Help Me Jesus.
Just when I thought my developer was---oh how shall I put it?----horrible; along comes this joker to win the sleazy developer of the year award.
My heart goes out to this person’s business partners, employees and most of all anyone who put down escrow money on a new unit.
As if times aren’t difficult enough for folks without this shit happening.
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This isn't the last story like this you are going to hear as the dominoes continue to fall.
Which they will, at least for another couple of years, as more and more defaults happen, especially among big developers in hot metro areas (like ours)who threw up 50-and-60 story condo towers like kids playing with Legos.
When the tide goes out, it sure does leave a lot of detritus on the beach- daisy chains of default, bankrupt developers, illegal conversions, houses and buildings built out of glued-together cardboard and plywood, and towers of fraud upon fraud.
Thank you very much, Wall Street and Alan GreedScam and Ben Bernanke, for making decent condos unaffordable to me on a thirty-year fixed that is a reasonable multiple of my income. Thank you for foisting voodoo mortgages on millions of people, then urging themm on into HELOCing their over-valued crapboxes to buy consumer trash. Thank you for creating a debt boondoggle we will be a decade working our way out of.
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