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From the monthly archives:

December 2009

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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Another Developer Bailed Out with Style in Bed Stuy

by Michael CorleyDecember 16, 2009

As reported in the New York Daily News [Bed Stuy Residents Furious over Condo Project once slated as Dorm], it appears another luxury condo has gone the way of becoming five star accommodations for the homeless. How is it that Real Estate Developers continue to be bailed out by New York City while countless families face the threat of becoming homeless due to foreclosure?

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Difficult to Separate the Two in Brooklyn

by Michael CorleyDecember 15, 2009

How do you avoid the subject of politics in any discussion regarding real estate in New York City. Take a look around you. In the last 5 years we’ve seen an enormous amount of luxury condominium development concentrated in Manhattan and Brooklyn. Should we bail out real estate developers who made bad business decisions?

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Just One More Thought on the Reason Why

by Michael CorleyDecember 14, 2009

Throughout my career I’ve witnessed how real estate deals are negotiated and financed. Inside those experiences are the untold stories about the process and the players involved. I’ve also seen the vital role real estate plays in a city like New York and where politics can often become involved (and when it shouldn’t). Have any idea when?

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Are Banks Interested in Modifying your Existing Mortgage?

by Michael CorleyDecember 11, 2009

Since the U.S. Treasury implemented a series of programs designed to encourage lenders and mortgage servicers to offer Loan Modifications in 2007, there have only been approximately 30,000 homeowners nationwide who have received Loan Modifications of their existing mortgages. As of June 2009, there have been 1.9 million NEW foreclosure filings by lenders. Have we reached a breaking point?

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4 Things Going Right in Brooklyn’s Real Estate Recovery

by Michael CorleyDecember 10, 2009

Is there any evidence pointing to a recovery in Brooklyn real estate trends in sales and rentals? We identify 4 things that give proof of a market correction underway and what it will mean for you, the homeowner and tenant.

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How They Got it Done in Weeksville, Brooklyn

by Michael CorleyDecember 7, 2009

Upon reaching Brooklyn and other parts of New York City, they soon discovered there were few places welcoming their arrival as new residents. Weeksville, a thriving, self sufficient African American community, were one of a few where those migrating from the south were welcomed.

It is in Weeksville, Brooklyn, (currently known as Crown Heights) where you witness an enlightened agenda existing among its inhabitants that was birthed out of necessity, which could easily be termed: SELF PRESERVATION.

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172 Brooklyn Avenue: Whose in Charge of this Eye Sore?

by Michael CorleyDecember 4, 2009

Since 1970, this property has changed hands 15 times and had Lis Pendens (law suits) filed with property liens to foreclose for non payment of property taxes 4 times.

It experienced a Lis Pendens filing for mortgage default only once. The city has defended its claim to unpaid property taxes more times than it engaged in enforcement action through the Department of Buildings for unsafe building conditions, which only occurred 2 times (2001 & 2006). So why does it still look this way?

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The Foreclosure Business: NYC $59 Million Plan

by Michael CorleyDecember 3, 2009

NYC Department of Housing, Preservation and Development has begun implementing it’s plan to use the $24 million dollars received from the U.S. Department of Housing and Urban Development as part of the the Housing and Economic Recovery Act of 2008. In one of my first blog posts on this subject, Mayor Bloomberg’s Plan to Avert Urban Blight, I raised a number of concerns that didn’t appear to be addressed in the city’s action plan…

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