LEARN THE MOST IMPORTANT FACTOR REGARDING ST PAUL'S HOUSING INSPECTION POLICY
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posted by Bob at Friday, March 23, 2012
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Friday, March 23, 2012
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24 Comments:
PAY ATTENTION !!!!! LEARN THE MOST IMPORTANT FACTOR REGARDING ST PAUL'S HOUSING INSPECTION POLICY!!!!
I cant believe you all go go through this inspection process without a clue as to whats really going on. Every inspection , every correction notice , the grading policy, its all meant to discover which properties the city can acquire through abatement to satisfy its obligations to HUD. In 2008 the City of St Paul applied for a 168 million dollar grant from HUD called the "Neighborhood Stabilization Fund". It was approved and in Dec 2009 it received its first installment of 38 million with the remaining monies paid as St Paul meets the conditions of the grant. The program ends in Dec 2013 ***LISTEN UP NOW, HERE'S WHERE YOU COME IN*** The main condition of the grant is .... READY ??..... the city of St Paul must acquire 700 properties through abatement. The city in its application for the grant told HUD it has in excess of 700 blighted properties which needed to be razed . Well there just is not anywhere near 700 separate structures blighted to the extent of needing to be razed in St Paul. So whats a city to do ??? TAKE YOUR UNBLIGHTED HOME My favorite part of the grant application ( Its public info people, hello !!! ) The part where HUD asks by what legal process will St Paul acquire so many privately held properties. Stating "simple imminent domain is not acceptable". Have you ever wondered why starting in Nov 2008 suddenly there we're " Fire Safety Certificate Inspectors " running around the city ? And these inspectors were obvious idiots. What ? you thought the City of St Paul just had a poor human resources department. You can't get intelligent men and woman to do the stuff these inspectors do? FOLLOW THE MONEY !!!
Thank You Bob for posting this.
We all have been
FOLLOWING THE MONEY !!!
That is laughable...
The houses that the City has been acquiring are foreclosed homes that either are being offered by Fannie Mae or by the banks for sale.
The goal of the program is to rehab the houses and offer them for resale back to individual home owners. The home owners get down payment assistance from the City via foregivable loan if they live in the house for at least 5 years. Very few of the properties are being purchased to be demoed.
There are hundreds of houses on the MLS today that would meet the conditions of the HUD monies.
No properties are taken. All of the properties are purchase over the open market.
Buy a clue...
JMONTOMEPPOF
Chuck Repke
OK - even funnier, is that if you look at the next topic that Bob has posted here it shows that a FOR PROFIT DEVELOPER (who normally does RENTAL properties...so it makes him someone this site should love) is looking to use one million dollars of this money to rehab 5 houses in Dayton's Bluff.
And, what that means is that they will spend in the range of $200,000 each to rehab what is left of those properties and then sell them for $150,000 to $175,000 and the monies that are left goes back into this fund to do additional houses.
The developer makes his money as the general contractor and real estate broker... So, figure 15% as the general and 3-6% as the broker.
All, to clean up the mess made when the mortgage market speculators crashed the national housing market... not the city inspectors.
JMONTOMEPPOF
Chuck Repke
http://stpaul.gov/index.aspx?nid=2837
From the Citys Web Site:
FIGURES LIE AND ST.PAUL FIGURES ARE LIARS
Little defensive on this topic Chuck!
HUD. In 2008 the City of St Paul applied for a 168 million dollar grant from HUD.
Hello Dave Thune
So Chuck
Does this mean if I was a General Contractor and a Broker I could get grants from St.Paul's HUD and sell these homes off to my friends and that would leave me making about 200,000 plus?
6:36 - no here is what it means. If you were a general contractor you can bid on what it would cost for you to rehab these properties... If you get the bid the City then would front the aprx $200,000 a house to do the rehab. Then you would sell the houses to someone that meet the qualification of income range that that HUD expects the buyers of the homes to be in (lets say in the $50,000 to $60,000 range)and then sell the houses in the $100,000 to $175,000 range and that money then goes back to the City.
So, if you could do the rehab's with workers being paid prevailing wage rates at some rate close to the one this contractor is proposing go for it!!
Its an open process.
The Fed's want two things to happen... 1. more people working in construction and it does that and 2 more people being able to buy decent housing and it does that...
JMONTOMEPPOF
Chuck Repke
Thank you Chuck
No properties are taken. All of the properties are purchase over the open market.
Buy a clue...
I bought a clue Repke. Forced sale or abandoment via code enforcement = free or cheap home for city.
Interesting how the "city" I mean DFL has great compassion for the poor, but they take away the poor's homes through code enforcement using "safety" as an excuse.
Non-profits like Chuck's make a ton off the poor, all pretending to help the poor.
12:06 and 6:35 - do the math there has never been a year when the City took a hundred houses to the City Council for condemnation. There are 2,000 vacant buildings. Hmmmm there must be something else going on... do you think that the housing/banking crisis may have happened in St Paul too???
Dolts...
JMONTOMEPPOF
Chuck Repke
Chuck,
Have you LOST your mind?
The Democrats forced lenders like Freddy and Fanny to make these bad loans to people who could not afford the loans. What do you think caused the housing bubble? Have you been living under a rock these past few years?
This housing crisis was caused by failed Socialist Democrat policies. Our current local situation was caused by national Democrats and by local Democrats due to their out of control government expansion and poor management of taxpayer money. Taxes have more than doubled under Democrat Mayor Chris Coleman and Democrat city council since he came into office. The city council can't control spending.
In looking back at city council minutes each week there were numerous homes that the city tore down. If one were to look at Ramsey County records, many of these empty lots were turned over to non-profits or the city. The city has become land rich off the poor through these empty lots.
This figure of 2000 homes on the vacant list, once a home is torn down another one is added, it is a revolving list. The level of homes on the vacant list has stayed at around 2000 for years.
So Comrade Repke how are the Socialist Democrat Party (DFL) bosses treating you? Your Socialist friends down at City Hall sure are lining your pockets (wink, wink)? I see you are being a good little Socialist Democrat Party boy with your unending defense of your Party's socialist manifesto.
How is that "People's Stadium" your leader, Socialist Democrat Dayton and Rybak have been pushing coming along? (That is Dayton's quote in the Minneapolis Star, the "People's Stadium.")
Well this worker has to get to work in the Socialist Democrat controlled Minnesota to work hard for the common good of all people, even those who sit of the couch and eat chips and expect to be provided for, as they want their "entitlement."
Boy, you just don't eat the GOP BS by the spoonful you just suck it all right down don't you???
First off you don't get what Fannie and Freddie are do you? Fannie and Freddie have never loaned one thin dime to any private citizen. They don't make loans to people. They buy mortgages from banks and loan companies. They are a "secondary market" that buys already done loans from banks. They don't loan money to poor people.
Let's get real on what actually caused the housing crisis... the big boys on Wall Street created a new item to sell a few years ago they were called mortgage back securities. They are mortgages purchased from banks and packaged to sell on the stock market like gold or oil they are sheets of paper backed by an interest in the mortgages packaged together.
So, the big boys were buying up all of the paper they could handle that was made by loan companies and selling them as securities. These are the mortgages that first started to be 0 down interest only for five years and then a balloon morgages. Don't have a job who cares? Its backed by a house that will sell for more in 5 years so the security is as good as gold. So, there was a ton of that garbage paper out their as securities.
Its because that shit was going on that the Democrat's in Washington put the squeeze on Fannie and Freddie to lighten up on their down payment requirements and loan to value requirements of paper that they would buy from banks... in an effort to stop people from taking the preditory lender deals that was already out there from mortgage companies. Hell the GOP at the time was saying because of the private secondary market in securities, there wasn't a need for Fannie and Freddie and all of their regulations.
They never made banks make bad deals and never loaned money to anyone.
When the buble burst, the first thing that happens is that all of those people with the garbage loans can't get refinanced and their house get's foreclosed on. That starts to drive the prices of houses in a free fall and then the Fannie and Freddie properties start to go underwater.
It was the good old capitalistic free market paper in mortgage backed securities that started the crash that brought Fannie and Freddies paper with it.
JMONTOMEPPOF
Chuck Repke
Here is the program being used on the eastside.
the city calls it the good neighbor program.
Good Neighbor Code Enforcement Program Back on Track
The new director of the Neighborhood Housing and Property Improvement Department, Andy Dawkins, has assured us the Good Neighbor Code Enforcement notices will be given a high priority by the Code Enforcement Officers. Andy believes the Good Neighbor Program is an important and effective program that deserves his department’s support.
The Dayton’s Bluff Good Neighbor program is saving the city money, which in turn saves taxpayers a lot of money. Thanks to our volunteers giving out Good Neighbor notices, roughly 40% of the violations have been taken care of with the Good Neighbor notices; another 20% being cleaned up in the intervening 3 or 4 days before the Code Enforcement Officer goes out to the site. Therefore, almost 60% of observed code violations in the targeted areas are solved prior to any city intervention. Because of its success in Dayton’s Bluff, this program is being expanded to other neighborhoods in Saint Paul.
We need more help. Join our group of people who are helping clean up our neighborhood. You can help by volunteering a few hours a month to make our community a nicer and prettier place to live. Each volunteer has a two blocks or so area to monitor for code issues. The volunteers record infractions and then check back in a week or so to see if the problem is corrected.
All of the Good Neighbor forms are turned in to the Dayton’s Bluff Community Council and if everything is OK a thank you is sent from the Dayton’s Bluff Community Council. If the correction or change has not been made it is passed on to the Code Enforcement Officers.
We need resident volunteers to become Good Neighbor Code Enforcement volunteers and work with their neighbors to clean up the neighborhood. We need your help! This program serves as a kind of early warning system that gives residents a heads up to code problems before the code enforcement officers get involved. To get involved call Karin at 651-772-2075.
Republicans to the rescue only to be foiled by the Democrats. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''
Mounds of Materials
Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.
But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.
Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.
There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.
Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.
Again, Republicans to the rescue!
So, here's how you can tell the above post is all BS...
Fannie and Freddie are secondary markets they BUY mortgage paper, they don't sell it.
"a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions."
So, there is a blizzard of mortgage paper fluttering out of Fannie and Freddie...there isn't even a snow flake coming out of Fannie and Freddie.
No institution bought Fannie and Freddies paper. They bought the paper.
JMONTOMEPPOF
Chuck Repke
11:25 PM
My posts are backed up by the US Congressional record, recorded in our Library of Congress.
If you call that BS, maybe you have something on you. The truth is hard to take isn't it Repke?
I have no doubt that some Republican congressman may have read into the congressional record the stuff you copied during the last presidential election, but that doesn't mean that it has anything to do with the trutn.
There is all sorts of political crap read into the congressional record... it just means one congressman said it. Are you going to believe everything that Barney Frank has said on the floor of congress? Because every word he has said is in the congressional record and kept in the Library of Congress.
Do I have to explain everything to you??
I told you the facts.
1. Fannie and Freddie don't loan money. They buy mortgages from banks who have already done the loan... they were created to put cash back in banks hands so that they could loan out new money.
Get it? If your bank had 5 million dollars in it and it made 50 loans for $100,000 each, it would be out of money to loan to anyone else. So, Fannie and Freddie were created to buy those mortgages from the banks so that they would have new money to loan.
2. The big boys on wall street started mortgage back securities aa something that was sold on the stock market. That created all of the crazy mortgages that lead to the collapse of the housing market. The big boys couldn't find enough mortgages to package so they kept putting worse and worse mortgages into the package.
3. Because the big boys were selling mortgaged back securities as a secondary market the GOP wanted Fannie and Freddie to close their doors.. so that they didn't compete with the big boys in buying these morgages.
4. The Dem's pushed Fannie and Freddie to lower their qualifications for buying a mortgage because they wanted to stop people from buying the funny mortages that were showing up on the market.
Those are the facts.
JMONTOMEPPOF
Chuck Repke
Not only was it read into the House and senate records, but they were actually assigned house file numbers and senate numbers.
In other words it just wasn't read into the record, but was actually a Bill.
The Republicans wanted reform, but the likes of Obama, Dodd and fellow Democrats put up a roadblock in the Senate for this reform and it failed in 2005 and this is unforgivable.
Now the money angle:
Who profited from block this:
Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.
Too bad this is all public record Chuck, or else you would say it isn't true.
...and all of that is a drop in the bucket compared to what the big boys on Wall Street were giving to the GOP to kill Fannie and Freddie so that there wouldn't be a regulated secondary market.
I love when people talk about thousands of dollars of campaign contributions going to Dems and how awful that is while GOP based groups are spending millions of dollars on the current campaigns.
Lets get back to the facts. Fannie and Freddie is a secondary market, so they didn't make the loans, they bought the loans. None of the rest of that political garbage can change that.
If as you say the reason for the housing crisis is the bad loans... loans to people who couldn't pay them back... then you tell me how many of those loans Fannie and Freddie made.
Because the answer is ZERO.
So, you can bring up a 2005 bill and what you think it might do, but it doesn't change the fact that Fannie and Freddie didn't bring down the housing market, they were brought down by the PRIVATE - UNREGULATED - SECONDARY MARKET that was more than willing to buy garbage loans.
JMONTOMEPPOF
Chuck Repke
The Democrats are responsible for the housing market bubble.
The facts are the facts. Chuck you claim wild things, but I have provided you with the FACTS and all you give is hearsay.
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