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The Jewish Voice
REAL ESTATE
Real Estate Listings 101:
“FAMILY” AND “SOPHISTICATED” NOT ACCEPTABLE TERMS "It shouldn’t take a lawyer to know that it is illegal to use phrases like 'no Chicanos,' 'no blacks' or 'not for handicapped' in a real estate listing." Well, all righty then—lesson learned! he Fair Housing Act in 1968 has forced brokers to make nice and not use any terms that might be perceived as discriminatory in listing text. "Bachelor pad," for instance, might have undertones of gender bias, as might "fisherman's retreat," apparently. "Sophisticated" might speak to level of education, mental capacity, and/or one's willingness to debate the complexities of beignets. Even "family" has discriminatory shades—some brokers call it "the F word!" Since the Department of Housing and Urban Development has no master guidelines about what can and can't be said,
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each brokerage has its own rules about banned expressions. The Times recently aggregated a bunch into a massive list that's essentially one huge lawsuit-in-waiting.
6. English only 7. Retarded, no 8. White 9. Healthy only 10. Wheelchairs, no
Other terms, which could lead to the lawsuit include: Restricted Traditional neighborhood Country club Family Play area, no
New York Mortgage Fraud Unit Announces 17 Arrests Kings County District Attorney Charles J. Hynes and U.S. Senator Charles E. Schumer today announced the arrest of 17 people charged in various real estate crimes, including reverse mortgage scams, loan modifications, deed theft and mortgage fraud. istrict Attorney Hynes said, “Since its inception in 2009, the Mortgage Fraud and Real Estate Crimes Unit has undertaken 250 investigations resulting in 40 prosecutions, and we will not stop until the real estate thieves stop. I would like to thank Senator Schumer for his continued support of our efforts to fight real estate crimes. I would also like to thank the Department of Housing and Urban Development’s Office of the Inspector General for its help in these investigations.” Senator Schumer said, “Let it be known to housing scam predators and mortgage rip-off artists: there is a new cop on the beat and his name is DA Joe Hynes. Homeowners and would-be homeowners in Brooklyn have suffered for too long because of scam artists who feel they can take advantage of people without any repercussions. This mortgage fraud unit – which is a perfect example of federal and local partnership – protects homeowners from criminals who prey on our most vulnerable, often seniors. When DA Hynes first presented this idea to me a few years ago, I knew it was a winner. I am pleased today to see that this effort is doing exactly what it was meant to do: protecting consumers and punishing housing rip-off artists.” Rene Febles, Special Agent in Charge of the HUD OIG stated, “One of the most important products that HUD can offer our senior citizens is the ability to tap into their equity through the Home Equity Conversion Mortgage known as the HECM. When someone attacks the integrity of that or any other HUD program, the HUD OIG will be there to investigate such circumstances. Thanks to the leadership of the Kings County District Attorney, today we have protected our program and every American taxpayer who counts on those benefits.” Two defendants, Carmen Szumilas, 49, and Melody Zuniga, 28, are charged with using a forged power of attorney to obtain a reverse mortgage, in excess of $250,000, on a home owned by Szumilas’s estranged husband. A reverse mortgage is a loan for homeowners, over 62 years of age, that allows the owner to stay in the home, but
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Top Ten Terms Not to Use in the Real Estate Listing: 1. Mormon Temple 2. Crippled, no 3. Church near 4. African 5. AIDS, no
April 1, 2011
Sophisticated Executive building Newlyweds Employed One child
Couples only Section 8, no Shrine Empty nesters Handicapped
sell half the equity in the home to a bank. The bank makes either one bulk payment or multiple, smaller, periodic payments, and upon the owner’s death, the bank sells the house to recover its interest in the property. Scammers claim ownership of other peoples’ homes and then apply for reverse mortgages with forged deeds or other financial documents. Three defendants are charged in separate loan modification cases. Indictments charge that Roopanand “Rick” Paray, 43, who posed as an attorney; Hezi Torati, 36, who did business through a phony financial services company; and Rafatulla Arefy, 20, who victimized a former New York City Councilmember, are all charged in separate cases, with accepting up-front payments to modify the conditions of loans. Loan modifications are designed to help distressed borrowers restructure their mortgage debt to reduce monthly payments and avoid foreclosures. A state law that went into effect in 2008 prohibited brokers of loan modifications from taking any up-front fees for their services. Another defendant, Ralph Baker, 61, is charged with reporting to the Brooklyn District Attorney’s Real Estate Crimes Unit that a $1.7 million Brownstone, which he did not actually own, had been stolen from him, and he requested help to recover it. The indictment charges that the property is owned by another man, also named Ralph Baker. An indictment is an accusatory instrument and not proof of a defendant’s guilt. The cases were investigated by Detective Investigator Michael Seminara, of the Special Investigations Unit, and Deputy Chief Investigator Gregory Deboer. Joseph Ponzi is Chief Investigator for the Brooklyn District Attorney.
Morgan Stanley RE Investing Acquires $196M Loan Portfolio Morgan Stanley Real Estate Investing (MSREI) announced today the acquisition of a loan portfolio comprised of 45 assets with a principal balance of $196 million from an offshore bank. The portfolio was acquired in partnership with Kearny Real Estate Company. Terms of the transaction were not disclosed. he loan portfolio comprises a combination of performing, sub-performing and non-performing loans, with underlying collateral including residential condominiums, apartments, office, industrial and residential land primarily in California, Nevada, Washington, New Jersey and New York. “We are delighted to complete the acquisition of another portfolio of loans with Kearny Real Estate Company, one of the longest-standing operating partners of MSREI,” said John Klopp, Co-Chief Executive Officer and Co-Chief Investment Officer of MSREI. “We believe our firms’ combined expertise in portfolio acquisitions and loan resolutions make us well-positioned to maximize the value of these assets." MSREI is the global real estate invest-
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ment management arm of Morgan Stanley. Established in the early 1990’s, MSREI has been one of the most active real estate investors for more than two decades, acquiring over $175 billion of assets in 36 countries. MSREI leverages the expertise, relationships and franchise of Morgan Stanley with more than 300 dedicated real estate investing professionals located in 15 offices around the world providing acquisition, finance and asset management services. MSREI manages strategies across the risk/return spectrum on behalf of its clients, including some of the largest pension funds, sovereign wealth funds and high net worth investors worldwide.