Tag Archives: Southern California

Interesting Housing News Links (May 06, 2009)

* In Bank Demolition Echoes of the Great Depression (Emily Friedlander, Wall Street Journal)

In an image that echoes scenes of the Great Depression, a Texas bank has just finished up demolishing 16 new and partially built houses it acquired in Southern California through foreclosure. The bank determined that wrecking the homes was more cost-effective than finishing and selling them.

* Report: Too many recyclables in city’s dump (Brian Nearing, Times Union)

Too much paper that ought to be recycled is winding up in the city’s Rapp Road dump, according to a consultant’s report.

* Paying flooding costs with no flood insurance (Brandi Hodges, KAIT)

With more rain on the way folks are wasting no time ripping out what the floods destroyed. For some, cleaning up could clean out their bank accounts. Some people who live along the flooded areas of Trumann have flood insurance but others do not. Insurance is available but it does come at a cost.

* Who really killed bankruptcy reform? (Emily.Flitter, American Banker)

The banking industry expressed grave fears over the mortgage cramdown legislation that failed in a Senate vote last week , but a post-mortem on the scene makes that anxiety seem a little overhyped. With so many different groups vying to kill the legislation, the vote last week was never a nail-biter.

* Police: New system will cut down on false alarms (Lee Mc Guire, KHOU)

Every day, Houston police respond to nearly 300 burglar and panic alarms. Each of those alarms takes two officers nearly an hour to deal with, and almost every one of those calls is false.

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Interesting Housing News Links (March 2, 2009)

* Harry Gross: A rare opportunity to flex the ARM (Harry Gross, Philadelphia Inquirer)

Dear Harry: I know how you hate those ARMs (adjustable-rate mortgages), but I went for one five years ago, because I didn’t think my job assignment in New Jersey would last this long. It now appears that I will have at most another three years here and then be transferred back to St. Louis. Here’s the problem: Our ARM had a fixed rate of 5 percent for the first five years. Now it is about to ad…

* Markets Fall from Tokyo to London to New York City (Bruce Crumley, Time)

It’s not hard to understand why most observers expect Wall Street to slide fast and far during trading Monday. It opened with an opening dive its first dip below the 7,000 point bar in more than a decade. And why would the Dow resist the mega-tanking that bourses elsewhere experienced today, amid a flurry of dismal financial and economic news from virtually every corner of the globe?

* Man pleads guilty in mortgage fraud scheme (Business Journal Charlotte)

An Upper Arlington man accused of involvement in a Central Ohio mortgage fraud ring has pleaded guilty to eight felony counts and is set to testify against the woman investigators have called the ringleader.

* Punishing fraud in the mortgage-lending crisis (Seattle Times)

The FBI must make its way through 66,000 reports of potential bank fraud, a daunting task aided by a new regional task force that could yield successes like the Bellevue loan officer headed to prison for one of the largest home-mortgage scams in Western Washington. A timely solution in this region comes by way of a task force made up of local, state and federal investigators.

* Congressman promises new Armenian genocide bill

Despite strong opposition from Turkey, a Southern California congressman is vowing to introduce another bill blaming the Ottoman Empire for the Armenian genocide of 1915.

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