Bradford Richmond Bosley

My mother’s eldest brother, Brad Bosley, passed away suddenly this past Monday.

He had been living in Atlanta with my cousin Mark for the past three years or so. Mark had been caring for his father after a series of strokes. Uncle Brad passed in his sleep.

~*~

Dinner for the ingroup: Friday anytime after 5:00 PM at 148 Eaton St, Buffalo NY
Viewing: Saturday, 17 September, 4-8 PM at John E. Roberts Funeral Home, 280 Grover Cleveland Hwy., Amherst NY

Gathering for the outgroup: Sunday, 18 September at 5 PM, TBA.

Memorial Service: Sunday, 18 September at 7 PM at Kingdom Hall of Jehovah Witnesses, 185 Kensington Ave. (Monticello Side), Buffalo, NY.

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A Good Idea

Government Should Convert REOs to Rentals

Excerpt:

“The government’s plan to dispose of the more than 250,000 foreclosed homes in its portfolio needs to include women and minority business owners and skew toward converting the properties to short-term rentals, according to an organization representing female real estate brokers.”

“The state of real estate owned disposition in the United States requires a significant rethinking in order to restart America’s housing economy,” said a proposal from the National Association of Women REO Brokerages.

“The group advocates three- to five-year REO rental strategies that keep current tenants, who may be former homeowners, in single-family REO residences “as a market-specific solution to meet increased rental demand and stall weakening home prices.”

Full article is here.

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Mortgage Industry Could be Headed for Deconsolidation

Excerpt:

“Before the housing bubble burst, many believed the nation’s five biggest banks would control 90 percent of U.S. mortgages, but some experts now believe mid-size lenders will have greater opportunity to enter the market, National Mortgage News reported Aug. 31.”

“Currently, Wells Fargo, Bank of America, JPMorgan Chase, Citigroup and Ally Financial hold 60 percent of the servicing market, but National Mortgage News reported that the trend toward consolidation appeared to be reversing, particularly now that Bank of America is selling off portions of its servicing portfolio.”

Full article is here.

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Mortgage rates fall to lowest level since 1950s

Excerpt:

…But few Americans can take advantage of the rates to refinance or buy a home.

The average rate for a 30-year fixed mortgage fell to 4.12%, from 4.22%, Freddie Mac said Thursday. That’s the lowest level on records dating back to 1971.

Freddie Mac says the last time rates were cheaper was 1951, when most home loans lasted just 20 or 25 years.

Full article here.

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Bank of America will eliminate 30,000 jobs

Excerpt:

“Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It’s the largest single job reduction by a U.S. company this year.”

“What CEO Brian Moynihan is trying to do is nothing less than save the nation’s largest bank. Investors have cut the bank’s market value by half this year. The bank is facing huge liabilities over soured mortgage investments and concerns over whether it has enough capital to withstand more financial shocks.”

As usual, lower level employees suffer for the corruption and malfeasance of top management.

Full article here.

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Bill Biggart’s Last Assignment

With dozens of other professional photojournalists, Bill Biggart was there when the towers collapsed and lost his life. His film cameras were destroyed, but the flash card in his Canon D30 survived.

“As you scroll through 150 pictures or so, you are not only just looking at a guy on the street making deliberate pictures, but they are framed a certain way, tells us something about the photographer as well.

“As you get there, the unique angle of looking straight up at the buildings, you never saw that from anybody else. As you go through the timestamps, the cloud of dust comes towards you. You just see this massive cloud framed with fire trucks and police cars, and firemen and policemen.

“He is going closer and closer, as you go through, you see peoples reaction, and you see how people are handling all this… every one of Bill’s pictures are about people and how they are reacting to this story. We need to remind ourselves this story isn’t about buildings, but about how people are effected by the loss of these structures.

“So we track through to the end, and we see the second to the last frame. He is moving forward, he is walking down West street, and he is moving towards the pedestrian overpass connecting the World Trade Center and the World Financial Center. Bill is getting closer and closer, and you see more firemen and fire trucks and the second to the last frame you see policemen, and fire trucks under the overpass.


“And then you see the last frame that nobody else will ever have. You see the honeycomb pieces of the first building… and we see half of the hotel that was destroyed as well. After the second building fell, the hotel, the Marriott I think, was gone. You see it cut in half from what fell from the first building and it is time stamped 10:28 and 24 seconds. Basically that time stamp is the end, because at 10:30 is when the second building came down.”

Source and image gallery

But for the grace of fate, that could easily have been me.

It is worth remembering that modern terrorism moved into urban centers precisely to ensure the presence of cameras and media to broadcast the horror to the widest possible audience.

It is entirely about creating spectacle.

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U.S. sues 17 banks over MBS sold to Fannie, Freddie

Excerpt:

“The Federal Housing Finance Agency sued 17 banks Friday, seeking damages from the sale of soured mortgage-backed securities to Fannie Mae and Freddie Mac.

The banks include Bank of America and its two acquisitions Countrywide Financial Corp. and Merrill Lynch.”

“Other American firms targeted include Citigroup, JPMorgan Chase , Goldman Sachs, Morgan Stanley, Ally Financial, General Electric Co., (and First Horizon National Corp.”

Wells Fargo is missing from the FHFA lawsuits.

Here’s the top 4:

PMorgan Chase: $33 billion
RBS: $30.4 billion
Countrywide: $26.6 billion
Merrill Lynch: $24.8 billion

Full article here.

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Port Angeles Harbor

Looking across Port Angeles Harbor, with two sailors tucked in for the night.

 

Left to right, day breaks across this image… (click on it for larger size)

 

…and the sun rises across the calm harbor.

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National Appraisal Firms Said to Roadblock Home Mortgages

Excerpt:

“The trouble with appraisal management companies is that many of the appraisers they contract are not local and not familiar with the area, said Claudine Claus, president & CEO of Home Financing Center, one of the largest independent, privately-owned mortgage lenders in South Florida.”

“Price and quality also come into play, she said. “The management company is earning a fee, and therefore the appraisers they contract are getting paid less. So they tend to be in a hurry or not very experienced.”

Full article here.

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Friends From Back East!

I worked with David Phillips at Hell Atlantic in Buffalo. He and his family took their vacation here in the Northwest, and I am thrilled they made some time for us to get together and reminisce over dinner!

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Appraisal Management Companies Create More Problems Than They Solve

From American Banker, Excerpt:

“Imagine needing a medical doctor and having to go through an intermediary who will decide which doctor you may visit, and that doctor is chosen primarily on his fee charged, not expertise.”

“Consumers are paying more for residential appraisals. The appraisers who are doing the work are receiving a fraction of what they once earned. Unfortunately this structure has chased away many good appraisers who are unwilling to do more work for much less money.”

“I currently have a client who paid $500 for a single-family residential appraisal. Prior to HVCC this report would have cost my client $350. Then they were forced by the lender who also owns the AMC, to spend an additional $240 on a field review of that very report, done by an appraiser also chosen by the same AMC. The field review confirmed the exact dollar value of the first report.”

Full article here.

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