No surprises today at the June RCSC board meeting. Rich Hoffer was sworn in to fill Ron Smith's position and 4 motions were passed. The PIF collections were still strong with 850K and several folks railed at the failure on the part of the board to take any action regarding HUD and the reverse mortgage issue. I did tell the board, when they return from their break, they best be prepared to take action on this matter. The story goes (not from the board BTW) they are waiting for Congress to approve a new director for the California HUD office and this problem will be magically fixed. I have my doubts. If it isn't gang, get off your butts and do the right thing. The other item i mentioned was the difference between our long range plan and what they have done in Sun City West. Staggering and later today i will post a link comparing the two communities and what is available on each of their sites. Kudos to the 20 Realtors there from the Tempus Group. They are easily the most connected Realty office in Sun City and hopefully showing up in force had some impact. I also liked what Tom Mitchell said about allegiance to the corporation. I've long argued the corporation shouldn't be bigger than those of living here. Simple as that eh?
OK you want to stay away but I have one final question. Did I understand it correctly that the board made a decision and has no intention of changing the by-laws. They are waiting for HUD, period. Or is a by-law change still under consideration?
That's my impression based on what i have been told by a person close to the situation (not someone on the board). I do know the board/staff were told that same story which is why i believe they are stonewalling this through the break. The story goes once there's a new director named thing will return to normal. The RCSC produced a fairly detailed email blast showing out all the work they have done over those last 18 months. While i appreciate their comments, the net is nothing has been done to fix the problem and my best guess is they are hoping they come back from the summer break with HUD changing their position. Don't hold your breath.
There's no reason they can't E, they just elected not to. I suspect the argument goes if HUD changes their policy and is willing to pay the PIF at point of foreclosure, they've left "money on the table" they could have gotten. That's why the email blast they sent detailing all their "work" on resolving it was helpful, but just how truthful was my question. Nope, not saying they aren't being honest, because i truly believe they feel this will resolve itself and just go back to the way it was. i spent a good part of my life writing "spin" and have become pretty good at knowing it when i see it.
There is no other reason than the money E. In fact in their blast email they showed the dollar figures over the years. What it didn't say was if the money listed was from HUD foreclosures or all foreclosures. Their argument was they were taking this position because they were performing their fiduciary responsibility by keeping the language in place to insure they squeeze every nickle they can for the PIF.
From that email blast I also took it to mean it's just about the money. They didn't mention any other reason.
