Categories
Category Archives: Finance
Fidelity Insurance & Embezzlement by Brian P. McLean, Leahy McLean Fjelstad
When you agree to join the board of directors of a condominium association, you agree to act in good faith and in the interests of the association. George Bernard Shaw apparently wrote once that, “Lack of Money is the root … Continue reading
Posted in Finance, General
Leave a comment
Resale Certificates and Significant Assets
Significant Assets and Resale Certificates, by Brian McLean Perfect legislation is aspirational but impossible. The meaning of words change over time. Social customs and values change. These are not novel concepts. In the newly revised Washington State reserve study legislation … Continue reading
Posted in Finance, Legislation
2 Comments
Reserve Accounts and Studies — New Law, Old Problem
Reserve Accounts and Studies — New Law, Old Problem You can pay now or someone else will pay later. That used to be the law in Washington State. No longer. Washington State Governor Christine Gregoire signed into law new legislation … Continue reading
Posted in Finance, Legislation
Leave a comment
FHA Condominium Project Approval – Status
Thank you Andrew Fortin, CAI (quoted in full): Today, FHA announced a revised schedule for condominium project approval expirations and urged all condominium communities wishing to retain FHA approval to complete the recertification process. CAI strongly encourages all condominium communities … Continue reading
Posted in Finance, General
Leave a comment
What is a Reserve Study?
Sound long-term financial planning can make the difference between thriving or becoming a neighborhood paperweight. Continue reading
Greedy HOAs Foreclose for Profit? Come On
Homeowner associations are not greedy because they conduct nonjudicial foreclosures for nonpayment of assessments. In the real world, not the journalistic world where loss of ownership is equated with homelessness, the remaining owners, some of whom are on fixed incomes and have budgeted carefully their whole lives, often empty their bank accounts in an effort to keep the association on life support. When the pool of paying owners gets smaller, the remaining owners drown. Continue reading
Posted in Finance
5 Comments
CA Law Day A Smashing Success! (And more on association reserve funds)
I think it’s important that Association’s maintain current reserves studies to know and understand the true costs of ownership. Continue reading
Foreclosure Rates in Washington Climb
Associations should continue to take rational steps and shore up defenses against the eroding mortgage landscape while educating Washington owners about rational choices during a period of shrinking incomes, prices, and resources. Continue reading
Posted in Finance
Leave a comment
Failing Mortgages and the Domino Effect
Failing Mortgages and the Domino Effect By Brian P. McLean, Leahy.ps The Puget Sound Business Journal discusses the continuing deterioration of the mortgage market: Subprime mortgages, which were issued to people with checkered payment histories, have the highest level of … Continue reading
Posted in Finance
Leave a comment
Foreclosures on the Rise in Puget Sound
The Seattle Times published an article today that documents the rising number of foreclosures in Puget Sound.
Posted in Finance
Leave a comment
