government.
GREENWOOD, Ind. -- Greenwood's city council is considering an ordinance that would require homeowners to get approval from their neighborhood association before obtaining a city permit for home additions.
Century Village unit criticized for spending $11,000 to alter elevator for Sabbath -- South Florida Sun-Sentinel.com
Usually stories like this involve an association banning religious displays or some such thing because the practice conflicts with a rule. Here we have an association spending money to accomodate religious practices. Apparently either way they get criticized...
Most of the 56 owners in Berkshire E are Orthodox Jews barred for religious reasons from pushing the buttons on their elevator during the Sabbath, which runs from Friday evening to Saturday evening. They persuaded their board to spend $11,000 to convert the elevator so it automatically stops on each of the four floors during the Sabbath.
Usually stories like this involve an association banning religious displays or some such thing because the practice conflicts with a rule. Here we have an association spending money to accomodate religious practices. Apparently either way they get criticized...
Most of the 56 owners in Berkshire E are Orthodox Jews barred for religious reasons from pushing the buttons on their elevator during the Sabbath, which runs from Friday evening to Saturday evening. They persuaded their board to spend $11,000 to convert the elevator so it automatically stops on each of the four floors during the Sabbath.
Tuesday, August 28, 2007
RHE man gets jail time for property fixes
And you thought your HOA was tyrannical? How does six months in jail stack up, courtesy of your friendly neighborhood municipality?
He built a fence, a retaining wall, a patio and a few concrete columns to decorate his driveway, and now Francisco Linares is going to jail for it.
And you thought your HOA was tyrannical? How does six months in jail stack up, courtesy of your friendly neighborhood municipality?
He built a fence, a retaining wall, a patio and a few concrete columns to decorate his driveway, and now Francisco Linares is going to jail for it.
Home Prices: Steepest Drop in 20 Years
As predicted, and even worse.
NEW YORK (AP) -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.
As predicted, and even worse.
NEW YORK (AP) -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.
Monday, August 27, 2007
The Coloradoan - www.coloradoan.com - Ft. Collins, CO.
Here is a proposal in Ft. Collins, CO, to convert neighborhoods to HOAs, just as economist Robert Nelson has been proposing for years. Thanks to Fred Pilot for the link.
City Council member Wade Troxell wants the city to take a fresh look at code enforcement and has asked staff to study the concept of neighborhood-created homeowners associations. Neighborhoods could be as small as a city block, and people living in an area where a HOA is passed could be forced to join, even against their will, and possibly be asked to pay association fees.
Here is a proposal in Ft. Collins, CO, to convert neighborhoods to HOAs, just as economist Robert Nelson has been proposing for years. Thanks to Fred Pilot for the link.
City Council member Wade Troxell wants the city to take a fresh look at code enforcement and has asked staff to study the concept of neighborhood-created homeowners associations. Neighborhoods could be as small as a city block, and people living in an area where a HOA is passed could be forced to join, even against their will, and possibly be asked to pay association fees.
News - Hope on the rise in Phoenix Park - sacbee.com
Fred Pilot sent this update on the municipal takeover of the collapsed Franklin Villa association.
Fred Pilot sent this update on the municipal takeover of the collapsed Franklin Villa association.
ABC News: Right to Dry? Fight to Hang Clotheslines may be protected by legislatures against HOA prohibitions
Vermont is the latest state to introduce a bill that would override clothesline bans, which are often instituted by community associations loath to air laundry even when it's clean. Now, clothesline restrictions may be headed the way of bans on parking pickup trucks in front of homes, or growing grass too long -- all vestiges of trim and tidy hopes that may not fit with the renewed emphasis on going green.
Vermont is the latest state to introduce a bill that would override clothesline bans, which are often instituted by community associations loath to air laundry even when it's clean. Now, clothesline restrictions may be headed the way of bans on parking pickup trucks in front of homes, or growing grass too long -- all vestiges of trim and tidy hopes that may not fit with the renewed emphasis on going green.
Embattled Attorney General Resigns - New York Times
It's about time. The pattern of the Bush administration is to keep people on long past the point where any other administration would have dropped them in order to stop the bleeding. I gather this reflects the President's determination to show that nobody can make him do anything. He is, after all, "The Decider." But this is a self-destructive strategy, unless the people and policies being stubbornly supported prove in the end to have been good ones. The result to date is that Bush's job approval rating has been buried at the bottom of a deep crater on one of the frozen moons of Jupiter for a year or so. If he's waiting to be bailed out by the history professors, all I can say is "Don't hold your breath." The judgment of history will not be that George Tenet, Norman Mineta, Donald Rumsfeld, Alberto Gonzales, et al., did a fantastic job that was under-appreciated at the time.
It's about time. The pattern of the Bush administration is to keep people on long past the point where any other administration would have dropped them in order to stop the bleeding. I gather this reflects the President's determination to show that nobody can make him do anything. He is, after all, "The Decider." But this is a self-destructive strategy, unless the people and policies being stubbornly supported prove in the end to have been good ones. The result to date is that Bush's job approval rating has been buried at the bottom of a deep crater on one of the frozen moons of Jupiter for a year or so. If he's waiting to be bailed out by the history professors, all I can say is "Don't hold your breath." The judgment of history will not be that George Tenet, Norman Mineta, Donald Rumsfeld, Alberto Gonzales, et al., did a fantastic job that was under-appreciated at the time.
Larry Summers: US could be heading for recession - Telegraph
I hope he is wrong about this, but people have been saying for years that the housing market was keeping the economy rolling.
Former US Treasury Secretary Larry Summers warned that the United States may be heading into recession as the biggest victim to date of the sub-prime mortgage debacle was humiliatingly sold for a token sum in Germany. Traders are braced for another week of turmoil after the near breakdown of America's $2,200bn (£1,100bn) market for commercial paper...Federal Reserve data shows that the outstanding stock of US commercial paper has fallen by $255bn over the last three weeks, a sign that borrowers have been unable to roll over huge amounts of debt. The fall is comparable to the sudden shrinkage that occurred at the onset of the dotcom bust, and may have the effect of draining liquidity.
I hope he is wrong about this, but people have been saying for years that the housing market was keeping the economy rolling.
Former US Treasury Secretary Larry Summers warned that the United States may be heading into recession as the biggest victim to date of the sub-prime mortgage debacle was humiliatingly sold for a token sum in Germany. Traders are braced for another week of turmoil after the near breakdown of America's $2,200bn (£1,100bn) market for commercial paper...Federal Reserve data shows that the outstanding stock of US commercial paper has fallen by $255bn over the last three weeks, a sign that borrowers have been unable to roll over huge amounts of debt. The fall is comparable to the sudden shrinkage that occurred at the onset of the dotcom bust, and may have the effect of draining liquidity.
Flips, scams blamed in California housing decline | Reuters
How one HOA development fell victim to some people who gamed the system. While the gaming was good, at least.
The families believe the investors were not just people flipping houses for a quick profit, but also a group of scammers taking advantage of lax lending rules that permitted 100 percent financing with no money down and minimal documentation. For the Gordons and Taylors, these are the people who ruined the neighborhood by using their homes like revolving night clubs, cramming cars into the cul de sacs and threatening neighbors who complained.
How one HOA development fell victim to some people who gamed the system. While the gaming was good, at least.
The families believe the investors were not just people flipping houses for a quick profit, but also a group of scammers taking advantage of lax lending rules that permitted 100 percent financing with no money down and minimal documentation. For the Gordons and Taylors, these are the people who ruined the neighborhood by using their homes like revolving night clubs, cramming cars into the cul de sacs and threatening neighbors who complained.
Charlotte Observer | 08/26/2007 | Shalt-nots that shape neighborhoods
I like this lead:
Your neighborhood is more likely to have this pairing than not: rules, enforced by a homeowners association.
I like this lead:
Your neighborhood is more likely to have this pairing than not: rules, enforced by a homeowners association.
The Enquirer - Problem ponds
Here's another issue to keep an eye on. Cities make developers deal with potential drainage issues at the time of initial construction, and if the developer has enough open space they do it by building detention ponds, which is cheaper than building more sewer capacity. These ponds turn into an expensive nuisance if not maintained, and guess who gets the responsibility and the bill? The HOA, of course. Like the man says, the bottom line is money, and solving a problem with a detention pond can run into seven figures.
But what happens when the retention pond doesn't function properly? Who's to blame when the ponds leak or sediment builds up? And who fixes the problem when algae blooms begin to stink? Homeowners in several local communities have learned the hard way that getting answers to such questions can take years - and can cost a lot of money...If the developer has enough open space, building a retention pond that controls the flow into existing storm sewers is cheaper than installing bigger storm sewers. "The bottom line is money," said Petty.
Here's another issue to keep an eye on. Cities make developers deal with potential drainage issues at the time of initial construction, and if the developer has enough open space they do it by building detention ponds, which is cheaper than building more sewer capacity. These ponds turn into an expensive nuisance if not maintained, and guess who gets the responsibility and the bill? The HOA, of course. Like the man says, the bottom line is money, and solving a problem with a detention pond can run into seven figures.
But what happens when the retention pond doesn't function properly? Who's to blame when the ponds leak or sediment builds up? And who fixes the problem when algae blooms begin to stink? Homeowners in several local communities have learned the hard way that getting answers to such questions can take years - and can cost a lot of money...If the developer has enough open space, building a retention pond that controls the flow into existing storm sewers is cheaper than installing bigger storm sewers. "The bottom line is money," said Petty.
Sunday, August 26, 2007
Drop Foreseen in Median Price of U.S. Homes - New York Times
Here is a milestone nobody wants to see. This is mainly the result of the overpricing that occurred during the housing bubble, but I can't help thinking that on some level the market is reflecting the fact that, apart from the investment expectations and the tax advantages, home ownership isn't worth as much as it once was. With today's new CID housing, you just don't get the dominion and control that was once considered a major part of the package. For example, if it comes to deciding whether or not to buy a condo unit, and the value isn't increasing, many people would just as soon rent. Home ownership can be a huge hassle, and the costs can offset the tax advantages. I know some people with substantial assets who have rented their entire lives, including at least one famous law professor. In some big cities it isn't all that unusual a thing to do.
Here is a milestone nobody wants to see. This is mainly the result of the overpricing that occurred during the housing bubble, but I can't help thinking that on some level the market is reflecting the fact that, apart from the investment expectations and the tax advantages, home ownership isn't worth as much as it once was. With today's new CID housing, you just don't get the dominion and control that was once considered a major part of the package. For example, if it comes to deciding whether or not to buy a condo unit, and the value isn't increasing, many people would just as soon rent. Home ownership can be a huge hassle, and the costs can offset the tax advantages. I know some people with substantial assets who have rented their entire lives, including at least one famous law professor. In some big cities it isn't all that unusual a thing to do.
Federal Reserve allows Citigroup to elude key banking rule - Aug. 24, 2007
From CNN Money:
In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates...The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible." So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle. Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn't give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America - $25 billion each - is a cause for unease.
From CNN Money:
In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates...The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible." So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle. Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn't give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America - $25 billion each - is a cause for unease.
Homeowners may face liens from city:
After homeowners association disbanded, city forced to mow common areas, out $1,600 - Clarksville, TN
This is the kind of thing I am expecting to see a lot more of in the years to come.
Homeowner associations, when working smoothly, can be the perfect tool to keep neighbors' yards mowed and chain-link fences at bay. One Clarksville neighborhood, however, is demonstrating what happens when those associations fall apart. In short, things get complicated...Riggins said the city's policy regarding inactive homeowner associations, which allows it to place liens on individual property owners when communal properties are no longer maintained, is a standard practice in other cities.
After homeowners association disbanded, city forced to mow common areas, out $1,600 - Clarksville, TN
This is the kind of thing I am expecting to see a lot more of in the years to come.
Homeowner associations, when working smoothly, can be the perfect tool to keep neighbors' yards mowed and chain-link fences at bay. One Clarksville neighborhood, however, is demonstrating what happens when those associations fall apart. In short, things get complicated...Riggins said the city's policy regarding inactive homeowner associations, which allows it to place liens on individual property owners when communal properties are no longer maintained, is a standard practice in other cities.
Chapelwood residents debating pros and cons of homeowners association - Dothan, Alabama
Nice that the city set up a forum for the owners to make up their own minds about this. The normal route is the developer bundles a mandatory association with the choice to buy the home. Then you have to listen to all this nonsense about how "you voluntarily joined the association," as if you had signed up to be a member of the Moose Lodge or something.
They can be the bane of a homeowner’s existence or a protective force against obnoxious house colors and unsightly yard art.
Nice that the city set up a forum for the owners to make up their own minds about this. The normal route is the developer bundles a mandatory association with the choice to buy the home. Then you have to listen to all this nonsense about how "you voluntarily joined the association," as if you had signed up to be a member of the Moose Lodge or something.
They can be the bane of a homeowner’s existence or a protective force against obnoxious house colors and unsightly yard art.
Saturday, August 25, 2007
Police losing fight against blade culture as stabbings escalate - Australia
Someone in New South Wales is threatened or attacked with a knife, sword, machete, pair of scissors or other sharpened weapon every two hours and nine minutes.
And he must be getting pretty tired of it, too.
Seriously--another result of gun control?
Someone in New South Wales is threatened or attacked with a knife, sword, machete, pair of scissors or other sharpened weapon every two hours and nine minutes.
And he must be getting pretty tired of it, too.
Seriously--another result of gun control?
Las Vegas SUN: Chicago Suburbs Fight Flooding Threat
We had so much rain over the last couple of weeks that the Fox River looks like the Mississippi. The Des Plaines River, likewise. Our house is on high ground, so we are just dealing with a saturated lawn, but when I drove to Geneva for a court appearance last week I was next to the Fox River and it was looking pretty grim for people with waterfront homes. Then we had three more days of heavy rain...
We had so much rain over the last couple of weeks that the Fox River looks like the Mississippi. The Des Plaines River, likewise. Our house is on high ground, so we are just dealing with a saturated lawn, but when I drove to Geneva for a court appearance last week I was next to the Fox River and it was looking pretty grim for people with waterfront homes. Then we had three more days of heavy rain...
Brits ban handguns, gun crimes double - Times Online
Another government intervention in human conduct goes awry...
Despite a ban on handguns introduced in 1997 after 16 children and their teacher were shot dead in the Dunblane massacre the previous year, their use in crimes has almost doubled to reach 4,671 in 2005-06. Official figures show that although Britain has some of the toughest anti-gun laws in the world, firearm use in crime has risen steadily.
Another government intervention in human conduct goes awry...
Despite a ban on handguns introduced in 1997 after 16 children and their teacher were shot dead in the Dunblane massacre the previous year, their use in crimes has almost doubled to reach 4,671 in 2005-06. Official figures show that although Britain has some of the toughest anti-gun laws in the world, firearm use in crime has risen steadily.
Mesa HOA vote to build $8.5M luxury center tossed out by judge | www.azstarnet.com ®
Wow. Why not build a pyramid while you're at it?
A Superior Court judge has ruled against a homeowners association in east Mesa, halting its plans to force residents to pay for the construction of an $8.5 million luxury community center.
Many residents said the project was rammed down their throats and that they couldn't afford the mandatory fees.
Wow. Why not build a pyramid while you're at it?
A Superior Court judge has ruled against a homeowners association in east Mesa, halting its plans to force residents to pay for the construction of an $8.5 million luxury community center.
Many residents said the project was rammed down their throats and that they couldn't afford the mandatory fees.
Friday, August 24, 2007
S.African mayor wants embarrassing municipality name neutered - Yahoo! News
Here's another advantage of HOA living: no developer will name your subdivision "Bull Testicle Villas." But a city? Well, a city can end up being named "Ethikwini."
Red-faced at explaining the name to visitors, a South African mayor is now pushing for a fresh title for one of country's main municipalities which translates as a pair of bull's testicles.
Here's another advantage of HOA living: no developer will name your subdivision "Bull Testicle Villas." But a city? Well, a city can end up being named "Ethikwini."
Red-faced at explaining the name to visitors, a South African mayor is now pushing for a fresh title for one of country's main municipalities which translates as a pair of bull's testicles.
Careful, developers - Treasures may be hiding in sheltered bays - 24/08/2007
I guess "treasure" is in the eye of the beholder. When I saw the headline I was thinking more along the lines of a pirate flotilla full of Spanish doubloons.
Underwater caves in sheltered bays could house a wealth of untapped pre-European archaeological treasures, say Australian researchers. And people involved in coastal developments need to be more aware of the potential for disturbing this underwater heritage, they say.
I guess "treasure" is in the eye of the beholder. When I saw the headline I was thinking more along the lines of a pirate flotilla full of Spanish doubloons.
Underwater caves in sheltered bays could house a wealth of untapped pre-European archaeological treasures, say Australian researchers. And people involved in coastal developments need to be more aware of the potential for disturbing this underwater heritage, they say.
Growing Associations, Growing Controversy - The County Line - Connection Newspapers
Shu Bartholomew sent me this link:
As the investigation of Koger Management Group, Inc. continues, there is a growing question among home and condominium owners if there isn’t a better way to get action on problems with homeowners and condominium associations or real estate management companies.
Shu Bartholomew sent me this link:
As the investigation of Koger Management Group, Inc. continues, there is a growing question among home and condominium owners if there isn’t a better way to get action on problems with homeowners and condominium associations or real estate management companies.
Condo association president arrested
Fred Pilot pointed me to this story at the Cyber Citizens for Justice website.
Fred Pilot pointed me to this story at the Cyber Citizens for Justice website.
Beat The Press | The American Prospect
Mystery Reader sent along this piece by Dean Baker on "The Unreported Wall Street Bailout." Well worth reading.
Mystery Reader sent along this piece by Dean Baker on "The Unreported Wall Street Bailout." Well worth reading.
The Star Beacon; Ashtabula, Ohio - 4 years, 3 months sentence for property manager
Fred Pilot found this link about the Multivest scandal.
Kathleen DeSalvo, co-owner of the firm that once managed Mariner’s Point Condominium Association in Saybrook Township, was sentenced Tuesday in U.S. District Court in Cleveland to 51 months in prison for mail fraud...DeSalvo, who co-owned Willoughby-based MultiVest Management Inc. with her husband, James DeSalvo, pleaded guilty to one count of mail fraud back in April. She admitted to having transferred funds from clients’ bank accounts and depositing the funds into MultiVest’s accounts since 2000. She also admitted to having created false bank statements, which reflected inflated balances in client accounts and providing the false statements to the accounting department, which unknowingly created false financial statements, which then were mailed to MultiVest’s clients every month.
Fred Pilot found this link about the Multivest scandal.
Kathleen DeSalvo, co-owner of the firm that once managed Mariner’s Point Condominium Association in Saybrook Township, was sentenced Tuesday in U.S. District Court in Cleveland to 51 months in prison for mail fraud...DeSalvo, who co-owned Willoughby-based MultiVest Management Inc. with her husband, James DeSalvo, pleaded guilty to one count of mail fraud back in April. She admitted to having transferred funds from clients’ bank accounts and depositing the funds into MultiVest’s accounts since 2000. She also admitted to having created false bank statements, which reflected inflated balances in client accounts and providing the false statements to the accounting department, which unknowingly created false financial statements, which then were mailed to MultiVest’s clients every month.
Home Sales Rise, Factory Orders Up: Financial News - Yahoo! Finance
At last, a bit of good news about the housing market.
At last, a bit of good news about the housing market.
Thursday, August 23, 2007
Proposed amendment would pull up sagging pants in Atlanta
I guess the whole baggy and saggy pants thing has sort of bottomed out in Atlanta.
I guess the whole baggy and saggy pants thing has sort of bottomed out in Atlanta.
'Thought police' to target drinkers | Metro.co.uk
Great example of officials who don't understand that we have a 400 year Anglo-American tradition of limited government.
People who even think about going for a drink face being banned from their town centre for up to two days under wideranging new police powers. Potential trouble-makers can be asked to move on and stay away – even if they have not touched a drop of alcohol.
Great example of officials who don't understand that we have a 400 year Anglo-American tradition of limited government.
People who even think about going for a drink face being banned from their town centre for up to two days under wideranging new police powers. Potential trouble-makers can be asked to move on and stay away – even if they have not touched a drop of alcohol.
Wednesday, August 22, 2007
Top Story: Surprise homeowner battles HOA over backyard Tiki hut - Daily News-Sun
A tiki hut? Aren't those things connected with evil spirits or something? I realize this is Phoenix, AZ, but I assume Hawaiian evil spirits can get around.
Chuck Harman built a Tiki hut in his back yard to enjoy the relaxing mountain vistas and live a Hakuna Matata kind of life. But the Surprise resident says his experience with the Greer Ranch South Homeowners Association, which has sued him to remove the hut, have been just the opposite. Harman built the 8-foot-tall hut on a raised platform in January 2006. He concedes he made a mistake in not getting a permit or permission to do so first, but he said he has tried to work with his HOA, only to be threatened and sued.
A tiki hut? Aren't those things connected with evil spirits or something? I realize this is Phoenix, AZ, but I assume Hawaiian evil spirits can get around.
Chuck Harman built a Tiki hut in his back yard to enjoy the relaxing mountain vistas and live a Hakuna Matata kind of life. But the Surprise resident says his experience with the Greer Ranch South Homeowners Association, which has sued him to remove the hut, have been just the opposite. Harman built the 8-foot-tall hut on a raised platform in January 2006. He concedes he made a mistake in not getting a permit or permission to do so first, but he said he has tried to work with his HOA, only to be threatened and sued.
Mold problems can be aggravated by slow-moving condo associations -- South Florida Sun-Sentinel.com
There is a fungus among us.
For 30 years, Ron McDonald, 67, has owned a townhouse in Tamarac's Woodglen community. Four years ago, he said, a contractor covered a hole in the roof with plastic. It blew off during a storm and "inundated" his unit with water. It took eight months for his association to respond to the water damage and when he discovered mold, it took three months to have it checked. By then, he had developed symptoms of asthma.
There is a fungus among us.
For 30 years, Ron McDonald, 67, has owned a townhouse in Tamarac's Woodglen community. Four years ago, he said, a contractor covered a hole in the roof with plastic. It blew off during a storm and "inundated" his unit with water. It took eight months for his association to respond to the water damage and when he discovered mold, it took three months to have it checked. By then, he had developed symptoms of asthma.
NASA - Pioneering NASA Spacecraft Mark Thirty Years of Flight
Find me a cooler story than this.
In December 2004, Voyager 1 began crossing the solar system's final frontier. Called the heliosheath, this turbulent area, approximately 8.7 billion miles from the sun, is where the solar wind slows as it crashes into the thin gas that fills the space between stars. Voyager 2 could reach this boundary later this year, putting both Voyagers on their final leg toward interstellar space. Each spacecraft carries five fully functioning science instruments that study the solar wind, energetic particles, magnetic fields and radio waves as they cruise through this unexplored region of deep space. The spacecraft are too far from the sun to use solar power. They run on less than 300 watts, the amount of power needed to light up a bright light bulb. Their long-lived radioisotope thermoelectric generators provide the power.
Find me a cooler story than this.
In December 2004, Voyager 1 began crossing the solar system's final frontier. Called the heliosheath, this turbulent area, approximately 8.7 billion miles from the sun, is where the solar wind slows as it crashes into the thin gas that fills the space between stars. Voyager 2 could reach this boundary later this year, putting both Voyagers on their final leg toward interstellar space. Each spacecraft carries five fully functioning science instruments that study the solar wind, energetic particles, magnetic fields and radio waves as they cruise through this unexplored region of deep space. The spacecraft are too far from the sun to use solar power. They run on less than 300 watts, the amount of power needed to light up a bright light bulb. Their long-lived radioisotope thermoelectric generators provide the power.
Blue Chip Law Firm Hourly Rates Hit the "Vomit Point" - WSJ.com
One thousand dollars per hour? Here's the best line in the article: "We have viewed $1,000 an hour as a possible vomit point for clients," says a partner at a New York firm.
A few attorneys crossed into $1,000-per-hour billing before this year, but recent moves to the four-figure mark in New York, which sets trends for legal markets around the country, are seen as a significant turning point.
One thousand dollars per hour? Here's the best line in the article: "We have viewed $1,000 an hour as a possible vomit point for clients," says a partner at a New York firm.
A few attorneys crossed into $1,000-per-hour billing before this year, but recent moves to the four-figure mark in New York, which sets trends for legal markets around the country, are seen as a significant turning point.
Accredited Shuts Down Much of Company: Financial News - Yahoo! Finance
SAN DIEGO (AP) -- Accredited Home Lenders Holding Co. plans to shut down most of its business to survive the troubles in the home lending industry, the company said Wednesday. Accredited Home Lenders said it will cut its work force to 1,000 people -- from 2,600 at the end of June -- and close 65 branches. The company will immediately stop accepting applications for home loans in the U.S., though it will honor the loans it has already committed to finance.
SAN DIEGO (AP) -- Accredited Home Lenders Holding Co. plans to shut down most of its business to survive the troubles in the home lending industry, the company said Wednesday. Accredited Home Lenders said it will cut its work force to 1,000 people -- from 2,600 at the end of June -- and close 65 branches. The company will immediately stop accepting applications for home loans in the U.S., though it will honor the loans it has already committed to finance.
My Way News - Pit Bulls Break Into Home, Maul Woman
There have been so many stories like this. Why do we have to live with the risk of being attacked by some idiot's pit bull? Maybe HOAs should ban pit bulls, along with all these other nightmare breeds (Presa Canario, Fila Brasiliero, etc.) that were created to kill. I recently drafted a document amendment to do that. In Illinois, municipalities can't ban any breed because the state legislature caved to the pit bull breeders while claiming to be passing a new and improved dangerous dog law. But HOAs could do it. Or maybe we should have a state law requiring all of these dangerous breeds to be neutered before they reach reproductive age, and ban importation of new ones, and just let the breed die out. I know it isn't the dogs' fault, but we don't need more of these incidents. And the absurd argument by pit bull lovers that it isn't instinct but the way they are raised has been disproved so many times that it isn't worth responding to.
There have been so many stories like this. Why do we have to live with the risk of being attacked by some idiot's pit bull? Maybe HOAs should ban pit bulls, along with all these other nightmare breeds (Presa Canario, Fila Brasiliero, etc.) that were created to kill. I recently drafted a document amendment to do that. In Illinois, municipalities can't ban any breed because the state legislature caved to the pit bull breeders while claiming to be passing a new and improved dangerous dog law. But HOAs could do it. Or maybe we should have a state law requiring all of these dangerous breeds to be neutered before they reach reproductive age, and ban importation of new ones, and just let the breed die out. I know it isn't the dogs' fault, but we don't need more of these incidents. And the absurd argument by pit bull lovers that it isn't instinct but the way they are raised has been disproved so many times that it isn't worth responding to.
Global Warming Fears: Norway's Moose Population in Trouble for Belching - International - SPIEGEL ONLINE - News
And not only that, but they are driving SUVs. They claim it's because they need more headroom for those antlers.
The poor old Scandinavian moose is now being blamed for climate change, with researchers in Norway claiming that a grown moose can produce 2,100 kilos of methane a year -- equivalent to the CO2 output resulting from a 13,000 kilometer car journey.
And not only that, but they are driving SUVs. They claim it's because they need more headroom for those antlers.
The poor old Scandinavian moose is now being blamed for climate change, with researchers in Norway claiming that a grown moose can produce 2,100 kilos of methane a year -- equivalent to the CO2 output resulting from a 13,000 kilometer car journey.
Three charged with thefts from Aberdeen condo assoc.
Another property manager alleged embezzlement case, this one from New Jersey.
Another property manager alleged embezzlement case, this one from New Jersey.
LA Daily News - Lakers radio broadcaster sues condominium association over plumbing problems
He lives in Plaza Towers, which his attorney says is known locally as "Plaza Showers."
He lives in Plaza Towers, which his attorney says is known locally as "Plaza Showers."
Tuesday, August 21, 2007
U.S. Foreclosures Rise Sharply in July: Financial News - Yahoo! Finance
Notice that we get all kinds of data about mortgage foreclosures, but nothing from any public source about common interest community foreclosures, or the state of their reserves, or assessment delinquency rates. That's one of the main problems with private governance. Nobody has a good picture on what is going on, except in their own neighborhood--and sometimes not even there.
LOS ANGELES (AP) -- Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
Notice that we get all kinds of data about mortgage foreclosures, but nothing from any public source about common interest community foreclosures, or the state of their reserves, or assessment delinquency rates. That's one of the main problems with private governance. Nobody has a good picture on what is going on, except in their own neighborhood--and sometimes not even there.
LOS ANGELES (AP) -- Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
Monday, August 20, 2007
Bloomberg.com: Subprime Infects $300 Billion of Money Market Funds, Hikes Risk
More good news.
Unlike bank accounts, money market funds aren't insured by the federal government. They almost never fail. Unbeknownst to most investors, some of the largest money market funds today are putting part of their cash into one of the riskiest debt investments in the world: collateralized debt obligations backed by subprime mortgage loans. CDOs are packages of bonds and loans, and almost half of all CDOs sold in the U.S. in 2006 contained subprime debt, according to a March report by Moody's Investors Service.
More good news.
Unlike bank accounts, money market funds aren't insured by the federal government. They almost never fail. Unbeknownst to most investors, some of the largest money market funds today are putting part of their cash into one of the riskiest debt investments in the world: collateralized debt obligations backed by subprime mortgage loans. CDOs are packages of bonds and loans, and almost half of all CDOs sold in the U.S. in 2006 contained subprime debt, according to a March report by Moody's Investors Service.
City asked to take over retention pond
Ridge Meadows residents seek lower subdivision fee
Fred Pilot sent this. Look for a lot more of these efforts at de-privatization as the years go by and more associations decide they'd like to unload facilities rather than raise assessments to maintain them. Then the issue becomes whether the local government sees it as a public responsibility.
Residents of Pacific's Ridge Meadows subdivision, hoping to reduce their annual fee, want the city to take over their development's retention pond.
Ridge Meadows residents seek lower subdivision fee
Fred Pilot sent this. Look for a lot more of these efforts at de-privatization as the years go by and more associations decide they'd like to unload facilities rather than raise assessments to maintain them. Then the issue becomes whether the local government sees it as a public responsibility.
Residents of Pacific's Ridge Meadows subdivision, hoping to reduce their annual fee, want the city to take over their development's retention pond.
Sunday, August 19, 2007
Condo growth slowing down | The San Diego Union-Tribune
Gee... do you think maybe it's about time?
Thanks to Fred Pilot for the pointer.
Gee... do you think maybe it's about time?
Thanks to Fred Pilot for the pointer.
Saudis plan Iraq border fence: 560-mile barricade designed to keep out extremists
So Saudi Arabia is becoming a gated community. Can't say I blame them, given their neighbors. But isn't there something ironic about Saudi Arabia trying to keep extremists out? I mean, you could make a good argument that the fence is keeping them in.
So Saudi Arabia is becoming a gated community. Can't say I blame them, given their neighbors. But isn't there something ironic about Saudi Arabia trying to keep extremists out? I mean, you could make a good argument that the fence is keeping them in.
Federal ID plan raises privacy concerns - CNN.com
I think we should have national ID cards, because the current system of proving ID using 50 different state-issued driver's licenses and social security cards is ridiculous. Driving? Social Security? How about a card that is designed for the right purpose for a change? But the details of this proposal are a little Orwellian, what with the data banks and all.
Americans may need passports to board domestic flights or to picnic in a national park next year if they live in one of the states defying the federal Real ID Act.
I think we should have national ID cards, because the current system of proving ID using 50 different state-issued driver's licenses and social security cards is ridiculous. Driving? Social Security? How about a card that is designed for the right purpose for a change? But the details of this proposal are a little Orwellian, what with the data banks and all.
Americans may need passports to board domestic flights or to picnic in a national park next year if they live in one of the states defying the federal Real ID Act.
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