Realtor
sells them a house then loots it while they are away, cops say - (www.nypost.com) A real-estate agent sold an Upper West Side
town house to the owner of an art gallery — then allegedly looted the home of
more than $500,000 in high-end goods when the victim and her family were away
in the Hamptons, The Post has learned. David Kim, 42, last employed by the
Corcoran Group, was involved in the sale of the $7.6 million West 81st Street
property to Tina Kim — who runs the Tina Kim Gallery in Chelsea — and her
husband, Jae Chung, in December 2012, police sources said. The sale was not
handled by Corcoran. Tina Kim’s family, which employs a maid, nanny and
personal driver, never changed the locks on the doors, allowing the agent
allegedly to slip inside the home and steal their pricey possessions, including
rare statues and portraits. “He decorated his apartment by framing the artwork
on his walls,” said one police source about David Kim, who was arrested last
week on a slew of felony charges. The source added, “The guy stole almost
everything from their home, even humidifiers, cigar boxes and all of the
woman’s purses. “One was worth $90,000. He has a drug and gambling problem.”
Detroit defaults on $600 million of unsecured
bonds - (www.washingtonpost.com) Detroit
on Tuesday defaulted on more than $600 million of general obligation bonds
deemed unsecured by the city’s emergency manager, a city spokesman said. The
move marked the second bond default by the cash-strapped city after Kevyn Orr,
the former corporate bankruptcy attorney who has been running Detroit since
March, announced on June 14 a moratorium on unsecured debt payments. Spokesman
Bill Nowling confirmed the city did not make debt service payments due Tuesday
on the unsecured GO bonds, including $411 million of voter-approved unlimited
tax debt. However, payments were made on about $349 million of GO bonds deemed
secured debt by the city, he added. “Unsecured debts will be satisfied in the
course of a plan of adjustment or by mutual agreement of the parties, and
approval of the judge,” Nowling said, referring to Detroit’s bankruptcy filing.
Rising
foreclosures hurt Long Island as nation recovers - (www.newsday.com) New
foreclosure cases on Long Island are spiking, even as the mortgage crisis fades
in the rest of the United States. Despite rising home values that suggest a
housing rebound on the Island, lenders filed 12,271 initial foreclosure cases
here in the first eight months of this year, a nearly 53 percent surge compared
with the same period in 2012, according to data from real estate information
firm LI Profiles, based in Brightwaters. Nationwide the number of initial
filings dropped 34 percent during the same period, national data provider RealtyTrac reported. "We're definitely seeing the Long Island
area buck the national trend when it comes to foreclosure activity," said
Daren Blomquist, vice president of RealtyTrac, based in Irvine, Calif.
The 'Smart Money' In The Stock Market Has Been
Headed For The Exits Since May - (www.businessinsider.com) The
"Smart Money Flow Index" has been headed lower since May, even though
the stock market has continued to make new all-time highs since then. What is
the SMFI? A description of the indicator from Bloomberg: The Smart Money Flow
Index is calculated by taking the action of the Dow in two time periods: the
first 20 minutes and the close. The first 30 minutes represent emotional
buying, driven by greed and fear of the crowd based on good and bad news. There
is also a lot of buying on market orders and short covering at the opening.
Smart money waits until the end and they very often test the market before by
shorting heavily just to see how the market reacts. Then they move in the big
way. These heavy hitters also have the best possible information available to
them and they do have the edge on all the other market participants. To
replicate this index, just start at any given day, subtract the price of the
Dow at 10 AM from the previous day's close and add today's closing price.
Whenever the Dow makes a high which is not confirmed by the SMFI there is
trouble ahead.
Uncle
Sam Is Reluctant Landlord Of Foreclosed Homes - (www.nbcnews.com) For sale or rent by distressed owner: 248,000
homes. That’s how many residential properties the U.S. government now has in
its possession, the result of record numbers of people defaulting on
government-backed mortgages. Washington is sitting on nearly a third of the
nation’s 800,000 repossessed houses, making the U.S. taxpayer the largest owner
of foreclosed properties. With even more homes moving toward default, Fannie
Mae, Freddie Mac and the Federal Housing Administration are looking for a way
to unload them without swamping the already depressed real estate market. Trouble
is, they haven’t figured out how to do that. The government admitted as much in
August, when Fannie, Freddie and FHA issued a joint plea to the public for
ideas about how to solve the problem. (Give it your best shot: You have until
Sept. 15 to email ideas to reo.rfi@fhfa.gov.) “They’re stuck,” says Karen Shaw
Petrou, managing partner of Federal Financial Analytics, a Washington-based
consultant that advises banks and other clients on government policy. “They
don’t know what to do.”
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