ROGER DUBE
Scientist of the Future
Turning Poison Gas to Good Use
Alchemy
By
Carson Barbeau age 13
1/25/2010
Mrs. Halterman
Science Period 4
Scientific process can be a winding path from research, information gathering, tedious work and sometimes recognizing the beauty of an accident. This paper followed that walk from me deciding to find a scientist I might want to study and ending up somewhere else, but somewhere familiar. Allow me to explain.
First, I wanted to find a scientist who is alive and I wanted someone who had invented smart bombs or worked on smart missiles. I wanted to know about them because it is a resent thing and its interesting. I began with the internet, and searching much of the information is classified or in foreign languages. What I learned; however, is vehicle guidance systems have seekers with a “pitch and yaw control” which is an apparatus that often is controlled by laser. I found a paper by Roger Dube, a physics Professor at RIT about lasers and use of measurements in relationship to directing these little bombs. This peaked my mind’s attention because my grandfather was a physicist and I have a related cousin at RIT. I went to the University website and actually emailed the professor about my interest. I also emailed Bill Broza who is a student in the nanotechnology department and he knew the Professor, but has not taken a class from him. This round about method led me to choose Dr. Dube, by chance but also his name was just so amazingly cool and many of his patents and research were interesting. So began my research paper on a Scientist. My first question was how efficient is Dr. Dube’ process of laser zapping methane into useful gas
.
“I’m sure as a young scientist you can appreciate that we cannot determine the overall efficiency of converting methane gas to longer chain hydrocarbons until we have a working process in the lab. At this time in the project, all of our focus is on making that work. The concept is that by exciting methane molecules in certain modes using finely tuned laser light, we might be able to increase the reaction of methane into longer chains (such as ethane, butane, etc) and do so with gain. The key questions are: how much gain can we get, and how much overall energy did we have to expend to get that gain.
You asked about the laser power consumption – an efficient 100 milliwatt laser will require 40 watts to operate, so the laser itself is only about 1/4 of one percent efficient. So we need lots of gain (at least a gain of 400!) to make this worthwhile! That’s what the team is focused on!”
Dr. Roger Dube
Professor, Center for Imaging Science
Rochester Institute of Technology
Roger Dube attended Cornell University College of Arts and Sciences as a physics and math major. He was developing new experiments for the freshman physics lab and got a National Scholarship grant to work on the Kapitza-Dirac project at Harvard for a summer. Roger is a Native American and at this early age he lobbied Cornell to have programs to attract Native Americans. Something not mentioned in his story is that there are few Native American scientists as few black scientists as well.
He went on to Princeton to the doctorate program. His thesis was about measuring mass to light ratios in galaxies far away where we have no way of viewing. Next he went to Kitt Peak in Tucson Arizona and worked on array detectors and Charge Injection Devices. Basically tiny machines to measure light and make things click. These are used in digital cameras today.
A year later Dr. Dube moved his family next to Pasadena. His wife Jeri and their children were off to California to work for CalTech/JPL. He worked on the same spacecraft my grandfather worked on. Dr. Dube did not like California at all. He likes hiking and camping and the smog in Pasadena in those years was terrible.
In a year he took a job soon after at University of Michigan and travelled back and forth working on a project in Tucson with optics, soft wear and deflection of starlight. Around this time IBM in Tucson recruited him to be a staff scientist. Dr. Dube loved working for IBM and developed holographic storage in crystals. Dr. Due said IBM allowed him to be creative and he worked long hours because he loved the science. IBM moved him to their Yorktown facility. He was promoted and became the Head of the atomic force microscope project. This project got a Nobel Prize. Dr. Dube was well received by the scientific community with this world renowned award.
He fell into a friendship with another scientist in Florida and they started researching authentication of persons over the internet. His book “Hardware Based Computer Security Techniques to Defeat Hackers,” is very important with today’s internet. Companies have hackers who for fun or to steal money crack into banks, businesses and even our government computers. He used physics to make cryptographs and math to create code like models that can’t be cracked because they change. Dr. Dube used his early education to apply math and physics to making random cloaking for computers. I thought it was a cool idea to clock a computer to protect it because it was hiding under something.
The most fascinating project he is and has worked on is using Laser light on methane gas to create clean fuel. Think of it! Methane gas comes from human made sources such as cars, livestock, manure, coal mining, waste water treatment plants, garbage dumps, and burning crops like in the Central Valley in the winter. All this junk we as humans put in the air (some smaller amount is naturally made by wetlands and permafrost letting out gas.) If we could find a good use for all the garbage gas (methane the human like trash) that is hurting our ozone and is poisonous to our world as a fuel it would be amazing. Dr. Dube has found a way to convert methane into liquid methanol. This could stop all greenhouse gas problems. The National Science Foundation gave him a grant and he has jobs available for college students and others to help him finish the project. Often college science students work with professors to work out the bugs in their theories or inventions. Right now it is pretty expensive to convert the methane, so the important thing is to find a way to make it cheaper.
Dr. Dube started Gate Technologies. His own company Gate is also owned by his friend R. L. Morgenstern. In 2007 he started teaching at RIT. He loves teaching in a university where the students are amazingly smart.
Dr. Dube has 30 US Patents and a few more in process. Many of the patents are for monitoring anomalies, file protection, storing information on holograms, and holographic things. He has a mind that keeps asking questions and looks at the world from a different angle to solve problems. Dr. Dube’s college students who work at the center for Imaging Science collects information for agencies like the World Bank and United Nations. For example when the Haiti earthquake occurred they first hand had cameras which had images of the streets of Haiti from above. Dr. Dube and his students were one of the first to collect money for Haiti relief effort because they saw the devastation often before the news. Dr. Dube has a great heart.
So you, just like I wanted to know. Did Dr. Dube work on smart bombs? He didn’t answer the question. I think he didn’t because he laughed off the question.
http://www.cis.rit.edu
http://wwweurekalert.org.pub_releases/2009-10/riot-rss102209.php
http://www.enyclopedia.com.doc/1G1-189971565.html
http://www.carboncapturereport.org/cgi-bin/biodb?PROJID=10&mode
National Science Foundation website numerous pages viewed
Hardware Based Computer Security Techniques to Defeat Hackers: From Biometrics to
Quantum Crytography, by Roger R. Dube, J Wiley (publisher), September 3, 2008.
1/19/2010
Water Emergency??! Thanks Moulton Niguel Water
Moulton Niguel Water District Acts Great as Police Force BUT FAILS TO HAVE A WORKING PLAN
| Name (plus bio) | Position |
|---|---|
| Galen D Powers | Senior Founder |
| Daniel M. Powers | CEO |
| Richard S. Fiore | President |
| Pam Newman | CFO |
| Peter E. Racobs | Vice President |
1/11/2010
Can a Trust be Changed? How to Prove Trust Income to Fannie Mae Freddie MAC
TRUSTS CAN BE changed after Death of Settlor
There are some fourteen types of Trusts but those I am discussing Irrevocable and Intervivos (Living) Trusts
Trusts are regulated by California CIVIL codes as primary source and probate/ IRS laws as to tax payments.
A Trust is a contract. The Settlor puts specific assets into the hands of the Trust and designates how they are to be dispersed.
Unless the settlor made the trust irrevocable when s/he created the trust, the settlor can cancel or change the trust. Even if a trust is irrevocable, it is possible that it can be changed in one of the following situations:
The law says that if all beneficiaries consent, they can petition the Court to change or end the trust.
The Court considers: if the trust must continue in order to carry out the purpose of the trust or if the reason for changing or ending the trust outweighs the interest in carrying out the purpose of the trust
The law says if the settlor and all beneficiaries consent, they can change or end the trust.
If any beneficiary does not consent to change or end the trust, the other beneficiaries, with the consent of the settlor, can petition the Court to partially change or end the trust as long as the interests of the beneficiaries who do not consent are not seriously affected.
If the Court decides it is costing more to administer the trust than the trust is worth, the beneficiary or trustee can ask the Court to end or change the trust, or appoint a new trustee. If the trust principal is worth $20,000 or less, the trustee can end the trust.
The law says the Court may change or end a trust if circumstances have changed and continuing the trust would defeat or weaken the trust.
The Court can remove a trustee and make the trustee pay the beneficiaries for any loss to the trust. Sometimes the Court will remove the trustee or suspend the trustee’s powers while the case is pending if there is reason to believe the beneficiaries’ interests are at risk.
Some trust documents say the trustee will be liable only for willful misconduct or gross negligence. But, California law is strict, and the Court can remove a trustee for any of the following reasons:
• Breach of trust;
• Trustee has more debts than assets or otherwise unfit to act as trustee;
• The trust cannot be administered because of hostility or lack of cooperation between co-trustees;
• The trustee does not want to be the trustee;
• The trustee's payment is excessive;
• The law says some people must be disqualified from serving as a sole trustee. The people who cannot serve as a sole trustee are listed in Probate Code Section 21350.
The beneficiary has 3 years from the date of receiving the trustee’s report to ask the Court to remove the trustee.
If the trust document says that a beneficiary's share of the trust income or principal cannot be transferred (a spendthrift provision because perhaps settler was worried about beneficiary’s ability to be prudent or was too young), you cannot collect money owed until the income or principal is actually paid to the beneficiary. Beneficiary can petition the Court to order the trustee to pay you from the trust assets due to the beneficiary.
See Probate Code Section 15300,
If the settlor owes beneficiaries and the settlor has the power to revoke the trust in whole or in part, you can make a claim against the property during the settlor's lifetime.
In some cases, you can make a claim against the settlor for the maximum amount available to the settlor under the terms of the trust, up to all of the property contributed by the settlor to the trust.
See Probate Code Section 18200
Despite "irrevocable" language, the trust may have been drafted with sufficient flexibility to permit adaptive changes, either through the use of a "trust protector" or "powers of appointment" (IRC Sec. 1041).
The language in the original Trust agreement will specify how payments/dispersements are made
Civil Code Sec. 3399 permits the "reformation" of a written contract when the writing, through fraud or mistake, fails to express the intention of the parties. This code section codifies the traditional equitable action to correct a written document. A court will not create a new agreement for the parties [See Getty v. Getty, 1987 Cal. App. 3d 1159 (1986)], changing the Trust document might be appropriate in cases where, for example, poor drafting failed to carry out the settlor's intentions.
Probate Code Sec. 15409 shades a broad umbrella under which a court may modify the administrative or dispositive provisions of a trust, or may terminate the trust, if "owing to circumstances not known to the settlor and not anticipated by the settlor, the continuation of the trust under its terms would defeat or substantially limit the accomplishment of the purposes of the trust."
A trustee or beneficiary asks the assistance of the court under Sec. 15409 by filing a petition. The court must be convinced that there are "circumstances not known and not anticipated by the settlor" that would defeat or impair the trust's purpose, the statute does not require consent by the remaining beneficiaries or trustees to the requested change.
Also a court may order modification or termination of a trust under Probate Code secs. 15403 and 15404. While both offer potentially broad-reaching assistance, it is important to note that various levels of consent are required under each of these provisions.
Under Probate Code Sec. 15403, if all beneficiaries of an irrevocable trust consent, they may compel modification or termination of the trust unless the court finds that a material purpose remains for continuance of the trust and that purpose outweighs reasons advanced for termination or modification.
Probate Code Sec. 15404 offers an even broader avenue of relief: If the settlor and all beneficiaries consent, they may compel termination or modification of a trust without any need for court action. Section 15404(b) further allows a court to compel modification or partial termination of the trust over the objection of non-consenting beneficiaries, provided that the settlor consents and that the request does not "substantially impair" the rights of the non-consenting beneficiaries. Because this procedure requires the settlor's consent, a trust cannot be set aside under this provision after death
Probate Code secs. 15411 and 15412 offer additional avenues for redress. These provisions permit a court to combine or divide a trust or trusts "for good cause shown."
In reality, records show probate courts routinely approve trust amendment petitions if the beneficiaries unanimously consent to the proposed changes. However, where a disgruntled beneficiary lodges an objection, counsel will be required to argue the merits of the case and to demonstrate that the appropriate statutory test has been met.
Beyond these statutory options, California case law underscores the inherent equitable power of the courts to reform or modify a trust--an additional source of relief for clients.
One of the earliest California cases in this field, Lissauer v. Union Bank & Trust Co. [45 Cal. App. 2d 468 (1941)], established that when a drafting error has rendered the trustor's intention ambiguous, the trial court may consider extrinsic evidence (that is, evidence outside the four corners of the document) to determine the trustor's
California Court of Appeal in Stewart v. Towse [203 Cal. App. 3d 425 (1988)] authorized the modification of two irrevocable trusts to change the named successor trustee, confirming that trial courts have the inherent equitable power to modify the terms of a trust "where such modification is necessary to preserve the trust or serve the original intentions of the trustor."
Based on these codes and cases sited, most any Trust can be changed.
In order to show a lender what the trust income is Fannie Mae and Freddie Mac want to see the Borrower’s Federal Tax Returns and the Trust Tax Returns. What you really need to show is the total amount of assets held by the Trust ie:
Total assets in cash are $ X and real estate $ X rents monthly $X
Showing that the income can continue out 36 months is all you need. Assuming your borrower has received monthly stipend of X dollars ( in reality the funds should have been passed to a separate Tax Identification Number) The Trustee of the Trust could write a letter saying: the Trust allows a regular stipend and also any additional costs she may from time to time submit for payment such as education, sporting equipment, …blah blah… and Trust has X amount of cash managed at 4% interest..”
There are some fourteen types of Trusts but those I am discussing Irrevocable and Intervivos (Living) Trusts
Trusts are regulated by California CIVIL codes as primary source and probate/ IRS laws as to tax payments.
A Trust is a contract. The Settlor puts specific assets into the hands of the Trust and designates how they are to be dispersed.
Unless the settlor made the trust irrevocable when s/he created the trust, the settlor can cancel or change the trust. Even if a trust is irrevocable, it is possible that it can be changed in one of the following situations:
The law says that if all beneficiaries consent, they can petition the Court to change or end the trust.
The Court considers: if the trust must continue in order to carry out the purpose of the trust or if the reason for changing or ending the trust outweighs the interest in carrying out the purpose of the trust
The law says if the settlor and all beneficiaries consent, they can change or end the trust.
If any beneficiary does not consent to change or end the trust, the other beneficiaries, with the consent of the settlor, can petition the Court to partially change or end the trust as long as the interests of the beneficiaries who do not consent are not seriously affected.
If the Court decides it is costing more to administer the trust than the trust is worth, the beneficiary or trustee can ask the Court to end or change the trust, or appoint a new trustee. If the trust principal is worth $20,000 or less, the trustee can end the trust.
The law says the Court may change or end a trust if circumstances have changed and continuing the trust would defeat or weaken the trust.
The Court can remove a trustee and make the trustee pay the beneficiaries for any loss to the trust. Sometimes the Court will remove the trustee or suspend the trustee’s powers while the case is pending if there is reason to believe the beneficiaries’ interests are at risk.
Some trust documents say the trustee will be liable only for willful misconduct or gross negligence. But, California law is strict, and the Court can remove a trustee for any of the following reasons:
• Breach of trust;
• Trustee has more debts than assets or otherwise unfit to act as trustee;
• The trust cannot be administered because of hostility or lack of cooperation between co-trustees;
• The trustee does not want to be the trustee;
• The trustee's payment is excessive;
• The law says some people must be disqualified from serving as a sole trustee. The people who cannot serve as a sole trustee are listed in Probate Code Section 21350.
The beneficiary has 3 years from the date of receiving the trustee’s report to ask the Court to remove the trustee.
If the trust document says that a beneficiary's share of the trust income or principal cannot be transferred (a spendthrift provision because perhaps settler was worried about beneficiary’s ability to be prudent or was too young), you cannot collect money owed until the income or principal is actually paid to the beneficiary. Beneficiary can petition the Court to order the trustee to pay you from the trust assets due to the beneficiary.
See Probate Code Section 15300,
If the settlor owes beneficiaries and the settlor has the power to revoke the trust in whole or in part, you can make a claim against the property during the settlor's lifetime.
In some cases, you can make a claim against the settlor for the maximum amount available to the settlor under the terms of the trust, up to all of the property contributed by the settlor to the trust.
See Probate Code Section 18200
Despite "irrevocable" language, the trust may have been drafted with sufficient flexibility to permit adaptive changes, either through the use of a "trust protector" or "powers of appointment" (IRC Sec. 1041).
The language in the original Trust agreement will specify how payments/dispersements are made
Civil Code Sec. 3399 permits the "reformation" of a written contract when the writing, through fraud or mistake, fails to express the intention of the parties. This code section codifies the traditional equitable action to correct a written document. A court will not create a new agreement for the parties [See Getty v. Getty, 1987 Cal. App. 3d 1159 (1986)], changing the Trust document might be appropriate in cases where, for example, poor drafting failed to carry out the settlor's intentions.
Probate Code Sec. 15409 shades a broad umbrella under which a court may modify the administrative or dispositive provisions of a trust, or may terminate the trust, if "owing to circumstances not known to the settlor and not anticipated by the settlor, the continuation of the trust under its terms would defeat or substantially limit the accomplishment of the purposes of the trust."
A trustee or beneficiary asks the assistance of the court under Sec. 15409 by filing a petition. The court must be convinced that there are "circumstances not known and not anticipated by the settlor" that would defeat or impair the trust's purpose, the statute does not require consent by the remaining beneficiaries or trustees to the requested change.
Also a court may order modification or termination of a trust under Probate Code secs. 15403 and 15404. While both offer potentially broad-reaching assistance, it is important to note that various levels of consent are required under each of these provisions.
Under Probate Code Sec. 15403, if all beneficiaries of an irrevocable trust consent, they may compel modification or termination of the trust unless the court finds that a material purpose remains for continuance of the trust and that purpose outweighs reasons advanced for termination or modification.
Probate Code Sec. 15404 offers an even broader avenue of relief: If the settlor and all beneficiaries consent, they may compel termination or modification of a trust without any need for court action. Section 15404(b) further allows a court to compel modification or partial termination of the trust over the objection of non-consenting beneficiaries, provided that the settlor consents and that the request does not "substantially impair" the rights of the non-consenting beneficiaries. Because this procedure requires the settlor's consent, a trust cannot be set aside under this provision after death
Probate Code secs. 15411 and 15412 offer additional avenues for redress. These provisions permit a court to combine or divide a trust or trusts "for good cause shown."
In reality, records show probate courts routinely approve trust amendment petitions if the beneficiaries unanimously consent to the proposed changes. However, where a disgruntled beneficiary lodges an objection, counsel will be required to argue the merits of the case and to demonstrate that the appropriate statutory test has been met.
Beyond these statutory options, California case law underscores the inherent equitable power of the courts to reform or modify a trust--an additional source of relief for clients.
One of the earliest California cases in this field, Lissauer v. Union Bank & Trust Co. [45 Cal. App. 2d 468 (1941)], established that when a drafting error has rendered the trustor's intention ambiguous, the trial court may consider extrinsic evidence (that is, evidence outside the four corners of the document) to determine the trustor's
California Court of Appeal in Stewart v. Towse [203 Cal. App. 3d 425 (1988)] authorized the modification of two irrevocable trusts to change the named successor trustee, confirming that trial courts have the inherent equitable power to modify the terms of a trust "where such modification is necessary to preserve the trust or serve the original intentions of the trustor."
Based on these codes and cases sited, most any Trust can be changed.
In order to show a lender what the trust income is Fannie Mae and Freddie Mac want to see the Borrower’s Federal Tax Returns and the Trust Tax Returns. What you really need to show is the total amount of assets held by the Trust ie:
Total assets in cash are $ X and real estate $ X rents monthly $X
Showing that the income can continue out 36 months is all you need. Assuming your borrower has received monthly stipend of X dollars ( in reality the funds should have been passed to a separate Tax Identification Number) The Trustee of the Trust could write a letter saying: the Trust allows a regular stipend and also any additional costs she may from time to time submit for payment such as education, sporting equipment, …blah blah… and Trust has X amount of cash managed at 4% interest..”
1/10/2010
Great Depression Ideas
What stock/company/ futures were successful in and after the Great Depression?
Meat packing for one.
I don't eat beef nor pork; therefore I might consider that a sin stock. This does not hold me back from holding on to shares of Diageo in my 401k, so what I am looking for is the Big new tech thing, the revolution of the next Century.
I start small: Recycled water at home. In California we are facing a serious water shortage, so much so that the Moulton Niguel Water Company has full time water police who drive neighborhoods day and night to cit or ticket those residential users watering on off days. I have reduced water usage in my large and not green household with a few cheap and simple tricks.
First one is adapted from trips to Japan whereby the family doesn't consider the bathtub a place to use soap and scrub, rather they scrub down in a basin and the family shares the hot soak tub. O.K. so I could not ever convince my teenagers this was a good idea but I got them to cut down shower time and told them they can soak in a full bathtub as long as they want IF they recycle the used water to the garden. Took a little re-training (but fortunately teens are easier to adapt than our terrible Chihuahua.
All you need is sprinkler tubing long enough to reach and something like a heavy razor which sits on the side of your tub to weigh down the end near your drain. After your bath you walk downstairs or down (as there has to be some height differential for this to work) and suck to start. If you are squeamish, a plastic nose sniffer bulb used for babies will avoid putting mouth to the straw.
A tub can hold between 75 -100 gallons depending on size. This alone plus shorter showers reduced our usage 40% (mind you I have teens who showered long). So do I sell the idea as a package you can buy on the internet? I think for now I am searching the companies that manufacture the tubing to purchase their stock… depending on price per earnings etc...
1. 1/4 IN tubing is manufactured from high-quality, medical grade. Remains strong in the hot sun and flexible in cool temperatures. Can be used as a feeder line from tub to garden. Length should be from your bathtub/shower to extend down.
Meat packing for one.
I don't eat beef nor pork; therefore I might consider that a sin stock. This does not hold me back from holding on to shares of Diageo in my 401k, so what I am looking for is the Big new tech thing, the revolution of the next Century.
I start small: Recycled water at home. In California we are facing a serious water shortage, so much so that the Moulton Niguel Water Company has full time water police who drive neighborhoods day and night to cit or ticket those residential users watering on off days. I have reduced water usage in my large and not green household with a few cheap and simple tricks.
First one is adapted from trips to Japan whereby the family doesn't consider the bathtub a place to use soap and scrub, rather they scrub down in a basin and the family shares the hot soak tub. O.K. so I could not ever convince my teenagers this was a good idea but I got them to cut down shower time and told them they can soak in a full bathtub as long as they want IF they recycle the used water to the garden. Took a little re-training (but fortunately teens are easier to adapt than our terrible Chihuahua.
All you need is sprinkler tubing long enough to reach and something like a heavy razor which sits on the side of your tub to weigh down the end near your drain. After your bath you walk downstairs or down (as there has to be some height differential for this to work) and suck to start. If you are squeamish, a plastic nose sniffer bulb used for babies will avoid putting mouth to the straw.
A tub can hold between 75 -100 gallons depending on size. This alone plus shorter showers reduced our usage 40% (mind you I have teens who showered long). So do I sell the idea as a package you can buy on the internet? I think for now I am searching the companies that manufacture the tubing to purchase their stock… depending on price per earnings etc...
1. 1/4 IN tubing is manufactured from high-quality, medical grade. Remains strong in the hot sun and flexible in cool temperatures. Can be used as a feeder line from tub to garden. Length should be from your bathtub/shower to extend down.
Images illustrate items which cost less than$ 5.00 at any hardware store
1/04/2010
इंग्लिश हाफा HAFA
HAFA the latest and greatest government fix plan and how it might work
Lenders want to look good in the news and to shareholders. The HAFA plan is being rolled out to lenders who want to continue.
Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial. The rules and regulations are not simple or straightforward and it is going to require someone to hold your hand through the process.
I am not NOT saying to go pay some attorney or service company. Don’t waste your hard earned dough.
Here’s the skinny:
1. Clear title No tax liens no second no third no past due taxes no HOA liens.
Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date but you would be a fool to wait until closing because these guys are not going to just smile and walk away.
2. Get a pre-approved short sale terms before the property is listed and frees them from future liability for the debt.
3. Get a great experienced and knowagable loan agent at the lender where your loan is serviced and a great experienced and long time Realtor as your listing agent. Lenders can’t make the Realtor cut the commission so you get your terms in writing with your Realtor before you apply. Servicers are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
4. The borrower also receives a $1,500 incentive for relocation after the transaction.
Lender also gets a little money
.
Worst Ten in the Worst Ten
SAND States: CA Florida and Nevada are up there
• The table below lists the ten metropolitan areas that had the highest rates of foreclosure in the first half of 2008 as reported by RealtyTrac (the “Worst Ten” MSAs).. Rank MSA Non-prime Mortgage Foreclosure Rate 1 Detroit 22.9% 2 Cleveland 21.6% 3 Stockton 21.5% 4 Sacramento 18.0% 5 Riverside/San Bernardino 16.1% 6 Memphis 15.6% 7 Miami/Fort Lauderdale 14.3% 8 Bakersfield 14.3% 9 Denver 14.0% 10 Las Vegas 13.9%
• For each of these metro areas, the “Worst Ten” originators were identified: the ten originators in each MSA with the largest number of non-prime mortgage foreclosures in the Loan Performance database for 2005-2007 originations.
• Only 21 companies in various combinations occupy the Worst Ten slots in the Worst Ten metro areas:
AEGIS FUNDING CORPORATION GREENPOINT MORTGAGE FUNDING AMERICAN HOME MORTGAGE CORP. INDYMAC BANK, F.S.B. AMERIQUEST MORTGAGE COMPANY LONG BEACH MORTGAGE CO. ARGENT MORTGAGE COMPANY NEW CENTURY MORTGAGE BNC MORTGAGE OPTION ONE MORTGAGE CORP COUNTRYWIDE OWNIT MORTGAGE SOLUTIONS INC. DECISION ONE MORTGAGE PEOPLE'S CHOICE FINANCIAL CORP DELTA FUNDING CORPORATION RESMAE MORTGAGE CORPORATION FIELDSTONE MORTGAGE COMPANY WELLS FARGO FIRST FRANKLIN CORPORATION WMC MORTGAGE CORP. FREMONT INVESTMENT & LOAN
• Of these 21 firms, 12 were exclusively supervised by the states; overall, such originators accounted for nearly 60 percent of non-prime mortgage loans and foreclosures in the Worst Ten metro areas in 2005-2007.
• Only three firms on the list were subject to OCC supervision at any time during 2005-2007, and those three accounted for fewer than 12 percent of foreclosures in the Worst Ten metro areas.
• Results for the U.S. as a whole are similar to those for the Worst Ten metropolitan areas. OCC-supervised institutions accounted for approximately 12 to 14 percent of the non-prime originations; moreover, foreclosure rates for OCC-supervised institutions were markedly lower on average than for other types of originators.
11/13/2008
Index to the Worst Subprime Originators
Originator Supervisor Foreclosures in Worst 10 Metro Areas, based on 2005-07 Originations
New Century Mortgage Corp. State supervised. Subsidiary of publicly-traded REIT, filed for bankruptcy in early 2007. 14,120
Long Beach Mortgage Co.
Some are owned by Chase now State and OTS supervised. Affiliate of WAMU, became a subsidiary of thrift in early 2006; closed in late 2007 / early 2008. 11,736
Argent Mortgage Co. State supervised until Citigroup acquired certain assets of Argent in 08/07. Merged into CitiMortgage (NB opsub) shortly thereafter. 10,728
WMC Mortgage Corp. State supervised. Subidiary of General Electric, closed in late 2007. 10,283
Fremont Investment & Loan
Some are owned by Chase now FDIC supervised. California state chartered industrial bank. Liquidated, terminated deposit insurance, and surrendered charter in 2008. 8,635
Option One Mortgage Corp. State supervised. Subsidiary of H&R Block, closed in late 2007. 8,344
First Franklin Corp. OCC supervised. Subsidiary of National City Bank until 12/06. Sold to Merrill Lynch, closed in 2008. 8,037
Countrywide now B OF A
Sort-of Data includes loans originated by (1) Countrywide Home Loans, an FRB supervised entity until 03/07, and an OTS supervised entity after 03/07; and (2) Countrywide Bank, an OCC supervised entity until 03/07, and an OTS supervised entity after 03/07. 4,736
Ameriquest Mortgage Co. State supervised. Citigroup acquired certain assets of Ameriquest in 08/07. Merged into CitiMortgage (NB opsub) shortly thereafter. 4,126
ResMae Mortgage Corp. State supervised. Filed for bankruptcy in late 2007. 3,558
American Home Mortgage Corp. State supervised. Filed for bankruptcy in 2007. 2,954
IndyMac Bank, FSB OTS supervised thrift. Closed in July 2008. 2,882
Greenpoint Mortgage Funding FDIC supervised. Acquired by Capital One, NA, in mid 2007 as part of conversion and merger with North Fork, a state bank. Closed immediately thereafter in 08/07. 2,815
W. F.
ONLY one still in business Data includes loans originated by (1) Wells Fargo Financial, Inc., an FRB supervised entity, and (2) W F. Bank, an OCC supervised entity. 2,697
Ownit Mortgage Solutions, Inc. State supervised. Closed in late 2006. 2,533
Aegis Funding Corp. State supervised. Filed for bankruptcy in late 2007. 2,058
People's Choice Financial Corp. State supervised. Filed for bankruptcy in early 2008. 1,783
BNC Mortgage State and OTS supervised. Subsidiary of Lehman Brothers (S&L holding company), closed in August 2007. 1,769
Fieldstone Mortgage Co. State supervised. Filed for bankruptcy in late 2007. 1,561
Decision One Mortgage State and FRB supervised. Subsidiary of HSBC Finance Corp. Closed in late 2007. 1,267
Delta Funding Corp. State supervised. Filed for bankruptcy in late 2007. 598
Your lender is bankrupt absorbed or state supervised: english translation:
Are probably not on the HAFA/ Short sale is going to work list.
You have a first second and third all different lenders---
English translation:
Your first is not going to negotiate with them. You must
Fight a very steep uphill battle
You have a first larger than $ 730000.00
English translation:
You are going to have to fight outside of the federal rules
And make common sense to the lender.
ENGLISH Translation OVERALL:
Opportunity for Real Estate Agents, Borrowers and Lenders IF they are willing to be paperwork pros.
Lenders want to look good in the news and to shareholders. The HAFA plan is being rolled out to lenders who want to continue.
Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial. The rules and regulations are not simple or straightforward and it is going to require someone to hold your hand through the process.
I am not NOT saying to go pay some attorney or service company. Don’t waste your hard earned dough.
Here’s the skinny:
1. Clear title No tax liens no second no third no past due taxes no HOA liens.
Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date but you would be a fool to wait until closing because these guys are not going to just smile and walk away.
2. Get a pre-approved short sale terms before the property is listed and frees them from future liability for the debt.
3. Get a great experienced and knowagable loan agent at the lender where your loan is serviced and a great experienced and long time Realtor as your listing agent. Lenders can’t make the Realtor cut the commission so you get your terms in writing with your Realtor before you apply. Servicers are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
4. The borrower also receives a $1,500 incentive for relocation after the transaction.
Lender also gets a little money
.
Worst Ten in the Worst Ten
SAND States: CA Florida and Nevada are up there
• The table below lists the ten metropolitan areas that had the highest rates of foreclosure in the first half of 2008 as reported by RealtyTrac (the “Worst Ten” MSAs).. Rank MSA Non-prime Mortgage Foreclosure Rate 1 Detroit 22.9% 2 Cleveland 21.6% 3 Stockton 21.5% 4 Sacramento 18.0% 5 Riverside/San Bernardino 16.1% 6 Memphis 15.6% 7 Miami/Fort Lauderdale 14.3% 8 Bakersfield 14.3% 9 Denver 14.0% 10 Las Vegas 13.9%
• For each of these metro areas, the “Worst Ten” originators were identified: the ten originators in each MSA with the largest number of non-prime mortgage foreclosures in the Loan Performance database for 2005-2007 originations.
• Only 21 companies in various combinations occupy the Worst Ten slots in the Worst Ten metro areas:
AEGIS FUNDING CORPORATION GREENPOINT MORTGAGE FUNDING AMERICAN HOME MORTGAGE CORP. INDYMAC BANK, F.S.B. AMERIQUEST MORTGAGE COMPANY LONG BEACH MORTGAGE CO. ARGENT MORTGAGE COMPANY NEW CENTURY MORTGAGE BNC MORTGAGE OPTION ONE MORTGAGE CORP COUNTRYWIDE OWNIT MORTGAGE SOLUTIONS INC. DECISION ONE MORTGAGE PEOPLE'S CHOICE FINANCIAL CORP DELTA FUNDING CORPORATION RESMAE MORTGAGE CORPORATION FIELDSTONE MORTGAGE COMPANY WELLS FARGO FIRST FRANKLIN CORPORATION WMC MORTGAGE CORP. FREMONT INVESTMENT & LOAN
• Of these 21 firms, 12 were exclusively supervised by the states; overall, such originators accounted for nearly 60 percent of non-prime mortgage loans and foreclosures in the Worst Ten metro areas in 2005-2007.
• Only three firms on the list were subject to OCC supervision at any time during 2005-2007, and those three accounted for fewer than 12 percent of foreclosures in the Worst Ten metro areas.
• Results for the U.S. as a whole are similar to those for the Worst Ten metropolitan areas. OCC-supervised institutions accounted for approximately 12 to 14 percent of the non-prime originations; moreover, foreclosure rates for OCC-supervised institutions were markedly lower on average than for other types of originators.
11/13/2008
Index to the Worst Subprime Originators
Originator Supervisor Foreclosures in Worst 10 Metro Areas, based on 2005-07 Originations
New Century Mortgage Corp. State supervised. Subsidiary of publicly-traded REIT, filed for bankruptcy in early 2007. 14,120
Long Beach Mortgage Co.
Some are owned by Chase now State and OTS supervised. Affiliate of WAMU, became a subsidiary of thrift in early 2006; closed in late 2007 / early 2008. 11,736
Argent Mortgage Co. State supervised until Citigroup acquired certain assets of Argent in 08/07. Merged into CitiMortgage (NB opsub) shortly thereafter. 10,728
WMC Mortgage Corp. State supervised. Subidiary of General Electric, closed in late 2007. 10,283
Fremont Investment & Loan
Some are owned by Chase now FDIC supervised. California state chartered industrial bank. Liquidated, terminated deposit insurance, and surrendered charter in 2008. 8,635
Option One Mortgage Corp. State supervised. Subsidiary of H&R Block, closed in late 2007. 8,344
First Franklin Corp. OCC supervised. Subsidiary of National City Bank until 12/06. Sold to Merrill Lynch, closed in 2008. 8,037
Countrywide now B OF A
Sort-of Data includes loans originated by (1) Countrywide Home Loans, an FRB supervised entity until 03/07, and an OTS supervised entity after 03/07; and (2) Countrywide Bank, an OCC supervised entity until 03/07, and an OTS supervised entity after 03/07. 4,736
Ameriquest Mortgage Co. State supervised. Citigroup acquired certain assets of Ameriquest in 08/07. Merged into CitiMortgage (NB opsub) shortly thereafter. 4,126
ResMae Mortgage Corp. State supervised. Filed for bankruptcy in late 2007. 3,558
American Home Mortgage Corp. State supervised. Filed for bankruptcy in 2007. 2,954
IndyMac Bank, FSB OTS supervised thrift. Closed in July 2008. 2,882
Greenpoint Mortgage Funding FDIC supervised. Acquired by Capital One, NA, in mid 2007 as part of conversion and merger with North Fork, a state bank. Closed immediately thereafter in 08/07. 2,815
W. F.
ONLY one still in business Data includes loans originated by (1) Wells Fargo Financial, Inc., an FRB supervised entity, and (2) W F. Bank, an OCC supervised entity. 2,697
Ownit Mortgage Solutions, Inc. State supervised. Closed in late 2006. 2,533
Aegis Funding Corp. State supervised. Filed for bankruptcy in late 2007. 2,058
People's Choice Financial Corp. State supervised. Filed for bankruptcy in early 2008. 1,783
BNC Mortgage State and OTS supervised. Subsidiary of Lehman Brothers (S&L holding company), closed in August 2007. 1,769
Fieldstone Mortgage Co. State supervised. Filed for bankruptcy in late 2007. 1,561
Decision One Mortgage State and FRB supervised. Subsidiary of HSBC Finance Corp. Closed in late 2007. 1,267
Delta Funding Corp. State supervised. Filed for bankruptcy in late 2007. 598
Your lender is bankrupt absorbed or state supervised: english translation:
Are probably not on the HAFA/ Short sale is going to work list.
You have a first second and third all different lenders---
English translation:
Your first is not going to negotiate with them. You must
Fight a very steep uphill battle
You have a first larger than $ 730000.00
English translation:
You are going to have to fight outside of the federal rules
And make common sense to the lender.
ENGLISH Translation OVERALL:
Opportunity for Real Estate Agents, Borrowers and Lenders IF they are willing to be paperwork pros.
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