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Preditory Lending has Worldwide Financial Impact |
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Tuesday, 22 January 2008 |
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If Everyones Finger-Pointing, Whos to Blame?
A wave of lawsuits is beginning to wash over the troubled mortgage market and the rest of the financial world. Homeowners are suing mortgage lenders. Mortgage lenders are suing Wall Street banks. Wall Street banks are suing loan specialists. And investors are suing everyone...Some of the loans have defaulted, and a trustees report on the pool of loans packaged and underwritten by UBS, the Swiss investment bank, shows that losses on some defaulted mortgages are as high as 100 percent. As of November, about 27 percent of the loans in the pool were either delinquent 60 days or more, in foreclosure or had resulted in a repossessed home. |
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KB Home Attempts to Bribe Woman |
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Monday, 21 January 2008 |
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KB Home Buys Back Bombing Range Home Despite Attempt to Bribe Owner
Thea King-Lewis has maintained that KB Home in 2002 attempted to bribe her to give false statements to the Arlington Police Department and testimony against Janet Ahmad, President of HomeOwners for Better Building. To this day she has refused. In March 2002 Thea King-Lewis refused on two occasions to sign false statements prepared by Victor Toledo, attorney and Vice President of Legal Affairs for KB Home in exchange for financial consideration. Eventually, in December 2003 KB Home bought the Lewis home back however, the day before, she submitted the following Sworn Affidavit to the Tarrant County District Attorney regarding the attempts by KB Home's Victor Toledo to bribe her. Read more: KB Attempts to Bribe Woman - Inman Report: KB Community of Bomb & Attempt to Bribe See Video: WFAA's Bryan Harris Investigates KB Home & Bombs |
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Molly Ivins in 1995 Discribed the Weekley Boys Special-Interest |
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Sunday, 20 January 2008 |
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Redefining reform
Big business proponents contrive some of the worst bills of the 74th session. "Reform" (actually deform) of the Consumer Protection Act/Deceptive Trade Practices Act gives additional license to the worst kinds of businesses that operate in Texas. It's back to "buyer beware." If you get ripped off or even severely damaged by some sleazy business, don't bother trying to get your money back--much less any other compensation...Consider the case of Richard Weekley, a big-time real estate developer who owns shopping malls and--along with his brother--a big housing company. Weekley appeared in Austin as president of Texans for Lawsuit Reform, the folks who were going to "reform" our tort system, Governor George Dubya's pet project. Imagine my surprise when The Wall Street Journal listed Weekley as one of this session's biggest "winners." I'd have listed him as the session's biggest "over-reacher." When you behave so badly that one of the three top officeholders in Texas describes you as an "ass" and points out that tort reform would have been even more pro-bidness without your able assistance, I'd say "winner" was a little strong. |
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Naples Florida Lemon House |
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Saturday, 19 January 2008 |
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Family blames illness on mold infested home
A Naples family says mold is growing in their home and now it's making them sick. But the company that built the home says it's not their fault. For John and Diane Mathieu, their brand new dream home turned into a nightmare. "I don't want anybody else to go through what I have. I am fighting for my life because of that home," said Diane. The Mathieus say their home was built without proper water-proofing, which led to mold growing in the pillars. See website:The Naples Lemon House |
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KB HOME ATTEMPTS TO BUILD ON THIS COUNTRY'S WORST NUCLEAR MELTDOWN SITE |
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Friday, 18 January 2008 |
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Down the Test Tubes
One hotspot, the closest one to the Boeings old Rocketdyne lab, had clocked in at 411 times hotter than normal for the area. Are we to believe that Runkle Canyons soil, which is next to the site of this countrys worst nuclear meltdown, the Santa Susana Field Laboratory (SSFL), tests cleaner than the background readings of Sr-90 in the area? ...KB Homes had hoped to build 461 residences in the 1,595-acre canyon, but those plans have been delayed since the summer of 2006 when Southwick and a cadre of residents who call themselves the Radiation Rangers (See: Dirty Business, Nov. 1, 2007) questioned the safety of the project. In May 2007, the Rangers had Runkle Canyon tested for heavy metals and found high levels of arsenic, nickel and vanadium which is documented in reports on their Website StopRunkledyne.com. Later city tests found even higher levels as well as barium, cadmium, chromium and lead. |
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Texas Builder Agency TRCC changes Insignificant for Builders |
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Friday, 18 January 2008 |
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New homebuilding provisions reviewed
Changes in state law won't affect area homebuilders much, some say. "I don't see anything here that will affect our operation at all," said Don Farek, of Cameo Homes in Killeen. "One of the changes in House Bill 1038 gives you (builders) an out," Fortner said. Following a state inspection, a builder can make a written offer to the homebuyer to fix the errors. If the offer is agreed upon by both parties, the homebuyer can call the state and cancel the complaint associated with the inspection results. If an offer is made in advance of the inspector's report that is similar to the recommendations, TRCC will pay the inspection fee and not report finding a defect. |
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No Homeowners Insurance for Lennar Homes on Bombs |
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Thursday, 17 January 2008 |
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Buried Bombs Could Cause Fla. Homeowners to Lose Insurance
Hundreds of people who unwittingly bought homes in Orlando, Fla., near a World War II-era bombing range are suing after learning they could lose their insurance. Attorneys for the residents said Lennar Homes and other builders committed fraud by concealing that the homes were built on the bombing range. Citizens Property Insurance Corp., created by the Legislature as the insurer of last resort, said it would not consider writing a policy if there are unexploded bombs. |
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Washington State: Legislators attempt to regulate homebuilding |
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Tuesday, 15 January 2008 |
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Bill protects homeowners from shoddy builders
If an auto mechanic damages your car or a tree service cuts down the wrong tree, you can sue for negligence. But buy a defective house in Washington state and you might not be able to take the builder to court. But some state lawmakers think that's wrong, and hope to change that. This is the lawmakers' second attempt to give you more protection if you buy a home that's not up to code or has substantial defects. Last year, two democrats almost got a bill passed to require new homes to come with a warranty, but the building industry got it shot down. |
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State lawmakers consider legislation |
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Tuesday, 15 January 2008 |
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State lawmakers wrestle with abusive lending
In the three months since Iowa Attorney General Tom Miller launched a foreclosure hotline, nearly 6,000 Iowans have called for help. The calls come to the Iowa Mediation Service, which Miller hopes will be able to negotiate with lenders to help borrowers keep their homes. "We're trying to do it on a mass basis," Miller says. Foreclosure rates for homes purchased using non-standard, high-interest loans have reached historic highs in Iowa and around the USA. |
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Mortgage fraud convictions double |
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Tuesday, 15 January 2008 |
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FBI: Housing scams more than double
Federal mortgage fraud convictions have more than doubled in the past year, and the FBI expects a growth in foreclosure scams as the crisis over substandard, high-interest home loans escalates. Foreclosure rates for these mortgages, known as subprime loans, are at historic highs, according to surveys by the Mortgage Bankers Association and government records. |
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Foreclosure Disaster Zones |
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Tuesday, 15 January 2008 |
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Foreclosure: There goes the neighborhood
Some of these neighborhoods are becoming foreclosure disaster zones. Theyre places where three out of the four houses you find for sale are in foreclosure. Thats causing fear that these neighborhoods are already starting to fall apart. |
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Lennar - Get out of town! |
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Monday, 14 January 2008 |
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Lennar BVHP LLC should QUIT while the going is good - we want them out of our community
Lennar Corporation is a ROGUE company that has been selling its homes for cheap - many for 40 cents on a dollar. Lennar Corporation is in deep trouble - it has laid off thousands of its employees - and here in San Francisco too. Lennar's stock and shares have been reduced to Junk Bond Status - the banks will not do business with them - and all over the world in the financial circles - the word is - stay away from the skunk - Lennar Corporation. |
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Tort Deform: Protecting Americans' Access to the Courts |
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Saturday, 12 January 2008 |
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Binding Mandatory Arbitration Reform
A series of United States Supreme Court decisions have changed the meaning of the [Federal Arbitration] Act so that it now extends to disputes between parties of greatly disparate economic power, such as consumer disputes and employment disputes. As a result, a large and rapidly growing number of corporations are requiring millions of consumers and employees to give up their right to have disputes resolved by a judge or a jury, and instead submit their claims to binding arbitration. |
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KB Home Retaliation results in high price for Consumer Advocacy |
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Friday, 11 January 2008 |
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Homeowners advocate found guilty
Janet Ahmad, founder of the advocacy group HomeOwners for Better Building, will have to pay a $4,000 fine and was given a year of probation for the misdemeanor. The case involved an Arlington neighborhood that was built on the site of a former World War II military practice bombing range. Residents previously had uncovered unexploded but harmless ordnance, and several residents sued the builder, KB Home, for not telling them about the range. Although Ahmad was found guilty of possessing a hoax bomb, the jury found her not guilty of making a false 911 call to report that bomb to the police... Recently, Ahmad has been involved in efforts to organize residents of Mirasol Homes, where homeowners have complained to the San Antonio Housing Authority about shoddy construction and health concerns. She said she believes the misdemeanor charges in Tarrant County were filed in retaliation for her advocacy efforts. "KB is not held accountable, and I'm disgraced on trumped-up charges," she said. 20/20 Report |
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Star-Telegram:Conviction without Evidence. The only thing that's a hoax is this verdict. |
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Thursday, 10 January 2008 |
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Activist gets probation, $4,000 fine
"I don't understand the jury," Ahmad said. "I guess the jury believed what the people for KB said. But maybe this verdict will expose what KB does to homeowners." Ahmad's attorney, Mark Daniel, filed a notice of appeal Tuesday. Her sentence will be placed on hold until the appeals process is completed, Daniel said. "We're deeply disappointed," Daniel said. "We'll appeal, and we believe we'll have a favorable resolution from that appeal. The only thing that's a hoax is this verdict." Steven Gebhardt, a Tarrant County assistant district attorney, said that he is satisfied with the verdict and that not being able to present some evidence to the jury did not hurt his case. The fake bomb could not be used as evidence because it was checked out of the evidence room and not returned, Gebhardt said. Also, the tape of the 911 call was not preserved because of the age of the case, Gebhardt said. Related WFAA article - Home builder dispute intensifies - KB Home build on a bombing range? YES!: 20/20 Report |
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Better Home Building Advocate and Grandmother Goes On Trial |
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Monday, 07 January 2008 |
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Woman accused in fake bomb case on trial
Testimony began Monday in the trial of Janet Ahmad, a woman accused of placing a fake bomb in a vacant lot in the Arlington South Ridge Hills addition and of making a false bomb call to police in January 2002. The neighborhood was built by KB Homes on what had been a practice bomb range used by the U.S. Navy during World War II. There are published reports of practice bombs found in the neighborhood. Related WFAA article - Home builder dispute intensifies - KB Home build on a bombing range? YES!: 20/20 Report |
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