County Agency Considers Next Step in Eminent Domain Proposal ...

Aug 16 2012, 12:05PM

An agency set up by county officials in San Bernardino County, California were scheduled to meet Thursday morning to determine whether the county and several of its larger cities will proceed with their controversial eminent domain plan.? Under the proposal, passed by the county?s Board of Governors in June, the local governments would use their power, usually employed to take real property for a public purpose, to seize underwater mortgages and restructure them into new obligations based on the homes? current market values.

The area in what is known as California?s Inland Empire saw explosive growth and an accompanying surge in home prices during the boom of the early 2000s and when the crash came the area was clobbered.? The Federal Housing Finance Agency? (FHFA) Housing Price Index for the area shows that the metropolitan area has suffered price declines in 19 of the last 20 quarters; declines that 11.57 percent in each period.? The Joint Powers Authority (JPA), the agency set up to manage any eminent domain proceedings, provided information today (derived from Zillow) showing that 60.3 percent of the homes in the area are underwater and that the average homeowner has $115,755 in negative equity compared to a national average of $75,644.? One of the cities in the MSA, Stockton, recently filed bankruptcy.

Among the persons scheduled to present arguments to the Authority is Tim Cameron, representing the Securities Industry and Financial Markets Association (SIFMA.)? ??SIFMA released Cameron?s prepared remarks in which he stated his group?s strong objections to the proposals. ?As SIMFA has stated in previous press releases, they doubt the legality and constitutionality of any such eminent domain actions and they make it clear that they will take legal action if the county goes forward.? Cameron also raises the specter of a significant negative impact on consumers saying the use of the powers ?would significantly harm mortgage finance markets, reduce access to credit for borrowers, and negatively impact average investors? portfolios. ?In our view,? he said, ?the long-term costs and liability risks of an eminent domain proposal far outweigh any professed short-term benefits to a small group of performing homeowners.?

The SIFMA representatives suggests that the JPA should widen its target beyond the ?few thousand people who have good credit, are current on their mortgage payments, and most importantly, happen to have mortgages that have been sold in the private label securities market. Is this really?, he asks, ?where the JPA wants to focus its time and attention??

He suggests instead that they work to address issues in their area more broadly, in a way that ?would actually provide assistance to borrowers in near-term danger of foreclosure,? and in a manner that both provides assistance and protects the interests of all County residents, savers, pension fund participants, retirees, and prospective mortgage borrowers. ??If the problem that is trying to be solved is the result of depressed property values, the solution should positively impact property values, not exacerbate declines or curtail the willingness of investors to invest in the County?s housing and its residents?.

?Further, the JPA needs to fully appreciate and scrutinize the permanent, negative consequences for the national housing finance system resulting from undermining the concept of secured lending resulting from the exercise of eminent domain in the proposed manner,? Cameron said.

His statement goes on to suggest that better coordination among policy makers and industry participants could increase awareness and participation in the many programs that already exist to assist homeowners. ?There are a lot of programs from various levels of government and from mortgage services already out there, he said.? ?Local officials could be particularly helpful in identifying additional communication avenues and in bringing those homeowners to the table that may be reluctant to respond to industry outreach out of skepticism or fear.?

He concluded by suggesting that JPA should ?engage with the industry to better understand the situation on the ground in San Bernardino, what has been tried, and where opportunities for improvement exist. For example, you may be interested to know that loan modification rates in San Bernardino far exceed national averages and even averages across California.?

Today?s JPA meeting is for the stated purpose of authorizing the Authority staff to issue a Request for Proposals (RFP) to operate a Home Protection and Foreclosure Prevention Program for the county and if that is approved the RFP will be issued shortly.

Both Berkeley, California and Chicago have made several similar eminent domain proposals in recent weeks and FHFA has expressed its concern that such programs would adversely affect Freddie Mac and Fannie Mae for which it is the conservator.

This entry was posted on Thursday, August 16th, 2012 at 7:12 pm and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed.

Source: http://archibaldrelocation.com/county-agency-considers-next-step-in-eminent-domain-proposal-sifma-to-testify?utm_source=rss&utm_medium=rss&utm_campaign=county-agency-considers-next-step-in-eminent-domain-proposal-sifma-to-testify

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Russian, Polish churches appeal for forgiveness

WARSAW, Poland (AP) ? The leaders of Russia's Orthodox church and Poland's Catholic church signed a document Friday that urges their nations to forgive each other for past wrongs.

The signing in Warsaw during the first visit to Poland by a Russia patriarch has been described by the churches as a historic act of reconciliation and the establishment of a bridge between the denominations. The two nations have feuded for centuries and their ties are still marked by distrust.

"We appeal to our believers to ask for the forgiveness of wrongs, injustice and every evil committed against each other," the document said. "We are certain that this is the first and the most important step toward rebuilding mutual trust, which is a necessary element of a lasting community and full reconciliation between people."

The document was signed during a ceremony at Warsaw's Royal Castle by Russian Orthodox Patriarch Kirill and Archbishop Jozef Michalik, the Polish church's highest-ranking leader.

Shortly after the ceremony, a Russian judge convicted three members of the punk band Pussy Riot of hooliganism driven by religious hatred and sentenced them to two-year prison terms for a performance in Moscow's main cathedral that called for the Virgin Mary to protect Russia against Vladimir Putin.

During the trial, the band members apologized to all Orthodox believers, saying that they did not mean to offend anyone and that their performance was aimed against Putin and Kirill, who had urged Russians to vote for Putin.

But Kirill, who took Putin's side in the case, has not commented on the Russian court case or the verdict since arriving in Warsaw on Thursday.

The document that Michalik and Kirill signed mentions the "open enmity, even fighting between our nations" in the past and calls for a "brotherly dialogue" in all walks of life. Church leaders said it is not another political declaration, but a religion-motivated call to the hearts and minds of ordinary people in both nations.

Kirill stressed that serving Christian religion obliged church leaders to promote the reconciliation.

Some have compared the document to a historic 1965 letter by Poland's bishops to the Catholic church leaders in Germany, offering and asking forgiveness for past wrongs between Poles and Germans, the most painful committed during World War II.

Today, Poland and Germany are enjoying friendly relations and are cooperating within the European Union.

The many sources of bitterness between Poles and Russians include Polish resentment over Moscow's control of Poland during the communist era and Russia's reaction to seeing Poland reject its influence and join Western institutions like NATO.

Elderly Poles still talk bitterly about Moscow's "stab in the back" ? the attack from the East by the Soviet Red Army on Sept. 17, 1939, which came less than three weeks after German troops invaded Poland from the West, starting World War II. They point to the murders of more than 20,000 of their officers by Soviet secret police in 1940 in the Katyn forest and other sites.

More recently, conspiracy theories have smoldered since Polish President Lech Kaczynski and 95 other people were killed in a 2010 plane crash in Russia. Some Poles have accused Russians of not fully cooperating in investigating the crash.

Relations between the Orthodox church and the Catholic church also have been tense.

The Orthodox Church prevented Polish-born Pope John Paul II from making a trip to Russia. The Orthodox also have accused the Vatican of seeking Catholic converts in traditionally Orthodox areas ? a charge Rome denies.

Poland's official in charge of discussing the sticking points with Russia, Adam Daniel Rotfeld, said the document signed Friday also laid foundations for an improvement in relations between the two churches in general.

Source: http://news.yahoo.com/russian-polish-churches-appeal-forgiveness-145703109.html

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Apartment Careers: Real Estate/Property Management jobs, Dallas ...

Investment Manager POSTED: Aug 08 Salary: Open Location: Dallas, Texas Employer: Pinnacle Type: Full Time - Experienced Category: Real Estate/Property Management ? ?

Work for the Best in the Industry - make your next move here! Pinnacle ranked #1 on the National Multi-Housing Council Top 50 Largest U.S. Apartment Managers for two years in a row! We invest in great people. That's why clients trust us with their real estate investments! At Pinnacle, we consider our employees to be our most valuable asset. In fact, our number one key business objective is to attract and retain the best talent in the industry! At Pinnacle, we firmly believe our employees....more info View all our jobs

About Pinnacle. We invest in great people. That's why clients trust us with their real estate investments! At Pinnacle, we consider our employees our most valuable asset. In fact, our number one key business objective is to attract and retain the best talent in the industry! At Pinnacle, the key to our continued success and competitive advantage is our people. We offer a total compensation and benefits package to help with your needs today and build for your future tomorrow. We recognize that each employee is an individual with individual needs, lifestyles, and interests. Our benefits package was created with the flexibility to support employees who are at different places in their lives and careers. Pinnacle values diversity and is committed to equal opportunity in employment. We offer a safe, healthy work environment for employees through a commitment to maintaining a drug-free workplace. Pinnacle has ongoing employment opportunities at our headquarters in Seattle, our more than 40 branch office locations nationally and our many managed communities throughout the country. Pinnacle is the national leader in third-party fee management of investment real estate encompassing multi-family, commercial space, affordable housing and military housing. Pinnacle is built on four basic principles: Quality people Strong customer service Solid market knowledge Superior systems and support capabilities At Pinnacle, success is about more than having a healthy bottom line. Guided by our principles and values, we are committed to making Pinnacle an amazing and unique place to work for each member of our team. About the job.. As an Investment Manager at Pinnacle, youll put your outstanding leadership and savvy business skills to work at one of the most respected apartment companies in a management opportunity that offers real leadership, innovation and support. Our Investment Managers are the cornerstone of our team. An Investment Manager is responsible for the tactical execution and communication of the companys strategic direction to our various communities. This manager will have a proven track record in managing a diverse portfolio of properties, be a motivator, a good communicator, and a hands-on manager. Investment Managers work closely with Business Managers in their regions to ensure implementation and execution of all corporate policies and procedures. Essential Responsibilities: Investment Managers are business leaders responsible for developing and managing individual site business plans including investment objectives, compliance goals, marketing positioning, people, asset quality, and financial goals and objectives. At any given time, an Investment Manager should be able to describe the overall makeup: strengths, weaknesses and needs of each property in their given portfolio. Investment Managers are also responsible for review and approval of all property purchasing with complete adherence to the expense budget. Investment Managers are also business managers who mentor, coach, supervise and develop site staff. They will work with Business Managers and Maintenance Supervisors to ensure timely preparation of rent ready apartments to fully meet the demand of the market. They are ultimately responsible for property risk management, safety standards and employee and resident liability. They will help determine, implement and follow up on any corrective action plans for deficiencies found at properties. Investment Managers are also responsible for taking care of all escalated complaints from residents. Personal Competencies: A competitive spirit High-energy Demonstrated leadership and strategic thinking skills Supervisory experience Warm, friendly and service-oriented philosophy High degree of flexibility and tolerance for change Ability to train, develop, lead and mentor Superior written and verbal communications skills Extremely computer literate Organized and detail-oriented Customer-service driven Able to multitask Financials experience/experience working with a budget Qualifications: Minimum of a high school diploma, Bachelors degree preferred 5+ years of on-site property management experience Excellent oral and written communication skills Experience in supervisory role and managing staff Experience in writing and maintaining budgets Proficient in Yardi property management software or other similar property management software. General office, bookkeeping and sales skills Computer literate, including Microsoft Office Suite Pinnacle has grown to become America's largest apartment manager through many different successes. Yet, in today's ultra-competitive market, each success must fuel the next and speed is essential in the ongoing race to lead the industry. If you are ready to work hard and be empowered and encouraged to innovate, contribute ideas and discover solution to provide current and potential residents with unparalleled, world class customer service please click Apply Online.

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Source: http://jobs.apartmentcareers.com/jobs/4871907/investment-manager

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Watch out, Siri ? Google?s enhanced voice search is coming to the iPhone and iPad [video]

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Source: http://news.yahoo.com/watch-siri-google-enhanced-voice-search-coming-iphone-212500580.html

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13 Easy Ways To Improve Your Home's Interior Design

If you're thinking about redecorating but aren't sure how to begin, this article is the right place to start! Do some research, make a budget and organize your ideas before you embark on your interior design journey. Keep reading this post for more great tips!

Always consider how long you intend to live in your home before you embark upon a large interior design project. If you are not going to be living in your home for at least five years, then you should be as neutral as possible when designing it. Something you think looks great may not seem so to a future buyer.

By installing a new fuacet in your kithcen can greatly improve the appearance of your kitchen. Tow of the best kitchen faucets are the Delta 980T-SSSD-DST and the Delta Faucet 9178.

Don't forget to decorate wall when you are designing your rooms. Blank walls are not attractive. Using a beautiful picture or an arrangement of photographs gives your room a finished look. Balance any artwork with other features in the room. Black velvet paintings will always age poorly, so be sure to avoid them.

Keep in mind the usage of the room space when you are planning a design. For instance, when decorating your child's room, you should consider bright and vivid colors because they'll match his or her personality. But those colors won't work in a library for instance.

Dress up your walls with good artwork. Good artwork can make a boring room more exciting. Consider the overall mood of your current room, and look for artwork that will match the feel you are going for. For the best impact, hang the artwork roughly at eye level.

If you're planning on painting a room, don't rush! Make sure that you really like your color choice before you are stuck with it. Compare many samples with your decor and give it a few days before you decide. See how everything comes together under different lighting conditions. You may find that you don't love a color quite as much as you did at first.

You can apply color to change the look and feel of a room. A white ceiling will open up a room and make it appear spacious. To create the illusion of a higher ceiling, paint the ceiling with a receding color such as white or some other very light color.

Think about what your children want when designing their rooms. You might not realize what they can reach and what works for their size. You need to make all of these items accessible to your children. Aim to view the room like your child would. Most importantly, make sure you eliminate possible hazards.

Get your creative juices flowing with framed pictures. They are just as much part of the decor as everything else. Don't be fixated on only straight lines. Hang the art in some really unique ways. Utilizing white space on the walls will present exciting options for enhancing or changing the feel of the space.

Consider applying wallpaper to only 50 percent of a wall. It can cost a lot of money to redecorate walls. Use wallpaper on only a fraction of your wall to save money. Put a bold border around the wallpaper and then paint the other half of the wall with pain that compliments it. You can easily make your home feel stylish with this method, without breaking the bank.

When you are shopping for window treatments, you should ensure that they are what you want to put up. Curtains are generally focal points in a room, so the pattern and color are crucial to your decision.

Staying current with decorating style trends is an important interior design tip. You wouldn't want to appear to be stuck in the 1970's with outdated decor. See what others are doing to their home nowadays.

For a great update, add a skylight to a room in your home. These lights can bring in light and open up your rooms. Skylights are a great addition to any home, and this is why you want to add in something like this.

Interior design could be a daunting task and it may feel as if you need to use a lot of money. This is not true. If you're ready to take things slowly and plan ahead, you can transform the look of your home on your own terms and in your own time. Remember these tips to create your dream home!

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Berkman Center releases ?E-Books in Libraries: A Briefing Document?

The Berkman Center for Internet & Society has released ?E-Books in Libraries: A Briefing Document Developed in Preparation for a Workshop on E-Lending in Libraries,? authored by David O?Brien, Urs Gasser, and John Palfrey. ?The paper was created to prepare for the Berkman Center?s ?E-Books in Libraries? workshop, which was held on February 24, 2012. Thanks to a collaborative effort from industry stakeholders and practitioners the briefing examines the shifting paradigm in the digital publishing industry and the consequent issues of access and copyright.

The document contextualizes these issues by first providing an overview of the current state of the e-book market, which has expanded exponentially over the past decade. In response to such growth libraries have sought to increase access to e-book titles for patrons, though have encountered formidable challenges from publishers and e-book distributors along the way. Licensing and lending practices have proven to be a particular point of contention among e-book stakeholders: disagreements over loan periods, hosting services, and licensing rights are central issues that have yet to be solved by any single e-lending business model.

Publishers have implemented three primary e-lending business models?perpetual access, subscription, and pay-per-view?that each have affected the way libraries procure e-books and distribute them to their patrons. The paper analyzes each model, discussing lending methods and access provisions as well as providing illustrative use cases for the model in practice. Despite variances with respect to profit generation and licensing terms, all three models pose similar challenges to libraries and publishers, as they wade through the uncertainties of today?s digital transition.

Limited access to high-demand e-books, convoluted licensing terms set by e-book distributors, disjointed e-reader platforms that hinder user access to e-book titles, and rising costs to acquire and maintain an e-book collection are frustrations that rest at the crux of e-book access and lending. Though the authors of the briefing do not explicitly propose a remedy to these challenges, they encourage further discussion about the state of e-books in libraries. The authors welcome suggestions and feedback as issues change and developments emerge.

This publication may be downloaded free of charge through the Berkman Center or the Social Science Research Network.

Photo via The Daring Librarian on Flickr

Source: https://blogs.law.harvard.edu/dplaalpha/2012/08/06/berkman-center-releases-e-books-in-libraries-a-briefing-document/

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