No More Credit; No More Price Gains
"America's riskiest mortgages are set to pop. Where will the shrapnel land?"
The Economist
"LAST March, ResMAE, a mortgage lender catering to risky borrowers, cut the ribbon on its new headquarters in Brea, California. The sprawling, 135,000-square-foot building dwarfed the company's 458 local employees. But it fitted the firm's outsized ambitions. Less than a year later the company, rather than its ribbon, was facing the chop. This week it said it had filed for bankruptcy and was selling its assets for a diminutive $19m."
Full article...
The Economist
"LAST March, ResMAE, a mortgage lender catering to risky borrowers, cut the ribbon on its new headquarters in Brea, California. The sprawling, 135,000-square-foot building dwarfed the company's 458 local employees. But it fitted the firm's outsized ambitions. Less than a year later the company, rather than its ribbon, was facing the chop. This week it said it had filed for bankruptcy and was selling its assets for a diminutive $19m."
Full article...
posted by Little_Silvered at 10:19 AM
24 Comments:
Hey moderator it looks like if there is no Kara blogs there is not traffic to this site. I guess you owe Kara for getting your blog some intense traffic.
There is less traffic because I'm posting less.
Linky no worky.
Kara didn't bring the moderator any traffic, the people bitching about Kara did. I'm sure the mod will post another Kara thread as soon as something happens worth posting about.
Yep, nothing much going on at Kara except the continued waste of money. You can just hear the sucking of the Kara garbage disposal as it churns through the cash.
Yep, nothing much going on at Kara except the continued waste of money. You can just hear the sucking of the Kara garbage disposal as it churns through the cash.
I have been attending open houses for the past month and noticed a lot of traffic the previous three weekends and then nothing this weekend as far as names on the sign in sheets. I think buyers were hoping that the standoff was over but sellers are still unreasonable in their asking price. I have been looking for a year and while some houses have come down it's not enough to be able to purchase your first home. The sellers themselves could not buy for the prices that they are asking. And so the standoff continues....
"It's a great time to buy or sell", says the National ASSociation of Realtors.
Sellers’ market in sight?
Posted by the Asbury Park Press on 02/18/07
“Fourth-quarter numbers compiled by the Otteau Valuation Group for Monmouth and Ocean counties were even worse than those provided by the Realtors association. In Monmouth County, the median price of a home fell 7 percent, from $445,000 to $416,750. The median home price dipped 6 percent in Ocean County, from $340,000 to $320,000.”
http://www.app.com/apps/pbcs.dll/article?AID=/20070218/OPINION/702180477
pass this around …
I was just looking at the Kara web site and it looks like all of the sales office phone numbers for all the sites are pointed to the corporate HQ, Any ideas???
All of the field #'s are disconnected except Woods Landing, which has a message stating they expect to re-open on Nov. 11. Obviously a tad out of date.
It is for Nov 07, Zudi is already planning his return to the real estate market of NJ. I think he is going to change the name of the company to Zudi Homes Inc or Zudi, Kelly and Brandt Homes (ZKB Homes)
Zudi will sell, Kelly will pay too much for land and Brandt will sit around the office smoking trying to look like he is doing something. FYI, just saw that Giecko commerical and yes, GB does look like the caveman from the commerical.
What are everyones thoughts?
http://tinyurl.com/2bv8rp
A nice little list of "ailing" mortgage lenders....
If what I heard today turns out to be true, there will be plenty of people looking for a forum in which to express their disgust & the utter injustice of it all re: Kara Homes.
What did you hear????
what happened in court yesterday?
They allowed Kara to finally award that "back pay" yesterday, except for the executives. They also got some kind of funding for something or other. That back pay will be welcome, as the staff is very low on booze, drugs & KY Jelly.
NFI
Novastar Financial Inc. fell $6.38, or 36.3 percent, to $11.18 after the mortgage lender swung to a fourth-quarter loss from a profit as it booked charges for loans it expects borrowers with bad credit won't be able to repay. The company also said it might have to revoke its status as a real-estate investment trust, a vehicle that pays most of its taxable income to shareholders via a dividend.
Where did you hear that they are going to make up for the back pay owed to employees? Former employees included?
Watch these Subprime Bust videos !!!
Investors were forewarned !!!
Kara Homes is a joke. They go wild and cheer themselves because they took out the garbage all by themselves, or because they got paid five months late. Those things are major accomplishments for them nowadays. They're like a classroom full of special ed kids awarding themselves gold stars for not drooling on their shirts.
Can anyone substantiate the back-pay rumor? I can find nothing about it in any of the newspapers or on the creditors blog......
They were bragging about it on Tuesday, although bear in mind that they've shaved the staff down to the dumbest (& easiest) common denominator at this point, so who the hell knows? Or cares?
عروض ماليزيا
ماليزيا وجهة سياحية رائعة تجمع بين الجمال الطبيعي والثقافة المثيرة. تتميز هذه البلاد الواقعة في جنوب شرق آسيا بشواطئها الرملية البيضاء الجميلة والغابات الاستوائية الخلابة. يعتبر مدينة كوالالمبور، عاصمة ماليزيا، وجهة محبوبة للسياح من جميع أنحاء العالم. يمكنك الاستمتاع بزيارة أبراج بتروناس التوأم والتجول في حديقة الحياة البرية واستكشاف الثقافة المحلية في أحد الأسواق التقليدية.
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