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Dec. 13th, 2008 08:04 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
elessawhile in line at the grocery tonight i struck up a conversation with the guy standing behind me. you know, talk about weather turns to other things. he mentioned it was cold and had just come back from san diego. since i lived in san diego the conversation continued.
not sure how much of what he had to say is true, but even partially it shows the impact of the stupidity of the mortgage companies and their lending practices.
this guy claims to own a window installation company. he mentioned having been in san diego the last two weeks. evidently his daughter and son-in-law live there, in addition to having a work contract to install replacement windows in homes in chula vista/otay ranch that were foreclosed. something to do with the money from the feds allowing B of A to purchase materials from out of state tax free to repair houses mortgaged by countrywide.
he said that before leaving san diego yesterday he had a holiday luncheon with sixty of his employees... and laid them off. he is now down to eighteen employees for whom the company can no longer afford to provide health insurance. a year ago he had over nine thousand employees.
he told me of having had so much business nationwide for supplying windows he was earning $5M/year. developers were putting up houses left and right with no regard for the viability of the creditworthiness of the buyers. now those houses are standing empty. now he is no longer receiving the volume of orders for windows.
he also said that his son-in-law had called to tell him that the five bedroom house they were renting with four other couples, on a street in eastlake filled with empty houses, had the rent increased to $2800/month. this guy said he told the kid to call the owner back and tell him he would pay $1500/mo. the owner reduced the rent to $1800. perhaps this is true. perhaps not.
not sure how much of what he had to say is true, but even partially it shows the impact of the stupidity of the mortgage companies and their lending practices.
this guy claims to own a window installation company. he mentioned having been in san diego the last two weeks. evidently his daughter and son-in-law live there, in addition to having a work contract to install replacement windows in homes in chula vista/otay ranch that were foreclosed. something to do with the money from the feds allowing B of A to purchase materials from out of state tax free to repair houses mortgaged by countrywide.
he said that before leaving san diego yesterday he had a holiday luncheon with sixty of his employees... and laid them off. he is now down to eighteen employees for whom the company can no longer afford to provide health insurance. a year ago he had over nine thousand employees.
he told me of having had so much business nationwide for supplying windows he was earning $5M/year. developers were putting up houses left and right with no regard for the viability of the creditworthiness of the buyers. now those houses are standing empty. now he is no longer receiving the volume of orders for windows.
he also said that his son-in-law had called to tell him that the five bedroom house they were renting with four other couples, on a street in eastlake filled with empty houses, had the rent increased to $2800/month. this guy said he told the kid to call the owner back and tell him he would pay $1500/mo. the owner reduced the rent to $1800. perhaps this is true. perhaps not.
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