The following should be concerned
Time: 10:58 AM
Is Cappiello the next to fall? Will subprime fraud impact CT-05?
Time: 4:30 PM
Here's a explosive new cross post that is quickly gaining attention across the blogosphere from My Left Nutmeg
Yesterday, Attorney General Richard Blumenthal filed suit against several subprime lenders in Connecticut who had conspired to defraud consumers with predatory lending practices. You can read the press release here.DEVELOPING...
As subprime lending practices continue to grab headlines, one has to wonder how far this will go.
One obvious person of interest is none other than State Senator David Cappiello, the GOP's candidate for Congress in Chris Murphy's 5th Congressional District.
David Cappiello, a star GOP recruit who is trying to take on Freshman Dem. Rep. Chris Murphy, lists his full-time occupation as a Mortgage Loan Officer for Danbury-based "Charter Funding." Charter Funding has, so-far, not been sued by Blumenthal.
But after a close look, things get very murky very quick.
Charter Funding, it turns out, is a business name of a secretive Tuscon, Arizona-based subprime lendor, First Magnus Corp. First Magnus is a privately-held lendor that operates around the country under literally dozens of different names, often within the same state. It is a registered foreign-owned corporation, but I'm not sure who its shareholders are.
In any event, First Magnus mortgage shops are franchised out to people like Cappiello (who can apply for franchises and broker licenses online), who then market mortgages (again, mainly subprime) typically to people who have no business getting mortgages.
A number of franchisees have been prosecuted for fraud.
On August 21, First Magnus filed for Chapter 11 bankruptcy protection and posted the following on its website.In light of the collapse of the secondary mortgage market, First Magnus will not fund any future mortgage loans, and is no longer accepting any mortgage loan applications or funding any mortgage loans previously originated and not yet funded. We explored all options before taking this action but were left with no viable alternative.
First Magnus values the relationships we have formed with all of our broker partners over the years and appreciate the trust you have shown in us. We are saddened that we will no longer have the opportunity to work with you.
For information about loans already submitted to First Magnus, please contact us at 520.618.9000 or call our toll-free hotline number: 1.866.901.7655.
My question: how many of these bad loans were written by Sen. Cappiello?
How many people have lost their homes because of shady ARMs he handed out?
More importantly... were any of the loans issued under predatory or fraudulent circumstances?
Is Blumenthal's office investigating Chater / First Magnus? Is Cappiello out of work?
It's not every day that a major mortgage lender collapses, and it's not every day that a major mortgage lender employing a major congressional candidate collapses.
UPDATE: This story is possibly picking up steam. Here's what some people have unearthed and posted on MLN.
No longer Charter Funding!
Cappiello's outfit is back with Flagstar Bank. (same people, same office location, etc.)
My guess is that they are independent contractors, and not employees per se, and that they can contract/represent whatever funding source they prefer.
So why did Cappiello's group leave Flagstar for Charter in the first place? Probably for more flexibility in writing deals.
CASES INVOLVING CHARTER FUNDING
Cases of mortgage fraud and Charter Funding in Arizona.
Case of Charter Funding playing it fast and loose in Illinois.
STORY IS PICKING UP STEAM AND IS STILL DEVELOPING...
Shameless Chris Shays receives "Worse Person in the World" honors
Time: 12:00 PM
Hat tip to the great Scarce for the clip.
Too much to do...so little time
Time: 11:29 AM
I'm DYING to break loose on this site but I'm SO busy right now as I'm working on a HUGE project in Bridgeport.
Again, I know, I know, I know about the signs, the moron who was arrested, the person who drove the vehicle, the HUGE wave of embarrassment and backpedaling from the Republicans, and how this story is FAR, FAR, FAR from over.
I know your dying for me to break with the lawn sign story but I really don't have the time right now. There is SO much information to collect that it isn't even funny...in fact, it's downright serious.
With the Taste of Danbury, the Irish festival, the lawn sign scandal, the political season getting into high gear, and a host of guest post on the horizon, lets just say that I'm going to be rather busy on this site this September.
PLEASE, unless you have information to share, PLEASE, PLEASE stop emailing me asking when I'm going to post on the lawn sign story. Thanks in advance.
Time: 4:38 PM
Yes, I know who the person is.
Of course I'm investigating the story.
Of course the News-Times screwed up the story and didn't do a full report.
Of course, I'm going to write about it.
NO the anthrax IS NOT TERROR RELATED! You're not going to DIE. Cutaneous anthrax is a rather common zoonotic disease (animal disease). It's a skin disease, not the airborne sickness made popular by terrorists in 2001. Learn more on the disease by clicking here before freaking out.
UPDATE: Here, I'll make it easier for you...
Any more questions? Good, now give me a break, I haven't even unpacked all my clothes yet and I'm wrapping my house up with duct tape because of the horrible anthrax scare .
Anthrax scare reported
Time: 12:12 PM
You can learn about the developing story from the News-Times.
The intersection of Padanaram and Jeanette Roads have been blocked off due to the incident. For those who are looking for an alternate route, try out this map of the area in question (I recommend using E. Pembroke Road).
Bridge of neglect primer
Time: 9:09 AM
In honor of
This entry was originally posted on August 17th @ 8:33 P.M.
Boy, it's been a hell of a week.
First local bigot Tom Bennett finally gets his long-overdue fifteen minutes of shame, and has his live show yanked by Comcast from it's 9 o'clock spot to the no watch zone of 11:30 p.m. to 12:30 a.m. (I'll get back to this later), now it seems like there has been some rather interesting developments in the Padanaram Rd. bridge disaster.
For those who don't know, the stretch of road from Padanaram Rd to Route 39 (known to local residents as "the shortcut"), has been a grave concern for residents who live on that stretch road. For years, neighbors have witnessed countless accidents by a neglected and unsafe bridges riddled with broken guardrails and improper street drainage (location of the bridge in question marked approximately by the crosshairs in the map).
For at least the last year on a half, the residents of Padanaram Rd repeatedly expressed their frustrations to Mayor Boughton and demanded that the city fix the problem only to receive unacceptable results.
Recently, myself, Ideas at Work and Beyond TV Host Ivon Alcime, were given a tour of the bridge by neighbor, irresponsible development critic and current 2nd Ward Common Council candidate Ken Gucker. On last Thursday's show, Gucker detailed the history of the bridge and the immediate safety risk the degrading bridge poses for the neighborhood, and his troubles getting anyone at City Hall to properly adequately address the hazardous situation on the road.
From last week's Ideas at Work and Beyond, here's footage of Gucker detailing the problems on the road.
Back in town
Time: 8:59 AM
Came back to town with an inbox full of emails and spent the last day running around catching up on things. I guess it's been an interesting few days in Danbury and I have a little catching up to do.
Give me a while to get back to speed...
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