Public Notices, June 9

NOTICE OF TRUSTEE'S SALE

Trustee Sale No. 248500CA Loan No. 3061826057 Title Order No. 755213 YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 03-15-2006. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDINGS AGAINST YOU, YOU SHOULD CONTACT A LAWYER. On 06-30- 2011 at 10:30 AM, CALIFORNIA RECONVEYANCE COMPANY as the duly appointed Trustee under and pursuant to Deed of Trust Recorded 03-27-2006, Book N/A, Page N/A, Instrument 06 0643357, of official records in the Office of the Recorder of LOS ANGELES County, California, executed by: JOSE L JOYA, as Trustor, WASHINGTON MUTUAL BANK, FA, as Beneficiary, will sell at public auction sale to the highest bidder for cash, cashier's check drawn by a state or national bank, a cashier's check drawn by a state or federal credit union, or a cashier's check drawn by a state or federal savings and loan association, savings association, or savings bank specified in section 5102 of the Financial Code and authorized to do business in this state. Sale will be held by the duly appointed trustee as shown below, of all right, title, and interest conveyed to and now held by the trustee in the hereinafter described property under and pursuant to the Deed of Trust. The sale will be made, but without covenant or warranty, expressed or implied, regarding title, possession, or encumbrances, to pay the remaining principal sum of the note(s) secured by the Deed of Trust, interest thereon, estimated fees, charges and expenses of the Trustee for the total amount (at the time of the initial publication of the Notice of Sale) reasonably estimated to be set forth below. The amount may be greater on the day of sale.

Place of Sale: AT THE WEST SIDE OF THE LOS ANGELES COUNTY COURTHOUSE, DIRECTLY FACING NORWALK BOULEVARD, 12720 NORWALK BLVD. , NORWALK, CA Legal Description: LOTS 17 AND 18 IN BLOCK 46 OF PORTER LAND AND WATER CO.`S RESURVEY OF TOWN OF SAN FERNANDO, IN THE CITY OF SAN FERNANDO, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 34 PAGE(S) 65 AND 66 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

Amount of unpaid balance and other charges: $394,740.83 (estimated) Street address and other common designation of the real property: 1240 & 1242 HOLLISTER STREET SAN FERNANDO, CA 91340 APN Number: 2521-023-010 The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. The property heretofore described is being sold "as is". In compliance with California Civil Code 2923.5(c) the mortgagee, trustee, beneficiary, or authorized agent declares: that it has contacted the borrower(s) to assess their financial situation and to explore options to avoid foreclosure; or that it has made efforts to contact the borrower(s) to assess their financial situation and to explore options to avoid foreclosure by one of the following methods: by telephone; by United States mail; either 1st class or certified; by overnight delivery; by personal delivery; by e-mail; by face to face meeting.

As Banks Flail, Credit Unions Fail

It’s no great secret that the banking industry is floundering and that credit has tightened considerably. But to date, no one has considered the effect of all of this on the nation’s credit unions.  Credit Unions are beginning to follow banks and mortgage companies into failure.

While the National Credit Union Administration does publish statistics of failures, the most recent data ends in 2005 and does not show current trends.  Even though Credit Unions are generally smaller than banks, they are allowed to finance mortgages.  If even a single mortgage loan falls into default, a small credit union’s financial health can be compromised.  Because credit unions often are run by non-banking professionals, lending criteria aren’t always followed resulting in riskier loans.

In the past two months, two Federally insured Credit Unions have failed in the State of Connecticut.  One of them, the New London Security Federal Credit Union, was formed in the depths of the depression in 1936 and had over $12.7 million in assets. The other, Meriden F.A. Federal Credit Union, was much smaller with assets of only $337,968,00.

Credit Unions offer similar deposit insurance to banks, covering $100,000 in deposits and up to $250,000 for retirement accounts. In the case of the new London credit union, however, $800,000 of the deposits were not covered by insurance.

The New London Security Federal Credit Union had only 2% of its $12.7 million assets invested in loans.  Ed Rachleff, New London Security FCU’s investment advisor committed suicide only hours after the credit union was closed by leaping from an open window on the 11th story of the Mohican Senior Apartments and now authorities are looking for reasons for that credit union’s failure.

Mr. Melchionne is a graduate of The University of Connecticut (BA 1977) and Drake University School of Law (JD 1980) where he received the American Jurisprudence Award for academic excellence. Most recently, Mr. Melchionne was appointed to the Commission on Mortgage Foreclosures by Connecticut Supreme Court Chief Justice Chase Rogers to recommend changes to procedures to protect consumers in the Connecticut Courts in foreclosure cases. Since 1980, Mr. Melchionne has focused his practice in the areas of consumer bankruptcy, workouts and foreclosure defense in distressed real estate markets, real estate transactions, condominium law, commercial litigation, business organizations and probate. Prior to opening his office in 1990, Mr. Melchionne was the Vice President of the Waterbury Credit Bureau and was associated with Grady & Riley in Waterbury, Connecticut and DiPietro, Kantrovitz & Brownstein, P.C. in New Haven, Connecticut. From 1990-1998, Mr. Melchionne was of counsel to Bender & Anderson handling that firm's complex litigation and trials. In addition to his practice, Mr. Melchionne was an adjunct professor at the American Institute of Banking and Teikyo Post University teaching bankruptcy, real estate, commercial and consumer law. Mr. Melchionne also advised the Corporation Counsel's office for the City of Waterbury on bankruptcy and foreclosure matters and mentored junior attorneys in that office. Mr. Melchionne was appointed State Chair for the National Association of Consumer Bankruptcy Attorneys (NACBA). He acts as liaison between the national organization and Connecticut attorneys who are members of the Association.

China's agricultural development, challenges and prospects

United States code congressional and administrative news

Annual Report of Credit Unions

My Samoan chief

Boston register and business directory