Above is a letter I received from HUD in April 2000, in responce to a letter I sent Andrew Cuomo about predatory loans made by my late father and his private lender, Lawrence Chazen. It was Vic Presco, and Chazen, who hooked up Garth Benton with Christine Rosamond after learning they were artists. Chazen was a partner in the Plumpjack winery with most members of the Getty and Pelosi family. I am told HUD is about to found a Task Force On Predatory Lending that may have led to the subprime Mortgage Crisis.
I am a prophet, who saw this coming when I saw how my late sister’s artwork was treated like Deeds of Trust in Default, and now that Rosamond was dead, these Deeds are going to go through the roof, and those on the ground floor – who knew how Rosamond died – are going to make a killing.
The only problem is, Rosamond was not really a famous artist. No real Art Critic had bothered to write about her and give her real credentials. If my family didn’t shut me out, then I would have told them they are deluded – and greedy! This is the lesson all Americans, and most of the folks in Europe, would get when the economy collapsed in 2004. No one would listen to me. If they had, then…………………..?
What I am putting together is the idea of American Royalty that includes Hollywood Stars, and the children of the very rich. Carrie Fisher wrote a screen plan about Rosamond who is kin to Liz Taylor, who is kin to the Gettys. All these folks had a big problem with drugs and alcohol. It was my hope my sobriety, and my Nazarite Order, would save many from the disease of addiction. My history, my gifts, my spiritual programs, were rejected by those close to Rosamond, simply because it was believed I was qualifying myself as a member of the Inner Circle, and as a Living Artist, would somehow negate their idea of a Dead Artist Sale. Why didn’t money-hungry Garth write a autobiogrpahy and tell the world about how two artist lived and died for their art? The reason is, he is then up at the plate, and, I will be playing hard ball with him, as would others! He would have to give more detail about Rosamond’s Death Scene.
The word would like to read my biogrpahy that Drew Benton contributes to, she alas taking us back to that fateful day. Instead, she and Vicki can’t treat me in a civil manner, they avoiding me after I asked Drew to contribute to my biogrpahy. It’s back to depicting me as deluded and insane! I bet all those little folks who lost their homes wish I would have been taken seriously!
Christine Rosamond Benton was treated like a piece of California Real Estate that was in foreclosure, simply because that is their world view. They didn’t know any better, and, they didn’t want a professional opinion. Garth Benton was an artist and friend of Chazen and Gordan Getty. Garth was blinded by his hatred of Christine, he wanting to win at all costs. Any expertise he could have offered, was swirling around in a whirlpool at Rocky Point. The death of Rosamond – was huge in his life.
Above is a photo of Chazen at the reopening of the Rosamond Gallery. The black balloons that advertise the Dead Artist Sale, soar above Larry’s head. I have studied art and culture since I was twelve. I subscribe to the truth that our art is the blueprint for how we live our normal lives. Art is the litmus paper, the true prophet that sounds a real warning that something is going terribly wrong. Years before Christine died, I understood the commercialization of Rosamond, spelled doom for our society. Rosamond was the Rose Bubble, bound to burst one day. This is why I kept myself away, but was drawn in only when I wanted to know – how the Rose of the World died!
Above is a collector of Beautiful Rosamond Women who says Christine and Drew were swimming at Rocky Point. I read they were boating. I say they were fighting Beenie the Sea Serpent.
According to public records and documents Newsom himself provided:
— Getty, or trusts and firms he controls, is lead investor on 10 of Newsom’s 11 businesses, including his PlumpJack group of wine, restaurant, resort and real estate ventures. “Plump Jack” is the name of an opera Getty wrote.
Newsom’s stake in those Getty-backed businesses is more than $6.9 million, according to a disclosure report filed last year with the Ethics Commission. Newsom says now that he overstated his share of one of the businesses, a development company, and has since gotten out of that venture.
— Newsom’s annual income from 1996 to 2001 topped $439,000 per year, according to tax returns he provided. Most of it came in wages and dividends from the same Getty-backed concerns.
— Newsom’s 2000 income ballooned to more than $1.3 million thanks to an $844,000 profit he made on the sale of a Pacific Heights house he bought with Getty’s help, the returns show.
— A Getty trust paid Newsom $169,000 for investment advice from 1997-2000, Newsom said.
— When the family-owned Getty Images photographic business took its stock public in 1996, Newsom was in on the initial public offering, buying $10,000 worth. Since then, he has made $60,900 profit on trades of the stock, the tax returns show.
— When Newsom wed San Francisco prosecutor Kimberly Guilfoyle, Getty and his wife, Ann, paid for a glittering reception at their Pacific Heights mansion. The gift section of Newsom’s disclosure report states his half share of the reception’s value was $116,708.
Newsom described Gordon Getty as a lifelong friend, but said the billionaire’s investments in his ventures are strictly business. His own hard work – not the Getty fortune – made him a success, Newsom said.
“I started every one of those businesses,” he told The Chronicle during two lengthy interviews. “Conceived of them, wrote the business plans, got all the investors, and by no means are the investors exclusive to the Getty family. Quite the contrary.”
Nevertheless, Newsom’s financial dealings with Getty feed a “rich kid” persona being exploited by his political foes – “This campaign is going to be a class war against me,” he said.
The financial dealings already have roiled his campaign. On Feb. 14, in response to a Chronicle story about omissions and mistakes in his financial disclosure statements, Newsom amended his filings to report $2.1 million in loans he had received from Getty.
BORN TO POWERA fourth-generation San Franciscan, Gavin Christopher Newsom was born Oct. 10, 1967, to William and Tessa Newsom.
From birth, he was connected to the city’s elite.
His grandfather, William A. Newsom, was a confidant of Edmund G. “Pat” Brown, the former San Francisco district attorney and two-term governor.
His aunt was married to the brother-in-law of Rep. Nancy Pelosi, D-San Francisco, the House minority leader.
His father, retired state appellate Justice William Newsom, is a longtime friend of Edmund “Jerry” Brown, also a former governor and now Oakland mayor; John Burton, the powerful state senator from San Francisco; and especially Getty – son of legendary oilman J. Paul Getty – his friend since they were classmates at St. Ignatius High School in the 1940s.
As a youth, Getty kept a room at the Newsom family’s Marina District home, and later Justice Newsom served as a Getty lawyer and trusted family adviser, Justice Newsom recalled in an interview.
In 1973, the abduction of a grandson of J. Paul Getty made international headlines when the kidnappers severed the victim’s ear and mailed it to his mother. To win the youth’s freedom, Justice Newsom and others traveled to southern Italy to deliver the $2.7 million ransom to intermediaries dressed as priests, he said.
Gavin Newsom said his childhood wasn’t easy. His parents broke up when he was 2; his father moved to Placer County, while his late mother, Tessa, raised Gavin and his younger sister, Hilary, in San Francisco, sometimes working three jobs as a secretary, bookkeeper and waitress.
Newsom said he also had “pretty severe” dyslexia, a disorder that causes difficulty with writing and spelling, and sometimes reading and working with numbers. It still affects him today.
Newsom said he received a private education at the French-American bilingual school and Notre Dame de Victoire in the city, and, after he was unable to gain admission to a prep school, at public Redwood High School in Marin County.
When he needed help, his family’s contacts came in handy, he acknowledged.
While applying for college, Newsom said, his family “called everybody we knew,” including lawyer John Mallen, a friend of his father and a member of the Board of Regents at Santa Clara University, where he was given a partial baseball scholarship.
After graduating and earning a real estate license, Newsom said, he visited Walter Shorenstein, the real estate baron and major Democratic Party fund- raiser, who knew Newsom’s father and grandfather.
At that 1991 meeting, Shorenstein told an aide, ” ‘Let’s see what we can do at the Russ Building for Gavin,’ ” Newsom recalled. He said he spent an “intense” year working as an $18,000-per-year assistant for the Shorenstein Co.
PLUMPJACK PARTNERSHIPSWhile still working for Shorenstein, Newsom formed his first business partnership, PlumpJack Associates, to open a wine shop on Fillmore Street. His partner was Gordon Getty’s son, William or “Billy” as he’s called, whom Newsom had known since boyhood. He said Gordon Getty invested between $7,500 and $15, 000.
The wine shop opened in 1992. Other ventures followed. By last year, Newsom had created a network of limited partnerships and holding companies to own and operate businesses and investments in San Francisco, Napa Valley, Squaw Valley and Maui.
Most are part of the PlumpJack group, which in addition to the wine shop includes the upscale PlumpJack Cafe, also on Fillmore Street, the PlumpJack winery and an online wine outlet.
Other Newsom partnerships own two popular Cow Hollow night spots, the venerable Balboa Cafe and the MatrixFillmore bar, which features designer cocktails, a plasma screen video system and tables shaped as letters S, E and X. Other partnerships run the Squaw Valley Inn, or are associated with PlumpJack and Balboa cafes at the ski resort.
And while Newsom contended that Gordon Getty is only one financial backer of many, records show the billionaire is Newsom’s top outside investor, either individually or through his firms and family trusts.
Getty owns 49 percent of the concern that manages all the PlumpJack businesses; 96 percent of the winery; 96 percent of the partnership that runs the Squaw Valley Inn; and more than 80 percent of Newsom’s real estate development firm (recently, Getty and Judge Newsom bought him out, Newsom says). Getty has a smaller stake in the other businesses, but he’s still the lead outside investor in most.
Getty declined to be interviewed for this story. In response to written questions, he said he treats Newsom like a son and invested in Newsom’s first business because of that relationship. “After that,” he said, “the reason for my further investments was the success of the first.”
Getty’s son Billy also invested in five businesses, and other Gettys, including Gordon’s wife, Ann, own stakes in some.
Other investors represent a slice of upper-strata San Francisco: a firm associated with Pelosi’s husband, Paul Pelosi; high-society plastic surgeon Jack Owsley; even TV newscaster Ross McGowan, whose morning news show has often showcased Newsom.
Members of Gavin Newsom’s wine, restaurant, bar, resort and real estate partnerships since 1991:
Kevin & Bronwyn Brunner, John Burton, Casey and Michelle Cadwell, Bob and Barbara Callan, Frank Caufield, Donna Chazen, Lawrence Chazen, Joe & Victoria Cotchett, Michael & Hilary Decesare, Philip DeLimur, Don Dianda, Gretchen Dianda, Edward Everett, Richard Freemon, James Fuller, Stanlee Gatti, Robert Gerry, Andrew Getty, Ann Getty, Anna Getty, Chris Getty, Gordon Getty, Mark Getty, Peter Getty, Ronald Getty, Tara Getty, William “Billy” Getty, Robert Goldberg, Florianne Gordon, Stu Gordon, Gordon Goletto, David Goodman, Arthur Groza, Richard & Martha Guggenhime, Tony and Anthony Guilfoyle, Shelly Guyer, James & Shea Halligan, Bob & Jill Hamer, Erin Howard, Thomas Huntington, Isolep Enterprises (Paul and Nancy Pelosi family personal investment company), Peter Jacobi, Gaye Jenkins, Jeffrey Kanbar, Chad Kawai, David Lamonde, John Larson, Rob Lavoie, Leavitt/Weaver interior designers, Marc Leland, Maryon Davies Lewis, Anne McCutcheon, Chris McCutcheon, Ross McGowan, Rich McNally, Robert & Carole McNeil, Paul Mohun, Robert Mohun, Jeff Morin, Sara Moughan, Terry Moughan, Brian Mueth, Bob Naify, Marshall Naify, John Nees, Barbara Newsom, Brennan Newsom, Catherine & David Newsom, Gavin Newsom, Patrick Newsom,
Tessa Newsom, William Newsom, John O’Hara, Jack Owsley, Pacific Design, Matt Pelosi, Robynne Piggott, James Samuel Powers, Elizabeth Rice, Jeremy Scherer, Paul Scherer, Gary Schnitzer, Steve & Theresa Selover, Steve Siino, Trevor Traina, Chris Vietor,
Read more: http://www.sfgate.com/politics/article/NEWSOM-S-PORTFOLIO-Mayoral-hopeful-has-parlayed-2632672.php#ixzz2KoEV4Yrw
ANDREW CUOMO BIRTHED THE MORTGAGE CRISIS AND THE MARKET CRASH OF 2008. I was not invited to the Stock Holders Meeitn because I simply wanted to know the name of the person that invited my sister to that house at Rocky Point.
October 18, 2010 by I.M. Kane
Democrat candidate for governor in New York Andrew Cuomo was behind programs that destabilized Freddie Mac and Fannie Mae and gave birth to the mortgage crisis that led to the market crash of 2008.
Housing and Urban Development Secretary Andrew Cuomo today announced a policy to require the nation’s two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.
Cuomo said the historic action by HUD raises the required percentage of mortgage loans for low- and moderate-income families that finance companies Fannie Mae and Freddie Mac must buy from the current 42 percent of their total purchases to a new high of 50 percent – a 19 percent increase – in the year 2001. The percentage will first increase to 48 percent in 2000.—HUD News Release No. 99-131
His programs forced banks to loan to low-income and bad-credit customers that led to the housing collapse and 3-4 million families facing foreclosure.
“Andrew Cuomo … made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that … helped plunge Fannie and Freddie into the sub-prime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded “kickbacks” to brokers that have fueled the sale of overpriced and unsupportable loans.”—Wayne Barrett
The first 3:45 or this 8:28 video below shows Andrew Cuomo explaining how he forced banks to loan money to unqualified people who couldn’t pay it back under the Clinton administration’s bank affirmative-action plan.
“This action will transform the lives of millions of families across our country by giving them new opportunities to buy homes or move into apartments with rents they can afford. It will strengthen our economy and create jobs by stimulating more home construction, it will help ease the terrible shortage of affordable housing plaguing far too many communities, and it will help reduce the huge homeownership gap dividing whites from minorities and suburbs from cities.”—Andrew Cuomo, Housing and Urban Development Secretary
A vote for Andrew Cuomo is a vote for more of the Democrats’ redistributive agenda. New Yorkers need to seriously think about that when casting their ballots for governor this November.
CUOMO TO ESTABLISH NATIONAL TASK FORCE ON PREDATORY LENDING
WASHINGTON – Calling it “the downside of an economic upturn” which has produced the highest homeownership rates in the nation’s history, Housing and Urban Development Secretary Andrew Cuomo today announced that he will convene a national task force and hold hearings to determine how to “eliminate the nightmare of predatory lending from the American dream of homeownership.”
In testimony before the Senate Appropriations Committee today, the Secretary said he would use authority under the Fair Housing Act and the Real Estate Settlement Procedures Act (RESPA) to convene a HUD Task Force On Predatory Lending and conduct publichearings in at least four cities to recommend strategies to combat predatory lending. The first hearing will be in Baltimore, which HUD also intends to use as an operational laboratory to examine and address predatory lending practices.
The growing trend of predatory lending in the booming subprime mortgage lending market has been well-documented by regulators, including the Federal Reserve and FDIC, academics and community groups. Evidence indicates that the vast majority of mortgage fraud and predatory lending activities – including excessive fees, provision of credit life insurance and prepayment penalties – occurs in the conventional subprime lending market. Subprime lenders generally do not make government-backed loans and often operate outside of the current federal regulatory structure.
This relatively new sector of the mortgage market is booming. HUD estimates that subprime loan volume has grown from $20 billion in 1993 to more than $150 billion in 1998.
“The economic boom which has produced the highest homeownership rate in history has a downside and that is predatory lending,” Cuomo said. “Though HUD has moved aggressively to eliminate thousands of unqualified appraisers and dozens of lenders from FHA housing programs, the simple fact is that many of these same lenders and appraisers are in the conventional mortgage market often charging exorbitant fees, imposing onerous terms and saddling families with debts they’ll never be able to retire. Just as HUD has moved to eliminate predatory lending from FHA programs, we must move and move now to eliminate them from the conventional market.”
Baltimore, which has recently seen a significant increase in predatory lending abuses, will serve as the site of the first hearing and as a case study to understand how the practices subvert a real estate market and what steps can be taken to eliminate the practices. A complete hearing schedule will be released by HUD shortly.
HUD’s Task Force On Predatory Lending will include Paul Reid of the Mortgage Bankers Association, Tom Downs of the National Association of Home Builders, Steve Kest of ACORN, Peter Skillern of the Community Reinvestment Coalition of North Carolina, John Taylor of the National Community Reinvestment Coalition, Gail Cincotta of the National Training Institute-Chicago, Ken Strong of the South East Community Development Corporation, Eric Belsky of Harvard University’s Joint Center for Housing, Vincent Quayle of the St. Ambrose Housing Aid Center, Boise Mayor Brent Coles, Chicago Mayor Richard Daley, Denver Mayor Wellington Webb, Detroit Mayor Dennis Archer, and Los Angeles City Attorney James Hahn.
Cuomo said HUD’s Federal Housing Administration (FHA) has already taken a number of steps to eliminate predatory lending practices from its programs. The Homebuyer Protection Plan protects borrowers from bad appraisals and Credit Watch, a program that terminates lenders with excessive default rates from FHA programs.
Cuomo said FHA is the only lender in the nation to require mandatory testing of appraisers and, further, the only one to require an assessment of the physical condition as part of property appraisals. He said that many of FHA’s reforms could serve as a model for combating predatory lending in the conventional housing market.
The Real Estate Settlement Procedures Act, passed in 1974, was intended to help homebuyers fully understand the terms of their loans and to protect them against terms or practices that could cause them to lose money, credit worthiness or their homes. Under RESPA, the HUD Secretary is authorized to conduct hearings to investigate conditions and practices that bear upon provisions of the Act and to prescribe regulations or recommend legislation to correct any problems. The Secretary is also empowered to issue subpoenas in furtherance of these hearings.
Cuomo made this announcement at a hearing of the Senate Appropriations Subcommittee on HUD’s proposed budget for fiscal year 2001. President Clinton has proposed increasing the HUD budget by $6 billion to $32.1 billion, the strongest HUD budget in more than 20 years, with increases in every program area.
In his testimony, Cuomo thanked the members of the Committee for their support of HUD initiatives in recent years, including an increase to the FHA mortgage insurance limits, funding of 110,000 new rental assistance vouchers, public housing reform act, and a tripling of the budget for programs that help the homeless.
HUD’s proposed fiscal year 2001 budget would provide 120,000 new housing vouchers; increase funding for public housing, elderly housing, homeless services, the Community Development Block Grant program and fair housing enforcement; and fund an additional 10 Empowerment Zones.
The President’s budget also calls for funding to the American Private Investment Corporation to leverage some $1.5 billion in private investments in low- and moderate-income areas; a $30 million Community Gun Safety and Violence Reduction initiative; and a dramatic increase in funding to create jobs and promote economic development in distressed communities.
In his testimony, Cuomo also reported that FHA is in its strongest financial condition since it was created in 1934, with a record economic value of $16.6 billion. A recent independent report on FHA by the accounting firm of Deloitte & Touche found that FHA has made a remarkable turnaround from just ten years ago. The FHA Insurance Fund had an economic value of a negative $2.7 billion in 1990.
In response to a Deloitte & Touche report found that the FHA Insurance Fund for fiscal year 1999 was more than $5 billion above previous estimates, in March President Clinton directed Secretary Cuomo, Office of Management and Budget Director Jack Lew and Domestic Policy Council Director Bruce Reed to provide “recommendations on how newly available funds can be used to further strengthen federal housing programs and develop a plan to enhance comprehensive affordable housing opportunities.”
The recommendations could include subsidizing the construction of new affordable rental housing, down payment assistance programs to increase homeownership, funding for new rental assistance vouchers and other initiatives.
Cuomo also reported that FHA’s reformed processes for disposition of HUD-owned homes has reduced the time it takes HUD to sell homes by 20 percent, increased the sales price per property by 19 percent and increased HUD recoveries on insurance claims by $4,500 per property, resulting in savings of more than $260 million.
In his testimony, the Secretary also reiterated his call for the Congress to provide an additional 120,000 rental assistance vouchers. He noted that a HUD report issued earlier this week – Rental Housing – The Worsening Crisis – found that at least 5.4 million very-low-income families presently not receiving HUD assistance are paying over half their income for housing or live in severely distressed housing, an increase of 12 percent since the nation’s economic recovery began in 1991.
The same HUD report found that the rental housing that is affordable to families with incomes below 30 percent of area median income had shrunk by 370,000 units, or five percent, between 1991 and 1997.
HUD’s proposed budget for fiscal year 2001 calls for an additional 120,000 rental assistance vouchers, including 10,000 vouchers for HUD’s housing production programs. The housing production vouchers are expected to lead to the production of an additional 40,000 units of affordable, mixed-income housing.
Cuomo told the Committee that HUD’s HOPE VI program already had demolished some 52,000 units of dilapidated public housing and had committed some $3.5 billion for 124 new projects that will provide 62,000 units of housing.
He also noted that, consistent with language in last year’s Conference report, HUD had moved forward to “bridge the digital divide” and expected to have established some 1,000 new cyber-centers in HUD-assisted and public housing complexes over the next two years.