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Sitting Mostly Empty And In Trouble With Its Lenders

A report from the Buffalo News in New York. “Eighteen months ago, the network of companies run by Robert C. Morgan was one of the fastest-growing apartment owners in Western New York. Now, with two executives pleading guilty to federal charges and another under indictment, the once-rapidly growing business appears to be shrinking, as it sells properties, faces the loss of others to lenders and seeks a buyer for the entire portfolio.”

“The Rochester developer’s real estate business continues to be under investigation by the FBI and U.S. Attorney’s Office. Morgan’s son faces charges of mortgage fraud, and his nephew pleaded guilty. His brother is suing him for not sharing the proceeds of sales. His former chief operating officer just pleaded guilty for insurance fraud on some of the Morgan properties.”

“The Morgan companies are also facing the loss of other properties to loan defaults and foreclosures, as lenders rein in their exposure by citing the fraud charges as justification to call in the debt. That’s the case with the Raintree Island and Paradise Lane apartment complexes in Tonawanda, among others.”

“Morgan has not been charged with wrongdoing, but both his nephew and former deputy pointed their fingers at him in their court statements. And, last week, he put his four-bedroom house in the Rochester suburb of Pittsford up for sale, for $990,000.”

The Detroit Free Press in Michigan. “A newly constructed luxury condominium building in downtown Birmingham is sitting mostly empty and in trouble with its bank lenders after failing to sell enough $1.7 million-plus condos. The Forefront opened nearly two years ago but has sold only two of its 10 residential condos.”

“The three-story building fell into receivership in December after the project’s developer, Joseph ‘Joey’ Jonna of Jonna Luxury Homes, defaulted on a $7.3 million construction loan. The Forefront’s troubles raise questions about the depth of the market in downtown Birmingham for new $1 million-plus condos, which several developers are building in anticipation of more affluent empty-nesters downsizing from big houses.”

“Residential broker John Apap said demand indeed exists for luxury condos in downtown Birmingham. That is why he says he was so surprised by The Forefront’s difficulties in selling units. Apap said that notwithstanding The Forefront’s travails, he sees no shortage of buyers for luxury condos priced at $2 million and above. ‘A lot of affluent people live in that market, and a lot of them are paying cash,’ he said.”

The Greater Baton Rouge Business Report in Louisiana. “The multifamily market is grappling with higher vacancy rates and absorbing the surge of new apartments coming online, especially in the student and “class A” sectors, which appraiser Craig Davenport of Cook, Moore, Davenport & Associates says is overbuilt.”

“‘Winter is here,’ declared Davenport, who has predicted for years that the surge of student housing would affect the city’s ability to absorb new units.”

From CBS Denver in Colorado. “With June around the corner, most people aren’t thinking about their furnace. However, Colorado weather can be unpredictable. It hasn’t snowed this much in Denver late May since 1975.”

“Peter Hansen doesn’t mind the cold, but now he can’t escape it. Hansen and his neighbors have been living without heat in The Royal Oak Condos at 10th and Corona for more than a month. ‘It was 30 degrees outside Monday morning. I went in the bathroom, turned on the light and I could see my breath!’ said Hansen. After turning two space heaters on, his thermostat reached 55 degrees Tuesday afternoon.”

“Hansen says the HOA voted to turn the heat off in April, days after a blizzard. Hansen is in his 70’s. He worries about his neighbors who are much older. ‘They had one 80 degree day, so they turned the heat off. Previous boards turned it off too, but they turned it back on,’ said Hansen, ‘The longer they don’t have to put the heat on, the more money they save.'”

“Neither Hansen nor his unit’s owner received help from the property manager, Emily Bresina. Bresina told CBS4 it’s the HOA’s decision when to heat the building. She says the board is aware of the complaints, but will not turn the heat on due to cost.”

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  1. ‘The Forefront’s troubles raise questions about the depth of the market in downtown Birmingham for new $1 million-plus condos, which several developers are building in anticipation of more affluent empty-nesters downsizing from big houses’

    Build it and they will come – check!

    1. 48009 is selling a lot more slowly this year than the last couple, and prices appear to have peaked. Asking prices are dropping left and right, and some flipper homes are dropping off of MLS unsold after dying on the market for months or years.

      Like pretty much everywhere else, it’s a glut of overpriced luxury housing fueled by cheap construction loans that there are few buyers for. Older, more modest homes that survive the teardown and flip vultures are still selling well if priced sensibly, are in good condition, and are properly staged.

    2. “…building in anticipation of more affluent empty-nesters downsizing from big houses”

      I’ve been wondering, is this really happening that much? Seems like all I hear about is kids still living at home in their twenties and thirties.

    3. i had to look it up – Birmingham is between Detroit and Pontiac.

      What the hell is Pontiac, now that the dome is abandoned, and Chrysler has been cutting ….

      Or are these the rich millionaires that work in the downtown Detroit core at Quicken Loans …. wow

      1. Automotive executives, doctors, lawyers, successful entrepreneurs, professional athletes, upper level educational administrators, etc.

        Bloomfield Hills, immediately to the north, is more suburban but equally affluent.

        Birmingham is a sort of “mini Manhattan”, with a vibrant downtown with lots of upscale retail and dining, good schools, and a rich history of nearly two centuries. And the best pizzeria in all of metro Detroit, Brooklyn Pizza on Henrietta.

  2. ‘Bresina told CBS4 it’s the HOA’s decision when to heat the building. She says the board is aware of the complaints, but will not turn the heat on due to cost’

    So you don’t have any money.

  3. ‘Morgan was one of the fastest-growing apartment owners in Western New York. Now, with two executives pleading guilty to federal charges and another under indictment, the once-rapidly growing business appears to be shrinking, as it sells properties, faces the loss of others to lenders and seeks a buyer for the entire portfolio’

    As we discovered in a prior post, they turned to these shenanigans because they were cash flow negative. 36,000 apartments and they were losing money hand over fist, every month. Hey, how about flying cars? Let Elon try his hand at it!

    1. Given the fact most of these degenerate gamblers paid many multiples over construction cost ($50/sq ft for materials, lot, labor and profit), you’d have a hard time finding any of these landlords profitable.

      1. If you are cash flow negative, you are a long way from profitable. That’s how you end up cutting the heat off for a 70 YO.

  5. This shack is in default:

    $689,9006 bd4 ba3,848 sqft
    Price cut: $5.1K (5/21)3236 S Mehrhoff Pl, Flagstaff, AZ 86005

    https://www.zillow.com/homedetails/3236-S-Mehrhoff-Pl-Flagstaff-AZ-86005/7364083_zpid/

    Date Event Price
    5/21/2019 Price change $689,900(-0.7%)
    4/28/2019 Listed for sale $695,000(-0.4%)
    4/10/2019 Listing removed $698,000–
    3/13/2019 Price change $698,000(-0.1%)
    2/27/2019 Price change $699,000(-4.1%)
    2/6/2019 Price change $729,000(-2.8%)
    1/24/2019 Listed for sale $749,900(+42.9%)
    8/29/2018 Listing removed $524,900–
    8/20/2018 Price change $524,900(-4.5%)
    8/13/2018 Listed for sale $549,900

    1. What sort of idiocy possesses people that delist a home and then re-list it at a higher price, when there weren’t any takers at the lower price in the first place?

      2. I imagine they could have decided to do some major renovation because there were no takers the first time around. Maybe they figured the renovation might resolve some of the concerns potential buyers had while simultaneously raising the value of the home. Or they’re idiots…whatever.

      3. Brings you to an entire new set of “buyers”. Realtors will not show you houses below your max price range.

        1. Who uses a REALTWHORE to choose which houses to show them? In this day and age, people find the house they want to see online, then contact the REALTWHORE for the showing.

  6. A reader sent this in:

    “Here is the perfect opportunity to own units located in the RAMONA/BURLEIGH tract of Hawthorne sitting on a 8700 sq ft lot. This is a detached two unit property with excellent potential as a owner/user feature with NO RENT CONTROL. Located close to Space X, new stadium, entertainment district and Hawthorne Math and Science Academy ranked #11 in California High Schools 2019. This is from an article from Forbes Magazine regarding Hawthorne 2019: Located in southwestern Los Angeles County, Hawthorne is the hometown of the Beach Boys and one of the best cities in California to own rental property. First and foremost, Hawthorne has one of the highest rates of renter-occupied households in California, with 73.5% being renters. Secondly, the city’s price-to-rent ratio of 18.86 is higher than the U.S. average, with home prices too far out of residents’ range to make buying a home instead of renting one make financial sense. Though the median property price is costlier than some of places, Hawthorne compensates with a median rent that’s over $2,800 a month and rising.”

    https://www.movoto.com/hawthorne-ca/4077-w-133rd-st-hawthorne-ca-90250/pid_54638tv38g/for-sale/

    1. “Hawthorne has one of the highest rates of renter-occupied households in California, with 73.5% being renters. ”

      Sounds like a nice, stable neighborhood to invest in!

      /sarc

  7. https://www.cnbc.com/2019/05/22/celebrity-surgeon-goes-all-in-on-180-million-bel-air-mansion.html

    “When celebrity plastic surgeon Raj Kanodia started building his 34,000-square-foot mansion to flip for a profit, his real estate friends gave him a warning.

    “They said, ‘You’re way out of your league,’” Kanodia recalled. “They told me, ‘You’ll run out of money and you’ll be forced to sell it to service your debts.’”

    After failing to find a buyer, he’s now offering it for rent at $1.5 million a month and says he would consider offers of more than $120 million — marking a $60 million price cut.”

    1. “Pride goeth before destruction, and an haughty spirit before a fall.” —Proverbs 16:18

    2. “…When celebrity plastic surgeon Raj Kanodia started building his 34,000-square-foot mansion to flip for a profit…”

      Who did Raj think he was going to flip it to? Some other out of their mind billionaire? We all know the world is full of those.

      The Real Estate version of Botox gone bad.

      Lets all look at the good side. At least Raj isn’t in the chain of command of those who launch nukes.

      1. After failing to find a buyer, he’s now offering it for rent at $1.5 million a month and says he would consider offers of more than $120 million — marking a $60 million price cut.”

        That’s allot of boob jobs….

  8. Turning shelter into a Casino by debt decoupled from prudent income ratios is the great sin that keeps repeating. The pent-up demand is the homeless, low income from South of the border and middle class struggling families. Go back to 2012 price levels and keep it there for 10 years, or until real wages catch up with sane housing costs.

    1. “Turning $helter into a Ca$ino by debt decoupled from prudent income ratios is the great $in that keep$ repeating.”

      Bugs: “eh, eye think you’re on to $omething Doc!”

      $outhern California lacks 759,000 affordable home$, report says
      $tate advocacy group calls for an inve$tment boo$t in below-market housing for the poor.

      By JEFF COLLINS | Orange County Register
      PUBLISHED: May 21, 2019

      “There’s a huge imbalance in the types of jobs we’re creating and the cost of housing,”

      1. What about all of those affordable RV homes parked outside of Google’s HQ with their oleaginous discharge? Surely it wouldn’t be too hard to produce more of that type of affordable housing.

        1. how about tiny houses or houses built out of shipping containers…. and put them in the Google parking lots

          🙂

          1. Another source of affordable housing: tents. Very affordable, and all over CA cities.

        2. “…Surely it wouldn’t be too hard to produce more of that type of affordable housing….”

          Have often wondered why Apple/Google/Intel don’t build their own RV parks with tram service to the office (subsidized, free Wifi of course) for exclusive use of employees?

          It would seem to me to be one of those rare win,win,win situations.

          In the end, probably make money on the increased value of land used to build the RV park… (assuming they could find any empty land to begin with)

          Any HBB readers who live in Silicon Valley who are able to provide greater insight? Solution seems so obvious. I can’t possibly be the first one to think of this.

          1. There was a big article highlighting Microsoft’s $500 million affordable housing initiative that is just getting under way. Perhaps the best corporate initiative that I have seen.

            Microsoft Pledges $500 Million for Affordable Housing in Seattle Area
            By Karen Wise
            Jan. 16, 2019

            “SEATTLE — The Seattle area, home to both Microsoft and Amazon, is a potent symbol of the affordable housing crisis that has followed the explosive growth of tech hubs. Now Microsoft, arguing that the industry has an interest and responsibility to help people left behind in communities transformed by the boom, is putting up $500 million to help address the problem.”

            “Microsoft’s money represents the most ambitious effort by a tech company to directly address the inequality that has spread in areas where the industry is concentrated, particularly on the West Coast. It will fund construction for homes affordable not only to the company’s own non-tech workers, but also for teachers, firefighters and other middle- and low-income residents.”

          2. Californian’s are NIMBY type of people. It is impossible to develop anything now because people who are 60+ already have theirs.

            Basically, the argument will be grandma doesn’t want her precious neighborhood to change at all ever. She also earned through hardwork a 5,000% return on her home purchased in 1952.

            It’s state politics that make changes impossible. Too many current winners who have no reason to care.

    2. Go back to 2012 price levels and keep it there for 10 years, or until real wages catch up with sane housing costs.

      It needs to go back further. But I think that even what you are saying will crash the system in a deflationary way. Since that’s intolerable for TPTB we will do our best to crash it with inflation instead.

      1. Inflation or deflation?

        A poem:

        Some say the world will end in fire,
        Some say in ice.
        From what I’ve tasted of desire
        I hold with those who favor fire.
        But if it had to perish twice,
        I think I know enough of hate
        To say that for destruction ice
        Is also great
        And would suffice.

        – Robert Frost

    3. So, they want to use a closed $tate mental health facility, to place 2019 mental health individuals who are homeless, sounds so 1980’$ Reagan logical to this CA taxpayer!

      Governor Wants To House Homeless On State-Owned Land In OC

      The state-owned Fairview Developmental Center in Costa Mesa is slated to close at the end of 2019. Gov. Gavin New$om is asking that part of the facility be leased to a local jurisdiction to house 200 chronically homeless individuals.

      Jill Replogle | May 16, 2019 / KPCC / LOCAL

  10. ‘The Morgan companies are also facing the loss of other properties to loan defaults and foreclosures, as lenders rein in their exposure by citing the fraud charges as justification to call in the debt’

    This is how it works right? You stop paying and no more loans.

    Unless you back shack loans. Check this out, WARNING PDF!

    https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FPR_Jan2019.pdf

    So we are told foreclosures keep dropping. On page 4, look at the total foreclosure prevention actions for 2018: 234,263. Compare that to the earlier years. Big jump. In this bizarro world, no matter how bad a loan you make, they can loan it to you again, and again! No appraisals either. Re-defaults, no problem!

    2. ” …total foreclo$re prevention action$ for 2018: 234,263. Compare that to the earlier years. Big jump”

      $eems the HB.B ll debacle$ $nowball is picking up $team! … wait, that doesn’t $ound right.

  12. This exchange was posted on a previous thread:

    “This is a really bizarre defense of Tesla autopilot.”

    “How so? I am merely showing that Tesla detractors regarding autopilot are getting worked up into a tizzy when compared to relative risks. It is a well-documented phenomenon that typical human cannot understand risk very well, which is why most people have an irrational fear of terrorism or some pandemic when the most dangerous thing they do every day is get into their car. You may be the safest driver in the world, but you cannot control those who are also driving who are drunk, high, distracted, drowsy, or have lost some of their reaction time and capabilities. Driving any car is super dangerous. There is no data to show that autopilot is conclusively more or less dangerous, although the preliminary data suggests it may be less dangerous.”

    Oh dear…

    “Security expert: Here’s how driverless cars could be hacked”

    https://finance.yahoo.com/news/driverless-cars-safety-risks-hacking-162228812.html

      1. More to the point: if we are concerned overall population safety, rather than focusing on Tesla autopilot (which has been involved in like 5 deaths total from what professor posted the other day), we should take a look at vehicle safety overall. A cursory glance at the data shows that since 1900 in the US there have been 3.7 million million vehicles deaths, so more deaths than all the US wars combined.

      1. From same article you posted:

        Autopilot software and hardware has changed since the report came out, so this doesn’t have much bearing on how Tesla cars function now. Tesla continues to earn high marks in crash safety tests. It’s also been years since that data was collected. Tesla’s since hit 1 billion miles on Autopilot. The number of Tesla vehicles on the road has ballooned in the past few years.

        1. Tesla’s since hit 1 billion miles on Autopilot.

          Apparently it is miles with Autopilot available, even if not engaged to drive the car. Yet another Elon misrepresentation.

          1. That is incorrect. It is actually the number of miles driven where autopilot was engaged, or about 14.5% of miles driven daily:

            From MIT researchers:

            “According to Fridman, as of December 23, 2018, there were 1,056,505,935 miles driven with Autopilot engaged. Of those miles, 581,495,817 were driven using the Autopilot hardware version 1, which went into operation on October 15, 2015. The balance, 475,010,118, were driven using Autopilot hardware version 2+, which was enabled on January 21, 2017.”

            Source:

            Tesla Autopilot: 1 billion miles driven, with the next billion coming up fast
            MIT researchers are tracking this ongoing real-world beta test
            Autoblog
            GARY S. VASILASH
            Jan 4th 2019 at 11:30AM

          2. According to Fridman, as of December 23, 2018, there were 1,056,505,935 miles driven with Autopilot engaged.

            What’s misleading about this is possibly that “Autopilot” is always “engaged” in the background, ready to assist the driver instantly. It doesn’t mean that “Autopilot” is actually driving the car. That was my take anyway.

          4. There are quite a few skeptical articles out there that don’t agree with the “autopilot” safety claims.

            I agree with 100% with the article you cited. It is an apples vs. oranges thing. I don’t think one can say if it is safer or less safe at this point. The data simply isn’t there, yet. The author makes a very valid point:

            “Expensive autonomous Teslas are typically driven by wealthy middle-aged people — the demographic with the safest driving record. Not many are piloted by teenagers, drunks, or 100-year grannies — groups with some of the highest crash rates.”

            Too many confounding factors to really make the claim that autopilot is safer, or less safe. It would be like comparing miles driven on cruise control and extrapolating, since autopilot is basically advanced cruise control (lane keeping + adjusts speed based on how many car lengths you specify).

    3. Self-driving cars can definitely be hacked. Sure. But even more low-tech means of destruction are available. Like hijacking planes and driving them into towers. Or simply just driving regular cars into crowded areas like we’ve seen in Canada and parts of Europe.

      1. Why do I even care about autopilot? Because I continue to believe that advances in self-driving could be one factor is bursting the housing bubble by making it more feasible to live outside thriving city centers where plentiful jobs are. This was one major point posted in that Bloomberg article. The wages are good in some of these tech cities, but the rent gobbles up almost all of it for the worker bees who live there.

      1. So it’s important to understand what autopilot is and isn’t. It’s not a replacement for human driving. It’s a driver assistance system.

        A good comment summed it up this way:

        “When Consumer Reports reviews a Roomba, do they write that it’s not as competent as a human vacuumer and is unable to distinguish between small objects that should and shouldn’t be vacuumed up, and will dangerously drive over the edge of the stairs if not stopped?”

        “No, because they know what a Roomba is and what it is and isn’t supposed to be able to do. Consumer Reports seems to have been laboring under the misconception that NoA is supposed to drive like a human. This is a problem with expectation management.”

        1. It’s not a replacement for human driving. It’s a driver assistance system.

          You should tell Elon.

          “The advocacy groups say Tesla’s promotions of Autopilot suggest otherwise and are deceptive. Among the examples cited in the letter is Tesla’s Autopilot website, which proclaims Tesla vehicles have “full self-driving hardware” and contains a video posted that when played begins with text reading “the person in the driver’s seat is only there for legal reasons. He is not doing anything. The car is driving itself.”

          https://www.insurancejournal.com/news/national/2018/05/23/490104.htm

        2. it’s important to understand what autopilot is and isn’t

          No. Under the law, a manufacturer is liable for a product’s foreseeable misuse. Given Elon’s mischaracterizations of autopilot’s capabilities, the foreseeable misuse is arguably a foreseeable use.

          You may have agreed to be a beta-tester. I did not.

          2. Tell that to gun manufacturers.

            Could you make a more ludicrous comparison?!?! Guns have one purpose: to kill. As much as I dislike guns, I understand their importance in protecting us from a tyrannical government.

          3. As much as I dislike guns, I understand their importance in protecting us from a tyrannical government.

            I thought guns were for hunting? I guess not everyone uses them that way though.

          4. “I thought guns were for hunting?”

            Do you honestly believe that’s what our forefathers had in mind when they drafted the 2nd amendment?

          5. Do you honestly believe that’s what our forefathers had in mind when they drafted the 2nd amendment?

            I think a lot of people think they know what they think the founding fathers meant about the 2nd amendment. But they aren’t much interested if it doesn’t fit their narrative.

            What does America’s Second Amendment really say?
            The Economist
            Nov 16, 2017

            “It is hard to believe the framers would be happy with the result of their work. America remains bitterly divided over guns, thanks to a bizarrely worded amendment that is introduced by a statement about militias that is superfluous (if Scalia and gun advocates are right), and was arguably never true at all. At the very least, it has not stood the test of time.”

  13. Thanks for the Morgan article from BN, Ben! Even ROC’s local D&C has been hiding Morgan related articles behind subscriber paywalls that are hard to get around.

    I’d noticed last year, when looking up all the Communities, that Morgan slyly transferred ownership to Grand Atlas and Morgan’s COO. Though living in one of their communities, we weren’t alerted to the fact we’re owned by another company, again. Only this month did the occasional safety newsletter that’s emailed out mention Grand Atlas at all. Took almost a year to get to us.

    It’s a huge lie they’re telling that Grand Atlas bought Morgan, not only given the reasons above. Even in the newsletter, Morgan Communities and Grand Atlas are used interchangeably as our owners. Like they don’t want to spook the residents. Total BS.

    Rents have skyrocketed here in ROC. The sort of unit we live in rents for $400-500 per month more. We’re looking to rent elsewhere anyway despite paying that much or more per month. We don’t want to wait around and get caught up in Morgan’s foreclosures. It’s probably likely considering we’ve been living in one of their more recent purchases (which we were living in before Morgan bought it). Not to mention they do fook all for our property anymore. It’s only been getting worse.

  15. $olution$ abound! … NON.bank loan$ knot needed!

    Amazon is selling entire houses for less than $20,000 — with free shipping
    By Catey Hill / Published: May 22, 2019

    https://www.marketwatch.com/story/amazon-is-selling-entire-houses-for-less-than-20000-with-free-shipping-2019-05-22?mod=mw_latestnews

    Now iffin’ we can find$ a way to get these two idea$ hitched, we might have a marriage made in affordibilty paradi$e!

    Homesteader$
    Homestead National Monument of America, Joshua Tree National Park

    In 1938 a new type of homesteading, created by the $mall Tract Act, allowed veterans to obtain land in the west for health reasons. Veterans of World War I, suffering the effects of chemical gases, like mustard gas, came hoping to benefit from the clean, dry desert air which was better for the lungs than the humid, polluted air of the East Coast. These small homes that sprung up around the Californian deserts are commonly called Jackrabbit Cabins. Veterans did not need to meet the requirements of the Homesteading Act to take advantage of the Small Tract Act as the act was created to meet the needs of people homesteading for health reasons.

    NPS / Hannah Schwalbe
    https://www.nps.gov/articles/homesteaders.htm

    1. Don’t get me wrong….we here are all cheering the “correction” but there is no Bubble. You all are scaring away my businesses. ALL these speculation that prices will fall will only lead to more speculations. It was OK to speculate when prices were going up and You Got to Roll With it but It’s WRONG to speculate the other way.

      “It’s difficult to regard the housing correction we are now witnessing without seething. Anyone who was looking could see something wasn’t right with the market a few years ago. Empty homes began popping up everywhere, bought by overseas investors but never lived in. Multimillion-dollar abodes were being purchased by students or homemakers with little income. Condos purchased as presales were flipped and flipped and flipped again before ever being lived in, inflating prices exponentially along the way.

      In two years, the price of real estate soared. Yet anyone who drew attention to this phenomenon and pointed to the dangers it represented risked being branded a racist. It wasn’t people from another country buying property who were responsible for the dramatic rise in house prices, it was lack of supply.

      That’s what the politicians told us. That’s what developers told us. That’s what the real estate industry told us. It was supply. Build more condo towers and all would be fine. When it was pointed out that much of the new supply started at $1.5-million, which was hardly affordable, the complaint was met with shrugs. The new supply wasn’t meant for locals anyway.

      It was all a grubby sham. The real estate and development industry knew exactly what was happening, but had become so intoxicated from the giant profits being realized it wanted nothing to do with policies that might bring the party to an end. Well, the party has come to an end and we’re seeing the result of it now.”

  17. I remember loan Underwriters in the good old days use to be good at underwriting loans.

    For instance, if a seller raised the price of a property beyond the general inflation rate for a year, the appraisal would come in lower. They would make the seller lower the price or the buyer had to put down more.

    90% of the purchases were for owner occupied shelter where buyers intent was to hold long term ,pay off the 30 year note, than retire with no mortgage payment.

    What we have now just doesn’t make USA great again.

    Now we are getting vunerable to socialism/communism and every other strange contortion that emerges to level out the rigged deck.

    1. “too big to fail” and $27 bill in farmer bailouts sure looks like selective socialism.

        3. Inn ‘Merica’$ heartland: knot made in the U$A!

          The Rural Wireless Association, which represents carriers with fewer than 100,000 subscribers, estimates that 25 percent of its members have Huawei and ZTE in their networks, and have said it would cost $800 million to $1 billion to replace it.

          Last August, Trump signed a bill barring the U.S. government itself from using Huawei and ZTE equipment.

          Then, last week, the U.S. Commerce Department blacklisted Huawei and 70 affiliates, barring the company from buying parts or components from U.S. companies without U.S. government approval.

          Five days later, the U.S. government temporarily eased trade restrictions, allowing the Chinese firm to buy American-made goods to maintain existing networks and provide software updates to existing Huawei headsets.

          U.$. lawmaker$ want to help rural telecoms replace Huawei, ZTE equipment … (With all ‘mericans taxpayer$ monie$!)

          Reuters | Reporting by Makini Brice

    2. “Now we are getting vunerable to $ocialism/communi$m and every other strange contortion that emerges to level out the rigged deck.”

      A.Lincoln was mostly concerned with threats internal to the U.$A.

      repubican Fi$cal CON$ervatives are knot from Venezuela.

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