Real Estate

LA Firefigher, Real Estate Broker Faces Jail Time

man in jail cell

It seems that people are always trying to make money by illegal means. If they would put as much effort into doing something legally as the schemes they come up with, they would in all probability make more money. At least they wouldn’t end up in jail.

A case in point is the scheme by a Los Angeles City fire firefighter and part time real estate broker who was arrested on September 23 of this year. In a press release by the Deputy DA of Los Angeles, Brent Lamont Mathews is charged with six counts of forgery, thee counts of attempt to file a false or forged instrument and two counts of grand theft.

Of course to falsify deeds and documents, you need a notary. It was handy of Mathews to have a girlfriend who is a notary. So along with Mathews, his girlfriend Joi Rochelle Smith faces the same criminal charges.

Prosecutors allege that Mathews put himself on the title of a Hacienda Heights property without the true owner’s knowledge or consent through a series of forgeries and false filings. Mathews allegedly went on to defraud two investors in 2008 whom he solicited as partners to flip the house. The victims collectively lost $146,000, which the defendant purportedly borrowed by issuing trust deeds on the property and thereafter filing false reconveyances of those trust deeds.

Smith allegedly notarized key documents, enabling the illegal transactions.

Mathews sold the property for $699,000 and netted $203,969, prosecutors said. None of the proceeds from that sale were used to satisfy the trust deeds or to benefit the true owner of the property.

Detectives of the Los Angeles County Sheriff’s Department, Commercial Crimes Bureau, investigated the matter.

The recommended bail for Mathews and Smith is $846,000. If convicted as charged, the defendants face a maximum state prison term of 11 years and four months.

So isn’t that neat, you put your name on someone else’s property, get some trusting souls to invest in a house that isn’t yours, sell it and net over $200,000. Let’s see divide $200,000 by eleven years in jail, you make about $18,000 a year, minus of course attorney’s fees, income tax and other associated expenses. Of course you have free room and board during your jail time.

Real Estate

Foreclosure Rate Drops in California

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Foreclosure sign

The latest figures from ForeclosureRadar show that the number of distressed filings in California, one of the worst hit states in the country, fell in August.

Notices of default in California, which is the first step in the foreclosure process, dropped from July to 36,396 filings, a monthly dip of 19.1% and a 14.2% decrease from August of last year.

In a report the firm says that the government’s Home Affordable Modification Programme which provides cap incentives to servicers for the modification of loans in default or on the verge of default, appears to be having a positive impact.

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But Sean O’Toole, founder and CEO of ForeclosureRadar, said that the programme could be hiding the true picture.

‘In effect the HAMP postpones a large amount of filings,’ he said. If it fails, the market would need further government intervention or there would be a wave of new foreclosures, he warned.
But overall the outlook for recovery is still muted.

According to the latest analysis from Moody’s it will be at least another 10 years before residential property prices return to the peak levels of 2006.

Source Property Wire

Community Events, nevada county fair

Grayling, Michigan Judge Will Pick Winners At Annual Draft Horse Classic and Harvest Fair

Six-Up-hitch-horses

Sharon Priebe from Grayling, Michigan, has been selected to judge this year’s Draft Horse Classic, September 24 – 27, at the Nevada County Fairgrounds.

Priebe has been judging horse shows for more than 15 years, and has judged All-American Shows, All-Canadian Standings, the Illinois State Fair, the Michigan State Fair, Centerville, and the Del Mar State Fair. Additionally, Priebe has shown Draft Horses throughout the United States for more than 25 years. She is also a past member of the Clydesdales Associations Board of Directors and a well-known Clydesdale breeder.

Live entertainment, a world class art show, Treat Street goodies, vendors with western wear and items, a clogging jamboree, a live shoeing competition, community exhibits, and visits to the barns to see the magnificent Gentle Giant Draft Horses are also part of the events activities at the Fairgrounds.

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This Draft Horse Classic starts this Thursday, September 24th and runs through Sunday, September 27. Draft Horses Western United States will be competing throughout the four day event for close to $40,000 in prize money.

Priebe will be busy judging all six Draft Horse Classic performances starting on Thursday, September 24 at 6:30 pm and ending on Sunday, September 27, at 4 pm.

Tickets to the performances are on sale now, as well as the day of the event, and may be purchased by calling the Fair office at 530-273-6217. Visit www.NevadaCountyFair.com for additional information.

Source Wendy Oaks, Nevada County Fairgrounds

Community Events

Great Yuba Cleanup and Restoration Day’ set for Saturday Sept. 26

south-yuba-river

The South Yuba River Citizens League will hold its 12th Annual Great Yuba Cleanup and Restoration Day on Saturday, Sept. 19.

Each year, volunteers haul out tons of old tires, mattresses and even junked cars from area watersheds. Items found have included bus seats, an old ditch tiller and a sofa.

This all-day event includes the volunteer clean-up and restoration project from 8:30 a.m. to 1 p.m., followed by festivities at Bridgeport in the South Yuba River State Park.

SYRCL is the designated regional coordinator for western Nevada County as part of the 25th annual statewide California Coastal Cleanup Day. Thirty five sites on the Yuba and Bear rivers and Wolf and Deer creeks will be coordinated by SYRCL as clean-up locations for this year’s event.

“The South Yuba alone receives about a half-million visitors a year, and not all of them ‘leave no trace,’ SYRCL Executive Director Jason Rainey said. “With the diminished — perhaps eliminated — capacity of the state to manage the South Yuba parklands, this is a particularly important time to gather on behalf of our river.”

in 2008, 658 volunteers at 34 sites in the Yuba and Bear river watersheds and Deer and Wolf creek watersheds collected 16,318 pounds of trash and 3,240 pounds of recyclable items along 92 miles of river and creek waterways.

Volunteers must pre-register to participate and can do so at http://www.facebook.com/l/834f2;www.yubariver.org.

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The free picnic lunch for volunteers will be provided courtesy of Sunsmile Farms, Living Lands Agrarian Network, SPD Market, California Organics, Sopa Thai, Broad Street Bistro, The Fix, Matteo’s Public, Flour Garden Bakery, Carl’s Jr., Summer Thyme’s Bakery, Mother Truckers, Natural Selection and Safeway.

“We simply couldn’t clean up the tons of trash each year without all this community support,” said Miriam Limov,

Public celebration at 12:30 p.m. Saturday After lunch the public is invited to a celebration of the 10th anniversary of SYRCL’s successful campaign to protect the South Yuba River through state Wild and Scenic designation.

The party will include amplified, peddle-powered music by the Ginger Ninjas and other local talent, volunteer appreciation, the Haute Trash fashion show, a New Belgium Brewery beer garden, a raffle, prizes and other surprises.

The party will start at 12:30 p.m. and last until sundown. Guests are asked to bring low-back chairs, blankets, plates, cups and utensils.

Event sponsors are Nevada City Self Storage, New Belgium, Wild Mountain Yoga Center, BriarPatch Co-Op, California State Parks, B & C True Value, Anderson Physical Therapy, Sierra Solar Systems, Wolf Creek Wilderness, Mountain Recreation, Tour of Nevada City, South Yuba Club, Young’s Carpet One, Xtremely Green and The Union.

Real Estate

Donald Trump’s Ex-Partner Indicted

donald-trump- hair

Donald Trump has interesting ways of valuing his holdings, including his own net worth.   Mr. Trump, with his apparent combed over hair, seems to have an ego greater than the City of New York.

So when Trump sued his Hong Kong real estate partners four years ago for not getting a good price on a major Manhattan development and evading taxes, it seemed like sour grapes, as the New York Times puts it.

Today, we find out Trump had good reason to quibble with the $1.76 billion valuation: the Manhattan District Attorney is going after a former partner for grand larceny and tax evasion

The defendant, BARRY D. GROSS, 45, has been indicted on charges of grand larceny, falsifying business records, offering a false instrument for filing, filing a false personal tax return, and failure to file unincorporated business taxes. The crimes charged in the indictment occurred between February 2006 and September 2008.

Back in 2005, it was the biggest residential land deal in the history of the city—Hudson Waterfront Associates, the Hong Kong-based consortium that worked with Donald Trump to develop and market the massive Trump Place development on the West Side, sold a 77 acre parcel of land to Extell for $1.76 billion. Now the Manhattan DA’s office revealed it just arrested the project director for tax evasion and are looking into whether Hudson Waterfront evaded taxes on a $17 million portion of deal.

According to the Post, “Prosecutors say [Barry] Gross hid $1 million that he earned on the deal by shifting the money to a shell company the next year, then filing amended tax returns to hide his fraud.” Gross’s lawyer—Benjamin Brafman—”downplayed the DA’s grand-larceny and fraud case against his client as an overblown tax dispute that should have been settled in civil court.”

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But, Manhattan DA Robert Morgenthau says that Hudson Water paid a $17 million “finder’s fee” to a British Virgin Island company, Fineview, which is believed to be just a shell company. The NY Times Reports, “Mr. Morgenthau said investigators were able to track the flow of the money, which was transferred to from the Channel Islands and to London, before ending up in Hong Kong in the hands of someone associated with the investors. By routing the $17 million through Fineview, Mr. Morgenthau said, the investors were able to avoid paying income taxes on it as part of the purchase.”

Morgenthau said more arrests are coming. And now it looks like Donald Trump, who had complained Hudson Waterfront could have gotten more than $1.76 billion, is a victim in this, too, since some of that $17 million should have gone to him! The Donald told the Times, “I greatly commend the district attorney for his work and feel certain it will continue.”

Source New York Times.

Real Estate

Madoff’s Beach Home Sells for More Than $8.75 Millon

madoffs beach home

Bernard Madoff’s Montauk, New York, beach house sold for more than the asking price of $8.75 million, two weeks after it was listed for sale.

Corcoran Group broker Joan Hegner confirmed the sale and didn’t disclose the buyer or the purchase price.

The home is the first of three once owned by Madoff that the government is selling to pay restitution to victims of Madoff’s Ponzi scheme, the largest in history. The 3,000 square- foot home on Old Montauk Highway, on the east end of New York’s Long Island, was seized July 1 by U.S. Marshals.

The Montauk property Madoff shared with his wife, Ruth, has a panoramic view of the Atlantic from every room, said Roland Ubaldo, a deputy U.S. Marshal in New York. It was built in 1982 and the Madoffs were the first and only occupants, Hegner said.

The house, with 182 feet of beachfront, is 50 feet from a sand dune, so close that environmental regulations would no longer permit building there, Hegner said.

Minkoff said there have been 15 showings of the property, which is priced at $8.49 million. An open house for brokers on Sept. 15 brought 120 agents, he said in an interview. The Palm Beach house still has most of the furniture and artwork, which are being sold separately

Source Bloomberg

nevada county fair

Amazing World Class Lumberjacks to Perform at the Nevada County Fair

lumberjacks

Lumberjack Shows, Clogging Jamboree, Western Music Fest, a rt at the Classic are all part of Draft Horse Classic and Harvest Fair

Visitors to next weekend’s Draft Horse Classic and Harvest Fair can get up close and personal with world class wood-chopping lumberjacks, axe throwers, tree climbers, and wielders of mighty chain saws – free of charge.

The 23rd annual Draft Horse Classic and Harvest Fair starts Thursday, September 24 and runs Sunday, September 27 at the Nevada County Fairgrounds in Grass Valley. While there is a charge for Draft Horse performance tickets, admission to the Fairgrounds is free for the Harvest Fair activities.

Lumberjack shows will start at 2:30 and 5 pm on Saturday and at 2:00 pm on Sunday on The Green, just as you enter the Fairgrounds at Gate 1. World champions will be performing in each category.ad3-beautiful-home

In 20 to 25 seconds a lumberjack will chop through a 13 inch thick log, while standing on the log. Double hand bucking contests will feature two loggers using a crosscut saw to rip through a 15 inch log in six seconds. The Jack and Jill hand bucking event features a man and woman team. Contestants will also compete in log rolling, on dry land not water, and speed tree climbers will also compete.

Live entertainment at the Pine Tree Stage, a world class art show, Treat Street goodies, vendors with western wear and items, a clogging jamboree, a live shoeing competition, community exhibits, and visits to the barns to see the magnificent Gentle Giant Draft Horses are all part of the Harvest Fair line-up.

In addition to the Harvest Fair activities, the Draft Horse Classic features six stunning performances of Draft Horses in the arena. Tickets to the performances are on sale now, as well as the day of the event, and may be purchased by calling the Fair office at 530-273-6217. Visit www.NevadaCountyFair.com for additional information.

Source: Windy Oaks,  Nevada County Fair

Entertainment

Dakota Sid Playing at Give Peace a Chance Festival

dakota-sid

This Sunday September 20th, the  “Give Peace a Chance” will be a celebration of music from 10 am to sundown.  To be held at the Nevada County Peace Center, 316 West Main Street, which is directly next to the Center for the Arts in Grass Valley.

A free family event, all the performers are donating their time and expertise. Some are even donating their CDs to be sold with proceeds to go to the Peace Center to pay for the “Give Peace a Chance” event.

One of the performers donating his time is Dakota Sid.  Read the following  reviews about Sid and you’ll definitely want to hear him play this coming Sunday at 11 am to 12 pm.

“Quietly Raging,” the title of the new CD by Dakota Sid and Travers Clifford, offers a quiet guitar and mandolin as bedrock to lyrics of protest, local history, religion and Americana adventures. Paul August Special to The Union

“It’s all in how the music touches the listener. “Killing Time Won’t Wound Eternity,” or in Dakota’s words, “It’s okay to go fishing,” might touch that man who likes to get away to smell the woods or ocean, and the next track is a sensitive song that caresses a woman’s heart.” Virginia MacIsaac, Rambles.NET

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“Dakota Sid comes on with a voice that was rode hard and put away wet. It ain’t pretty, that’s for sure. He sings like he has a corncob stuck in his throat. That’s all right though. This ain’t opera, it’s folk music, and in that context Dakota Sid, his voice, his material and his ethics all seem as genuine as Woody Guthrie sounding off at a labor rally.” Charlie Creekmore, Chico News and Review

“After twenty five years on the road, Dakota Sid could have been a burnout case. Instead, as the years passed, his songs took on a lyrical and emotional honesty that grabs an audience in the gut. His best songs reach across boundaries and draw people together.” Bill Varble, Medford Mail Tribune

For further information contact 530-273-4030 or ncpeace@sbcglobal.net

Quietley Raging is available at all Dakota Sid Live performances and from CD Baby.

dakota-cd-picture

Community Events

Behind the Scenes at the Peace Center

peace

Contributed by Paul August, local singer and writer

I just happened to talk to one of the peace center folks at the Grass Valley Street Fair. This grew into a conversation of one of my ideas: a musical marathon: “Give Peace a Chance.” Sing for world peace.

Lily Marie liked the idea and connected it to a celebration of the International Day of Peace. She invited me to a brain storming session at the Nevada County Peace Center, 316 West Main Street, which is directly next to the Center for the Arts in Grass Valley.

They liked it. Peace Day fell on a Monday so we planned the event for the day before, Sunday Sept. 20th. At first, I thought we’d sing all day and into the night. I once organized reading marathons at Oakland High when I was in the Bay Area. My Advanced Placement English Literature kids began reading at 4 pm on a Friday afternoon and actually continued until 10 pm on a Saturday night. 30 hours.

Could we do the same? Well, no. Reality set in. Venues, talent, sound systems, a stage and volunteers became too complex with too little time. We scaled back to a sunrise to sunset event and finally settled on 10 am to sundown.

Lily added the acclaimed film: “The Singing Revolution” that shows how songs, not swords, saved a country from take-over. We added food, PeaceArt and the front porch for spontaneous talent.

As of now, we have a schedule of about a dozen entertainers between ten and twilight. We’ll have a stage in the backyard and a sound system from Foggy Mountain Music where the John Lennon bus showed up last Saturday afternoon. Melissa Seibold donated the poster art work.

Since this is a free family event, all the performers are donating their time and expertise. Some are even donating their CDs to be sold with proceeds to go to the Peace Center to pay for the “Give Peace a Chance” event.

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Here’s the lineup for Sunday Sept.20th.

10 am Ty Smith

11 am Dakota Sid

12 noon Molly Roth, Michael Gregory, Paul August

1:00 pm Cool Hand Uke (Dan Scanlon)

2:00 pm The World Brotherhood Choir from Ananda

2:20 pm The Legend of the  Sunburst Bandits

Afternoon MC: Mikhail Graham

3:00 Dave Hatch

4:00 Kelly Fleming

5:00 Peter Wilson

6:00 Hummingbird (Valerie Lowe)

6:30 The Peace Center Singers

The Front Room:

10:30 – 12:15 Fil m: The Singing Revolution

12:15 – 12:45 Sharon Joy Jahdoda

1:00 — 2:00 To be announced

2:00 – 3:45 Film: The Singing Revolution

4:00 – 4:30 James May

4:30 – 6:15 Film: Singing Revolution

While working on this schedule, I found that there are many talented performers willing to perform for a good cause. This is truly a unique area for artists and musicians.

For further information contact 273 4030 or ncpeace@sbcglobal.net

mindworker

Mindworker By Paul August Buy at cdbaby

This whimsical rock album blends uproarious tunes with a satirical social comment on school boards, bureaucracts, teachers and students.

Real Estate

A Large Down Payment On Your Home Might Give You a Higher Interest Rate on Your Mortgage

sold-sign-held-in-arms

You would think that putting more money down when buying a home would entitle you to a lower interest rate. Not so according to an article in the New York Times.

Take, for instance, borrowers who want to buy a $400,000 home, and who have a credit score of 720, which is considered very good.
In late August, such borrowers who had $80,000 saved for a 20 percent down payment would have qualified for a 4.875 percent rate on a 30-year fixed-rate loan, according to Regina Mincey-Garlin, an owner of RCG Mortgage in Montclair, N.J.

But that was also the rate offered to borrowers putting down only 5 percent, and therefore required to have private mortgage insurance.
Oddly, those who put down 25 percent, or $100,000, were saddled with a higher interest rate, 5.375 percent, Ms. Mincey-Garlin said.
The underwriting rules from Fannie Mae and Freddie Mac consider borrowers in the 20 to 25 percent down payment category to be the riskiest, in part because they are not required to carry private mortgage insurance. At higher down payments, however, rates begin to fall.

Amy Bonitatibus, a spokeswoman for Fannie Mae, said that the policy wasn’t meant to encourage lower down payments, which some have seen as the main culprit in the home foreclosure crisis.     ad-2-short-sale

“It’s just a less risky loan from our point of view,” Ms. Bonitatibus said, because the lender’s exposure to foreclosure losses is largely eliminated by mortgage insurance.

While borrowers who take out mortgage insurance can indeed enjoy lower interest rates, their monthly payments will be larger than those who made the larger down payments, because the loan itself is bigger
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A borrower who put down 25 percent for a $400,000 home would make a monthly mortgage payment of $1,680, while the borrower who put 15 percent down would pay $1,906 — or $1,799 in principal and interest, plus another $107 monthly in mortgage insurance. (The mortgage insurance is tax deductible, however, so depending on a borrower’s financial circumstances, the net mortgage liability would probably be less.)

Ms. Mincey-Garlin of RCG Mortgage says she still advises borrowers to make a down payment as large as they can, because the increased equity will help them in the long term.

Read the entire article in the New York Times
This article was posted for educational purposes.