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The Cost of Living in NYC | Bedford NY Real Estate

The Price 20-Somethings Pay to Live in the City

ABE CAVIN QUEZADA, a 22-year-old aspiring music producer, lives with two roommates in a three-bedroom apartment in Bedford-Stuyvesant, Brooklyn. Mr. Cavin Quezada, who works as an unpaid intern at Electric Lady Studios in Greenwich Village, has kind words for his building, a renovated tenement near Marcus Garvey Boulevard, and for his apartment, for which he pays $500 a month and has a 10-by-6-foot bedroom. But as for the neighborhood, he is less enthusiastic.

“Before this I was living in a loft in Bushwick,” said Mr. Cavin Quezada, who grew up outside Washington. “This apartment is nicer, and has more amenities, but the neighborhood is noticeably fishier. In Bushwick, I never really felt threatened. Now, the sounds around are more aggressive. I’ll see 20 guys ride by on motorcycles, or hear gunshots outside my window.

“And one day,” he said, “in the middle of a Sunday afternoon, I saw a guy on a motorcycle with a handgun. It was not a reassuring sight.”

Mr. Cavin Quezada often works until 2 a.m. or later, and the first few nights after moving here, he considered asking one of his roommates to meet him at the subway after work and walk him back to the apartment.

Does his mother, who’s paying his rent, worry about him? “I don’t think I’ve given her enough details for her to worry,” Mr. Cavin Quezada said.

New York City was home to nearly 1.28 million people in their 20s last year, up from 1.21 million in 1980. In many respects, Mr. Cavin Quezada’s situation mirrors the way large numbers in that age group are living, three years after the Great Recession began.

To be sure, earlier generations had their share of hard-luck housing stories. But statistical evidence suggests that today’s new arrivals have a tougher struggle to live well, or even adequately, compared with their counterparts of just a decade ago. Battered by the one-two punch of persistent unemployment and the city’s high housing costs, they are squeezing into ever smaller spaces and living in neighborhoods once considered dicey and remote.

They are doubling, tripling, quadrupling and even quintupling up. According to the New York City Planning Department, 46 percent of New Yorkers in their 20s who moved to the city from out of state between 2006 and 2008 lived with people to whom they were not related, up from 36 percent in 2000.

Moving back in with parents is fast becoming the new normal. Those who do fly the family nest are paying an ever larger percentage of their often meager income for rent. Between 2006 and 2008, according to the Planning Department, the portion of New Yorkers in their 20s who moved to the city from other states and who paid at least 35 percent of their income for rent was 42 percent, up from 39 percent in 2000.

Even young people in high-paying fields like finance have to make sacrifices. There’s the investment banker who can afford only a 450-square-foot studio, and the financial analyst who lives in a third-floor walk-up studio illegally divided into two rooms.

In the words of Allison Gumbel, a 28-year-old photographer who lives in a third-floor walk-up in Clinton Hill, Brooklyn: “There’s always a compromise. And when I say compromise, I don’t just mean that you don’t have nice floors or good light.”

Still young adults swarm to the city, especially those eager to pursue careers in finance, the arts, media and other fields for which New York has long served as the nation’s heart. They come to find work, to find one another and to hang out in neighborhoods like Williamsburg and the Lower East Side that have become almost geographic extensions of college dorm life. Here are some tales from the front lines.

Stefan Rurak, 26, a furniture maker, has lived for two years in a former furniture store in Greenpoint, Brooklyn. His roommate has the front room; Mr. Rurak has the 9-by-12-foot windowless space in the rear, for which he pays $325 a month. The arrangement isn’t legal, but it allows Mr. Rurak, an Oberlin graduate who moved to New York five years ago, to pursue work he loves.

“I really lucked out,” he said. “Without a doubt, I couldn’t be doing what I’m doing now without this space.”

“Like every artist,” he added, “I came to New York after college. I never planned on staying this long, but I did various things. I worked in construction, I worked as an art handler. Opportunities came up.

“It’s not that I like New York so much. But things happen here that wouldn’t happen in other places.”

And he has only good things to say about his neighborhood. “It’s not like Williamsburg, at least not yet,” he said. “You don’t see all those college kids in tight pants. It’s not quote unquote hot.”

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Mortgage Activity Logs Biggest Drop of the Year Says MBA | Bedford NY Real Estate

Home loan demand fell 14 percent last week, as higher interest rates sent refinancing down 17 percent. This was the biggest drop of the year, according to the Mortgage Bankers Association weekly survey. 

Applications for mortgages to purchase homes fell 5 percent last week compared to the previous week on an adjusted basis. On an unadjusted basis, purchase applications decreased 8.2 percent compared with the previous week and were 11.3 percent lower than they were the same week a year ago. 

Purchase applications had been on the rise for the previous three weeks, but “rates increased sharply last week due to stronger economic data and lingering uncertainty regarding the structure and impact of the Fed’s QE2 program. Mortgage applications … dropped in response,” said Michael Fratantoni, MBA’s vice president of research and economics.  

Here are the average rates: 

30-year fixed-rate mortgages increased to 4.46 percent from 4.28 percent. 

15-year fixed-rate mortgages increased to 3.87 percent from 3.64 percent. 

Source: Mortgage Bankers Association (11/17/2010)

 

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9 Tips for Getting Vacant Homes Ready for Winter | Bedford Hills NY Real Estate

Houses that will sit empty through the winter need attention to avoid frozen pipes, reports Long Island American Water, which is part of American Water, the largest investor-owned U.S. water and waste water utility company

The company offers these tips for ensuring that pipes don’t burst:

· Search for pipes that are not insulated, or that pass through unheated spaces such as crawl spaces, basements, or garages. Wrap them with pre-molded foam rubber sleeves or fiberglass insulation.

· Wrap really vulnerable pipes with electric heating tape with a built-in thermostat that only turns heat on when needed.

· Seal cracks and holes in outside walls and foundations with caulking to keep cold wind from pipes. Look for areas where cable TV or phone lines enter the house, to be sure holes are tightly sealed.

· If hot-water radiators heat the home, bleed the valves by opening them slightly. Close them when water appears.

· Before really cold weather sets in, make certain that the water to outdoor hose bibs is shut off inside the house and the lines are drained.

· Drain any hoses and air conditioner pipes.

· Wrap the water heater or turn it off.

· Make sure gutters and downspouts have been cleaned to remove debris that could freeze and cause clogs during cold weather.

· Know where the main water shut-off valve is located in case it needs to be shut off during an emergency.

Source: Long Island American Water (11/16/2010)

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10 Big-Impact, Low-Cost Remodeling Projects | South Salem NY Real Estate

Working with sellers who have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements you can suggest to make their home stand out.

1. Tidy up kitchen cabinets.

“Potential buyers do open kitchen cabinets and look inside,” says Morrissey. “Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff.”

2. Add or replace tile.

“By retiling very inexpensively, you make a room look way cleaner that it was,” says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. “Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms.”

3. Add a breakfast bar.

When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. “In one home, there was a cutout in the wall between the kitchen and living room,” explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. “We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600.”

4. Install granite tile instead of a slab.

“Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade,” says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. “Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money.”

5. Freshen up a bathroom without retiling.

“With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300,” says Wilder. “And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000.”

6. Freshen up the basement.

“If home owners have cement block or poured concrete walls in the basement, I suggest they have a contractor fill in cracks with hydraulic cement, do a basement waterproofing, and paint it,” recommends Wilder. “They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon.”

7. Add a room.

Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. “One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom,” says Quinn. “That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price.” Zuluaga has also added bedrooms inexpensively. “In a two-bedroom house, there was an archway that led to a third room that was used as a den,” he explains. “It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom.”

8. Spruce up cabinet fronts.

Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. “If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on,” explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. “With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes,” says Morrissey. “If they have oak cabinets today, they can have cherry the next day.”

9. Replace light fixtures.

“In a foyer and in bathrooms and kitchens,” says Wilder, “replacing overhead light fixtures provides a lot of pop for a little money.” If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.

10. Tech-up the garage.

“Sometimes we replace the garage door opener with a remote touchpad entry system,” says Zuluaga. “That costs about $425 and makes it look like a high-end system.”

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Banks Raise Credit Scores to Qualify for a Mortgage | Pound Ridge NY Real Estate

Credit Score Requirements Stifling Borrowers

 
Despite record-low interest rates, an increasing number of Americans can’t afford to buy a house. 

The nation’s two largest mortgage lenders, Wells Fargo & Co. and Bank of America Corp., have raised the minimum required credit score on FHA-insured loans to 640 from 620.  

Requiring a 640 credit score excludes about 15 percent of FHA borrowers, FHA commissioner David Stevens said.

Such a high limit will further delay a recovery in the real estate market, says Ron Phipps, president of the National Association of REALTORS®.

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Bedford NY Town Government | Bedford NY Real Estate

A five member Town Board, made up of the Supervisor and four Town Board members elected at large, functions as the legislative body of the Town and is responsible for the “health, safety and welfare” of its residents. Terms for Town Board members are four years; the Supervisor’s term is two years.
 

The Supervisor functions as the Chief Fiscal Officer and Chief Executive Officer. A Deputy Supervisor is appointed to assist with the duties of the Supervisor during their absence.

The Town Board is a legislative body, responsible for setting policy, adopting the annual budget, and enacting laws and resolutions for the betterment of the Town’s residents.

Regular Town Board meetings are conducted the first and third Tuesdays each month at 8 pm in the Town House followed by a Public Open Forum. Work sessions are held as announced. All meetings are open to the public and only certain legally sensitive issues may be discussed in executive session.

Members of the Town Board may be reached by contacting the Supervisor’s Office or sending mail to the Town Supervisor’s Office at 321 Bedford Road, Bedford Hills, NY 10507

Supervisor
Lee V. A. Roberts, Supervisor
Two year term ending 12/31/11
Email: Supervisor@BedfordNY.info
Telephone: 914-666-6530
FAX: 914-864-1030

 
Town Board
 
Chris Burdick
Town Board Member
Term ending 12/31/11
Email: CBurdick@BedfordNY.info
 Peter A. Chryssos
Town Board Member, Deputy Supervisor
Term ending 12/31/13
Email: PChryssos@BedfordNY.info
 

Francis T. Corcoran
Town Board Member
Term ending 12/31/13
Email: FCorcoran@BedfordNY.info 
David Gabrielson
Town Board Member
Term ending 12/31/11
Email: DGabrielson@BedfordNY.info
 
Town Justices
The Town of Bedford has two Town Judges, each elected to a four-year term. The Judges hold sessions of Criminal Court, Civil Court and Traffic Court.

 
Kevin Quaranta
Term ending 12/31/11

 Erik P. Jacobsen
Term ending 12/31/13
 
Email: Court@BedfordNY.info
Voice: 914-666-6965
FAX: 914-666-2490

 
Town Clerk
The Town Clerk is elected to a four-year term and duties include, among many, running the Town Elections and serves as the Registrar of Vital Statistics.
Lisbeth (Boo) Fumagalli, Town Clerk
Term ending 12/31/13
321 Bedford Road
Email: TownClerk@BedfordNY.info
Voice: 914-666-4534

 
Westchester County Legislator
2nd County Legislative District
Peter Harckham
Westchester County Office Bldg.
148 Martine Ave.
White Plains, NY 10601
(914) 995-2810
Email: Harckham@westchesterlegislators.com

 Westchester County Clerk
Timothy C. Idoni
110 Dr. Martin Luther King, Jr. Blvd
White Plains, NY 10601
(914) 995-3080
Email: cclerk@westchestergov.com
 
Westchester County Executive
Robert Astorino
148 Martine Avenue
White Plains, NY 10601-3327
(914) 995-2127

 New York State Senate
40th Senate District
Vincent L. Leibell (R-C)
1441 Route 22, Suite 205
Brewster, NY 10509
(845) 279-3773
Email: leibell@senate.state.ny.us
 
New York State Assembly
89th Assembly District
Robert Castelli
4 New King Street, Suite 125
White Plains, NY 10604
(914) 907-2900
Email: castellir@assembly.state.ny.us

 United States Senate
Kirsten E. Gillibrand (D)
531 Dirksen Senate Office Building
Washington DC 20510
(202) 224-4451
http://gillibrand.senate.gov/contact/

 
United States Senate
Charles E. Schumer (D-IN-L)
757 Third Ave., Rm. 17-02
New York, NY 10017
(212) 486-4430
Email: senator@schumer.senate.gov

 United States House of Representatives
19th Congressional District
John J. Hall ( D)
1217 Longworth House Office Building
Washington DC 20515
(202) 225-5441

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How to Comply with Westchester’s New Well-Water Testing Law | Westchester Real Estate For Sale

   

By Edward I. Sumber, Legal Counsel

On May 23, 2007, the County of Westchester adopted Local Law No. 7 of the year 2007 which is entitled “The Private Well-Water Testing Law”. The new Law becomes effective on November 19, 2007. Regulations contemplated by the new Law were published by the County of Westchester on Tuesday, September 18, 2007 and the Law and the Rules and Regulations are posted on the Health Department’s website at http://www.westchestergov.com/health/.

Why Was the New Law Necessary?

The new Law, also referred to as “Laws of Westchester County §707.0 et seq.” is intended to identify properties throughout Westchester County which are served by substandard water supplies so that purchasers of properties and tenants residing in properties served by wells with contaminants, are aware of the circumstances, can remediate and address the issues and so that the Health Department can make available to the public a “general compilation of water test results data arranged or identified by municipality or appropriate geographic area…”. In addition, the Department of Health may establish a public information and education program to assist the public in identifying the potential health affects of consuming contaminated water as well as suggesting water treatment techniques, equipment strategies and identifying funding sources available for treating water from private wells which have failed a water test.

Who Must Comply With the New Law?

There are three aspects to the Private Well-Water Testing Law:

1. §707.03 relates to water testing when a property served by well-water is sold in Westchester County;

2. §707.04 relates to water testing requirements for properties served by well-water which are leased; and

3. §707.05 relates to water testing requirements for new wells.

The burden of compliance with these new sections falls upon a seller of real property upon the sale of the property, the landlord in connection with the leasing of property and the owner of property at the time that a new well is installed.

Requirements upon Sale of Real Property

When a contract of sale for any property served by well-water in Westchester County is signed, the seller must cause a water test to be conducted, which will identify contaminants, constituents, substances, metals, inorganic or organic chemicals (all refered to as “Parameters”) which affect the drinking quality of the water. The seller is required to arrange and pay for the cost of the testing and within ten (10) days of the signing of the formal contract of sale, provide to the purchaser confirmation that the test has been ordered. Within five (5) days after the receipt of the water test results from a certified laboratory, the seller is required to deliver the well-water testing report to the purchaser. The purchaser and seller are required to certify in writing that they have received and reviewed the water-test results. The County Health Department must receive a copy of the test results directly from the certified laboratory.

If the test fails any of the primary parameters (bacteria/total coliform or e-coli, nitrates, arsenic, lead, primary organic contaminants, vinyl chloride or MTBE) the seller will have a choice to a) correct the condition to achieve safe levels of contaminants b) cancel the contract of sale and return the down payment or c) agree in writing to consummate the sale upon terms negotiated between the buyer and the seller.

In addition, the purchaser or seller can test for additional parameters which are not considered “Primary Parameters” and which are referred to in the Regulations as “Secondary Parameters” which affect taste and water quality. Such secondary parameters include pH, iron content, sodium content, chloride content, etc.

Water Testing for Leased Properties

Landlords will be required to test a private well on or before November 19, 2008 and once every five (5) years thereafter. Every new tenant of an apartment in Westchester which is provided with water from a private well is entitled to a copy of the test results whenever a new lease is entered into.

New Wells and Wells Not In Use

Prior to its first use, any new well must be tested and any well which is not in use for a period of five (5) years for drinking purposes must be tested if it is placed into use for a resident or owner.

Who Can Perform the Test?

The test can only be performed by a certified laboratory. The certified laboratory must designate an employee or authorized representative of the certified laboratory to collect

the water sample. The water sample cannot be submitted by the homeowner, by a Realtor or by any other party.

There are highly technical requirements for how the sample is to be obtained including the designation of sampling locations and particular requirements for lead analysis. The format of the report to be provided by the certified laboratory is specified by the Westchester County Department of Health and will include the maximum contaminant levels, guidelines, optimum ranges and other data. The data is required to be reported by the laboratory directly to the Department of Health and to the person who requested the test. Results will not be made available to the public. A list of certified laboratories will be created by the Westchester County Health Department and can be found at the Department’s website at www.westchestergov.com/health.

What is the Estimated Cost of the Testing?

The Questions and Answers promulgated by the Department of Health on September 18, 2007 indicate that the Department believes that the average cost of the well testing will be Four Hundred to Four Hundred Fifty ($400 – $450) Dollars. The seller is required to pay the cost and the Law specifically prohibits an agreement between buyer and seller that the test be waived (§707.09).

What About Contracts Entered Into Prior to November 19, 2007?

The Law provides that it is applicable only to contracts on or after Monday, November 19, 2007. It applies solely to properties which are served by private wells that are providing potable water for drinking purposes (not wells used strictly for watering lawns, etc.). If there was an accepted offer with respect to a property as of November 19, 2007 but formal contracts have not been entered into, the well testing Law will apply. The Law does not allow the seller to pass the costs onto the purchaser. If a test is completed by a seller and the sale is not consummated, the seller can use the test results for a period of one (1) year from the date of the original sample collection although the test for coliform is valid only for six (6) months from the date of the sample collection. In such cases in which a test was already obtained, the seller is required to provide a copy of the test results within ten (10) days of the execution of the subsequent contract.

What are the Penalties for Non-Compliance?

The Department of Health has the ability under the Law to impose heavy fines upon a non-compliant landlord or a seller of real property. Under §707.12, a seller, purchaser or lessor who violates the new Law is subject to a civil penalty not to exceed One Thousand ($1,000) Dollars. In addition, when a contaminated well is not remediated or a test is not provided by a seller to a purchaser or by a landlord to a tenant as required

by the new Law, the County can impose a fine of One Thousand ($1,000) Dollars per day for failure to provide potable water until the condition is corrected or remediated. In addition, any violation resulting from the failure of an owner or landlord to remediate a known condition within one (1) month of the initial violation date is subject to a penalty not to exceed Ten Thousand ($10,000) Dollars for each violation.

What Rights Do Tenants Have?

In the event that a landlord fails to provide potable water to a rented property, the tenant is granted the right under §707.06 to remediate the condition and obtain subsequent tests of the water and to offset the cost of any remediation and subsequent water tests against the rent payable under the lease.

What is the Role of the Realtor?

When originally drafted, the Law imposed upon Realtors and other state licensees an obligation to provide information and assure compliance with the new Law. Through the work of the Westchester County Board of Realtors, the County deleted the sections placing this obligation on State licensees.

Notwithstanding the deletion from the Law of the obligations of Realtors, the self-interest of Realtors to ensure that the transactions which they work to bring about are consummated will necessitate informing sellers and providing information about the new Law and how to bring about compliance.

The Westchester County Department of Health’s website should be accessed by every Realtor to download a copy of the new Private Well-Water Testing Law, the Regulations issued by the Commissioner of Health which are effective on the effective date of the Law (November 19, 2007), as well as the Frequently Asked Questions (“FAQs”) and Answers which are also available on the website. The FAQs are broken into fifteen (15) questions under “Applicability and General Requirements”, nine (9) questions under “Collection and Analysis of Samples” and eleven (11) questions under “Interpreting Test Results & Subsequent Actions”.

A review of these FAQs, the Law and the Regulations reveals that this Law is not simple and will no doubt cause compliance difficulties for some sellers and landlords as well as some unanticipated costs. The Department of Health has also issued a “Summary of Private Well-Water Testing Law” which includes a contact E-mail address for Ms. Nancy Birnbaum (neb1@westchestergov.com) to answer technical questions regarding the electronic transmission of data to the County

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Mortgage Lenders Face Massive Foreclosure Losses | Katonah NY Real Estate

Panel sounds foreclosure warning, industry downplays

WASHINGTON (Reuters) – Widespread problems in how U.S. lenders documented foreclosures could spark a wave of legal challenges resulting in massive losses to banks and serious new troubles for the housing market, a federal watchdog warned on Tuesday.

The Congressional Oversight Panel, the overseer of the government’s Wall Street bailout, in its latest report laid out a range of possible outcomes for the foreclosure paperwork mess that emerged in September.

In the best-case scenario, the watchdog said, concerns about the paperwork mess are “overblown” and banks would be able to proceed with foreclosures as soon as invalid court documents were replaced with proper paperwork.

But in the worst-case scenario, it warned that banks could face billions of dollars in losses.

Banks are accused of having used “robo-signers” to sign hundreds of foreclosure documents a day without proper review, a fiasco that reignited public anger with banks that received billions of dollars in taxpayer aid in the financial crisis.

Bank of America, Ally Financial and JPMorgan were among banks that temporarily suspended foreclosures pending internal reviews of their practices, but have since begun to resume sales of foreclosed properties.

Bank of America and JPMorgan officials are due to testify before a Senate panel later on Tuesday.

In the worst-case scenario, the panel said banks may be unable to prove that they own the mortgage loans they claim to own, legal challenges could call into question the validity of 33 million mortgage loans — many of which were then securitized and sold to investors — and banks could face billions of dollars in unexpected losses.

“If such problems were to arise on a large scale, the housing market could experience even greater disruptions than have already occurred, resulting in significant harm to major financial institutions,” the 125-page report said. “At present, the reach of these irregularities is unknown.”

The American Securitization Forum on Tuesday pushed back against claims that mortgage servicing problems could pose problems for the mortgage backed securities market, saying it has conducted its own study of the issue.

“We are confident that the process in which market participants assign and transfer mortgage notes and mortgages is valid, sound and legally binding,” ASF Executive Director Tom Deutsch said in a statement.

The panel, created to oversee the $700 billion bank rescue approved by Congress in 2008, also said banks could end up losing $52 billion from so-called mortgage put-backs, or loans that were sold to other investors but would have to be bought back due to problems that have turned up.

Those losses would be borne predominantly by Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, the panel said.

LAWMAKER SHOWDOWN

Banks have been eager to downplay the impact of the mess over foreclosure paperwork, saying evictions through foreclosure have been “materially accurate.”

Bank regulators and all 50 state attorneys general are investigating bank foreclosure practices. On Tuesday Bank of America Chief Executive Brian Moynihan said a quick settlement with the states is best for all involved.

“It is in everyone’s best interest to get this settled and behind us,” said Moynihan, speaking at the Bank of America Merrill Lynch Financial Services conference in New York.

He also said the bank was working through its mortgage repurchase requests from private investors. While the costs for buying back bad mortgages, or put-backs, will be manageable, Moynihan said such disputes could drag on for years.

Banks face lawmaker scrutiny later on Tuesday in hearings by the Senate Banking Committee, and then another hearing on Thursday before the House of Representatives Financial Services Committee.

A top Bank of America executive acknowledged problems in the bank’s foreclosure practices in testimony prepared for the Senate hearing and said Bank of America is working to replace previously filed affidavits in as many as 102,000 pending foreclosure cases.

“Thus far, we have confirmed the basis for our foreclosure decisions has been accurate. At the same time, however, we have not found a perfect process,” said BofA home loans chief Barbara Desoer in the prepared testimony.

David Lowman, chief executive for home lending at JPMorgan Chase, also laid out missteps in foreclosure paperwork and said the bank is cleaning up errors.

The banks are not the only ones under fire. Regulators are facing criticism from lawmakers for not picking up on the paperwork problems earlier. Many of these regulators — including officials from the Federal Reserve, the Office of the Comptroller of the Currency and the Housing and Urban Development Department — are scheduled to appear at Thursday’s House hearing.

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Fair Housing Rules and Regulations in Westchester NY | Westchester NY Real Estate

Westchester Putnam Association of REALTORS®, Inc.
60 South Broadway, White Plains, NY 10601
914.681.0833

INFORMATION ABOUT FAIR HOUSING IN REAL ESTATE TO WESTCHESTER HOMEBUYERS, RENTERS, SELLERS, AND APARTMENT OWNERS:

The Westchester Putnam Association of REALTORS, Inc., of which I am a member, has asked its member REALTORS to distribute this memo to everyone with whom they do business. The purpose is to promote better understanding of current fair housing laws and the ethical obligations of REALTORS.

Discrimination in the sale or rental of residential property based on race, color, religion, sex, national origin, age, familial and marital status, or disability is prohibited by one or more provisions of federal and state law. In addition, Westchester County and some individual communities have local fair housing laws to supplement the federal and state laws. An abstract of key federal, state, and county laws is printed on the reverse side of this memo.

Real estate agents are subject to these laws. If the real estate agent is also a REALTOR member of the Board of REALTORS, he or she is subject to the additional standard of total nondiscrimination that is a part of the REALTOR Code of Ethics. Violation of the Code leads to

disciplinary action against the REALTOR in addition to the penalties under applicable laws.

But real estate agents and REALTORS are not alone in being subject to the fair housing laws.

IT IS IMPORTANT FOR REAL ESTATE BUYERS AND SELLERS TO KNOW THAT THEY, TOO, ARE SUBJECT TO MOST PROVISIONS OF THE FEDERAL, STATE, OR LOCAL FAIR HOUSING LAWS WHETHER OR NOT A REAL ESTATE AGENT OR REALTOR IS INVOLVED IN THE TRANSACTION. IN PARTICULAR, RACIAL DISCRIMINATION BY ANYONE IN THE SALE OR RENTAL OF HOUSING IS A VIOLATION OF FEDERAL LAW. Although the sale or rental of real property is a private act, it is subject to fair housing laws. Ordinary buyers and sellers, “testers,” and regulatory agencies can and do take legal action against parties who do not deal on an equal opportunity basis. We hope this information clarifies our mutual responsibilities in fair housing. Thank you for your attention.

REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. SUMMARY OF IMPORTANT FAIR HOUSING LAWS

EXCERPTED FROM PUBLICATIONS OF THE NATIONAL ASSOCIATION OF REALTORS AND FROM A

WESTCHESTER REALTOR’S GUIDE TO FAIR HOUSING AND EQUAL OPPORTUNITY REAL ESTATE

The 1866 CIVIL RIGHTS ACT provided that:

“All citizens of the United States shall have the same rights, in every State and Territory, as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold and convey real and personal property.”

On June 17, 1968, in the case of JONES v. MAYER, the United States Supreme Court held that the 1866 law prohibits “all racial discrimination, private as well as public, in the sale or rental of property.”

Thus, any individual, who feels he or she has been discriminated against, can immediately file a suit in Federal Court. The court can stop the sale of a house, or rental of an apartment, to someone else

or award damages and court costs.

The 1968 Supreme Court decision further held that the 1866 Act protects all individuals against the following:

1. Denial that housing is available for inspection, sale, or rent when it is really available.

2. Discrimination in the terms or conditions of sale or rental lease.

1968 FAIR HOUSING LAW

Title VIII of the Civil Rights Act of 1968 (the Federal Fair Housing Law), declared it a national policy to provide fair housing throughout the United States. This law and subsequent amendment makes discrimination based on race, color, religion, sex, or national origin illegal in connection with the sale or rental of most housing and any vacant land offered for residential construction or use. The Fair

Housing Law provides protection against the following acts, if they are based on race, color, religion, sex or national origin:

1. Refusal to sell or rent, to deal or negotiate with any person.

2. Denial of a loan or creation of different terms or conditions for home loans by commercial lenders, such as banks, savings and loan associations or insurance companies.

3. Discrimination, by advertising that housing is available only to persons of a certain race, color, religion, sex or national origin.

4. “Blockbusting” for profit i.e. persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood.

5. Denial to anyone of the use of, or participation in, any real estate services such as brokers’ organizations, multiple listing services, or other facilities related to the selling or renting of housing.

NEW YORK STATE LAW

New York law prohibits discrimination in the sale, rental or lease of housing accommodations on the bases of race, color, creed, national origin, sex, disability, age or marital status by the owner, lessee, sublessee, or managing agent of housing accommodations or by real estate brokers and salepersons.

The law also prohibits discrimination in:

1. The terms, conditions or privileges of the sale, rental or lease or in the furnishing of facilities or services in connection with any housing accommodation;

2. The printing or circulating of any statement or publication or the use of any form of application or publication for the purchase, rental or lease of a housing accommodation.

There are certain limited exceptions to New York State’s Human Rights Law: (1) the rental of one and two family dwellings where the owners or their families reside in such dwellings, (2) the rental of

rooms in housing accommodations by owners or occupants where such persons or their families actually reside in such accommodations or (3) the rental of all rooms in a housing accommodation to persons of the same sex.

FAIR HOUSING AMENDMENTS ACT OF 1988

This Act strengthened the enforcement of the 1968 Fair Housing Law. It also provided substantial additional protection for disabled persons seeking housing, and limited restrictions on purchasers or

renters on account of familial status or age. Sellers or landlords who would decline to sell or rent to persons on account of handicap or familial status are advised to consult an attorney beforehand.

WESTCHESTER COUNTY HUMAN RIGHTS COMMISSION

In 1999 the Westchester County Board of Legislators passed a County Human Rights law and created a Human Rights Commission to enforce compliance and promote equal and fair opportunity in Westchester County. In addition to the protected

classes addressed in Federal and State law, the Westchester law also prohibits discrimination by owners and real estate agents based upon an individual’s alienage or citizenship status, or their

sexual orientation.

North Salem NY Real Estate Report | RobReportBlog | Robert Paul Realtor

      
      
Actives71    
Median$675,000    
Ave DOM149    
High Price$24,900,000    
Low Price$159,000    
Ave Size3900    
Ave Price/ft$387    
      
      
Sold North Salem NY Properties Over the Last SIx (6) Months     
      
 11/15/2010 11/15/2009  
Sold20 20  
Median$475,250 $550,000  
Ave DOM140 200  
High$2,050,000 $1,750,000  
Low$190,000 $115,000  
Ave Size2212 2707  
Ave Price/ft$278 $223  
Sale price/Ask93.71% 93.52%  
      
North Salem NY Homes     
North Salem Luxury Homes