All posts by jd

Real estate broker, civil engineer and general contractor.

Nevada County Fairgrounds and Its Future, Community Meeting

Public is invited to attend meeting to learn more about the impact of the state’s budget cuts to the Nevada County Fairgrounds

As the state of California eliminates all funding for California’s Fairs, the Nevada County Fairgrounds is actively preparing for the impact of these cuts.  To learn more about the state’s budget cuts and discuss the future of the Nevada County Fairgrounds, the Fairgrounds is hosting a community meeting on Tuesday, May 17, from 6 – 8 pm at Ponderosa Hall  (formerly the Senior Center) at the Fairgrounds.

The public is invited to the meeting to find out how the state budget cuts to all Fairs impacts its community Fairgrounds, what the Fairgrounds is doing now to prepare for the future, and the importance of community involvement and support of the Fairgrounds. Following an overview of the current situation, the meeting will be open for questions and suggestions from the community.

For more information about the Nevada County Fairgrounds, visit their website at www.NevadaCountyFair.com or call (530) 273-6217.

Contact:
Sandy Woods, Chief Executive Officer
(530) 273-6217
sandy@nevadacountyfair.com

For all your real estate needs call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

DRE# 00669941

Swiss Bank UBS AG Pays $90.8 Million Settlement for Fraudulant Conduct

The banks keep on trying to get our money one way or another.  It’s great when the government goes after these guys. After all, don’t forget that the mess we are in with our economy is due strictly to our illustrious banks and Wall Street.

A press release from the California  Attorney General’s Office announced on May 4, 2011 the following:

“Attorney General Kamala D. Harris  announced a $90.8 million national settlement, which includes some $6.3 million for California agencies, with the multinational Swiss bank UBS AG over allegations of anticompetitive and fraudulent conduct in the municipal bond derivatives industry.

“This financial fraud harmed school districts, cities, state agencies, and non-profit groups,” Attorney General Harris said. “The multi-million dollar settlement provides restitution to those victimized and sends a strong warning to anyone contemplating similar scams.”

California participated with federal agencies and 24 other states in the negotiations that led to today’s settlement. In addition to the approximately $6.3 million in restitution, California will be entitled to a share of the $2.5 million civil penalty and $5 million in investigation costs that UBS has agreed to pay.

Under the settlement, UBS agreed to pay back a total of $90.8 million to local and state agencies nationwide, as well as to non-profit groups, that had municipal bond derivative contracts with UBS, or used UBS as a broker, between 2001 and 2004. That restitution is part of a $160 million settlement package that includes federal agencies.

Municipal bond derivatives are contracts that tax-exempt issuers use to reinvest the proceeds of bond offerings until the funds are needed, or to hedge interest rate risk.”

So what do you think?

For all your real estate needs call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com
 

Donald Trump’s “University” Is Not a “University”!

Picture courtesy of Huffington Post
Picture courtesy of Huffington Post

Real estate mogul Donald Trump created Trump University promising students they’d learn the “insider” secrets of real estate and become his “next apprentice.” But a few former students are saying Trump’s courses fell short and were filled with “infomercials” disguised as educational classes that took advantage of people in “troubled economic times,” according to a lawsuit filed in the U.S. District Court in San Diego that alleges consumer fraud.

Along with touting his wealth and business acumen, real estate mogul Donald Trump has long portrayed himself as an educator, who is ready and willing to impart the knowledge that can turn any motivated person into a multimillionaire.

On top of the millions who watch his prime-time smash hit, “Celebrity Apprentice,” thousands have enrolled in seminars with Trump University in order to better learn his money-making real estate sales methods. The educational program, launched in 2005, promises mentorships that are “the next best thing” to being Trump’s apprentice.

“I’m deeply and actively involved in Trump University because I firmly believe in the power of education and its function as an engine of success,” he wrote in “Trump 101: The Way to Success.” “I want to help people, and, simply put, the Trump University students want to be successful. I’m on their side.”

Yet Trump’s credentials as an educator may be undercut by the recent history of his so-called university. The for-profit institution is the target of a class-action lawsuit in federal court and the attorneys general of six states are investigating numerous complaints about it.

Tarla Makaeff’s class action suit comes with “Trump University” already under fire from the state Education Department, which is demanding the program immediately stop calling itself a university in violation of state education law.

In a strongly worded letter obtained by the Daily News, the state Education Department slammed the tycoon for calling the cyber-school a university and demanded he stop using the term.

“Use of the word ‘university’ by your corporation is misleading and violates New York Education Law and the Rules of the Board of Regents,” wrote Deputy Commissioner for Higher Education Joseph Frey.  Trump now calls his “university” , ready? “Trump Entrepreneur Initiative”  whatever that means.

Adding to Trump’s woes, the for-profit firm that promises to teach wanna-be billionaires the secrets of deal-making was hit with a D-minus rating by the Better Business Bureau in January.

Partial source: Huffington Post

For all your real estate needs, call or email

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

 

Home Buyers Lack Mortgage Know-How

A new survey indicates that home buyers are ill-prepared to take out a mortgage, answering basic questions about mortgage information incorrectly nearly half (46 percent) of the time, according to a Zillow Mortgage Marketplace.
 

  • More than 1,000 home buyers were asked to respond true or false to eight mortgage-related statements, including “The rates of 5/1 adjustable-rates mortgages always increase after years.”  Although the correct answer is false, because 5/1 ARMs do adjust after five years, but the rates could go up or down, 57 percent of people surveyed answered this question incorrectly.
  • Forty-five percent of home buyers surveyed also incorrectly stated that home buyers should always buy mortgage discount points. The fact is, the decision hinges on how long the borrower plans to own the property, and in some situations, buying mortgage discount points is not worthwhile.
  • An additional one-third of respondents do not understand that lender fees are negotiable and vary by lender, incorrectly thinking lenders are required by law to charge the same fees for credit reports and appraisals.
  • Survey respondents also believe that pre-qualifying for a loan means they have secured financing.  With a pre-qualification, which is the earliest step in the mortgage process when a lender approximates the amount the borrower can afford, the lender does not run the borrower’s credit or request any documentation to verify the information provided by the borrower.
  • Slightly less than half of the polled prospective home buyers also do not understand that Federal Housing Administration (FHA) loans are available to all buyers, but instead believe only first-time buyers qualify.  In reality, FHA loans can cost less for many buyers, including repeat buyers with low to average credit scores and with down payments of less than 20 percent.

Read the full story

 

For all your real estate needs, call or email:

John J. O’Dell
Realtor® GRI
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

Deutsche Bank AG Sued for Fraud by the Justice Department

Deutsche Bank chief executive Josef Ackermann
Deutsche Bank chief executive Josef Ackermann

The United States has filed a civil mortgage fraud lawsuit against Deutsche Bank AG and its wholly owned subsidiary, MortgageIT Inc.  The government’s complaint seeks damages and civil penalties under the False Claims Act for repeated false certifications made to the U.S.

According to the government’s complaint filed May 3, 2011 in Manhattan federal court: Between 1999 and 2009, MortgageIT was an approved direct endorsement lender, and endorsed more than 39,000 mortgages for FHA insurance, totaling more than $5 billion in underlying principal obligations. These mortgages were highly marketable for resale to investors because they were insured by the full faith and credit of the United States. MortgageIT and Deutsche Bank, which acquired MortgageIT in January 2007, made substantial profits through the resale of these endorsed FHA-insured mortgages.

Stated  in the complaint, MortgageIT repeatedly made false certifications to HUD to obtain approval of mortgages that MortgageIT underwriters wrongfully endorsed for FHA insurance.  These mortgages were not eligible for FHA insurance under HUD rules.  Notwithstanding the mortgages’ ineligibility, underwriters at MortgageIT endorsed the mortgages by falsely certifying that they had conducted the due diligence required by HUD rules when, in fact, they had not.  By endorsing ineligible mortgages and falsely certifying compliance with HUD rules, MortgageIT wrongfully obtained approval of these ineligible mortgages for FHA insurance, thereby putting millions of FHA dollars at risk.

To date, the Federal Housing Administration (FHA) has paid insurance claims on more than 3,100 mortgages, totaling $386 million, for mortgages endorsed by MortgageIT. Total claims against Deutsche Bank AG could cost well over $1.15 billion dollars.

The government’s complaint seeks treble damages and penalties under the False Claims Act for the insurance claims already paid by HUD for mortgages wrongfully endorsed by MortgageIT through the false statements of Deutsche Bank and MortgageIT.  In addition, the United States seeks compensatory and punitive damages under the common law theories of breach of fiduciary duty, gross negligence, negligence and indemnification for the insurance claims that HUD expects to pay in the future for mortgages wrongfully endorsed by MortgageIT as a result of Deutsche Bank’s and MortgageIT’s false statements

My take on this is, it’s about time the banks paid for the mess that they have gotten us into. Like I’ve said many times, its not the mortgage brokers or the real estate agents who set the lending standards, it was the banks. I’ve talked to many people who were in the lending side of the banks. They were told to just make the loan, we don’t care if they can pay it back. What do you think?

Source The United States Department of Justice

For all your real estate needs, call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

DRE#00669941

Let’s Go On A Nature Hike! I Think Maybe Not!

museum

Image 1 of 6

Office and museum

By John J. O’Dell

Did you ever feel the urge to get back to nature?  You know,  the feel of the wind, the out doors, feeling connected to Mother Earth?  Well, maybe after looking at these pictures you may decide to stay home for a just a little bit longer!

 

Photos courtesy of Jeff Toff

 

For all your real estate needs call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

 

Careful When You Show Your Home to Potential Buyers, Don’t Become A Crime Victim!


Safety should always be a top concern for both real estate agents and home sellers.  While holding an open house and allowing potential home buyers to tour the property is an effective means of selling a home, home sellers should be aware of the risks.

  • While most criminals will seek small items and anything they can fit into their pockets, sometimes these “buyers” are actually scoping the home for a future burglary.
  • According to a safety expert who has worked with the NATIONAL ASSOCIATION OF REALTORS® and other groups, first and foremost, people should trust their instincts, so if someone or something is making one uncomfortable, be extra alert and extremely careful.
  • If a potential buyer or unknown agent arrives at the house unexpectedly, the homeowner should tell him to call their agent to schedule an appointment.
  • Before allowing anyone to enter the house, all lights should be turned on and all blinds, shades, and curtains opened.  Homes are safer for showing when someone outside can see inside.
  • In advance of an open house, homeowners should remove all valuables, including jewelry, artwork, and electronic equipment.
  • Additionally, money, mail, bank statements, credit cards and keys should never be kept lying around, or even in a drawer with easy access.
  • Prescription drugs should be kept in locked cabinets, to prevent anyone from stealing them or using the information on the label.
  • Professional burglars often linger in rooms, looking for items they can dispose of quickly.  They also search for ways to get in and out, scouting possible escape routes and checking for security devices.  Couples up to no good often split up so one can check out the house and its belongings, while the other keeps the agent and/or seller occupied.

Read the full story

For all your real estate needs, call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

DRE# 00996641

 

Allergic to Your Pets? Here’s Help!

by Lisa J. Lehr

It’s spring!

While most people are busy doing little happy dances about the longer days and warmer, sunnier weather, allergy sufferers often have a different reaction: dread.

For people with year-round allergies to pets, however, spring just adds insult to injury. Tragically, allergies are among the most common reasons people give up their pets, and the misguided fear that a child may develop allergies prevents some people from having pets in the first place.

The good news is that this is all totally unnecessary. Some education about pets, people, and allergies will save a lot of pets from the animal shelter, and a lot of kids from the deprivation of growing up without pets.

Recently, numerous studies have found that kids who grow up in a home with dogs and cats actually have a significantly lower risk of developing common indoor and outdoor allergies. This means not only to cats and dogs, but also to dust mites, grass, ragweed, and Alternaria, a fungus found in the air.

Many studies have found lower rates of allergies and asthma among children who grew up on a farm and were around lots of animals, as well as among people who have continually owned a pet as compared to new pet owners or to people who had pets earlier in life but not currently.

In the February 2006 issue of Reader’s Digest, “Scratch Those Allergies” (page 208), with advice from allergist Clifford Bassett, MD gives the following suggestions:

  • –Ban pets from the bedroom, and get a HEPA air purifier.
  • –No pet is completely hypoallergenic, but those that shed more trigger more symptoms.
  • –Vacuum and dust often to eliminate sneeze-inducing dander and fur.
  • –Bathe and brush your pet often, especially if he sheds. If your symptoms are severe, have someone else do it for you.
  • I’d like to add a few points:
  • –Don’t be too quick to assume you or your child is allergic to a pet when it could easily be something else—a pillow or teddy bear, the sofa, the carpet, or anything capable of harboring allergens. Cats, especially, get blamed for a lot of allergic reactions they didn’t cause.
  • –Brush and/or vacuum your sofa, wash your bedspread and throw pillows, and shake out porous, crud-collecting items outdoors. Look in pet stores or online for products (including sticky rollers, strips, and sheets) that remove fur from furniture surfaces.
  • — Brush your pets daily and use an allergy-reducing spray such as Allerpet.
  • –Wash your hands after handling your pets, as well as their toys, bedding, dishes, etc. Be especially careful not to touch your nose or eyes before you wash your hands.
  • –Keep your pets’ skin healthy by feeding them a good quality food and a fatty acid supplement.
  • –Put electrostatic filters in your heating and air conditioning system. Every time you run it, the filters attract fur (along with other allergens). They’re more costly than the disposable ones, but they last indefinitely. (You just have to clean them.)
  • –If at all possible, get rid of your wall-to-wall carpet. With smooth flooring (vinyl, hardwood, tile, laminate) and a few area rugs, you’ll be amazed at how much cleaner your home feels and smells. Not only do you have less allergen-attracting surface area, it is much easier to thoroughly clean smooth floors and area rugs than installed carpet.
  • –Don’t assume that longhaired pets are more allergenic than shorthaired ones. Shorthaired pets can shed just as much, especially those with thick coats. They may actually shed more, because a long-haired pet’s fur tends to hang up in the surrounding fur rather than fall to the floor. (That’s why these pets need to be brushed.)
  • –While no pet is completely hypoallergenic, there’s a range, depending on the proteins in the particular pet’s fur. Regardless of fur length, all pets have dander, saliva, and urine, all of which are sources of allergy. If you’re adopting a new pet, “try out” several to check for a reaction.
  • –If you allow your cats outdoors (you shouldn’t, but that’s another article), they’re probably bringing in pollen and other allergens, so you may think you’re allergic to your cat when it’s really just the stuff they bring in. This applies to dogs as well, but cats are more likely to deposit their outdoor stuff all over your furniture.
  • –Do everything you can to accommodate pets in your home. By doing so, you’ll help protect the next generation from allergies—not just to dogs and cats, but to most common allergens.

These suggestions won’t eliminate your spring allergies, but they should help. And they should definitely keep you from being so miserable that you’re tempted to get rid of your pets.

Lisa J. Lehr is a writer and copywriter as well as animal lover living in Grass Valley. She can help you promote your business with a full range of online and offline marketing pieces. A member of Empire Toastmasters, she’s available to speak to your business or professional group.

Visit her website www.justrightcopy.com for more information, opt in for a message series, and receive a free Marketing Guide.–
Lisa J. Lehr
I write words that make you money–just ask me how.
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