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Tuesday, 20 October 2009 23:47

Mortgage Defaults Drop in Third Quarter

slide5-mortgage_defaults_drop_in_third_quarter.pngSacramento - The number of mortgage defaults in Sacramento and the surrounding foothill areas dropped last quarter, according to MDA DataQuick. The data research company based in La Jolla, California, estimates that the sudden drop in defaults statewide is the result of lenders intentionally slowing the pace of formal foreclosure proceedings. "Trying to keep motivated, employed homeowners in their homes might be the most cost-efficient way to stem losses,” said DataQuick President John Walsh in a statement Tuesday, adding: “(Homeowners have) concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest.” The company estimates that banks have already resold 87 percent of the 31,854 homes they repossessed in the capital region from February 2008 through July 2009. There have been 73 foreclosures and 115 defaults in Amador County since the beginning of 2007. This latest quarter foreclosure tally brings the total number to 46,907 since 2007 in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties. Story by Alex Lane This email address is being protected from spambots. You need JavaScript enabled to view it.
slide2-sutter_creek_contractor_buddy_white_sentenced_for_embezzlement_white_collar_crime.pngSutter Creek – Sutter Creek resident and local contractor Bruce “Buddy” White, 61, was sentenced October 13 for four felony counts related to embezzlement and white collar crime, according to a release from Amador County District Attorney Todd Riebe. The charges stem from White’s diversion of construction funds in the building of Mel and Faye’s Diner in Jackson. Problems began to arise after subcontractors came to the restaurant’s owners, Bart and Maura Gillman, requesting payment for their work either because they would not deal with White directly or they had been told by White to seek payment from the Gillmans. One contractor was told by White that he could not pay him for his work because White was out of money. White directed the subcontractor to the Gillmans for payment. At the time White refused payment of the $7000 bill, he had $28,000 in his bank account. White promised the Gillmans that he would credit them with the $7000 payment, however, the Gillmans were never credited for that or any other payment they made for subcontractors. White continuously requested payment from the Gillmans which he claimed he needed to pay the subcontractors and finish the job. Riebe said the Gillmans cashed in their stocks and bonds and raided their children’s college funds to pay White an additional $135,000. White admitted to not spending any of this money on the Mel and Faye’s project. By November of 2003, the Gillmans had paid White $735,000 in twelve installments plus an additional $200,000 the Gillmans paid to contractors. After White requested an additional $57,000, the Gillmans refused to pay and retained an attorney. The attorney filed a civil suit against White, eventually winning a verdict in the Gillman’s favor following a jury trial in 2007. At sentencing last week, victim Maura Gillman spoke of how White’s criminal conduct had exacted a devastating financial and emotional toll on her family. White was sentenced to 6 years in state prison which he suspended for a period of ten years on formal probation. As a condition of probation, White was ordered to serve 1 year in County Jail in the felony case and 90 days in County Jail consecutive for a subsequent contempt of court conviction. Among other requirements, White was ordered to pay $210,000 in victim restitution. Given White’s conduct in the case, his poor licensing record with the Contractors State Licensing Board, and his lack of remorse, Judge Robert Dale revoked White’s state contractor’s license. This email address is being protected from spambots. You need JavaScript enabled to view it.
slide4-sutter_creek_gold_rush_form_land_grading_committee.pngSutter Creek – The Sutter Creek City Council upheld recommendations from its Gold Rush Ranch & Gold Resort traffic subcommittee on Monday, and formed a grading subcommittee to find agreeable language for the project. About 100 people attended the meeting and heard another presentation by project partner Bill Bunce, and public comment. Assistant City Manager Sean Rabe said the council was mostly leaning toward acceptance of the Planning Commission’s recommendations, with some minor adjustments on a couple of items. The council debated some aspects of the project and is still awaiting an updated fiscal impact study from Goodwin & Associates, due November 16th. The council formed a grading subcommittee, after Bunce said the wording of “where feasible” should be included, so that future planning commissions and city councils can know that flexibility exists there. Councilwoman Sandy Anderson said they are nearing the end of the fiscal impact study update, and the city should have wording in the grading conditions of approval to protect the city. Mayor Gary Wooten said the word “feasible” does protect the city, in relation to grading. Some council members and the public asked about the “small maps” showing detailed project grading for the project. Bunce said if they do a small subdivision map today, “it would be at a great expense,” and it would need to be revised. He said they will not be provided because of his “desire to avoid doing the work several times over.” Wooten said he did not think it would be a problem finding an agreement on verbiage regarding grading, and he suggested forming the subcommittee. Bunce said he thought that was a great idea and he “would start work on that tomorrow.” The grading committee’s members are Councilman Pat Crosby, Anderson and planning commissioners Mike Kirkley and Chairman Robin Peters. The grading subcommittee meets 1 p.m. Monday, October 26th, and the meeting is open to the public. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
slide3-sutter_creek_ties_gold_rush_road_work_to_301st_permit_3rd_year.pngSutter Creek – The Sutter Creek City Council on Monday agreed to recommendations from its subcommittee on traffic impacts related to the Gold Rush Ranch & Golf Resort, and set a precedent for adding a timeline to some infrastructure improvements. Mayor Pro Tem Tim Murphy said he did not like the idea of tying the building of trails to or other improvements to the issuing of the 300th home’s building permit. He said they could be waiting 15 or 20 years for the completion of trails. He suggested putting in a time frame. Councilwoman Linda Rianda agreed. The council voted to do just that in accepting the traffic ad hoc committee’s recommendations. Those tied improvements to issuance of the 301st building permit, or the 36th month after approval of the Gold Rush specific plan. Tied to the 3-year timeline is a condition of approval for Gold Rush to build a pedestrian and bike path on the northwest side of Highway 104, from the project’s “Parcel V” to connect with Bowers Drive. The council agreed with the committee that developers must pay “Regional Traffic Mitigation Fees” and also “Local Traffic Mitigation Fees,” along with paying for intersection improvements, including “phases 1 and 2 of the Bowers Drive-Prospect Drive realignment interchange.” The council agreed that also must be done in 3 years or by the issuance of the 301st building permit. The panel also recommended and the council accepted a condition that Gold Rush developers must conduct traffic analyses at its development’s Highway 104 entry locations, and must do so prior to development of time-share units, the “hotel or commercial development in excess of 10,000 square feet,” on their respective parcels. The study would look at whether road or intersection improvement would be needed. One change will require Gold Rush to dedicate the required right-of-way that would be needed for the expansion of Highway 104 to 4 lanes, contiguous with the gold Rush project area, from the intersection of Highway 88 to the Gold Rush property line. The council expects a fiscal impact study on the project by November 16th. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
slide1-joint_water_panel_hears_details_of_e._bays_2040_pardee_plans.pngJackson – The Amador County Joint Water Committee heard an update on the “2040 Master Plan” for the East Bay Municipal Utility District on Monday. Specifically, they heard about the East Bay MUD board’s recent vote to omit the most extreme expansion of Pardee Reservoir in Amador County, but it also retained 4 other options for its expansion. Amador Water Agency Chairman Terence Moore said it was not clear to him “what they did relative to Pardee.” The Foothill Conservancy’s Pete Bell said the 2040 plan included 5 options, including 4 the Conservancy did not know about. The original plan to increase the size of the dam at Pardee (which was opposed by nearly every Amador public entity) was taken from the 2040 plan last week. But 4 other options were left in, all dealing with expansion at Pardee. Bell said of those, the most far-reaching was Option 4, raising the dam to flood Mokelumne River shores and raise the water level to 1,000 feet above the Highway 49 bridge. Option 3 would raise the water level up to the 49 bridge. Option 2 would raise the water level to a few hundred yards downstream, below the bridge. Bell said Option 1 would be to build a dam below Pardee, flooding the area below Pardee and keeping the water levels at the same “high flow height.” AWA Interim General Manager Gene Mancebo said the Integrated Regional Conjunctive Use Project collaboration still needs work to see how much underground water storage would be created. He said building storage may be required. In a related, but dissimilar action, Bell said the East Bay MUD board also voted 6-0 last week “to endorse and actively support ‘Wild & Scenic’ designation on the Mokelumne River.” AWA board Vice Chairman Bill Condrashoff said “that’s pretty huge. It seems like a big partner to have.” Bell said it is, but he asked how it compared to the same board in the same meeting voting 5-2 to keep Pardee Lake in its 2040 plan. Amador County Supervisor Chairman Ted Novelli said the board of supervisors has an upcoming workshop on the Wild & Scenic designation issue in regard to the Mokelumne River. Novelli said it is “a workshop with possible action,” set for November 2nd. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
slide2-sutter_creek_contractor_buddy_white_sentenced_for_embezzlement_white_collar_crime.pngSutter Creek – Sutter Creek resident and local contractor Bruce “Buddy” White, 61, was sentenced October 13 for four felony counts related to embezzlement and white collar crime, according to a release from Amador County District Attorney Todd Riebe. The charges stem from White’s diversion of construction funds in the building of Mel and Faye’s Diner in Jackson. Problems began to arise after subcontractors came to the restaurant’s owners, Bart and Maura Gillman, requesting payment for their work either because they would not deal with White directly or they had been told by White to seek payment from the Gillmans. One contractor was told by White that he could not pay him for his work because White was out of money. White directed the subcontractor to the Gillmans for payment. At the time White refused payment of the $7000 bill, he had $28,000 in his bank account. White promised the Gillmans that he would credit them with the $7000 payment, however, the Gillmans were never credited for that or any other payment they made for subcontractors. White continuously requested payment from the Gillmans which he claimed he needed to pay the subcontractors and finish the job. Riebe said the Gillmans cashed in their stocks and bonds and raided their children’s college funds to pay White an additional $135,000. White admitted to not spending any of this money on the Mel and Faye’s project. By November of 2003, the Gillmans had paid White $735,000 in twelve installments plus an additional $200,000 the Gillmans paid to contractors. After White requested an additional $57,000, the Gillmans refused to pay and retained an attorney. The attorney filed a civil suit against White, eventually winning a verdict in the Gillman’s favor following a jury trial in 2007. At sentencing last week, victim Maura Gillman spoke of how White’s criminal conduct had exacted a devastating financial and emotional toll on her family. White was sentenced to 6 years in state prison which he suspended for a period of ten years on formal probation. As a condition of probation, White was ordered to serve 1 year in County Jail in the felony case and 90 days in County Jail consecutive for a subsequent contempt of court conviction. Among other requirements, White was ordered to pay $210,000 in victim restitution. Given White’s conduct in the case, his poor licensing record with the Contractors State Licensing Board, and his lack of remorse, Judge Robert Dale revoked White’s state contractor’s license. This email address is being protected from spambots. You need JavaScript enabled to view it.
slide3-sutter_creek_ties_gold_rush_road_work_to_301st_permit_3rd_year.pngSutter Creek – The Sutter Creek City Council on Monday agreed to recommendations from its subcommittee on traffic impacts related to the Gold Rush Ranch & Golf Resort, and set a precedent for adding a timeline to some infrastructure improvements. Mayor Pro Tem Tim Murphy said he did not like the idea of tying the building of trails to or other improvements to the issuing of the 300th home’s building permit. He said they could be waiting 15 or 20 years for the completion of trails. He suggested putting in a time frame. Councilwoman Linda Rianda agreed. The council voted to do just that in accepting the traffic ad hoc committee’s recommendations. Those tied improvements to issuance of the 301st building permit, or the 36th month after approval of the Gold Rush specific plan. Tied to the 3-year timeline is a condition of approval for Gold Rush to build a pedestrian and bike path on the northwest side of Highway 104, from the project’s “Parcel V” to connect with Bowers Drive. The council agreed with the committee that developers must pay “Regional Traffic Mitigation Fees” and also “Local Traffic Mitigation Fees,” along with paying for intersection improvements, including “phases 1 and 2 of the Bowers Drive-Prospect Drive realignment interchange.” The council agreed that also must be done in 3 years or by the issuance of the 301st building permit. The panel also recommended and the council accepted a condition that Gold Rush developers must conduct traffic analyses at its development’s Highway 104 entry locations, and must do so prior to development of time-share units, the “hotel or commercial development in excess of 10,000 square feet,” on their respective parcels. The study would look at whether road or intersection improvement would be needed. One change will require Gold Rush to dedicate the required right-of-way that would be needed for the expansion of Highway 104 to 4 lanes, contiguous with the gold Rush project area, from the intersection of Highway 88 to the Gold Rush property line. The council expects a fiscal impact study on the project by November 16th. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
slide4-sutter_creek_gold_rush_form_land_grading_committee.pngSutter Creek – The Sutter Creek City Council upheld recommendations from its Gold Rush Ranch & Gold Resort traffic subcommittee on Monday, and formed a grading subcommittee to find agreeable language for the project. About 100 people attended the meeting and heard another presentation by project partner Bill Bunce, and public comment. Assistant City Manager Sean Rabe said the council was mostly leaning toward acceptance of the Planning Commission’s recommendations, with some minor adjustments on a couple of items. The council debated some aspects of the project and is still awaiting an updated fiscal impact study from Goodwin & Associates, due November 16th. The council formed a grading subcommittee, after Bunce said the wording of “where feasible” should be included, so that future planning commissions and city councils can know that flexibility exists there. Councilwoman Sandy Anderson said they are nearing the end of the fiscal impact study update, and the city should have wording in the grading conditions of approval to protect the city. Mayor Gary Wooten said the word “feasible” does protect the city, in relation to grading. Some council members and the public asked about the “small maps” showing detailed project grading for the project. Bunce said if they do a small subdivision map today, “it would be at a great expense,” and it would need to be revised. He said they will not be provided because of his “desire to avoid doing the work several times over.” Wooten said he did not think it would be a problem finding an agreement on verbiage regarding grading, and he suggested forming the subcommittee. Bunce said he thought that was a great idea and he “would start work on that tomorrow.” The grading committee’s members are Councilman Pat Crosby, Anderson and planning commissioners Mike Kirkley and Chairman Robin Peters. The grading subcommittee meets 1 p.m. Monday, October 26th, and the meeting is open to the public. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.
Tuesday, 20 October 2009 23:47

Mortgage Defaults Drop in Third Quarter

slide5-mortgage_defaults_drop_in_third_quarter.pngSacramento - The number of mortgage defaults in Sacramento and the surrounding foothill areas dropped last quarter, according to MDA DataQuick. The data research company based in La Jolla, California, estimates that the sudden drop in defaults statewide is the result of lenders intentionally slowing the pace of formal foreclosure proceedings. "Trying to keep motivated, employed homeowners in their homes might be the most cost-efficient way to stem losses,” said DataQuick President John Walsh in a statement Tuesday, adding: “(Homeowners have) concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest.” The company estimates that banks have already resold 87 percent of the 31,854 homes they repossessed in the capital region from February 2008 through July 2009. There have been 73 foreclosures and 115 defaults in Amador County since the beginning of 2007. This latest quarter foreclosure tally brings the total number to 46,907 since 2007 in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties. Story by Alex Lane This email address is being protected from spambots. You need JavaScript enabled to view it.
fiddletown_road_shakeridge_road_areas_to_get_cdf_burns.pngAmador County – The California Department of Fire Protection last month announced a plan to have prescribed burns on 10-acre blocks of land this fall, after the first rains and the burning season opens. The Amador-El Dorado unit CALFIRE Forester Patrick McDaniel in September gave a “smoke notification we'd like to get out to the public right now. More specific details about the exact dates, sizes and locations will be available later as this is going to depend on the weather.” McDaniel said during October and November, the Amador-El Dorado unit of CALFIRE plans to conduct a “prescribed burn live fire training exercise” on private properties located along Shake Ridge Road and Fiddletown Road in unincorporated areas of Amador County. The burns are part of CALFIRE’s “Vegetation Management Program,” of the Alpine-Amador-El Dorado-Sacramento Unit, based in Camino. The burns will not be conducted until the start of burn season, which was announced this week, after Tuesday’s regional storm. McDaniel said residents of Shake Ridge Road and Fiddletown Road should be aware of the “Shake-Fiddletown vegetation management plan,” which will be a live fire training exercise. People who are sensitive to smoke are requested to contact CALFIRE Forester Patrick McDaniel at (530) 647-5288. Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.