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Top News Story!
Banking Industry Thief!
Posted: 06/30/2011 07:47:45 AM PDT
Updated: 06/30/2011 09:24:27 AM PDT
SAN FRANCISCO, CA — The FBI arrested a Fremont woman Wednesday on suspicion of stealing more than $800,000 from more than 20 Citigroup clients, a United States Department of Justice official said.
Tamara Lanz Moon, 43, also was arraigned the same day in a San Francisco courtroom, nearly a week after a federal grand jury indicted her on six counts of mail fraud in connection with the case, authorities said.
Moon, who worked for Citigroup from 1996 to 2008, operated a scheme in which she falsified account records, forged client signatures, made unauthorized trades in client accounts and created fake letters of authorization to divert client funds, federal prosecutors said.
As a registered general securities representative for Citigroup, Moon was tasked with executing trades for brokers and processing the paperwork for clients with investment accounts, authorities said.
Authorities have accused Moon of using the money from the scheme to invest in real estate, remodel her home, pay mortgages on properties she owned, pay her credit card bills, and to lower the line of credit for her home equity.
Moon, a former Redwood City resident, was released on bail and ordered to appear next in court before U.S. District Court Judge William Alsup on July 5.
If convicted of each count, she faces a maximum prison sentence of 120 years, authorities said.
The Financial Industry Regulatory Authority assisted the FBI with the investigation.
Knowledge is Buying Power
Date: June 25, 2011
Lakeland, Fla. -- When a bulldozer began to to clear away dirt for an in-ground pool in Brian Dyer's back yard, the Lakeland, Fla., homeowner got the surprise of his life: mountains of trash emerged from the hole. "It's just a sick feeling in the pit of your stomach to see what they're bringing up with each scoop," he told local media.
Dyer said that contractors tried to dig into three different areas in the backyard and each time, came up with more trash. "We found several tires, what appears to be washing machine tubs, trash, debris, metal parts, we found a lawnmower in the deep hole over there," he said, pointing to an 11-foot-deep hole. "You name it, it seems to be coming up out of the hole." Dyer has no idea how much more trash is under his property, how far it goes--or, even worse, if it's under his house. "We're very fearful at this point," he also told local media.It's anybody's guess as to whether anyone but the person who dumped the stuff illegally knew it was there. Builders dug down the required 12 inches for the foundation when the house was built in 2006. The debris was hidden three feet deep. Nobody knows who's responsible for cleaning up the mess, either. While Dyer is trying to figure out his recourse, he's abandoned his plans for an in-ground pool and is opting for an above-ground instead.
Dyer's plight reminds us a little of the snake house in rural Idaho, also in the news this week. In that case, homeowners bought their dream house, only to discover it was infested with thousands of garter snakes. Former owner Ben Sessions recalls killing 42 of them in a single day and resorted to making "snake sweeps" before his wife and young sons got out of bed in the morning. After battling the reptiles unsuccessfully for months, the family finally fled. They later filed for bankruptcy, and the bank foreclosed on the property.
Snake Foreclosure!
If "location, location, location" is the most important thing about real estate, "disclosure, disclosure, disclosure" runs a close second. Sellers are required to disclose "material facts" about their home that might influence your decision to buy -- the roof that leaks, problems with the septic system in heavy rains, the fact that the guy next door keeps bees who sometimes mistake your porch for his. (The only exception to this is if you're buying a bank-owned property; in foreclosure sales, the bank isn't required to tell you anything.)
Of course, disclosure couldn't help Dyer, since his wife bought the house when it was new construction, and the builder denied any knowledge of the trash dump. But Sessions learned his lesson the hard way. According to reports, when he bought the house, the snake infestation had been documented. But Sessions -- believing it was just a story concocted by the previous owner to walk away from the mortgage -- signed the disclosure document anyway. So when the story turned out to be true, he had no legal recourse.
All of which underscores the importance, as a buyer, of doing your due diligence and investigating every disclosure your seller is required to make. And as a seller, it's equally important to be up front about your home's flaws -- even the ones you have paid to correct.
Most states require disclosure of deaths, as well, and not just the ones from unnatural causes. If a natural death occurred in the house within the past three years, it needs to be disclosed -- right up there with whether unleaded paint is on the walls if the home was built before 1978.
And it goes without saying, best to disclose whether your house is built on a trash heap or is infested with garter snakes.
How Is a Property Value Determined?
It’s a total of the land worth plus any improvements made to the land. Those improvements can be anything from your house – the most obvious – to sheds, fancy driveways, tennis courts, pools, even landscaping. As for the land, its size and location and its ability to be developed are determining factors. If it’s too hilly or sandy, making it difficult to build on, it likely will be worth less. If it’s in a desirable neighborhood, it’s going to be worth more. If it’s near shopping, that can be good. If it’s too close to shopping centers and traffic, that can lower the value.
What is an Improvement?
An improvement is a positive alteration to a home or its land. It can be an upgraded kitchen, a new bathroom, a renovated basement and other obvious structural changes. A new roof or fresh interior or exterior paint can be an improvement, as can updated electrical and plumbing systems.
Think, too, in terms of what stays with a house when you buy/sell it – lighting fixtures, window treatments, flooring. Updating all of these can be viewed as improvements from a buyer’s perspective.
Amenities like swimming pools, hot tubs, brick vs. asphalt driveways, sunrooms, and enclosed porches are other possible, positive additions to a home. Additional structures like sheds or guest houses or garage apartments can constitute improvements, as well.
Landscaping is another strong way to make improvements to a home. Well-designed trees, shrubs, flowers, walkways, fences and yards can make a huge difference in a home’s curb appeal. (You’ve probably noticed that homes with stately, mature trees tend to have more value than homes with no trees or very young ones.)
If you’re considering an improvement to your home or land, be sure your local zoning code allows for the changes you want to make. In some areas, a rental apartment over your garage or in your basement may not be allowed. A fence may only be allowed to be a certain height or constructed out of specific material. (Some areas, for instance, don’t allow chain-link fences in the front yards of residential areas.) Your lot’s setback requirements may mean you can’t extend your family room as far into your back yard as you’d hoped. Also, know that permits are often required before you (or a contractor) can make many improvements on your home.
Non-Disclosure States
There are 14 non-disclosure states whereby real estate sales data is not made a matter of public record.
Non-disclosure states include:
Idaho, Indiana, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, South Dakota, Texas, Utah, and Wyoming.
Lists of Disclosures
as per The California
Assoc. of Realtors
Added: June 26, 2011
Glossary of Terms
"Foreclosure (FC) sale": a sale of a property that occurs while the property is actively in some stage of foreclosure. (Stages include "NOD" for notice of default, "LIS" for lis penden, "NTS" for notice of trustee's sale, "NFS" for notice (judgment) of foreclosure sale, and "REO" for real estate owned or bank-owned property.) This definition of foreclosure sale includes only sales to third-party buyers or investors not involved in the foreclosure process. It does not include property transfers from the owner in default to the foreclosing bank or lender.
"REO sale": a sale of a property that occurs while the property is actively bank-owned (REO).
"Preforeclosure sale": a sale of a property that occurs while the property is actively in default (NOD, LIS) or scheduled for foreclosure auction (NTS, NFS).
"Pct. of all sales": total share of foreclosure sales (or preforeclosure sales or REO sales) among all residential sales during the quarter or year.
"Avg. FC sales price": the average sales price of foreclosure sales (or preforeclosure sales or REO sales) during the quarter or year, excluding sales with no sales price.
"Avg. FC discount": the percentage difference between the average sales price of foreclosure sales and the average sales price of nonforeclosure sales during the quarter or year. In order to come up with the discount, RealtyTrac takes the sale price and divides it by the number of square feet in the home, to come up with the average price per square foot. Then it parses the numbers by property (those not in foreclosure, those in foreclosure, and those which have already been repossessed by the banks). Comparing the average cost per square foot gives RealtyTrac the discount rates. The company doesn't take into account the condition of the property or the type of property (i.e. a condo vs. a detached home).
"Avg. REO discount": the percentage difference between the average sales price of REO sales and the average sales price of nonforeclosure sales during the quarter or year.
"Avg. preforeclosure discount": the percentage difference between the average sales price of preforeclosure sales and the average sales price of nonforeclosure sales during the quarter or year.
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