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 We do not inherit the land from our ancestors, we borrow it from our children-Native American proverb Kermit Baker, Chief Economist of The American Institute of Architecture confirms that the fat McMansion lady has indeed started singing. → continue reading McMansions, Starter Castles, Garage Mahals are dead  The closed loop “For decades, the real estate industry has operated under the principle that the less information buyers and sellers have, the better it is for agents, lenders, title companies, and all the other folks who eat from the trough. But the real estate tide seems to be turning, as the housing and credit crises of 2008 have heightened awareness in Washington, D.C., and on Wall Street about the catastrophic consequences of a closed information loop – Michelle Singletary of Washington Post quotes Ilyce Glink in “Buy, Close, Move In.” Urban Institute’s publication titled, Reforming the Mortgage Interest Deduction by Eric Toder, Margery Austin Turner, Katherine Lim, Liza Getsinger suggests that
Henry Paulson, former US Treasury Secretary, recommends that → continue reading Reduced Mortgage Interest Deduction (MID) coming? The City of Solon Planning Commission is discussing an ordinance proposal which will require that owners or agents obtain Occupancy Permit for rental units.  Signature of Solon Golf Community Subdivision A Signature of Solon resident approached City of Solon Planning Commission and stated that she believes there have been builders in the Signature of Solon neighborhood who have built homes and rented them prior to obtaining an occupancy permit. Additionally, many Signature of Solon model homes were built but not sold and have become rental properties. Many of these Signature of Solon rental homes are neglected and improperly maintained which is damaging to the Signature of Solon community. → continue reading Signature of Solon rental properties cause concern  Mammon, the God of Subprime Lending The following is the testimony of Patricia Lindsay for the Financial Crisis Inquiry Commission Hearing on April 7, 2010: Credit, Collateral, Capacity and CharacterThank you for inviting me to speak this afternoon. My hope for today’s session is that I give you a unique perspective into Subprime lending. I know I was not alone in not understanding the steadily increasing risks taken in the years before my employer New Century Financial Corp. stopped making loans in March of 2007. I grew up in the real estate business where my father was a Broker and a hard money lender. A hard money loan is a short term loan to a borrower who has a significant amount of equity in the property and cannot qualify for a traditional bank loan. I became an Account Executive at Beneficial Mortgage the end of 1996. Beneficial was one of the original subprime lenders who held their loans in their portfolio rather than selling them. There were a lot of similarities between Beneficial and my experience with hard money lending, Beneficial and the various hard money lenders with whom I worked were very aligned in their thought process on how to evaluate a loan. We had three things that we used to evaluate a loan; Credit, Collateral and Capacity. We would look at these three C’s and if any were lacking, like credit, a borrower better have some compensating factors, like great collateral. There was a fourth C, character, that went missing when → continue reading The nature of subprime mortgage lending
 A real estate player and a naive home buyer They might tell you that you don’t need a real estate attorney. They might tell you that its a waste of money to hire a real estate attorney because the home buying process uses standardized forms. They might tell you that its not the practice to hire a real estate attorney in your town, city, area or state. They might tell you that most people do not hire a real estate attorney. One or more of the following parties may have a vested interested (they eat from the same trough) in a home buyer, buying a home, any home: → continue reading Be naive, don’t hire a real estate attorney  Bonita Bay I purchased a Toyota Sienna from a property developer who also owned one of the most beautiful homes that I have ever seen. A few months after the purchase, this Toyota Sienna started displaying the Check Engine light and it was diagnosed with the P0420 Code disease. A Bonita Bay sticker is still attached to the windshield of the Toyota Sienna. Bonita Bay Group is a real estate developer of master planned communities in Southwest Florida. It is headquartered in Bonita Springs. Bonita Bay Group’s developments include The High-Rises at Bonita Bay in Bonita Springs, Mediterra and TwinEagles in Naples, Sandoval in Cape Coral and Verandah along the Orange River in Fort Myers. An issue between Bonita Bay Group and Bonita Bay ResidentsWilliam Bulkeley writes in an article titled dated September 24, 2009, Teed-Off Residents Drive Developer to Brink of Ruin..
This case should be of importance to many citizens because several agreement documents state that an agreement can be amended at any time. |
 I am a Civil Engineer from Louisiana State University. I coined the compound word, Americaneer, as an expression of my tribute. |
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