MyBrooklynReport.com | Analysis and Commentary on Real Estate in Brooklyn Neighborhoods

More Bust from the last Boom for Blacks, Hispanics

by Michael Corley on February 2, 2010 · 5 comments

Homeownership Rates by Race 1995 - 2008

In a study by the Pew Research Center, published May 12th 2009, from 1995 to 2008, Black and Hispanic families were more likely to borrow from the Sub Prime markets for a mortgage to finance the purchase of their home.

Corresponding to that same period, from 1995 to 2007, was the explosive growth in the issuance of Collateralized Debt Obligations, or CDO’s, a financial trading product whose value was derived from Mortgage Backed Securities, which represent a claim on the interest payments from a pool of mortgages.

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Home Buyers Problems Often Begin at the Mortgage

by Michael Corley on February 1, 2010 · 2 comments

in Home Buying

The process appears simple.

You call a few real estate brokers about homes you’re interested in and after brief consultations with each broker you schedule appointments for a weekend you can view them.

After viewing a few properties you narrow your choices to those that meet all or most of your wants and needs. You make an offer and, if your fortunate, the broker informs you that the owner has accepted it. Congratulations, your work is done.

Or is it?

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Home Buyers Always Make This Mistake

by Michael Corley on January 11, 2010

in Home Buying

House Shopping

Over the last 7 years I’ve been on more than 600 appointments with buyers to view properties. Each time I’ve taken customers to view a home I always look to see if this time it might be different. I open the door, welcome them in and look to see if they’re fully prepared for the showing.

While most of my customers arrive on time and all are eager see the home, I haven’t met one who attended an appointment prepared. It is a reoccurring experience with each customer regardless of Age, income, education or occupation.

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An Open Letter to Colvin W. Grannum on Al Vann

by Michael Corley on January 8, 2010 · 3 comments

in Property Politics

This open letter was originally published prior to the Democratic Primary Elections in NYC, in which Councilman Vann faced a crowded field of contenders to replace him in the 2010 NYC Council Term.

Dear Mr. Grannum,

I’ve just read your OP-Ed in Our Time Press, which was co-authored with Rhonda Lewis, President of Bridge Street Development Corporation, titled

“Councilman Vann: The Quintessential Community Organizer and A Champion for Homeownership in Central Brooklyn“
(article published in Vol. 14, No. 34 in circulation for August 27th – September 2nd)

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Property and Politics: NYC’s Unlicensed Real Estate Agents

by Michael Corley on January 7, 2010 · 7 comments

in Property Politics

This post is the final installment in a 3 part series, which the previous posts on this subject are: Whose Responsible for the Urban Blight at 1576 Fulton Street & Goldman Sachs Finds Opportunity in Bedford Stuyvesant

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September 15th 2008 became a day of reckoning for the U.S. economy. Less than 60 days from an historic election and Wall Street finds the crisis that’s been at the front door of Lucylla Baynes, and others like her, now busting through the doors of some of the worlds wealthiest individuals, corporations, governments, pension funds and sovereign nations.

Predatory Lending in neighborhoods like Bedford Stuyvesant that resulted in the sale of Collateralized Debt Obligations (CDO’s) can also claim amongst its victims the country of Iceland.

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Goldman Sachs Finds Opportunity in Bedford Stuyvesant

by Michael CorleyJanuary 6, 2010

Over the last 10 years we’ve seen New York City politicians align their political futures with well financed real estate developers. However, none will come close to the reach and wealth that a recent entrant into the real estate landscape possess. Goldman Sachs comes to Bedford Stuyvesant with money and influence (and a real estate investment strategy that politicians favor). Here’s why.

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Whose Responsible for the Blight at 1576 Fulton Street

by Michael CorleyJanuary 5, 2010

Here, in the Bedford Stuyvesant neighborhood in Brooklyn, part of the 36th NYC Council District and the 56th Assembly District, sits another shuttered building on Fulton Street between Albany Avenue and Marcus Garvey Boulevard. 1576 Fulton Street has to its left a bicycle shop that’s been in business for at least 10 years to my knowledge (I purchased a BMX bike for my son from the shop that far back) and rows of shuttered properties to its right. What it doesn’t have are apartments with tenants. Ever wondered why?

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Foreclosure Scams; the Uglier Side of the Crisis

by Michael CorleyJanuary 5, 2010

With more existing homes coming to market alongside recently constructed houses and condominiums in Brooklyn, all home shoppers and real estate investors are hunting for the best deals available, by any means necessary. With the majority of homes on the market listed by licensed real estate brokers, it’s not uncommon for 2 homes listed on any given block in Brooklyn, being equal in use and style (i.e., 2 family brownstone), asking completely different prices. This price disparity offers limitless opportunities for individuals conspiring to commit mortgage fraud during the foreclosure crisis.

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Predatory Lending: Confessions from Inside the Fraud

by Michael CorleyDecember 18, 2009

While we continue to make every effort to bring you a view into the brazen, unapologetic, predatory lending practices that have caused the Foreclosure Crisis in our weekly series, Thursday Perp Walk: Lifestyles of the Charged, Tried and Convicted, your about to see the lengths that Mortgage Lenders and Wall Street went to in the name of GREED. View the video and see how it was done.

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Thursday Perp Walk: Lifestyles of the Charged, Tried and Convicted

by Michael CorleyDecember 17, 2009

Thursday Perp Walk, a regular feature on MyBrooklynReport.com, will introduce you to the social predators who preyed on unsuspecting home buyers, home owners and home lenders. Perpetrating mortgage fraud in real estate usually begins with just two people with quite a bit of cooperation from individuals behind the scenes. Witness the ease of these smooth criminals caught in their greed.

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← Previous Entries

Analysis and Commentary on Real Estate in Brooklyn Neighborhoods

More Bust from the last Boom for Blacks, Hispanics

Home Buyers Problems Often Begin at the Mortgage

Or is it?

Home Buyers Always Make This Mistake

An Open Letter to Colvin W. Grannum on Al Vann

Property and Politics: NYC’s Unlicensed Real Estate Agents

Goldman Sachs Finds Opportunity in Bedford Stuyvesant

Whose Responsible for the Blight at 1576 Fulton Street

Foreclosure Scams; the Uglier Side of the Crisis

Predatory Lending: Confessions from Inside the Fraud

Thursday Perp Walk: Lifestyles of the Charged, Tried and Convicted

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