I Call Bullshit #300

Posted July 1st, 2008 by Joe Kaiser

So in the World According to Jim, every transaction I've done stripped homeowners of their equity?

Dear Rob,

It was good to hear AAG Jim Sugarman discussing the HB 2791 fiasco on KVI radio last Sunday. I wondered how far he’d be bending the truth and guessed it would be plenty.

He didn’t let me down.

So, even though the hosts didn’t throw anything but softballs his way, Michelle did ask the one question I’d talked to her about earlier.


The Question?

Here’s Michelle asking, “How many complaints?” and Jim’s response.

sugarman.png

Thirty different organizations, thirty different names of people, err, of companies that people had complained about.— AAG James Sugarman
Consumer Protection Division

Thirty?

Rob, Jim knows that’s bullshit.

As late as March 31, 2008, your office provided me with copies of all foreclosure rescue complaints involving sale/leasebacks, and could only come up with four.

So, where is Jim getting this story of complaints regarding thirty different companies?

There are three possible scenarios . . .

1. 26 new complaints have been registered since April 1, 2008 (highly unlikely).

2. The four you provided earlier were the result of a botched public records production, and your office missed the other 26 (certainly possible, seeing how pretty much everything appears to be botched from your office).

3. The 30 figure is pure and simple BULLSHIT (my guess).


New PRA Request

Greetings,

AAG Jim Sugarman, on KVI radio this Sunday, told the listening audience he’d just “the other day” reviewed foreclosure rescue scam complaints made to your office involving some 30 different companies.

This is a surprise, since your office delivered only 4 relevant complaints when I asked for all copies of this very thing earlier this year.

Kindly provide copies of all such foreclosure rescue scam complaints to which Mr. Sugarman is referring. Thank you.

Joe Kaiser


Stupid is a Stupid does

And here’s where it turns ridiculous . . .

Of the 30 companies mentioned above, Jim talks of knowing of an organization that’s done two transactions, and another that’s done 300 (that would be me).

Michelle asks if this represents 300 homeowners stripped of their equity.

Jim’s response?

sugarman.png

Right, in, one way or another . . . yeah.— AAG James Sugarman
Consumer Protection Division

An unjust, repellent, and nefarious characterization if ever there was one, Rob, and pure, unadulterated BULLSHIT.

And, it begs the question, are you people nuts?


Recklessness on Display

So in the fantasy land that is the World According to Jim, every transaction I’ve done stripped homeowners of their equity? All 300 (don’t forget to add the 100 more since my partner and I split up)?

Psssst . . . the rest of the world, (at least us Westerners), calls that “making a profit,” Rob.


Corrupt

You’re on record as saying people lost their homes when I promised I’d stop their foreclosures but didn’t, and now, every single transaction I’ve done resulted in owners being stripped of their equity.

This thing just reached a completely new level of insanity.

And it should be obvious to all, including judge Palmer Robinson, that your staff is out-of-control and will do or say anything to make a case where none exists.

Suggesting I stripped anyone of his or her equity, much less all 300 sellers I’ve dealt with in the last 10 years, Rob, is absolutely nuts . . . and I call BULLSHIT.

In the arena,

Joe Kaiser


6 Responses to: “I Call Bullshit #300”

  1. Leon responds:
    Posted: July 1st, 2008 at 6:33 am

    These guys do not understand what making a profit (or loss) is. They only know, how much salary will someone else pay me. They probably never got that far in their education and are WAY behind the curve. I have a friend who owns a law firm that understands what making a profit (or loss) is.

    So what happens to the low end housing stock when 90% of the investors say forget it? Only a fool and his money will buy houses at the price Rob would like us to pay. Where’s the incentive? Without any incentive I might as well stay in bed and watch cartoons everyday.

    I’m guessing in Robs eyes who needs incentive when the fear of loss is greater! Isn’t that how they do it in third world countries, communist countries, oh and Islamic countries.

    My tenants have no incentive to take care of my property. Therefore they do not take care of my property. If I cannot buy property at a number that makes sense to me (because I know the real numbers), then I won’t buy property. Let the low end housing stock go to shit for all I care. Let those people pay for their own house floods and such. Either that or I raise the rent Rob!!!

    I believe I heard on the radio not too long ago that the city of Charlotte NC was trying to get the landlords to clean up their neighborhoods. It sounded like they were actually trying to blame it on the landlords. Excuse me but, it gets torn up faster than I can clean it up.

    It’s a very simple formula…no profit = no incentive = bigger housing mess. Unless of course the state plans to renovate all the houses themselves and provide loans to people who value their flat screen more than they do the roof over their head.

  2. anemonehead responds:
    Posted: July 2nd, 2008 at 7:50 pm

    Leon, that last line was classic and oh so true.

    A few years ago a guy around the corner from me was in foreclosure and called me. He had a wife and two beautiful children. Upon entering the house, the first thing he showed me and was so proud of was his…you guessed it, ” Big Screen TV”! I’m thinking to myself, “I don’t even have one of those. Wouldn’t it have been better to make a mortgage payment with that money? Where’s he gonna plug it in under the bridge he’s gonna have to move his family under?”

    I made him an offer that suited me and was quite good for him as the market was very good and you could sell things quickly so I wasn’t concerned much with holding expenses. Needless to say, he lost the house.

    I wonder whatever happened to that TV?

  3. anemonehead responds:
    Posted: July 2nd, 2008 at 7:52 pm

    Just keeps getting better doesn’t it Joe? Looks like your first witness.

    Hope Jim doesn’t perjure himself.

  4. Loya responds:
    Posted: July 2nd, 2008 at 11:21 pm

    Joe you just got “Mckenna-fonged” again……………..I heard the show as well and it was so apparent that it was “election year grandstanding” at its best or should I say worst. Rob is going to lose this one and the taxpayers will too. Gov’t is so sick.

  5. Mark responds:
    Posted: July 4th, 2008 at 11:54 pm

    hmmm..seems every time I re-fi my house I’m stripped of equity, should we turn in all of the mortgage companies for that? Those fees are outragous, you know……

  6. Loya responds:
    Posted: July 5th, 2008 at 12:36 am

    My tenants don’t give a rats @ss about my property or lawn,etc…

    All they care about is their jacked-up car with $400 dollar rims, or their doberman or pittbull or their fish tank with exotic fish……..

    And then they don’t have rent when its due. And they think we own the house free and clear so it “don’t” matter. Typical mentality of an AAG.


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