HOA Installs Radar, Issues Speeding Tickets - (www.consumerist.com) With no one but themselves to police the speed limits of their gated a community, a homeowners association in Colorado has set up a radar system and begun issuing tickets to speeders. Drivers caught violating the max. 30 mph speed limit in the community will be subject for fines from anywhere from $15 to $100, depending on how fast they are driving. If the violating driver is a visitor of the subdivision, their ticket will be given to whichever homeowner they are visiting at the time. As you might expect with most HOA restrictions, some residents are not thrilled. “It’s just a little bit overboard for a private community to be policing themselves,” one homeowner tells CBS Denver. Another resident, who says she was almost hit twice in a night by speeding cars is still against the measure. “No, that’s outside the boundaries of what the HOA was established to do,” she explains. “That is within the boundaries of what the law is supposed to do.”
Realtors object to bulk foreclosure sales which do not pay Realtors commissions - (www.mercurynews.com) California Realtors are strongly objecting to the bulk foreclosure sale program and calling for a change of leadership at the Federal Housing Finance Agency, the agency that initiated the pilot program. In a recent statement, the California Association of Realtors objected to the Nov. 5 REO bulk sale transaction between Fannie Mae, the FHFA and Colony Capital. The Santa Monica real estate investment company won an auction by the federal government to purchase 970 foreclosed homes in California, Arizona and Nevada from Fannie Mae for $176 million. "Fannie Mae and FHFA's decision to move forward with the REO bulk sale in California amounts to another gift to Wall Street at the expense of taxpayers," said the state group president, LeFrancis Arnold. "The deal, which calls for the sale of more than 400 foreclosed homes in Los Angeles and the Inland Empire, not only hurts taxpayers and prospective home buyers, but will also delay a full recovery in the housing market."
Million dollars for a mice infested shack! - (www.cbc.ca) A severe mouse infestation of a million-dollar Winnipeg home has shocked people across the country, but a local biologist says he's not surprised. The CBC News story from Monday has been viewed more than 100,000 times and commented on by more than 300 people as of Tuesday. Many who saw the story expressed disbelief that a problem could be so widespread without anyone knowing sooner. But James Hare, a biological sciences professor at the University of Manitoba, says once mice get into a nesting place, they start breeding fast — having up to five litters of six mice in a year — and can stay quite well hidden. And the mice can always find enough food, he said. "They could forage for anything, you know plant material, they'll eat insects as well, whatever they can get. So there'd be lots for them to eat," Hare said.
German Notes Sold at Negative Yield on Greece, U.S. Concern - (www.bloomberg.com) Germany sold two-year notes at a negative yield for the second time on record, with the Federal Finance Agency saying the debate over Greece’s fiscal sustainability boosted demand for the securities. The nation auctioned 4.3 billion euros ($5.5 billion) of the debt at an average yield of minus 0.02 percent, down from 0.07 percent when similar-maturity debt was offered on Oct. 17, according to a statement from the Bundesbank today. It’s the first time since July the rate has been below zero. A negative yield means investors who hold the security until it matures will receive less than they paid to buy it.
Real estate investor Seaborne pleads guilty to bank fraud - (www.heraldtribune.com) Arthur R. Seaborne has pleaded guilty to conspiring to commit bank fraud and could spend up to five years in prison. The 69-year-old investor, who has already been stripped of his real estate and mortgage licenses by the Florida Department of Business and Professional Regulation, is expected to be sentenced in Tampa’s U.S. District Court on Jan. 24. From March 2003 through July 2008, Seaborne lured investors into a “no money down” real estate scheme by holding investment seminars in Sarasota. He bought dozens of new houses in Ellenton and Venice, marked up the price by $8,000 to $75,000, and sold them to the seminar attendees. He then filled out mortgage applications for the investors using false information.