Trump's real estate empire collapsing (again)? Then send the son out there to spin, spin, spin - nah, there's no housing bubble, and high-end condos are still selling great! Yeah, right. Don't worry though, it's Fox News, so they won't question anything you say.
Watch this Fox News video (ha ha ha ha) to see what happens when a 29-year old gets a bunch of daddy's money and promptly loses it.
Frankly, this slick kid pales in comparison to The Donald. Even if he went with the bizarre greasy haircut to emulate big poppa.
The kid seems to be an unpolished idiot though. Nepotism, folks, seldom produces good results (Bush2, Trump2, Ford5, North Korea dude2, Syria dude2, etc)
Listen to the kid talk about the Las Vegas market being strong. And how he wouldn't want to be in the Midwest. Uh, seems to me Vegas is crashing and crashing hard, while the Midwest never went up so not far to fall.
He says everything is great in Hawaii (another crash state), where they're just starting to sell high-end condos, even though he admits "that would be kinda at the end of the cycle," and finally how Florida is doing fine, even though "there's so much going on there may be the bubble in Florida concept everyone's going on"
Bizarre confused rantings. I hope The Donald and his spawn are putting some of his seminar / book / TV money to the side, because the creditors are just about to come calling (again), no matter how much they spin
October 15, 2006
Donald Trump's little kid goes on Fox News to tell the world there is no housing bubble - buy buy buy!
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The kid thinks Hawaii's holding up? Crash state ground zero, literally! Got hit by a 6.6 magnitude earthquake over the weekend. I wonder how he'll spin that.
can't get the video to work...
video link busted
How many times has The Donald filed for bankruptcy? He doesn't care who he screws over, he is still making money.
Buy Buy Buy HUH! Well if he is buying where do i get in line?
Crooks
** if you belive Jr. Read some of these emails and phine conversation Mish gets on a daily basis.
you can find the read here
http://tinyurl.com/d8q6j
Public Builder - Called me to find them bulk buyers with the ability to buy out all remaining units in developments they cannot sell. They are willing to sell at cost. I told them they were about 10% over the current distress market, and they didn’t even hesitate. They said, fine. Drop the price 10% and we’ll pay a 5% commission to you. Just help us get rid of this inventory.
Condo Developer - They have a 600 unit project that is 100% up for resale. This means no one is going to close when the building is completed in January. Every single buyer will walk from their 20% deposits. The developer will simply going to turn the keys over to the bank. And the bank will take a massive hit that will have the Feds on top of them in the blink of an eye.
Townhome Developer - Asked me to resell 132 units that they had sold a year ago for an average of $400,000 a unit. All of their buyers have notified them that they will not close. Unfortunately, even a year ago in the heated market these units were only worth about $250,000. Now, the units will not command more than $175,000 . . . if they’re lucky.
Real Estate Agent - She sold 10 of the 132 units I just mentioned to her friends, family, banker and co-workers. They’re all going to walk away from their $40,000 deposits, so they don’t lose $250,000. The developer will be stuck with 132 units that are not worth what it cost to build them.
Homeowner - This one really hurts, and this is the next wave of the massive tidal wave hitting this industry. As surfers know, the third set is the biggest. This homeowner purchased her home for $390,000 plus $15,000 in closing costs. It is now worth maybe $300,000. Their interest only ARM is scheduled for refinancing. The bank told them they need to come up with additional cash to cover the drop in equity. But they don’t have the $75,000 the bank wants. And even if they sell for $300,000 and clear $280,000, they can’t pay off their $390,000 mortgage balance. You see, their mortgage was 100% and it was interest only. They are going to walk away from the house and give it to the bank. The bank, if they are lucky, will sell the house for $300,000 less commissions and expenses. Maybe they will net out at $280,000. The math is simple. The bank, at best, will lose at least $110,000 on a $390,000 mortgage. That’s a 28% loss . . . IF they can sell at $300,000. Back to the donuts. Maybe they can sell a few of these homes at market prices, but as foreclosures mount, prices will drop further.
The Third Wave - This massive tidal wave will effect all aspects of our economy. Some banks will fail. Other banks will suffer the worst liquidity crisis since the Depression. And there is no way to stop this wave. This wave not only effects current mortgage holders who can no longer afford to live in their homes, but it devastates the new home market. Buyers with contracts are finding it tougher to qualify for mortgages. We can’t forget that rates are also up about 18% from a year ago, so buyers cannot afford the same home they could have a year ago.
At least The Donald was entertaining to watch. His kid is a boring punk without the charisma.
Anon said:"How many times has The Donald filed for bankruptcy? He doesn't care who he screws over, he is still making money".
Recently yes, but that was not the case back in 1991 when he filed for BK. His casinos were loosing money big time along with he RE empire.
One would think he would have figured out the housing troughs and peaks by now.
Didn't the Donald have enough money to correct the kid's underbite?
Bork, don't believe everything you read. Banks are quietly fixing those ARM "problems" by allowing people to refi into long-term fixed rates at no cost. As for those builders, so f__king what? That's their sorry lot in life. On a $400K condo, the builder might have borrowed what, $150K? So the bank is not looking at much of a loss (if any at all) on these units if the builder defaults and they have to unload them. RE comps in the area might take a hit, but the bank will not.
snake eyes.
Bork, don't believe everything you read. Banks are quietly fixing those ARM "problems" by allowing people to refi into long-term fixed rates at no cost. As for those builders, so f__king what?
---------------
I here you on the builders end of it ..agreed screw them is right they made theirs 10 fold...but if you would, could you provide for the board proof that banks/lenders are bailing out homeowners. It all falls back to "YOU SHOULD HAVE READ BEFORE YOU SIGNED"
I am no expert but I have delt with many banks and lenders personaly, and well they are friends at the closing table (IE: FREE PEN!), and then could careless if I fell off the face of the earth when the papers are signed..
Please just show us the compasion from the banker you speak of..especially free refi packages.
And yes I am aware of the refi from an arm to a fixed..BUT! what is the offering rate x the credit score? 10%.
No saving there my friend. Bailout yes..more of a temporary time extention to the inevitable.
Cause if things were tight with the ARM, what make you think 10% interest rate for 30 years is going to help.
Bork, the banks aren't putting up billboards telling people with ARMs to "come on in and refi!", but the word is out that people in trouble will get offers to do just that. How do I know? I have a brother who works for Countrywide in CA, and a neighbor who works as a mortgage broker. Both are telling me the same thing, the word came down from higher up to fix the problems before they get out of hand.
That is sweet insider info Anonymous, pass along your brothers info here for the board and maybe it will help some poor soul out there who is in trouble. As I am sure many are ..and hey it keeps your brother working..even if it helps one person you have done a good deed.
But I have to admit I have been to California and try to not drink the water. Quite obviously it must have brain growth inhibiting fluid in it.
No offence!
Did anybody else catch Trump and Kiyosaki, the rich dad poor dad guy on CNN last night? Kiyosaki was the guy who started all this insanity with his books.
It was obvious this real estate thing was going to be a problem when some 24 year old kid was quoting this guy to me back in 2000 and saying she was going to be a millionaire within 3 years.
The only thing I don't get is why everybody always falls for bubbles? It's like they're morons who always want to get rich quick but never think about the consequences.
Trump will likely be the next victim of this ... his 125 million Florida house -- who is going to buy that?
September fiscal 2006 year end is in, with total U.S. debt at 8.506 trillion dollars
http://tinyurl.com/yg2o5g
I think ill go out tonight and BUY A BIG SCREEN TV!!!!!!!!!YEA thing are LOOKING UP!!!
I just watched the video.
I'm going to take a shower now.
To whoever the anon was that said "at least watching Donald was entertaining",
The only way I can think of observing Donald being entertaining, would be watching him swing from the end of a rope.
does he look like jack black or what?
Donald is entertaining because he's got such a big attitude, already went bankrupt once, came back, will probably go bankrupt again ...
Yet everybody thinks he's so cool. That's what's entertaining is he's such a moron, yet everybody thinks he's so cool ...
It's like watching K-Fed and Britney.
He has a mullet!
doesn"t he rip off shareholders, as a frontman for the chinese mafia
What the Hell's the deal with the Trump hair?
This kid (donald Jr.) is fcuking ugly. I guess money could not fix that.
hes gonna need the money, for affordable housing, seems he might have already rolled with the n.y. punches, gonna have a hard time knowing his friends,
gonna need to know, one bolt at a time, sorry this belongs on the phx site
Fart Of The Heel.
Another get-poor-quick scheme.
Blue chip off the old block.
Something The Donald never told him: Monopoly is a board game - if you play life like it's a game, you'll lose.
FYI - Trump says the same thing - no bubble. EVERY news station hangs on his every word.
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