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Friday, October 8, 2010

So your elected leaders really hate CIC's dont they.

If you have been reading the news or even talking to your neighbor or just have a pulse it's pretty clear we have an 8 mile train wreak unfolding in housing.    Now the thing about such big wreaks is that they take a while to figure out in scope and intensity. Some things that seem to be little along the way are often missed and to those impacted by the wreak  do need the same help as anyone else involved.  Who those that elected leaders are paying no heed to what so ever. Condominums, Cooperatives Townhouse/Singlefamily Homeowners Associations which represent 80% of all new development.

So you would figure that National, State and local leaders would want to help the residents that live in CIC's, however that is not the case at all.
 Right now there are 100 MILLION living in Common Interest Communities and your elected leaders are doing NOTHING to help us. offical 
In fact the Federal agencies: Fannie Mae, Freddy Mac, HUD,  are actually not just ignoring your community~ they are undermining it.    How you ask.  When these agencies take over a condo, coop, hoa unit they like all owners are required to notify the BOD and Management co that they are the newnowners and they are to start paying Assessments* ((((((((Wait)))))))) to you see what they really are doing. They are required, more often then not, to clear up past due assessment and reserve contributions.  Are they?
Across the board the Federal government when in ownership of a foreclosed unit is not paying their bills -they are dead beat owners and go out of their way to help banks not pay a dime.  
 Some of their contractors are telling communities that while owned by the FED they don't have to pay.   While years ago one US Senator started to peek into this pretty and I guess stopped. It seems that every sitting US Senator & Congressperson cares about banks more then they care about communities.  WOW cares about banks, Really....Yes really

"Major lenders have halted foreclosure proceedings in 23 states after revelations that in many cases, paperwork was signed by people who didn't so much as read what they were signing, much less do the research to verify that all the details were accurate."

What does it mean in a CIC when foreclosure are stopped.  It means the dead beat owners (SEE BANKS AND FEDs) don't have to take possession of the unit and they surely don't have to pay the assessments. There is now reader of this blog living in a CIC that doesn't know what happens when people don't pay assessments.  The budget goes in the hole and then what.

The State that U.S. Rep. Elijah E. Cummings represents-  Maryland has almost 3 out of 4 homes in a common Interest Community.  Which seems to me to be just another  nail in the financial coffin for them.  The coffin was outline by these same "leaders" when they made sure that no financial disclosure is required for Single Family/Townhouse Homeowner Association home sells in Maryland.  
So you could be moving into a MD community right now that is completely bankrupt and there is no law to give you the budget, or even tell you the community is  away with reselling to the public these unit they own.
So, right now in community after community the budgets are negative, bills go unpaid, services are lost. That right the master utilities are being cut off because the communities don't have the money to pay the bills and the elected leaders in Washington have not done 1 thing to help.

Actually they're doing everything to hurt.    Again, They (Fannie Freddy HUD) don't pay bills and they stop communities colds (like this legislation) in getting paid and that is before the Courts weight in which is a whole-nother-blog post.

I have to ask?   How many communities does Congress get to kill before we wake up and smell the burning flames from the carnage that Congress and the Federal Government have directly inflicted and continue to ensure that BANKS congresses best friend can just ignore law after law with regards to document and financial disclosure and the simple act of paying your bill.

To the communities in U.S. Rep. Elijah E. Cummings district when are you going to demand that he do something to benefit the greater public good.   If we're to apply the Marginal Utility of Public Good "MUPG" to this the curve wouldn't even bend up it's all down and so are your elected leaders on CIC's.

PS We do want to note that we just say that Obama did veto the foreclosure bill, however we are along way from even seeing the light on this issue as not one major news outlets has covered any of this story.

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