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Vanguard Stops Taking Apps; Fed Owns How Much Agency MBS?

How much would you pay to drive a cab? In New York City, in 2014, the price of a Taxi Medallion hit $1.3 million. With Uber and Lyft, Medallions are now running in the $200,000s to the $500,000s. These valuable licenses that allow yellow cabs to operate have historically been a solid investment for owners. I mention this because there are credit unions that allowed medallion owners to take out lines of credit using the medallion as collateral. Due to the collapse in value, enough medallion owners are now underwater that three New York lenders have been placed into conservatorship.

Events and Training

FAMC has published its August 2017 Wholesale “Monthly Customer Training Calendar”.  This month’s calendar offers a variety of training opportunities such as “Loan Processing”, “Mortgage Fraud:  Potential Red Flags”, “Self-Employed Borrower:  SAM Part 1, Personal Tax Returns”, “LinkedIn Strategies for Loan Officers”, and “Blueprint for Taking a Quality Application”.

Did you know that Fannie Mae provides participating servicers with free loss mitigation training? Fannie’s Know Your OptionsTM Customer CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars each month in August and October. Sign up to learn how to leverage your own servicer model to develop rapport and establish consultative customer relationships, communicate more effectively with borrowers about their options to avoid foreclosure, increase your workout percentage, and more. Its August webinars are scheduled for the 8th and 17th of August; learn more and register today.

Don’t miss the NMMLA August 10th Seminar Luncheon at the Tanoan Country Club. Guest speaker Jack Konyk will discuss recent enforcement actions by the CFPB and others as they pertain to “cooperative” business sourcing and mortgage advertising.

Take a look at the Freddie Mac Learning Center web page for training resources on how the latest addition to the Freddie Mac Loan Advisor Suite – Quality Control AdvisorSM - can be your end-to-end solution for managing the entire post-funding quality control and remedy process.

Sign up for the Freddie Mac free 90-minute webinar ( August 9th, 16th, September 6th and 20th currently available) detailing to discover the possibilities with a Home Possible® mortgage. Home Possible offers you the opportunity to meet the home financing needs of low- and moderate-income borrowers looking for low down payments and flexible sources of funds.

Or there’s Freddie Mac’s free 2-hour webinar ( August 9th and 23rd currently available) detailing the process to input data for Freddie Mac Flex Modifications into Workout Prospector® and continues through the entire process to achieve a successful settlement. Processing tips and best practices are also provided.

MBA Education offers a new program for mid-senior level risk managers, developed in collaboration with The University of Maryland’s Robert H. Smith School of Business. This course will lead students through the core risk management concepts in mortgage finance while incorporating real-world applications and group exercises. The program will be led by Clifford Rossi Ph.D., Professor Executive-in-Residence and Professor of the Practice at the Robert H. Smith School of Business. Clifford, who was previously Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group, will be joined by industry experts from the GSEs and other mortgage finance institutions. There are currently two options are available for those interested in the program. A half-day workshop will be held in conjunction with MBA’s Risk Management and Quality Assurance Conference on September 26th, in Miami. The first full offering of the Advanced Risk Management for Mortgage Professionals will be in Washington, DC in mid-October. For more information, please contact David Upbin.

When I think Phoenix, I think August. But maybe hotels are cheap? FHA is offering a free onsite classroom training in Phoenix. Training will cover a wide variety of topics including Single Family Housing Handbook 4000.1, underwriting the FHA appraisal, Endorsement protocols, the new Defect Taxonomy and Loan Review System (LRS). Registration is underway for this 2-day training, August 15th  16th.

Company News

If your entire 401(k) is in shares of Ellie Mae, my sympathies – kind of. The price per share is still up about 10% for 2017, which is good for your retirement, but ELLI was down on Friday, at one point, 23% to $84 – its biggest intraday percentage drop ever. The company’s EPS and revenue guidance for Q3, FY2017 fell below estimates. ELLI’s Q2 earnings also missed estimates as its customers face lower loan volumes due to declining refinance activity and tight housing inventory. “Despite mortgage volumes being down 8% in the second quarter, we were able to grow revenue 16% year-over-year and increased revenue 20% in the first half of the year with volumes down 3%,” said Jonathan Corr, president and CEO of Ellie Mae. One should note that up to Thursday’s close, stock had risen 31% so far this year.

And what about independent mortgage banker Vanguard Funding out on Long Island? On July 10th of this year, Vanguard Funding, LLC had their NY Mortgage Bankers license purportedly suspended – not good when your headquarters are in that state. This is on the NMLS Consumer Access page. If you go to the website, management has this message: “WE ARE CURRENTLY NOT ACCEPTING APPLICATIONS”. All of this prompted one to send me, “Messages in bold are usually not a good thing. Vanguard definitely had some internal issues plaguing them, but it’s always a surprise to see a good sized fellow IMB apparently closing up shop.”

Capital Markets

Being one, I know that capital markets folks are often accused of cyphering (putting a message into secret writing). We’re pretty good at deciphering as well. What does the Fed reducing its balance sheet mean for LOs and their borrowers?The NY Fed released a new two-week FedTrade schedule covering the July 28 to August 10 period, and it showed about $1.2 billion a day of Agency MBS purchases. If lenders originate $1.6 trillion total of residential mortgages in 2017, that is $6.4 billion a day – including jumbo, non-QM, and bond programs – non-agency stuff.

I bring this up because at some point it will end – and the Fed has done a fine job telling us that. Michael Ehrlich with ThomsonReuters kindly crunched a few numbers for me to determine that there is $5.5 trillion of Ginnie, Fannie, and Freddie (Agency MBS) out there. Of that, the Fed owns about 1/3 – $1.75 trillion – or more than a year’s production of all types of residential mortgages. Not only that, but remember that the Fed was a big buyer when 30-year rates were .75% lower than where they are now, so those bonds are underwater by several points.

The Fed doesn’t want to spook the markets, drive long-term rates higher, sell in a poor market, or negatively impact the U.S. housing market. But the industry is worried about the pace of the Fed selling over a year’s worth of underwater agency mortgage-backed securities. Who out there in the U.S. or world wants to own billions of dollars of fixed-rate 30-year 3.5% mortgages? A slower solution would be to merely stop reinvesting early prepayments.

Looking at interest rates, the U.S. Treasury market, and along with it MBS, traded higher when the U.S. GDP report for the second quarter was a tad weak in the inflation reading. And the U.S. Employment Cost Index grew less than expected. Of note is that U.S. household saving fell to 3.6% in Q4 of 2016, the lowest rate in nine years! The treasury rally extended on the back of reports that North Korea had conducted a missile test with the 10-year yield touching a low 2.287% before pulling back. The 10-year note price improved nearly .250 and the week ended with it yielding 2.29% (up 5.5bp on the week).

But it is a new week, with today being the last business day of July, for economic news. Not much happened over the weekend to move the markets, although in U.S. politics the narrative is shifting away from healthcare toward tax reform but it will probably be at least a couple of months before a credible and plausible plan emerges. Donald Trump isn’t dropping the repeal/replace efforts in health care, and some believe that this could undermine the ACA exchanges further by withholding subsidy payments.

For economic news, later this morning we’ll have the Chicago Purchasing Manager’s Index and Pending Home Sales for June. Tuesday has Personal Income and Consumption/Spending (an index tracked closely by the Fed), the PCE figures, Construction Spending, and ISM Manufacturing Indices. Wednesday is the MBA’s application survey for last week and the ADP Employment Report. Thursday brings Challenger Job Cuts Report, Initial Claims, Factory Orders and ISM Non-Manufacturing Index. Friday closes out with the Employment Report and International Trade. We start with rates little changed versus Friday evening: the 10-year is yielding 2.29% and agency MBS prices are “unched a bunch.”

Jobs and Products

Fresh off its second rated securitization in 2017 of non-QM loans by Angel Oak Capital, Angel Oak Mortgage Solutions, “the leader in the non-QM space, announced the addition of 5 more AEs to help brokers grow its business across the country. David Hill joined in Atlanta, Gerica Coad in Sacramento with Sal Perez (Inside Sales), Stacy Flanigan in Tampa and Denise Perez in Fort Ft. Lauderdale. And Angel Oak Mortgage Solutions is not done, as it continues to hire additional Wholesale Account Executives across the country as well as underwriters and other operations positions in its Atlanta headquarters. Come build your career with the nation’s top Non-QM lender by visiting or watch this clip from Mortgage News Network’s Top Mortgage Employer’s interview for more information.”

Maxwell recently announced the release of their API integration with LOS provider, LendingQB. This integration allows documents and data to flow between the two systems and enables Maxwell to keep stakeholders in the mortgage informed about progress. Maxwell is the leading software for non-bank lenders to compete, enabling loan officers to provide a digital and customizable loan application, automatic document collection, and automated notifications reminders to keep the process moving. Maxwell’s API has always allowed connectivity to your LOS, and with a direct LendingQB integration it will sync and update with the click of a button, allowing you to increase productivity, grow your business, and provide the ultimate borrower experience. To learn more and request a demo visit

SocialSurvey has launched their Enterprise Reputation Management platform for 3 more lenders in the past few weeks. These lenders are: American Interbanc MortgageFrost Mortgage Group, and Synergy One Lending. Also launching in the next few weeks will be: NFM Lending, First Commonwealth Bank and Central Bank of St. Louis. Check out what one new user said, “SocialSurvey has help me increase my online presence and highlight my client relationships. This has driven more business to Embrace Home Loans!” As soon as a survey is completed, feedback from the happiest customers will be automatically shared on social media sites and web-pages to leverage your company’s great client experiences into more business. Learn how it works and how easy it is to launch with them by contacting Craig Pollack. If your company is not actively managing your online reputation, then you are giving the microphone to your unhappy customers and letting them control the narrative.

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Foss: Despite Trump’s advice, I do worry about my house

My husband and I have spent the past seven months renovating a vacant house, and we’re finally moving into it this weekend. 

To say my thoughts have been dominated by this house — and all the work involved in making it habitable again — is an understatement. 

So it was a bit jarring to hear the president of the United States suggest that maybe houses don’t deserve all that much consideration, after all. 

RELATED: Editorial: Don’t totally dismiss Trump’s upstate remarks

“Don’t worry about your house,” President Donald Trump said, in comments to the Wall Street Journal encouraging residents of upstate New York to move to places where job prospects are better. 

Don’t worry about your house? 

This falls into the category of advice I’d love to take, but know is ill-advised. 

Trust me, I’d love not to worry about my house. 

But it’s the biggest investment I’ve ever made in my life, and I don’t have that luxury. Nor do most Americans. 

In fact, sometimes people email to tell me that they would pick up and move — if only they could sell their homes without taking a major financial hit. Maybe it’s easy to walk away from a house if you’re a billionaire. Most people aren’t billionaires, though. 

Trump’s remarks are easy to mock — where, exactly, is this “upper New York State” he referred to? — but they got a huge reaction, and there’s a reason why. 

In his clumsy way, the president tapped into something that’s a real concern, especially if you live upstate — the steady loss of manufacturing jobs, and subsequent population decline. I saw more than one person remark that Trump’s remarks made sense — that people should relocate to communities with better opportunities. 

Which might be a good strategy for some people. 

But it’s not a real solution to the region’s struggles. 

It doesn’t create jobs for the people who live in upstate New York,and it doesn’t make it easier for people to buy and own homes, or to avoid foreclosure and bankruptcy when times get tough. 

If anything, Trump’s remarks suggest he believes upstate New York is so hopeless that the process of disinvestment and abandonment that began decades ago should be accelerated. Rather than developing a strategy for fighting these trends, people should embrace the inevitable and look elsewhere for hope and prosperity. 

How you feel about Trump’s remarks probably depends on how you feel about upstate New York.

If you feel things are never going to get better, you might have found yourself nodding your head with approval. If you feel things are getting better — and will continue to get better — you probably found yourself frowning a little bit as you processed the president’s words. 

Personally, I think things are getting better. 

But you don’t have to look too far to find evidence of hardship and decline, especially when you survey the Capital Region’s housing stock. 

Thousands of area residents have walked away from their homes, usually as a result of some sort of calamity, which is why vacant, deteriorating properties abound. The typical vacant house symbolizes failure and loss, and those who lose their homes, or are in danger of losing their homes, spend a great deal of time worrying about it.  

I’m not in danger of losing my home, but if there’s one thing I’ve learned about home ownership, it’s that it’s a constant source of worry, even when things are going just fine. 

So don’t tell me not to worry about my house. 

Because that’s just not an option. 

Reach Gazette columnist Sara Foss at Opinions expressed here are her own and not necessarily the newspaper’s.

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New future awaits former Winery at Elk Manor

ELK NECK — Nearly one year after it abruptly closed its doors, leaving couples scrambling to find a new wedding venue at the height of marriage season, the former Winery at Elk Manor awaits a new future after a federal court approved its sale.

The former event venue and never-fully-operational winery, owned first by former Google executive Simon Tusha, of Forest Hill, and later by his wife, Gretchen, closed abruptly in the first days of August 2016 without notice, sending ripples across the region as media swarmed the bucolic venue at 88 Rivers Edge Road to find a closed sign on the gate and alternative vendors reached out to affected couples offering their help.

The operation at Elk Manor was impacted by Tusha’s guilty plea in a federal tax fraud case. On May 20, 2016, he pleaded guilty to conspiracy to obstruct and impede the IRS, defrauding the government of nearly $1 million in tax returns.

Tusha admitted in federal court that he received some $3.2 million in kickbacks from companies in the United Kingdom and the Netherlands that were negotiating contracts for data centers with Google and then hid the money from his employer and the IRS through a series of shell companies he and his co-conspirators created, according to U.S. District Court records.

While he tried to reassure worried couples that his plea would have no impact on the venue, it actually would have dramatic consequences. The circumstances of his legal case pushed a nearly $5 million business loan from BBT Bank into default and ultimately the Tushas agreed to a judgment against their business.

Since then, the property has been winding its way through the bankruptcy process over the past nine months, beginning first as Chapter 11 to reorganize its debt, but entering into Chapter 7 liquidation this spring due to “gross mismanagement of the estate and failure to file a plan and disclosure statement,” according to federal court records.

On July 6, the U.S. Bankruptcy Court for the District of Maryland approved the sale of the 150-acre property along with its winery, four residential buildings, two offices, two event halls and two barns to 88 Rivers Edge Road LLC for $3.35 million.

The limited liability corporation was formed by Michael Novak, president of a Baltimore building restoration company, earlier this year as he negotiated to buy the former winery’s note from BBT Bank. While the Tushas had marketed the property at $9.9 million before entering bankruptcy, a recent appraisal placed it at about a third of that value, which Novak agreed to. According to court filings, he has no connection to the Tushas.

On Friday, Novak confirmed that he was Elk Manor’s buyer, but declined to elaborate on his plans for its future, including whether it would become a private residence or continue in commercial operations, explaining that it was too preliminary to discuss.

The sale was brokered outside of a public auction, which creditors twice tried to hold only to be stymied by bankruptcy filings, but in doing so allowed the property to avoid foreclosure, in which creditors outside of the primary lienholder would have received nothing.

In settling the estate’s debts, Novak also agreed to pay smaller creditors. While the Maryland Casino Business Investment Fund held a $490,000 judgment against the Elk Manor for defaulting on a 10-year note, it will recoup only $20,000 through the sale, according to records.

While the former venue’s future is on the way up, its one-time owner is still dealing with the repercussions of several criminal cases.

In November, he was found guilty of second-degree assault related to a September 2016 spousal abuse incident and was later sentenced to three years in prison, with seven years suspended. Now in Dorsey Run Correctional Facility, he is appealing that case along with five counts of violating a protection order, and will be back in court in August.

Meanwhile, Tusha still awaits sentencing on his federal charge of conspiracy to obstruct and impede the IRS, in which he faces up to five years in prison or a fine of up to $250,000, or both.

His sentencing date in that case, now scheduled for Oct. 10, as been delayed five times, according to federal court records. According to federal court records, the postponements are due to Tusha’s planned cooperation and testimony in the Netherlands connected with the larger bribery case.

In late 2016, Dutch prosecutors capitalized on the American investigation to charge Rudy Stroink and his wife with money laundering, fraud, forgery and membership in a criminal organization. Stroink, who is one of the Netherlands’ richest men, a major developer and a media personality, and his wife are accused of paying 1.7 million euros — about $1.8 million — in bribes to Tusha for favorable conditions related to a Google contract for a data center in Eemshaven, Netherlands, a North Sea port city near Germany.

Asserting Stroink’s innocence, his legal team has already begun a public campaign to attack Tusha’s reputation ahead of any planned testimony in the case.

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Investor claims Midtown skyscraper project runs foreclosure risk …

A skinny skyscraper under construction on Billionaire’s Row in Midtown is at risk of foreclosure because of “egregious oversights,” including the failure to budget for construction cranes, a new lawsuit charges.

Real estate investor AmBase Corp. sued Wednesday in Manhattan Supreme Court, seeking to protect the $70 million it has poured into the planned 82-story luxury residential tower at 111 W. 57th St.

So far less than 20 stories of the building – touted as the world’s skinniest — have been built, surpassing the historic Steinway Tower at its base.

In June a lender, Spruce Capital, declared the sponsors of the project were in default of a $25 million loan amid budget overruns in excess of $50 million, the suit says.

School construction disrupts Manhattan neighborhood

“Mismanagement has resulted in overruns … apparently attributable in part to egregious oversights like neglecting to budget for construction cranes needed to construct a Manhattan skyscraper,” the complaint reads.

AmBase won a temporary restraining order Wednesday blocking Spruce Capital from taking ownership of the development. AmBase also sued the project’s sponsors, Kevin Maloney and Michael Stern. Calls to Spruce, Maloney and Stern were not returned.

Real estate investor AmBase Corp. sued Wednesday in Manhattan Supreme Court, seeking to protect the $70 million it has poured into the planned 82-story luxury residential tower at 111 W. 57th St.

Ambase attorney Stephen Meister said he suspects the default is part of a maneuver to cut his client out of the project.

“There’s no fathomable reason, other than a nefarious one,” he said.

S.I. man busted in $1M real estate scheme targeting the elderly

A real estate attorney who asked to remain anonymous said it’s clear the project is in trouble, but predicted it would still be completed.

“If they didn’t budget enough money for cranes, then everyone on the project should be fired,” the lawyer joked.

The troubled development is on the same block as One57, a luxury skyscraper that in June saw two condos be scheduled for foreclosure auction.

Tags: midtown new york construction lawsuits manhattan real estate Send a Letter to the Editor Join the Conversation: facebook Tweet

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That Rare Foreclosure Opinion from the 3rd DCA? It Didn’t Mention ‘Standing’

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Supporters rally around woman on Cedarwood Terrace as she faces another eviction






Here’s a breakdown of the stories right now at
Virginia Butler

About a month after being evicted, Elizabeth McGriff returned to the home she lost in foreclosure. ”It was open,” she said. “I just moved back in.”

A year has gone by, and she has gotten another eviction notice. Housing rights activists, homeless shelter leaders, community land trust members, priests, religious sisters and neighbors are taking shifts sitting at 618 Cedarwood Terrace, hoping to dissuade sheriff’s deputies from putting her out on the street again. 

Her supporters say they are taking a stand against an impenetrable financial system that condones predatory lending practices and crushes people like McGriff, who fell behind on mortgage payments after losing her job. 

McGriff’s home is now owned by Midfirst Bank, a financial institution that she had never heard of before learning that it owned her mortgage. McGriff took out a loan to help pay for the three bedroom house she bought for $53,000 in 2001. After she lost her job in 2008 she missed a number of payments. The mortgage was sold and resold, as was common during an era when banks were purchasing distressed mortgages as investments, hoping to turn a profit when they foreclosed on the properties and sold them, or collected insurance for them. 

Once McGriff got back on her feet, she says she tried to catch up on her payments and renegotiate the terms of her mortgage with Midfirst, but got nowhere. With a new job she had a willingness and ability to pay, but the bank foreclosed on her home. To buy it outright, would have require her to come up with more than $100,000 in cash.

Her cause since has been taken up by Take Back the Land Rochester, a local branch of a national housing rights organization. The group helped prevent a number of eviction attempts against McGriff and supported her efforts to reoccupy the house after she was evicted.  On Friday morning, supporters tied a massive red, black and green banner across the front of the house that read “Take back the land.” Smaller posters said “Housing is a human right” and “Greedy banks love vacant homes.”

I can’t give you Midfirst Bank’s side of the story. None of my calls and emails to the bank were returned. McGriff’s house, assessed at $73,000, probably isn’t a huge priority for this Oklahoma City-based bank, which has more than $14 billion in assets. 

The fact that the house is an infinitesimally small part of the bank’s portfolio makes some hopeful that Midfirst might agree to sell the property back to McGriff under affordable terms, or sell it to the City Roots Community Land Trust, a non-profit whose mission is to preserve housing affordability in Rochester through community-owned-and-managed land. 

“We would love to see our elected officials and public joining us in saying to Midfirst through letter writing and phone calls. ‘Hey, don’t let this be another vacant home.’  Come to the table. We have a not-for-profit that is willing to steward the affordability,” said Joe Di Fiore, president of the board of City Roots Community Land Trust. 

Since Monday, there have been daily community rallies and religious services on McGriff’s lawn on Cedarwood Terrace. Mayoral candidates Rachel Barhart and Alex White attended Thursday’s rally, along with City Council candidate Mary Lupien. 

Attendees were encouraged to call Midfirst and ask them to negotiate. Rev. Maya Brown, who presided over a religious service at the home on Wednesday, said she had been tweeting at the bank to try to get its attention. 

So far, the efforts have been for naught. ”You can’t talk to a decision maker,” said James Murphy, a Catholic Worker for Saint Joseph’s House of Hospitality who has tried to negotiate with the bank on behalf of McGriff. He was in the first shift of house-sitters on Friday morning. ”Everytime we felt we were getting somewhere, they would switch us to a new person who knew nothing about the situation.”  

Murphy said he wishes local governments would enact a moratorium on using community policing resources to evict people for out-of-town banks. The practice, he says, simply creates more vacant homes that cause a host of problems for neighborhoods. 

Midfirst currently owns about 30 homes in Rochester. All are vacant, except McGriff’s. By 4 p.m. Friday, no sheriffs had shown up to evict her. The uncertainty is nerve-wracking, she said, but she holds out hope that the bank will have a change of heart. “Our community has been devastated by foreclosures,” she said. ”I am hoping there is a miracle.”  

Erica Bryant is the Pay it Forward Columnist. Contact her at

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Lawyer convicted in mortgage scheme now accused of hiding assets to avoid restitution

Steven Barry Ruza 

MASON, MI — An attorney convicted of conducting a mortgage scheme was charged Friday with four additional felonies for trying to avoid paying restitution to the victims of his scam. 

Steven Barry Ruza, 54, of Shelby Township was charged in Ingham County’s 55th District Court with several crimes related to the alleged scam, according to the Michigan Attorney General’s office, which filed the charges.

Ruza is accused of using someone else’s identity to hide assets that could be used to pay the $348,025.50 in restitution he still owes to the Department of Attorney General’s Foreclosure Rescue Scam Victim Restitution Fund.

“This individual shows a clear disregard for the law. Less than one year after admitting guilt in a scheme that scammed many, out of not only their money but their homes, he is allegedly breaking the law once again in order to avoid his legal obligations,” said Attorney General Bill Schuette in a statement.

Ruza was ordered to pay $610,000 in restitution following a 2015 conviction for conducting a criminal enterprise.

He and his business stole hundreds of thousands of dollars from clients who were facing mortgage foreclosures and seeking assistance, investigators found.

Ruza, of Orchard Lake, and his company, Home Legal Group, promised upwards of 114 victims they could obtain mortgage modifications and save their homes from foreclosure, but then did nothing, or very little, to obtain mortgage modifications for the victims, prosecutors alleged. They did, however, collect hundreds of thousands in fees. 

He eventually pleaded guilty to one count conducting a criminal enterprise and was sentenced to one year in jail and five years probation. He was released from jail in September 2016, according to the Attorney General’s office.

The attorney general’s office got a tip earlier this year that Ruza had hidden a large sum of money. An investigation revealed Ruza allegedly got a driver’s license in December 2016 with his photo, but someone else’s name, using the birth certificate of the person whose identity he stole, according to the Attorney General’s office. 

Ruza is also accused of falsifying information on a car title application, saying he bought a used vehicle for $500, but really paying thousands of dollars in cash for the car, prosecutors allege.

The new charges against Ruza include one count of perjury, one count of false statement in application for certificate title, one count of false certification – driver’s license and one count of identity theft.

Magistrate Mark Blumer set a $150,000 cash or surety bond. Ruza was also ordered to turn over all driver’s licenses and passports in his name or any other name.

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Foreclosure executed by Ingalls – The Auburn Villager : Legals



Default having been made in the payment of the indebtedness secured by that certain mortgage executed by C Kyle Ingalls and Terri L. Ingalls, as husband and wife, originally in favor of Troy Bank and Trust Company, Inc., on the 18th day of April, 2008, said mortgage recorded in the Office of the Judge of Probate of Lee County, Alabama, in Mortgages Book 3560, Page 77; the undersigned Federal National Mortgage Association (“Fannie Mae”), as Mortgagee/Transferee, under and by virtue of the power of sale contained in said mortgage, will sell at public outcry to the highest bidder for cash, in front of the main entrance of the Courthouse at Opelika, Lee County, Alabama, on August 24, 2017, during the legal hours of sale, all of its right, title, and interest in and to the following described real estate, situated in Lee County, Alabama, to-wit:


Lot Number Seventy-two (72) in Asheton Park, Second Addition, a subdivision, as shown by plat of survey thereof prepared by T. Richard Fuller, Licensed Surveyor, Alabama Registration No. 7384, dated December 9, 1994, and recorded in Town Plat Book 17, at Page 55, in the Office of the Judge of Probate of Lee County, Alabama.


Property street address for informational purposes:  226 Asheton Lane, Auburn, AL 36830




Alabama law gives some persons who have an interest in property the right to redeem the property under certain circumstances.  Programs may also exist that help persons avoid or delay the foreclosure process. An attorney should be consulted to help you understand these rights and programs as a part of the foreclosure process.


This sale is made for the purpose of paying the indebtedness secured by said mortgage, as well as the expenses of foreclosure.


The successful bidder must tender a non-refundable deposit of Five Thousand Dollars ($5,000.00) in certified funds made payable to Sirote Permutt, P.C. at the time and place of the sale. The balance of the purchase price must be paid in certified funds by noon the next business day at the Law Office of Sirote Permutt, P.C. at the address indicated below. Sirote Permutt, P.C. reserves the right to award the bid to the next highest bidder should the highest bidder fail to timely tender the total amount due.


The Mortgagee/Transferee reserves the right to bid for and purchase the real estate and to credit its purchase price against the expenses of sale and the indebtedness secured by the real estate.


This sale is subject to postponement or cancellation.

Federal National Mortgage Association (“Fannie Mae”), Mortgagee/Transferee


Elizabeth Loefgren


P. O. Box 55727

Birmingham, AL  35255-5727

Attorney for Mortgagee/Transferee



The Villager

July 27, August 3, August 10, 2017

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With Costs Soaring, SHoP-Designed "World’s Skinniest Skyscraper …

Renderings from 111 West 57th’s teaser site. Image via 111w57

The SHoP-designed 111 West 57th Street, “the world’s skinniest skyscraper,” is at risk of never being completed due to soaring construction costs, the New York Post has reported. With fewer than 20 of the supertall skyscraper’s 82 stories currently constructed, a lawsuit filed by investment group AmBase is claiming the project is already $50 million over budget due in part to “egregious oversights” including neglecting to factor in the cost of construction cranes.

Renderings from 111 West 57th’s teaser site. Image via 111w57

AmBase’s suit is targeting the project developers, Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group. As reported by The Real Deal earlier this month, the two parties had developed a contentious relationship as early as last year when AmBase sued the developers for allegedly diluting their stake in the project.

The most recent news comes after the owners – Maloney, Stern and AmBase – defaulted on a $25 million loan payment to Spruce Capital Partners in June, putting the project at risk of foreclosure. A court ruling this week blocked Spruce from taking ownership of the project for the time being, but could still allow the lender to put the property up for a foreclosure auction. 

Renderings from 111 West 57th’s teaser site. Image via 111w57

A lawyer for Stern has responded to the most recent suit as “baseless.”

Court records show the original construction budget was filed at $855 million in June 2015.

News via New York Post, The Real Deal. H/T Curbed.

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