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Old 03-17-2010, 03:31 PM
 
Location: Florida
3,359 posts, read 6,352,426 times
Reputation: 1889

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Quote:
Originally Posted by CosmicWizard View Post
Time and Space wrote:
Yes we do...entitled billionares and entitled multi-millionares,who make backroom deals with the government.
And who hire radio hosts to lay the blame at everyone on the bottom....
I will take the liberty to make your last line read as follows:
And who hire radio hosts to lay the blame at everyone on the bottom....AND make the people on the bottom appear to be the ones with the entitlement mentality!


Nowhere is the entitlement mentality more widespread than corporate america and those with great wealth. They believe in privitizing their profits while socialing their losses, and the cost of doing business.

Genius...the last line you wrote was genius....wow...

Knowing how to word something is like a mathmatition writing out an equation to better help people understand the problem...

Frame that statement in gold...
And now I would like to repeat it...

quote "They believe in privitizing their profits, while socializing their losses"

genius...yes absolutly genius...
(sorry, I'm a word geek and get off on stuff like this)
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Old 03-19-2010, 11:27 AM
 
Location: Earth
1,442 posts, read 3,573,089 times
Reputation: 844
Embattled real estate regulator Toll hires an attorney - The Denver Post
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Old 03-19-2010, 12:03 PM
 
Location: Sunnyvale, CA
4,888 posts, read 8,913,675 times
Reputation: 2439
This is nothing unusual. When a government employee loses their job, they always hire a lawyer and go to court for wrongful termination. They almost always win several hundred thousand dollars in lost wages.
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Old 03-19-2010, 06:04 PM
 
79 posts, read 249,115 times
Reputation: 94
since the original subject line is "foreclosures" this seemed like a good thread to chime in with the following info:

there is/was a new housing development in south Montrose with nine new homes for sale. The whole thing went bust and the homes sat there and never sold. They've been empty for months (maybe even 18 months) and they all go on the auction block this weekend. These houses were originally listed around $550k I believe. They were overpriced even in 2008. I'm guessing the go for under $200k but I'm not a real estate expert. Interesting times indeed!
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Old 03-19-2010, 06:53 PM
 
8,317 posts, read 25,120,672 times
Reputation: 9066
Quote:
Originally Posted by ShellKing View Post
since the original subject line is "foreclosures" this seemed like a good thread to chime in with the following info:

there is/was a new housing development in south Montrose with nine new homes for sale. The whole thing went bust and the homes sat there and never sold. They've been empty for months (maybe even 18 months) and they all go on the auction block this weekend. These houses were originally listed around $550k I believe. They were overpriced even in 2008. I'm guessing the go for under $200k but I'm not a real estate expert. Interesting times indeed!
And, a major golf course development in Montrose was recently sold at foreclosure. My reliable sources tell me that in the neighborhood of $20 million was invested in the development. It was bid in at the foreclosure auction by the lender at around $2.2 million--just over 10 cents on the dollar. The lender who now owns this turkey? Well, you and me, sort of. It was bid in by the FDIC, which took over the original lender--Frontier Bank out of Greeley. So, now, through FDIC, we taxpayers own another defunct development. Great. I believe the original loan was around $7 million, according to my sources.
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Old 03-19-2010, 10:17 PM
 
3,460 posts, read 4,795,886 times
Reputation: 6677
Speaking of the FDIC, seven more banks went under this week.
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Old 03-19-2010, 10:59 PM
 
Location: Florida
3,359 posts, read 6,352,426 times
Reputation: 1889
Quote:
Originally Posted by sterlinggirl View Post
Speaking of the FDIC, seven more banks went under this week.
And they dare charge us $35-$45 over draft fees when they can't even manage their own affairs...
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Old 03-20-2010, 09:01 AM
 
79 posts, read 249,115 times
Reputation: 94
I don't think the FDIC bid on The Bridges. When the original owner/developer died, the property went to the bank. The bank collapsed and the FDIC took over. As of today's Montrose Press, there is a new buyer. Here's an excerpt:

"The Bridges Golf and Country Club development is under contract for a fraction of its original price, but its general manager would not release details of the deal Friday.

General Manager Ryan Wilson did confirm the contract, however. The 317-acre upscale property has had a rocky past, despite its 176-acre Jack Nicklaus-designed golf course.

The club house opened in May 2006. Bridges’ owner Larry Day died months later. Ownership was transferred to New Frontier Bank in Greeley, which marketed the property for about two years.

But in April 2009, that bank collapsed in the financial crisis and was taken over by the FDIC (Federal Deposit Insurance Corp.).
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Old 03-20-2010, 10:49 AM
 
8,317 posts, read 25,120,672 times
Reputation: 9066
Quote:
Originally Posted by ShellKing View Post
I don't think the FDIC bid on The Bridges. When the original owner/developer died, the property went to the bank. The bank collapsed and the FDIC took over. As of today's Montrose Press, there is a new buyer. Here's an excerpt:

"The Bridges Golf and Country Club development is under contract for a fraction of its original price, but its general manager would not release details of the deal Friday.

General Manager Ryan Wilson did confirm the contract, however. The 317-acre upscale property has had a rocky past, despite its 176-acre Jack Nicklaus-designed golf course.

The club house opened in May 2006. Bridges’ owner Larry Day died months later. Ownership was transferred to New Frontier Bank in Greeley, which marketed the property for about two years.

But in April 2009, that bank collapsed in the financial crisis and was taken over by the FDIC (Federal Deposit Insurance Corp.).
I will re-check with my sources. The bottom line is that the property is now worth only a small fraction of its original cost, the FDIC (read: taxpayers) is probably going to have to swallow a big loss--either via the inherited loss from Frontier or now from the actual sale. And the property is still a white elephant that never should have been developed. There are some rumors floating around Montrose right now that the new owner (if the deal closes--"under contract" does not mean closed deal) may tear out the golf course and re-subdivide it into less "upscale" lots. Of course, Montrose is absolutely awash in unsold vacant lots thanks to a development bubble that never should have happened, so I'm not sure how prudent that course of action is, either. Montrose should be up near first in line for the "stupid growth" award for the last few years.
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Old 03-20-2010, 12:46 PM
 
Location: Wherabouts Unknown!
7,756 posts, read 16,465,200 times
Reputation: 9292
How does anyone prove what should or should not have happened? If something has happened, the reality is......it happened.
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