Thursday, April 17, 2008

REIC members are really hurting right now

Hat tip to Fred

Recall when we were told that one of the companies listed below was doing great and we were all idiots. I guess we were right!

Bakersfield Californian:

The turmoil in the real estate industry has claimed another casualty, this time engulfing a high-profile Bakersfield home loan officer.

Robert Russo, who advertised as “Bakersfield’s Refi Guy” and twice ran for city political seats, filed for Chapter 13 personal bankruptcy on March 26.

“I cornered myself in that market of refi and it’s gone,” Russo, 49, said Thursday.

“That’s why it’s so scary now in this business,” Cheatwood said.

Last spring, Cheatwood was left with $22,000 worth of unpaid expenses when Mortgage Tree, the Modesto company she had worked for since 2001, closed its doors. Money was due to appraisers, utility companies and employees, she said. Cheatwood dipped into her retirement to recover, and now does loans for a locally owned mortgage banking company, Golden Empire Mortgage Inc.

Bakersfield Californian:

A Bakersfield real estate broker with a long history of messy property ownership has filed for personal bankruptcy

Khamphou Siripane, the head of Global Realty & Investment and All Community Home Loans Inc., filed for Chapter 13 bankruptcy on March 25.

He may owe as much as $500,000 to as many as 49 creditors, according to the bankruptcy filing.

Kern County records indicate Siripane’s personal real estate deals have been clouded for years by tax liens, foreclosure filings and property lawsuit notices.

1 comment:

Ichabod said...

I remember seeing Khamphou driving around- first it was the black Mercedes 2 seater, then the black Hummer H2, then it was the black Ferrari. He had offices opening left and right...

...then the shoe dropped!

This one was pure slime.