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Old 06-30-2009, 01:11 PM
 
Location: SoCal-So Proud!
4,263 posts, read 9,695,602 times
Reputation: 1541

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When I saw all the suits in Judge Antonia Arteaga's State District Court on Monday — with most in spectator seats — I knew the second Mirasol lawsuit would be a doozie, pitting working-class San Antonians against some of real estate's heaviest hitters.

But the main players were three plaintiff's lawyers and four for the defense — led by Roger Kirstien, who faced an uphill battle against Frank Herrera's motion to have one judge consider all the cases.

Mirasol is a 250-home project that the San Antonio Housing Authority contracted KB Home and Magi Realty to develop as affordable housing, some for sale and some for rent.

The 72 homes sold went for $60,000 to $80,000, but complaints arose almost immediately about poor design and shoddy construction, like the use of untreated wood for exterior walls, improperly anchored sole plates and missing felt and vapor barriers. There was also bad shingle work, improperly anchored brick and poorly installed roof decks.



Mirasol suit: Complex debate over €˜complex designation' (http://www.mysanantonio.com/news/Mirasol_suit_Complex_debate_over_complex_designati on.html - broken link)
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Old 06-30-2009, 01:21 PM
 
1,740 posts, read 5,187,063 times
Reputation: 336
Let's hope that everyone at fault gets their share of the bad press here. Magi Realty that accepted what they had to know was poor workmanship, the city politicians that greased the wheels for these poorly constructed homes, the city inspectors that went along with the scam evidently looking the other way at every stage of construction, the contractors/sub contractors that gladly did what they new to be wrong and of course the builder that coordinated the effort alongside the crooked politicians.

Everyone will wont to rush to blame KB but many people were working together to build this disaster. Every person/entity listed above should be held responsible - not just the builder. If anyone is naive enough to think this is all just KB's problem they don't know how these type of projects work. Many people looked the other way while this project was put together...most notably - Henry Cisneros.
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Old 06-30-2009, 01:56 PM
 
Location: SoCal-So Proud!
4,263 posts, read 9,695,602 times
Reputation: 1541
Quote:
Originally Posted by banker View Post
Let's hope that everyone at fault gets their share of the bad press here. Magi Realty that accepted what they had to know was poor workmanship, the city politicians that greased the wheels for these poorly constructed homes, the city inspectors that went along with the scam evidently looking the other way at every stage of construction, the contractors/sub contractors that gladly did what they new to be wrong and of course the builder that coordinated the effort alongside the crooked politicians.

Everyone will wont to rush to blame KB but many people were working together to build this disaster. Every person/entity listed above should be held responsible - not just the builder. If anyone is naive enough to think this is all just KB's problem they don't know how these type of projects work. Many people looked the other way while this project was put together...most notably - Henry Cisneros.
If the team fails/sucks...usually the manager/coach pays with his head. In this case...KB!!!
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Old 06-30-2009, 02:02 PM
 
299 posts, read 537,462 times
Reputation: 209
KB...LOL

Didn't take long for banker to chime in defending his beloved builder. Seriously..who would give a second thought to these obviously cheaply built homes?
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Old 06-30-2009, 02:06 PM
 
824 posts, read 1,602,323 times
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Originally Posted by merc11ty View Post
KB...LOL

Didn't take long for banker to chime in defending his beloved builder. Seriously..who would give a second thought to these obviously cheaply built homes?
Maybe people who know what they're talking about?
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Old 06-30-2009, 02:12 PM
 
299 posts, read 537,462 times
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Quote:
Originally Posted by dvlpr View Post
Maybe people who know what they're talking about?
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Old 06-30-2009, 03:19 PM
 
824 posts, read 1,602,323 times
Reputation: 597
Quote:
Originally Posted by merc11ty View Post
Excellent response, but not surprising. But eye-rolling is easier than having an actual debate, using, you know facts.
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Old 06-30-2009, 04:29 PM
 
1,740 posts, read 5,187,063 times
Reputation: 336
Quote:
Originally Posted by firstclassflyer View Post
If the team fails/sucks...usually the manager/coach pays with his head. In this case...KB!!!
In your example...Henry Cisneros would be the manager/coach and KB would have been the quarter back. This was a project that was run from a political point of view...and not from a business point of view. The manager here was a group of politicians that played dirty. The quarter back here should have never taken the job...because at the end of the day they agreed to play by these dirty politically charged guidelines. I am in no way saying KB doesn't share part of the blame...I am just merely stating the facts - that they weren't the only ones to blame...not by a long shot. The ONLY reason they are getting all the headlines is because as a big corporation they have the deepest pockets here. But Magi, Cisneros, the inspectors, the sub contractors, the city politicians are all to blame it is just that they don't have the cash to pay like KB does.

Last edited by banker; 06-30-2009 at 04:39 PM..
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Old 06-30-2009, 05:30 PM
 
299 posts, read 537,462 times
Reputation: 209
Quote:
Originally Posted by dvlpr View Post
Excellent response, but not surprising. But eye-rolling is easier than having an actual debate, using, you know facts.
What's to debate? KB makes crappy homes. End of story.
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Old 06-30-2009, 05:42 PM
 
3,530 posts, read 7,667,945 times
Reputation: 4390
Not the entire story.

One reason I left Countrywide happened in 2006 - Countrywide's Joint Venture with KB homes amounted to the creation of wealth at the expense of the world economy. OK, it was just one of the straws on the camel's back, but what I saw is indicative of the blind greed prevalent in mortgage.

It was the week before the end of the first fiscal quarter of the relationship. Countrywide approved and FUNDED hundreds of files in the ABSENCE of appraisals. We're talking sub-500 FICO files at 100% LTV with full 6% seller concessions to cover closing costs. People were actually bragging about it.

I remember walking through the KB floor and seeing the beginning of the end.
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