Meet Michael Corliss, the man at the center of the latest Mastro controversy

Enlarge Photo Stephen Brashear

James G. Murpphy Co., employe Steve Paddock displays a hand bag for auction during during the Mastro Estate Auction in Kenmore, Wash., Thursday June 26, 2014. The bankruptcy trustee overseeing the estate claims Michael Corliss, another real estate mogul, helped the Mastros flee to Europe.

I first met Michael J. Corliss, the man that a bankruptcy trustee says helped disgraced real estate mogul Michael R.

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Elgin marketing campaign tied to fair housing settlement

A new $100,000 marketing campaign promoting Elgin’s housing market has unlikely roots in a fair housing settlement between Wells Fargo Bank and a Chicago-area group tied to the National Fair Housing Alliance.

A year ago, the alliance and 13 of its member organizations, including HOPE Fair Housing Center in West Chicago, received $27 million in an agreement that resolved allegations made by the groups that Wells Fargo did a better job of maintaining and marketing foreclosed homes in white neighborhoods than it did in communities of color. The bank denied the allegations and any violation of federal fair housing laws.

The funds were to be used, among other things, for programs to promote homeownership and neighborhood stabilization.

HOPE received $1.4 million, which it is equally splitting between Chicago’s Austin neighborhood and Elgin.

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Bank of England moves to limit large loans to housebuyers

The Bank of England signalled that it would not impose draconian measures to cool the housing market unless house prices rise by more than 20% over the next three years.

Governor Mark Carney announced the first limits on the mortgage market in 30 years – restricting the amount that homeowners can borrow relative to their income and tightening the affordability tests would-be homeowners face when applying for a mortgage – but he acknowledged there would be no immediate impact on fast-rising property values.

Presenting the Bank’s half-yearly assessment of risks to the financial system, Carney said that UK households start from a “vulnerable position” with debt at 140% of disposal income. “This is the limits of our tolerance and that’s why there is a cap in place. We

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Investment tips for 2014

UNDERSTANDING the factors that drive profits and losses is a key skill for any investor, and 2014 promises to throw up a few big themes to keep people on their toes.

After a strong 14.8 per cent rise in 2013, many forecasters expect shares to have a solid – but not as spectacular – year ahead, although as usual there will be some big gains and falls among individual stocks and market sectors.

Prescott Securities senior economist Alan Hutchinson says smart stock selection is critical in the hunt for rising investment income and long-term wealth.

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RBA’s attempts to hold down dollar a bust

The RBA’s attempts to deflate the Australian dollar have failed, a senior economist has claimed.

 

Perpetual senior economist Matt Sherwood has told Fairfax that the RBA’s campaign to take the heat off the Aussie dollar by holding interest rates at a record low has been a bust. The

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How to Clean a Paint Roller

How to Clean a Paint Roller

When I first started painting, my dad owned this plastic box that connected to the sink or a hose that would spray a 9 inch fan of water in a line.

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