Tuesday, November 13, 2007

Defaults climb to unbelievable levels.

Weekly default update. We have now reached levels that no one could have imagined (well maybe me and a few other non kool-aid drinkers).

Here is the latest list from our friends at Fidelity.

From Fidelity Kern.com. You can check their website weekly for these updates at Fidelitykern.com

12 comments:

Funny Circus Bears said...

546 pages of easy money happiness.

Many of those pilgrims not only went 100% levered but, based on the sales dates and default amounts, never made a single payment.

Helluva deal!

Perfect Storm said...

I noticed Carl Cole on a couple of those notices, just a dame shame that punk Crisp steered him wrong, oh wait a minute Cole was the broker, that means he must have been playing a big part, anyways I hope they both get sent to the can.

OtherSideofBellCurve said...

I was looking through the defaults and one in particular caught my eye. Reynon and Bardis (spelling?) is a developer who purchased 58 acres of open ground on Calloway close to 7th Standard. They bought it in March 2006 and I drive by it every day on the way to work so I check the progress.

I knew something was up because they did some ground work and then everything stopped months ago. Looks like they paid $185,000/acre! Of course they are in default on the $6,900,000 loan they took out.

What a mess!

Professor Shays said...

So, what happened with Crispy's Residence?

http://www.bakersfield.com/102/story/286797.html

Gwynster said...

"unbelieveable"

I dunno about y'all but I find the rate entirely believeable >; )

Bakersfield Bubble said...

I hope they update us on the sale. I will put up a new post then, I want to link back to my first story on this house "Flip or Flop".

Gywnn- Yes, you are one of the true non-kool aid drinkers, unlike 99% of the people in the Sac area.

Bakersfield Bubble said...

http://www.bakersfield.com/hourly_news/story/287332.html

The sale of David Crisp’s Seven Oaks mansion at public auction was delayed again on Friday.

This is the second auction postponement for the home, which faces foreclosure due to $1.8 million due on a defaulted loan.

The sale was moved back until Dec. 3 at the discretion of the trustee, according to the auctioneer running the public auction at City Hall.

Simi Valley-based ReconTrust Co., a subsidiary of Countrywide Financial Corp., is the trustee for Crisp’s home at 10509 New Quay Court, according to The Daily Report, a local publication that publishes legal notices.

The lavish 6,666-square-foot home was searched by FBI and IRS agents in September, along with 12 other properties related to the former Crisp & Cole Real Estate firm.

As of Thursday, 97 properties associated with the defunct real estate agency were in default, county records show. Crisp, his family members, his former partner, Carl Cole, and various employees and associates borrowed a total of nearly $60 million against the properties

Of those, 55 have been foreclosed on.

WaitingToBuy said...

Where's Crisp living now? Studio apartment?

bako559 said...

David Crisp lives at 9808 Fitzgerald Bakersfield CA 93311. So if he owes you any money or you need to serve him some papers there he is. I heard theres cash in the garage. If your in the area toss some eggs at his house.

Ichabod said...

bako559 said...
David Crisp lives at 9808 Fitzgerald Bakersfield CA 93311.

~~~

Crisp is staying at one of Ty Stewart's places? Awww, how nice of Ty! How can that guy still work for Crisp?!? All of his listings are just from their mess, no one will trust him under that biz name!

Kathy said...

Read this article about the young Bakersfield mogul. The newspaper writer sounded like she was enamored with David Crisp. Sad thing is, we are all going to be paying for the excessis of people like Crisp as our economy tanks and our money becomes worthless. You can thank the deregulation of the financial sector for making this happen. Crisp and the thousands of other opportunistic crooks took advantage of a system that allowed them to get away with murder. Article: http://www.bakersfield.com/102/story/56414.html

bako559 said...

isnt it amazing that all the employees and family that David burned, using their credit, Ty his broker is ok? Davids burned his mother, siblings, employees, business assc., and God know who else. But Ty can afford to let him stay in his place for free? There has to be a special place in hell for his kind.