Re: SC57

I find this summary very interesting as it states what I have been thinking for quite a while. I was in the mortgage industry several years ago when the last crash occurred.

But, now that I have been researching and investigating SB County corruption I have been recognizing that the developers, lenders, state and local governments have all been driving this rampant development for their own greed. The developers, lenders and construction industry have profited handsomely already. They should be compared to "the carpetbaggers" in the South who were there to profit and then leave. The investors/lenders may be left holding the bag due to the bad loans.

The state and local government want the development for the property and sales tax dollars. The local governments have been able to gain more of the pie through redevelopment dollars. When they establish a redevelopment area they receive more of the property tax dollars.

The local governments have actually been giving property to the developers and the developers in return contribute handsomely to their campaigns and probably also bribe the officials. Former Supervisor Postmus spent $2.2 million to win the assessor race. The majority of that money came from Orange County developers.

I have also thought that this false real estate economy was created to support the failing rest of the economy. The income of the American people does not support paying the high prices of the real estate. I believe that the property values were falsely inflated by the developers. Sooner or later it was going to crash.

Now what I have been thinking is written right here. Its strange to be in my position since I used to be a mortgage broker.