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Old 02-23-2010, 07:01 PM   #21
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I don't know this guys particulars, but destroying the foreclosed home, stripping the copper piping from your foreclosed home etc strikes me more steps on the same path as all my neighbors (in the old house) who were "upside down" and walked away from their home. I went to an open house where a guy was bragging about how much he made in real estate but was now going to "walk away" from a rental home since it was upside down. I said, "so the upside was your wit and fortitude and business savvy, but the downside was misfortune and not your fault? Did you understand the terms of the purchase agreement?" at this point the real estate agent nittered her way in to keep it pleasant for the crowd. I, of course, stopped interfering with her attempting to do her job. :-)

These people probably don't see the irony in pointing at wall street execs and say, "look at them, privatize the profit, make the losses public!" :-P
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Old 02-24-2010, 12:45 AM   #22
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His house was worth $350K. He owed the bank $160K. Does that mean he had $190K worth of equity that he also bulldozed when throwing that tantrum?
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Old 02-24-2010, 02:06 AM   #23
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His house was worth $350K. He owed the bank $160K. Does that mean he had $190K worth of equity that he also bulldozed when throwing that tantrum?
It's confusing. I don't think he owed money on the house, he owed back taxes, but in that case I don't quite understand why the bank was foreclosing. Maybe the taxes were owed by his business and he had at some time used the house for collateral on a business loan? It still makes no sense at all to me. He has destroyed an asset that was worth more than he owed. Even if the bank did foreclose, wouldn't they have to return to him any excess over the amount of the lien? It sounds to me as if he has shot himself in the foot to the tune of $190K, and he still owes back taxes but now has no way to pay them. Not only has he destroyed his house, he has probably destroyed his credit, and maybe made himself liable to jail time for tax fraud and/or deliberately destroying the collateral of his loan (assuming there was a loan).

I wonder if there is any such thing as a Financial Darwin Award? I think this guy has earned at least an honorable mention.
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Old 02-24-2010, 04:38 AM   #24
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I wonder if there is any such thing as a Financial Darwin Award? I think this guy has earned at least an honorable mention.
No chance. Not even close. There are too many much better examples - look at the people who ran Lehman, Bear Sterns, AIG, LTCM, Countrywide etc, the people who gave all their money to one ponzi scheme operator, Iceland, those who relied exclusively on a single company pension for retirement, not to mention so many other deserving individuals like Casey Serin and, one of my personal favorites, the Hunt brothers.

Not a bad idea though - we'd want to call it something else (like the John Law Award for financial innovation, the Andrew Dexter Award for banking prudence or the Jesse Livermore Award for risk management etc)
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Old 02-24-2010, 04:51 AM   #25
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Folks advertise on Craig's List that their house is being foreclosed and they're "selling parts." Contractors, tradesmen, whoever flock in and strip out the appliances, HVAC system, light fixtures, flooring or carpets, plumbing fixtures, doors - interior and exterior, cabinets, pretty much anything worth a nickel. They pay a few cents on the dollar, in cash of course. If the owner is particularly vindictive towards whoever is foreclosing they even post in the Craig's List "free" section and allow scrappers to pull the copper pipes and wire out of the walls. The owner walks away leaving a totally trashed house but with a little cash in his/her pocket.

Wow, what filthy scum. What kind of families are these people from?

If I borrowed money and then couldn't pay it back, I would feel bad about it. The last thing I could imagine doing is vandalizing my creditor's property.
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Old 02-24-2010, 04:56 AM   #26
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Wow, what filthy scum. What kind of families are these people from?

If I borrowed money and then couldn't pay it back, I would feel bad about it. The last thing I could imagine doing is vandalizing my creditor's property.
Years from now, these same people will be complaining about how hard it is to get a loan.
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Old 02-24-2010, 04:59 AM   #27
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Wow, speaking of scum - turns out this guy's own brother was suing him.

Had I started this thread I would have entitled it: "Deadbeat tax cheat being sued by his own brother vandalizes bank property". Yet much of the press paints him as Everyman getting back at The Man.

Jimmy Stewart he ain't.

Frustrated Owner Bulldozes Home Ahead Of Foreclosure - Cincinnati News Story - WLWT Cincinnati
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Old 02-24-2010, 09:28 AM   #28
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After looking at homes on realtor.com in Las Vegas and parts of Florida, maybe we should go ask those people what kind of families they come from as those areas are loaded with folks wrecking homes by stripping them down. Yeah...I thought it was really classy myself. Not.
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Old 02-24-2010, 11:26 AM   #29
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Wow, speaking of scum - turns out this guy's own brother was suing him.

Had I started this thread I would have entitled it: "Deadbeat tax cheat being sued by his own brother vandalizes bank property". Yet much of the press paints him as Everyman getting back at The Man.

Jimmy Stewart he ain't.

Frustrated Owner Bulldozes Home Ahead Of Foreclosure - Cincinnati News Story - WLWT Cincinnati
I noticed that too, Maurice--he probably is the biggest jerk in the world and don't you know there is probably some Hollywood mogul looking into making a movie out of this.

We'll all be contributing indirectly to making up the bank's shortfall because of his actions. Just like Rosa Parks (oh, wait, she didn't defraud anyone).
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