About Clayton County, GA

LOS ANGELES - A federal grand jury has charged the former chairman and chief executive of KB Home with multiple counts of fraud and other crimes related to a stock option backdating scheme that authorities say bilked the homebuilder's shareholders out of millions of dollars.

The 20-count indictment returned Thursday charges Bruce E. Karatz with 15 counts of mail, wire and securities fraud, four counts of making false statements in reports filed with the Securities and Exchange Commission, and one count of lying to the company's accountants, according to the U.S. attorney for the Central District of California.

Karatz, 63, faces up to 415 years in prison if convicted on all charges.

"Mr. Karatz allegedly broke the rules, and then lied about it, to line his pockets and then to conceal his windfall from his company and the trading public," said United States Attorney Thomas P. O'Brien.

Karatz, who lives in the Bel Air Estates neighborhood of Los Angeles, agreed in September to pay $7.2 million to settle civil charges of backdating stock options.......

To read more go to this link :

According to an AP report today, major banks and government-controlled finance companies will place a moratorium on foreclosures until March 6 to give the Obama administration time to develop a plan for those struggling with foreclosure. Banks include JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp, as well as government entities Fannie Mae and Freddie Mac.

The banks' pledges apply to owner-occupied homes, not those owned by investors

Fannie Mae said it was suspending all foreclosure sales and evictions for occupied properties, while Freddie Mac said its suspension would apply to properties with up to four units and noted that the ban would not apply to vacant properties.

.

President Obama is expected to give a speech on Wednesday from Arizona, outlining the plan.

What are your thoughts on this?

If you like my post join my blog (please).

I thought it was funny post your thoughts. The ActiveRainer who posted this is: www.activerain.com/dreamcatcher

How is this still possible, with banks so afraid to lend money today?

Sometimes you can find a New Home Development where the builder ran out of time before the market closed in on him.

And then the bank swoops in and takes over the development.  But the bank has to finish the development before it can sell anything.  Usually, the houses are not quite finished.  Maybe they need carpet and sinks.  Or sometimes just landscaping and a doors.  But nevertheless, whatever needs to be finalized, the bank, now owner, will finish and sell on the open market.

Most banks want to clear their books.  Take the write down and move on.  But some banks will think a development is worth holding on to.  Perhaps, today, it is worth less than they lent on it.  But in the near future, they predict, the values will come back up.  Instead of holding the real property and being a landlord, which banks are not in the business of doing, they will simply sell it and lend on it again.

In other words, they are the owner free and clear, and will owner finance.  If they intend to keep the loan, they do not have to fear what guidelines Wall Street will require, if they were to sell the note as a MBS or mortgage backed security.  So if they want the risk of low down or no down, they can do it.
 
As lending requirements have tightened, owner financing will become the attractive alternative measure to the mainstream lending.

Here's one example:

On a quiet street in Atlanta Metro, Georgia.
These are big 2000+ square feet, 5 bedroom, 3 bath houses.
Complete move in ready, blinds, fridge, landscaping.
The market rent is $1200 per month.
2 Homes just like this are rented for $1200 in the neighborhood.
The rest are known to be owner occupied.

The Mortgage payment will be $948 for the next 3 years.
After taxes and insurance, and a recommended property manager fee, the cash flow is projected to be neutral.

Here's the deal. 
$175,000 price
Zero Down
100% finance at 6.5% interest only, 3 year fix.

These are appraised for $195,000 and were listed for well above $200k

call Steve Roesch at NorthPoint for more details, 503-318-6351 or steve@northpointgroup.com

First of all, revitalization means ‘to give life to.'¹ I was born and raised in Atlanta, and over the years I have seen old, less attractive communities come alive again - a true renaissance! Kirkwood, Little Five Points, East Lake, Grant Park, West End and Glenwood Park are excellent examples of revitalized communities. Property values in these areas grew tremendously after their rebirth.

I envision a renaissance for neighborhoods in Clayton. We can start by renovating abandoned and foreclosed properties. In fact, a government grant was recently issued to the county for this cause. Planning for its use is currently underway.

Moreover, people want lifestyle centers that are mixed use with retail on the ground floor and office, housing or hotel space above. Residents want communities with lush landscaping, green space, play areas, improved transit and walkable communities. These characteristics bring people together and create a sense of community.²

As a Realtor®, I am in search of skilled investors and developers (residential and commercial), who would like to take part in Clayton's renaissance. Now is an excellent time to buy. Clayton County is positioned to become a more desirable place in which to live because of its close proximity to the airport and downtown Atlanta; easy access to major interstates; reasonably priced land and real estate; and available green spaces.

Special government grants and incentives may be available for these types of projects. If other communities across Atlanta can do it, so can we.

Again I ask, "What would it take to revitalize our community?" The answer is quite simple- an investment in Clayton County and a buy-in from local, state and federal government officials. This vision of an improved community won't happen overnight. It has to be planted and nurtured. For revitalization begins in our hearts.

¹ Definition as defined by Webster's Dictionary

² Characteristics of Smart Growth

Altimese L. Dees is Broker/ Owner of The Real Estate Gallery of Georgia, LLC. For more than a decade, Altimese has been studying and consulting individuals, families, investors and corporations on topics related to real estate, housing and mortgage financing. She is an associate broker for RE/MAX Advantage in McDonough. Altimese serves as a local director of the Metro South Association of Realtors®, and a member of The National Coalition of 100 Black Women, Inc., MECCA Chapter. She can be reached by calling 678-644-1712, or email: altmd3@aol.com.