If you plan on visiting a model home in the near future this book is an absolute must. Learn before you buy.
HIGHLY RECOMMENDED BY HADD.
Saturday, December 29, 2007. SC: Mackey's handling of legal case questioned Man who hired attorney running for sheriff's office says attorney did no work on his builder dispute. Case was stuck in arbitration for a year.
Saturday, December 29, 2007. TX; Nat'l interest: No Kiss Goodbye KB Home abandons valley as sales of new homes plummet
Friday, December 28, 2007. MI: Information Wanted On behalf of its members, Citizens is currently collecting information on the misconduct, or possible misconduct, of the following Michigan attorneys, law firms or judges... (Be sure to see MI articles directly below, too.)
Friday, December 28, 2007. MI: You Tube: Judge Martha Anderson Show Cause Hearing for Contempt See "Nightmare" series and You Tube video below, too
Friday, December 28, 2007. MI: Judge Martha Anderson Paul Nicoletti PPO's Relevant to "Nightmare" series from MI directly below
Friday, December 28, 2007. MI: Nightmare on Highbury Court, Part 2 Metro Times series on construction nightmare with contractor Salavtore Viviano.
Friday, December 28, 2007. MI: Nightmare on Highbury Court PART 1: Rerun for reference to this week's PART 2 above
Friday, December 28, 2007. ID: UPDATE on Tom Hanks' construction defect case Arbitration, lawsuits, etc.
Friday, December 28, 2007. US: The Ten Best Public Policies of 2007 So how did Americans lose the right to trial by jury? Mandatory arbitration clauses in many contracts would be unenforceable if the ARBITRATION FAIRNESS ACT passes.
Friday, December 28, 2007. US: Mortgage Fraud Current news of indictments, etc, includes some builders
Friday, December 28, 2007. PA: UPDATE: Binsack warrant close to expiring With charges of insurance fraud, bad checks and harassment against jailed homebuilder Scott Binsack plodding their way through the court system, one of the warrants holding him in jail is a month away from expiring.
Friday, December 28, 2007. MI: Governor may sign builder law Building contractors who illegally leave their customers with shoddy work or who rip off homeowners will be subject to additional scrutiny and possible harsh punishment under a new set of laws signed approved by the Michigan Senate this week. (Enforcement will be key. --Ed._
Friday, December 28, 2007. World: The finger of suspicion In America and elsewhere trial lawyers, state prosecutors and regulators look for the crime in subprime: This time, investors are aiming not only at mortgage lenders, brokers and investment banks but also insurers (American International Group), bond funds (State Street, Morgan Keegan), rating agencies (Moody's and Standard & Poor's) and homebuilders (Beazer Homes, Toll Brothers et al).
Friday, December 28, 2007. CO: Fox Crossing developer takes excavator to court Fox Crossing Partners requesting jury trial on what they believe is improper billing from earthmoving subcontractor Condon Construction. (What? No arbitration clause???)
Friday, December 28, 2007. CA: Builder's Demise Threatens Homeowners UPDATE on Dunmore Homes bankruptcy
Friday, December 28, 2007. Patrick.Net: Housing Crash News Current news articles
Friday, December 28, 2007. Seeking Alpha: Housing Market News Current news & commentary
Friday, December 28, 2007. US: Builders put on bankruptcy watch list TOUSA, Beazer, and Hovnanian among builders that may face bankruptcy in 2008
Friday, December 28, 2007. US: Top MDC execs reap bonuses Homebuilding company CEO and president get $2 million each, despite bad year
Friday, December 28, 2007. US: Campaign Attack Ads The Worst Way To Choose A President Homebuilder Bob Perry at it again.
Friday, December 28, 2007. DE: Deadline nears for registration of home-repair contractors New Castle County to require $400 license fee to cut down on contracting scams: Of estimated 23,000 contractors who do business in area, only 250 have registered so far.
Friday, December 28, 2007. OK, MO: Subcontractor charged for falsifying workers' information H&H Drywall Specialties of Tulsa charged in MO for falsifying Social Security numbers to keep from paying taxes.
Friday, December 28, 2007. IEQ Review: Grande Bay Condo Owners Allege Mold, Structural Issues in second suit Owners being forced to close despite incomplete work, lack of promised amenities and substandard materials
Friday, December 28, 2007. Dallas Morning News: University Park may require fire sprinklers in new homes But some homebuilders' representatives oppose it, citing costs, proper use and liability issues.
Thursday, December 27, 2007. TX: Houston Homebuilders and the BBB A search of the Better Business Bureau website in Houston has resulted in the following table for about 40 builders. Note that no builder is a "Texas Star Builder", a program promoted by the TRCC. Out of 26,000 homebuilders in Texas, only 40 are Texas Star Builders. Also note that the research on the Houston BBB's site was performed on Dec 16, 2007. The results could be updated, so check before making any decisions.
Monday, December 24, 2007. Nat'l interest: Hidden deals distort market Disguised incentives skew property values as the paperwork no longer accurately reflects what buyers paid.
Monday, December 24, 2007. VA: While properties crumbled, bankers looked the other way CM Development's case highlights a lesser-known problem: Subprime loans - usually granted to borrowers with poor credit - also made housing fraud a whole lot easier. Company falsified about 80 percent of documents.
Monday, December 24, 2007. Motley Fool investing site: Housing's Mess Makers If you think housing's on its keister only because of mortgagers' misdeeds, you've let a half-dozen other culpable groups off the hook.
Monday, December 24, 2007. UPDATE on Arbitration w/Storey Construction: Former Contractor Sues Tom Hanks & Rita Wilson Again Hanks alleges work was unacceptable, defective.
Sunday, December 23, 2007. MN: Bank fraud suspected in Ramsey's Town Center plan Sandison pocketed thousands of dollars through a kickback scheme with the appraiser hired for the project,
Sunday, December 23, 2007. MN: Suicide note helps unlock Town Center scandal Weeks before Renne hanged himself, he told investigators he had been inflating fees on appraisals for Community National so its president, Ross Sandison, could pocket the difference...
Sunday, December 23, 2007. Charlotte Observer: Southern Chase | Clinging to home, hope Ongoing story of investigations and lawsuits over Beazer Homes mortgages
Sunday, December 23, 2007. AZ: UPDATE: Builder agrees to pay state $7M Illegal blading of more than 200 acres of state trust land, destruction of several Hohokam sites, deaths of 21 bighorn sheep. Be sure to read the "comments" section at end, too.
Sunday, December 23, 2007. Consumer Affairs: Fed Endorses Lending Protections A case of closing the barn door after the golden geese have run away
Sunday, December 23, 2007. Real Estate Journal: How Hidden Incentives Distort Home Prices Builders', sellers' incentives can mask discounts.
Sunday, December 23, 2007. FL: This Is the Sound of a Bubble Bursting So much paper wealth wiped out so swiftly
Sunday, December 23, 2007. US: Mandatory arbitration stacks deck against you How many of you would give up your rights to get a cell phone that works, a car that runs properly, or a home repair that actually fixes what was wrong?
Saturday, December 22, 2007. CA: Dunmore brothers face lawsuits, alleged defaults UPDATE: Builder bankruptcy. Company names:Dunmore Homes, GSJ Co. LLC, Dunmore Communities and Dunmore Capital.
Saturday, December 22, 2007. IL: Wonder Lake hires law firm for Neumann proceedings UPDATE: builder bankruptcy
Saturday, December 22, 2007. YOU TUBE: Video: Crooks Avove, Crooks Below Mortgage fraud and identity theft.
Friday, December 21, 2007. MSN: States step up demands to collect restitution Info on what states are doing to collect court ordered restitution to be paid by guilty or at-fault parties. If you have a judgment against a builder or the state has charged him/her criminally you may want to look into this as there could be some tips here.
Friday, December 21, 2007. AR: Builder looking to court for relief Tim McMahon filed Chapter 7 bankruptcy protection citing between $ 1 million and $ 10 million owed to 279 creditors.
Friday, December 21, 2007. US: Home Builders Creating Phony Propped-Up Home Sale Prices KB, Lennar, others, distorting true sales prices
Friday, December 21, 2007. World: Housing Crash News
Friday, December 21, 2007. US: Lawyer rating sites wins free speech case AVVO.com wins.
Friday, December 21, 2007. FL; Nat'l interest: Pro-arbitration site: Five Ways to Bind a Non-Signatory (to arbitration) -- But Not The CEO of a Party Those five theories under which a non-signatory could be bound to an arbitration agreement: incorporation by reference, assumption, agency, veil-piercing/alter ego, and estoppel.
Friday, December 21, 2007. MA: Contractor Found Guilty of Criminal Charges Michael J. Corda sentenced to state prison
Friday, December 21, 2007. US: Wall Street: crimes or misdemeanors? The so-called sub-prime mortgage crisis was predictable and predicted, preventable, but not prevented. Greed, arrogance, criminal conduct, negligence, and fraud threaten to go unpunished.
Friday, December 21, 2007. PA: Group nails down help Non profit group Remodeling Rescue tries to help victims of contractor scams.
Friday, December 21, 2007. MO: Construction firm owner indicted on mail fraud, bribery Joseph Kuchar, owner of four undisclosed area construction companies...
Friday, December 21, 2007. HI: UPDATE: Waimea developer can't pay his debts Fred Yamashiro d/b/a Fredco Inc. and Menehune Development Co. Inc filed chapter 7 bankruptcy
Friday, December 21, 2007. AZ: Developer pays big in eco-damage case George H. Johnson and partners agreed to pay state a record $12.1 million to settle lawsuit that accused them of polluting state's water, bulldozing protected land, fatally infecting bighorn sheep and destroying archaeological sites.
Friday, December 21, 2007. IL: Homeowners inherit Neumann tax debt UPDATE on builder's bankruptcy
Friday, December 21, 2007. Nat'l interest: Tom Hanks' & wife's construction defect case with Storey Construction of Idaho The general contractor who built the couple's posh Sun Valley, Idaho, getaway between 2000 and 2002 and was promptly accused of doing "substandard and defective work" sued Hanks and Wilson on Friday, accusing them of seeking revenge against the company because they were forced through arbitration to pay for the work.
Friday, December 21, 2007. CA: Police search for mother and son team suspected of contractor fraud Mary Agnes Stewart, 62, and son Joseph Cunningham, started demolition of home then fled without providing materials or work
Friday, December 21, 2007. IL: Wentzville housing developer pleads guilty to bank fraud Eric Johnson, Providence on Peine, Providence Meadows, Woodsmill Estates
Friday, December 21, 2007. VA; Nat'l interest: Delegate seeks better high-rise fire safety In response to a fatal high-rise fire in a senior center last year, one Richmond lawmaker has proposed what she hopes is a solution, albeit a costly one: retrofitting buildings with sprinkler systems....Opponents include the Home Builders Association of Virginia
Friday, December 21, 2007. US: Centex paid lobbyist $180,000 in 2007 For federal energy and mortgage-related reform legislation
Friday, December 21, 2007. OH: KeyCorp warns of loss, cites home-builder loans Ohio’s third-biggest bank will post first quarterly loss in six years on bad loans to home builders
Friday, December 21, 2007. US: Dominion president quits as woes mount Company's stock has continued to decline
Friday, December 21, 2007. US: Dominion Homes faces NASDAQ delisting Company out of compliance with NASDAQ rules because its stock hasn't held minimum market value...
Friday, December 21, 2007. MI: New home builder laws stiffen Michigan's regulations Home builders will face new laws requiring more training, higher licensing fees and tougher enforcement June 1.
Friday, December 21, 2007. US: Q. What is a "puffer"? A...Some developers have recently been accused of quietly hiring professional puffers to boost the prices of homes that they have sold at public auction.
Friday, December 21, 2007. IN: Banks sue Harvest Homes Being taken to court for about $2 million it owes on homes it has built.
Friday, December 21, 2007. FL: Briton Jailed for Us Visa Scam Florida plan involved selling clients construction companies with which they could erect houses for themselves as licensed builder for Royal Development.
Friday, December 21, 2007. FL; Nat'l interest: LEVITT AND SONS Bankruptcy News UPDATE; not endorsing the site, which asks for money for more info, but what it gives free is still informative
Friday, December 21, 2007. FL: Builder Levitt reaches deal: Pact could affect area development construction stopped in October and houses sit unfinished
Friday, December 21, 2007. Wall Street Journal: Fraud Seen as a Driver In Wave of Foreclosures Another source, with diagrams, of article posted earlier today.
Friday, December 21, 2007. AZ: Initiative may give new homeowners 10-year warranty AZ's attempt to restore some consumer protection to a home purchase, but will "warranty" be like those policies that railroad homeowners into arbitration and really protect the builder more than the homeowner? Remains to be seen.
Friday, December 21, 2007. Nat'l interest: Fraud seen as a driver in wave of foreclosures Prosecutors called scheme sophisticated. Three builders who where defendants in case are not charged.
Friday, December 21, 2007. US/Canada: Champion buys Canadian modular home builder for $114M SRI homes acquired.
Friday, December 21, 2007. US: Builders/sellers incentives Distorting Home Prices Fraud, false reporting to government agencies, misleading documentation.
Friday, December 21, 2007. US: SEC investigating ... Morgan Stanley, Merrill Lynch, Bear Stearns and UBS for mortgage-securities pricing; Washington Mutual for inflated appraisals.
Friday, December 21, 2007. US: Mother Jones writes about arbitration again Abusive processes with arbitration clauses continue to take away all kinds of citizen's rights, including arbitration clauses in builder & warranty contracts.
Wednesday, December 19, 2007. Charlotte Observer: Fed plan follows state, federal legislation Summary of real estate related changes, etc.
Wednesday, December 19, 2007. US: D.R. Horton Execs Get $1.6 Million Bonuses Each even though the company suffered heavy losses
Wednesday, December 19, 2007. NJ: Homebuilder Reports 400 Billion+ Loss in Fiscal Fourth Quarter Hovnanian Enterprises: potential buyers pulled out of contracts at 40 percent rate
Wednesday, December 19, 2007. FL: Levitt and Sons to stay operational on Wachovia deal UPDATE: agreement will allow bankrupt builder limited operations for 23 months
Wednesday, December 19, 2007. FL: Borrowers sue new owner of Coast Stuck with mortgages and unfinished homes, they go after First Banks Inc.
Wednesday, December 19, 2007. US: Beware of 'freebies' in buying home Watch for the gotchas. A builder will often try to steer you to an affiliated mortgage lender...
Wednesday, December 19, 2007. US: Legalized Gambling In Homebuilders Meanwhile, insiders are cashing out options hand over fist for as long as they can. What a racket. The whole game is nothing more than legalized gambling but sadly most of the participants don’t even realize it.
Wednesday, December 19, 2007. FL: Bank of America files foreclosure suit against builder Sterling Communities Eager to recover $20.5 million it lent developer
Wednesday, December 19, 2007. CA; Nat'l interest: Foreclosures ravage neighborhoods and communities From East Oakland to North Richmond to Discovery Bay several newer developments now bow under weight of abandoned foreclosed homes.
Wednesday, December 19, 2007. VA; Nat'l interest: Foreclosure crisis continues For the most part, the town foreclosures occurred in the newer housing developments.
Wednesday, December 19, 2007. MI: Letter to Editor RE: "Nightmare on Highbury Court," part one of a homeowner's horror story about bricklayer Salvatore Viviano, which we posted last week. Look for part two the week of Christmas.
Tuesday, December 18, 2007. VA: Foreclosure crisis continues in Culpeper He, like other real estate professionals, attributed the high rate of foreclosures to the “criminal” and “unethical” lending practices of national lenders attached to national builders in which people were approved for loans that they couldn’t realistically afford.
Tuesday, December 18, 2007. FL: Homeowners Denied $500 Gift Cards Promised by America's First Home Upon Move-In (Which will be the least of their worries now that the builder is closing its doors.)
Tuesday, December 18, 2007. KS: Resident 'throws away $30,000' on project Contractor horror story about John Earnshaw, owner of Heritage Property Development in Lenexa, also owner of Cross Timber Construction
Tuesday, December 18, 2007. MN: Cannon Falls couple wins the arbitration (But probably won't collect a dime)
Tuesday, December 18, 2007. US: Consumer Law Blog Articles on arbitration, subprime bailout, etc.
Tuesday, December 18, 2007. OF Two Minds: Bailout: Could Government Actually Be Part of the Solution? Another view of the housing situation and bailout.
Tuesday, December 18, 2007. Washington Post: The Color of Money Anti-Scam Message Hits YouTube
Tuesday, December 18, 2007. US: Federal Reserve Would Allow Reckless Lending to Continue, Says Center for Responsible Lending FRB's rules are riddled with loopholes. Rather than eliminating the root causes of the subprime foreclosure crisis, which in turn would encourage a truly competitive market for home loans, the FRB's proposal permits many dangerous subprime lending practices to stand.
Tuesday, December 18, 2007. Wall Street Journal: When Suing Your Boss Is Not an Option More on the ongoing efforts to expose potential bias, problems, with binding mandatory arbitration clauses in all kinds of contracts. While this is about employment contracts, the clauses are common in house purchases and warranties.
Tuesday, December 18, 2007. Washington Post: FBI Probes Virginia Mortgage Scam Better link, possibly, to D.R. Horton/mortgage fraud investigation below.
Tuesday, December 18, 2007. US: UPDATE: Neumann Homes bankruptcy Neumann Homes' creditors seeking $286.9 million
Tuesday, December 18, 2007. VA: FBI Probes Virginia Mortgage Scam D.R. Horton one of subjects of investigation into development full of foreclosures after mortgage fraud scam.
Tuesday, December 18, 2007. NC: Developer of three burned houses missing Court records show Robert Gore has been sued several times for not paying contractors and suppliers. Neighbors have had numerous problems with him. "He's had a lot of people to sue him because of his houses," she said. "He hasn't followed through with anything he's done for the houses. He builds them, then as soon as he closes, he never finishes anything that's on anybody's punch list."
Tuesday, December 18, 2007. US: Toxic living in FEMA trailers? FEMA employees ordered to stay away from trailers while hurricane survivors endure effects of lethal chemicals.
Tuesday, December 18, 2007. CO: Mortgage prepayment fees limited Toll, who took over the job last year, has been aggressive in fighting mortgage fraud and what she calls a foreclosure "epidemic." (Erin Toll, formerly head of state insurance dept, is same person who went after builders, others, for illegal title insurance kickbacks. --Ed.)
Tuesday, December 18, 2007. US: Fed Reserve Shrugged As Subprime Crisis Spread Until the boom in subprime mortgages turned into a national nightmare this summer, the few people who tried to warn federal banking officials might as well have been talking to themselves.
Tuesday, December 18, 2007. US: Fed proposes new rules to clean up mortgage lending Proposals will be open to INDUSTRY feedback before being finalized by the Fed which regulates US banks and lending institutions. (Maybe that's the problem--the fed is listening to the INDUSTRY that caused the mess in the first place. --Ed.)
Tuesday, December 18, 2007. KS: MORE on MILLER case Fourth defendant pleads guilty in $25 million bank fraud: conspirators created false loan applications and documents to qualify borrowers
Tuesday, December 18, 2007. FL: Home builders should pay fees Writer wants builders to pay fees for roads to new developments, environmental impact etc, and sees local govt letting builders out of fees as other citizens being forced to subsidize "socialism for the haves."
Tuesday, December 18, 2007. AK: Nine charged with mortgage fraud Biggest fraud scheme prosecuted in Alaska involves players from all segments of the local real estate industry including buyers, sellers, agents, appraisers, mortgage and title companies, and builder Jonathan Ruf.
Tuesday, December 18, 2007. US: New-home defects often missed A commonly held fallacy is that all construction defects will be discovered by municipal building inspectors....those who buy new homes should not forego the benefits of a thorough (independent) home inspection.
Tuesday, December 18, 2007. TX: Homeowners sling mud in lake dispute. Of course the developer, Affiliated Crown Development LTD, claims they never promised a lake, yet the video shows park benches, a fishing pier, and a big ass hole filled with mud. If they didn't promise a lake to these homeowners, what were they building?
Monday, December 17, 2007. us: Business fights to keep mandatory arbitration When it's their turn to sue, though, you rarely find companies racing to private judiciary system
Monday, December 17, 2007. US: Ryland Announces Change in Board of Directors Paul Varello has resigned
Monday, December 17, 2007. Charlotte Observer: UPDATE: Observer coverage triggering action Reports on Beazer Homes, others, focused on the roles of builders, mortgage companies and a real estate agency.
Monday, December 17, 2007. CA: Rat episode in La Quinta called 'freaking nightmare' Defect in Trans West home created "in" for rodents.
Monday, December 17, 2007. US: Bills aim to get consumers their day in court: Arbitration Fairness Act UPDATE "People from all walks of life -- employees, investors, homeowners, those enrolled in HMOs, credit card holders and other consumers -- often find themselves strong-armed into mandatory arbitration agreements," said Sen. Russell D. Feingold
Monday, December 17, 2007. CNN: Next steps for FHA bills Both bills take aim at appraisal scams.
Monday, December 17, 2007. FL; Nat'l interest: Business loans now rarer and cost more Banks that were aggressively lending to home builders are finding that defaults are impairing their other lending services.
Monday, December 17, 2007. US: Beware of home sellers' freebies Beware of incentives, being steered to use builder's affiliated lender, etc.
Monday, December 17, 2007. TN: Three in Sumner County, Tenn., Indicted For Mortgage Fraud Scheme According to the indictment, Mr. Stafford, the owner of Stafford Lease Group, Stafford Holding Group and Keys to Success, agreed with the builders and sellers of the 22 luxury homes to find buyers who would purchase the homes at prices that were $10,000-$165,000 more than their original asking prices.
Monday, December 17, 2007. US: Mortgage-Relief Plan Divides Neighbors Wall Street Journal
Monday, December 17, 2007. CA: Investors own about one-fifth of Bay Area homes in foreclosure Easy money through no-questions-asked subprime mortgages allowed almost anyone to become a real estate speculator.
Monday, December 17, 2007. US: Deception hits mortgage market once again Thousands of older Americans could be steered into inappropriate loans, just as millions were lured into now-shaky sub-prime loans.
Monday, December 17, 2007. US: Have you been scammed or cheated by a company? Site wants horror stories.
Monday, December 17, 2007. KY: UPDATE: FBI Investigates Northern Ky. Homebuilding Firm SMI Property Management and SMI New Home Solutions are owned by Mark Wheatley: "white collar crime."
Monday, December 17, 2007. KS: UPDATE to MILLER case: Stilwell builder pleads guilty in $25 million mortgage fraud scheme Steve Middleton, 46, admitted that he had conspired with builder F. Jeffrey Miller and others to manipulate home buyers, inflate appraisals and falsify loan applications submitted to federally insured lenders.
Friday, December 14, 2007. US: Testimony of F. Paul Bland, Jr., Staff Attorney, Public Justice On the Arbitration Fairness Act of 2007: Private arbitration companies under great pressure to devise systems that favor corporate repeat players who draft the arbitration clauses
Friday, December 14, 2007. US: Senator Feingold's statements about the Arbitration Fairness Act of 2007
Friday, December 14, 2007. Miami Herald: Avoid trouble by never waiving right to go to court Consumers increasingly finding clauses about mandatory arbitration in contracts they sign, including mortgages and building contracts. Learn more about these clauses, and what options you have, on Consumer Sense, airing Tuesday through Dec. 31 on Cable TAP...
Friday, December 14, 2007. US: Judge halts foreclosures, mortgage bailout plan, arbitration, etc Consumer Law blog, current news/commentary
Friday, December 14, 2007. TX; Nat'l interest: When a house is liening When builders/sellers don't pay for work or supplies on construction, the new owner can get stuck paying twice due to liens.
Friday, December 14, 2007. CA: Victims of 2003 California wildfires lend their expertise to the latest burned-out homeowners Getting past the anger and avoiding scams: "We're trying to teach these people that you need to be your own best advocate."
Friday, December 14, 2007. US: Builder WCI's Chief Financial Officer to leave WCI struggled in slumping market, posting $69.7 million loss...
Friday, December 14, 2007. US: Levitt chief financial officer has resigned Parent company of troubled homebuilder Levitt and Sons which is bankrupt.
Friday, December 14, 2007. KS: UPDATE: Recent court document on MILLER CASE This is a PDF file, re: Steve Vanetta, a party in the mortgage fraud case against F. Jeffrey Miller, Miller Enterprises, Star Land Development, and other individuals and companies involved. Trial was postponed and is still pending.
Friday, December 14, 2007. US: Home mortgage bailout more political expediency than viable solution Author has five reasons to doubt plan.
Friday, December 14, 2007. Nat'l interest: Countrywide Faces Probe On Questionable Loans Two state's AG's allege suspicious lending practices
Friday, December 14, 2007. Nat'l interest: Mortgage lender Ameriquest settlement checks on the way Average settlement check in Washington $1,130
Friday, December 14, 2007. Mortgage Bailout USA: More lifeboats Strangely, a homeowner also can be disqualified if he has improved his credit score by 10 percent. Why should good credit behavior be punished?
Friday, December 14, 2007. Motley Fool Investment site: Senate Passes Taxpayer Subprime Bailout Bill liked by banks, builders, and homeowners in over their heads, but not so well liked by anyone else.
Friday, December 14, 2007. MI: Michigan Senate votes to increase penalties on builders Could include doing prison time.
Friday, December 14, 2007. KY: MORE on the SMI builder fraud case Kentucky Secretary of State's office shows Mark Wheatley as principal in 18 different companies, including SMI home building and management firms in Northern Kentucky.
Friday, December 14, 2007. US: UPDATE on Haliburton/KBR assault case RE: more reasons to hate arbitration clauses Though not about housing, the damage done by an arbitration clause is clear, and these clauses are in all kinds of contracts including home purchases and warranties.
Friday, December 14, 2007. Mother Jones: The Quest for a Car, Sans Arbitration Clause "Car" could easily be switched for "House" in this article about how corporations leave consumers no realistic choice but to accept arbitration clauses in consumer contracts, which takes away their right to the courts as "guaranteed" by the U.S. Constitution's seventh amendment.
Friday, December 14, 2007. KY: FBI Investigates Northern Ky. Homebuilding Firm FBI agents executed search warrants at offices of SMI Property Management....sources have told 9News this is a fraud probe and reminds them of Bill Erpenbeck case. (See HADD's news archives for Erpenbeck fraud articles. --Ed.)
Friday, December 14, 2007. US: Housing Plan no Panacea for What Ails the U.S. Housing Sector Because a bailout - by definition - keeps free-market forces from clearing the subprime sludge out of our economic system, it could actually exacerbate the housing and mortgage mess over the long haul.
Friday, December 14, 2007. Mother Jones: UPDATE: Corporate Enemy No. 1: State Attorneys General New York state attorney general Cuomo issued subpoenas against lenders Fannie Mae and Freddie Mac as part of investigation into whether mortgage company Washington Mutual had been inflating home appraisals to generate more income. Move sent stock market downward and business world in an uproar.
Friday, December 14, 2007. NY: Cuomo Breathes New Life Into Real Estate Bureau Real estate attorneys say that, since 2005, they have been unable to get the office to follow through on complaints filed against developers who refuse to fix buildings with shoddy construction.
Friday, December 14, 2007. NJ: Metro Homes' pullback: Blip or a bellwether? Reader comments on builder's failure show public isn't fooled by pattern.
Friday, December 14, 2007. IL: Governor’s former top fundraiser indicted 12-count federal indictment against Christopher G. Kelly alleges the wealthy Burr Ridge roofing contractor concealed more than $1 million in personal income and more than $300,000 in business income from Internal Revenue Service...
Friday, December 14, 2007. TX; Nat'l interest: Texas Supreme Court: precedent-setting decision Denies insurer's argument that home builder's CGL policy does not cover accidental property damage caused by subcontractor's allegedly defective work.
Friday, December 14, 2007. US: ARM Freezer Plan Designed to Help Banks Not Homeowners Ultimately, people in secret Paulson meetings probably less worried about saving mortgage market than saving themselves....country deferring to Paulson and heads of Countrywide, (etc) as best group to work out solution. No one talking about fact these people created problem and profited from it.
Friday, December 14, 2007. TX: Abuse of Arbitration by NASA Contractors. Halliburton and many contractors who make their living and profits off of government contracts have been given the right to deny employees their Constitutional rights as a prerequisite to employment. This includes NASA contractors.
Thursday, December 13, 2007. MI: Michigan Senate votes to increase penalties on builders Unlicensed builders and those whose work doesn't meet code requirements would face increased penalties. Repeat offenders could see $25,000 in fines and two years in prison.
Thursday, December 13, 2007. IL: Countrywide under Illinois probe Subpoenaed by state attorney general, lender was already under scrutiny by SEC, in lawsuits...
Thursday, December 13, 2007. US: A Massive Bank Fraud that Calls for Jail Terms The public is confusing (and being encouraged to confuse) the housing bubble of the last half-dozen years with the sub-prime mortgage fraud. They are different animals and the criminals of the latter are trying mightily to cover themselves with the blanket of the former.
Thursday, December 13, 2007. VT: Contractor to be tried for fraud David Rounds charged with bilking several homeowners out of more than $58,000
Thursday, December 13, 2007. AZ: Small group of protesters rallies against Pulte (Workers claim) homebuilder and its contractors provide poor working conditions and unfair pay.
Thursday, December 13, 2007. Charlotte Observer: UPDATE on Sold a Nightmare series Panel wants homebuyers to learn of incentives in writing
Thursday, December 13, 2007. CNN: Builders' lobbyist: We made too many homes Chief of NAHB says overbuilding by some was one factor in housing meltdown: Of course, overbuilding was hardly only force that contributed to housing bubble, meltdown. Lenders loosened underwriting standards. Buyers took out loans on homes they couldn't afford, for investment purposes. Real estate agents convinced buyers prices couldn't go down...
Thursday, December 13, 2007. US: Leading Advocate for Mold Victims Needs Help Mrs. Sharon Kramer has worked tirelessly for the past 4 years to advance public recognition of mold related illnesses ... She has been working toward Congressional hearings into the conflicts of interest in medicine that have stifled and confused the understanding of these illnesses.
Thursday, December 13, 2007. US: Senate, and the Bar, Rethink Mandatory Arbitration Blog's author asks, "Does anyone out there have an arbitration war story to tell?" Comments can be posted, doesn't even require registration.
Thursday, December 13, 2007. BLOOMBERG: Business Fights for the Tilted Arbitration Field You shouldn't have to give up your constitutional rights to public courts as a condition of entering into a transaction.
Thursday, December 13, 2007. US: The Flight from Arbitration: An Empirical Study From 2006 but relevant to Bloomberg article above.
Wednesday, December 12, 2007. NY: Toxic Mold Task Force Starts Work in New York Toxic molds can produce several toxic chemicals called mycotoxins that can damage health.
Wednesday, December 12, 2007. FL: Judge Guts Suit Against Impact Fees Dismissed major portion of lawsuit by Polk County Builders Association that contended $8,596 impact fee for Polk schools unjustified.
Wednesday, December 12, 2007. WI: State's high court deadlocks on development case Wisconsin Supreme Court deadlocked today on important case for developers after its newest member recused herself because her campaign was supported by them.
Wednesday, December 12, 2007. NC: UPDATE: More real estate disclosure likely Illegal incentives; Realty Place maintained a close relationship with builders after vowing to protect clients from them.
Wednesday, December 12, 2007. US: UPDATE: SEC Requires Beazer to Disclose Mortgage Details LIUNA is also using shareholder resolutions to seek mortgage practice disclosures from Lehman Brothers, the Ryland Group, Washington Mutual, Bear Stearns, Standard Pacific, and others.
Wednesday, December 12, 2007. US: Senate hearing on Arbitration Fairness Act Mandatory binding arbitration clauses "most anti-consumer practice allowed by law"
Wednesday, December 12, 2007. US: Senate Judiciary Committee Hearing on the Arbitration Fairness Act legislation that would ban mandatory, binding arbitration clauses in consumer and employment agreements.
Wednesday, December 12, 2007. MI: Nightmare on Highbury Court Family's plans for dream home turned into nightmare when they hired contractor Salvatore Viviano. Part I. Watch for Part II next week.
Wednesday, December 12, 2007. US: Construction Litigation blog Useful info/articles/cases
Wednesday, December 12, 2007. US: Mortgage Fraud Blog Attorney's news site, daily news
Wednesday, December 12, 2007. US: Patrick.Net Housing Crash News daily
Wednesday, December 12, 2007. US: Seeking Alpha Housing Market news and commentary, updated daily
Tuesday, December 11, 2007. US: Borrowers may lie, hurt credit, for Bush plan-report borrowers that do not qualify for a government plan aimed at stemming a tide of home foreclosures may resort to lies or even trash their credit scores to access the plan's benefits and avoid higher interest payments, a CreditSights report said
Tuesday, December 11, 2007. US: Subprime mortgage fix doesn't address the cause (Mortgage bailout plan) amounts to dispersing a few politically well-timed crumbs while protecting the banking system status quo that enabled such lending practices to begin with.
Tuesday, December 11, 2007. US: Mortgage Fraud Lawyer's blog, current news, indictments
Tuesday, December 11, 2007. US: MORE: LIUNA Achieves Victory in Aggressive Effort on Behalf of Shareholders, Workers and Homeowners In Precedent-Setting Ruling, SEC Requires Beazer Homes to Place a LIUNA Proposal Seeking Full Disclosure of Its Mortgage and Housing Market Investments on its Proxy Statement for Shareholder Consideration
Tuesday, December 11, 2007. US: UPDATE on Beazer investigations, lawsuits: may be forced to reveal more on proxy Laborers' International Union of North America (LIUNA) won fight to put shareholder resolution on Beazer Homes USA's annual proxy to mandate more detailed disclosure of Beazer's mortgage investments.
Tuesday, December 11, 2007. US: D.R. Horton cuts exec bonuses after losses Bonuses for Chairman Horton and CEO Tomnitz "cut" to (a mere) $1.59 million each (Boo Hoo!)
Tuesday, December 11, 2007. FL: UPDATE from last week: More charges filed in pot-growing operation Racketeering added to charges against Global Home Builders Inc
Tuesday, December 11, 2007. US: Gang-Rape Cover-Up by U.S., Halliburton/Kellog Brown and Root (KBR) "In recent testimony before Congress, employment lawyer Cathy Ventrell-Monsees said that Halliburton won more than 80 percent of arbitration proceedings brought against it." (ARBITRATION clause in employment contract means case probably won't see a courtroom, and evein if guilty, rapists could go free. Corporations often have the advantage due to repeat business w/arbitrators. Though the article is not about homebuilding, it's another example of why consumers are damaged by arbitration clauses which they often have little or no choice to reject in the real world, e.g. for a HOUSE, HOME WARRANTY, job, credit card, computer, medical care, etc.)
Tuesday, December 11, 2007. Charlotte Observer: Firefighters to seek sprinkler requirements in some NC homes Development interests, including the N.C. Home Builders Association, generally oppose sprinklers
Tuesday, December 11, 2007. WA: Strange Bedfellows The conservative organization of homebuilders is one of the single biggest sources of political contributions in the state.
Tuesday, December 11, 2007. Nat'l interest: Toll Scorched in AZ One of biggest residential development projects in Arizona history quietly turning into major bust. Homebuilders involved in deal -- Toll Brothers, Meritage.
Tuesday, December 11, 2007. KY: Lexington builder Angelucci files for bankruptcy Might affect 16 recent buyers
Tuesday, December 11, 2007. HI: Hawaii builder's woes put halt to 132 homes Fred T. Yamashiro, d/b/a Fredco Inc: Subcontractors walk off job because they were not paid; homebuyers may be out hundreds of thousands of dollars.
Tuesday, December 11, 2007. US: Consumer Law blog Current news/commentary on subprime mortgage mess, mandatory binding arbitration, etc.
Tuesday, December 11, 2007. TX; Nat'l interest: VIDEO: Lemon Tree Tower In 2003,Lemon Tree Tower was going to be one of Houston's "Newest Landmarks". By 2007, it's turned to one of Houston's worst nightmares as owners lost their new homes and their health.
Monday, December 10, 2007. NJ: Builder admits giving Marlboro mayor $100,000 in bribes Millionaire developer Anthony Spalliero pleaded guilty yesterday in federal court to paying $100,000 in bribes in a scheme that, when it came to light, brought down the municipal government of Marlboro.
Monday, December 10, 2007. US: The Unintended Consequences of the Housing Bubble Bursting Proving fraud, after all the emails have been deleted and the hard-drives crushed and the paper trails shredded will be very difficult, indeed. The "innocent" bankers will point to the rating agencies like Moodys, who will point to the mortgage underwriters and brokers, who will point to the originators and the appraisers, who will promptly declare bankruptcy or point to the realtors who forced them to support inflated valuations.
Monday, December 10, 2007. US: No hope now President's HOPE NOW program neither "hope" nor "now," nor will it ease mortgage crisis. If elected officials really want to get involved in helpful way, they must take steps to ensure mortgage industry is purged of fraud.
Monday, December 10, 2007. US: MORTGAGE MELTDOWN Interest rate 'freeze' - the real story is fraud: Bankers pay lip service to families while scurrying to avert suits, prison
Monday, December 10, 2007. Wall St. Journal: Dissecting the Bailout Plan Is it a bailout? The stock market sure thought so. Stock prices of mortgage companies and homebuilders soared on the news. After all, the plan was designed by and for those same companies -- key members of the "Hope Now Alliance."
Monday, December 10, 2007. US: Let's Raise the Hood on Mortgage Lending Author wants congress to investigate lending industry (which includes builders with in-house lenders).
Monday, December 10, 2007. US: Just Part of the Cycle The real danger is not that the nation's homes will become more affordable, but that the government will do something foolish in a quest to artificially maintain high housing prices.
Monday, December 10, 2007. US: Financial Rape: Mortgage Servicing Industry Screwing Consumers Congress, courts, legal system, bent over backwards to placate business, particularly banks, builders, mortgage companies. Now, chickens coming home to roost on rotten eggs...entire nation to be suffocated by stench.
Monday, December 10, 2007. FL: North Port goes after abandoned construction sites Estimated 1,200 abandoned sites...Demolishing abandoned structure can take years. Sites often entangled in legal actions, from bank foreclosures to lawsuits by contractors, others with money invested.
Sunday, December 09, 2007. TX: Texas Homebuilders Commission deceives again. The Commission reported that it provided assistance to 4,000 Texans at one trade show event. This number, however, was based on the event’s entire gate count (reported by the event’s coordinators) rather than on an estimation of the actual number of people the Commission assisted or to whom it provided information during the event.
Saturday, December 08, 2007. Nat'l interest: Home industry guarded about bailout Homebuilders would sell spec homes 10 at a time to investors...foreclosures probably buyers who bought new homes...about two-thirds of builders use adjustable rate for their in-house mortgages.
Saturday, December 08, 2007. Orlando Sentinel: Problems? This builder ignores them Buyers problems with builder Ashton Woods' mortgage company: Buyers received copy of mortgage application submitted by Ashton Woods. They were shocked. Numbers on app bore no resemblance to information on prequalification form they signed same day they spoke to mortgage rep. Their income was inflated by nearly $53,000; they were credited with two SunTrust accounts they do not have...Ashton Woods refused to return their deposit
Saturday, December 08, 2007. Counter Punch: Christmas Presents for New Orleans, From HUD Bulldozers for the Poor, Huge Tax Credits for Wealthy Developers
Friday, December 07, 2007. NJ: Maldanis v. B.G. Pools, Inc., Statutory claims, such as Consumer Fraud Act claims, are not arbitrable under New Jersey law unless the arbitration agreement unambiguously states that parties agree to arbitrate all statutory claims
Friday, December 07, 2007. Charlotte Observer: BB&T hid $20 million real estate scheme Banks involved in Village of Penland development said they were duped, but former employee claims BB&T participated in fraud by lending money for lots that were clearly overvalued.
Friday, December 07, 2007. US: Bush bailout rewards the cheaters Michael Sichenzia spent four years in prison for mortgage fraud; claims in many cases, liars weren't homebuyers but brokers who filled out loan applications for them....Instead of bailing out borrowers and lenders, how about simply enforcing the laws? How about prosecuting everyone from the heads of Wall Street's banks down to the hustling brokers and appraisers?
Friday, December 07, 2007. NV: Homebuilder Sells Subdivision as Rental After turning an eight-acre infill site here into a gated community of 92 single-family residences, regional builder Signature Homes opted to rent them out instead of trying to sell them...
Friday, December 07, 2007. Consumer Affairs: Some Home Prices Could Fall 30 Percent While falling home prices may be painful for homeowners, many economists say the price declines may be the only real cure for the housing market.
Friday, December 07, 2007. US: Housing; Saved or Sunk? The housing crash was as predictable as December snow in the Rockies. The government remains thankful that American’s recollection of history is somewhere around two weeks ago.
Friday, December 07, 2007. Counter Punch: Will the Free Market Kill Suburbia? Far from being what the market wants, sprawl is a Ponzi scheme that depended on the securitization of mortgages into pools mixing form, content and risk into an unrecognizable hash.
Friday, December 07, 2007. AK; Nat'l interest: Million-dollar developments sink into foreclosure Unfinished homes, Industry observers say problems stem as much from bad business decisions as from difficult markets.
Friday, December 07, 2007. MN: NOTICE OF MORTGAGE FORECLOSURE SALE NOTICE IS HEREBY GIVEN, that default has occurred in the conditions of a mortgage dated June 20, 2005, executed by Rock Creek Designers & Builders, LLC...
Friday, December 07, 2007. US: Lennar Shares Fall On Analyst Downgrade Risky joint ventures and prospect of additional land write- downs.
Friday, December 07, 2007. IL: Marengo developer faces 23-count federal fraud indictment Indictments allege John M. Volpentesta, Volpentesta Construction, defrauded customers and investors out of more than $1 million.
Friday, December 07, 2007. US: Consumer Law and Policy Blog Current news and commentary on mortgage bailout, drawbacks of arbitration clauses, etc.
Friday, December 07, 2007. US: Flipping Frenzy Current news and commentary on housing issues, mortgage bailout, loan fraud, etc.
Friday, December 07, 2007. US: Mortgage Fraud Blog Current news, arrests. Attorney's blog.
Friday, December 07, 2007. TX: Investigators charge 37 in Houston mortgage fraud scheme MORE: Ringleaders, Obbie Toliver Sr. and Joyce Toliver. Scheme involved buyers, mortgage brokers, construction company owners. Businesses named in warrant: Magic Processing, Magic Financial Services of Houston, Your Processing Center.
Friday, December 07, 2007. US: Patrick.net's Housing Crash News Interesting collection of today's news on housing bust.
Friday, December 07, 2007. US: Seeking Alpha Housing Market News Interesting current news, commentary
Friday, December 07, 2007. TX: 37 Accused In Fraudulent Mortgage Loan Case Toliver family scam: Secret Service heading investigation
Friday, December 07, 2007. Journal Record: Homeowner a misnomer as equity fell to all-time lows during boom 100% financing, push for homeownership for everyone, and home equity loans a problem even before housing crash. Bailout won't help.
Thursday, December 06, 2007. US: Mortgage Plan Brings Rally For Homebuilders Punting ultimate solution off for few years will take few loans off table, but becomes next President's problem.
Thursday, December 06, 2007. CA; Nat'l interest: Is this a great country or what? This shouldn't be the time for Washington to get its paws into the mortgage regulation game (where was the administration a few years ago when intervention might have done some good?).
Thursday, December 06, 2007. NY: Civic Protests Illegal Home Protesters demanded Buildings Department take more aggressive action to punish developers who flout building code — including refusing to grant permits to those, like Huang, with long history of violations.
Thursday, December 06, 2007. Forbes: Toll Brothers Reports $81.8 Million Loss Investors hope Bush plan to freeze rates on adjustable mortgages will give homebuilders a brighter spring.
Thursday, December 06, 2007. US: Bush Plan to Ease Foreclosures supported by the National Association of Home Builders (NAHB). (NAHB press release on Reuters.)
Thursday, December 06, 2007. US: Taxpayer Group Urges President Bush: Don’t Impose Price Controls on the Housing Market “Everyone is for free markets when times are good — borrowers, lenders, builders, investors, manufacturers, retailers. As long as they are making money, they want the government to stay out of their affairs. Cut regulation and taxes, and they are happy. But the moment someone goes bust, money gets tight, or the economy slows, people start screaming for a bailout.”
Thursday, December 06, 2007. Nat'l interest: How to protect against a homebuilder's bankruptcy Crippling liens, no warranty. The buyers "can't move in, they can't get their deposit back and they can't get out of the contract."
Thursday, December 06, 2007. Nat'l interest: Missing link in mortgage mess Courts, bankers and real estate broker collusion
Thursday, December 06, 2007. MSN: Homeowner bailout is a lousy idea Is it really desirable to provide easier money to people and companies that got into trouble by abusing their access to money in the first place?
Thursday, December 06, 2007. Of Two Minds: Exhaustion, Jobs and Housing (Paulson's 5 year bailout plan) not "solution to keep homeowners from losing homes," it's a blatant attempt to keep lenders/investors solvent by chaining underwater/negative equity owners to debt-serf machine.
Thursday, December 06, 2007. Of Two Minds: Trends and Countertrends Housing did not double and triple in a decade based on fundamentals of supply and demand-- it tripled on speculative fever. Ditto for every bubble in every era.
Wednesday, December 05, 2007. Nat'l interest: Report Finds California a Top Destination for Human Traffickers Forced labor racket extends into many industries incl. construction.
Wednesday, December 05, 2007. NJ: Shoddy Construction tab picked up by City (taxpayers money) Camden to buy 21 townhomes, possibly to demolish them. Properties developed by defunct Lanning Square West Neighborhood Corp. Fraught with defects, city inspectors fined for passing inspections of units.
Wednesday, December 05, 2007. KS; OK: Couple's rebuilding effort interrupted by absent contractor Rebuilding after torndado, Oklahoma City General Contractor Alfred Soulek leaves Kansas homeowners with unfinished home.
Wednesday, December 05, 2007. Charlotte Observer: Beazer says payment issue was `overblown' Ongoing series
Wednesday, December 05, 2007. NEW BOOK: Broken Buildings, Busted Budgets By Barry LePatner, New York lawyer specializing in construction cases. Industry will become efficient only when its customers become savvier and more demanding.
Wednesday, December 05, 2007. NY: UPDATE: Mold task force hears about hidden hazard State Toxic Mold Task Force held its first meeting to come up with recommendations for rules on mold.
Wednesday, December 05, 2007. Insurance Journal: Bill Would Provide Incentives for States to Enforce Stronger Building Codes U.S. Reps. Doris Matsui, D-Calif., and Mario Diaz-Balart, R-Fla., are cosponsoring the Safe Building Codes Act of 2007 that would create incentives for states to adopt and enforce heightened construction standards to help protect communities against damaging natural disasters.
Wednesday, December 05, 2007. US: The Mortgage Mafia Feeding on the Homes and Hopes of Americans
Tuesday, December 04, 2007. FL: Housing sector 'grows' (UPDATE on Global Home Builders case) Builder found lucrative sideline in housing bust: Growing marijuana.
Tuesday, December 04, 2007. MSN: Subprime bailout The plan hatched by government and industry is also intended to benefit investors who purchased these risky mortgages.
Tuesday, December 04, 2007. Business Week: Help May Be on the Way Skeptics abound re: housing bailout plan. Reader comments at end of article are interesting.
Tuesday, December 04, 2007. US: New groups get in ring as energy bill nears vote Energy-efficiency proponents expected to lose a key provision: a new building code standard to increase efficiency of homes and businesses. The language, which home builders lobbied against, would be the equivalent of removing 35 million cars from the road in terms of greenhouse gas avoidance
Tuesday, December 04, 2007. US: Fraud Blogger Another Mortgage industry fraud blog
Tuesday, December 04, 2007. US: Kimball Hill debt ratings lowered Moody’s raised concern about Kimball Hill’s inventory of unsold property and said “cash flow generation will be largely insufficient to repay any significant amount of debt.”
Tuesday, December 04, 2007. CBS News: No Fence To Protect Against Foreclosures Gated Communities Hit Hard By Mortgage Crisis
Tuesday, December 04, 2007. KS; Nat'l interest: MORE on Pulte pulling out of Kansas City Article has link to "Lenexa Woman: New House Is Falling Apart," a Pulte construction defect story.
Tuesday, December 04, 2007. WI; Nat'l interest: Local companies say they’re owed more than $30,000 Neumann Homes bankruptcy update: liens on homes
Tuesday, December 04, 2007. KS; Nat'l interest: Pulte Homes pulling out of Kansas City The phased withdrawal will being in about three weeks. Homeowners concerned about future "warranty" service.
Tuesday, December 04, 2007. US: Flipping Frenzy Blog with current news, commentary, on mortgage mess & real estate fraud.
Tuesday, December 04, 2007. US: Mortgage Fraud News of arrests, indictments, scams, etc
Tuesday, December 04, 2007. US: Housing Crash Current News articles on 'bailout,' etc
Tuesday, December 04, 2007. US: Housing Market News, commentary of the day
Tuesday, December 04, 2007. US: Paulson's Plan Nothing but Lip Service (Yet another view) Does any government scheme ever work?
Tuesday, December 04, 2007. US: Critiquing the WSJ on Subprime (Another view) Media Hype That Misses the Point
Tuesday, December 04, 2007. US: Subprime Interest Rate Freeze: More Hypocrisy "They fight regulation at every turn, but when the market has to cleanse itself, they step in and stop the process. True hypocrisy. And in return, what will these banks get? Let me guess, an implicit promise to be bailed out by the Fed."
Monday, December 03, 2007. US: Easy loans mean painful losses Broken promises, inflated prices
Monday, December 03, 2007. US: Subprime debacle traps even very credit-worthy Analysis raises pointed questions about practices of mortgage lenders.
Monday, December 03, 2007. Realty Check: Builders, mortgages, more Commentary on current issues by CNBC's Diana Olick
Monday, December 03, 2007. US: Housing Crash Current news articles
Monday, December 03, 2007. US: Countrywide CEO seeks government help (More from the housing/finance industries who wanted to keep govt out of our lives, now crying for a bailout to keep the bubble going. --Ed.)
Monday, December 03, 2007. AR: Contractor at air base promising payments Under the harsh glare of national and congressional scrutiny, American Eagle Communities LLC on Wednesday suddenly an-nounced that it would pay about $778,000 of the $2.4 million the company allegedly owes contractors and suppliers for its now-abandoned housing-privatization contract at Little Rock Air Force Base
Monday, December 03, 2007. US: McMansions Meet the Mortgage Crisis Pricey enclaves of privilege becoming hotbeds of disillusionment.
Monday, December 03, 2007. US: Builder dumps homes in Morgan Stanley deal In another sign of the collapse of the market for new homes, builder Lennar Corp. has dumped a portfolio of 11,000 properties for 40 percent of their previously-stated book value.
Monday, December 03, 2007. US: Loans are Subprime, not Borrowers Nearly half of homeowners with subprime mortgages could have qualified for prime-rate loans...shows how much the steering problem has worsened.
Monday, December 03, 2007. Multi state: Blogger asks for more info on numerous complaints found on builder RW Hertel
Monday, December 03, 2007. MA; Nat'l interest: When Contractors Fail to Pay Subcontractors Lawyer has suggestions for preventing liens, which often mean homeowner pays for work twice.
Monday, December 03, 2007. US: Mortgage Fraud Blog News, indictments; attorney's blog.
Monday, December 03, 2007. Readers' Digest: House Wrecked? What to do if the foreclosure crisis hits close to home.
Sunday, December 02, 2007. Ca: Dispute locks out home buyers City of Sanger refuses to give its final OK to builder's new houses: "This is a case about a developer who has failed to comply with the conditions of approval for the subdivision. This goes way beyond the completion of the public improvements,"
Sunday, December 02, 2007. Nat'l interest: Then Came Isaiah Mold story about a baby affected by seizures.
Sunday, December 02, 2007. Nat'l interest: Investigation reveals exploitation of vulnerable Allegations that one man took advantage of an old woman losing herself to Alzheimer's. That man had a lot of help. "The companies that fed off her decline are part of a financial-services industry that targets people...
Sunday, December 02, 2007. CO: GOP, papers, chamber out of step with voters Maybe it has something to do with the lack of front-page editorials criticizing former Gov. Bill Owens' and the GOP when they protected home builders from the financial consequences of shoddy construction practices.
Sunday, December 02, 2007. NY; NJ: More Marnell mess Families out more than $100,000. Builder Chris Marnell took deposits for new homes and left them with empty graying frames, weed-strewn lots and township's "stop construction" orders...
Sunday, December 02, 2007. MD: State Attorney General Enters Settlement Agreements with Builders 14 builders agreed to pay penalties to settle allegations they violated Maryland's building laws
Friday, November 30, 2007. MSN: Getting rich off the subprime mess Burry had been seeking ways to make money by betting big against the mortgage industry's reckless home-lending practices.
Friday, November 30, 2007. Nat'l interest: Moldy Business Hidden camera investigation into some mold remediation companies.
Friday, November 30, 2007. US: Freezing Mortgage Rates Is Not the Answer No lessons learned when buyers (and mortgage companies) are saved from bad decisions.
Friday, November 30, 2007. US: US mortgage rescue plan may help or harm builders Would basically amount to taxpayer bailout of dumb lending...Word of proposed plan sent home builders' shares soaring.
Friday, November 30, 2007. CO: Osborn linked to grand jury probe Denver condo developer Erik Osborn embroiled in legal and financial problems that include criminal grand jury investigation and millions of dollars in liens and lawsuits related to projects.
Friday, November 30, 2007. US: Housing CEO pay led to reckless behavior Executive pay structure that rewarded U.S. home builders for short-term performance has contributed to country's deepening mortgage crisis...Reckless lending, overbuilding have brought housing market to its knees
Friday, November 30, 2007. Builder Online: Subprime Bailout May Be Coming Soon Just as predicted by HADD and others: bailout packaged as consumer protection, is really a handout to industry that created mortgage mess. What was that about consumers wanting the nanny govt to take care of them??? --Ed.
Friday, November 30, 2007. CA: UPDATE: Lender cries fraud over Dunmore Homes sale Mortgage loan officer purchased bankrupt Dunmore Homes for $500: bargain-basement price has one of company's major lenders crying fraud, suing for payment of outstanding loans and punitive damages.
Friday, November 30, 2007. Professional Roofing Mag: Determining damages Written from a roofer's perspective, article is still potentially useful re: how damages are determined in legal cases.
Friday, November 30, 2007. MI: More on Michigan mortgage fraud and regulation Diverting money from the policing mortgage companies is latest example of state's laissez-faire attitude toward industry...state examiners uncovered evidence of massive fraud conducted by loan companies, only to find investigation ignored by county prosecutors and Michigan Attorney General.
Friday, November 30, 2007. US: Homebuilder CEOs outearn other chiefs CEO pay in the hard-hit U.S. home-building sector is high compared with most other industries...while billions in shareholder value have been wiped out
Friday, November 30, 2007. AZ: Mortgage inquiries swamping Arizona Arizona shut down handful of firms for fraud and other illegal lending practices, but at least 40 other investigations stalled because there is no money to fund them.
Friday, November 30, 2007. MI: Editorial: Better regulations would help with mortgage crisis While state has undergone meltdown in housing, state lawmakers raided $7 million out of $9 million fund paid for by fees from mortgage industry to help state examiners handle complaints...Lack of enforcement of existing laws has made matters worse. Residents have lost their homes through outright fraud and forgery. These crimes are already on the books, but prosecutors and investigators reluctant to take cases because their impact, while devastating to individuals, are not of sufficient financial magnitude.
Friday, November 30, 2007. US: Fix federal bill The 1999 N.C. General Assembly produced an outstanding law on predatory mortgage lending that might have helped the nation avoid its current credit crisis had similar legislation been in place nationwide.
Friday, November 30, 2007. MD; US: Consumer group offers homebuying tips HADD's president Nancy Seats interviewed.
Friday, November 30, 2007. Newsday.com: Officials try to discover source of mold in Westbury Not clear what caused extensive water damage throughout complex that's forcing hundreds to leave...most construction completed when inspectors aren't watching. Architects and engineers certify own work, swearing projects comply with codes.
Friday, November 30, 2007. TN: Pratt pleads not guilty to fraud charge Workers Comp insurance fraud and running illegal worker ring.
Friday, November 30, 2007. US: Settlements highlight misdeeds Rigged appraisals, lax underwriting and toxic loan products not only issues causing problems in residential real estate. Feds and state regulators targeting other housing-related misdeeds that can cost consumers big money -- especially involving under-the-table kickbacks among builders, real estate brokers, loan officers, mortgage bankers and title insurers. Buyers and sellers are rarely aware of the cash changing hands...
Thursday, November 29, 2007. KS: MORE on MILLER case update today This version allows reader comments to be posted.
Thursday, November 29, 2007. US: Handing Out Tax Dollars at the Labor Department Millions in grants given without proper procedures to organizations including Associate General Contractors (the trade association of the construction industry) and the Home Builders Institute (an affiliate of the National Association of Home Builders)...
Thursday, November 29, 2007. US: UPDATE: Fort Bend Homebuilder Prepares For Possible Chapter 11 Filing By Parent Newmark Homes, corporate parent TOUSA Inc
Thursday, November 29, 2007. LA: Builders angered by unlicensed contractors Builder alleged to be illegal immigrant and unlicensed contractor built, or was building, residences of substandard quality, while paying workers in cash and failing to keep proper insurance or pay taxes
Thursday, November 29, 2007. US: First American Title Insurance Co. To Pay $5 Million In Penalties More on ongoing cases of sham title agencies, illegal kickbacks to real estate agents, mortgage brokers, banks and home builders
Thursday, November 29, 2007. NJ: Trenton contractor charged with shoplifting Roman Chmielinski allegedly paid Home Depot employees to help him load his truck with building supplies and bypass the cash register
Thursday, November 29, 2007. MN: UPDATE on Parish Marketing & Development mortgage fraud case Court-appointed receiver will dispose of Parish Development
Thursday, November 29, 2007. KS, MO, AZ: UPDATE to MILLER case in KS: Identity theft charges filed in bank fraud case New charges filed against one defendant in $25 million bank fraud case involving Kansas City area homebuilder F. Jeffrey Miller. Lanny Ross faces two counts of aggravated identity theft in connection with house appraisals. (One of the companies involved in case is Star Land Development which is also in AZ. --Ed.)
Thursday, November 29, 2007. FL: UPDATE: Builders said to run pot farms Investigators say Global Home Builders Inc. laundered the drug profits and helped its pot growers obtain fraudulent mortgages to buy houses, which company employees would outfit with elaborate indoor gardens, shuttling supplies between Home Depot and the grow houses in trucks bearing the company logo.
Thursday, November 29, 2007. FL: MORE: Global Homes pot growing houses Investigators also suspect some of the mortgages used to pay for the homes were obtained fraudulently
Thursday, November 29, 2007. FL: UPDATE: Global Home Builders case Article has links to documents.
Thursday, November 29, 2007. FL: UPDATE: Global Home Builders founder confirmed as probe target Investigators are sorting through mortgage records and other documents seized in raids to determine whether Cepero, who served two federal prison terms before starting Global Home Builders, was involved in the sons' and grandson's alleged marijuana cultivation and drug trafficking organization
Thursday, November 29, 2007. US: Housing Crash Current News
Thursday, November 29, 2007. US: Housing Market Current News/Commentary
Thursday, November 29, 2007. TX: GOP Trial Lawyer says homeowners are whiny little bitches. In defending arbitration, before being challenged on his defense, he claimed homeowners would rather have a jury so they could whine and cry in order to win a case. Not only is that absolutely absurd since most cases never go to trial, and most homeowners never take the stand, and most homeowners never get a chance to have a jury trial because of mandatory arbitration, it was absurd because it was demeaning, and ......absurd!
Wednesday, November 28, 2007. PA: UPDATE: New Charges Against Lackawanna County Builder Scott Binsack Prosecutors said Binsack is the one who is kidding himself if he doesn't think he is guilty.
Wednesday, November 28, 2007. IEQ Review: Mold forcing residents out brand-new luxury complex Reconstruction and fixing the mold problem is expected to take at least one year.
Wednesday, November 28, 2007. FL: Home building brothers among 20 arrested in St. Lucie drug bust Roberto Alberto Cepero and Raul Alfredo Cepero, of Global Homes Builders. (UPDATE to news posted yesterday and today.)
Wednesday, November 28, 2007. Nat'l interest: More condo owners in South Florida failing to pay fees Neighbors must make up the money when condo owners don't pay their share of maintenance fees and special assessments...Many delinquents are investors walking away, or owners who can't afford adjustable-rate payments.
Wednesday, November 28, 2007. MI: Metro Detroit's foreclosure explosion linked in part to mortgage scams Danny Stokes used to sell drugs, before he discovered it was safer and more lucrative to sell mortgages.
Wednesday, November 28, 2007. Charlotte Observer: http://www.charlotte.com/business/story/381405.html 68% cancellation rate
Wednesday, November 28, 2007. US: Levitt and Sons winding down UPDATE on builder's bankruptcy affecting homebuyers, lenders in Florida, Georgia, South Carolina and Tennessee
Wednesday, November 28, 2007. US: UPDATE: Bankrupt Levitt and Sons gets OK to abandon unsold lots Loan amounts exceed their value
Wednesday, November 28, 2007. US: A Lemon Court MORE: Arbitration clauses in contracts (e.g. house purchases, etc) not good for consumers.
Wednesday, November 28, 2007. FL; Nat'l interest: UPDATE: blogger discusses Global home builders drug arrest Building Market is Rough - Homebuilder (Global Homes) in Port St. Lucie Turns to Drugs and Kiddie Porn
Wednesday, November 28, 2007. US: Cash Back at Closing’s Connection to Real Estate and Mortgage Fraud Just one of many schemes con artists use
Wednesday, November 28, 2007. Charles Hugh Smith Blog: This Old McMansion Former builder notes problems in newer construction.
Wednesday, November 28, 2007. MA: Construction contract & defect articles By MA attorney
Wednesday, November 28, 2007. World: Housing Crash Current news
Wednesday, November 28, 2007. US: More Mortgage Fraud News New articles today
Wednesday, November 28, 2007. NY; Nat'l interest: UPDATE: Cuomo: We’ll Fight Motion Attorney General Andrew Cuomo’s said today that they will fight a motion Monday by a major real-estate appraiser to dismiss Cuomo’s lawsuit that alleges the company colluded with banks to inflate the value of homes.
Wednesday, November 28, 2007. PA: Bankrupt Mortgage Company Executive Expected To Plead Guilty Snyder was a no-show Tuesday for a bankruptcy meeting with homeowners in Reading. About 400 homeowners at the meeting were told it's not likely they'll be getting any money back and banks could foreclose.
Wednesday, November 28, 2007. US: Underwriting & Fraud Significant Drivers of Subprime Defaults Lax underwriting and fraud may account for as much as one-quarter of the underperformance of the 2006 Subprime transactions
Wednesday, November 28, 2007. OH: Two sentenced in connection with mortgage fraud case Builder and developer, Edward Emery admitted he would nearly finish half million dollar homes, then set up an arrangement where people would get paid for work that was never done.
Wednesday, November 28, 2007. Realty Check: Housing Crisis: So Many Reasons Why It's Here Diana Olick of CNBC
Wednesday, November 28, 2007. US: The New Savings and Loan Crisis Scary Parallels Between Then and Now
Wednesday, November 28, 2007. US: Banks Gone Wild But even as the danger signs multiplied, Wall Street piled into bonds backed by dubious home mortgages. Most of the bad investments now shaking the financial world seem to have been made in the final frenzy of the housing bubble, or even after the bubble began to deflate.
Wednesday, November 28, 2007. US: House mortgage bill doesn't offer bailout Mortgage Reform and Anti-Predatory Lending Act of 2007
Wednesday, November 28, 2007. US: Renters Face Eviction as Lenders Foreclose on Properties When landlord doesn't pay for house, their lender forecloses, often giving renters only days to vacate, even though they've paid rent on time.
Wednesday, November 28, 2007. TX; Nat'l interest: GOP Trial Lawyer says homeowners are whiny little bitches. After spending the rest of