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Monthly Archives: July 2010
Wells Fargo & Co. Chief Executive Officer John Stumpf tells Bloomberg that he likes a lot of President Barack Obama’s 2,300 page financial reform bill which is now law. His bank has $1.2 trillion in assets.
“Too-big-to-fail has been dealt with,” Stumpf said. He explained that the creation of the Financial Stability Oversight Council, a system-wide risk regulator
will prevent crises caused by the collapse of a mammoth banks or… Continue reading
Florida Governor Charlie Crist signed an executive order that allows property appraisers to perform “interim assessments” in the 26 Florida counties affected by the BP oil spill. Homeowners and business owners can use the appraisals as documentation when submitting claims to BP for lost property values.
Legal experts are debating whether homeowners claims of loss in property values will be valid if BP forces the claims into a courtroom… Continue reading
An Massachusetts Institute of Technology studey calculates that every foreclosure decreases the value by 1% of all homes within 250 feet. The study examined the sales of 1.8 million Massachusetts homes for the past 22 years. Banks got no bargains when they try to sell a foreclosed home. The MIT study said the average sale price for a foreclosed home was 27% less than the appraised value.
MIT economist Parag… Continue reading
As Tropical Storm Bonnie headed toward the Gulf of Mexico, Alabama Attorney General Troy King announced at a press conference yesterday that he would sue BP for causing “the most horrific and unimaginable environmental disaster in American history” which he said was damaging the state’s ecosystem and the economy.
King, a Republican, brought in both candidates for governor — Democrat Ron Sparks and Republican Dr. Robert Bentley — to… Continue reading
The Appraisal Institute applauded the U.S. Senate for passing a sweeping financial regulatory reform bill that includes the first modernization of real estate appraisal regulations in more than 20 years. The Dodd-Frank Wall Street Reform and Consumer Protection Act (HR 4173) is the first overhaul of appraisal regulations since the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) was enacted in 1989.
President Barack Obama is expected to sign… Continue reading
Most appraisers bear war wounds from this bleak economy and some have seen their livelihoods dwindle away completely. Finally, we have some good news to report to job-hunting appraisers; TSI Appraisal Services announced last week that it will hire more than 100 staff appraisers nationwide.
Troy, Michigan-based TSI has been recognized by Fortune as one of the “100 Best Companies to Work For” in America for four consecutive years. TSI… Continue reading
Floridian Jeff Shows of Sherrill Appraisal forwarded this story to us. Gov. Charles Crist is arguing that Florida deserves more money for BP oil damage because Florida is the one Gulf Coast state to forbid offshore drilling. The other states allowed oil rigs to drill despite the risk. Now, oil from a Louisiana rig has severely damaged Florida’s top industry, tourism. According to the Associated Press, some companies had leases… Continue reading
Alabama Attorney General Troy King filed two lawsuits this weekend against BP and Halliburton, the companies in charge of the gushing oil well that contaminated Gulf Coast beaches this spring and summer.
But whoever is elected the state’s next attorney general will actually shepherd the case to fruition. King lost the Republican primary to attorney Luther Strange, who chided King for filing the suits while Gov. Bob Riley, also… Continue reading
Ward, June, Wally and Beaver Cleaver had little reason to venture into the dangerous big city because everything they needed was in their heavenly suburb. Even in the skanky world of Desperate Housewives, the suburbs seem shiny, bright, secure and prosperous. For decades, suburbs were the place city dwellers fled to once they were rich enough to leave the crowded, crime-prone city. But according to a Brookings Institution research report… Continue reading
Now that the oil has stopped gushing, the long physical, financial and legal cleanup begins. The BP oil spill was unlike any other in so many ways, nonprofit agencies and professional organizations are trying to find unique ways to help Gulf Coast residents, particularly those in sectors directly affected by the oil spill, including real estate.
If you need legal advice but cannot afford it, do not panic. There… Continue reading