Greetings from CDOG         November 5, 2009
 

More ways that gas drilling affects everyone’s property values

     Item: Local bank won’t gamble on gas-leased properties.

A neighbor, seeking to refinance an existing mortgage with VFCU, was asked to sign the following document Date 9/14/09)

“Visions Federal Credit Union Policy Regarding Oil and Gas Leases
1. If there is an oil and gas lease on your property, Visions Federal Credit Union will not give you a mortgage loan secured by your property.
2. If someone other than you has the oil, gas, or mineral rights to your property, then Visions Federal Credit Union will not give you a mortgage loan secured by your property.
3. If you presently have a mortgage with Visions Federal Credit Union and you subsequently enter into an oil or gas lease after September 14, 2009, then Visions Federal Credit Union may require you to pay the balance of the loan in full pursuant to the terms of your existing note and mortgage. Please note that Visions Federal Credit Union will not sign a subordination agreement or other consent to lease with an oil and gas company.”

     Item: HUD says FHA financing may be affected for leased properties and for some neighbors

The Department of Housing and Urban Development (HUD) takes a similar stance that may affect not only leased properties, but also dwellings on unleased properties that are near leased properties:

HUD Handbook 4150.2, page 2.7 states that: "No existing dwelling may be located closer than 300 feet from an active or planned drilling site. Note that this applies to the site boundary, not to the actual well site."

     Item: Insurers start to bow out

Attorney Randy Marcus notes that a number of insurance companies will not insure leased properties, or have substantially raised their premiums. And any insurance company can raise future rates or not renew policies on leased properties. And leases may remain operative, way beyond the terms in the lease agreement (“held by production”).

CDOG notes: When the "owners" of wildly overpriced houses purchased in the bubble discovered their mortgages were underwater (that they owed the bank more than the house was now worth) many simply walked away and left the banks with properties the banks can't sell. That could happen here, with mortgages driven underwater by leases that neighbors signed. 
And what impact will this scenario of lowered property values have on the property tax revenues that localities will need to repair the damage to roads and other public assets, that will come with gas drilling? Will the rest of us then be subsidizing gas drilling thru higher property taxes?
People who leased without truly informed consent, unable to sell to get away from the problems they unwittingly invited upon themselves, may find themselves unable to sell to anyone other than gas companies and distress-sale real estate predators.

 

Contact Governor Paterson to further extend the public comment period on the dSGEIS.  Your wording could include the following:

The original 60-day public comment period for the DEC's SGEIS has been extended to December 31. This is good as far as it goes, but considering the mass and complexity of the document, and the other activities such as holidays and travel that dominate in the last month of the year, "as far as it goes" isn't nearly far enough.  Please extend the comment period to March 1, 2010. Without sufficient time to understand and respond to this document, an extremely irate public will hold you responsible when the day-to-day consequences of the SGEIS begin to unfold.

Send to the governor:
Governor David A. Paterson
State Capitol
Albany, NY 12224

518-474-8390

email:  http://161.11.121.121/govemail

DEC also has moved up the start time of the hearing in New York City on November 10. Doors will open at 5:30 p.m. for individual questions and speaker sign-up. DEC staff will be available at this time to answer individual questions about the format and contents of the draft SGEIS. The public comment session will begin at 6:30 p.m.  For the location and more information about this hearing, visit the Events Calendar

Gas wells don't exist in isolation.  Links to pipeline information at the National Transportation Safety Board:

http://www.ntsb.gov/Publictn/P_Acc.htm

http://www.ntsb.gov/publictn/P_Stu.htm

http://www.ntsb.gov/Surface/Pipeline/Pipeline.htm
 

What do you love about living here?  Clean air?  Clean water? 
Whatever is precious to you, the time to take a stand for it is now.

 





 
 

 



People's Hearing, Monday, 11/9, Oneonta:
 
Public Hearing on the dSGEIS
Foothills Performing Arts Center, Atrium
24 Market St Oneonta, NY 13820

 Mon., Nov. 9th, 7:00 to 9:30 PM
Doors open at 6:00 PM
 

Please come. Bring your children and your friends.  Just your presence will speak volumes; you do not need to present a comment. 

Comments presented orally at the hearing will be limited to 5 minutes each, to allow the maximum number of people to participate.

As audience members, we can all support the speakers with our enthusiastic response.

 
 

 

 

 


Sign the petition to ban unconventional extraction of natural gas in New York State
here
 

 

T H A N K  Y O U 

The purpose of our efforts and this mailing list is to make sure the place we love isn't turned into a wasteland for the sake of corporate profit.  There's a lot that any one of us can do, even with just a couple of hours a month:  write a letter to the editor of your paper, chip in for advertising costs,  put up posters for the next event, talk to your neighbors, go to your town board meetings, staff a table at community events - whatever you think of, whatever you're good at!   Please watch for future e-mails with notices of meetings, events, and activities in which your participation will help keep our region the beautiful place and community it is.  If you'd like not to receive future e-mails, please reply with both of the following in the subject line: your e-mail address and the word 'remove.'
 

Please click over to our FAQs page, Hydraulic Fracturing A-Z, for a comprehensive overview and multimedia resources.  Read breaking news at our blog, use the Resources & Documents page for research or to download handouts, or the Organizers' page for ideas on how to get involved.