Real estate broker loses license in flipping cases

Real estate broker loses license in flipping cases

Investigators described him as an elusive businessman who sometimes evoked religion to win over clients that he later scammed through unethical real estate and property management ploys.

The state revoked James M. Graham’s real estate broker license as part of a consent decree that saw him admit to fraudulently flipping properties and committing other unscrupulous acts in Erie, Niagara and Monroe counties.

Officials from the Mayor’s Anti- Flipping Task Force said the action sends a loud message to other shady real estate investors and property managers.

“You don’t want to mess with Buffalo when it comes to fraudulent and scamming type of activity,” said Assemblyman Sam Hoyt, D-Buffalo, co-chairman of the task force.

Homestead couple’s Chinese drywall case heads to court

Homestead couple’s Chinese drywall case heads to court

After months of legal wrangling, it appears one of the first lawsuits filed over faulty Chinese drywall is headed to trial in federal court.

Melissa and Jason Harrell of Homestead filed a lawsuit against South Kendall Construction, Palm Holdings, Keys Gate Realty and Banner Supply in March.

The couple moved out of their home, built in 2006, after the entire family experienced breathing problems and headaches, and the coils of their air conditioner corroded and their home smelled of chemicals. They attributed all of the problems to the imported drywall used to build their house.

On Wednesday, the Third District Court of Appeal ruled that Banner Supply had ample opportunity to inspect the Harrells’ home and make an offer to repair it. Attorneys for the supply company did not return phone messages. Banner Supply had argued it had not been given enough time to make a repair offer and avoid litigation. “The courts are not going to be taken in with technical defenses that delay getting to the real heart of the matter,” said Stephen Rosenthal, one of the Harrells’ attorneys.

Walking away from Florida mortgage doesn’t always clear debt

Walking away from Florida mortgage doesn’t always clear debt

You think banks are powerless to retaliate if you walk away from your Florida mortgage?

Think again.

Despite dozens of Web sites touting Florida as a prime “walk away” state — mail in the house keys and live debt free — foreclosed homeowners have learned that banks aren’t always keen to forgive such debt.

It’s true that many Florida mortgage lenders customarily waive mortgage deficiencies — the shortfall between the loan amount and the home’s market value after it’s repossessed.

Down-Payment Standards Eased – WSJ.com

Down-Payment Standards Eased

Some mortgage insurers and lenders are beginning to relax their down-payment requirements, in a sign of increased confidence in the housing market.

The changes, which are being done on a market-by-market basis, mean buyers in some parts of the country can now borrow 95% instead of 90% of a property’s value. Until recently, mortgage companies had tighter standards for these markets because of falling home prices.

“We are feeling better about the economic condition of the marketplace,” said Michael Zimmerman, senior vice president of investor relations at mortgage insurer MGIC Insurance Corp. Borrowers who want to finance more than 80% of a home’s value must typically purchase mortgage insurance.

Earlier this month, MGIC removed New Orleans, Dover, Del., Akron, Ohio, and four other areas in Ohio from its list of restricted markets. The moves followed the company’s decision in September to loosen restrictions on 11 markets, including Denver and St. Louis.

Indicted: Fake Roman Catholic priest that took Trump Tower Tampa for $150,000

Indicted: Fake Roman Catholic priest that took Trump Tower Tampa for $150,000

I’ve written several stories about Father Barney Canada, a convicted confidence man who took Florida developers for at least $1 million in loan application fees. One victim was Trump Tower Tampa, whose developer, SimDag Robel LLC, gave the “clergyman” $150,000 for a loan that never materialized.

Last week the federal government charged Canada, aka Byron Levon Canada, with preying on desperate developers rejected by traditional lenders. Prosecutors says Canada stole $2.7 million in an advance fee scheme based in South Bend, Ind.

2009 brutal for South Florida condo sales, but signs encouraging

2009 brutal for South Florida condo sales, but signs encouraging

Miami’s skyline at dusk tells the story of the condo crisis in stark relief: Some of the luminous towers beam with life, others flicker half-full, and still others are completely dark, mired in legal disputes over past-due loans and stalled sales.

South Florida’s condo market is still caught up in the violent landslide of the region’s housing downturn — with developers in bankruptcy, entire projects in foreclosure and homeowner associations struggling to stay afloat. But as the year draws to a close, at least a few signs point toward a fledgling recovery.

“It’s horrific and getting better,” said Adam Greenberg, managing director of BayBridge Real Estate in Miami. “In May, we were all at bars drinking at two in the afternoon. Now I’m just getting home after a full day of showings, after a full day of showings yesterday.”

Among the harbingers of change: The impasse between buyers and sellers that marked 2008 ended when lenders finally let developers sell for less than the cost to repay their construction loans. The subsequent price cuts continue to dramatically boost sales for new units, unleashing a mini-boom in condo sales in the downtown Miami area.