Article in the Denver Post (12/06/06), business section – says Sebring Capital has bit the dust. Kaput.
Sebring was on my radar back in August of 2005. They were one of the “lenders” on the Shawn Tieskotter shopping spree.
I made a good faith effort to contact Sebring in August 2005 – I spoke with people at Sebring and all of the other lenders on the list. I attempted to “report” what was going on. Looking back on it, it’s pretty amazing the attitude of the people I spoke with. Now the people at Sebring are looking for a job.
The money quote from the article:
….Sebring, like other subprime lenders, was hurt by rising defaults. A major investor stopped funding Sebring’s loans as a result….Sebring had to close….
Now a quote from my letter to the Governor (and a long list), dated September 2005.
…. some faceless, anonymous “investor†who gets screwed. Sooner or later, the faceless anonymous people wise up or run out of money, and then what?
How bad does it have to get? The answer is found in California. If (when?) things in California get as bad as Aurora is now, the “authorities” will get past the lip service and get serious. My prediction — this will happen in about 18 months – just in time for the next presidential election.
tags
mortgage fraud real+estate sebring tieskotter
technorati ping / blog phil.rice / Real Estate Yard Signs / fraud / mortgage / real+estate / sebring / tieskotter /
[...] MLS listing, history, and deeds report tell the story. Brian Wilcox bought the property as an REO sale in December of 2005 (about 14 months ago). He paid about $150,000 and got a loan of $160,000 from the good people at Sebring (a Tieskotter lender). Sebring has since gone kaput. The deeds report shows another loan 7 months later in the amount of $60,900 (maybe an equity line) by the good people at Sterns Lending. [...]