The Erpenbeck Story - Opinions (Cincinnati, Mason: real estate market, mortgage, credit)

[kjbrill]

How many years has it been now since the Erpenbeck company raised havoc on the real estate market of Cincinnati? Bill Erpenbeck was finally sentenced to 25 years in prison in 2003 for stealing millions of dollars from banks and home owners.

I know Mason still has some scars from Erpenbeck developments which are not completed. Foundations and piles of rotting materials still visible. People still trying to figure out what they actually owe on their property since Erpenbeck diverted their payments to his own accounts rather than credit on their mortgage.

Anybody else out there who got royally hosed by Erpenbeck?

[CarpathianPeasant]

What do court records show?

[kjbrill]

Originally Posted by CarpathianPeasant

What do court records show?

Simply that they put him in prison for fraud. But how many perople got burnt by his unlawful practices is another subject. That is what I am asking here. Were you burnt and burnt hard by Erpenbeck for amounts you never recovered? How many lives did this man distroy?

I only bring it up because we are approaching 20 years when he was sent to prison. But after 20 years how many people are still suffering due to his blatant illegal acts?

[kjbrill]

Apparently not too many people are interested in saying the Erpenbeck scandal affected them. OK, so how about the Charles Keating S&L scandal. Anyone affected by that? Or were these two nationally publicized scandals just figments of our immagination?

[goyguy]

Everybody in the country who had a savings account, or even thought about having one, was affected b/c as an indirect (possibly) result interest rates have never recovered. There is NO incentive to keeping a savings account when you earn a penny per hundred dollars per year, if that. Both in Cincinnati and in New England - parts of the nation known for having a thrifty population - there used to be S & L's and "savings banks" galore. Try and find one today.

I wonder if my old passbook from Fidelity Federal S & L in Hartwell is gathering dust somewhere.

[kjbrill]

Originally Posted by goyguy

Everybody in the country who had a savings account, or even thought about having one, was affected b/c as an indirect (possibly) result interest rates have never recovered. There is NO incentive to keeping a savings account when you earn a penny per hundred dollars per year, if that. Both in Cincinnati and in New England - parts of the nation known for having a thrifty population - there used to be S & L's and "savings banks" galore. Try and find one today.

I wonder if my old passbook from Fidelity Federal S & L in Hartwell is gathering dust somewhere.

Your comments about the dearth of S & L's is point on. You do really have to search to find one. The one who had my home mortgage sold all of their mortgages to 5/3rd bank and just closed up shop.

[TomJones123]

Originally Posted by goyguy

there used to be S & L's and "savings banks" galore. Try and find one today.

https://encrypted.google.com/search?...+and+Loan+bank

Not sure what the above link will bring up in your area, but in Cincinnati it brought up several S&L banks. Am I missing something? Not trying to be difficult, just saying I found some rather easily. Thanks for helping out.

[kjbrill]

Originally Posted by TomJones123

https://encrypted.google.com/search?...+and+Loan+bank

Not sure what the above link will bring up in your area, but in Cincinnati it brought up several S&L banks. Am I missing something? Not trying to be difficult, just saying I found some rather easily. Thanks for helping out.

We are not saying they have all disappeared. But compared to years ago they are substantially reduced. Until the S&L scandal of years ago in which Charles Keating of Cincinnati was a principle figure, just about every major intersection had S&L's on all four corners. The S&L's were the backbone of the residential home mortgage and car loan business. People deposited money in savings accounts because they got a decent investment return. No more, interest rates are infinitesimal.

I have cash in brokerage accounts which are also paying virtually zero. But at least I know they are insured and big enough I can view the entire account status online and use online transactions to transfer funds to my normal bank checking account when necessary. Since I cannot make money I might as well have convenience.

Overall, S&L's are a fraction of what they used to be, and upon close inspection you will find the majority of them are just operating as ordinary small banks. Why do business with them? probably because you have some sort of phobia or anxiety fear connected with big business.

As Goyguy said they used to be everywhere in areas like Cincinnati and New England. If you were fortunate enough to make a few shekels in a business venture, you gathered together 12 of your closest friends, formed a board of directors, and opened a neighborhood S&L. With anything short of stupid management it would carry you well into your old age. I don't think that is happening with much frequency today.

[kjbrill]

People who do not recognize the impact of either Erpenbeck or Keating are simply too wet behind the ears. It is no wonder they think the streetcar is a great deal, as they have not been royally bitten by a first class shyster. Keep your neck out there, someone will chop it off.

[CarpathianPeasant]

Originally Posted by kjbrill

People who do not recognize the impact of either Erpenbeck or Keating are simply too wet behind the ears. It is no wonder they think the streetcar is a great deal, as they have not been royally bitten by a first class shyster. Keep your neck out there, someone will chop it off.

Many people do not expect to OWN anything.