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Senate Approves Homebuyer Tax Credit Extension

post from Housing Wire on 04 November 2009 10:44:59 PM. © Housing Wire

The Senate voted today to pass an extension of the first-time homebuyer tax credit until April 2010. In all, 98 Senators voted in favor of H.R. 3548, with zero votes against (two Senators did not vote). H.R. 3548 is a bill is primarily purposed with extending unemployment benefits. The bill is currently amended to include [...]

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Chipotle in San Rafael - Free Burritos!

post from Marin Modern Real Estate Blog on 04 November 2009 10:23:07 PM. © Marin Modern Real Estate Blog

Previously I've blogged about the major renovations at the Northgate Mall in San Rafael. Fast forward a few months and now many of the planned upgrades and renovations are finally starting to take shape and new tenants are starting to spring up at Northgate.

Chipotle Mexican Grill is one of Northgate Mall's n...

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os/show/

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Chipotle in San Rafael - Free Burittos!

post from Marin Modern Real Estate Blog on 04 November 2009 10:23:07 PM. © Marin Modern Real Estate Blog

Chipotle Mexican Grill is one of Northgate Mall's n...

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The Unusual Way to Boost Your Real Estate
Marketing Results

post from Real Estate Investing For Real | A BiggerPockets Investment Property Blog on 04 November 2009 09:50:17 PM. © Real Estate Investing For Real | A BiggerPockets Investment Property Blog

I was driving around Baltimore City earlier this week. At a stoplight I got stuck behind an SUV with a sticker on its back window that read “lose 10 pounds in 10 minutes, call XXX”.I immediately laughed and thought to myself, “yeah right.”Why did I think this? Because it wasn’t honest and it wasn’t believable. [...]

This Article is Copyright © 2004-2009 BiggerPockets, Inc. All Rights Reserved.

The “Unusual” Way to Boost Your Real Estate Marketing Results

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eting-results/

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Mississippi woman pleads guilty in Memphis
flipping scheme

post from Daily Mortgage Fraud News on 04 November 2009 06:44:00 PM. © Daily Mortgage Fraud News

In the following press release Lawrence J. Laurenzi, U.S. Attorney for the Western District of Tennessee announced that Paula Sharice Nelson a/k/a Paula Mason, a/k/a Paula Kimmons, 30, of Southaven, Mississippi, pled guilty to one count of mail fraud and one count of income tax evasion before U.S. District Judge S. Thomas Anderson. Nelson faces a maximum penalty of 35 years in prison and a fine of $1.25 million when she is sentenced on January 28, 2010.

Press Release Indictment Press Release

Nelson was charged on March 12, 2008, with mail fraud, bankruptcy fraud, money laundering, and three counts of income tax evasion. Nelson was also charged with devising a scheme to provide false and fraudulent information to financial institutions to secure mortgage loans on various [14] pieces of real property throughout Memphis, Tennessee.

[Editor note: one of the 14 properties was 4304 Crimson Tree, Memphis, TN which was bought and sold on the same day by Nelson. The other properties are not specifically mentioned]

According to a factual basis read during the hearing, between April of 2000 and September of 2005, Nelson engaged in a property flipping scheme in which she would purchase HUD homes that were in foreclosure at low prices and then sell those homes to purchasers who were family members and other associates at inflated prices. These sales usually took place on the same day as the purchase by Nelson, and in some instances, before Nelson even purchased the property. In connection with these property sales, Nelson and others would submit and cause to be submitted fraudulent information and documentation regarding the purchasers’ employment and income in order to obtain mortgage loans on the properties. Nelson would also alter appraisal information before submitting it to mortgage lenders to delete necessary repairs. In this fashion, Nelson bought and sold 14 properties in the Memphis area during this period of time.

The evidence revealed that Nelson kept the proceeds from these sales and did not report them on her federal income tax returns. Nelson admitted that she did not file a federal income tax return in 2004 and paid no federal income tax that year. Nelson also admitted that she was aware of the requirement that she file a tax return and pay taxes on her income.

This investigation was conducted by the United States Postal Inspection Service and IRS Criminal Investigation. Assistant U.S. Attorney Christopher E. Cotten represented the government.

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-memphis-flipping-scheme.html

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Viewpoint: Like Us, Whitney Sees Risks in Feds
MBS Exit

post from Housing Wire on 04 November 2009 06:27:25 PM. © Housing Wire

HousingWire readers have already been reminded on a number of occasions that the Federal Reserve dominates the agency/GSE MBS market (and has since the purchase plan was announced almost a year ago) and that banks and would-be mortgage borrowers are first in line to be whacked when the Fed exits the MBS market. So I [...]

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Missouri woman pleads guilty to fraudulent
refinance

post from Daily Mortgage Fraud News on 04 November 2009 06:13:00 PM. © Daily Mortgage Fraud News

In the following press release Michael W. Reap, Acting United States Attorney for the Eastern District of Missouri announced that Leona Jackson pled guilty to wire fraud in connection with the fraudulent refinancing of her home.

In her plea agreement, Jackson admitted refinancing her home in North St. Louis County in 2005 without the participation or authorization of her husband, who was incarcerated at the time of the refinance and, therefore, not present at closing. Jackson also admitted to taking $20,000 in cash out of the home’s equity and then “walking away” from the property - failing to make a single payment on the new note.

Indictment

LEONA JACKSON, most recently of St. Louis County, pleaded guilty to one felony count of wire fraud.

Jackson appeared before the Honorable Charles A. Shaw in the U.S. District Court in St. Louis. The maximum penalty for wire fraud is 20 years imprisonment, a $250,000 fine or both. Sentencing has been set for January 28, 2010.

“This is not the biggest case in the world,” said Acting U.S. Attorney Michael W. Reap, “but it is a good example of the outrageous lengths people will go to in gaming the credit markets.”

The U.S. Attorney’s Mortgage Fraud Task Force consists of over 70 residents of the Eastern District of Missouri involved in banking, mortgage brokerage, real estate sales, title insurance, real estate appraising, as well as federal, state and local law enforcement, regulatory officials and non-government organizations. Anyone wishing to report suspected mortgage fraud or participate in the work of the task force is encouraged to call the Mortgage Fraud hotline at 1-866-587-9571.

Reap also praised the outside counsel for the victim lender who brought the case to the attention of his office and to the U.S. Secret Service, who investigated the case.

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http://www.mortgagefraud.org/journal/2009/11/4/missouri-woman-pleads-guilty-to-fr
audulent-refinance.html

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How To Do Short Sales

How to execute a short sale properly?I am going to share with you the secrets that my company uses to get successful results. In efforts to short sale a property successfully you need to do the following:One needs to explain to the seller that they are[...]

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Appraisal FOundation

post from Commercial Real Estate Appraiser - Appraisal Blog, APPRAISAL/CONSULTING SERVICES: 310.337.1973 on 04 November 2009 04:58:00 PM. © Commercial Real Estate Appraiser - Appraisal Blog, APPRAISAL/CONSULTING SERVICES: 310.337.1973

Recently Added to This Section

October 2009 USPAP Q&A - Revised
Client Request to Limit Scope of Work to New Client Name
Client Requirement to Disregard Market Value Changes Prior to Effective Date
Client Requirement to Assume No Contamination Exists
Is a “Waiver Valuation” a Jurisdictional Exception?
Client Requirement to Assume No Contamination Exists September 2009 USPAP Q&A
Appraiser’s Obligations Under the Home Valuation Code of Conduct (HVCC)
Appraiser’s Obligations Under the Home Valuation Code of Conduct (HVCC)
Disposal of Workfiles
Due Process of Law August 2009 USPAP Q&A
Application of Appraisal Reporting Requirements
Multiple Intended Uses in the Same Appraisal Report
July 2009 USPAP Q&A
Access & Retrieval of Workfiles
Significant Professional Assistance June 2009 USPAP Q&A
Collecting Fee on Behalf of an AMC
Assignment Conditions, Scope of Work Acceptability, and Geographic Competency
Request to Modify a Completed Appraisal Report
May 2009 USPAP Q&A
Effective Date and the Date of the Report
Relying On the Reports of Others April 2009 USPAP Q&A
Questions Regarding 2010-11 Revisions to the ETHICS RULE
March 2009 USPAP Q&A
The Impact of Different Clients on Assignment Results with Otherwise Identical Assignment Elements and Scope of Work
Does the Certification on the Uniform Residential Appraisal Report (URAR) Form Also Extend to the Market Conditions Addendum? February 2009 USPAP Q&A
Appraising Without Knowing the Intended Use or User
Probate Court Statute Basing the Appraisal Fee on the Appraised Value
Must a Review Appraiser be licensed or certified in the state jurisdiction where the subject property is located?
USPAP Applicability in Valuation for Financial Reporting
USPAP Applicability in Valuation for Financial Reporting January 2009 USPAP Q&A
Communicating Confidential Information to a Sworn Peace Officer
Signature on Letter of Transmittal
Citation of Effective Date
December 2008 USPAP Q&A
Current Sales Contract Not Provided
Appraisal Report Labeling Confusion
Reviewer Citation of USPAP Non-Compliance
November 2008 USPAP Q&A
Copyrighting an Appraisal Report
“Allocation” of Value Opinions October 2008 USPAP Q&A
Adequacy of Workfile Documentation
USPAP Applicability in Valuation for Financial Reporting
Assignment Involving Analysis of Leases September 2008 USPAP Q&A
Sales History for New Construction
Appraiser Coercion
Confidentiality and Review Appraisers
Copy of License in Appraisal Report August 2008 USPAP Q&A
Addressees, Clients, And Intended Users
Errors and Omissions Insurance
Appraisal Update With No Change In Value July 2008 USPAP Q&A
Electronic Report Delivery
Can Appraisers Perform "Comp Check" Assignments?
Can Appraisers Perform "Comp Check" Assignments for Free?
Is Disclosure of a Free "Comp Check" Assignment Required? June 2008 USPAP Q&A
Uniform Act and Scope of Work
Valuation Methods and Jurisdictional Exception Rule
“Before Acquisition Value” and STANDARD RULE 1-4(f)
Uniform Act and the Review of “Low Value” Acquisition Appraisal Reports
May 2008 USPAP Q&A
Does Changing the Sale Price Result in a New Assignment?
Is it Permissible to Use MLS Photos for Comparable Sales?
Is it Permissible to Use MLS Photos for Active Listings?
Can an Appraiser Disclose the Identity of Past Clients in an Appraisal Report?
April 2008 USPAP Q&A
Does USPAP Require Identifying Appraisal Credentials?
Which USPAP Standards Apply to Personal Property Appraisal Consulting?
Providing Sample Appraisal Reports
March 2008 USPAP Q&A
Does Appraising a Physical Segment Require Use of a Hypothetical Condition?
Must a Hypothetical Condition or Extraordinary Assumption be Labeled?
Is a Letter of Transmittal Part of an Appraisal Report?
February 2008 USPAP Q&A
Appraiser Qualifications in Report
Appraisal Report Received by Others
Changing the Effective Date
January 2008 USPAP Q&A
Geographic Competency in Appraisal Reviews
Appraisal Without Knowing Sale Price
Due Process Under Confidentiality December 2007 USPAP Q&A
Changing the Scope of Work after the Report has been Submitted
Errors of Commission and Omission
Making a Series of Errors
November 2007 USPAP Q&A
Intentionally "Deflating" Opinions of Value
When does Appraiser-Client Confidentiality End?
Readdress or Transfer October 2007 USPAP Q&A
Client Altering the Report (follow-up)
Are Instant Messages or Text Messages Appraisal Reports?
Checking "Stable" vs. "Declining"
Is Compliance with STANDARD 3 Required when Submitting a Complaint?"
September 2007 USPAP Q&A
Signature Authorization
Authentication of an Appraiser's Digital Signature
Approving the Use of Your Digital Signature
Providing Signature to Create a Signature File
Losing Control of a Digital Signature
Client Altering the Report August 2007 USPAP Q&A
Requirement for Signing Reports
Signing Digital (Electronic) Reports
Changing the Certification
Competency Statement in the Report
July 2007 USPAP Q&A
Appropriate Workfile Retention and Access Arrangements
Can Access to a Workfile Be Denied?
Proper Analysis of Agreement of Sale June 2007 USPAP Q&A
Is an AVM an Appraisal?
Appraiser's USPAP Obligations When Using an AVM
May 2007 USPAP Q&A
Confidentiality and Intended Users
Significant Appraisal Assistance April 2007 USPAP Q&A
Record Keeping Requirements for Oral Reports and Testimony
Is a Transcript Required for Oral Reports and Testimony?
Is a Transcript Required if a Written Appraisal Report was Prepared?
Is a Transcript of the Entire Proceeding Required?
March 2007 USPAP Q&A
Sales or Financing Concessions
Obligation to Analyze Prior Listings of Subject Property
Obligation to Analyze Withdrawn or Expired Listings
February 2007 USPAP Q&A
Appraisal Versus Appraisal Consulting Assignment
Market Rent Opinion
Income and Expense Analyses

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Home buyer tax credit extension update

Dennis Norman

The Senate voted 97-1 at 12:16 pm today (eastern time) to end debate on H.R. 3548 (The Unemployment Compensation Extension Act of 2009) which includes the amendment extending and expanding the home-buyer tax credit program.

So where does it go from here?

The Senate has to wait 30 hours before voting on passage of the bill (H.R. [...]Related posts:

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