DATELINE: INSIDE THE FINANCIAL FIASCO SERIES BEGINS
For the first hour of a three-part investigative series, "Inside the Financial Fiasco: Mortgage Madness," NBC's Chris Hansen reports on how risky home loans helped cause a chain reaction that led to failures on Wall Street and the near collapse of the American economy. The report also includes exclusive accounts from insiders and whistleblowers speaking out for the first time.Check TheHansenFiles.com afterwards for web-exclusive material.  See NBC main page...

Texas Homebuyer/Consumer Bills Filed:Builder Licensing Bills, Aoilishment of TRCC, Lemon etc.  Sunset Bill by Rep. McClendon HB2295: Sunset Bill would empower the Builder's TRCC agency the ability to Force Homeowner to Binding Mandatory Arbitration by law, giving homebuilder dominated agency "commission jurisdiction." Bill provides no incentive or penalty for the builder to assure compliance with standards or that a new home is built correctly at the time of sale. Builders maintain and enjoy multiple opportunities and rights to make repairs. Bill continues to mandate TRCC's current State Public Policy and authority that regulates homebuyers who purchase defective homes. Knowledge and financial responsibility remain optional or nonexistent for Texas homebuilders. See reviews and ratings

Representative Gattis Sets the Record Straight
At a Business and Industry hearing Executive Director Duane Waddill describes homeowner complaint as small things like wobbly ceiling fans. 1hr: 45 Gattis took exception calling it "disrespectful" if 91% of the time you find there is a defect.  The fallacy of a cease and desist order and contempt hearing.  25% to 50% of remodelers not registered. Waddill tries to claim credit actions taken in Jeryl , Tx where the sheriff and District Attorney pursued criminal prosecution of a builder. See House Committee Hearing: 02-23-09, 3:44 p.m. - 6:09 p.m.  Gattis hearing beginning at 1 hr. 44.50

MONDAY IS THE FIRST OPPORTUNITY TO TESTIFY AND PARTICIPATE IN THE LEGISLATIVE PROCESS
This hearing is being held to determine if the Texas Residential Construction Commission (TRCC) will be abolished. House Bill 2295 – McClendon – Relating to the continuation and functions of the Texas Residential Construction Commission.This bill allows TRCC to continue opperating for the benifit of the homebuilding industry.  SEE OTHER BILLS FILED

Americas Watchdog Warns Florida & Virginia Homeowners About A Quick Fix For Toxic Chinese Drywall & WarnsThe Gloves Are Off 
Americas Watchdog & Its Homeowners Consumer Center have been the leaders in a national, and state by state investigation of toxic Chinese drywall in Florida, Virginia and numerous other US states. Americas Watchdog is now warning homeowners in Florida, Virginia and other states; "do not accept a homebuilders offer to re-drywall their home, until we have had a chance to see if the toxic gasses emitted by the Chinese drywall have not penetrated your studs, your plywood, your trusses, and your furniture. We are strongly encouraging homeowners to not accept the quick fix, before we have better science."

E-mails show county, state, EPA coordinated release with builder
E-mails - exchanged over 3 1/2 months by state and county health officials and the EPA - regarding possible dangers of Chinese drywall indicate the parties waited to coordinate with a homebuilder and its consultant on how and when to alert the public. One Environmental Protection Agency official even suggested television "Sweeps Week" in November might be the time to tell the public, rather than acting independently from special interests and getting word to the public as soon as possible.

Ex-Leaders of Countrywide Profit From Bad Loan
So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess. Stanford L. Kurland, Countrywide's former president, and his team have been buying up delinquent home mortgages that the government took over from other failed banks, sometimes for pennies on the dollar. They get a piece of what they can collect. "It has been very successful "€” very strong," John Lawrence, the company's head of loan servicing, told Mr. Kurland one recent morning in a glass-walled boardroom here at PennyMac's spacious headquarters, opened last year in the same Los Angeles suburb where Countrywide once flourished.

Benifits of Home Inspections
A home inspection is a visual review and testing of the major components of a home. Home inspectors must be licensed by the Texas Real Estate Commission. They review more than 200 components, usually during a two- to three-hour period. The basic inspection includes the exterior, roof, crawl spaces, attic, foundations, structure, plumbing, electrical outlets and breakers, heating elements, air conditioning and interior surfaces. They also can inspect swimming pools, yard sprinklers, hot tubs, private water wells and septic systems.  Read more...

Proposed TRCC raise insults
...the TRCC seems to have empowered bad builders to continue victimizing customers. If the TRCC is to continue, it should be revamped from a builder-protection agency to a consumer-protection one. Those on the commission should be making sure homes are fixed correctly when needed. If houses are so badly built, builders should have no choice but to buy them back.

Is it really the time to grant a pay raise?
Last week, two commissioners appearing before the Senate Finance Committee, proposed a pay raise for their executive director, Duane Waddill, which would boost his annual salary from the current $98,000 to as much as $125,880. Some people don't get it.  Remember, this is the agency, now under sunset review, that some legislators and many consumer advocates want to abolish because of complaints that it has been little more than a lap dog for home builders..."This agency is really a trap for homeowners. The reality of it is it's a failure," said Sen. Juan Hinojosa, D-McAllen.

Lawmaker Blasts Push for Pay Hike for Residential Construction Official
"Quite frankly, I was both surprised and disturbed that the board members of the Texas Residential Construction Commission would ask to increase Mr. Waddill's salary at a time when the public and the legislature have lost confidence in the Commission to adequately protect those you are entrusted to serve Texas homeowners," Hegar wrote. As you are well aware, the Sunset Advisory Commission's staff recommended abolishment of the Commission.

Franchise Fraud: Wake Up and Smell the Fine Print
By 2004, Welshans had invested $90,000 from his nest egg, plus a Small Business Administration loan of nearly $300,000, to lease and renovate a promising space in an Annapolis office park. But the couple soon began to sense they'd made a huge mistake. On opening day, Welshans had to secure an additional $40,000 home equity loan to keep the business afloat... (Arbitrator) ordered the couple to pay $187,452 in legal fees and arbitration expenses"€”not including their own legal tab or the cost of travel to and from Michigan. Among the charges: $16,800 for Barron's services, $35,571 for a court reporter and transcription, even $504 for the Beanery lawyers' lunches. For Coffee Beanery, the victory served as the proverbial head on a stake: Its lawyers sent a copy of the award to Garner, the aggrieved Chicago franchisee, who abandoned his own arbitration claim soon after. (Congress is considering a ban on arbitration clauses in franchise contracts, but the franchisors are fighting back. The International Franchise Association, of which Coffee Beanery is a member, has spent more than $2 million lobbying in DC since 2005.)

First community in the nation to offer this promotion
Tarrant County,Texas - Good Housekeeping Seal-backed products... Products that pass through the Good Housekeeping Institute and are accepted for advertising in Good Housekeeping are thereby eligible to display the famous Good Housekeeping Seal. Every product that bears the Good Housekeeping Seal is backed by a two-year limited warranty from Good Housekeeping for replacement or refund of the purchase price if found to be defective.

Chinese drywall? Call your insurance company
There is an urgent message for people who may have Chinese Drywall in their homes: Contact your insurance company right away. Wednesday night, builders from across Southwest Florida tried to get a grasp on the Chinese drywall epidemic that's spread throughout the state and beyond. Dr. David Krause is the Florida Health Department Toxicologist who has been heading up the investigation into potential health risks. 

Choice Homes suspends operations
Choice Homes on Tuesday informed its employees and vendors of the company's decision. Couture said in a prepared statement that his firm is "faced with the escalating downturn in the housing market, the likelihood of a deep prolonged recession and very difficult credit markets." "This was not an easy decision, but faced with the unprecedented market conditions we have decided on this course of action," he said. "It is our intent to satisfy our obligations to our subcontractors and suppliers and to work closely with our secured creditors to maximize the proceeds from the sale of the assets of Choice Homes."