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Tag: New York

  • 11/6: Prime Time with John Dickerson

    11/6: Prime Time with John Dickerson

    11/6: Prime Time with John Dickerson – CBS News


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    John Dickerson reports on Donald Trump testifying at his New York civil fraud trial, Israeli troops encircling Gaza, and how artificial intelligence can cause racial bias.

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  • 11/6: CBS Evening News

    11/6: CBS Evening News

    11/6: CBS Evening News – CBS News


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    Trump takes stand in New York fraud trial; Earthshot finalist makes breakthrough in recycling clothes

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  • Breaking down Trump’s civil fraud case testimony

    Breaking down Trump’s civil fraud case testimony

    Breaking down Trump’s civil fraud case testimony – CBS News


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    Donald Trump took the stand in his New York civil fraud trial on Monday. Trump clashed with the judge, repeatedly lashing out and straying from questions. CBS News legal contributor Jessica Levinson unpacks the former president’s testimony.

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  • Homeowners associations can be a boon, or bust, for buyers. Here’s how to vet HOAs when house hunting

    Homeowners associations can be a boon, or bust, for buyers. Here’s how to vet HOAs when house hunting

    Miniseries | E+ | Getty Images

    Homebuyers are dealing with record-high costs this year amid interest rate hikes and shrinking supply.

    While shopping for homes is increasingly competitive, prospective buyers should consider an additional factor when weighing the pros and cons of a given property: the homeowners association, or HOA.

    Homeowners associations are run by community residents elected to be members of the board of directors, which govern the neighborhood by a set of rules and regulations. Homeowners pay the HOA fees to have common areas such as parks, roads and community pools maintained and repaired.

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    Mandatory membership in an HOA can cost homeowners a pretty penny, with dues as high as $1,000 a month, according to the American National Bank of Texas.

    If the board is running low on money or didn’t budget right, all they have to do is charge a special assessment, said Raelene Schifano, founder of the organization HOA Fightclub.

    “Unless the association members have 51% of the majority voting power, they can’t outvote a budget,” she added. “I’ve seen budgets go from $300 a month to $800 a month.”

    As 84% of newly built single-family homes sold in 2022 belonged to HOAs, per the U.S. Census Bureau, it will be important for prospective buyers to vet these organizations ideally before signing the deed.

    What kind of home are you considering?

    Different types of homes can be affiliated with an HOA, from single-family homes to co-operatives.

    Single-family homes are separate units where residents own both the plot of land and the house on it, said Clare Trapasso, executive news editor at Realtor.com. They have their own entrances and access to the street and don’t share utilities or other systems with other homes. 

    Townhomes and rowhomes are somewhat similar; however, they do share walls with units next to them, although they are separated by a ground-to-roof wall, added Trapasso.

    Meanwhile, condominiums, often called condos, and co-operatives, or co-ops, are units in a shared building where residences jointly own the common space, but their ownership structure is different. 

    In a condo, residents own their individual units but jointly own the land and the common areas with other residents. Condos are run with a board of people on the homeowners association making decisions for the community, said Jaime Moore, a premier agent for Redfin.

    In a co-op, residents own shares of a company that owns the building and will have a board made up of each member of each unit creating a community where all parties have a say, he added.

    “Co-ops are popular in places like New York and Boston, but condos are generally more common throughout the rest of the country,” said Trapasso.

    Why HOAs are becoming so common

    A high percentage of new homes built nationwide today are part of developments managed by an HOA due to the financial benefit for local governments, according to Thomas M. Skiba, CEO of the Community Associations Institute, a membership organization of homeowner and condominium associations.

    “They don’t have to plow the street anymore [or] do all that maintenance and they still collect the full property tax value,” Skiba added, referring to local authorities.

    Homebuyers who want to avoid the additional costs associated with HOAs can search older homes on the outskirts of developments, said Redfin agent Moore. If you’re left with no other choice than to buy within an HOA-affiliated area, here are a few ways you can evaluate the organization.

    How to vet an HOA

    While real estate agents are not required nationwide to disclose to buyers if a property is tethered to an HOA, homebuyers can take initiative themselves and review the organization.

    Some states such as Nevada do require sellers to provide potential buyers a disclosure of all things that relate to the homeowners association, including their financial status and meeting minutes, said Redfin’s Moore. However, brush up with local and state laws to be aware of what your rights are as a homebuyer and potential homeowner.  

    These vetting tips may not apply to co-ops, and you may not have the time to completely investigate a given HOA.

    Here is a checklist from experts:

    1. Ask for a copy of all HOA paperwork, such as covenants, bylaws, rules and regulations, which serve as the community’s constitution, said Schifano of HOA Fightclub. Also ask for meeting minutes to see what repairs have been done or discussed.
    2. Inquire about monthly or annual fees, the HOA’s budget and the history of how assessments have gone up year to year, said Skiba.
    3. Look into the community’s reserve funds, which ensures repair and renovation. Check if the community is putting enough money aside for big expenses or if they are properly funded. “No one likes surprises, and that is the kind of big financial surprise [that can] be really problematic for every homeowner,” said Skiba.
    4. Search the HOA on the county website to see how many liens, judgments and foreclosures have been recorded within the community’s lifespan, said Schifano.
    5. Look at the financials and see how much in attorney’s fees is disclosed. This signals whether they are having a lot of issues, said Schifano.
    6. Check for permits with the county for reroofs, electrical and plumbing services for the community, she added.
    7. Request to attend at least one board or annual meeting if possible. A meeting helps buyers understand who is controlling the finances and decisions of the community, said Schifano. The annual meeting includes other homeowners. As a litmus test of whether the board is doing a good job, note if residents seem to be happy, in a fight or complacent.

    “The most important thing a buyer can do is to ask questions to their agent, the community association and neighbors,” said Skiba.

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  • Supreme Court to hear NRA appeal in free speech lawsuit against former New York official

    Supreme Court to hear NRA appeal in free speech lawsuit against former New York official

    The Supreme Court said Friday it will hear an appeal from the National Rifle Association over comments made by a former New York state official who urged insurance companies and banks to discontinue their association with gun-promoting groups after the mass shooting at a school in Parkland, Florida.

    The high court will hear arguments early next year in the NRA’s appeal, which claimed that former New York State Department of Financial Services superintendent Maria Vullo violated the group’s First Amendment rights with her remarks.

    After the February 2018 shooting at the Marjory Stoneman Douglas High School that killed 17 people, Vullo spoke out against gun violence. She issued “guidance letters” to businesses and a press statement calling on banks and insurance companies operating in New York to consider “reputational risks” arising from doing business with the NRA or other gun groups.

    The NRA, headquartered in Fairfax, Virginia, sued Vullo after multiple entities cut ties or decided not to do business with the organization. The federal appeals court in New York rejected the NRA’s claims, saying Vullo had acted in good faith and in within the bounds of her job.

    By the end of 2018, three insurance providers, including Lloyd’s of London, had entered into consent decrees with the state, agreeing that some NRA-endorsed insurance programs they offered violated New York insurance law. They agreed to pay a total of over $13 million in fines.

    The consent decrees were reached following a state investigation into the legality of some NRA-endorsed insurance programs that covered losses caused by firearms, even when the insured person intentionally killed or hurt somebody.

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  • FTX founder Sam Bankman-Fried guilty of stealing billions from customers

    FTX founder Sam Bankman-Fried guilty of stealing billions from customers

    Sam Bankman-Fried, who founded the FTX cryptocurrency exchange, on Thursday was convicted of seven fraud and conspiracy charges carrying a maximum sentence of 110 years in prison.

    During the monthlong trial, Bankman-Fried gave testimony in the U.S. District Court for the Southern District of New York that stretched over three days. At one point during his time on the stand, the 31-year-old disgraced mogul testified that he believed his crypto company would fail.

    “I thought there was maybe a 20 percent chance of success,” Bankman-Fried testified.

    He also said he knew “basically nothing” about cryptocurrency before founding FTX in 2019.

    Nevertheless, Bankman-Fried had pleaded not guilty to all seven counts of fraud and conspiracy. Prosecutors argued that he and others involved in FTX’s operations defrauded customers out of as much as $10 billion to cover losses and pay back loans owed by sister fund Alameda Research.

    Former FTX chief executive Sam Bankman-Fried leaves Manhattan federal court in New York City on January 3, 2023. He was found guilty on Thursday of seven counts of fraud and conspiracy, defrauding crypto users of up to $10 billion.
    Photo by ED JONES/AFP via Getty Images

    The testimony of Caroline Ellison, Bankman-Fried’s former girlfriend and one-time chief executive officer of Alameda, garnered much media attention. She told the court that Bankman-Fried instructed her to steal billions of dollars from customers to cover losses and debt owed by the sister fund.

    Bankman-Fried was accused of bullying Ellison during her testimony by scoffing and shaking his head.

    At one time, FTX was seen as a tech success story. The company enjoyed a high profile with commercials featuring stars like football legend Tom Brady and comedian Larry David. However, the company collapsed in November 2022, and Bankman-Fried was arrested the following month in the Bahamas before being extradited to the United States.

    “His crimes caught up to him. His crimes have been exposed,” Assistant U.S. Attorney Danielle Sassoon told the jury on Thursday, according to the Associated Press, which also reported that U.S. Attorney Damian Williams told the media after the verdict that Bankman-Fried “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto.”

    “But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he added.

    Bankman-Fried’s attorney said in a statement that while they respect the jury’s decision, they were “very disappointed with the result.”

    Newsweek reached out to Bankman-Fried’s attorney via email for further comment Thursday night.

    Judge Lewis A. Kaplan set a sentencing date of March 28, and Bankman-Fried is expected to appeal.