Here is another article that I copied that I thought might be of a generaL  interest.   Another person who played a significant part  in the mortgage melt down   has been  succesfully prosecuted.   Is such a shame to see folks at the top of their career just throw away years of work.    

Daily Real Estate News   |   March 3, 2011    Ex-Bank Exec Pleads Guilty in Billion-Dollar SchemeA former Colonial Bank executive pleaded guilty to her role in covering up a billion-dollar scheme, which is considered one of the largest cases of fraud from the nationwide mortgage crisis.Catherine Kissick, who used to head the now-closed Colonial Bank™s mortgage lending division in Orlando, pleaded guilty to her role in covering up fraud that involved Colonial Bank and Taylor, Bean & Whitaker Mortgage Corp.  She could face up to 30 years in prison.Prosecutors accused Kissick of concealing Colonial™s purchase of hundreds of millions of dollars of fake or problem mortgages from Taylor, Bean & Whitaker.  Colonial then listed the mortgages as assets when it applied for $550 million in federal bank bailout funds, prosecutors say. The scheme was uncovered in August 2009. Kissick is the second person convicted in the case; Taylor, Bean & Whitaker’s former treasurer, Desiree Brown, also pleaded guilty to conspiracy to commit fraud.”This is just the tip of the iceberg; we’re going to see many more cases like this and, unfortunately, a lot of them of them are going to be in Florida,” says Kenneth H. Thomas, an author and banking consultant in Miami.  ”The failure of Colonial Bank was no small matter. It was a huge failure, and it cost taxpayers billions of dollars.”  

Source: œFormer Mortgage Chief Pleads Guilty Ex-Colonial Bank Executive Could get 30 Years, Orlando Sentinel (March 3, 2011)

I  am happy to share, and give appropriate credit for work by others.   The   following is an example of an article that I thought was worth sharing.

Daily Real Estate News | February 18, 2011 |

4 Tips to Avoid Foreclosure Scams

More home owners are falling prey to scams that promise to œstop the foreclosure and œsave your home.
The Federal Trade Commission has released a report to help borrowers avoid falling victim to such scams, here are a few of its tips:

 1. Watch for outlandish claims. “Eliminate your debt!” and “We guarantee to stop the auction” are too good to be true. If it sounds like an easy way out, don™t believe it, the FTC warns.

 2. Don’t pay up-front costs. Consumer investigator Dale Cardwell warns home owners to beware of any deal that requires you to pay up-front fees. Cardwell says you shouldn™t pay any business or person who promises to modify your loan because only your lender can do that.

 3. Beware of those imitating government agencies.Watch out for scammers who may capture logos, names, photos, and Web sites to make it look like they are part of a government agency.

 4. Make payments only to your lender, no one else.Never write a check to someone else instead of your lender for your mortgage. Scammers may present an official looking reinstatement package and tell you to pay everything to them. Send payments only to your loan servicer, experts recommend.

Source: œIn Saving Home, Steer Clear of Scams, The Atlanta Journal-Constitution (Feb. 13, 2011)

Daily Real Estate News   |    February 22, 2011

Watch Before You E-mail, Court Says

E-mails are just as binding in real estate negotiations as traditional ink-on-paper contracts, according to a state court ruling in New York regarding a real estate dispute.

Given the vast growth in the last decade and a half in the number of people and entities regularly using e-mail, handwriting and e-mail should now basically be considered one and the same, ruled the Appellate Division, First Department of State Supreme Court in Manhattan, N.Y.–which handed down its ruling on Oct. 5, but it mostly went unnoticed by the public. The ruling was appealed this week to New York’s highest court, the Court of Appeals.

The case–Naldi v. Grunberg–stems from accusations of a breach of contract in a commercial real estate transaction. The court™s ruling, which also applies to residential transactions, is expected to bring some clarity to how legally binding e-mail is in real estate.

As much as communication originally written or typed on paper, an e-mail retrievable from computer storage is proof of a deal, the court said.

Robert J. Braverman, a Manhattan real estate lawyer, told The New York Times, œyou need to be mindful of what it is you are saying in electronic communications.” For example, a broker or seller who uses a phrase such as œ$700,000 was more of what I had in mind in an e-mail œmight have a problem, Braverman says.

Mario J. Suarez, a lawyer at Thompson Hine, says adding a disclaimer on e-mails may help. The e-mail disclaimer may read something like the communications œshall not be deemed an offer, as no documents are binding unless and until executed.

Source: œE-mail May Be Binding, State Court Rules, The New York Times (Feb. 17, 2011)

Personal note:   I find it difficult to belive that this ruling will stand before an appeal but who knows?   We all need to be very careful today.  

I was speaking with a very good friend recently and mentioned that I had started blogging.   With that she looked at some of my messages and suggested this site to me.   It’s a great site, full of preventative measures you might consider for your home.   Here is the link:   http://disastersafety.org   Hope you enjoy it.

I started collecting this data in 1995.   Data is based on CTMLS sales, clink on the link to see 1995 – 2010 data: tolland graph.pdf.   Today  I have a unique perspective of the local market.   This data, coupled with added information can help you  accurately determine today’s value.   You can also click on “Free Market Report” for another perspective of your local market trends.   If you have any questions feel free to contact me.

        Let me begin this article with a disclaimer, I am a Realtor, not an engineer.   I wrote the following article in an effort to help many people that had contacted me with concerns about their roofs and what I am about to share is my opinion.   Consider the present circimstances surrounding our roofs as a result of the recent snow falls in two parts: 1) the strength of the roof to support the load; 2) is water leaking into your home.   The following is a  response to concerns about roof loads (not leaks)  and collapsing roofs.   Homes bult in Connecticut after 1952 had to conform to Connecticut’s Building Code.   The code is a living document meaning that it changes from time to time as  knowledge and  technology dictate.   Today’s homes  are typically designed to a 35 lb live load, meaning that they can support 35 lbs p/sq. ft.   The actual weight of the roofing materials is covered by the dead load design criteria which is typically 10 lbs p/sq. ft.  For conversation purpose a gallon of water weighs 8.35 lbs and  contains 231 cu. inches.   Therefore, a sq. ft. of roof (assume a flat roof for a moment) with a 1thick layer of water would contain  144 cu. inches, or 62% of a gallon. Since it is generally accepted that  a gallon of water equals 10″ – 12″ of snow (in this example we will be conservative and assume 10″) therefore an inch of water on our roof would contain 62% of a gallon, or would weigh about 5.18 lbs.   So, 35 lbs p/sq. ft./5.18 lbs = 6.76″ of water or 67.6″ of snow.  This data suggests you could have 6 3/4″ of water on your roof or 67 1/2″ of snow before you need to worry.   I hope this helps allay fears of  collapsing roofs.  

        Another  consideration which is beyond my abilities is another calculation that would differentiate between a flat roof and a sloped roof.  Although the design criteria may be the same, a 35 lb load on a flat roof is clearly a 35 lb load.   However, that same load on a sloped roof, and our residential roofs are generally a 5/12 – 8/12 pitch, would not really be 35 lbs downward pressure, some of the weight is downward and some of it is transferred laterally to the exterior walls.

        Another point of interest is that at some point snow changes into water as it melts.  A cu. ft. of water weighs 62.4 lbs, and a cu. ft. of ice weighs 57.41 lbs.   In many of the instances when  we hear about roof collapses you will find that these instances were on flat roof structures (commercial buildings) with parapet walls and as the snow was converting to water and the water was trapped on the roof the loads changed characteristics.    So, in a case where one might have about 6″ of standing water across a roof the live load would change to 31.2 lbs which is approaching the maximum design standard of 35 lbs p/sq/ ft.   When dealing with a sloped roof it would be pretty much impossible to get that much accumulation of water and the live load would deminish due to the slope/pitch of the roof.

            I would doubt newer homes having been built to the building code would have to be too concerned about a roof collapse.   However, an older home may present a different set of challenges.   Have you ever seen an old home that had a “sway” along the ridge of the roof.   This may be an indication that the collar ties are loose, rotted, or perhaps have already disconnected.   Put a heavy load on that roof and   I would expect a collapse.   Homes built prior to 1952 were not subject to a building code.   Thats not to say the homes were not well built but without a set of standards then the possibility of substandard construction is possible.    

      In my opinion, it is not necessary  to remove the snow from a  code compliant home.   In fact you may cause more damage by getting up on the roof to remove snow.   However, if your roof starts to leak as a result of ice daming then, again in my opinion, we have a game changer.     Now you want to take an action to stop the water from continuing to leak.   Often that will mean removig the ice dam   to allow   the free flow of melting snow.   When ice dams form and grow the risk can be that melting water is trapped behind the ice dam   and starts to be pushed up under the roof shingle.   As the water reaches the top edge of the roof shingle it then rolls backdown the roof, under the shingle and may find its way into the structure by a small hole or seam in the roofing materials.   Left unchecked, that small amount of leaking water could cause some serious damage.  

         I hope this is helpful.   This winter  has proven to be a  problem with all the snow and ice dams.   The good news is Spring is not too far away.   Be safe,   if you have a concern call in a proofessional.      

Did you know that the FHA was established in 1934.     One of the primary reasons for its formation was to help pull our country  out of The Great Depression.   I subscribe to a service by  Jeff Elias that has helped me keep current with various types of mortgage, underwriting changes, and other information that as proved to be helpful over te year.    In reviewing my updates this month  I thought that some of  the information  would be very helpful to Buyer’s at large.   In a effort to help folks contemplating an FHA loan I have prepared a link to the  Introduction to FHA Financing Document .   Please review and if you have any questions call your lender or email me and I’ll try to answer your question.   Keep in mind as you review this information that the data here is generally specific to FHA guidelines.   The originating lender has the right to be more stringent if they choose to.  

Larger lenders are starting to recognize that their credit standards had swung too far and are in the process of reviewing those standards with the goal of slowly reducing them toward historic standards that had worked well in the past. Thats good news for Buyer™s, Seller™s and Realtor™s. Perhaps the snow and credit standards will melt at the same pace. That would make for a beautiful Spring for us all  

Copyright © 2010 Lender Processing Services, Inc., 601 Riverside Avenue, Jacksonville, Florida 32204, USA. All rights reserved.

I can’t imagine having snow this deep.