| SEC probes WaMu loans
The Securities and Exchange Commission is probing how Washington Mutual Inc., the nation's largest savings and loan, handled mortgages that were possibly based on inflated home appraisals.
"We are voluntarily and fully cooperating with the SEC's inquiry as well as the [Office of Thrift Supervision] and look forward to bringing the facts to both the regulators and public," the Seattle company said. OTS is the company's federal regulator.
SEC spokesman John Nester declined to comment yesterday.
Shares of Washington Mutual fell 57 cents, or 4 percent, to close at $14.10 yesterday. The company's stock has traded between $13.99 and $46.38 in the past year.
Shares of WaMu have dropped about 65 percent since mid-September, following some dismal financial disclosures and a lawsuit filed last month by New York's attorney general against one of its real estate appraisers, purporting the companies colluded to inflate home values.
Bad appraisals contribute to housing mess
Home buyers, sellers, real-estate agents and lenders all rely on comparable prices as the benchmark for an area's home values. But in many Valley neighborhoods, those comps can't always be trusted. Bad appraisals are often to blame. As the housing market corrects and prices return to normal levels, it's becoming apparent that inflated appraisals are behind many problems plaguing the Valley, say regulators, market watchers and many appraisers. .
What's the hottest farm commodity? Land
Rick Rohrich, a 26-year-old father of three, just bought his first farmstead at a time when crop and pasture land are fetching record prices. He didn't think he had a choice. Rural land prices are setting records across the country, and farmers, with a boost from high commodity prices, are in a buying mood. "The prices keep jacking up and I don't see it slowing down," Rohrich said. He closed on the 320-acre property this month, paying about $1,000 an acre for pasture land, a farmhouse and some outbuildings. The cost of the property was about double what it was worth less than five years ago, he said. "Land prices are getting to where it will push us young guys out," he said. Ray Brownfield, president of the Society of Professional Farm Managers and Rural Appraisers in Oswego, Ill., said rural real estate values continue to rise.
People's Power in Venezuela
This ranking creates a proposed project list that is presented to an assembly in each territory, which can change its priorities and request reconsideration -- if for example a favored project turned out to be impossibly expensive. Once the project list is decided, the required funds are allocated to the community bodies, which handle administration, buy materials, and engage workers or contractors, giving preference to cooperatives. Community networking and know-how helps keep costs down, and any savings stay in the community for other purposes. Argenis estimates that $1 million a year is saved simply by eliminating private profits. "For example, a flood control project was approved with a budget of 184 million bolivars [about $90,000]," says Fidel Hernández.
Democratic Backers Question GOP Candidates in YouTube Debate
It turns out Kerr wasn't the only Democratic supporter asking questions. Ted Faturos, 20, a student at University of California, San Diego, asked a question about corn subsidies. It turns out the urban studies and planning major also worked as an intern for Democratic Rep. Jane Harman. John Hess, Harman's chief of staff, issued a statement Thursday saying Faturos is no longer affiliated with the office. .
Father Foley Cape Cod abuse case settled For $550,000
The Archdiocese of Hartford agreed this week to pay $550,000 to a man who accused the Rev. Stephen Foley of using his position as Hartford County fire chaplain to sodomize him when he was a 14-year-old parishioner in Windsor Locks. Foley, who has been accused of abuse by at least 11 men since 1993 and was removed from public ministry in 2002, is still affiliated with the county fire organization he belonged to when the alleged assault occurred. He now holds the title of "chaplain emeritus" of the group, according to board members... The current president of the group is Windsor Locks Fire Chief Gary Ruggiero. Haber said Ruggiero sent an e-mail to the board of directors Friday criticizing the newspaper for publishing a story last Sunday that exposed Foley's continued use of a police-equipped Crown Victoria with flashing lights, sirens and scanners... abuse took place on a weekend when the boy and his friend accompanied Foley to a home on Cape Cod, which Foley said was owned by his aunt, the brief said.
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