Sundown for California

[California] appears headed, if not for imminent disaster, then toward an unanticipated, maddening, and largely unnecessary mediocrity.

Since 2000, California’s job growth rate— which in the late 1970s surged at many times the national average—has lagged behind the national average by almost 20 percent. Rapid population growth, once synonymous with the state, has slowed dramatically. Most troubling of all, domestic out-migration, about even in 2001, swelled to over 260,000 in 2007 and now surpasses international immigration. Texas has replaced California as the leading growth center for Hispanics.

Out-migration is a key factor, along with a weak economy, for the collapse of the housing market. Simply put, the population growth expected for many areas has not materialized, nor the new jobs that might attract newcomers. In the past year, four of the top six housing markets in terms of price decline have been in California, including Sacramento, San Diego, Riverside, and Los Angeles. The Central Valley towns of Stockton, Merced, and Modesto have all been awarded the dubious honors of the highest foreclosure rates in the nation during the past year.

Even with prices down, many of the most desirable places in California are also among the most unaffordable in the nation. Less than 15 percent of households earning the local median income can afford a home in L.A. or San Francisco. In Santa Barbara, San Diego, Oxnard, Santa Cruz, or San Jose, it’s less than a third. That’s about half the number who can buy in the big Texas or North Carolina markets. Moreover, state officials warned in October that they might have to seek as much as $7 billion in loans from the U.S. Treasury. This is a disappointing turn for a state that once saw itself as the harbinger of the future.

Let's see
.....State Government is almost one hundred percent liberal Democratic
.....RINO
.....beholden to state and local employees unions
.....enacting laws
.....more difficult to do business in the state
.....environmental
.....climate change
.....Restrictive building and zoning laws
.....impossible for middle class families to afford housing
.....radical gay subculture permeates

.....illegals community ...

Pretty bleak....and what the USA faces with Obama, Socialism, and the "Save the Earth" Cult.

While you could leave Kalifornia, it will be more difficult to find somewhere to go to when we want to leave the USA.

Liz, please repost your examples of blatant illegal mortgages in America.

Husband And Wife Plead Guilty To Massive Florida Straw Buyer Scheme ("God's children" $15M fraud)

FR Posted by Staff Reporter on 06/02/08 at 03:25 AM

Juan and Rachael Torrens pled guilty to conspiracy charges in connection with their participation in a recent multi-million dollar mortgage fraud scheme in South Florida. The defendants acknowledged as part of their guilty plea that their scheme produced over $15,000,000 in fraudulent loans, and resulted in losses of over $5,000,000 to various lenders.

With Juan and Rachael Torrens‘ guilty pleas, 15 of the original 31 defendants charged have pled guilty.

As previously reported by Mortgage Fraud Blog, defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (”Amsouth”) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in this massive mortgage fraud scheme.

The scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, Florida, and in the City of Marco Island. All except Katherine Harris have already pled guilty, and are awaiting sentence.

The Indictment also charges defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rordriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire fraud for their participation in this mortgage fraud scheme.

To date, guilty pleas have been entered by defendants Aurelio Pozo, Oscar Barreiro, Carlos Morales, Damaris Jimenez, Mario Blanco, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Moises Llorens, Gladys Lens, and Roger Rosario.

According to the Indictment, Juan Torrens would identify sellers of residential properties who were willing to overstate the true selling price of their properties. Daniel Ramos and Juan Torrens would then recruit and pay the straw buyer defendants to pose as buyers and ostensibly participate in the purchase of the selected properties.

Defendants Rachael Torrens and Juan Torrens would prepare fraudulent mortgage loan applications for the straw purchasers that included false employment verifications, pay stubs, income and funds on deposit, and IRS Forms W-2.

Thereafter, to support the overstated sales prices on the properties and the fraudulent mortgage applications, defendant Alonso A. Muxo would prepare fraudulent appraisals attesting to the inflated property values dictated by Juan Torrens. Roger Rosario, an employee of Regions Bank, assisted the fraud by providing, on at least one occasion, a fraudulent verification of deposit in connection with a mortgage loan application for one of the straw buyer defendants.

To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s, which falsely stated that the straw buyers brought their own funds to the closings.

Once the mortgage applications were approved, the lenders would wire the loan proceeds to the title company, Floridian Home Title, for closing.

At closing, Amsouth, a company owned and controlled by Juan Torrens, would receive a credit for the difference between the inflated price and the actual selling price of the property. Defendants Juan and Rachael Torrens would make the payments on the mortgage loans to maintain the loans afloat until the properties could be resold again, often to another straw buyer.

When the Torrenses failed to make payments on the loans, some properties went into foreclosure, resulting in substantial losses to the lending institutions.

SOURCE http://www.mortgagefraudblog.com/index.php/weblog/comments/husband_and_wife_plead_guilty_to_massive_florida_straw_buyer_scheme/

In the past year, four of the top six housing markets in terms of price decline have been in California, including Sacramento, San Diego, Riverside, and Los Angeles. The Central Valley towns of Stockton, Merced, and Modesto---with large Hispanic populations--- have all been awarded the dubious honors of the highest foreclosure rates in the nation during the past year.

We're finding out the toxic mortgages poisoning the global economy (that brought the US economy to its knees) were held by leeches with larceny on their minds, who never intended to payback banks.

Sap-happy Barack Obama and other braindead do-gooders sued to pressure banks into loaning to marginal people. Illegals were never asked for proofs---pay stubs, SS numbers, etc. As long as they had a pulse and could write the names of one of their phony identities, they got a loan.

Many illegals were scam artists----flipping the home back and forth among illegal immigrant families at higher and higher profits, duping banks at every turn. When they were done looting, the last "homeowner" defaulted and absconded to Mexico with $tens of thousands in cash.........leaving banks (and taxpayers) holding the bag.

Screwing banks and US taxpayers must get lotsa laughs over tequila shots in downtown Tijuana. JEST GOIN' OVER DA BORDER FOR A "BETTER LIFE." DUH.

================================================ REFERENCE HUD cries foul over illegal immigrant mortgage data

Phoenix Business Journal | October 9, 2008 | Mike Sunnucks

FR Posted on Thursday, October 09, 2008 8:26:28 PM by mdittmar

The U.S. Department of Housing & Urban Development says there is no basis to news reports that more than 5 million bad mortgages are held by illegal immigrants. A HUD spokesman said Thursday his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages. But news reports, including one aired on KFYI-AM 550 in Phoenix, cite HUD as a source for the illegal immigrant mortgage number. The widely read “Drudge Report” posted a link to the KFYI report, but as of Thursday afternoon the link no longer connected to the story. Anti-immigration groups point to subprime and foreclosed mortgages given to undocumented immigrants, particularly in cities hard hit by the mortgage crisis, such as Los Angeles, Phoenix, San Diego, Miami and Las Vegas, which also have large immigrant populations.

KFYI Reply: HUD Declines To Discuss Illegal Mortgages

Thursday, October 9, 2008

The Department of Housing and Urban Development won’t discuss whether 5 million illegal immigrants held mortgages.

Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.

Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers. A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.

When asked what HUD says the correct number is, the person (who identified himself only as ‘Brian’ and who refused to give his last name), either would not or could not say how many illegal immigrants hold mortgages. He also said there was “no way” HUD would grant an interview on the subject.

SOURCE http://kfyi.com/pages/money-matters.html?feed=268721&article=4381201

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