Salt Lake City

Baby Boomers - Will They Bankrupt Social Security?

The First Baby Boomer Files For Social Security

Can you believe it’s here? We’ve been talking about it for years and speculating on the impact it will have to our retirement and our economy. And now it seems to have crept up on us? Is this the beginning of the proverbial “run on the bank”?

What will the impact really be? Forecasts are that within 10 years Social Security will be paying-out more than is then paid-in. and in 35 years will be bankrupt! When will there be a serious attempt to make whatever changes must be made to make sure the social security stays around for all of us who have paid-in and modified to whatever must happen for future generations as well? They should not have to pay for our screw-ups!

For some interesting additional links on Baby Boomers check out the following:

What is a Baby Boomer?

US Census Bureau Baby Boomer Facts

First Baby Boomer turned 60 years old

Enough with the fun stuff! What does this mean to us here and now?

Yes we are going to see a barrage of media, articles, blogs, and more opinions than you can imagine. We will need to sift through the opinions and determine what the best personal financial moves are to secure our own retirement.

Here is a link to Brian Brady, Americas Mortgage Broker. I like his take on most mortgage issues. He keeps a pretty close watch on market indicators and conditions and presents his opinions well.

I recommend any to follow his posts. I know I will.

Authored by Keith Jeppson | Discussion: 6 Comments »

Meth Decontamination in Utah - Fact vs. Fiction

MethMichael Rowzee, a certified Meth decontamination expert is going to speak at the Bonneville Hills Community Council meeting Thursday, October 25th. If you have any interest in sifting through all the hype and hyperbole going on in the press about Meth then come to the presentation. In addition to being licensed to decontaminate meth labs Mike is certified as an instructor for Meth home inspectors and city and county health departments.

I’ve attended a meeting where Mike spoke about his experiences with Meth and highly recommend him.

The meeting will be held at the Anderson/Foothill library, 1135 South 2100 East, Salt Lake City, Thursday Oct. 25th, 6:30pm.

See ya there…

Authored by Keith Jeppson | Discussion: 2 Comments »

KUTV Dave Fox - Victim or Con-Man?

Is Dave Fox a SportsCaster or Real EstateΒ Con-Man?

Sly-Fox or Dumb-Bunny?Last night KUTV aired an interview with Dave Fox discussing his recent guilty plea for participating in Mortgage fraud. Dave appeared contrite and about his participation in the real estate scam. KUTV put Dave on β€œadministrative leave” after he was charged. However, with the β€œplea and abeyance” settlement and his cooperation with state investigators, KUTV is allowing Dave to return to β€œthe aire”. KUTV stated, β€œThough the ordeal has brought a level of embarrassment to Fox and KUTV, station managers — KUTV General Manager David Phillips and News Director Tanya Vea — ultimately decided to allow Fox to return to his position as sports anchor, something he says he has been “desperate” to do.”

So what did Dave Fox do? Was he a conspirator or a victim? Was there aΒ Fox in the hen-house?

According to Dave Fox and other news articles Dave signed closing documents provided by his lender stating he intended to occupy the home he was purchasing as his principal residence. By signing that document he was qualified for a lower interest rate, by about .5%. He lied! He fraudulently misled the lender who gave him a reduced interest rate based on his signed occupancy statement.

It doesn’t excuse Dave’s actions, but this kind of fraud goes on consistently in investment loans. Yes, I’d even say it has been common place. Investors, flipping or holding their real estate investment, want to keep mortgage payments as low as possible. That 1/2% interest rateΒ savings can mean $125 less in interest each month on a little $300k mortgage.

This is classic Utah Mortgage Fraud. Check-out our post last June on Utah Real Estate Fraud. Red flags should have been flying everywhere for Dave!

Dave would not have been caught or charged with any crime if there had not been some deeper scheme going /on that imploded and brought his actions to the surface. He was likely caught as the lender started investigating the mortgage, which was likely in default, and discovered that Dave lied about his intended occupancy. Check these reports in the β€œDaily Herald” and you’ll see that Dave was involved in a much larger Real Estate Valuation scam in the River Bottoms in Provo. The Utah County Attorney felt Dave was not apart of the larger scheme stating, “Mr. Fox has taken what we feel is appropriate action for his responsibility in this, and we are perfectly satisfied with this resolution,” said Mariane O’Bryant, deputy Utah County attorney.”

So, Dave goes back on the aire. He learned his lesson, and the public has learned from his lesson.

Promoters and con-men don’t usually use their own money in their scams. They look for reputable, financially strong friends, associates, and anyone who will listen to their pitch, to finance their scams. In real estate these are called β€œstraw-buyers”. People putting up their credit and signatures to get loans to purchase the target properties. Dave appears to simply been a straw-buyer promised great rewards for the use of his credit and purchasing power.

Be careful whenever asked to put your credit and net-worth at stake for a promoter of any sort. And never lie to try and get a better deal. It’s just not worth it! Dave Fox put his job and his family in jeopardy and he compromised his personal integrity for the sake of a 1/2% higher interest rate?

Β

Authored by Keith Jeppson | Discussion: 2 Comments »

September 2007 Home Absorption - Salt Lake Real Estate

Authored by Keith Jeppson | Discussion: 2 Comments »

Salt Lake City Home Sales - July 2007

Authored by Keith Jeppson | Discussion: 2 Comments »

Salt Lake City District 6 Blog Debate – Meth Lab Ordinance?

Authored by Keith Jeppson | Discussion: 3 Comments »

Salt Lake City District 6 Blog Debate – Downtown Rising?

Authored by Keith Jeppson | Discussion: 3 Comments »

Salt Lake City District 6 Blog Debate – Sugar House & Airport TRAX Spurs?

Authored by Keith Jeppson | Discussion: 6 Comments »

Realtors Are NOT Meth Cops!