Property/Assets/Rights

U.S. to seize New York skyscraper it claims is secretly owned by Iran

"A federal judge ruled in favor of the government’s suit this week, saying the building’s owners had violated Iran sanctions and money laundering laws. Manhattan Federal Prosecutor Preet Bharara said the decision upholds the justice department claims the owner of the building 'was (and is) a front for Bank Melli, and thus a front for the Government of Iran.' Bharara said the funds from selling the building would provide 'a means of compensating victims of Iranian-sponsored terrorism.' Prosecutors allege the building’s owners, the Alavi Foundation and Assa Corporation, transferred rental income and other funds to Iran’s state-owned Bank Melli." Continue reading →

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New Heights in Disgraceful Asset Forfeiture (Seizure)

"The U.S. is seizing 650 Fifth Avenue, the 36-story Piaget Building, from Iranian interests. I’d guess the value is several hundred million dollars. All asset seizure procedures are an utter disgrace, totally unlawful and unjust. This one is triply disgraceful, based as it is on undeclared economic warfare against Iran, phonily done in the name of anti-terrorism, and based on as about as unlawful a 'law' as Congress has ever manufactured." Continue reading →

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The Attack on U.S. Property Rights Continues

"If Mayor McLaughlin delivers on her threat, banks will view mortgage lending in Richmond as a riskier investment. As a result, banks will make it harder to get loans in Richmond by requiring higher down payments to minimize the risk of the mortgage going underwater. They will also likely demand higher interest rates to compensate for the increased risk of lending in that market. According to Wells Fargo, Newark (NJ), North Las Vegas, El Monte (CA), and Seattle are all considering similar plans. Taken together, they will further contribute to the decline in the security of property rights in the United States and further jeopardize our economic prosperity." Continue reading →

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76-Year-Old Man Loses $197,000 Home Over $134 Tax Lien

"On the day Bennie Coleman lost his house, the day armed U.S. marshals came to his door and ordered him off the property, he slumped in a folding chair across the street and watched the vestiges of his 76 years hauled to the curb. Movers carted out his easy chair, his clothes, his television. Next came the things that were closest to his heart: his Marine Corps medals and photographs of his dead wife, Martha. The duplex in Northeast Washington that Coleman bought with cash two decades earlier was emptied and shuttered. By sundown, he had nowhere to go. All because he didn’t pay a $134 property tax bill." Continue reading →

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Blackstone rental bonds revive fears of mortgage-backed crisis

"The private-equity firm Blackstone and Deutsche Bank are considering selling the first bonds backed by home-rental payments. The new security shows Wall Street financial engineering, blamed for deepening the financial crisis, has become more creative. Blackstone is among the firms that have spent billions buying homes out of foreclosure, helping to bolster demand and strengthen the US housing market, the WSJ reports. The private-equity giant has spent $5.5bn buying more than 30,000 houses to rent out. It is now working with Deutsche Bank to create securities tied to about 1,500 of the properties to form a rental bond deal worth up to $275 million." Continue reading →

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‘A tide of squatters’ spreads in Spain in wake of foreclosures

"If the organization known as Okupatutambien, or 'Become a Squatter Too' has its way, the country will see a mass expropriation of abandoned or repossessed property to resolve the housing crisis. According to a 117-page “Squatters’ Guide” published on the Internet by the group, there are 3 million empty homes in Spain, or about 100 for each of the 30,000 homeless. The guide advises would-be squatters on how to stake out, enter and remain inside properties, leaving the rightful owner and authorities powerless to evict them. It also offers free counseling from an office in downtown Madrid on how to siphon water and electricity from municipal supplies and how to deal with law-enforcement officers." Continue reading →

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Making Rent With Bitcoins and Rentalutions

"Rentalutions, a Chicago based company is bringing the relationship between landlords and tenants into the digital age. Established April of 2012 in Chicago by Ryan Coon, Laurence Jankelow, and Dylan Lingelbach, Rentalutions aims to streamline the traditionally old school rent payment process. The service, which ranges from $5 to $150 a month, allows landlords to view credit reports and background checks, collect rent online, and to create and sign leases. As for tenants, they are able to make online rent payments and request maintenance services. The twist? Rentalutions is the first of its kind to enable tenants to pay their rent in bitcoins." Continue reading →

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The Dead-Head Fed And “The Only Road to Riches”

"The only thing we can do is manage our risks. We can stick to undervalued stocks. We can focus on strong balance sheets, which, for businesses are a lot like foundations for buildings. They can be the difference between surviving a crisis and succumbing to it. We also aim to align ourselves with owner-operators — people who have a vested interest in survival. Now, portfolios are like pirate ships. They are made to sail the open seas in search of treasure. You don’t raise a pirate ship and crew and have them waste away in a harbor somewhere. You send them out and realize that you’ll take some damage from time to time, but that you’ll make it up with the treasures you haul in. The key is not to lose the ship." Continue reading →

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Housing Recovery Mirage Over; Bernanke Hoping to Retire Before It’s Noticed

"At the end of 2010, the interest rate on a 30-year mortgage was just under 5 percent… 4.97% to be more precise. Over the next 28 months actions taken by the Fed pushed that rate down as low as 3.42%. So… wonders of wonders… miracles of miracles… soon we were witnessing the inexplicable recovery of our previously decimated and hopelessly underwater housing markets from coast-to-coast. Stories of streets being paved with the gold of home equity and sprawling rental empires were being passed along from Realtor to mortgage broker throughout our apparent Land of Opportunity… the worst was finally over… everyone said so… even on T.V. so it simply had to be true." Continue reading →

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To Save the King of the Jungle, a Call to Pen Him In

"After 35 years of field research in the Serengeti plains, Craig Packer, director of the Lion Research Center at the University of Minnesota, has lost all patience with the romance of African wilderness. Fences, he says, are the only way to stop the precipitous and continuing decline in the number of African lions. 'Reality has to intrude,' he said. 'Do you want to know the two most hated species in Africa, by a mile? Elephants and lions.' They destroy crops and livestock, he said, and sometimes, in the case of lions, actually eat people. Dr. Packer’s goal is to save lions. Fencing them in, away from people and livestock, is the best way to do that, he believes, both for conservation and economics." Continue reading →

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