Tuesday, March 30, 2010

The Niche Report - Free To Choose by Lamarr Banks

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March 09, 2010

Free To Choose by Lamarr Banks



Since May 1st 2009, a law was put in place in regards to appraiser, lender, Broker and Realtor relationships. The idea was to sever the appraisers ties primarily with Brokers and lenders in order to help stop the possibility of coercion. It is the Home Valuation Code of Conduct (HVCC).


Since then, appraisal management companies have become the source of work for appraisers. The amc’s control how an appraiser is paid, when an appraiser is paid, how much an appraiser is paid, where an appraiser will work (yes, they can turn down an assignment, but when you do not receive a lot of work?) and in some cases the appraiser is charged to use the amc’s “portal”. Since then, many Brokers have complained about the accuracy and the efficiency of appraisal reports.  


One has to ask, “Has the task that HVCC set out to accomplish been achieved?”



  • If a homeowner cannot select their own appraiser, in a way to protect themselves,

  • If a broker cannot select their own appraiser who they have used for years,

  • If the appraiser is forced to work for a reduced fee and a shorter time to complete the appraisal,



One would tend to believe it is not working.


Let’s look at another scenario:


You own an automobile. You have taken your car to your trusted independent mechanic of many years to repair it. Your mechanic has always been truthful to you, even charging you less than the quote when a repair was deemed doable for a lower cost. Your mechanic has even assisted in you acquiring a loaner car when needed. The loaner car company has a relationship with your mechanic and they work together to give you a fair price for your loaner car. You have never felt that either one would “rip you off”.


A large nationwide automotive management company is found to have been ripping off customers with false repairs, and often charging customers for repairs not done. So an Attorney General decides to step in “on behalf of the entire nation” to offer a remedy. The Attorney General makes all independent mechanics across the nation join an AMC (automotive management company) in order to continue working in their trade.


What you say? Was it not a large nationwide automotive management company that caused the fiasco? Not an independent mechanic? What gives?


Now we move forward. Your air conditioning breaks down. You go to your trusted independent mechanic. Your mechanic tells you he can no longer work directly with you, and that you have to call up an AMC (automotive management company) and submit your repair request. You call, fill out the paperwork. And you wait. And you wait. And you wait. You finally have to call an automotive broker (AB) to get a loaner car so you can drive to work, etc. Five wonderful days later you finally hear from the automotive management company! They tell you your selected mechanic will be getting in touch with you!! So you wait. And wait. And wait. Finally one week later, a mechanic calls you up and you set up an appointment for the repair.


You ask what your estimated repair cost will be, they tell you that it will be a flat fee! You panic when you hear the new flat fee, as it is extremely higher than your trusted independent mechanic was. But you have no choice!!


One week later, you finally get to turn back in your loaner car to your AB (automotive broker). When you see the bill from your AB, you ask them can they not include it in the repair fee? They say no, because they do not have a relationship with the mechanic.


Once you pay the bill, you get in your car, and test the air conditioning, only to find that it does not work right. It is then that you find out that they only use “reconditioned” parts (to help cut costs), and that your mechanic (fresh out of trade school) was the most available mechanic for this type of repair. And if you wanted “new parts” you should have stated so. They also tell you they sent you the most seasoned available mechanic at the time you submitted your request, but if you are not satisfied, you are free to reapply and start the whole wonderful process all over again!


I use this scenario to hopefully hit home to what has happened to the appraisal industry, under the guise of “protecting the consumer”.


The independent appraiser will always need to exist. We are independent so we can be the other option for the consumer. This also allows Brokers and Realtors a chance to work in a free market, protecting their client base, and to service them promptly and efficiently. I am not in favor of eliminating AMC’s, but they should not be the only option regarding the appraisal of real property for banks, lenders, Brokers and Realtors……….a true free market is truly that…..free to chose!


Sincerely,

 

Lamarr C. Banks

Lamarr is an alumni of the Delta Chi Fraternity of Cal State Fullerton, President of the Black Business Network of Orange County, a member of the City of Orange Chamber of Commerce, a former Ambassador for the Chamber of Orange, former President of the Orange Chamber Ambassadors, Ambassador of the year for the Chamber of Orange 2007 and a member of the Orange Chamber of Commerce Executive Board. Lamarr has been in the Real Estate Appraisal business since June of 2001. During the Real Estate boom years, Lamarr covered most of the greater southern California area. Lamarr is currently licensed at the Certification level and is approved to do FHA appraisals. Lamarr may be reached at lamarr@getimpact.net.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

OneWest bank profit: $1.6 billion - Los Angeles Times

"This is one hell of a deal for those owners, but hardly a good deal for the banking industry, which pays the FDIC's bills," said Bert Ely, a longtime consultant to banks.

In taking over IndyMac's assets, the investor group, led by Steven Mnuchin of Dune Capital Management, put up $1.55 billion to revitalize the bank. Other investors included hedge-fund operators George Soros and John Paulson, bank buyout expert J. Christopher Flowers and computer mogul Michael S. Dell.

OneWest's financial results were filed with regulators Friday. Regulators and the investors declined to comment on the profit.

IndyMac failed in July 2008 after depositors, worried about its souring portfolio of complex mortgages, rushed to pull out cash. IndyMac specialized in loans that didn't require much borrower documentation, such as verification of income. And it became one of the earliest high-profile meltdowns in the mortgage market, which helped lead to a crisis that threatened to undermine the nation's financial system.

The run on deposits occurred too quickly for the FDIC to find another bank to take over the failing institution, forcing the agency to operate IndyMac for eight months. During that time, FDIC Chairwoman Sheila Bair oversaw the creation of an anti-foreclosure effort that became the model for the Obama administration's loan-modification program.

In selling the lender, the regulator agreed to absorb a large majority of the potential losses not yet recorded in IndyMac's loan portfolio.

The investors pledged to continue to restructure borrowers' loans.

They also said they would expand OneWest into a larger, solid retail bank. In December, they bought First Federal Bank of Los Angeles when it failed. OneWest's financial results for the fourth quarter do not include FirstFed figures.

The OneWest profit was reminiscent of those earned by aggressive investors who paid low prices for assets of numerous savings and loans that failed in the 1980s. But this time, such profit may make the FDIC a lightning rod for criticism of the government's efforts to clean up the latest debacle.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

OneWest bank profit: $1.6 billion - Los Angeles Times

Saturday, March 27, 2010

The Official Tourism Web Site for the City of Glendale, Arizona

Friday Nite Lights - Discover Downtown After Dark

Historic Downtown Glendale - Catlin Court,  Old Towne & Promenade at Palmaire, 3rd Friday’s of every month from 5-9 p.m.  

Enjoy late night shopping and dining in Arizona's Best Kept Secret - Historic Downtown Glendale. Enjoy a nostalgic hometown atmosphere as you stroll along tree lined brick sidewalks that lead to quaint storefronts and charming bungalows turned shops. You'll find many treasures you won't be able to leave behind. Friday Nite Lights is held the 3rd Friday of each month year-round excluding major US holidays. 

Start at the Glendale Visitor Center to pick up a downtown map and information. The Visitor Center will be open extended hours on the 3rd Friday of each month until 9 p.m. Mark your calendar - 3rd Fridays from 5 to 9 p.m.

Upcoming Dates:

  • January 15, 2010
  • February 19, 2010
  • March 19, 2010
  • April 16, 2010
  • May 21, 2010
  • June 18, 2010
  • July 16, 2010
  • August 20, 2010
  • September 17, 2010
  • October 15, 2010
  • November 19, 2010
  • December 17, 2010

Enjoy These Special Activities during Friday Nite Lights:

Bears & More
Enjoy a needle felting class! This is a craft that everyone can do.  All you need is some wool roving, a felting needle and a piece of foam and you can make just about anything!  Currently classes are held on the 3rd Friday of each month from 5 - 9 p.m.  Additional days and times are planned and will be added as needed.  The classes cost between $35 - $45 and that includes all your materials.  You'll end up with a finished (or almost!) animal to take home along with a needle and the basic skills of needle felting. There are no limits to this craft with all sorts of animals, ornaments, fairies, and pin cushions made with just a bit of roving and needle poking. If you aren't sure if this is for you, stop in during class time and take a peek to see what it's all about. Bears & More: 7146 N. 58th Dr. 623-931-0339.

Bitzee Mama’s
Enjoy live entertainment and 99 cent margaritas along with $ 2 domestic beers during Friday Nite Lights.  Bitzee Mamas has also kicked off their ‘Mama's Reward Club Card.’ Pick up your Mama's Club Card and get back 5% for future dining every time you eat at Bitzee Mama's.
7023 N. 58th Ave. 623-931-0562.

AZ Dolls & Gifts
During Friday Nite Lights, AZ Dolls & Gifts will be doing doll appraisals for $5 with all the monies going to St. Mary's Food Bank. AZ Dolls & Gifts: 7150 N. 58th Drive, 623-939-0284.

Enjoy Friday Nite Lights shopping and dining at many of the Historic Downtown businesses including:*

  • A Mad Hatter's Antiques
  • A Shot of Java
  • A Touch of European Café 
  • ABD Antiques
  • Antique Haven
  • Antique Nail Parlor
  • Antique Treasures
  • The Apple Tree 
  • Auntie Em’s Miniatures
  • AZ Dolls & Gifts
  • AZ Laser & Skin
  • Bears & More
  • Beautiful Spirit
  • BesO Art Gallery
  • Bitz-ee Mama’s
  • Cee Cee’s on the Corner
  • Christina’s Got Nails
  • Christmas Cottage 
  • The Clock Makers
  • Coffee & Tea Express
  • Cottage Garden I & II
  • Country Maiden 
  • The Creative Quest
  • Delfina Salon
  • Drawn to Comics
  • Evergreen Oriental Medicine
  • Glass Creations
  • Haus Murphy’s
  • Healthy Baby Happy Earth
  • Kathy’s Corner Shoppe & Cowpoke Western Store
  • La Piazza Al Forno
  • Lenny’s Burger Shop
  • Little Saigon
  • Lois' Loveables
  • Matilda's Closet
  • Mighty Cup
  • Old Time Photo's and Reyna's Flowers
  • Pals Forever
  • Papa Ed's Ice Cream 
  • Peaces of Life
  • Pink House Treasures 
  • Pizza Old Roma
  • Smilin' Jacks Pedal Cars
  • Subway
  • The Tole Shop 
  • ZANG Asian Bistro

*Shop hours subject to change on a monthly basis.
 
*** Friday Nite Lights will be held the 3rd Friday of every month, year-round, with the exception of all Major US Holidays.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Arizona Asian American Association

16th ARIZONA ASIAN FESTIVAL 2010

(click poster or here to see large printable poster)

LOCATION: Heritage Park (115 N. 6th St., Phoenix, AZ 85004)

DATES:  Saturday, April 10th - Sunday, April 11th

TIME:    10:00a.m. - 7:00p.m

 

ADMISSION IS FREE

General Information:

The primary goal with Arizona Asian Festival is to encourage the development and interest of childrens creative skills while bringing the community together in Unity, an effort to promote Diversity and support the work of Arizona Asian American Association.

East meets West at the Annual Arizona Asian Festival. This free festival features ethnic cuisine, arts and crafts, and such diverse entertainment as martial arts demonstrations, cultural dances and music from nearly a dozen Asian countries. Highlights also include Japanese Taiko drums and a fashion show with traditional Asian costumes. The Arizona Asian Festival also presents a Children's Wonderland, filled with arts and craft activities from Asian , such as origami paper doll from Japan, Kirigami paper cutting from Taiwan, wood doll from Indonesian, Philpino craft for kids.

The Avenue of Cultures provides opportunity to visit booths of different cultures for discussion and seeing different art and culture items.  Youth will be presented awards for the Essay Writing and Poster Design Contest. There will be artist demonstrations in Mehendi, a form of ancient Indian body art painting, Chinese calligraphy . Participants also have the opportunity to learn the ancient arts of taekwando and tai chi from local masters. Attendees can taste a variety of Asian ethnic foods from countries like Taiwan, Cambodia, Vietnam, Thailand, Korea, China, India, Pakistan etc. as well as purchase cultural items from various Asian booths.

 

Sponsors:

Partial funding provided by the Phoenix Arts Commission through appropriations from the Phoenix City Council; the Arizona Commission on the Arts through appropriations from the Arizona State Legislature and grants from the National Endowment for the Arts.

                               

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Forks&Corks

FAIL (the browser should render some flash content, not this).

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Artlink Phoenix

First Friday

Join us on the First Friday of every month from 6-10 p.m. for the nation's largest, self-guided art walk!

Get the Spring 2010 map

Spring 2010 printable map

Learn More

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