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Tuesday, March 18, 2008

Steal this property from the bank!

***FORECLOSURE***Steal this property from the bank. Minutes from the beach. Great for vacation home or investment. Bank pays title insurance to choose title company. What are you waiting for??????

That is how the listing Realtor describes the 900 square foot s bedroom 2 bath condo at 1419 Atlantic Boulevard. It is priced at $379,000 or $422 per sq ft. CLICK HERE for more pics and a scant little more info. The listing Realtor is short on info and if I were the asset manager, I'd can her for the way she is promoting this property. It is one thing for someone like me to urge the public to take advantage of the ton of foreclosures in the marketplace. But I think it is totally wrong for the listing agent to urge potential buyers to "steal this property form the bank." The listing agent is a single agent, and I find her comments wrong.

The listing Realtor fails to mention that this property is located directly across the street from the Atlantic Ocean. The inside is rough. Needs work. Buy for a lot less than th easking price and walk one block to the sandy beach. Not bad for only $379,000. Better at $299,000 or less.

On a lighter note, how about the fall of Bear Sterns! Actually all of that is way over my pay grade. But I am really perplexed as to how the Fed stepped in and helped fund $30 Billion of Bear Stearns assets that would be difficult to sell quickly, raising the possibility that taxpayers could be on the hook for part of the bailout. I think this is a first. And I think the Fed may have acted without legal authority to do what it did. Like, when and where was the public comment and Congressional debate over whether the US government should help bailout an investment bank that made really bad investment choices.

It riles me that the investment bankers who made millions each year in bonuses and options have not been made accountable for their part in creating this damned housing crisis by devising neat little ways to lend money to people who had no business getting a loan to buy a house, or second home, or an investment property. The investment bankers got their bonuses and are now sticking the taxpayers with the cost of bailing out their worthless investment house. How many more investment banks is the Fed going to prop up. There was great debate in 1990 about how much taxpayer money would be spent to bailout the failed savings and loans. But there has been no debate on this government bailout of the ultra rich. It stinks.

On second thought, steal the foreclosure listed above from the bank. Give me, Gary Thomas, a call at 305-766-2642 or e-mail me at


Anonymous said...

Hi Gary,

EMC Mortgage is listed on the MLS sheet as owner. Here's an interesting take on EMC from the Minyanville financial website:

"Of all the Wall Street firms that underwrote mortgage-backed securities, Bear Stearns was the most cavalier. It led the market in poorly underwritten Alt-A and subprime loans and bought the riskiest Option ARMs, 100% loan to value and stated income loans with little or no due diligence. Its servicing arm, EMC Mortgage, is one of the most unscrupulous in the business. Result: Collapse, takeover by JP Morgan (JPM)."


Gary Thomas said...

Thanks, Bill.

I've mentioned before that I used to work in the commercial loan workout division of a couple of very large banks. We had to clean up the messes that the MBA golfer-bankers made. In those days the commercial bankers got substantial bonuses for making big loans. They were rewarded for the dollar value of the loans they booked. But they were not held accountable for the collection of the loans.

The creation of mortgage backed securities changed the character of home loans to mere "investments" and the individuals who booked the highest dollar volume in investments were substantially rewarded for their accomplishments.

The investment banks took huge profits and made multi-millionaires out of the MBAs that booked the high volume deals. Now the taxpayers are having to pay once again while the unduly enriched escape scot-free.



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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.