CLASSIC SOMEONE IS READING

Monday, October 25, 2010

RE MY DEAR LATE UNCLE GAC AND THE REAL ESTATE GAME

I can't help but think, here in the midst of the shenanigans of the mortgage debacle, the banks now taking a hard line on their depressed and frankly title tarnished assets,

BORROWERS ALSO SNAKE OIL OPERATORS, FLIPPERS, THEMSELVES, IN MANY CASES,

of my uncle, my favorite Maverick Executive, near the top of GAC, back in the heady days of the Florida Arizona and elsewhere fraudulent RE BOOM, swamp and desert land boom of the 60s and early 70s, until it exploded on him and all of them.

I believe it is all going to get a lot uglier and less certain going forward than most pundits assert.

Real estate titles and values in US will never be the same.

Kind of a wake up call for greater government regulation, but that's not happening until a little bit later; and then, not in a great kind of way.

Here was some late 'winding down' of the fiasco. It had been going on since the early 70s:

Article: GAC Liquidating Trust, the bankruptcy trustee for GAC Corp.,settles lawsuit by selling undeveloped land in Collier Country, Fla. for $5.25 million. (1986)