How many more tragedies like this have to happen before Realtors are banned?
My favorite line: 'Once more Americans feel financially secure about their retirement, they’ll return to the housing market, he said. “They’ve rightly felt burned by the housing bust, but five to fifteen years from now, they’ll be back.”'
"Four years after President Obama promised to crack down on mortgage fraud, his administration has quietly made the crime its lowest priority and has closed hundreds of cases after little or no investigation, the Justice Department’s internal watchdog said on Thursday."
Funny how the New York Times headline says "U.S." rather than "Obama Administration or Justice Department". Guess the whole country dood it...
Yeah-- a big disconnect twixt the main text of the article and the "buy now or be forever priced out" hoo hah of the last paragraph. Maybe an imp from the NAR hacked it...
Not just any Realtors-- according to local news, one is "a former president of the Passaic County Board of Realtors". And when the cops busted up a nighttime tryst, they found Realtor Robert Lindsay "pulling up his pants". Telling the the cops "he was there to prepare the house for an open house."
This article is from a running series by Boca News devoted to "Outrageous Agents". It's a social column of sleaze. Thieves, thugs, pervs, and DUI repeats-- read all about 'em! One of my faves:
Boca Area Realtor Urinates On Self, Lunges At Cops
Boca Raton area Realtor William Sohl was found passed out near Blue Martini at Town Center Mall and had apparently urinated on himself in the early hours of Saturday. When awoken by a police officer, Sohl allegedly jumped up and assaulted the officer and his partner who responded by using force and a taser.
The officers suffered minor injuries. Sohl, whose website says he works for Re/Max, was transported to Boca Raton Regional Hospital to have the taser “prongs” removed...
Never forget that HUD spelled backwards is "DUH".
Bill de Blasio, development pragmatist
BY DANA RUBINSTEIN
6:07 pm Aug. 30, 2013
"The fault of easy money lies with the banks, not the borrowers. The banks are responsible and it is against the law to do what they did in offering reckless loans."
And the fault of drunk driving lies completely with liquor stores and bars, not the guzzlers who get behind the wheel...
Is that a piece of crushed cherry pie in the foreground of the photo? If so, how did Calandrella miss it? In general, news stories about real estate agents being caught rifling drawers seem to be on the rise. Damn those web-cams...
Words Tracy might have understood: Listen bitch, pull the logo or Big Ed will visit your location location location...
Moral of the story: There are a lot of crazy coots (and coot-ettes) out there in Realtor land just itching to go through your drawers.
An impressive litany of wishful thinking and stupidity from our leaders. Many of whom still hold power. A bunch of randomly selected chimps would serve us better. One of them might eventually type out a novel...
When Kevin says "NYC", he probably means Manhattan. But even in that rarefied environ there are still plenty of people with lives that wouldn't fit into a coffin.
Demetris Michalaki, one of the crooks cited in this article, has an extensive history of mortgage fraud. He also goes by the name of Dimitri or Jimmy Michalaki. His assorted companies (D&M Financial, D&M Mortgage, etc.) were players in New York and New Jersey during the housing bubble years. Michalaki and his affiliates were the target of numerous legal actions by lenders, individuals, and law enforcement agencies. The most notorious D&M connection was to the mortgage frauds perped in New York by Emmanuel "Toto" Constant, the former Haitian death squad leader turned real estate pro.
Interesting that Michalaki is now a fugitive. Also interesting that he's been up to his old tricks rather than hanging out in a jail cell. Interesting, but not surprising...
The real shame? By accepting-- and even touting-- substandard housing these sheeple help make it the norm.
Just for the record, Kunstler lives in a single family home on a 3 acre plot on the outskirts of a small town in rural, agricultural Washington County, New York. The minority population is almost non-existent. Shopping requires driving. Before moving to Washington County, Kunstler resided in pricey, snobbish Saratoga Springs. There are many cities (Albany, Troy, Schenectady) near Saratoga Springs that have extensive inner city neighborhoods in desperate need of revitalization. If Kunstler wanted to practice what he preaches, he could have relocated to any one of them.
From The Economist, 03/18/10
It wasn't us: Alan Greenspan and Ben Bernanke still do not believe monetary policy bears any blame for the crisis
'The desire to rescue a damaged reputation is a powerful motivator. That is one conclusion to draw from a new 48-page paper written for the Brookings Institution by Alan Greenspan, the 83-year-old former chairman of America’s Federal Reserve...The most combative section in Mr Greenspan’s paper—arguing that monetary policy in the early 2000s was not a cause of the housing bubble—is strikingly similar to a speech given by Mr Bernanke at the American Economics Association’s annual meeting in January...
There is something odd about central bankers denying any responsibility at all for long-term rates, which are, in principle, based partly on an assessment of a stream of short-term rates. Nor is it clear that low short-term rates were as irrelevant as Messrs Bernanke and Greenspan suggest. Jeremy Stein of Harvard University, a discussant of Mr Greenspan’s Brookings paper, points out that low policy rates may have mattered a great deal for income-constrained borrowers. He points out that adjustable-rate mortgages were used much more in expensive cities, a trend that became more pronounced as the fund rates fell.
By looking only at the effect of monetary policy on house prices, Messrs Bernanke and Greenspan also take too narrow a view of the potential effect of low policy rates. Several economists have argued convincingly, for instance, that low policy rates fueled broader leverage growth in securitised markets.
Monetary policy may be a blunt tool to deal with asset bubbles. But that does not mean it is irrelevant. Interestingly, one American central banker has a more nuanced view, arguing that “in the current episode, higher short-term interest rates probably would have restrained the demand for housing by raising mortgage interest rates…In addition, tighter monetary policy may be associated with reduced leverage and slower credit growth.” That was Janet Yellen, president of the San Francisco Fed, who is likely to be Mr Bernanke’s new vice-chairman. With luck, she will prompt her boss to have a rethink.'
(Janet Yellen did indeed become Vice Chair of the Board of Governors of the Federal Reserve System, but has yet not prompted a Bernanke "rethink".)