More Tricks NAR uses to be a Cartel, and MAKE you Join "NAR" or you can't Play
Crystal L. Cox
Real Estate Industry Whistleblower
The National Association of Realtors is a Monopolistic Giant that is Above ALL Anti-Trust Laws, and because NAR Lobby's - Huffs and Puffs and Spends Millions a Year (Literally) Lobbying for what is Good for NAR and Bad for Consumers, well NAR is to Big for the Department of Justice to Really do anything to Fight them.
SO they have to cut deals and create illusions.
Meanwhile the National Association of Realtors
NEVER has to admit that they Really do actively
Violate Anti-Trust Laws Every Single Day..
Non-NAR
Now we now that NAR members boycott members who charge less commission, we know that NAR members boycott local Real Estate Magazines that Allow Companies that want to Market a For Sale by Owner... now these Magazines make BIG Money from Real Estate Companies with Lots of Listings SO the Magazine Does What they are TOLD too, Right?
It Violates Anti-Trust Laws TO not let Non-NAR Real Estate Agents, FSBO Marketing Companies or the Sellers themselves market in local real estate magazines. However NAR is above Anti-Trust Laws, meanwhile those BIG Tech Companies like Intel Corp. and APPLE have to pay HUGE fines seems like every year in order to make deal for the Anti-Trust Violations.
Why is the National Association of Realtors protected from all this?
Who is Protecting NAR and How Much are they Paid to Look the Other Way?
NAR acts like, and the Department of Justice seems to blindly believe, or pretend they do, that Realtors don't participate in Anti-Trust Violations and the NAR in no way promotes Anti-Trust Law Violation behavior in their Agent, "Realtors". Yet along with Magazine Boycotts, Boycotting agents that charge less, and blatant "Standard Commission" Practices that REALLY Do happen.....
We also have the, Well if your not a "Realtor" "NAR" member - National Association of Realtors Cartel Member TELL non members they won't show their listings because they are not guaranteed to get PAID - this Greedy behavior ... promoted by NAR is Flat Wrong, and designed to AGAIN force us to be NAR members... the "REALTORS" can show our listings they just won't - all they have to do is submit a Commission Agreement with the Purchase Agreement - that Simple Happens all the Time... yet NAR members tell their Agents and Yammer about it in groups that You won't get PAID don't show her LISTING... WHAT?
Flat OUT Lies brought to YOU by the National Association of Realtors !!!
Now on Top of this THEY make it Almost impossible to SHOW their listings because they are often to Busy to accompany you if your a Buyers agent, which is Really in the Sellers best interest because the Seller's Agent - so they won't go open it for you - or go get the key from the lock box so you can use it - you can't get a "Supra Key" the Magic "Realtor" key if your not a Member - so yet another way that NAR promotes Monopolistic Behavior and Pushes out Real Estate Broker that ARE not Members of the Realtor Club.
This is AGAINST the Law of the United States of America
and the National Association of Realtors is Above those Laws.
Crystal L. Cox
Real Estate Whistleblower
Crystal Cox Blogger
Thursday, January 28, 2010
Corrupt MLS Data - in Which the Entire Real Estate Industry and Secondary Loan Market is Built on.. by Crystal L. Cox
Crystal Cox Ten Lakes Realty
Crystal L. Cox - Ex-NAR Member .... Says the MLS Data is NOT Accurate or Policed for Quality in any way... this Data is the Foundation of the Secondary Loan Market - Economic Collapse..
People with Great Credit and Good Jobs are walking away from their Homes. WHY? well because they know they will never Sell it for what the Fake Real Estate Market SOLD it to them for. So these folks are letting the banks take the property back and they are renting places for half the price.
The Real Estate Industry is Broken and the Banks are Rewarded for their part in the Collapse and NAR - well no one seems to get the IMPORTANT role that "Realtors" MLS Data Place in the financial market - the Real Estate Industry is the FOUNDATION of the Banks, the Economy... and Allowing Prices to Rise Just to Get Deals Closed is Fraud on the Real Estate Consumer - and yet the Consumers are the ONES Losing everything - NAR is business as usual and the Lending Industry has NO Accountability to the Real Estate Consumers Losing Everything.
HELLO why are No Fingers Pointed at NAR ?
There is No Governing Entity that can HOLD the National Association of Realtors accountable for the Lies they Tell. The MLS, the National Association of Realtors created the False Real Estate Market with Corrupt, Un-Regulated MLS Data, this Data was used by lenders to give loans for Way More then property was WORTH, the Lenders knew it was happening and turned a blind EYE - oh well they get a bail out - the PUBLIC - you.. the REAL Estate Consumer Who Did not KNOW - well you get to Keep them in Business.
STOP the MLS Cartel,
STOP NAR from the lies they tell and the lack of accountability for Good Data that YOUR financial industry is built on. STOP NAR from not holding Realtors accountable for Fraud and LIES. HOLD the National Association of Realtors President, Assocition Board, Economist Accountable for their FLAT out LIES and Propaganda EVERYWHERE that Gives Consumers FALSE Confidence and Encouragement to Buy in a Market that was HUGELY over inflated by False MLS Data and Unscrupulous Lenders with the HELP of Mortgage Broker Lies and Pressure to Close a Deal with the Help of Appraisors and Realtors....
a Seriously Broken System - the Real EstateIndustry Needs a Total Make Over
Crystal L. Cox
Real Estate Broker Owner
Ten Lakes Realty
www.BrokersZone.com
Crystal Cox Eureka
Crystal L. Cox - Ex-NAR Member .... Says the MLS Data is NOT Accurate or Policed for Quality in any way... this Data is the Foundation of the Secondary Loan Market - Economic Collapse..
People with Great Credit and Good Jobs are walking away from their Homes. WHY? well because they know they will never Sell it for what the Fake Real Estate Market SOLD it to them for. So these folks are letting the banks take the property back and they are renting places for half the price.
The Real Estate Industry is Broken and the Banks are Rewarded for their part in the Collapse and NAR - well no one seems to get the IMPORTANT role that "Realtors" MLS Data Place in the financial market - the Real Estate Industry is the FOUNDATION of the Banks, the Economy... and Allowing Prices to Rise Just to Get Deals Closed is Fraud on the Real Estate Consumer - and yet the Consumers are the ONES Losing everything - NAR is business as usual and the Lending Industry has NO Accountability to the Real Estate Consumers Losing Everything.
HELLO why are No Fingers Pointed at NAR ?
There is No Governing Entity that can HOLD the National Association of Realtors accountable for the Lies they Tell. The MLS, the National Association of Realtors created the False Real Estate Market with Corrupt, Un-Regulated MLS Data, this Data was used by lenders to give loans for Way More then property was WORTH, the Lenders knew it was happening and turned a blind EYE - oh well they get a bail out - the PUBLIC - you.. the REAL Estate Consumer Who Did not KNOW - well you get to Keep them in Business.
STOP the MLS Cartel,
STOP NAR from the lies they tell and the lack of accountability for Good Data that YOUR financial industry is built on. STOP NAR from not holding Realtors accountable for Fraud and LIES. HOLD the National Association of Realtors President, Assocition Board, Economist Accountable for their FLAT out LIES and Propaganda EVERYWHERE that Gives Consumers FALSE Confidence and Encouragement to Buy in a Market that was HUGELY over inflated by False MLS Data and Unscrupulous Lenders with the HELP of Mortgage Broker Lies and Pressure to Close a Deal with the Help of Appraisors and Realtors....
a Seriously Broken System - the Real EstateIndustry Needs a Total Make Over
Crystal L. Cox
Real Estate Broker Owner
Ten Lakes Realty
www.BrokersZone.com
Crystal Cox Eureka
Saturday, January 16, 2010
Can YOU Legally Get Advice From Me? Can you Get Independent 3rd Part Advice from a Real Estate Broker Anywhere?
Real Estate Coaches Oftentimes Do not Have a Real Estate License in any State or A Law Degree of Any Kind. Which often I have found in Lawsuits does not matter, because the Real Estate Attorney has to Go Look up a Law That applies anyway.
Ok so I am not a Real Estate Attorney, what do I know Right? Well I have seen the Inside of HUGE lawsuits, I have seen what Real Estate victims go through and as a Broker Owner I know what can happen to you and I can Protect you.
NOW the National Association of Realtors DOES not want a 3rd Real Estate Broker, or even NAR member in the Deal so that is ONE of those National Association of Realtors ETHICS that they do love to WHINE about.
When a Buyer or Seller Would Call me Desperate, and already in Negotiations with Another Realtor, and I was then A Realtor - the NAR Ethics would have me say oh there is Nothing I can do for you, your going to have to Listen to the Realtor Representing you and Giving you Information that is ONLY based on them Getting Paid.
It is UnEthical according to the National Association of Realtors if I Tell you that there is Something Wrong with your Deal and you Could Get Hurt.
Though your Human Rights, Civil Rights, Constitutional Rights would say you CERTAINLY do have a Right to 3rd Party advice whether it Free or you pay for it.
Why can you hire a Real Estate Attorney, pay them a wage to give you advice but not also get another Real Estate Broker to tell you What they Think of the Deal and you pay them for that Time - REGARDLESS if you Close the Deal OR Not?
Real Estate Attorneys Do not know all that goes on behind the Closed Doors of a Realtors Real Estate Transaction and they may not be enough Protection. You have a RIGHT to Information and NAR has NO RIGHT to Deny you that Information.
This is VERY Ethical and VERY Consumer Friendly and Would Keep a WHOLE lot of Real Estate Consumers OUT of Trouble. But NAR frowns on this, WHY?
Well it really does not make any sense, I guess they don't want you Screwing up Deals with the Truth. What other Reason would there be ?
Obviously it is in the Real Estate Consumers Best interest to Get More Advice. I mean the more information and ANY Truly Objective information or advice they can get - the better Right? So Why is NAR against this?
State or Federal Laws, who knows what it says about me Giving you Advice. I mean certainly it would NOT be good for the Consumer to Get advice from a Real Estate Broker Owner who MIGHT just TELL them the TRUTH and their Advice is NOT based on whether the Deal Closes or Not. Surely any Real Estate Governing Body would Agree Right?
My State Law Regulators tell me it is questionable, however have not told me that I can't Give or Sell you Advice online. I mean Real Estate Coaches Do it and they have no license. I had a guy tell me that one year alone he spent $75,000 on a real estate coach, yet he kept me on the phone for hours.. I gave him FREE advice of Course Because I was hoping he would buy some Real Estate From me. .. So Why Can't I charge?
Realtors, Real Estate Agents Give FREE advice all the Time..
And if I give Real Estate Advice can it only be in the State I am licensed, or am I ALLOWED to Protect Real Estate Consumers EVERYWHERE with the TRUTH ? NAR and their Ant-Consumer Games are International.
Real Estate Coaches and those Infomercial Guys Sell you Stuff all the Time on how to get Rich in Real Estate and they charge you for online advice or phone advice, so why would it be bad in ANY way if a Real Estate Broker opened shop online to Give you Real Estate Advice even if your already Listed with a Realtor ?
You have a RIGHT to Real Estate Protection, you have a RIGHT to Advice, you have a Right to an Opinion on Your Real Estate Transaction that is NOT based on Whether the Deal Closes.
Mortgage Fraud, Lender Fraud, Non-Disclosure, Realtors Ruining Lives with Flat Out Lies, Silent Fraud, Adverse Material Fact, HUGE Financial Fraud in Real Estate and YOU getting Advice Seems to Be Taboo... ... so many BAD things happening to Real Estate Consumers and YET the Realtor SUPER powers worry about YOU getting advice from a NON-Realtor that Certainly Cannot be Of a HIGHER STANDARD. And they actually have an ETHIC - a Standard of Practice that Claims that a REALTOR cannot INTERFERE with another REALTORS transaction.. what??
Talk about UnEthical, you have a Right to ask another REALTOR if your deal looks right... you have a Right to Protection BEFORE YOUR deal Closes.
Any ASSOCIATION, State Law Maker or
ANYONE denying you this Right is Violating YOU.
So Yes I say I have a Right to Give or To Sell you Real Estate Advice.
You have a Right to Get that Advice, Demand that Advice.
You have a Right to have someone look for Red Flags and to Protect You in your Real Estate transaction and even Negotiate with your Agent for you SHOULD communications break down with your "Realtor" as they often do. You Should NOT have to Simply Sit Down, SHUT up and Take IT.
The National Association of Realtors Huffs and Puffs, and Lobby's with all their might to make sure that you have NO Rights in your Real Estate Transaction.
The main way NAR Keeps Consumers Down and powerless is to NOT hold Realtors accountable for what they do to you, NO Matter How Much Proof you have. Nor Holding Bad Realtors Accountable for the Damage they do to Good Realtors.
NAR should be FIRED, unless they can come up with affective Quality Control Efforts to Clean Up the Mess they have made of the Real Estate Industry.
Crystal@CrystalCox.com
Real Estate Whistleblower
Crystal L. Cox
National Association of Realtors
Ok so I am not a Real Estate Attorney, what do I know Right? Well I have seen the Inside of HUGE lawsuits, I have seen what Real Estate victims go through and as a Broker Owner I know what can happen to you and I can Protect you.
NOW the National Association of Realtors DOES not want a 3rd Real Estate Broker, or even NAR member in the Deal so that is ONE of those National Association of Realtors ETHICS that they do love to WHINE about.
When a Buyer or Seller Would Call me Desperate, and already in Negotiations with Another Realtor, and I was then A Realtor - the NAR Ethics would have me say oh there is Nothing I can do for you, your going to have to Listen to the Realtor Representing you and Giving you Information that is ONLY based on them Getting Paid.
It is UnEthical according to the National Association of Realtors if I Tell you that there is Something Wrong with your Deal and you Could Get Hurt.
Though your Human Rights, Civil Rights, Constitutional Rights would say you CERTAINLY do have a Right to 3rd Party advice whether it Free or you pay for it.
Why can you hire a Real Estate Attorney, pay them a wage to give you advice but not also get another Real Estate Broker to tell you What they Think of the Deal and you pay them for that Time - REGARDLESS if you Close the Deal OR Not?
Real Estate Attorneys Do not know all that goes on behind the Closed Doors of a Realtors Real Estate Transaction and they may not be enough Protection. You have a RIGHT to Information and NAR has NO RIGHT to Deny you that Information.
This is VERY Ethical and VERY Consumer Friendly and Would Keep a WHOLE lot of Real Estate Consumers OUT of Trouble. But NAR frowns on this, WHY?
Well it really does not make any sense, I guess they don't want you Screwing up Deals with the Truth. What other Reason would there be ?
Obviously it is in the Real Estate Consumers Best interest to Get More Advice. I mean the more information and ANY Truly Objective information or advice they can get - the better Right? So Why is NAR against this?
State or Federal Laws, who knows what it says about me Giving you Advice. I mean certainly it would NOT be good for the Consumer to Get advice from a Real Estate Broker Owner who MIGHT just TELL them the TRUTH and their Advice is NOT based on whether the Deal Closes or Not. Surely any Real Estate Governing Body would Agree Right?
My State Law Regulators tell me it is questionable, however have not told me that I can't Give or Sell you Advice online. I mean Real Estate Coaches Do it and they have no license. I had a guy tell me that one year alone he spent $75,000 on a real estate coach, yet he kept me on the phone for hours.. I gave him FREE advice of Course Because I was hoping he would buy some Real Estate From me. .. So Why Can't I charge?
Realtors, Real Estate Agents Give FREE advice all the Time..
And if I give Real Estate Advice can it only be in the State I am licensed, or am I ALLOWED to Protect Real Estate Consumers EVERYWHERE with the TRUTH ? NAR and their Ant-Consumer Games are International.
Real Estate Coaches and those Infomercial Guys Sell you Stuff all the Time on how to get Rich in Real Estate and they charge you for online advice or phone advice, so why would it be bad in ANY way if a Real Estate Broker opened shop online to Give you Real Estate Advice even if your already Listed with a Realtor ?
You have a RIGHT to Real Estate Protection, you have a RIGHT to Advice, you have a Right to an Opinion on Your Real Estate Transaction that is NOT based on Whether the Deal Closes.
Mortgage Fraud, Lender Fraud, Non-Disclosure, Realtors Ruining Lives with Flat Out Lies, Silent Fraud, Adverse Material Fact, HUGE Financial Fraud in Real Estate and YOU getting Advice Seems to Be Taboo... ... so many BAD things happening to Real Estate Consumers and YET the Realtor SUPER powers worry about YOU getting advice from a NON-Realtor that Certainly Cannot be Of a HIGHER STANDARD. And they actually have an ETHIC - a Standard of Practice that Claims that a REALTOR cannot INTERFERE with another REALTORS transaction.. what??
Talk about UnEthical, you have a Right to ask another REALTOR if your deal looks right... you have a Right to Protection BEFORE YOUR deal Closes.
Any ASSOCIATION, State Law Maker or
ANYONE denying you this Right is Violating YOU.
So Yes I say I have a Right to Give or To Sell you Real Estate Advice.
You have a Right to Get that Advice, Demand that Advice.
You have a Right to have someone look for Red Flags and to Protect You in your Real Estate transaction and even Negotiate with your Agent for you SHOULD communications break down with your "Realtor" as they often do. You Should NOT have to Simply Sit Down, SHUT up and Take IT.
The National Association of Realtors Huffs and Puffs, and Lobby's with all their might to make sure that you have NO Rights in your Real Estate Transaction.
The main way NAR Keeps Consumers Down and powerless is to NOT hold Realtors accountable for what they do to you, NO Matter How Much Proof you have. Nor Holding Bad Realtors Accountable for the Damage they do to Good Realtors.
NAR should be FIRED, unless they can come up with affective Quality Control Efforts to Clean Up the Mess they have made of the Real Estate Industry.
Crystal@CrystalCox.com
Real Estate Whistleblower
Crystal L. Cox
National Association of Realtors
Sellers Contributions or Kick Back of Any Kind is Mortgage Fraud, Banking Fraud, Tax Fraud and Creates a FALSE Real Estate Market.
Sellers Kick Back - Sellers Contribution at Closing - Sellers Cash Back
Sellers Giving Buyers Money for Any Reason Creates False MLS Data, and is Fraud on the Banking Industry, I don't Care what your Realtor tells you....
Still the Banking Industry with the Help of the Realtors and I Guess the Mortgage Broker are Convincing Sellers that it is Ok and Legal to to Participate in "Sellers Contributions" or other ways that a Seller Ends up Giving a HUGE amount of Money back to the Buyer.
Oftentimes it is done Like this and The Mortgage Broker Calls it a Sellers Contribution.
The purchase price is Say $200,000 and the offer Comes in at $215,000 and the contract says that the Seller Will Contribute or whatever Wording works good in your area, it is still the same meaning... the Lender takes this as the Buyers Down Payment so they can FORCE the Buyers Loan THROUGH when Really the Buyers Does not have a down payment. Oftentimes this is even given back as Cash the Same Day as Closing, Flat Out CASH to the BUYER and the REALTOR tells the Seller it is Legal. Wonder if the Realtor Gets any Kick Back from Deals Like This? Anyway...
the Lender KNOWS, because the Lender Sees the Buy Sell Contract, they know that the BUYER does not REALLY have the Down payment, so what do they do CHANGE the Contract to Submit it to their Loan Approval Department ?
Appraisers Know, because most ask me for a Copy of the BUY - SELL so they can then make an Un-Biased Objective Market "Opinion" on the Value of Your Home.
So it is Just Matter of Fact, and No one Seems to Be Concerned, or Was ever Concerned that it was Creating "Values" that were not real and people were paying Higher and Higher Prices based on FALSE - MisLeading SOLD Data.
The Motivation - greed of course because these Middle Man Lenders, Mortgage Brokers that Deal With Lenders that Deal with Banks and on and on, often times they Get Commissions for the Life of the Loan which Can REALLY ad UP. The Realtor who pushes the deal gets the One Time Commission... well more on that later.. (there are oftentimes other kick backs)
Sellers Contributing Money to Buyers so they Can Get a Loan is Bad for Comparable SOLD Data, it is Bad for the Fraudulent Bank Loans that Put the Homes Value quite a bit higher, it is Fraud on the banking industry no matter how you look at it, it is Bad for the Seller as they Pay Capital Gains Tax on this Money - most won't mind because it is included in their Free Equity with the Capital Gains Exclusion - which is Still Fraud on Someone.
There is no Rational way to Say it is OK, it is Simply NOT the SOLD Price, and it makes the SOLD Data Wrong which affects the Next Sale. It is FRAUD, no matter what anyone is telling you.
If the only way a Buyer Can Buy a Seller's Real Estates For Sale is if the Seller Fakes a Down Payment so the Lender thinks that the Down Payment is Coming from the Buyer and will therefore give the Loan, Well then the Buyer Cannot Afford the Property and Will eventually Lose it Anyway.
From the Seller's perspective, many take the Deal because they NEED and Want to Sell and they don't worry of the Tax because it is Tax Free money anyway. So the Buyer gets the Property with no money down, and NOT with a NO Money Down Loan... the Lender makes it look like there is a Substantial Down Payment.
Still in 2010 this is Going on, after Trillions in Bank Bailouts Due to the Fraudulent Secondary Loan market, Still the Realtors are in the Field Bringing Contracts that Make it So the Buyer is Getting their down Payment from the Seller. And Shocking but I am Getting Reports that not only is this going on for Down Payments but to actually give Cash Back to the Buyers.
And the Realtors are Telling the Sellers that this is Absolutely Legal. You see the Buyer gets this money the day of Closing, so what in the World would STOP the buyer from taking the Cash Back saving it, staying in the home til' the bank throws them out.
Then After months of Free Rent when Foreclosure finally happens - the Buyer just walks away, Cash Stowed away and Money Ahead. Or the Buyer may use this money for the payments for awhile til' the get on their feet per say. The thing is, that Buyer Could not afford the Home. And this Real Estate Transaction Scenario is bad for the Real Estate Industry and Should be Regulated.
And it all Originates with the Realtor pushing the Deal on the Seller so the Realtor Gets Paid, Now it looks like the Seller gets Paid too. The thing is, in the long run the bottom of the Game Falls out, because it raises the VALUE in the MLS Data and the Next Person to buy, say the house next door, the Appraiser does not know to Compensate 0r Change the Data on SOLD information to "Correct" for a Scam that he did not know about.
So we know that the Seller is Liable for the Extra Money they did not really get, because the Tax Man looks at the Settlement Statement and you Pay based on the Selling Price. Now if there is a 1031 Exchange involved, where does this leave the Seller Kick Back Scam. Well then I guess it would be some sort of Tax Fraud.
Because your Exchanging the $200,000 you REALLY got, but the Paperwork says you Got More then that... how do Realtors Explain that to Sellers. It looks to me like the Realtor just gets loud and Says it is Legal and the Seller Sits down and Shuts up...
Now What about the Buyers Tax Consequences in this Situation?
Well when the buyer goes to Sell the Property. They Paid $215,000 - yet they Really Paid $200,000 so if they sell for $215,000 they have no gain right? But in Reality they Really Do have a Tax Gain. And this is Legal to the Realtor, to all who let this Contract go through... which would include the Title Companies, the Lenders, Banks and Mortgage Brokers?
Also what about the Buyers Income Tax, Well they were Flat out Given $15,000 and they won't claim it because the Seller Claimed it and it was Tax Free, if it was Capital gains to the Seller and not part of their "Exclusion" well then the Seller Paid the Buyers Tax based on Capital Gains when Really it was Income and Income to The Buyer.
Does the Realtor Disclose to the Buyer that when they Sell, their Tax base is $215,000 and not $200,000? From what I see when this situation arises - no one explains - DISCLOSES any of this implications of all of this To Anyone.
No one is Policing the Real Estate Industry, the Ground Level where the real corruption and problem is No One is Looking. And well the Players at that Level they are Just trying to Make a Living and they don't get paid for their Hard Work unless there is a Closing.
So the Pressure To Close the Deal Surpasses the Integrity of the Deal and the Protection of the Consumer gets lost along the way. Meanwhile, the False Values and MLS Data increasingly Becomes False and then SHOCKING now people have loans for more then their real estate is worth. And the Lenders that allowed this Fraud - that Blatantly Allowed Appraisals to Come in High and that allowed Sellers Contribution that Created the Market Collapse - they Get a Bail Out. The Home Owner should Flat Out Get a Debt Reduction.
Lenders, Banks, Local And Federal Governments are Ignoring this is Fraudulent Behavior that affects every aspect of the Real Estate Industry.
This is Fraud Against the Stock Markets based on the Secondary Lending Market, which Let's Face it the Entire Economy is Rooted in the Real Estate Industry and without integrity there, without real values and The Controlling of False Bubbles a Collapse is Un-Avoidable. Never think they did not see it coming, they created it and the socked away plenty of Money for the Cartel at the Top of the Lending Industry.
Realtors in All this, well they Do the Dirty Work. And most just want to Close the Deal and do not look at the big picture of what it is doing to the market. The Realtor, as does the other parties to the Transaction, they just want a pay check.
IT is up to the Regulators of the Real Estate and Lending, Banking Industry to STOP this madness and even in an Economic Collapse and Real Estate BUBBLE Big Time Burst, this Stuff is Still Going on. Oh wait there is No Regulators... and the "Voice of Real Estate" THE " National Association of Realtors" well they don't care and they are NOT interested in Lobbying for things that actually HELP the Real Estate Consumer.
And the Realtor in all this, is Telling the Sellers it is Legal, and So is the Mortgage Broker. And the Realtor is NOT disclosing the Tax Consequences, the Mortgage Fraud Aspects and simply pushing the deal through.... even Right Now Today...
The Real Estate Industry is Broken and NEEDS a Complete Makeover - RIGHT NOW....
National Association of Realtors, SEC Violations, Anti-Trust Violations, RICO Lawsuit.
More on my Yammerings on the Real Estate Industry at
Sellers Giving Buyers Money for Any Reason Creates False MLS Data, and is Fraud on the Banking Industry, I don't Care what your Realtor tells you....
Still the Banking Industry with the Help of the Realtors and I Guess the Mortgage Broker are Convincing Sellers that it is Ok and Legal to to Participate in "Sellers Contributions" or other ways that a Seller Ends up Giving a HUGE amount of Money back to the Buyer.
Oftentimes it is done Like this and The Mortgage Broker Calls it a Sellers Contribution.
The purchase price is Say $200,000 and the offer Comes in at $215,000 and the contract says that the Seller Will Contribute or whatever Wording works good in your area, it is still the same meaning... the Lender takes this as the Buyers Down Payment so they can FORCE the Buyers Loan THROUGH when Really the Buyers Does not have a down payment. Oftentimes this is even given back as Cash the Same Day as Closing, Flat Out CASH to the BUYER and the REALTOR tells the Seller it is Legal. Wonder if the Realtor Gets any Kick Back from Deals Like This? Anyway...
the Lender KNOWS, because the Lender Sees the Buy Sell Contract, they know that the BUYER does not REALLY have the Down payment, so what do they do CHANGE the Contract to Submit it to their Loan Approval Department ?
Appraisers Know, because most ask me for a Copy of the BUY - SELL so they can then make an Un-Biased Objective Market "Opinion" on the Value of Your Home.
So it is Just Matter of Fact, and No one Seems to Be Concerned, or Was ever Concerned that it was Creating "Values" that were not real and people were paying Higher and Higher Prices based on FALSE - MisLeading SOLD Data.
The Motivation - greed of course because these Middle Man Lenders, Mortgage Brokers that Deal With Lenders that Deal with Banks and on and on, often times they Get Commissions for the Life of the Loan which Can REALLY ad UP. The Realtor who pushes the deal gets the One Time Commission... well more on that later.. (there are oftentimes other kick backs)
Sellers Contributing Money to Buyers so they Can Get a Loan is Bad for Comparable SOLD Data, it is Bad for the Fraudulent Bank Loans that Put the Homes Value quite a bit higher, it is Fraud on the banking industry no matter how you look at it, it is Bad for the Seller as they Pay Capital Gains Tax on this Money - most won't mind because it is included in their Free Equity with the Capital Gains Exclusion - which is Still Fraud on Someone.
There is no Rational way to Say it is OK, it is Simply NOT the SOLD Price, and it makes the SOLD Data Wrong which affects the Next Sale. It is FRAUD, no matter what anyone is telling you.
If the only way a Buyer Can Buy a Seller's Real Estates For Sale is if the Seller Fakes a Down Payment so the Lender thinks that the Down Payment is Coming from the Buyer and will therefore give the Loan, Well then the Buyer Cannot Afford the Property and Will eventually Lose it Anyway.
From the Seller's perspective, many take the Deal because they NEED and Want to Sell and they don't worry of the Tax because it is Tax Free money anyway. So the Buyer gets the Property with no money down, and NOT with a NO Money Down Loan... the Lender makes it look like there is a Substantial Down Payment.
Still in 2010 this is Going on, after Trillions in Bank Bailouts Due to the Fraudulent Secondary Loan market, Still the Realtors are in the Field Bringing Contracts that Make it So the Buyer is Getting their down Payment from the Seller. And Shocking but I am Getting Reports that not only is this going on for Down Payments but to actually give Cash Back to the Buyers.
And the Realtors are Telling the Sellers that this is Absolutely Legal. You see the Buyer gets this money the day of Closing, so what in the World would STOP the buyer from taking the Cash Back saving it, staying in the home til' the bank throws them out.
Then After months of Free Rent when Foreclosure finally happens - the Buyer just walks away, Cash Stowed away and Money Ahead. Or the Buyer may use this money for the payments for awhile til' the get on their feet per say. The thing is, that Buyer Could not afford the Home. And this Real Estate Transaction Scenario is bad for the Real Estate Industry and Should be Regulated.
And it all Originates with the Realtor pushing the Deal on the Seller so the Realtor Gets Paid, Now it looks like the Seller gets Paid too. The thing is, in the long run the bottom of the Game Falls out, because it raises the VALUE in the MLS Data and the Next Person to buy, say the house next door, the Appraiser does not know to Compensate 0r Change the Data on SOLD information to "Correct" for a Scam that he did not know about.
So we know that the Seller is Liable for the Extra Money they did not really get, because the Tax Man looks at the Settlement Statement and you Pay based on the Selling Price. Now if there is a 1031 Exchange involved, where does this leave the Seller Kick Back Scam. Well then I guess it would be some sort of Tax Fraud.
Because your Exchanging the $200,000 you REALLY got, but the Paperwork says you Got More then that... how do Realtors Explain that to Sellers. It looks to me like the Realtor just gets loud and Says it is Legal and the Seller Sits down and Shuts up...
Now What about the Buyers Tax Consequences in this Situation?
Well when the buyer goes to Sell the Property. They Paid $215,000 - yet they Really Paid $200,000 so if they sell for $215,000 they have no gain right? But in Reality they Really Do have a Tax Gain. And this is Legal to the Realtor, to all who let this Contract go through... which would include the Title Companies, the Lenders, Banks and Mortgage Brokers?
Also what about the Buyers Income Tax, Well they were Flat out Given $15,000 and they won't claim it because the Seller Claimed it and it was Tax Free, if it was Capital gains to the Seller and not part of their "Exclusion" well then the Seller Paid the Buyers Tax based on Capital Gains when Really it was Income and Income to The Buyer.
Does the Realtor Disclose to the Buyer that when they Sell, their Tax base is $215,000 and not $200,000? From what I see when this situation arises - no one explains - DISCLOSES any of this implications of all of this To Anyone.
No one is Policing the Real Estate Industry, the Ground Level where the real corruption and problem is No One is Looking. And well the Players at that Level they are Just trying to Make a Living and they don't get paid for their Hard Work unless there is a Closing.
So the Pressure To Close the Deal Surpasses the Integrity of the Deal and the Protection of the Consumer gets lost along the way. Meanwhile, the False Values and MLS Data increasingly Becomes False and then SHOCKING now people have loans for more then their real estate is worth. And the Lenders that allowed this Fraud - that Blatantly Allowed Appraisals to Come in High and that allowed Sellers Contribution that Created the Market Collapse - they Get a Bail Out. The Home Owner should Flat Out Get a Debt Reduction.
Lenders, Banks, Local And Federal Governments are Ignoring this is Fraudulent Behavior that affects every aspect of the Real Estate Industry.
This is Fraud Against the Stock Markets based on the Secondary Lending Market, which Let's Face it the Entire Economy is Rooted in the Real Estate Industry and without integrity there, without real values and The Controlling of False Bubbles a Collapse is Un-Avoidable. Never think they did not see it coming, they created it and the socked away plenty of Money for the Cartel at the Top of the Lending Industry.
Realtors in All this, well they Do the Dirty Work. And most just want to Close the Deal and do not look at the big picture of what it is doing to the market. The Realtor, as does the other parties to the Transaction, they just want a pay check.
IT is up to the Regulators of the Real Estate and Lending, Banking Industry to STOP this madness and even in an Economic Collapse and Real Estate BUBBLE Big Time Burst, this Stuff is Still Going on. Oh wait there is No Regulators... and the "Voice of Real Estate" THE " National Association of Realtors" well they don't care and they are NOT interested in Lobbying for things that actually HELP the Real Estate Consumer.
And the Realtor in all this, is Telling the Sellers it is Legal, and So is the Mortgage Broker. And the Realtor is NOT disclosing the Tax Consequences, the Mortgage Fraud Aspects and simply pushing the deal through.... even Right Now Today...
The Real Estate Industry is Broken and NEEDS a Complete Makeover - RIGHT NOW....
National Association of Realtors, SEC Violations, Anti-Trust Violations, RICO Lawsuit.
More on my Yammerings on the Real Estate Industry at
National Association of Realtors, Sellers Contribution
Sunday, December 27, 2009
Jeff Manning - Umpqua Bank - Summit 1031 Bankruptcy and YOU !!
A Slide of Hands by a High Profile Reporter and You are Duped.
Don't Wake up Yet. There is Still some Ruckus Going on and Plenty of your Money to be had. so the Media needs to Keep you in the Dark, put up a Smoke Screen and Create a Huge Illusion until all YOUR money can be Successful Drained from your US Bankruptcy Court Hoax.
These High Profile Bankruptcy Cases have some Things in Common, they Control the Media Like Jeff Manning's Twisted perception of Reality on the Summit 1031 Bankruptcy. These Cases seem to have banks in on their little Game, such as Umpqua In this case.
See, just as the JP Morgan case and the 20 year bankruptcy case turned into hundreds of millions of fraud... if the banks seize notes, or do some Slide of Hand to Work with the Trustee, then guys Like Kevin Padrick and his Cronies WIN.. the Bank Cartel ... well they win too and YOU the Real Victims, the Creditors, the Real Estate Consumers.. Well YOU LOSE !!
Possibly Kevin Padrick has something on the Umpqua Group... or Possibly there is Big Money and Side Deals, or Maybe Obsidian Finance - Kevin Padrick threatened to NEVER release the Properties the banks need off the books unless the Bank plays along. Oh but was Umpqua asked to Lie about Summit 1031 and Did Umpqua REFUSE... just speculating of course.. and so did Kevin Padrick have to Summons Jeff Manning for Christmas Eve Smackdown... ( Just Speculating again Of Course) ... and did Jeff Manning Conjure up some Investigative Reporting to make Umpqua look Bad and Summit Look Worse to Keep you off the Scent of Your Money ?
The other thing in common with many of These High Profile - Big Dollar US Bankruptcy Court Proceedings is that there is no real investigation as to where the Creditors, the Real Victims money really is... The Department of Justice seems to really be fully Duped into believing that their US Department of Justice Bankruptcy Trustee is Ethical, and Really is acting with the Highest Fiduciary Duty... when What I am seeing is in Reality That is Just NOT the Case.
YES it would not be in the Courts Hands if it were not for some business phopa or corruption within the original company that went bankrupt. However bankruptcies happen all the time.
Surely there is a Checks and Balances system somewhere that would keep the corruption to a minimul and surely there is some Watchdog Procedure in place to make sure that the US Dept. of Justics Trustee involved does not have a conflict of interest of some kind and that they are Really Acting with the Best Interest of the Creditors in Mind....
From what I see the Corruption, the Pay Offs, the HUGE hourly wage, the Real Estate trade offs, the Side Deals, and the Cronism on Steroids, and the Corruption in the Bankruptcy Attorney Fraternity .. Well it is All Legal in the US Justice System so Sit Down and Shut Up.
Never assume that Umpqua is innocent, with the article I am going to post below, note that Jeff Manning is really looking like he is protecting those who are REALLY getting the Summit 1031 Exchange Bankruptcy Money ...
Jeff Manning Seems to want the Summit 1031 guys to stay in the limelights as to distract you from the Real Players using your Money RIGHT NOW to make their lives better while you suffer.
While Obsidian Finance, Kevin Padrick and his Cronies seize your property, tie up your money, and Pay themselves incomprehensible amounts of money to do it.. well guys like Jeff Manning would have you believe that Obsidian Finance is just doing their job, and that it is all the Fault of Summit 1031.
Jeff Manning wants Umpqua to "tell on" the Summit 1031 boys in order to see them hurt more by all this.... the thing is Summit 1031 Went bankrupt, it happens, businesses do that .. don't loose site of Who Really has Control of your money and has had for around a year now.
The first time I had a client turn their money over to a 1031 Company and that company tell them they had to leave the money their for 6 months, and that the client got no interest, well I was certainly not impressed at the lack of Consumer Protection in the 1031 Industry. Just as all the ENTIRE real estate industry, there is no real oversight, no really consumer protection of ANY kind and No Way to STOP the Powers that be from Running Over, Violating, Lying to and Walking all over the Real Estate Consumer.
The Point? Well STOP all the 1031 Companies from being able to do this. Use a Friend for a 1031 Exchange, Lobby to Change IRS Laws, Complain to the IRS... Do not sit there and persecute ONE Company when they are ALL doing it. They all make money off of your 1031 Exchange and Really Changes need to Be made in the 1031 Exchange Industry as a Whole.
On that Subject, Shame on the 1031 Companies Out There RIGHT NOW marketing the Demise of Summit 1031 and Saying How Much better they are and THEY would Never Do that.. BULL .. Do not Believe that Gibberish... The 1031 Exchange Industry is Out to Get you.. the IRS allows it.. it is just the way it is.. you have to know more about it all, change laws.. it is a Much Bigger issue then the Summit 1031 Bankruptcy - this is just bringing issues to the light..
The Point of Jeff Manning yammerings on the Summit 1031 Case and Trashing Umpqua is to Keep you Fired up and hating the Summit 1031 Company. This is Part of a Big Media Trick so that you don't really see whose bank account YOUR MONEY is ending up in.
And so that you won't even care that your property is being unjustly tied up and that millions are charged for attorneys to screw you over and well they get 5 years to do it. Cha Ching.
I am betting that you, the Real Estate Consumer is smarter then this. I am betting that you can see what is really going on by looking at all the proof, all the documents.. and that you will soon STOP pointing the finger at Summit 1031, and Get active about Getting your Money back Right Now...
Summit 1031 is out of business, they are bankrupt, it happens every single day of the year to someone. Get over it... Get Your Moxy up and Fight for Your Money... months go by, a year goes by and instead of joining the fight to STOP Kevin Padrick - Obsidian Finance from Draining your Money... instead of Demanding Accountability from the US Justice Trustee - and instead of demanding a Real Investigations as to What Happened from the MOMENT that Summit 1031 Went Bankrupt .. you Seem to Want to Focus on the Alleged Crimes of the Summit 1031 Owners.. and this is Exactly what "THEY" want you to do .. in order to take the pressure of them and Your Eyes of Them as they REALLY pocket your Money..
Umpqua is certainly NOT innocent, ALL the banks - lenders and the Entire secondary mortgage industry got Greedy, Very Greedy... Real Estate Values were FAKE, the Bubble was falsly growing daily .. monthly and the FALL well Predictable by them.. of Course.. they let appraisers bring in values of homes for at LEAST 10% more then they Knew the home was wort... Read Confessions of a Mortgage Broker - Confessions of a Sub-Prime Lender... All these Guys were in on it and the Real Estate Consumer Paid the Price and Continues to Pay the Price.
This SHOULD in NO WAY distract you from the Corruption Allowed in the US Bankruptcy Courts. Try and Not look at what Jeff Manning is Selling you, look beyond your hatred for those who lost your money and look at How Much Money, Bonds, and Insurance was available from Day One. And the Facts of What has Happened Since.
Look at how the Court Appointed Trustee changed when HUGE Dollar Signs started entering Kevin Padrick's Dreams.. .. Who appointed Kevin Padrick, who was out of town at the time, what US Trustee has looked the other way and what PAST connections did they have with Kevin Padrick.
With the Right Connection in the US Bankruptcy Trustee System you Can Move Money, Steal Money, Pay outrageous hourly wages, seize and trade properties, make unprecedented side deals and create more money then the Summit 1031 boys ever imagined... and all you need to complete your Creditors Hoax is a US Department of Justice Bankruptcy Trustee On your Team Somehow - Connected to you or PAID by you in Some way and your Illusion of Grandeur is Complete and Fully Lacking in Accountability on every Level of the Judicial System.
When you actually Read Documents upon Documents of Proof, watch the videos of Secret Closed Door Meetings and Really Put all this Together You begin to See a Real Pattern of Corruption, and from what I am seeing and information sent to me, this is in Bankruptcy Courts across the US and is Certainly Not Limited to Oregon Bankruptcy Courts. This Leads me to Believe that the Real Nationwide Problem is the Accountability at the US Department of Justice. Otherwise How can this stuff continue to go on Decade after Decade?
Crystal L. Cox
Real Estate Industry Whistleblower
You see many of you out there have fathers that think for themselves, that act without your permission or even your influence ( SHOCKING). And many of you would never EVER want me to write a piece on you, or anything about your life that claimed you were a certain person, believed a certain way or that you were Lying or twisting Reality just because your Father Made a Business Mistake... or Really because of any move your father made or word he spoke.
Should any of You Discredit the Amazing Investigative Reporting, the Extremely Detailed Account of all this with Tons of back up Data ... that Stephanie Studebaker-DeYoung has Fully Laid out of for you at www.Summit1031BkJustice.com - Well then You are Missing out on the Detailed Facts of This Case and You are Blinded by a Reality that is Not Based in Truth.
READ - Think - Gather your Moxy - stand in the Truth and Fight Kevin Padrick, Fight the US Trustee in on all this and Ask More Questions.. Such as who is on the Creditors Committe.. how did that happen and why.. who is in first place for money.. who has already gotten relief... Speak up Creditors... The Illusion is Almost Complete Now and the Only thing Between you and your MONEY is Your Voice.....
" Judge releases report on Bend real estate case
By Jeff Manning, The Oregonian
December 24, 2009, 6:33PM
Umpqua Bank knew as early as March 2007 that the owners of Bend-based Summit Accommodators were diverting millions of dollars from their clients' accounts to fund their own real estate projects, according to a newly issued report by the court-appointed bankruptcy trustee.
Rather than blow the whistle on what may well turn out to be one of the landmark criminal fraud cases to come out of Oregon's real estate crash, Umpqua kept quiet, continued to reap substantial dividends from the large deposits Summit offered and helped finance some of the real estate projects with $6.3 million in loans, the report claims.
The trustee's report was released by U.S. Bankruptcy Court Judge Randall Dunn Wednesday after the bank fought to keep portions of it secret. It reveals much about the relationship between Umpqua and Summit, including the fact that Umpqua's most senior executives for months considered whether the bank should buy Summit outright.
In the end, bank officials opted against such a deal, suspecting they were being played as "suckers," according to the report. That proved a shrewd move for Umpqua, but it didn't do anything for Summit's unsuspecting customers.
"Umpqua knew that other 'suckers' were readily available: namely (Summit's) new exchange customers who were being signed up and whose money was being put at risk," said Kevin Padrick, the Bend-based trustee, charged with returning as much money as possible to Summit's former customers. "While these 'suckers' unknowingly took the risk that Umpqua Bank was unwilling to take, Umpqua continued to profit by providing services that allowed the (Summit) shareholders to continue their scheme."
Padrick filed a civil lawsuit against Umpqua last summer claiming the bank aided and abetted money laundering.
Umpqua vehemently denies those charges and it fought hard to keep portions of Padrick's report under wraps. John Spencer Stewart, a Portland attorney representing the bank, said repeatedly in U.S. Bankruptcy Court that the Umpqua documents Padrick sought to release were more "strategic" than illuminating.
"They're intended merely to embarrass the bank," Stewart said.
Umpqua has so far succeeded in keeping a host of internal Umpqua documents, that Padrick had hoped to include with his report, out of public view. The battle over the release of the internal bank documents will take place in January.
Summit was a so-called facilitator of 1031 tax-free exchanges, a hugely popular tax strategy. It's role was simply to hold their client's money while they concluded their property exchanges.
Summit moved much of its banking business and more than $15 million in deposits to Umpqua in 2005.
"WOW!!! What a day in Central Oregon," former Umpqua President David Edson raved in a subsequent email to his Bend-area managers. "Keep the pedal to the metal and we'll own Central Oregon."
The relationship grew closer, beginning in May 2006, when the two sides began talking about Umpqua buying Summit.
The talks were still going on 10 months later. On March 2, 2007, the Summit principals met with Umpqua executives, including CEO Ray Davis and Edson and others.
In a memo to the gathered bankers, Summit executive Lane Lyons delivered a bombshell. Instead of holding its clients' money in highly liquid short-term accounts, Summit had invested about 17 percent of it in a variety of "local real estate ventures and businesses."
The investments "allowed Summit founders to build substantial net worths ..." the memo stated.
The Lyons memo disclosed one more bit of big news: the real estate investments had put the company in a cash-flow pinch. Summit proposed that an acquisition or injection of capital by Umpqua could solve that problem.
Some Umpqua executives were underwhelmed with Lyons' pitch. Brad Copeland, Umpqua chief credit officer, said in an email, "This is just nonsense and the guy is clearly desperate."
It's not clear how serious Umpqua ever was about acquiring Summit. The two sides had periodic meetings as late as the fall of 2008, when the real estate crash was well underway and Summit executives desperately tried to fend off disaster.
By late in the year, some bank officials were speaking the obvious -- that linking up with a company that for years had been helping itself to its clients' money was a terrible idea.
Bob Campo, a bank employee, predicted in a Dec. 6, 2008 email that Summit would get mired in civil litigation if it failed to produce its customers' cash.
"Do we want to be even on the periphery of this world," Campo asked, "much less enter into some of equity position that may entangle us in their business issues?"
But Umpqua already was entangled to some degree. It had loaned more than $6 million to various individual real estate projects headed by Summit principals and it was earning nice profits on Summit's deposits, which ultimately grew to more than $78 million.
Thirteen days after Campo wrote that email, Summit filed for bankruptcy. Customer lost $29 million, Padrick said.
"I'm sure glad we didn't get into bed with these guys," Copeland said in a subsequent email to bank CEO Davis. "I suspect there are some significant fraud issues involved and our records will be subpoenaed. This will probably get very ugly."
Jeff Manning : 503-294-7606 "
Link To Full Article and Source:
http://www.oregonlive.com/business/index.ssf/2009/12/
judge_releases_report_on_bend.html
Umpqua, Jeff Manning, Kevin Padrick, Obsidian Finance
Don't Wake up Yet. There is Still some Ruckus Going on and Plenty of your Money to be had. so the Media needs to Keep you in the Dark, put up a Smoke Screen and Create a Huge Illusion until all YOUR money can be Successful Drained from your US Bankruptcy Court Hoax.
These High Profile Bankruptcy Cases have some Things in Common, they Control the Media Like Jeff Manning's Twisted perception of Reality on the Summit 1031 Bankruptcy. These Cases seem to have banks in on their little Game, such as Umpqua In this case.
See, just as the JP Morgan case and the 20 year bankruptcy case turned into hundreds of millions of fraud... if the banks seize notes, or do some Slide of Hand to Work with the Trustee, then guys Like Kevin Padrick and his Cronies WIN.. the Bank Cartel ... well they win too and YOU the Real Victims, the Creditors, the Real Estate Consumers.. Well YOU LOSE !!
Possibly Kevin Padrick has something on the Umpqua Group... or Possibly there is Big Money and Side Deals, or Maybe Obsidian Finance - Kevin Padrick threatened to NEVER release the Properties the banks need off the books unless the Bank plays along. Oh but was Umpqua asked to Lie about Summit 1031 and Did Umpqua REFUSE... just speculating of course.. and so did Kevin Padrick have to Summons Jeff Manning for Christmas Eve Smackdown... ( Just Speculating again Of Course) ... and did Jeff Manning Conjure up some Investigative Reporting to make Umpqua look Bad and Summit Look Worse to Keep you off the Scent of Your Money ?
The other thing in common with many of These High Profile - Big Dollar US Bankruptcy Court Proceedings is that there is no real investigation as to where the Creditors, the Real Victims money really is... The Department of Justice seems to really be fully Duped into believing that their US Department of Justice Bankruptcy Trustee is Ethical, and Really is acting with the Highest Fiduciary Duty... when What I am seeing is in Reality That is Just NOT the Case.
YES it would not be in the Courts Hands if it were not for some business phopa or corruption within the original company that went bankrupt. However bankruptcies happen all the time.
Surely there is a Checks and Balances system somewhere that would keep the corruption to a minimul and surely there is some Watchdog Procedure in place to make sure that the US Dept. of Justics Trustee involved does not have a conflict of interest of some kind and that they are Really Acting with the Best Interest of the Creditors in Mind....
From what I see the Corruption, the Pay Offs, the HUGE hourly wage, the Real Estate trade offs, the Side Deals, and the Cronism on Steroids, and the Corruption in the Bankruptcy Attorney Fraternity .. Well it is All Legal in the US Justice System so Sit Down and Shut Up.
Never assume that Umpqua is innocent, with the article I am going to post below, note that Jeff Manning is really looking like he is protecting those who are REALLY getting the Summit 1031 Exchange Bankruptcy Money ...
Jeff Manning Seems to want the Summit 1031 guys to stay in the limelights as to distract you from the Real Players using your Money RIGHT NOW to make their lives better while you suffer.
While Obsidian Finance, Kevin Padrick and his Cronies seize your property, tie up your money, and Pay themselves incomprehensible amounts of money to do it.. well guys like Jeff Manning would have you believe that Obsidian Finance is just doing their job, and that it is all the Fault of Summit 1031.
Jeff Manning wants Umpqua to "tell on" the Summit 1031 boys in order to see them hurt more by all this.... the thing is Summit 1031 Went bankrupt, it happens, businesses do that .. don't loose site of Who Really has Control of your money and has had for around a year now.
The first time I had a client turn their money over to a 1031 Company and that company tell them they had to leave the money their for 6 months, and that the client got no interest, well I was certainly not impressed at the lack of Consumer Protection in the 1031 Industry. Just as all the ENTIRE real estate industry, there is no real oversight, no really consumer protection of ANY kind and No Way to STOP the Powers that be from Running Over, Violating, Lying to and Walking all over the Real Estate Consumer.
The Point? Well STOP all the 1031 Companies from being able to do this. Use a Friend for a 1031 Exchange, Lobby to Change IRS Laws, Complain to the IRS... Do not sit there and persecute ONE Company when they are ALL doing it. They all make money off of your 1031 Exchange and Really Changes need to Be made in the 1031 Exchange Industry as a Whole.
On that Subject, Shame on the 1031 Companies Out There RIGHT NOW marketing the Demise of Summit 1031 and Saying How Much better they are and THEY would Never Do that.. BULL .. Do not Believe that Gibberish... The 1031 Exchange Industry is Out to Get you.. the IRS allows it.. it is just the way it is.. you have to know more about it all, change laws.. it is a Much Bigger issue then the Summit 1031 Bankruptcy - this is just bringing issues to the light..
The Point of Jeff Manning yammerings on the Summit 1031 Case and Trashing Umpqua is to Keep you Fired up and hating the Summit 1031 Company. This is Part of a Big Media Trick so that you don't really see whose bank account YOUR MONEY is ending up in.
And so that you won't even care that your property is being unjustly tied up and that millions are charged for attorneys to screw you over and well they get 5 years to do it. Cha Ching.
I am betting that you, the Real Estate Consumer is smarter then this. I am betting that you can see what is really going on by looking at all the proof, all the documents.. and that you will soon STOP pointing the finger at Summit 1031, and Get active about Getting your Money back Right Now...
Summit 1031 is out of business, they are bankrupt, it happens every single day of the year to someone. Get over it... Get Your Moxy up and Fight for Your Money... months go by, a year goes by and instead of joining the fight to STOP Kevin Padrick - Obsidian Finance from Draining your Money... instead of Demanding Accountability from the US Justice Trustee - and instead of demanding a Real Investigations as to What Happened from the MOMENT that Summit 1031 Went Bankrupt .. you Seem to Want to Focus on the Alleged Crimes of the Summit 1031 Owners.. and this is Exactly what "THEY" want you to do .. in order to take the pressure of them and Your Eyes of Them as they REALLY pocket your Money..
Umpqua is certainly NOT innocent, ALL the banks - lenders and the Entire secondary mortgage industry got Greedy, Very Greedy... Real Estate Values were FAKE, the Bubble was falsly growing daily .. monthly and the FALL well Predictable by them.. of Course.. they let appraisers bring in values of homes for at LEAST 10% more then they Knew the home was wort... Read Confessions of a Mortgage Broker - Confessions of a Sub-Prime Lender... All these Guys were in on it and the Real Estate Consumer Paid the Price and Continues to Pay the Price.
This SHOULD in NO WAY distract you from the Corruption Allowed in the US Bankruptcy Courts. Try and Not look at what Jeff Manning is Selling you, look beyond your hatred for those who lost your money and look at How Much Money, Bonds, and Insurance was available from Day One. And the Facts of What has Happened Since.
Look at how the Court Appointed Trustee changed when HUGE Dollar Signs started entering Kevin Padrick's Dreams.. .. Who appointed Kevin Padrick, who was out of town at the time, what US Trustee has looked the other way and what PAST connections did they have with Kevin Padrick.
With the Right Connection in the US Bankruptcy Trustee System you Can Move Money, Steal Money, Pay outrageous hourly wages, seize and trade properties, make unprecedented side deals and create more money then the Summit 1031 boys ever imagined... and all you need to complete your Creditors Hoax is a US Department of Justice Bankruptcy Trustee On your Team Somehow - Connected to you or PAID by you in Some way and your Illusion of Grandeur is Complete and Fully Lacking in Accountability on every Level of the Judicial System.
When you actually Read Documents upon Documents of Proof, watch the videos of Secret Closed Door Meetings and Really Put all this Together You begin to See a Real Pattern of Corruption, and from what I am seeing and information sent to me, this is in Bankruptcy Courts across the US and is Certainly Not Limited to Oregon Bankruptcy Courts. This Leads me to Believe that the Real Nationwide Problem is the Accountability at the US Department of Justice. Otherwise How can this stuff continue to go on Decade after Decade?
Crystal L. Cox
Real Estate Industry Whistleblower
***********
Note: You know what Pays Big Media Bills Better than those HUGE Ad Dollars? Hmmm.. Let Me think... Could it Be the Actual Buying of the News itself... ?? Just Things to Think About.
**********
Another side Note Here, a Question Really...
I don't much like my Father, he and I well we never really saw Eye to Eye on anything.. he was simply mean - and in no way someone that I would ever want my Tastes, my Morals, My Judgements based on .. and Like many of you I have borrowed money from my Father over the years, once for a car and little things here and there in my 20's and well I Never Once asked him where he got the Money nor Did I even Care...
**********
Another side Note Here, a Question Really...
I don't much like my Father, he and I well we never really saw Eye to Eye on anything.. he was simply mean - and in no way someone that I would ever want my Tastes, my Morals, My Judgements based on .. and Like many of you I have borrowed money from my Father over the years, once for a car and little things here and there in my 20's and well I Never Once asked him where he got the Money nor Did I even Care...
You see many of you out there have fathers that think for themselves, that act without your permission or even your influence ( SHOCKING). And many of you would never EVER want me to write a piece on you, or anything about your life that claimed you were a certain person, believed a certain way or that you were Lying or twisting Reality just because your Father Made a Business Mistake... or Really because of any move your father made or word he spoke.
Should any of You Discredit the Amazing Investigative Reporting, the Extremely Detailed Account of all this with Tons of back up Data ... that Stephanie Studebaker-DeYoung has Fully Laid out of for you at www.Summit1031BkJustice.com - Well then You are Missing out on the Detailed Facts of This Case and You are Blinded by a Reality that is Not Based in Truth.
READ - Think - Gather your Moxy - stand in the Truth and Fight Kevin Padrick, Fight the US Trustee in on all this and Ask More Questions.. Such as who is on the Creditors Committe.. how did that happen and why.. who is in first place for money.. who has already gotten relief... Speak up Creditors... The Illusion is Almost Complete Now and the Only thing Between you and your MONEY is Your Voice.....
$$$$$$$$$$$$$$$
Here is the Jeff Manning Twist of Reality for you To Chew On.
" Judge releases report on Bend real estate case
By Jeff Manning, The Oregonian
December 24, 2009, 6:33PM
Umpqua Bank knew as early as March 2007 that the owners of Bend-based Summit Accommodators were diverting millions of dollars from their clients' accounts to fund their own real estate projects, according to a newly issued report by the court-appointed bankruptcy trustee.
Rather than blow the whistle on what may well turn out to be one of the landmark criminal fraud cases to come out of Oregon's real estate crash, Umpqua kept quiet, continued to reap substantial dividends from the large deposits Summit offered and helped finance some of the real estate projects with $6.3 million in loans, the report claims.
The trustee's report was released by U.S. Bankruptcy Court Judge Randall Dunn Wednesday after the bank fought to keep portions of it secret. It reveals much about the relationship between Umpqua and Summit, including the fact that Umpqua's most senior executives for months considered whether the bank should buy Summit outright.
In the end, bank officials opted against such a deal, suspecting they were being played as "suckers," according to the report. That proved a shrewd move for Umpqua, but it didn't do anything for Summit's unsuspecting customers.
"Umpqua knew that other 'suckers' were readily available: namely (Summit's) new exchange customers who were being signed up and whose money was being put at risk," said Kevin Padrick, the Bend-based trustee, charged with returning as much money as possible to Summit's former customers. "While these 'suckers' unknowingly took the risk that Umpqua Bank was unwilling to take, Umpqua continued to profit by providing services that allowed the (Summit) shareholders to continue their scheme."
Padrick filed a civil lawsuit against Umpqua last summer claiming the bank aided and abetted money laundering.
Umpqua vehemently denies those charges and it fought hard to keep portions of Padrick's report under wraps. John Spencer Stewart, a Portland attorney representing the bank, said repeatedly in U.S. Bankruptcy Court that the Umpqua documents Padrick sought to release were more "strategic" than illuminating.
"They're intended merely to embarrass the bank," Stewart said.
Umpqua has so far succeeded in keeping a host of internal Umpqua documents, that Padrick had hoped to include with his report, out of public view. The battle over the release of the internal bank documents will take place in January.
Summit was a so-called facilitator of 1031 tax-free exchanges, a hugely popular tax strategy. It's role was simply to hold their client's money while they concluded their property exchanges.
Summit moved much of its banking business and more than $15 million in deposits to Umpqua in 2005.
"WOW!!! What a day in Central Oregon," former Umpqua President David Edson raved in a subsequent email to his Bend-area managers. "Keep the pedal to the metal and we'll own Central Oregon."
The relationship grew closer, beginning in May 2006, when the two sides began talking about Umpqua buying Summit.
The talks were still going on 10 months later. On March 2, 2007, the Summit principals met with Umpqua executives, including CEO Ray Davis and Edson and others.
In a memo to the gathered bankers, Summit executive Lane Lyons delivered a bombshell. Instead of holding its clients' money in highly liquid short-term accounts, Summit had invested about 17 percent of it in a variety of "local real estate ventures and businesses."
The investments "allowed Summit founders to build substantial net worths ..." the memo stated.
The Lyons memo disclosed one more bit of big news: the real estate investments had put the company in a cash-flow pinch. Summit proposed that an acquisition or injection of capital by Umpqua could solve that problem.
Some Umpqua executives were underwhelmed with Lyons' pitch. Brad Copeland, Umpqua chief credit officer, said in an email, "This is just nonsense and the guy is clearly desperate."
It's not clear how serious Umpqua ever was about acquiring Summit. The two sides had periodic meetings as late as the fall of 2008, when the real estate crash was well underway and Summit executives desperately tried to fend off disaster.
By late in the year, some bank officials were speaking the obvious -- that linking up with a company that for years had been helping itself to its clients' money was a terrible idea.
Bob Campo, a bank employee, predicted in a Dec. 6, 2008 email that Summit would get mired in civil litigation if it failed to produce its customers' cash.
"Do we want to be even on the periphery of this world," Campo asked, "much less enter into some of equity position that may entangle us in their business issues?"
But Umpqua already was entangled to some degree. It had loaned more than $6 million to various individual real estate projects headed by Summit principals and it was earning nice profits on Summit's deposits, which ultimately grew to more than $78 million.
Thirteen days after Campo wrote that email, Summit filed for bankruptcy. Customer lost $29 million, Padrick said.
"I'm sure glad we didn't get into bed with these guys," Copeland said in a subsequent email to bank CEO Davis. "I suspect there are some significant fraud issues involved and our records will be subpoenaed. This will probably get very ugly."
Jeff Manning : 503-294-7606 "
Link To Full Article and Source:
http://www.oregonlive.com/business/index.ssf/2009/12/
judge_releases_report_on_bend.html
Umpqua, Jeff Manning, Kevin Padrick, Obsidian Finance
Monday, December 7, 2009
Real Estate Coverups - Do NOT Ever Think that the Powers that Be did not Know this Crash Was Coming.
You Pay the Price for What Lenders Knew all Along Was Happening. Lenders, Banks KNEW, there is TONS of evidence to prove this, and I saw it first hand time and time again.
Banks got you into this Mess, NAR went right along with it and encourage these "Home Values" with no data policing of ANY kind, and with giving constant false consumer confidence as well as pushing your Governing Bodies to create laws that benefited lenders to let more money out to you the real estate consumer while at the same time giving NO Consumer Protection What So Ever... NONE..
Home Inspectors were pressured to Make the Deal go or Get no Business and I have seen this state after state, it is not an isolated incident, nor is it one of the "Agenda's" that the National Association of Realtors Lobbies for, as all the rest of their Bullying and Clout that changes laws and creates rules for NAR to Keep it's unEthical and Immoral Monopoly on the Real Estate Industry.
In the Concept of "Making the Deal Go" there are few innocent parties. The Mortgage Brokers is often involved, their is sometimes magical "Comps" that appear for appraisals, there is new SOLDS that just show up turns out a buddy bought the property with barely anything as a down payment just to get a COMP, there are many factors that "Create a False Market". And NEVER ever believe that the Lenders did not know, they were well aware of this Bubble getting bigger and they were certainly positioned for it, though the public things they went bankrupt. However, if they knew it was happening all along, surely they hid assets, I mean come on....
Read the Following Quote from Ray Wilson Author of 'Bought Not Sold':
" Inspectors, appraisers, and even lenders who honestly expose "unattractive" facts about value or property traits get labelled as "deal breakers" and have good reason to fear consequent boycott. Recently (1999), DATELINE-NBC did an expose on inspectors under the thumb of listing agents. The problem is so severe that as of this writing (2/19/01) more than 4,500 appraisers have signed a petition to Federal authority for relief from lenders, real estate agents and others who exert pressure to force them to "inflate values" and "ignore deficiencies."
So Forced Inflated Prices, Forced Closings on False Values. And now YOU are losing everything. The Real Estate Industry has betrayed you and they did so knowingly, it was NOT a secret that this was going on, and now those who caused the mess, created the mess they get a bailout, they get to keep making a living off you. Different real estate consumer now though, too bad, but you guys are losing your home, so the real estate industry is selling them at less then loan value to NEW investors, NEW homeowners... and will not lower your loan, but give a loan of a lesser value to a new buyer.
And in the Drivers seat of this Horrible Real Estate Consumer Attack is the National Association of Realtors, who with Realtor.com owns interest in Move.com, HomeGain.com and tons more "affiliations" - meanwhile they petition your government to enact laws that benefit them and those they have these cozy affiliations with, including Cendant, Coldwell Banker, ERA, C21 and all those that are part of Apollo management Conglomerate that has a name change and financial makeover every few years... and also own part of Realtor.com and those same Revenue Streams. All these connected with Lenders, Mortgage Brokers, Websites and they are all after a part of creating a Real Estate Hoax to suck your money constantly all while you think that the of a "Higher Standard" and the "voice of real estate" NAR claims to be has got your back, is protecting you and actually cares about your best interest.
r
So When do Real Estate Consumers DEMAND accountability from those who supposedly govern and regulate the real estate industry?
r
EXPOSED to the Truth and they really see what is going on,
and how they have been tricked, deceived, lied to and cheated
by the real estate industry and all it's parts, the Real Estate Consumer
will be Outraged, and in this the Real Estate Consumer will DEMAND
accountable and then and only then will the Real Estate Industry Change.
r
The Solution is a Total Makeover of ALL Parts of the Real Estate Industry and to Get the National Association of Realtors out of Real Estate. STOP using Realtors in Your Real Estate Transaction.
r
NAR is a Cartel, and currently it is almost impossible for MOST real estate agents to do a good real estate business without the use of the NAR data base. Add that to boycotts of non-NAR members and well even agents frustrated with the National Association of Realtors can't find a way to quit and still do business.
r
Banks got you into this Mess, NAR went right along with it and encourage these "Home Values" with no data policing of ANY kind, and with giving constant false consumer confidence as well as pushing your Governing Bodies to create laws that benefited lenders to let more money out to you the real estate consumer while at the same time giving NO Consumer Protection What So Ever... NONE..
Home Inspectors were pressured to Make the Deal go or Get no Business and I have seen this state after state, it is not an isolated incident, nor is it one of the "Agenda's" that the National Association of Realtors Lobbies for, as all the rest of their Bullying and Clout that changes laws and creates rules for NAR to Keep it's unEthical and Immoral Monopoly on the Real Estate Industry.
In the Concept of "Making the Deal Go" there are few innocent parties. The Mortgage Brokers is often involved, their is sometimes magical "Comps" that appear for appraisals, there is new SOLDS that just show up turns out a buddy bought the property with barely anything as a down payment just to get a COMP, there are many factors that "Create a False Market". And NEVER ever believe that the Lenders did not know, they were well aware of this Bubble getting bigger and they were certainly positioned for it, though the public things they went bankrupt. However, if they knew it was happening all along, surely they hid assets, I mean come on....
Read the Following Quote from Ray Wilson Author of 'Bought Not Sold':
" Inspectors, appraisers, and even lenders who honestly expose "unattractive" facts about value or property traits get labelled as "deal breakers" and have good reason to fear consequent boycott. Recently (1999), DATELINE-NBC did an expose on inspectors under the thumb of listing agents. The problem is so severe that as of this writing (2/19/01) more than 4,500 appraisers have signed a petition to Federal authority for relief from lenders, real estate agents and others who exert pressure to force them to "inflate values" and "ignore deficiencies."
This is From the Following Link..
http://www.cognabooks.com/site/collapse.html
So Forced Inflated Prices, Forced Closings on False Values. And now YOU are losing everything. The Real Estate Industry has betrayed you and they did so knowingly, it was NOT a secret that this was going on, and now those who caused the mess, created the mess they get a bailout, they get to keep making a living off you. Different real estate consumer now though, too bad, but you guys are losing your home, so the real estate industry is selling them at less then loan value to NEW investors, NEW homeowners... and will not lower your loan, but give a loan of a lesser value to a new buyer.
And in the Drivers seat of this Horrible Real Estate Consumer Attack is the National Association of Realtors, who with Realtor.com owns interest in Move.com, HomeGain.com and tons more "affiliations" - meanwhile they petition your government to enact laws that benefit them and those they have these cozy affiliations with, including Cendant, Coldwell Banker, ERA, C21 and all those that are part of Apollo management Conglomerate that has a name change and financial makeover every few years... and also own part of Realtor.com and those same Revenue Streams. All these connected with Lenders, Mortgage Brokers, Websites and they are all after a part of creating a Real Estate Hoax to suck your money constantly all while you think that the of a "Higher Standard" and the "voice of real estate" NAR claims to be has got your back, is protecting you and actually cares about your best interest.
r
So When do Real Estate Consumers DEMAND accountability from those who supposedly govern and regulate the real estate industry?
r
When Do Real Estate Consumers get treated with respect and not just as a way for the Real Estate Industry and all it's parts to make a living feeding off of them with no Protection or Accountability provided to them in return for their money, confidence and constant business?
r
Knowledge is Power.
r
Knowledge is Power.
r
And once the Real Estate Consumer isEXPOSED to the Truth and they really see what is going on,
and how they have been tricked, deceived, lied to and cheated
by the real estate industry and all it's parts, the Real Estate Consumer
will be Outraged, and in this the Real Estate Consumer will DEMAND
accountable and then and only then will the Real Estate Industry Change.
r
The Solution is a Total Makeover of ALL Parts of the Real Estate Industry and to Get the National Association of Realtors out of Real Estate. STOP using Realtors in Your Real Estate Transaction.
r
NAR is a Cartel, and currently it is almost impossible for MOST real estate agents to do a good real estate business without the use of the NAR data base. Add that to boycotts of non-NAR members and well even agents frustrated with the National Association of Realtors can't find a way to quit and still do business.
r
Time for Change.
rSunday, December 6, 2009
Am I on a Crusade against the Realtors?
I am simply telling you what I experienced as a Real Estate Broker Owner and as a Designated Realtor for my Own Real Estate Company for near a Decade. This experience was across several states and in various MLS Data Bases and Realtor Associations.
I am not on a Crusade against the individual Realtor. It is about accountability of NAR, I was one of those Individual Realtors and had no Real Way to protect the Real Estate Consumer and NAR at any Level NEVER backed me up on wanting to do right by my Real Estate Consumer. NAR did not stand up for me against unEthical Realtors and NAR lobbys for E and O insurance to be mandatory, and actively fights for the rights of Realtors to make money in the real estate transaction but does not take a REAL active role in what is REALLY best for the Real Estate Consumer.
Commission based real estate is NOT good for the Real Estate Consumer. It being unethical to involve a 3rd Realtor in your Real Estate Transaction as a Consult is seriously anti-consumer. E and O insurance is One hundred percent anti-consumer yet NAR member sit in front of State Governing bodies and tell officials that E and O helps protect consumers as well as Realtors... Not True.. not even a little bit True. And as Usual the National Association of Realtors is NOT accountable for any LIE they tell no matter how big it is or who is hurt by it.
Most Realtors in the Real World of Real Estates Are Good, Honest People and just want to sell you a house or sell your real estate and move on about their life. However, NAR will not protect those good Realtor. NAR will not stand up for the consumer against a Realtor that lies or breaks the law, they simply let the courts figure it out. And the E and O insurance paid Real Estate Attorney keeps you in court until you Break.
There is Currently NO Consumer Protection in Real Estate. And when the Good, Honest Realtor stands up for the consumer they are beaten down, boycotted, shut out, ignored and well they have no way to survive in the Real Estate industry and all because they spoke out about the Bad Realtor who hurt the consumer. This is my "Crusade" - it is not about the good Realtors though I am sure they don't look at that way. I want NAR to listen to the good Realtors and hold the Bad Realtors accountable for the damage they do. It is that Simple.
crystal cox real estate
I am not on a Crusade against the individual Realtor. It is about accountability of NAR, I was one of those Individual Realtors and had no Real Way to protect the Real Estate Consumer and NAR at any Level NEVER backed me up on wanting to do right by my Real Estate Consumer. NAR did not stand up for me against unEthical Realtors and NAR lobbys for E and O insurance to be mandatory, and actively fights for the rights of Realtors to make money in the real estate transaction but does not take a REAL active role in what is REALLY best for the Real Estate Consumer.
Commission based real estate is NOT good for the Real Estate Consumer. It being unethical to involve a 3rd Realtor in your Real Estate Transaction as a Consult is seriously anti-consumer. E and O insurance is One hundred percent anti-consumer yet NAR member sit in front of State Governing bodies and tell officials that E and O helps protect consumers as well as Realtors... Not True.. not even a little bit True. And as Usual the National Association of Realtors is NOT accountable for any LIE they tell no matter how big it is or who is hurt by it.
Most Realtors in the Real World of Real Estates Are Good, Honest People and just want to sell you a house or sell your real estate and move on about their life. However, NAR will not protect those good Realtor. NAR will not stand up for the consumer against a Realtor that lies or breaks the law, they simply let the courts figure it out. And the E and O insurance paid Real Estate Attorney keeps you in court until you Break.
There is Currently NO Consumer Protection in Real Estate. And when the Good, Honest Realtor stands up for the consumer they are beaten down, boycotted, shut out, ignored and well they have no way to survive in the Real Estate industry and all because they spoke out about the Bad Realtor who hurt the consumer. This is my "Crusade" - it is not about the good Realtors though I am sure they don't look at that way. I want NAR to listen to the good Realtors and hold the Bad Realtors accountable for the damage they do. It is that Simple.
crystal cox real estate
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