NEW BOOK: Reckless Endangerment by Gretchen Morgenson and Hoshua Rosner |
Sunday, 22 May 2011 |
It Teetered, It Tottered, It Was Bound to Fall Down
By GRETCHEN MORGENSON and JOSHUA ROSNER This article was adapted from âReckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon,â by Gretchen Morgenson, a business reporter and columnist for The New York Times, and Joshua Rosner, a managing director at the independent research consultant Graham Fisher. The book is to be published on Tuesday by Times Books.
Read more... |
|
Beware of HOA Payment Plan Texas Industry Style |
Sunday, 22 May 2011 |
When an expensive payment plan deal becomes a foreclosure
Senator Westâs HOA Reform SB 142 contains a flawed âPriority of Paymentsâ section that will dictate how homeowner HOA payments must be applied. SB 142 has a âPayment Planâ section as well that will officially dictate that HOAs must offer a payment plan under state law, to homeowners who are delinquent on their dues. Senator West has added both requirements to Rep. Duttonâs HB 1228. The problem is that the Priority of Payment as it is currently written has the (b) exception that would allow current abusive practices of applying all payments to attorney fees under a payment plan, so that business will continue as usual. |
Read more...
|
|
HOA Syndrome Is Real, Nevada Professor Claims |
Sunday, 22 May 2011 |
Symptoms Include Headaches, Anger, Depression
A psychology professor from the College of Southern Nevada said that he has discovered a new anxiety disorder called HOA Syndrome. If you live in a community with a homeowner's association, you will likely experience some symptoms of anxiety, according to Dr. Gary Solomon. "You might experience anger, sleeplessness, headaches and emotional problems," said Solomon. "You can even experience a fear of going to the mailbox or living in your own home." ...What is the treatment for HOA Syndrome? It's pretty simple, said Solomon. Just do what Lantry and his family did, move out and never move into an HOA neighborhood again. "Why would I want another incompetent level of government standing in judgment of me?" said Lantry. |
Read more...
|
|
D.R. Horton: When Builder HOA Rules & Regulations Drive Down Property Values |
Sunday, 22 May 2011 |
Neighbors: Builder Breaking Rules, Destroying Neighborhood
Now D.R. Horton is building homes in the $90,000 range, some with one-car garages and siding, instead of the more expensive stone and brick. "They don't care who they sell to. They don't care what they look like as long as they get them up and they get them sold. To me ... it seems that they don't care," Salinas said. Neighbors like Jeremy Taub are even thinking about moving out because of the new homes. "We like the neighborhood, but if our house is going to continue to drop in value, then it's not any place I'm going to stay," Taub said. |
Read more...
|
|
Texas HOA Reform Bills Nearing End |
Saturday, 21 May 2011 |
Chairman Solomons Confident SB 142 Will Come to the Texas House Floor
As time runs out in the legislative session, lawmakersâ promises to dampen the influence of homeowners associations may be fading. The only HOA bill that has passed both chambers did so Thursday, leaving many dead in committees and several awaiting a spot on the agenda in the final 10 days of the session...Both West and Solomons say theyâre confident they can reach a compromise on their bills, if the House can act in time. âObviously the clock is ticking and the House is focused on more weighty issues,â West said. âBut, yes, we can still get this through.â Solomons says he has the necessary support in the House. All he needs is time. âItâs got a better chance to pass than the budget,â he said. |
Read more...
|
|
HOA Payment Plan Rip-Offs |
Friday, 20 May 2011 |
Beware of HOA Payment Plan
When an expensive payment plan deal becomes a foreclosure
Current industry payment plan practices:
1. Payment plans have become a prerequisite to foreclosure. See HOBB Report:
1,425% Markup - Big Corporate Business for HOA Non-Judicial Foreclosures
2. An elite group of HOA industry attorneys/debt collectors have captured the
market of no-win homeownerâs payment plans as the option for HOA foreclosure
on homesteads.
3. The HOAs attorney business plan objectives for payment plans:
a) Is to derive a steady stream of income for themselves as the debt collector;
while the debt continues to mount under the payment plan
b) When a payment is missed under the plan (anticipated), the HOA attorney
posts notice for a âNonâJudicialâ foreclosure again, adding more fees and
offers another payment plan or face foreclosure. Additionally, homeowners
may be required to sign an Agreed Judgment
c) With 2 to-as-many-as 5 times of payment plan extensions and notice
postings, the attorney submits the Agreed Judgment for a default before
the judge under a Judicial Foreclosure
d) Foreclosed â THE END
Under payment plans many have paid thousands of dollars only to see their homes
taken in foreclosure over the original $150 assessment debt.
|
|
Bill Would Remedy Supreme Court Ruling, Restore Consumers’ Rights to Justice Through Courts |
Wednesday, 18 May 2011 |
Rep. Hank Johnson, Sens. Franken and Blumenthal Introduce Legislation to Protect Legal Rights of Consumers
"Consumers fighting for fundamental rights against giant corporations deserve their day in court," said Sen. Blumenthal. "This new law would protect countless consumers in Connecticut and around the country from powerful companies that take advantage of them. When individuals have legitimate claims against big corporate interests, they have the right to a level playing field. " |
Read more...
|
|
Arbitration Fairness Act 2011 Filed |
Wednesday, 18 May 2011 |
Stand Up For Your Rights
Sens. Al Franken (D-Minn.) and Richard Blumenthal (D-Conn.) and U.S. Rep. Hank Johnson (D-Ga.) will hold a press conference to announce the introduction of legislation that would remedy a recent Supreme Court ruling and restore consumersâ rights to seek justice in the courts. Their bill, called the Arbitration Fairness Act, would eliminate forced arbitration clauses in employment, consumer, and civil rights cases, and would allow consumers and workers to choose arbitration after a dispute occurred. |
Read more...
|
|
New York Times: The billions of dollars in credit extended by Wall Street |
Wednesday, 18 May 2011 |
New York Investigates Banksâ Role in Financial Crisis
The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses. The possibility has also been raised that the banks did not disclose to mortgage insurers the risks in the instruments they were agreeing to insure against default. Another potential area of inquiry â the billions of dollars in credit extended by Wall Street to aggressive mortgage lenders that allowed them to continue making questionable loans far longer than they otherwise could have done.
|
Read more...
|
|
Texas HOA Reform Nears Passage |
Wednesday, 18 May 2011 |
HOA Reform Coalition Supports CSSB 142
Priority of Payments Provision would apply payments in this order: 1) any delinquent assessments; 2) any current assessment; 3) any attorney fees or third party collection costs. Homeowners have been trying to get meaningful legislation for more than a decade. The present laws have allowed HOA abuse and tens of thousands of foreclosures across the state - devastating to both homeowners and to property values. |
Read more...
|
|
|