Surprisingly, one of the most popular posts on this blog is “Altieri Homeless.” I wrote this post last July and it is still generating comments, including one today.
Over on realtor Pat Hibans blog there is a spirited discussion taking place as to whether Dale Thompson Builders is out of business or not.
Clearly these are trying times for some local homebuilders. Banks are tightening and, in some cases, revoking builders credit lines. Some of this was obviously necessary. Lax lending standards and the story of Samuel Burrows, Jr. and his home building project in Ellicott City were the subject of this piece about Suburban Federal Savings by Robert Little and Andrea K. Walker from the front page of The Sun yesterday.
“Court papers say that in April 2005, Burrow was constructing "a palatial, seven bedroom residential home on over five acres of property with amenities including a movie theater, recording studio, gym, and media room." Suburban agreed to refinance his existing $872,000 mortgage and give him $389,000 more to finish building.”
He listed his occupation as “minister” with a monthly income of $30,000 in the loan application. I don’t know about you but that seems like a pretty big house for a minister, except perhaps a pope. He never made a payment to Suburban.
So while many are directing their vitriol at the builders, it appears that, in some cases at least their bankers may be just as culpable for throwing money at them.