Indiana has the highest foreclosures in the United States. You think this problem popped up over night? Indianapolis has the highest foreclosure rank in the State and no surprise Fort Wayne, the second highest.
Not only is Rep. Moses a johnny come lately. But Attorney General Steve Carter, busy with the no call list, failed to respond to the citizens of Indiana on the housing schemes. Many families lost what many see as one symbol of the American dream, a place to call their own. Home ownership.
Indystar reports in the Indystar:
The state attorney general is looking into a failed real estate deal that could involve nearly 500 Indianapolis houses and lead to a string of bankruptcy filings and foreclosures.
Why are Rep. Moses and A.G. Carter acting now on foreclosures? One was to educate the buyer and to explain why lenders are folding, Many of these schemes were concocted by less than stellar real estate agencies and lenders.
LRTB would arrange the purchases of houses by investors. The houses would be repaired by another company tied to LRTB. Later, LRTB would find buyers for the homes and split the profits with investors. But the project fell apart. Many houses were not fixed, and investors are now saddled with mortgage payments on multiple properties. Some may declare bankruptcy.
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The houses are in neighborhoods within three miles of Downtown.
Sounds familiar? Do you remember the city lauding a program called Fort Wayne Neighborhood Housing Partnership? Do you remember the story which told how homes were supposedly fixed up? (no pun intended) Do you remember how these homes were over appraised and sold to uninformed home buyers? And the city leaders had the folks come down and failed to act. Criminal action I would think on the part of the city in failing to act when they had evidence of wrongdoing.
Why you say because the same crook that cooked up the scheme are the very same one that told you there was no wrong doing found. And you believed them. But why would folks cook up such schemes, you say?
In the good old days, getting a mortgage was something to be proud of," Zuckerberg said. "Now you just walk in, and they hardly check any records. The mortgage lender makes a commission when they sell the mortgage. They don't care who the borrower is because they are going to sell the mortgage to a securitized trust.'', from the Indystar article. The lender makes a commission!
I did not say anything about these folks being honest. But,you so want to believe in the integrity of these crooks. So much so that when you receive your property tax reassessment, question these crooks about the increase in the value of your home was out of the question. Even knowing that you did not spend one dime as Jake Parker would say, making improvement in your home. Besides, the increase in your home values moved you up along side your neighbor in bragging right. Even if you're not in a position to sell your home right now, you are willing to pay the taxes on the new value, just for the bragging rights. It's sorta like who can pee the farthest, or who's pecker is the...you get the long and short of it.
Read a synopsis of House bill 1525, and watch for the words property taxes.
New home construction and homeowner education. Provides that after June 30, 2007, a builder may not enter into a home construction contract with a prospective home buyer unless the builder first gives the prospective home buyer a written estimate of the property taxes that:
(1) will be owed by the prospective home buyer on the new home; and (2) are based on an assessment made on the first assessment date after the construction of the new home is complete. Specifies that the required estimate may not be based on an assessment of unimproved real estate.
Requires the Indiana housing and community development authority (authority) to prescribe a form to be used by builders in making the required disclosure. Defines an "at risk home buyer" as a person who: (1) has a credit score that is less than 620; and (2) seeks to obtain a home loan from a creditor.
Requires the authority prepare and make available to creditors home ownership educational materials for use by at risk home buyers. Provides that after June 30, 2007, a creditor may not enter into a home loan with an at risk home buyer unless the creditor first gives the at risk home buyer the educational materials prepared by the authority.
And you thought it was the poor, uneducated ones who are the most gullible you say. It's those folks that the local officials can easily bamboozle. No it can't happen to you, because you're middle class. These are your friends, you say. Take another look at that Reassessment form 11 again? Friends, nope, just politicians making money off of your inability to challenge your friends and their policies. Remember it's your money that local politicians are spending.
I would think you would have a say on where your money is spent. Nope, earmarked When you earn your money, local government has earmarked a certain portion to invest and spend anywhere they want. Because they know you have not figured it out and you will not challenge them
Note: Hat tip to one of the local readers of the blogosphere on explaining the term earmarked. In closing the bible does not say money is evil, it's says the love of money. And these local folks not only love your money but they love spending your money. Earmarked.
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