Welcome to the courthouse steps

No takers today?

Condo sales turn sour
“Market-distorting rebates and incentives helped move units at Vintage Grand, and banks are left with bad loans”

We have a tag team of assholes today:

“That was certainly the case with nine loans secured by Tampa real estate investor Michael Chadwick. In late February and early March 2007, Chadwick’s Sarasota real estate agent, Pat Brester, bought nine Vintage Grand units and immediately resold them to Chadwick at much higher prices, enabling the Tampa investor to get loans that exceeded original purchase prices by nearly $90,000.”

Sweetheart deal!

“‘I could not have carried the properties otherwise,’ he said.”

Smart move, dickhead.

“’All in all, it was just a bad real estate decision,’ Chadwick said. ‘I didn’t know how bad the market was going to get.’”

He was a victim.

“Chadwick filed for bankruptcy protection, listing $3.04 million in debts and $2.095 million in [declining] assets.”

Bailout Biatch alert!

[Hat tip]


Don’t lose a finger… catching a falling knife

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