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Citibank Forced to Resume Lending on Failed Mall Project

November 18, 2009

Tweet If a court in New York can come to this conclusion, can a court in California come to the same? That would probably be something Peter Pau and RREEF, developers behind the Sunnyvale Town Center that is headed to foreclosure want to know. Regardless, this is a huge decision by the NY court because […]

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Efforts To Raise Commercial Property Taxes Gaining

November 17, 2009

Tweet They have fantastic names, “Protect Homeowners and Close Corporate Tax Loopholes Act” and the “Education and Taxpayer Fairness Act”, but the consequences could be pretty dramatic. The first would require reappraisals every three years on commercial property. The second would raise property taxes on commercial property by 55%. If any of these get the required number […]

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Laugh or Cry? 4-Year Old Buys A House

October 22, 2009

Tweet Ah, the great american tax credit. Not a deduction, but a fully refundable tax credit. And when you can get into a house for 3.5% down or less (with seller or other first time home buyer program help) with the government’s help, what did you expect to happen? It seems we’ve come a long way since […]

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When Nobody Else Will Lend, Where Do You Go? Taxpayers

October 18, 2009

Tweet Here’s a story from Clusterstock titled “20 Year Old Buys Home With $183,000 FHA Loan And Just 3.5% Down” which provides a live example of why the housing market on the low end is going gangbusters. Denise Tejada bought a house last month at the age of 20, thanks in large part to a loan […]

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Government Sachs Exec To SEC Enforcement Post

October 18, 2009

Tweet The Securities and Exchange Commission tapped Goldman Sachs Group Inc. executive Adam Storch on Friday to serve as the agency’s first-ever chief operating officer of the enforcement division. Well, we can all surely rest easy now. Goldman seems to have now moved an executive over to their US Government desk, the SEC. This move […]

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How A Zoning Change Turned Into a Debate About Healthcare

October 16, 2009

Tweet Bay Area Surgical, seeking to open a new surgical center in Campbell has run into some serious opposition. On October 6th, the group was seeking a zoning change to convert an industrial property into a surgical center. What should have been a fairly straight-forward meeting turned into a session where some pretty heavy hitters contested […]

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The Seven New Mortgage Laws

October 13, 2009

Tweet Schwarzenegger has signed seven new laws into place designed to make the mortgage market less casino-like. The most interesting one, perhaps is SB 239, which now makes it a felony to commit fraud on a mortgage loan application. We’ve embedded the bill below and it seems this law is not confined to residential since […]

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Deflation Fears Emerge

September 29, 2009

Tweet One of our recent posts discussed housing tax credits and the potential for them to cause deflation. Bill Gross of PIMCO, one of the most well known bond investors is now increasing his position in longer-term government debt, namely 5 and 10 year treasuries, as a hedge against deflation. The loser in his fund […]

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Far From Being Out of The Woods

September 13, 2009

Tweet There are many conflicted views on the state of the economic recovery and the health of the banking system. Joseph Stiglitz, the former chief economist of the World Bank, has come out with some comments that indicate that the banking system is now in bigger trouble than it was the pre-Lehman Brothers collapse. On […]

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Arizona Looking To Sell State Buildings

July 29, 2009

Tweet Call it a sign of desperate times: Legislators are considering selling the House and Senate buildings where they’ve conducted state business for more than 50 years. Dozens of other state properties also may be sold as the state government faces its worst financial crisis in a generation, if not ever. The plan isn’t to […]

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