Rss Feed
Tweeter button
Facebook button
Technorati button
Reddit button
Myspace button
Linkedin button
Webonews button
Delicious button
Digg button
Flickr button
Stumbleupon button
Newsvine button

Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’

After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.

Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he’s headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump’s chief fundraiser, and he’s now a member of the president-elect’s transition team.

But Mnuchin’s resume also includes a stint as chairman and CEO of a California bank that’s been called a foreclosure machine.

During the depths of the financial crisis, Mnuchin was looking to make profits from the ruins of the housing bust. In 2009, he put together a group of billionaire investors and bought a failed California-based bank, IndyMac. It had been taken over by the Federal Deposit Insurance Corp. after its sketchy mortgage loans went bad.

Mnuchin and his partners bought IndyMac on the condition that the FDIC agree to pay future losses above a certain threshold. They renamed the bank OneWest Bank and, after running it for six years, they sold it last year for a profit, estimated at close to $1.5 billion.

Kevin Stein of the California Reinvestment Coalition, a housing advocacy group, says that profit was made on the backs of suffering California homeowners. “In essence what they did is they bought a foreclosure machine,” he says.

According to the coalition, OneWest foreclosed on more than 36,000 homeowners under Mnuchin. During that time, the FDIC made payments to OneWest totaling more $1 billion. Those payments went to the “billionaire investors of OneWest Bank,” says Stein, “to cover the cost of foreclosing on working-class, everyday, American folks,” many of whom lived in California.

Rex Schaffer, 86, and his wife Rose were among those who lost their homes, in a OneWest foreclosure. After living nearly 50 years in their home in La Puente, Calif., the Schaffers took a home equity loan but struggled to make the payments. They say they qualified three times for a government assisted modification, but OneWest failed to modify the loan.

“It was a disaster dealing with those people,” Rex Shaffer says. “We’d have a different person every time we called in.” He counted 33 OneWest employees, in all, and each one would give him “a different story.”

Facing threats that their home would be auctioned off, the Schaffers finally got through to a OneWest vice president. According to Rex Shaffer, the VP said, “I’m going to get you a 60-day extension on the sale date, so we can work this thing out.” That was on Feb. 17, 2011. But the next day, the Schaffers’ house was sold without their knowledge. “We didn’t even know it — didn’t have the faintest idea,” Rex Shaffer says.

They voted for Donald Trump, but Rose Schaffer says they’re praying he doesn’t choose Mnuchin as his Treasury secretary. “If he can’t run his own little bank,” she asks, “how can he handle a large thing for the United States?”

Millions of Americans were foreclosed on after the financial crisis; some were duped by real estate agents and bankers, others took imprudent risks.

It is important to note that Mnuchin and his partners bought a bank from the government that was already in trouble because of bad loans. But Stein, of the California Reinvestment Coalition, argues that Trump’s message was that his presidency would rescue working families and the forgotten middle class. Stein says Mnuchin’s actions run counter to the message.

“Mr. Mnuchin oversaw a bank that created difficulties and financial ruin for tens of thousands of families,” Stein says. Stein and his organization have also charged that, under Mnuchin, OneWest illegally avoided serving minority communities in California.

Despite NPR’s repeated requests for comment, Mnuchin did not provide a response.

Copyright 2016 NPR. To see more, visit http://www.npr.org/.

Article source: https://wamu.org/programs/all_things_considered/16/11/29/trumps_potential_treasury_secretary_headed_a_foreclosure_machine

Midlothian shopping center headed for foreclosure

The Pocono Crossing shopping center takes up 180,000 square feet at 10400 Midlothian Turnpike. (Kieran McQuilkin)

Behind on its mortgage and defaulting on a $15 million loan, a large-scale shopping center in Chesterfield County has a date with the auction block next month.

Lenders of Pocono Crossing at 10310 and 10400 Midlothian Turnpike are pushing for a foreclosure auction on the 180,000-square-foot center, with an auction set for Dec. 13 on the front steps of the Chesterfield County Circuit Court.

Built in 1988, Pocono Crossing is owned by an LLC tied to Stoltz Management of Pennsylvania, which also handles leasing at the shopping center. It paid about $20.6 million for the property’s two parcels in July 2006, county records show, near the peak of the pre-recession boom. The company took out a loan on the property that same year for $16.7 million, according to commercial loan tracking firm Trepp.

The open air center is roughly 89 percent occupied and is home to Burlington Coat Factory, Chuck E. Cheese’s, Tuesday Morning, and New Hong Kong Buffet, among other tenants. It sits on nearly 18 acres and was most recently assessed by the county at around $15.7 million.

As of Nov. 1, the owner’s loan had a balance of around $15.6 million, and the borrower has “expressed difficulty in paying off the loan,” the Trepp report states.

Dan Drake of Stoltz did not return multiple calls for comment Monday afternoon.

The attempted foreclosure comes after the loan secured by the property was transferred to special servicer LNR Partners in July, according to Trepp.

Special servicers are hired by commercial noteholders to manage loans when a borrower may be at risk of falling behind on payments. The loan has since gone into default, according to the legal notice advertising the forthcoming auction.

Since its purchase of Pocono Crossing, the ownership group posted peak revenue of nearly $2.1 million and expenses of $394,000 in 2008, the Trepp report states.

However, that rent roll began to trail off after 2008, with the firm posting roughly $1.8 million in revenue in 2015 and about $352,000 in expenses, Trepp found. The most recent available figures show the shopping center collected nearly $480,000 in revenue between January and March of this year.

The property was most recently assessed at $5.7 million, according to county records.

The looming auction, announced in a legal notice, does not include two outparcels that are owned by Greensboro-based Kickback Jacks restaurant and the SunTrust Bank branch that share a parking lot in the shopping center.

Article source: http://richmondbizsense.com/2016/11/29/midlothian-shopping-center-headed-for-foreclosure/

Former Rock Island livestock auction house in foreclosure – Quad

ROCK ISLAND — A complaint to foreclose has been filed against the former Rock Island Livestock Auction Inc.

The complaint was filed in July by Charlotte R. Doonan, not individually, but as the trustee of the Charlotte R. Doonan 2002 Revocable Trust dated Sept. 27, 2002.

The auction house is located at 534 34th Ave.

According to the complaint, the present indebtedness is $359,980 in principal and $29,398 in interest through May 1, 2016.

The note and mortgage were assigned by Buffalo Prairie State Bank, an Illinois banking corporation, on March 26, 2015, to Ms. Doonan, not individually, but solely as the trustee of the Charlotte R. Doonan 2002 Revocable Trust dated Sept. 27, 2002.

Ms. Doonan passed away in October. According to her obituary, she was most recently chairman of the board of Buffalo Prairie State Bank.

The original date of the mortgage was Dec. 10, 2009, with Rock Island Livestock Auction Inc. borrowing $400,206 from Buffalo Prairie State Bank. According to the complaint, Dave Porth was the president of Rock Island Livestock at the time.

The complaint seeks a foreclosure judgment against Rock Island Livestock Auction Inc., unknown owners, non-record claimants and interested persons.

It also seeks an order granting a shortened redemption period, an order granting possession, a judgment allowing sale of the property by a qualified realtor or auctioneer to hold a public or private sale as the court may direct, and/or that a sheriff’s sale proceed upon entry of a judgment.

It is also seeking a judgement for attorney’s fees, costs, and expenses.

The livestock auction house has a long history in the city. For 75 years, cattle arrived at Rock Island Livestock Auction Co. in the southwest section of the city, at times 2,000 head waiting outside to be auctioned off.

The packing houses would arrive on Mondays, buying what cattle was available. Mr. Porth worked at the company for 49 years, 27 of which he said he was the owner. In the spring of 2016, New York farmer Brandon Jones arrived in Rock Island and took over the business, renaming it Jones Livestock.

The business has been closed in recent months. Attempts to contact Mr. Jones were unsuccessful. Matthew Hays, attorney for the plaintiff, said he could not comment on pending litigation.

A court date has not been set on the complaint.

Article source: http://www.qconline.com/news/local/former-rock-island-livestock-auction-house-in-foreclosure/article_e6ae3012-63a1-5c66-8fd3-e3a45ff950d9.html

Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’

Wall Street financier Steve Mnuchin is being considered to serve as Treasury secretary under Donald Trump. Mnuchin assembled investors who bought IndyMac, a failed bank that had been taken over by the FDIC.

Carolyn Kaster/AP


hide caption

toggle caption

Carolyn Kaster/AP

Wall Street financier Steve Mnuchin is being considered to serve as Treasury secretary under Donald Trump. Mnuchin assembled investors who bought IndyMac, a failed bank that had been taken over by the FDIC.

Carolyn Kaster/AP

After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.

Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he’s headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump’s chief fundraiser, and he’s now a member of the president-elect’s transition team.

Trump's Populism Is Transforming GOP's Economics, Adviser Says

But Mnuchin’s resume also includes a stint as chairman and CEO of a California bank that’s been called a foreclosure machine.

During the depths of the financial crisis, Mnuchin was looking to make profits from the ruins of the housing bust. In 2009, he put together a group of billionaire investors and bought a failed California-based bank, IndyMac. It had been taken over by the Federal Deposit Insurance Corp. after its sketchy mortgage loans went bad.

Mnuchin and his partners bought IndyMac on the condition that the FDIC agree to pay future losses above a certain threshold. They renamed the bank OneWest Bank and, after running it for 6 years, they sold it last year for a profit, estimated at close to $1.5 billion.

Kevin Stein of the California Reinvestment Coalition, a housing advocacy group, says that profit was made on the backs of suffering California homeowners. “In essence what they did is they bought a foreclosure machine,” he says.

Shaping Trumponomics: These Names Are Being Floated For Cabinet Posts

According to the coalition, OneWest foreclosed on more than 36,000 homeowners under Mnuchin. During that time, the FDIC made payments to OneWest totaling more $1 billion. Those payments went to the “billionaire investors of OneWest Bank,” says Stein, “to cover the cost of foreclosing on working-class, everyday, American folks,” many of whom lived in California.

Rex Schaffer, 86, and his wife Rose were among those who lost their homes, in a OneWest foreclosure. After living nearly 50 years in their home in La Puente, Calif., the Schaffers took a home equity loan but struggled to make the payments. They say they qualified three times for a government assisted modification, but OneWest failed to modify the loan.

Trump's China Stance Spurs Trade War Worries

“It was a disaster dealing with those people,” Rex Shaffer says. “We’d have a different person every time we called in.” He counted 33 OneWest employees, in all, and each one would give him “a different story.”

Facing threats that their home would be auctioned off, the Schaffers finally got through to a OneWest vice president. According to Rex Shaffer, the VP said, “I’m going to get you a 60-day extension on the sale date, so we can work this thing out.” That was on Feb. 17, 2011. But the next day, the Schaffers’ house was sold without their knowledge. “We didn’t even know it — didn’t have the faintest idea,” Rex Shaffer says.

They voted for Donald Trump, but Rose Schaffer says they’re praying he doesn’t choose Mnuchin as his Treasury secretary. “If he can’t run his own little bank,” she asks, “how can he handle a large thing for the United States?”

Millions of Americans were foreclosed on after the financial crisis; some were duped by real estate agents and bankers, others took imprudent risks.

Trump Names Wall Street And Real Estate Titans As Economic Advisers

It is important to note that Mnuchin and his partners bought a bank from the government that was already in trouble because of bad loans. But Stein, of the California Reinvestment Coalition, argues that Trump’s message was that his presidency would rescue working families and the forgotten middle class. Stein says Mnuchin’s actions run counter to the message.

“Mr. Mnuchin oversaw a bank that created difficulties and financial ruin for tens of thousands of families,” Stein says. Stein and his organization have also charged that, under Mnuchin, OneWest illegally avoided serving minority communities in California.

Despite NPR’s repeated requests for comment, Mnuchin did not provide a response.

Article source: http://www.npr.org/2016/11/29/503755613/trumps-potential-treasury-secretary-headed-a-foreclosure-machine

Buttonwoods Museum Festival of Trees hosts events this week – Eagle

The Buttonwoods Museum’s 15th annual Festival of Trees continues this week with a variety of special events. 

The festival, which is closed Monday and Tuesdays, runs through Dec. 11.

A children’s scavenger hunt and holiday music is Thursday from 2:30 to 8 p.m. Festival hours on Thursday are from noon to 8 p.m.

Senior Day is Friday and features $1 off admission from 10 a.m. to 4 p.m. Accordion music is from noon to 1 p.m., and holiday music is from 4 to 8 p.m. Festival hours on Friday are from 10 a.m. to 8 p.m.

Children’s Crafts Day is Saturday from 10 a.m. to 4 p.m., with refreshments included. Santa visits from 1 to 2 p.m. Holiday music is from 4 to 8 p.m. Festival hours on Saturday are from 10 a.m. to 8 p.m.

Demonstrations by the Greater Haverhill Arts Association are Sunday. Joanne Turner is featured from noon to 2:30 p.m. and Roseanne Bartlett is featured from 2:30 to 4:30 p.m. Festival hours on Sunday are from noon to 5 p.m.

The Buttonwoods Museum is at 240 Water St. Enter by John Ward Avenue. Visit online at buttonwoods.org.

 Learn about advanced knee, hip surgery

Anna Jaques Hospital will present a free seminar on the Mako Robotic Arm Interactive System that enables orthopedic surgeons there to perform advanced knee and hip procedures for patients suffering from joint pain. 

The presentation is on Tuesday, Nov. 29, from 6 to 7 p.m. in the Hartleb Technology Center on Northern Essex Community College’s Haverhill campus, 100 Elliott St. The talk will be presented by orthopedic surgeon Michael Wack of Seacoast Orthopedics.

Anna Jaques is one of only two hospitals in a 50-mile radius to offer Mako Robotic Arm Assisted Surgery.

Register for this program at www.ajh.org/register or call 978-463-1475.

 Giving tree set up at Citizens Center

The Council on Aging’s annual Giving Tree is now on display in the dining room at the Citizens Center, 10 Welcome St.

 Please stop by and pick up a tag for an item that will be donated to local disadvantaged seniors in Haverhill nursing homes. More information is available from Kathy or Rita at 978-374-2390.

 Planning Commission to hold monthly meeting

The Merrimack Valley Planning Commission will hold its monthly meeting on Thursday at 7 p.m. at the MVPC office, 160 Main St. 

The agenda includes updates on economic development, and environmental and transportation programs in the region. The agenda is available on the MVPC website, www.mvpc.org.

For more information call Nancy Lavallee at 978-374-0519 or email nlavallee@mvpc.org.

 First-time homebuyer course offered

Community Action Inc. is offering its first-time home buyer education program for area residents beginning Dec. 1 from 6 to 9 p.m. in the Presidential Gardens Community Room, 140 Evergreen Drive, Bradford.

Participants will receive comprehensive information offered by housing professionals including bank lenders, buyer/seller real estate brokers, housing attorneys, insurance agents home inspectors and credit counselors, in addition to information about individual household mortgage prequalification, foreclosure sales, affordable housing lotteries and services of a buyer broker, down payment assistance programs and reduced interest loans.

A Massachusetts Homeownership Collaborative approved certificate is awarded after completion of the three-night course. The program is also approved by MassHousing. The dates for the course are Dec. 1, 7 and 8. The cost is $60 per household. There are no income requirements to take the training.

For more information, contact Richard Lynch at 978-373-1971 or Susan Collins at 978-317-8998.

Spotlight Playhouse to present holiday songs, humor

Spotlight Playhouse will present Broadway on Essex – Holidaze in the Galleria Banquet room at Maria’s Restaurant, 81 Essex St.

Performances are Dec. 2, 3, 9 and 10. Doors open at 6:15 p.m. and the show starts at 7:30 p.m.

More than 30 performers will present Broadway and traditional and not so traditional holiday songs that will please the whole family, including such favorites as “I’ll be Home for Christmas” and “Winter Wonderland.” Tickets are $35 for seniors and members. General admission is $38. Tickets include a full dinner, dessert buffet and coffee and tea. A cash bar will be available.

Tickets can be purchased at www.spotlightplayhouse.org or by calling 617-470-2175 or you can email tickets@spotlightplayhouse.org.

Holiday craft fair planned

Darlene Sutton’s Life Long Journey will host a craft cair titled “A Snowman’s Journey” on Friday from 9 a.m. to 2 p.m. in the Hartleb Technology Center on the Haverhill campus of Northern Essex Community College, 100 Elliott St. 

Craft/art items include knitted baby afghans and knitted necklaces, children’s knitted and crocheted sweaters, sports teams hats, blankets and other sports clothing items, hand-painted Christmas decorations, hand-made jewelry with sea glass, hand-crafted wooden bowls, wooden birdhouses and more.

Cost of tables is $20 for one or two for $30 and all crafters are welcome. To reserve a table, contact Darlene Sutton at 978-476-4677.

 Penguin Pub Crawl set for Friday

The sixth annual Downtown Haverhill Penguin Pub Crawl to benefit Ozzie’s Kids will be held on Friday from 6 to 9 p.m.

This year, 13 downtown restaurants and bars are participating. Registration is $30 per person. To register, send email to penguinoubcrawl16@gmail.com.

Penguin Crawlers walk with friends and patronize the restaurants/bars with either beverages or food. An after party at 9 p.m. will include a DJ and heavy appetizers.

Downtown establishments taking part are: Keon’s, The Lasting Room, the Chit Chat Lounge, The Tap, Barking Dog Ale House, Wang’s Table, Battle Grounds Cafe, Terri’s Place, Essex Street Grille, Peddler’s Daughter, Maria’s Restaurant, Butch’s Uptown and Smith’s Tavern.

Article source: http://www.eagletribune.com/news/haverhill/buttonwoods-museum-festival-of-trees-hosts-events-this-week/article_bfe195e5-7c4f-5ffd-ba27-ccb357ff6a0e.html

Housing Market Health Exemplified by Low Foreclosures and Delinquencies

Foreclosure-Four-BH-300x198Mortgage servicing professionals are looking at the lowest foreclosure numbers in more than a decade. Foreclosure starts from October 2016 have fallen to their lowest level since January 2005, according to the month-end mortgage performance report curated by Black Knight Financial Services, Inc.

National mortgage numbers experienced a staggering change from September to October. According to Black Knight, there were approximately 56,500 foreclosure starts in October, the lowest one-month total in nearly12 years. The low number of foreclosure starts represented an 8 percent decline from September and a 22 percent decline from the previous October.

Ben Graboske, EVP of Data Analytics at Black Knight, attributes the low number of foreclosure starts to home price appreciation and employment gains.

“At a high level, the current low in foreclosure starts reflects the continuation of a trend of recovery from the great recession,” he said. “Both U.S. housing and the overall economy are very healthy. In particular, home price appreciation and employment strength are two of the largest contributors to this continued trend.”

A large number of missed mortgage payments had a sigificant impact on October’s performance numbers. The report discusses loan delinquency,  or the number of mortgage loans payments that are 30 or more days past due, but not in foreclosure. Statistics show that the U.S. loan delinquency rate is at 4.35 percent, which is a 1.84 percent month-over-month increase from September. The national delinquency rate is still down 9 percent from October 2015. The five states with the highest percentage of loans 90 or more days delinquent are Mississippi (3.43), Louisiana (3.05), Alabama (2.37), Arkansas (2.06), and Tennessee (1.95).

Graboske states that rising ARM lending rates, increasing interest rates, and the job market will play pivotal roles in the mortgage outlook for 2017.

“Increasing interest rates tend to reduce the refinance share of the market, specifically in higher credit segments, which typically outperform their purchase mortgage counterparts,” Graboske said. “We also typically see a rise in ARM lending as rates rise, which could in turn have a dampening effect on mortgage performance. That being said, we would still expect the overall trend of declining delinquencies and reduction in foreclosure inventory to continue throughout 2017 barring some unforeseen macroeconomic impacts. Significant job losses could slow or reverse this healthy trend, and such a scenario would be further exacerbated should substantial home price depreciation set in. At this point, neither of those factors seem likely to occur in 2017.”

To view the full report, click here.

Article source: http://www.dsnews.com/daily-dose/11-28-2016/housing-market-health-exemplified-low-foreclosures-delinquencies

How mortgage mediation may help homeowners avoid foreclosure

At this moment, more than 1800 foreclosed homes are for sale in King County alone. But more homeowners are succeeding at keeping their houses out of foreclosure, through Washington State’s Foreclosure Fairness Act. Jonathan Smith, attorney and founder o

Article source: http://www.king5.com/entertainment/television/programs/new-day-northwest/how-mortgage-mediation-may-help-homeowners-avoid-foreclosure/357006749

With foreclosure auction imminent, community rallies against Sutton Place skyscraper

A consortium of community members and elected officials continue to rally against a skyscraper proposed for a low-rise residential block on East 58th Street. The East River Fifties Alliance, which includes officials like City Council Members Dan Garodnick and Ben Kallos, Manhattan Borough President Gale Brewer, and neighborhood stakeholders, are not letting up on their fight against Bauhouse Group’s proposed 950-foot tower at 426-432 East 58th Street despite last week’s court ordered auction of the site due to the developer’s mounting fiscal troubles.

The group hopes that the community-generated rezoning plan it submitted to the City Council in January will take hold before a reinvigorated project can begin at the site. The rezoning would limit the height of new development in the area bounded by East 52nd and East 59th streets east of First Avenue to 260 feet. Currently, area zoning sets no specific height for apartment buildings. The rezoning could also discourage bidders at the auction, the Wall Street Journal notes.

Rumors of a foreclosure at the site have been swirling since February, when lender Gamma Real Estate started taking steps to foreclose on the site. At the time, Joseph Benanati of Bauhouse Group called the move premature, noting that Gamma’s “flawed and incomplete legal steps to rush the auction are commercially unreasonable and will not withstand judicial scrutiny.” Bauhouse moved to sue Gamma mid-February for attempting to rush the foreclosure proceedings and for structuring the loan in such a way that the developer was bound to have difficulties. A judge denied a request for an injunction later that month.

The lawsuit was seen as a way to stave off foreclosure proceedings, and it worked (for a while.) The project went into Chapter 11 Bankruptcy in early April, another move to push off a bankruptcy auction. The sale of the 262,000-square-foot project was approved in September. The sale would not only include the site, but also the plans for the tower drawn up by British architect Norman Foster. The site was initially expected to fetch about $270 million at auction, but as the luxury sales market continues to dip in New York City, the price may now be much lower.

Meanwhile, the Department of Buildings blocked a permit last week that’s needed to complete demolition at the site, which may further devalue it to potential bidders. The permit application sought to stabilize a building adjacent to the development zone.

The auction is expected to take place in December. Alan Kersh, President of the East River Fifites Alliance, issued the following statement:

We are strongly opposed to a 950-foot-tall skyscraper on a narrow residential side street. But we are also inspired by Mayor Bill de Blasio’s vision for ‘One New York.’ This is a zoning change that will encourage development while keeping the low- and mid-rise character of the neighborhood intact. Our plan also increases neighborhood diversity by adding incentives to vastly increase the amount of affordable housing.

Article source: http://ny.curbed.com/2016/11/28/13763036/sutton-place-east-river-fifties-alliance-rezoning-auction

How Airbnb Is Helping Seniors Age In Place

The online peer-to-peer home-sharing network Airbnb is no longer just appealing to millennials. It is now a useful source of income for the baby boomer generation who want to age in place but don’t have the income in retirement to do so.

The San Francisco-based startup launched in 2008 and has since changed the way people travel around the world. Some large cities have had mixed feelings about allowing the company to operate, though it is no small feat that retirees can make an extra $8,350 each year through home-sharing, according to a report released last Monday by Airbnb and AARP.

Minimizing financial burdens

There are generally three options people have when it comes to making financial ends meet in retirement, Gene Sperling, former national economic advisor and director for the National Economic Council under Presidents Clinton and Obama, consultant for Airbnb and co-author of the report, explained in a webinar hosted by AARP last week.

They can downsize by moving away from the home and neighborhood they hope to age in, they can stay in place and face high housing cost burdens or can take out a reverse mortgage—that is if the home has significant equity in it already.

“When most Americans are 65 or older, the amount of their income going towards housing costs goes up to 40%-49%, Sperling said. “And by the time people are 75 and older, you are seeing excessive cost burdens of 60%-63% of income going to housing.”

Older adults who decide to home share can essentially have the best of both worlds. They have the chance to stay in the home they love, in the neighborhood they love and near the people they love.

Adults 75 and older who supplement their income through Airbnb home-sharing can cut the fraction of their income spent on housing in half to 34%, according to the report. For those 65 and older, they can cut the percentage of income spent on housing costs down to 26%.

“The $8,350 annually can make an enormous difference for many older Americans, because many need to make changes to their life as they age,” said Sperling. “This could include paying for in-home care or making adjustments to their home, which can also help the home be a more attractive rental. More importantly though, they can stay in a home that is safe and comfortable.”

Of Americans 65 and over who use Airbnb home-sharing, 35% report that hosting has helped them avoid eviction and 13% said that hosting has helped them avoid foreclosure.

Future of home-sharing

The impacts of home-sharing on the economies of large cities, such as worsening affordable housing issues in New York City and San Francisco, is often an argument made by the opposition, but after allowing Airbnb to enter into the Philadelphia market, there has only been great success, Michael Nutter, chair of Airbnb’s mayoral advisory board and former mayor of Philadelphia, explained.

“One of the fastest growing group of hosts is older Americans,” Nutter said on the webinar. “They are actively engaged in hosting and having people in their homes. People have been opening their homes for a long time, it’s just a new variation on an old theme.”

Even more, older hosts through Airbnb were found to be some of the highest rated on the platform. Of the hosts reported on, 63% of trips hosted by women 65 and older resulted in a 5-star review.

This movement of aging in place will only see more growth in the coming years, Sperling added.

“Right now there are 46 million people age 65 and older, but that number will increase to 70 million by 2030,” he said. “The aging of America is no longer a one generation issue.”

Written by Alana Stramowski

Article source: http://homehealthcarenews.com/2016/11/how-airbnb-is-helping-seniors-age-in-place/

Foreclosure Surprised Regions Building Owners

Foreclosure Surprised Regions Building Owners

by Arkansas Business Staff 
on Monday, Nov. 28, 2016 12:00 am  

(Mauren Kennedy)

An attorney for the owners of the 30-story Regions Center in downtown Little Rock said recently that he had no indication that a foreclosure lawsuit was being filed against the property.

“We were having discussions about resolving issues … and then they just decided to file,” said Mark Rubin, a Florida attorney who represents the ownership group. “I can tell you that I’m confident that this building is not going to change hands and this building is not going to be foreclosed on.”

Wells Fargo Bank filed the foreclosure lawsuit in Pulaski County Circuit Court on Nov. 8. It alleged the 32 LLCs with an ownership interest in the building defaulted on the $32 million loan used to buy the property in 2006. As of Nov. 7, according to the bank, the defendants owed $29.6 million.

Wells Fargo has also asked for an emergency hearing for appointment of a receiver. That hearing is scheduled for Jan. 12 in front of Pulaski County Circuit Judge Chris Piazza.

Rubin said that the ownership group has some claims against the building’s lender, but he declined to go into details.

“Sometimes when there’s a dispute in a local market, vultures start to circle and think that there’s money to be made,” Rubin said.

<!––>

Earlier this year, the 547,000-SF Regions Center was listed for sale with a $40 million asking price. Rubin said earlier this month that the building was no longer for sale.

About two weeks before the foreclosure suit was filed, Rubin told Whispers that the building had had some interest from buyers.

And when asked about a foreclosure lawsuit that might have been in the works, Rubin called it “wild speculation. … Actually, I’m somewhat offended by that because I don’t know why a rumor like that would be circulating.”

Wells Fargo, though, said in its lawsuit that it had sent “multiple notices of default” to the borrowers.

The top stories of the day, right to your inbox

The loan matured on Sept. 1, triggering a default the borrowers failed to cure under provisions of the 2006 funding agreement.

Article source: http://www.arkansasbusiness.com/article/114324/foreclosure-surprised-regions-building-owners