Pssst, wanna buy a school house?
The dog ate my homework. No, I didn’t eat the cookies that were
cooling on the rack. I promise I’ll get that to you tomorrow. The
check’s in the mail.
My, my, my. There are certain statements we hear that make our
hair stand up on the back of our necks. But in this case, I believe
that the checks are in the mail.
The Securities Exchange Commission (SEC) is mailing $356 billion
(notice that’s with a B) to investors who were harmed by fraud
between 1998 and 2004. The money is being mailed to individual
investors and pension plans who were given misleading information
and incorrect material facts by Fannie Mae in their reports and
filings with the SEC.
Pssst, wanna buy a school house?
The dog ate my homework. No, I didn’t eat the cookies that were cooling on the rack. I promise I’ll get that to you tomorrow. The check’s in the mail.
My, my, my. There are certain statements we hear that make our hair stand up on the back of our necks. But in this case, I believe that the checks are in the mail.
The Securities Exchange Commission (SEC) is mailing $356 billion (notice that’s with a B) to investors who were harmed by fraud between 1998 and 2004. The money is being mailed to individual investors and pension plans who were given misleading information and incorrect material facts by Fannie Mae in their reports and filings with the SEC.
See? That greed we talked about before was alive and well in the government agencies as well. Heck, if you’re getting a piece of the pie, I want a bigger one with a scoop of ice cream as well. Anyway, if you think you might be entitled to some of the return funds (and don’t be greedy!) call the toll-free number at 1-800-760-6903 or visit the website at www.SECFannieMaeSettlement.com.
The SEC is investigating dozens of companies because of turmoil in mortgage lending. Rising delinquencies and defaults have put many lenders out of business or in financial risk. Therefore it is harder for those who remain to borrow money or sell loans in the secondary market.
The Wall Street Journal recently cited anonymous sources claiming stock sales by Countrywide Financial Corp.’s CEO are under investigation by the SEC. It appears he sold $130.6 million in Countrywide stock just before the company’s share prices lost half their value. The Journal also reported New Century Financial Corp. is being investigated by the SEC for creative accounting and stock sales by senior executives. Just a little suspicious, I would say. Okay, let’s move on to a different topic. That one’s too depressing. Hey, come here. Psst…over here. Where no one else can hear us.
Wanna buy a school? What? No, it’s not a knock-off. It’s the real thing. And you can have it for only $2.9 million.
This is not a scam, but an actual offering in Sierra County in the hills above the Yuba River just about at the snow line. Located 30 min. from Nevada City, it was built in 1983 as a full-service K-12 school. It operated through 2006 when declining enrollment and reduced federal funding forced its closure. Well, there was one other contributing factor for its demise…greed.
Anyway, it’s available…all 20 acres, seven classrooms, fabulous gymnasium, tennis courts and outdoor track, commercial kitchen, playground, playing fields, library, science lab, dark room, garden and orchard, caretaker’s home, fenced and irrigated nursery and garden and small orchard.
Whoa, doggies! What to do with this facility? It’s offered by Hemig and Erle, a real-estate firm out of Truckee. A call to them gave me an indication. They have interest from private schools, at-risk youth organizations, a video production company, a rehab group and an athletic organization looking for a training camp. It could be a conference center, a retreat facility, a music camp or a year-round environmental camp. What could you do with this facility? It’s an intriguing opportunity.
The Sierra county Office of Education would prefer to sell it outright, but for the right buyer with a substantial down payment they could consider financing as well. It might be just the place to invest that money you’re getting from the SEC! (Oh, you’re not getting any money either? Too bad for us.)
I mentioned the greed factor in this school’s closure. Someone made off with a small fortune in this county by creating a charter school when California first allowed creation of said schools. The originators enrolled a thousand students (at $5000 per) for their on-line charter school. This should have raised a few eyebrows in a county with only 500 students in the “normal” schools, but what the heck? It was online, don’t you know. These students could have been located anywhere. Or nowhere…which appears to have been the case. Anyway, about $5 million walked out of the state coffers never to be seen from or heard from again. The Sierra County Office of Education was shaken to its core by the debacle which was created at the state level.
And it left Sierra County with a school to sell. The Realtors believe simple replacement value for this facility to be at least twice its asking price. However, this property is not your normal sale. It isn’t for everyone, though I hope it’s for someone. What about you? Perhaps it’s time for you to bring to fruition the dream you’ve nurtured inside for years.
Let’s turn away from greed and its machinations and look briefly at our market. In San Benito County there are 476 homes available and 40 are in contract headed (hopefully) for the close of escrow. In southern Santa Clara County there are 731 homes available with 56 in contract. Homes are selling, just not as robustly as the sellers (and the Realtors!) would like to see.
But it’s a good life. Be kind to your Realtor.
