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Dennis Norman While many us have been worrying about what is happening to the value of our homes, how to deal with being underwater on a mortgage or even facing the loss of a home, there are many people, families included, in the U.S. whose worry is much more basic….where to find safe shelter for [...]
Dennis Norman Just as we are talking more about home prices “stabilizing” there is yet another cause for concern as to just where the market is headed. Last week Celia Chen, senior director of the Moody’s Economy.com research staff, issued a report stating that the odds of a near-term “double-dip recession” have increased from [...]
Jennifer Gorton In 2008, the Subprime Mortgage Crisis threatened to undermine the entire global financial system. What began as a normal recession quickly turned into an economic tsunami as banks around the world began to realize to what extent their books were exposed to subprime mortgages. Central banks and world financial leaders around [...] The Justice Department filed a lawsuit yesterday against the owners, developers, architects and civil engineers of Park Place Apartments, a 276-unit complex in Louisville, Ky., for failing to provide accessible features required by the Fair Housing Act. Tweet This Post
Dennis Norman A report just released by CoreLogic estimate the financial impact of short-sale fraud to be $310 million annually. It is estimated there is fraud in one in every 53 short sale transactions resulting in an unnecessary loss to the lender of $41,000 per transaction on average. Tweet This Post
Dennis Norman Fannie Mae, after losing $59.8 Billion in 2008 and then $74.4 Billion in 2009, reported yesterday that things are looking up and they lost only $1.2 Billion in the 2nd quarter of this year. This “good” news comes on the heels of documents being released two weeks ago showing that Countrywide made, [...]
Dennis Norman Report looks at impact of the BP Deepwater Horizon Oil spill on Florida Coastal home values According to a report released this morning by CoreLogic the impact of the BP DeepWater Horizon oil spill on home values in the coastal area’s along the Gulf coast is expected to range from $648 million [...]
Dennis Norman The Financial Crimes Enforcement Network (FinCen), a bureau of the U.S. Department of the Treasury, released their 2009 Mortgage Loan Fraud (MLF) study which found the number of mortgage fraud suspicious activity reports (SAR’s) filed in 2009 grew 4 percent compared to 2008. Tweet This Post
Dennis Norman
Asking this question now is about like asking a newly divorced person their thoughts on marriage….nonetheless in challenging times many of us reflect upon our past investment decisions, investment philosophy, etc and see what can be learned from our past to help us in the future. Tweet This Post Landlord attempted to evict single mother for filing fair housing complaint The U.S. Department of Housing and Urban Development (HUD) announced Friday that a HUD Administrative Law Judge has ordered an Iowa landlord to pay $52,150 in damages and civil penalties for retaliating against a single mother of three by threatening to evict her because she [...] The Justice Department today filed a lawsuit against the owner, management company and former manager of Summerhill Place Apartments, a 268-unit apartment complex in Renton, Wash., for violating the Fair Housing Act by discriminating on the basis of race, color, national origin and familial status in the rental of apartments. The [...] UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close.. UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend [...]
Dennis Norman While there are many factors that go into what makes for a good or bad housing market and ultimately how well an investment in real estate will do in a market, two things in my book are key; population growth and job growth. Actually job growth brings population growth so perhaps it is [...]
Dennis Norman UPDATE June 21, 2010- I said I would update this post after the proposed rules were published on the Federal Register with info on how to submit a comment -If you would like to comment, see the comment instructions in the Federal Register (I highlighted them) by clicking here -end of update. June 4, [...]
Dennis Norman According to a press release issued by the FBI, nearly 500 people have been arrested in a nationwide mortgage fraud take-down as part of “Operation Stolen Dreams.” This operation was launched on March 1, 2010 and, according to the FBI, has lead to a total of 485 arrests, 330 convictions and [...] UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA: agents are not permitted to rebate a portion of their commission to the buyer, Beth Phillips, United States Attorney for the Western District of Missouri, announced today that two more defendants have pleaded guilty in federal court to charges related to mortgage fraud schemes, including a $12.6 million conspiracy that involved 25 upscale residential properties in Lee’s Summit, Missouri and Raymore, Missouri and a [...] A 10-count indictment has been unsealed charging six individuals with conspiracy to commit wire fraud and wire fraud, announced U.S. Attorney Karen P. Hewitt. The defendants are charged with submitting false and fraudulent mortgage loan applications and related documents to banks and other lending institutions, thereby inducing the institutions to make [...] The founder and head of Chicago Development and Planning was sentenced yesterday to 15 years and eight months in prison, and ordered to pay more than $9 million in restitution for wire fraud, mail fraud, and money laundering, U.S. Attorney Joseph P. Russoniello announced. Patricia Morgen pleaded guilty on Dec. 16, 2009. According [...] First Amendment Versus Ballwin City Hall
Dennis Norman “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of [...]
Dennis Norman As the real estate market and industry continues to struggle to try to pull out of the dumps, another blow could come soon from Congress in the form of new tax burdens on real estate. Congress is proposing that all owners of rental properties be required to complete and file 1099 forms for all [...] Defendants Include a Mortgage Broker and Loan Processor This week the FBI announced the unsealing of a superseding indictment charging defendants Anson Joachin a/k/a A.J. Alexandre, 39, of Parkland, Florida, John Fisher, 35, of Jupiter, Florida, Tracey Balli, 35, of Pembroke Pines, Florida, and Delano McLennon, 33, of North Lauderdale, Florida, for [...] Three North Providence town councilmen, including the President of the Town Council, were arrested by federal agents today on criminal complaints charging them with extortion and accepting a bribe. It is alleged the councilmen accepted a $25,000 bribe in return for favorable votes on a zoning change for a retail development [...] A Baltimore attorney was sentenced today in U.S. District Court in Baltimore to serve one year and one day in jail and to pay an $800,000 criminal fine for rigging bids at various Maryland tax lien auctions, the Department of Justice announced today. Harvey M. Nusbaum pleaded guilty to a one-count charge of [...] A 41-year-old Prior Lake man was sentenced yesterday in federal court in St. Paul on charges connected to an equity-skimming scheme that targeted vulnerable homeowners. United States District Court Judge Patrick J. Schiltz sentenced Michael Fiorito to 270 months in prison on one count of conspiracy to commit mail fraud and six counts of mail [...]
Dennis Norman According to a report released earlier this week by the U.S. Census Bureau, rental vacancies for the first quarter of 2010 in the U.S. are almost 5 percent higher than they were a year ago. The rental vacancy rate in the U.S. for the first quarter of 2010 was 10.6 percent, up [...]
Dennis Norman Bear with me, I’m really not an ego-maniac, it’s just so infrequently that anyone of any real authority, or with “PhD” behind their name, agrees with me, so when it does happen I have to sound the horns and bask in the glory while it lasts! If you have read any of my articles on any blogs [...] Dennis Norman I belong to a yahoo group for an investors/rehabbers club and saw an exchange of messages the other day that made me laugh, introduced me to a new term, and gave me a chance to reminisce about better times in the real estate market. The thread starts off with an investor that has a property he [...]
Dennis Norman This past Thursday Congress passed H.R. 4851 and President Obama signed it into law the same day extending the National Flood Insurance Program, which had expired on March 28th, through May 31, 2010. The National Association of REALTORS, which lobbied hard for this extension, now says they are working with Congress to get [...] Real Estate Investor ordered to pay over $4.1 million in restitution U.S. Attorney John M. Bales announced today that a 38-year-old Grapevine, Texas, man has been sentenced to federal prison for his role in a mortgage fraud scheme in the Eastern District of Texas. Esshan Samuel “Sam” Agha pleaded guilty on Oct. 19, 2009, to conspiracy [...] |
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