Monthly Archives: October 2012

The Oxnard Community Concert Association has served Oxnard since 1940 and needs help from RP residents to continue. Membership has declined to a seriously low level over the past few years. They need the residents of Ventura County to help continue to support it.

RiverPark 411

With all the hubbub and publicity “The Collection” has received this past week, there is a cultural resource that benefits our RiverPark community that also deserves our attention and our immediate support.

The Oxnard Community Concert Association (OCCA) has served Oxnard since 1940 by providing quality entertainment to our community at an extremely affordable price. The 2012-2013 Season is the OCCA’s 67th, and may possibly be one of its last if it doesn’t attract new membership. This season’s OCCA lineup will feature the following artists:

The Abrams Brothers – Sunday, October 14, 2012 – 3:00 pm

Ann Fontanella – Thursday, November 8, 2012 – 7:30 pm

Quarteto Vivace Brasil – Tuesday, February 19, 2013 – 7:30 pm

Redhead Express & The Walker Family – Sunday, March 17, 2013 – 3:00 pm

Side Street Strutters Jazz Band – Sunday, April 7, 2013 – 3:00 pm

The OCCA also operates a Student…

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The Collection!

Looking for a new place to shop with a new atmosphere? The Collection is a new Shopping Center (currently under construction) that is opening up right outside the doors of the residents of Riverpark.

As most who pass this place everyday on the 101 freeway or live in the Riverpark area themselves, know this unique shopping center is set to include a set of brand new stores and restaurants that anyone would want to visit if they were interested in being in an amazing atmosphere.

Some of these restaurants include a Whole Foods, REI, Century Theatres and a unique mix of shops, restaurants and outdoor people spaces that boldly embrace the coastal California climate and lifestyle in addition to the new Target that opened back in July of 2012.

The of course most anticipated attraction that is set to open up is the brand new Century Theatres that is set to open up on October 24, 2012. This brand new state of the art theatre will include an XD—Extreme Digital theatre system that will greatly enhance the simple action of going to the movies with the family and turn it into a breathtaking experience one will never forget!

For updates and a constant feed on the progress of this upcoming hotspot, go to the Collections Facebook. The link for it is listed below.

Wells Fargo Faces Federal Charges of Mortgage Fraud

Carrie Bay,

The U.S. government is suing Wells Fargo over what officials allege constitutes more than 10 years of misconduct as a direct endorsement lender for the Federal Housing Administration (FHA).

The civil mortgage fraud lawsuit, filed in a Manhattan federal court Tuesday, alleges Wells Fargo falsely certified the credit and underwriting quality of FHA loans it originated. According to the complaint, thousands of Wells Fargo’s FHA-insured mortgages defaulted as a result of deficient underwriting, causing the government agency to lose hundreds of millions of dollars.

Preet Bharara, U.S. attorney for the Southern District of New York and lead prosecutor in the case, says Wells Fargo failed to comply with the three basic quality control requirements mandated by FHA’s direct endorsement lender program, which gives approved lenders the authority to originate, underwrite, and certify mortgages for government-backed insurance without having to obtain prior approval from FHA or HUD.

Bharara also alleges that Wells Fargo did not sufficiently train staff on the proper procedures for originating and endorsing FHA loans and instituted a bonus incentive plan that rewarded employees based purely on the number of loans approved regardless of quality, which he contends propagated the practice of reckless underwriting.

Bharara claims that concerns about the quality of FHAloans were raised internally at the bank, but Wells Fargo did not report these concerns or alert authorities about the bad loans until after his office issued a subpoena last year.

According to court documents, between May 2001 and October 2005, Wells Fargo certified that over 100,000FHA loans met HUD’s requirements and were eligible for government insurance. The complaint alleges the bank knew “a very substantial percentage” of these loans–-nearly half in certain months-–had not been properly underwritten, contained unacceptable risk, and were ineligible for FHA insurance.

“Now a jury will have to weigh the facts to determine the bank’s liability and the scope of the damages it must pay,” Bharara said.

According to the lawsuit, Wells Fargo internally identified 6,558 seriously deficient loans that it was required to self-report under the FHA program. Authorities say Wells Fargo concealed 6,320 of these improperly certified loans. Bharara maintains the bank avoided indemnification toHUD on approximately $190 million in FHA-paid claims for defaults on the 6,320 concealed loans.

U.S. prosecutors are seeking damages and penalties for hundreds of millions of dollars in insurance claims thatHUD has paid, and expects to pay in the future, for mortgages that were allegedly wrongfully certified.

Helen Kanovsky, general counsel for HUD, said in a statement that “Wells Fargo has been a valued participant in the FHA-mortgage lending program.”

Kanovsky went on to say, “Unfortunately, as alleged in the government’s complaint, there was a time when Wells Fargo placed profits over people, corporate results over corporate integrity, and did not consider the effect its actions would have on the FHA program as well as the overall economy. Today’s complaint and others like it are necessary, not only to deter future improper acts, but to recover damages on behalf of the FHA mortgage fund and the American taxpayer.”

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If you, or someone you know is looking for full or part time work, or just wants to make some extra cash, check this out!

RiverPark 411

Over the past few months my wife, Grace, and I have recently teamed up with some of our friends in Ventura County to brainstorm how we can help people thrive in this tough economic environment, and help reboot and protect their personal finances.

My wife has her degree in Business Management and loves economic theory, and accounting (i.e. counting money, especially if it’s her own). In any case, we looked into the concept for a new business based on the following criteria:

1. Low overhead, minimal startup, or no franchise fees.

2. Our products had to be something everyone already has, or should have.

3.  Enable people to earn money while they learn our business, and keep their full time job.

4. Absolutely no inventory packages to carry on the books.

5. Implement time tested marketing and distribution plans that have been proven to be successful.

Out of these requirements…

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