Issue link: https://www.epageflip.net/i/148836
6B Daily News – Wednesday, August 7, 2013 Rising tax revenue eases pressure for budget cuts WASHINGTON (AP) — Rising tax receipts are shrinking the federal deficit, and that will shape the budget debate when Congress returns from vacation next month. The big question for lawmakers: Should they renew, end or modify the tens of billions of dollars in ''sequester'' cuts in government spending that took effect earlier this year? Tax revenue through June was up 14 percent from a year earlier, and that trend is expected to continue. New figures for July are due out next week, and for August on Sept. 12. That's just three days after lawmakers return to face threats by some conservatives of a government shutdown on Oct. 1 or an economy-threatening default on the national debt weeks later. With revenue rising, what's the fight about? Now that the government is taking in more money, Republicans in Congress are more opposed than ever to tax increases sought by President Barack Obama and his Democratic allies. ''This year the federal government will bring more revenue in than in any year in our history,'' says House Speaker John Boehner of Ohio. ''We have a spending problem in Washington. It has to be addressed.'' But Obama and the Democrats want to do away with some of the existing spending cuts, and they say they won't accept significant further reductions — unless there's also action to bring in still more revenue. ''Democrats know we must do more to reduce the deficit,'' says Senate Majority Leader Harry Reid of Nevada. ''We believe in a balanced approach that pairs spending cuts with having those that can afford it pay more.'' At the same time, some economists worry that currently rising revenue numbers will reduce the pressure to address the nation's long-term debt problems. ''I don't think political leaders feel that they have a gun to their head the way they did a couple years ago,'' said William Gale, a former economic adviser to President George H.W. Bush and now codirector of the Tax Policy Center. ''There's a desire on some sides to declare 'mission accomplished' and ignore the long-term deficits and move on to other issues.'' Several factors are contributing to the increase in revenue. Congress increased income tax rates on highincome families in January. The Congressional Budget Office says some of those taxpayers probably cashed in LEGAL NOTICE On July 29, 2013, an application for license renewal was filed by Calvary Chapel of Twin Falls, Inc. with the Federal Communications Commission for FM Translator Station K212DF at Red Bluff, CA. The K212DF transmitting site is located at geographical coordinates n lat 40-15-31; w long 122-5-20. K212DF operates on Channel 212 with an effective radiated power of 15.5 watts. Publish: August 7, 2013 LEGAL NOTICE NOTICE OF TRUSTEE'S SALE LEGAL NOTICE NOTICE OF TRUSTEE'S SALE investments ahead of the tax hike, boosting capital gains taxes. Congress also let a temporary payroll tax cut expire at the end of 2012, increasing Social Security taxes. CBO also said a rise in personal income is adding to tax revenue, even though economic growth has been sluggish. To see how important the economy is to federal tax receipts, look at what happened in 2009, after the nation plunged into the worst economic recession since the Great Depression. Income tax receipts dropped by 20 percent from the year before, and corporate tax receipts dropped by 55 percent. Social Security tax receipts dropped for the first time since 1946. The budget deficit, which topped $1 trillion for four straight years, is projected to fall to $642 billion in the budget year that ends in September, according to the Congressional Budget Office. The spending cuts enacted over the past several years are combining with higher tax receipts to reduce government borrowing. Under current law, the budget office projects that the federal deficit will shrink even further in the next several years before starting to grow again at the end of the decade. But with the national debt approaching $17 trillion, the long-term financial problems aren't exactly solved, Gale said. ''It's kind of like somebody carrying an extra 15 pounds around their waist,'' he said. ''Over the long term it kind of hurts your health, wears you out, reduces your mobility.'' Congress is headed toward two potential budget showdowns this fall, one when funding for the government runs out at the end of September and another when the U.S. reaches the limit of its borrowing authority later in the fall. Republicans are demanding spending cuts in exchange for a debt limit increase, which will US gov't accuses BofA of civil fraud in bond sale WASHINGTON (AP) — The U.S. government has accused Bank of America Corp. of civil fraud, saying the company failed to disclose risks and misled investors in its sale of $850 million of mortgage bonds during 2008. The Justice Department filed a civil suit Tuesday against the bank and several subsidiaries in federal court in Charlotte, N.C. The Securities and Exchange Commission filed a related suit against Bank of America there, too. Bank of America disputed the allegations. The suits accused the second-largest U.S. bank of misleading investors about the risks of the mortgages tied to the securities. And authorities said the bank of failed to tell investors that more than 70 percent of the mortgages backing the investment were written by mortgage brokers outside the banks' network. That made the mortgages more vulnerable to default, they said. The bank disclosed the percentage of such mortgage loans in the investment only to a select group of investors, the suits alleged. Bank of America's CEO at the time described those mortgages as ''toxic waste,'' the SEC said. ''Bank of America's reckless and fraudulent ... practices in the lead-up to the financial crisis caused significant losses to investors,'' Anne Tompkins, the U.S. attorney for the Western District of North Carolina, said in a statement. ''Now, Bank of America will have to face the consequences of its actions.'' The action was brought by a financial fraud enforcement task force set up to pursue cases related to the 2008 financial crisis. Bank of America said it will refute the government's allegations in court. ''These were prime mortgages sold to sophisticated investors who had ample access to the underlying data and we will demonstrate that,'' company spokesman Lawrence Grayson said in a statement. ''The loans in this pool performed better than loans with similar characteristics (made and packaged into securities) at the same time by other financial institutions. ''We are not responsible for the housing market collapse that caused mortgage loans to default at unprecedented rates and these securities to lose value as a result,'' Grayson added. be needed to prevent an unprecedented default on U.S. obligations. But Obama says he won't negotiate over raising the debt limit. That debate could provide an opportunity to address the nation's long-term finances. But there doesn't seem to be much appetite in Washington for the kind of ''grand bargain'' deficit reduction package that Obama and Boehner tried to negotiate in 2011. That package would have cut spending and increased revenues, but Obama and Boehner were never able to agree on the details. If not a grand bargain, a ''somewhat'' bargain evolved over the following 17 months. Republicans willing to trigger a default on the government's debt forced Democrats and Obama in August 2011 to agree to cutting government spending by $2.1 trillion over the following decade, including $1.2 trillion in the automatic spending cuts — taken equally from military and domestic programs — that began in earnest this March. Democrats and some moderate Republicans now want to undo those automatic cuts. Most Republicans want to keep them but switch more of the reductions from defense to domestic programs. Then this past January, two months after his re-election, Obama finally won a tax increase, nearly $620 billion over 10 years, most of it from people with annual incomes above $400,000. With this year's projected deficit less than half what it was from 2009 through 2011, economist Gale questions whether there's an overwhelming will to do more on either the tax or spending side of the ledger. ''I think people are kind of like, well, it's not as bad as it was in 2009, so there's kind of a fatigue in dealing with debt stuff,'' Gale said. Arts news? Arts news may be submitted to clerk@redbluffdailynews.com. Include name and phone. Digital pictures should be attached as .jpg files. Info is available at 527-2151. LEGAL NOTICE TEHAMA COUNTY PURSUANT TO SECTIONS 23821 AND 23961 OF THE ALCOHOLIC BEVERAGE CONTROL ACT, NOTICE IS HEREBY GIVEN THAT THE CALIFORNIA DEPARTMENT OF ALCOHOLIC BEVERAGE CONTROL WILL ACCEPT PRIORITY APPLICATIONS FROM SEPTEMBER 9, 2013, THROUGH SEPTEMBER 20, 2013, AT THE DEPARTMENT'S OFFICE AT 1900 CHURN CREEK ROAD, SUITE 215, REDDING, FOR ONE NEW ORIGINAL ON-SALE GENERAL LICENSE FOR PREMISES TO BE LICENSED IN TEHAMA COUNTY. LEGISLATION, WHICH BECAME EFFECTIVE JANUARY 1, 2011, ESTABLISHED A $13,800 FEE FOR ORIGINAL GENERAL LICENSES. THE FEE FOR INTER-COUNTY TRANSFERS OF GENERAL LICENSES IS $6,000. ONLY CERTIFIED CHECKS, CASHIER'S CHECKS OR MONEY ORDERS MADE PAYABLE TO ALCOHOLIC BEVERAGE CONTROL WILL BE ACCEPTED IN PAYMENT OF PRIORITY APPLICATION FEES. OTHER STANDARDS AND PROCEDURES GOVERNING SAID APPLICATIONS MAY BE EXAMINED AT ANY DEPARTMENT OFFICE. CNS-2517942# DAILY NEWS (RED BLUFF) Publish: August 7, 2013 TS No. 11-0055680 Doc ID #0008727334442005N Title Order No. 110342388 Investor/Insurer No. 1704847385 APN No. 041-350031 YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 08/20/2007. 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 PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. Notice is hereby given that RECONTRUST COMPANY, N.A., as duly appointed trustee pursuant to the Deed of Trust executed by FLOYD O. SATTERLEE, AS TRUSTEE OF FLOYD O. SATTERLEE REVOCABLE TRUST, ESTABLISHED FEBRUARY 20, 2007, dated 08/20/2007 and recorded 8/30/2007, as Instrument No. 2007015386, in Book N/A, Page N/A, of Official Records in the office of the County Recorder of Tehama County, State of California, will sell on 09/04/2013 at 2:00PM, At the main entrance to the Tehama County Courthouse, 633 Washington Street, Red Bluff, CA 96080 at public auction, to the highest bidder for cash or check as described below, payable in full at time of sale, all right, title, and interest conveyed to and now held by it under said Deed of Trust, in the property situated in said County and State and as more fully described in the above referenced Deed of Trust. The street address and other common designation, if any, of the real property described above is purported to be: 70 MINA, RED BLUFF, CA, 96080. The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. The total amount of the unpaid balance with interest thereon of the obligation secured by the property to be sold plus reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is $344,825.69. It is possible that at the time of sale the opening bid may be less than the total indebtedness due. In addition to cash, the Trustee will accept cashier's checks drawn on a state or national bank, a check drawn by a state or federal credit union, or a 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. Said sale will be made, in an ''AS IS'' condition, but without covenant or warranty, express or implied, regarding title, possession or encumbrances, to satisfy the indebtedness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, plus fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust. NOTICE TO POTENTIAL BIDDERS If you are considering bidding on this property lien, you should understand that there are risks involved in bidding at a trustee auction. You will be bidding on a lien, not on a property itself. Placing the highest bid at a trustee auction does not automatically entitle you to free and clear ownership of the property. You should also be aware that the lien being auctioned off may be a junior lien. If you are the highest bidder at the auction, you are or may be responsible for paying off all liens senior to the lien being auctioned off, before you can receive clear title to the property. You are encouraged to investigate the existence, priority, and size of outstanding liens that may exist on this property by contacting the county recorder's office or a title insurance company, either of which may charge you a fee for this information. If you consult either of these resources, you should be aware that the lender may hold more than one mortgage or deed of trust on the property. NOTICE TO PROPERTY OWNER The sale date shown on this notice of sale may be postponed one or more times by the mortgagee, beneficiary, trustee, or a court, pursuant to Section 2924g of the California Civil Code. The law requires that information about trustee sale postponements be made available to you and to the public, as a courtesy to those not present at the sale. If you wish to learn whether your sale date has been postponed, and, if applicable, the rescheduled time and date for the sale of this property, you may call 1-800-281-8219 or visit this Internet Web site www.reco ntrustco.com, using the file number assigned to this case TS No. 11-0055680. Information about postponements that are very short in duration or that occur close in time to the scheduled sale may not immediately be reflected in the telephone information or on the Internet Web site. The best way to verify postponement information is to attend the scheduled sale. DATED: 07/13/2013 RECONTRUST COMPANY, N.A. 1800 Tapo Canyon Rd., CA6-914-01-94 SIMI VALLEY, CA 93063 Phone: (800) 281 8219, Sale Information (626) 9274399 By: Trustee's Sale Officer RECONTRUST COMPANY, N.A. is a debt collector attempting to collect a debt. Any information obtained will be used for that purpose. A-FN4405288 Publish: 08/07/2013, 08/14/2013, 08/21/2013 T.S. No. 12-32802-JP-CA Title No. 120214485-CA-LMI ATTENTION RECORDER: THE FOLLOWING REFERENCE TO AN ATTACHED SUMMARY IS APPLICABLE TO THE NOTICE PROVIDED TO THE TRUSTOR ONLY PURSUANT TO CIVIL CODE 2923.3 NOTE: THERE IS A SUMMARY OF THE INFORMATION IN THIS DOCUMENT ATTACHED YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 08/17/2007. 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 PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. A public auction sale to the highest bidder for cash, (cashier's check(s) must be made payable to National Default Servicing Corporation), drawn on a state or national bank, a check drawn by a state or federal credit union, or a 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; 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 a Deed of Trust described below. The sale will be made in an "as is" condition, 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, with interest and late charges thereon, as provided in the note(s), advances, under the terms of the Deed of Trust, interest thereon, 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. Trustor: JACQUELYN S. ANDERSON AND JERRY ANDERSON, WIFE AND HUSBAND, AS JOINT TENANTS Duly Appointed Trustee: NATIONAL DEFAULT SERVICING CORPORATION Recorded 08/24/2007 as Instrument No. 2007015100 (or Book, Page) of the Official Records of TEHAMA County, California. Date of Sale: 08/20/2013 at 2:00 PM Place of Sale: At the main entrance to the Tehama County Courthouse, 633 Washington Street, Red Bluff, CA Estimated amount of unpaid balance and other charges: $184,910.62 Street Address or other common designation of real property: 329 MARIPOSA AVENUE, GERBER, CA 96035 A.P.N.: 064-191-021 The undersigned Trustee disclaims any liability for any incorrectness of the street address or other common designation, if any, shown above. If no street address or other common designation is shown, directions to the location of the property may be obtained by sending a written request to the beneficiary within 10 days of the date of first publication of this Notice of Sale. If the Trustee is unable to convey title for any reason, the successful bidder's sole and exclusive remedy shall be the return of monies paid to the Trustee, and the successful bidder shall have no further recourse. The undersigned mortgagee, beneficiary or authorized agent for the mortgagee or beneficiary pursuant to California Civil Code Section 2923.5(b) declares that the mortgagee, beneficiary or the mortgagee's or beneficiary's authorized agent has either contacted the borrower or tried with due diligence to contact the borrower as required by California Civil Code 2923.5. NOTICE TO POTENTIAL BIDDERS: If you are considering bidding on this property lien, you should understand that there are risks involved in bidding at a trustee auction. You will be bidding on a lien, not on the property itself. Placing the highest bid at a trustee auction does not automatically entitle you to free and clear ownership of the property. You should also be aware that the lien being auctioned off may be a junior lien. If you are the highest bidder at the auction, you are or may be responsible for paying off all liens senior to the lien being auctioned off, before you can receive clear title to the property. You are encouraged to investigate the existence, priority, and size of outstanding liens that may exist on this property by contacting the county recorder's office or a title insurance company, either of which may charge you a fee for this information. If you consult either of these resources, you should be aware that the same lender may hold more than one mortgage or deed of trust on the property. NOTICE TO PROPERTY OWNER: The sale date shown on this notice of sale may be postponed one or more times by the mortgagee, beneficiary, trustee, or a court, pursuant to Section 2924g of the California Civil Code. The law requires that information about trustee sale postponements be made available to you and to the public, as a courtesy to those not present at the sale. If you wish to learn whether your sale date has been postponed, and, if applicable, the rescheduled time and date for the sale of this property, you may call 714-730-2727 or visit this Internet Web site www.ndsc orp.com/sales, using the file number assigned to this case 12-32802-JP-CA. Information about postponements that are very short in duration or that occur close in time to the scheduled sale may not immediately be reflected in the telephone information or on the Internet Web site. The best way to verify postponement information is to attend the scheduled sale. Date: 07/25/2013 NATIONAL DEFAULT SERVICING CORPORATION 7720 N. 16th Street, Suite 300 Phoenix, AZ 85020 phone 602-264-6101 Sales Line 714-730-2727; Sales Website: www.ndscorp.com/sal es Linda DeGrandis, Trustee Sales Representative A-4403532 Publish: 07/31/2013, 08/07/2013, 08/14/2013