NOAA site on Lake Union on the market

Monday, November 29, 2010

Seattle Times business reporter

The owner of the National Oceanic and Atmospheric Administration's Pacific Marine Operations Center on Lake Union has put the soon-to-be-vacated property up for sale, marketing it as "a great future development opportunity."
NOAA's lease expires in June, and the federal agency is moving its research fleet to Newport, Ore., after nearly 50 years at the Lake Union site.
Biotech and office buildings are among the development possibilities, said Jason Rosauer of GVA Kidder Mathews, one of the brokers marketing the property. "A Carillon Point or an Elliott Bay Marina would be an option," he added, referring to waterfront developments in Kirkland and Seattle, respectively.
Or the site, with 915 feet of waterfront and three piers, could provide moorage and other services for fishing vessels or luxury yachts, Rosauer added: "We want to let the market decide its best use."
The market also will decide what it's worth, he said: There's no published asking price.
The 8-acre property, at 1801 Fairview Ave. E., has been owned since the 1920s by a corporation controlled by several families. The corporation's manager could not be reached for comment Monday.
NOAA has leased the site since 1963. The agency moored four oceangoing research ships there until fire damaged the piers in 2006. The facility also has serviced six NOAA ships based in Alaska, California and Hawaii.
The property includes a two-story office/lab building and a 12,000-square-foot warehouse.
NOAA decided last year to move its research fleet to Oregon, in part because governments there offered generous subsidies. Seattle-area political leaders tried to get the decision reversed, but Commerce Secretary Gary Locke, who oversees NOAA, said in August that it was too late.

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Tiny house movement thrives amid real estate bust

Associated Press
As Americans downsize in the aftermath of a colossal real estate bust, at least one tiny corner of the housing market appears to be thriving. To save money or simplify their lives, a small but growing number of Americans are buying or building homes that could fit inside many people's living rooms, according to entrepreneurs in the small house industry.
Some put these wheeled homes in their backyards to use as offices, studios or extra bedrooms. Others use them as mobile vacation homes they can park in the woods. But the most intrepid of the tiny house owners live in them full-time, paring down their possessions and often living off the grid.
"It's very un-American in the sense that living small means consuming less," said Jay Shafer, 46, co-founder of the Small House Society, sitting on the porch of his wooden cabin in California wine country. "Living in a small house like this really entails knowing what you need to be happy and getting rid of everything else."
Shafer, author of "The Small House Book," built the 89-square-foot house himself a decade ago and lived in it full-time until his son was born last year. Inside a space the size of an ice cream truck, he has a kitchen with gas stove and sink, bathroom with shower, two-seater porch, bedroom loft and a "great room" where he can work and entertain - as long as he doesn't invite more than a couple guests.
He and his family now live in relatively sprawling 500-square foot home next to the tiny one.
Shafer, co-owner of the Tumbleweed Tiny House Company, designs and builds miniature homes with a minimalist style that prizes quality over quantity and makes sure no cubic inch goes to waste. Most can be hooked up to public utilities. The houses, which pack a range of amenities in spaces smaller than some people's closets, are sold for $40,000 to $50,000 ready-made, but cost half as much if you build it yourself.

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Mortgage Modifications Co's are put under the Microscope

Saturday, November 27, 2010

The promoters have names that resemble federal foreclosure-intervention programs such as Making Home Affordable or Home Affordable manipulation. Some even flash pics of President Obama or the great seal of the United States.

You've probably seen the pitches on TV & radio and the net or found them stuffed in your mail: official-looking communications complete with logos & letterheads that look vaguely like those used by the Treasury, IRS & other federal agencies.

Bogus firms always insist on getting your funds upfront with often thousands of dollars; then do little or nothing. But now the Federal Trade Commission (FTC) is cutting off the main fuel supply for mortgage-modification scammers: Under new rules outlined Nov. 19, the agency designs to ban virtually all upfront payments, institute mandatory disclosure rules; clamp down with new federal restrictions on lawyers who participate in mortgage-modification schemes.

They are in lieu criminal enterprises posing as do-gooders who promise to get you out of the mortgage jam you're in, whether you're severely delinquent or deeply underwater. they claim they can persuade your lender to cut your every month payments, forgive all penalties, slash your rate of interest & even get your loan balance reduced. If your lender won't cooperate, they say they'll perform "forensic audits" on your mortgage; persuade a court to cancel your whole loan transaction because of technical mistakes in the paperwork.

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Happy Thanksgiving

Wednesday, November 24, 2010

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Mom on a Mission

Tuesday, November 23, 2010

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More snow expected to fall this evening

Monday, November 22, 2010

Lauren Barkley, 8, left, and her brother, Richard, 6, play in the snow at Downtown Park after an early release from Sacred Heart School in Bellevue on Monday.
Chad Coleman/Bellevue Reporter
By NAT LEVY
UPDATE, 4:32 p.m.The Bellevue School District announced that all schools will begin two hours late Tuesday, as a result of weather conditions. Release times will follow the standard schedule. Bus trips to the south end of Bellevue will be on limited schedule, according to BSD's website.
More than an inch of snow has already dropped on Bellevue, and the rest of the Seattle metro area, and it won't stop anytime soon.
The Monday evening commute is expected to be impacted by another snow system that has settled over the area and could drop several more inches of snow on the ground by the end of the day.
The National Weather Service issued a winter storm warning for the Puget Sound Region early Monday, predicting anywhere between two and six inches of snow this evening.
NWS Meteorologist Dennis D'Amico said Monday afternoon that the snow will continue to fall through the night with drier conditions Tuesday. Wind will be a factor, with the potential for gusts as high as 40 miles per hour.
But when the snow fades, the issue of it freezing and turning into sheets of ice comes into play.
"Ice will be a problem if roadways are not treated well," D'Amico said. "Our highs tomorrow will not go above freezing."
To this point, treatment of the roadways has prevented accidents. There have actually been fewer incidents Monday in Bellevue than a normal day, in which more cars might be on the road, said Sheryl Mullen, spokeswoman for the North East King County Regional Public Safety Communication Agency (NORCOM), which operates dispatch centers for Bellevue and other nearby cities.
Mullen applauded road crew work for keeping snow and ice off main arterials and preventing the kinds of accidents that can lock up an entire city, or even the whole Eastside.
"Either people are doing better in the snow than we think," Mullen said, "or the road crews are keeping the roads really clean. We're waiting for things to pick up but they just haven't."
Plows from state and local municipalities have been at it all day, working on highways and city streets.
Plows from the Washington State Department of Transportation have been out all day clearing highways as snow falls on and off.
In Bellevue, the city's 14 plows have been extremely active. Mike Jackman, assistant director of utilities for Bellevue, said all major arterials and neighborhood roads have been cleared.
The vulnerable roads are the small residential streets and those at higher elevations south of I-90. Jackman said utilities crews will continue to work on the main streets, but he hopes to get into most of the neighborhoods overnight so ice doesn't become a problem.
"Our biggest concern is as the temperature begins to drop, there could be some real icing conditions developing overnight," he said. "We'll be all out and trying to de-ice all night long ahead of the morning commute."
But the snow is continuing to impact travel. Roads are beginning to stack up as travel times soar above their average times, according to WSDOT travel times.
For those seeking protection from the weather, Bellevue's severe weather shelter at the Crossroads Community Center will be open beginning at 8:30 p.m. Monday, Tuesday and Wednesday. The shelter, located at 16000 NE 10th St., accommodates 50 individuals and is run by the Eastside Interfaith Social Concerns Council. For more information, the council can be reached at 425-614-8544.

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It's Still Coming Down

Seattle, Jane Calbreath Dec. 2010

As the day went on in Seattle and Eastside Neighborhoods, the snow continued to fall.  Drivers and People on foot were slipping on icy roadways and sidewalks.  As I look out the window in Bellevue at 9:23pm I can see the snow isn't seeming to let up.  If you are out in the weather, please bundle up and stay warm, remember that as the wind blows it causes the temperature to drop even more against your exposed skin.

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HERE IT COMES!

Sunday, November 21, 2010








Light flakes of snow visited Bellevue on Sunday afternoon, not sticking here on Richards Road, but makingthe day pretty.
Craig Groshart, Bellevue Reporter

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Magnolia manse inspires a designer to move and compromise

photographed by Mike Siegel

BETTER BUCKLE up, because we're going over to Kelly Rivelo's. And I'm betting, based on the previous homes of this crazy-for-interior-designing woman, that Kelly Rivelo has more energy than all of us put together.  "This house is a bottomless pit of want/need," she says.  Uh-oh.
"The kitchen was bad. Really bad. The ceiling was falling down. There were rats. It was a foreclosure on its way to being condemned when the previous owners bought it."  Rivelo is standing in what is now the charming French-country kitchen of her latest personal project. Another stately brick home in Magnolia with water/city views. And from this, her fourth residence in that neighborhood in 16 years, Rivelo could rappel down to Palisade for dinner. If she so desired.
When we last visited Rivelo it was in another stately brick, just down the road, the old Blackstock Lumber family manse. She spent a fair amount of time scraping, rebuilding, papering, painting, tiling, carpeting and pampering that house into perfection.
And then she went to an open house.
"A Realtor friend of mine called and said, 'Kelly, I think you should see this house. It's just coming on the market.' I told her, 'I am not going to buy another house.' But I went. As I got to the bottom of the steps the owner saw me, grabbed my hands in hers and said, 'I know you're going to be the one to buy my house. And I want you to be the one to buy my house.' "
Can't fight fate.
Rivelo bought the house in 2007 and set out to make it her own. This is a woman who goes both ways: loves "The Great Gatsby" and "Me Talk Pretty One Day," classical music and Cheap Trick. Is a fan of the Facebook page "I'm not cranky, you're annoying." In other words, she has a wild sense of great taste.
But Rivelo has remarried, and her husband, Dr. Bill El-Kawa, is a contemporary man who does not share his wife's taste for eclectic-country-traditional.
In compromise, "I've really toned down my drag-queen chic," she says, laughing. A magnet of drag-queen Divine reminds. It is stuck to the front of the royal-blue Lacanche in the expanded kitchen. But, still, there's a Carerra marble farm sink. Matching custom zinc counters and exhaust-fan hood (crafted by Christopher Lee Plummer of CLP Designs, flown in from Pennsylvania).
The home, designed by Joseph Cote, was built in 1915 for Charles L. Hibbard in 6,800 square feet over three floors; three bedrooms, a den and five baths. Separate staircase for the servants. The backyard sits on two levels on more than half an acre. You can see it all Dec. 4 during this year's Magnolia Holiday Tour of Homes.
Yes, one 1940s bathroom with mint-green everything remains. But Rivelo is working her way through the square footage. Thirteen can lights in the master bedroom are gone.
This house has good energy and loves a crowd, Rivelo reports. "I can seat 25 in the dining room," she says. "Yeah, it's a party house." Case in point: Rivelo hosted a friend's wedding recently. Seventy-five people and a band. An anniversary party included 120 guests and another band.
"I put in two dishwashers. It's so easy to cook for parties. The kitchen closes off; it's great for caterers.
"I'm not moving again," she says with a big sigh. "I can't.
"Maybe France. For the winters."

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Enatai: Where the woods meet the water

Thursday, November 18, 2010

Special to The Seattle Times

Molly Graham is a country girl at heart. So when she decided to live and work in the city, Graham looked for a neighborhood that would balance the best of city and country life.
She found the answer 17 years ago just off Interstate 90 in Bellevue's Enatai neighborhood.
Situated on Lake Washington, residents have quick access to Interstate 90 as well as Interstate 405. They can be in downtown Bellevue in just a few minutes and downtown Seattle in less than 15 minutes.
 While many Eastside neighborhoods enjoy proximity to freeways, Enatai feels a bit like a trip back in time. Towering trees and large shrubbery provide an escape that makes one feel as if the city's amenities should be much more distant.
"It is close to Bellevue, but it feels miles away," says Martha Lane, who grew up in the neighborhood and moved back five years ago.
She often sees eagles, blue herons and other wildlife that enjoy the woodsy waterfront neighborhood, officially designated a "wooded residential sub-area" of Bellevue.
It also surrounds on three sides the quaint, tiny lakefront municipality of Beaux Arts Village, which has about 300 residents and was founded in 1908.
While the majestic trees and rustic nature set Enatai apart from many suburbs, being on the lake also adds to the peaceful nature. The city of Bellevue has three waterfront parks in Enatai, and they are popular gathering spots in the summer.
Enatai Beach Park, which is under the I-90 bridge, has seasonal canoe rentals and is near an entrance to the Mercer Slough, a popular place for canoe adventures. Chism Park and Chesterfield Park also have beaches.
"It is sort of like living at a resort," says Shannon Bergstedt, who frequents the beaches year round for walks with her dog.
Bergstedt's backyard has been designated a "backyard wildlife sanctuary" by the state of Washington and her garden has been featured on a tour by the Northwest Perennial Alliance.
"Being by the water is something special. I love to go and sit by the water. It is so serene," says Bergstedt, who has lived in Enatai for 27 years.
Adding to the serenity of the neighborhood is the 56-year-old St. Mary-on-the-Lake private convent, a secluded 11-acre waterfront campus for the Sisters of St. Joseph of Peace.
Variety of styles
The majority of houses in Enatai were built in the 1950s and 1960s, but there are a few older homes that are from the early 1900s.
Enatai was built with a variety of housing styles and lot sizes, designed with very few cul-de-sacs and with narrower winding streets to accommodate the landscape and avoid having it become a common shortcut through Bellevue.
Change has been occurring in Enatai, though, as new residents move in and tear down the older homes. The majority of the new homes are in the Craftsman style, befitting the traditional-looking lakeside community.
Along with the demolition of the older houses, has come the cutting of trees. It is easy to drive through the neighborhood and go from a heavily wooded sanctuary to a street that has been clear cut and replaced with new homes. Some residents have started a committee to limit the number of trees that can be cut down on one lot.
"We want people to see the value of trees," says Lane. "They are a habitat for all the wildlife here. They provide stabilization for the soil, privacy and protection for the houses, and they cut down on the noise from the freeway. They provide shade, beauty and they are good for the air."
Historically, this area of lakefront was a part of a ferry system that linked the Eastside, Mercer Island and Seattle before the I-90 and 520 bridges were built. One of the ferries was called the Enatai, a Native American term meaning "beyond" or "across the water."
Heavy logging cleared the path for development in the late 1800s, but trees were quickly replanted and many of the trees people see now are more than 100 years old. In the early 1900s, Enatai and the surrounding area was also used for farmland, including a large holly farm, which was the largest supplier of holly in the United States at the time.
Deep roots
The community ties run deep in Enatai. Many residents grew up in the neighborhood and decided to come back, including Lane, who says she regularly sees friends from high school who have returned to the area.
The neighborhood also has a number of activities, typically organized by people on various streets of Enatai. One area has an annual Octoberfest, while another has a back-to-school ice-cream social and Halloween events. There are many annual block parties.
The Triangle Pool is a community pool in Enatai that serves as a gathering place for neighbors. The land for the pool was donated by the Buck family of Enatai in 1960, and funds to build the pool were raised by a combination of a bank loan and donations by 150 community residents who became the founding members.
Enatai has been called a "quiet town within the city," and is a unique area deeply loved by many of its residents.
"It's a very social neighborhood, and people take pride in their property and take care of it," says Amy Hart, who is president of the Triangle Pool Association and purchased a home in Enatai in 1999. "I love the sunny days when all the kids are outside playing."

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Mortgage rates jump to 4.39 pct. as Treasurys rise

AP Real Estate Writer

Rates on fixed mortgages jumped from their lowest levels in decades this week.
Mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans rose to 4.39 percent from 4.17 percent, the lowest level on records dating back to 1971. The 15-year loan also climbed to 3.76 percent from 3.57 percent, the lowest since that survey began in 1991.
Rates rose because Treasury yields climbed to their highest level since July. Mortgage rates tend to track those yields.
The yields rose mostly because traders dumped Treasurys they bought up before the Federal Reserve announced its $600 billion bond-buying program to spur the economy. Republican economists and lawmakers have criticized the Fed program, saying it could lead to runaway inflation. Those fears have led investors to sell their bonds.
Before last week, mortgage rates had been at or near historic lows since April as investors, worried about the economy, shifted money into the safety of U.S. Treasurys. Mortgage rates fell to their lowest point as traders snatched up Treasurys ahead of the central bank's announcement.
The recent jump in rates rippled through the mortgage market. The number of people filling out mortgage applications slumped last week, the Mortgage Bankers Association said Wednesday. Purchase applications dropped by 5 percent from the previous week, while refinance applications tumbled 16.5 percent.
While refinancing activity got a boost, low rates did little to buoy the struggling housing market. Potential buyers are worried about their jobs or unable to qualify for a loan because of tighter credit standards. Others can't sell their own homes before buying another.
To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

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Foreclosure class actions pile up against banks

AP Business Writers

Foreclosure-fraud class action lawsuits are starting to pile up against major banks across the U.S., threatening a besieged industry with billions more in potential losses.
Bank executives are swarming Capitol Hill this week to defend themselves against multiple foreclosure-related investigations, including one by all 50 state attorneys general. Talks are under way in that probe in hopes of reaching a settlement, but that wouldn't extinguish the mounting threat of an avalanche of class actions.
A congressional watchdog said in a report issued Tuesday that the foreclosure document debacle could threaten major banks with billions of dollars in losses, further prolong the housing depression and damage the government's effort to keep people in their homes.
The class actions, which could be expanded nationally, seek damages for homeowners whose properties were illegally foreclosed upon by banks using fraudulent documents. Suits have been filed in Maryland, New Jersey and Massachusetts that target Bank of America Corp., Wells Fargo & Co., HSBC PLC and JPMorgan Chase & Co. In Florida and Maine, Ally Financial, formerly known as GMAC Mortgage, is also being targeted.

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Trustee's pursuit of Mastro assets has cost $3.6M so far

Seattle Times business reporter
The team of lawyers, accountants and other professionals battling bankrupt Seattle real-estate magnate Michael R. Mastro in court has run up unpaid bills totaling more than $3.6 million so far, recently filed documents show.
That money will come out of Mastro's estate before his numerous unsecured creditors are reimbursed. But the team's leader, court-appointed trustee James Rigby, said Monday those creditors stand a better chance of recovering something eventually because of the team's efforts.
"There was zero money in the pot when this [bankruptcy case] got filed," he said.
James Frush, one of Mastro's lawyers, said the documents underscore an argument he's been making for months รข€” that Rigby and his lawyers are pursuing a "scorched-earth" campaign against Mastro only to enrich themselves.
"Never has so much been spent to obtain so little," Frush said.
Rigby's job is to find Mastro's assets, liquidate them and distribute the proceeds to creditors. Under bankruptcy law, the trustee collects a percentage of whatever he recovers, and his legal and other administrative expenses are paid off the top.
Rigby's team, which includes lawyers from four Seattle firms, has not been paid anything yet, more than a year after most started working on the complex case.
They moved to rectify that last week, submitting their bills through Oct. 31 and asking U.S. Bankruptcy Judge Marc Barreca to compensate them in part by awarding them prorated shares of $930,000 Rigby has recovered so far.
A hearing on those requests is Dec. 10.
Mastro, a prolific real-estate developer and lender for 40 years, was pushed into what probably is Washington's largest bankruptcy in July 2009.
He has listed debts totaling more than $570 million, and Frush has said there's no money left to reimburse creditors whose debts weren't secured by real estate or other collateral.
But Rigby contends Mastro, anticipating bankruptcy, schemed to hide some assets and put others out of most creditors' reach. The trustee has filed several suits to undo those deals.
One lawsuit, to determine who's entitled to proceeds from the pending sale of Mastro's Medina mansion and sale of another house in Clyde Hill, is scheduled for trial in March.
Rigby said Monday his bills wouldn't be so high if Mastro hadn't fought him at every turn. Legal wrangling over the Medina house alone has cost more than $1 million, he said.
Rigby said he understands Mastro's creditors, including about 200 individual "Friends & Family" investors, might be upset if his team gets some money soon while they get nothing. But "if the creditors got paid first, no professionals would take on work like this," he said.
And if their lawsuits against Mastro fail, he added, he and the lawyers and accountants will get little or nothing for their work.
But Frush said Rigby should have worked with Mastro instead of taking such an adversarial stance from the start.
"It's a real tragedy for the unsecured creditors. If this had been handled right, there might have been something left for them."


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Downtown buildings' owner misses loan's $154M balloon payment

Seattle Times business reporter

The owner of two prominent Denny Triangle office towers, Metropolitan Park East and Metropolitan Park West, has missed the deadline to pay back big loans it took out five years ago to buy the buildings, according to reports this week from the loans' servicers.
Walton Street Capital of Chicago was supposed to pay back all the principal a total of $154 million  when the two interest-only loans matured Nov. 6.
It hasn't, according to servicers ING Clarion and LNR Partners.
ING said Walton Street has defaulted on the Metropolitan Park East loan. LNR didn't use that word, but did label the Metropolitan Park West loan "non-performing."
LNR and ING are "special servicers" who deal with troubled debt. Oversight of the Metropolitan Park loans was transferred to them months ago because of concern Walton Street wouldn't be able to refinance when the loans matured.

A Walton Street principal did not return a call or email.  Twenty-story Metropolitan Park East and 18-story Metropolitan Park West, nicknamed the "Twin Toasters," were built in the 1980s just off Interstate 5 by longtime Seattle developer Martin Selig.
Walton Street, a private-equity investment firm, bought them in 2005 from Seattle's Benaroya Company for a total of $183 million, according to county records.
For financing, Walton Street borrowed about 80 percent of that sum from Greenwich Capital of Connecticut, which then packaged the debt with other real-estate loans and sold them to investors as commercial mortgage-backed securities.
King County now values the two buildings for tax purposes at about $135 million less than Walton owes on them.
LNR's notes on the Metropolitan Park West loan say a modification is under discussion. ING's notes on the Metropolitan Park East loan indicate the servicer and borrower are talking, and a new appraisal is in the works.
Walton Street is far from the only Seattle office landlord to encounter financial trouble in this difficult market.
Vacancies have climbed. Rents have dropped. Many owners are struggling with maturing debt. At least one building has gone back to the bank, and foreclosure looms for several others.
About 38 percent of Metropolitan Park West's 336,000 square feet and about 20 percent of Metropolitan Park East's 364,000 square feet is listed as available on commercial real-estate database Officespace.com.

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Report: Foreclosure mess could threaten banks

AP Business Writer

The disarray stemming from flawed foreclosure documents could threaten major banks with billions of dollars in losses, deepen the disruption in the housing market and hurt the government's effort to keep people in their homes, according to a new report from a congressional watchdog.
Revelations that several big mortgage issuers sped through thousands of home foreclosures without properly checking paperwork already has raised alarm in Washington. If the irregularities are widespread, the consequences could be severe, the Congressional Oversight Panel said in a report issued Tuesday. The full impact is still is unclear, the report cautions.
Employees or contractors of several major banks have testified in court cases that they signed, and in some cases backdated, thousands of certifying documents for home seizures. Financial firms that service a total $6.4 trillion in mortgages are involved, according to the new report. Big banks including Bank of America Corp., JPMorgan Chase & Co. and Ally Financial Inc.'s GMAC Mortgage have suspended foreclosures at some point because of flawed documents.
Federal and state regulators, including the Federal Reserve and attorneys general in all 50 states, are investigating whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes.

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