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Senate Fails to Pass Stimulus Plan
2008-02-07 04:41:00
When you have to rely on the kindness of strangers, or politicians, sometimes you'll be disappointed.The two sitting Democratic Senators that are running for President all took time out of their grueling campaign schedule to debate and vote on the legislation. Ultimately nothing came from it.Republicans blocked the Democrat's addition of $44 billion to the bloated $150 billion stimulus package. At issue were -rebates for older Americans and disabled veterans, as well as heating aid for the poor, unemployment benefits and a much larger collection of business tax breaks than the House approved.The stimulus package is a band-aid for the ailing economy and the fallout of the housing crisis, so why not apply the bandage quickly and come to a better solution in the future? In an election year I would think the politicians would be willing to at least appear to act faster. Instead the Democrats feel they've got the Republicans cornered and are laying on the pork to the plan which ...
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Utah Gets Some Attention This Election
2008-02-05 03:30:00
A lot of assumptions get made about Utah . Politically we are a small, Red state that frequently is ignored. I'm not sure what it is about this election year, but Utah appears to have caught some attention.It was announced a few months ago that Barack Obama was opening a campaign field office in Salt Lake. That was when the Democratic field was still full and he was polling on the fringes of viability. I thought it was a pretty bold move and perhaps a little foolish because of the small amount of delegates our state accounts for.Since that field office was opened, some pretty big names have paid a visit including Bill Clinton, his daughter Chelsea and today Michelle Obama visited. Barack had come to Park City on a brief stop last fall.I took the opportunity to hear Mrs. Obama today and am I glad I did. She was persuasive, eloquent and passionate about her husband, her family and the future of America. It was interesting to see the people assembled in the audience. In the Sal...
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Burning Down the House and Other Desperate Measures
2008-02-05 02:33:00
Listen to the people in this video that appeared on 60 Minutes last week and you'll hear some of the rationale behind the unbelievable behavior that's attracting mainstream media attention. Homeowners are walking away from loans they can pay so they don't lose any more money. Some are taking everything inside the house with them including copper pipes, plumbing, wiring, appliances, sinks...everything. An empty, worthless shell is what the lender gets to foreclose on.At the other end of this reckless behavior are homeowners literally burning down their homes. MSN reports -In Woodland Park, Colo., a homeowner was accused of burning his home just before he was evicted in a foreclosure action. In Houston, a man was charged with faking a racial hate crime to cover arson at his home. In Russellville, Ind., a woman was accused of trying to cash in on an insurance policy by offering her neighbor $5,000 to help torch her home and cover up the crime.The Detroit Fire Department...
More About: House , Burning , The House , Desperate

When Bulls Become Bears
2008-02-03 18:24:00
To truly gain a perspective of what it's like out in the marketplace, besides making my own observations, I like to read a lot of what other people write.Over the years, one of my favorite economic writers has to be Jim Jubak. He's one of those people who is very realistic, yet still maintains an optimistic spirit. He cautiously explains activities while other writers call for doom and gloom.So I was a bit troubled with his latest article suggesting the U.S. economy could very well turn out like 90's Japan's which took a decade to even begin showing signs of recovery. This has been an argument the housing bears have presented over and over again.Japan's problems Jubak explains began -Japan's crisis, like the recent one in the United States, began with an extraordinary real-estate boom. In 1987, the price of land in Japan's three biggest metropolitan areas climbed 44%. Prices went up 12% more in 1988 and then 22% in 1989. And like the U.S. real-estate boom, the Japanese ...
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Bradley Kitchen is Still Scamming
2008-02-01 20:18:00
See the guy in this photo? Don't do business with him under any circumstances! This is Bradley Kitchen , alleged mastermind behind the Provo Riverbottoms mortgage fraud scam.What is he doing while waiting for his March court appearance? Trying to scam more money.I just received a phone call from a source close to Kitchen saying he is still using real estate to scam people. The source claimed his investment group just foreclosed on a property Kitchen owned and held title to. The day after the foreclosure, Kitchen tried to persuade the investor group to turn title over to his 80 year old father-in-law and another person so they could take out a reverse mortgage to repay the loan. Of course, the investor group's financial interest would have to be placed in second position...Kitchen claimed he had successfully accomplished this on other properties outside of Utah. There goes Kitchen again trying to exploit straw buyers for personal gain. I don't know what the terms of Kitchen...

Subprime Bailout Plan - The Greater Good
2008-02-01 02:24:00
A new "bailout" plan was proposed for the subprime crisis today by Senator Chris Dodd. Unlike the "stimulus" package, the new plan really is a bailout.Senator Chris Dodd, the committee chair, said he is working to create a Home Ownership Preservation Corporation, which would purchase mortgage securities that are backed by at-risk, subprime loans from lenders and investors. This corporation would give these lenders and investors a better price for the securities than they would get if the properties backing them were put through foreclosure. Additionally the loans on these properties would be restructured so that borrowers could afford the new payments and remain in their homes.At first glance, I thought this plan was too much of a bailout. In combination with the stimulus package, it would be wasteful.Across America responsible borrowers, homeowners and renters are overwhelmingly opposed to a bailout. In my opinion, despite resistance to any bailout, some action by government is...
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Fed Rate Cut Fallout
2008-01-31 04:27:00
The Federal Reserve Board decided to cut interest rates again by an aggressive .5% only eight days after an aggressive .75% cut. While a lot of activity took place in the stock market, the Dow ended up only slightly better than it had been before the announcement - a 37 point loss. The key 10 year bond edged down two basis points in yield.Housing and the credit markets are clearly a concern, but I believe the Fed is doing what it thinks is the best to restore confidence to the economy. Some complain the restored confidence comes at the cost of the value of the dollar. They're right to a certain extent, but a lower dollar presents opportunities in itself like higher foreign investment, lower trade deficits and increased exports for the United States. At the end of the day, what we need is confidence.There are people in this country who are willing to blight their neighborhoods and get a foreclosure on their credit report, not because they don't have the money, but because they...
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Fed Cuts Rates Further to 3%
2008-01-30 20:27:00
The Fed cut rates for the second time in nine days dropping the key overnight lending rate to 3%.Stocks reacted positively, surging above 140 points after lingering in negative territory ahead of the decision.Short term mortgage rates will look incredibly favorable in the coming weeks and months.A detailed analysis will follow later today.
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2008 Real Estate Predictions - My Crystal Ball is Cloudy
2008-01-30 07:04:00
I was waiting until 4th quarter numbers came out before I attempted to give some predictions on the future of real estate locally and nationally. Then last week happened.With this amount of volatility in the world, there's no way anybody can accurately predict what's going to happen in real estate in 2008. Rogue traders upsetting world markets and dictating Fed policy? Give me a break!I'm going to pass on the predictions this year. Nobody even knows what the Fed will do to rates tomorrow. A .25, .5, .75 cut wouldn't surprise me. No action wouldn't surprise me either. An increase? That would be shocking.There is one thing we can be sure of this year and that is short term interest rates are trending down. This will help some people with resetting adjustable rate loans as some will be able to refinance. Should Congress get around to passing the stimulus package close to what has been proposed, that will help as well.I believe these two actions will help the housing mark...
More About: Estate , Real Estate , Crystal , Cloudy , Predictions

What's Wrong With This Picture?
2008-01-29 02:13:00
Look at the headline...New home sales: Biggest drop ever. Now look at the market's reaction. Stocks up sharply. This was after weekend futures pointed to a bad, bad day today. Bonds reacted in a way that should be expected with yields dropping and prices increasing. Oil was up slightly and the dollar dropped slightly.What does Wall Street know that we don't? Bad housing news should send the markets tumbling, but it didn't. The Fed meets to discuss rate policy on Wednesday and Thursday after last Tuesday's surprise 3/4 point cut. It was widely expected the Fed would cut more this week, but the revelation of a rogue trader at a French investment bank as the real source for last week's world market woes may leave the Fed holding instead of cutting. Wall Street is still betting on another cut of .25 to .50.One day does not a trend make, but I find today's market activity very puzzling. It's obvious that short term rates will trend down this year. The Fed has shown a wi...
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The Conscience of Angelo Mozilo
2008-01-29 01:43:00
Angelo Mozilo's behavior concerning his severance package from embattled mortgage lender Countrywide (CFC) reminds me of a toddler caught stealing candy from a store. Somehow Mozilo thinks that if he puts back the money, nothing bad will happen to him.If you recall, Mozilo was slated to receive $115 million in cash and stock plus perks after selling the troubled lender to Bank of America (BAC). The outcry of the largess in the face of the credit crisis prompted The House Committee on Oversight and Government Reform to "invite" the CEO to testify about - tens of millions of dollars in severance payments and other compensation. I request that you be prepared to provide your perspective on this reported pay package.I suppose Mozilo thinks that if his pay package disappears, there will be nothing to testify about. The question of his sudden stock sales all last year in the face of mounting company losses seem like an interesting topic to me and I'd love to hear what the House commi...
More About: Conscience , Angelo , Angelo Mozilo

Utah Real Estate - 4th Quarter Recap
2008-01-26 18:26:00
Fourth quarter statistics are out for the Wasatch Front and while the number of homes sold is down, the prices are still seeing gains. However it is very clear that no area of the country will be immune from the credit crisis.The Deseret News reports -Despite the steep drop in sales, the prices of houses along the Wasatch Front held their value, with the median price rising 1.7 percent over the same 12-month period.Specifically, house prices in Northern Utah went up in the fourth quarter -The median single-family home price in each county, however, went up. Weber had the highest median-price appreciation, at 11.4 percent, followed by Tooele County at 8.6 percent, Davis at 3.3 percent, Salt Lake at 1.7 percent, and Utah County at 1.3 percent.Every zip code in Salt Lake City saw appreciation for the year, save one - 84103 (-7.5). The zip codes that saw the greatest year over year appreciation were also the ones with traditionally lower prices. West Valley City (84128) and Magna (84...
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Financial Fraudster Swindles Fed
2008-01-25 02:33:00
Struggling homeowners who can now refinance due to favorable short term interest rates can thank French fraudster Jérôme Kerviel for their new found fortune.The Fed has made two huge rate cuts in the last six months based on misleading information. In September the Fed made a huge .5% cut based on August's employment numbers that turned out to be more favorable than originally stated. Tuesday the Fed made a .75% cut based on U.S. stock market futures that predicted huge losses after Monday's holiday. Most world markets suffered losses on Monday that were mostly attributed to reactions to the deteriorating credit and real estate markets in the U.S.Today we found out the real reason for those losses...Mr. Kerviel -In one of the banking world's most shocking disclosures, France's Société Générale said Thursday that Mr. Kerviel had cost the bank €4.9 billion ($7.2 billion) by allegedly making huge unauthorized trades that he hid for months by hacking into computers.The...
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Housing Crisis - There's Light at the End of the Tunnel
2008-01-25 01:44:00
For the first time in about three months, I'm feeling some confidence in the housing and credit markets recovering. Subsequently, I believe a severe recession will be avoided for now. I've warned about anyone attempting to call bottom, but I definitely see a light at the end of the tunnel.The Fed's rate cuts earlier this week and subsequent activity in the bond market have made both long and short term mortgage rates highly attractive, especially for refinances. The one missing ingredient to this formula was higher loan limits to help high cost real estate markets, chiefly California.Today a bipartisan stimulus proposal was reached by Congress that besides sending out checks to most taxpayers, will provide a huge stimulus to the housing market by raising the conforming loan limit in high cost areas to $625,500 and make qualifying for FHA loans easier.I believe this is exactly the right combination to revive the declining housing market and prevent additional foreclosures. Tho...
More About: Housing , Light , Tunnel , Crisis

Fed Rate Cut Make the Time Right for an ARM
2008-01-24 03:13:00
On this day two years and eleven months ago, Alan Greenspan made the now infamous observation that homeowners should use adjustable rate mortgages.On February 23, 2004 Greenspan observed -While borrowers can refinance fixed-rate mortgages, Greenspan said homeowners were paying as much as 0.5 to 1.2 percentage points for that right and the protection against a potential rate rise, which could increase annual after-tax payments by several thousand dollars.He said a Fed study suggested many homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. Those savings would not have been realized, however, had interest rates shot up."American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," Greenspan said.Unfortunately for Greenspan, interest rates did shoot up and at his own doing nonetheless! In June, 2004 Greenspan began a rate raising campaign forcing short term rates up from 1% ...
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It's Clear, Now is a Good Time to Refinance
2008-01-24 02:20:00
Yesterday's emergency meeting by the Federal Reserve Board resulted in a 3/4 point cut in short term rates and has a lot of people thinking about possibly refinancing. I want to use this article to point out a few misconceptions, but indeed, now is a good time to refinance.First of all, the Fed rate cut only affects short term lending rates. For homeowners with home equity lines, they'll see their payments drop. For most homeowner's with a so called "exploding ARM," the Fed's move won't directly help. Most adjustable rate mortgages are tied to other indexes, most notably LIBOR which is controlled by the Central Bank of England or COFI (Cost of Funds Index) which lags the Federal Funds Rate by 90 days or so. However, England's Central Bank is lowering rates in tandem with the U.S. and some relief may be coming to those facing higher resets.Despite the Fed decision not having a direct impact on long term mortgage rates, those have dropped significantly as well. The volatil...
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Emergency Rate Cuts Shows Bears are in the House
2008-01-22 15:44:00
You remember the childhood story of Goldilocks and the Three Bears , right? For a while economists were comparing the American economy to that fairy tale and many of us believed them. When you get to the end of the story, it's important to remember the bears come home and Goldilocks runs away.That is the part of the story the American economy is currently in. Due to deteriorating financial conditions, the Fed held an emergency meeting and cut the key overnight lending rate by .75% and the discount window rate by the same amount.American markets were closed yesterday for the Martin Luther King holiday, but the world's markets got a chance to respond to the stimulus plan proposed last Friday. Overwhelmingly they didn't like it and most foreign stock exchanges suffered losses. A huge loss for the Tuesday's open of the stock exchange was forecast and so far the market is down nearly 2%.The Fed still meets at the end of the month and the markets have already priced in an addition...
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Who Says There's No Justice?
2008-01-19 21:22:00
In an abrupt turn of events yesterday it seems Angelo Mozilo , CEO of Countrywide Financial (CFC), is looking at his "golden parachute" turn to a lead parachute.Last week, Bank of America (BAC), announced it would buy the troubled mortgage lender for $4 billion in stock, bailing out the company suffering from the mortgage crisis and providing Mozilo with a $115 million compensation package for running the company into the ground.It appears B of A has had a change of heart. The Wall Street Journal reported yesterday the deal with Countrywide could go south unless the terms of the deal are renegotiated.Countrywide Financial Corp. shares dropped nearly 10% Friday amid growing investor fears that Bank of America Corp. could walk away from its agreement to acquire the struggling home-mortgage lender. Countrywide shares were at $4.96 in 4 p.m. composite trading on the New York Stock Exchange Friday, a 12-year low, down from $5.48 Thursday and $6.33 on Jan. 11, the day plans were annou...
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Rents Mirror House Prices
2008-01-19 18:03:00
One would think that with so many people waiting on the sidelines to buy a house and with so many others losing their houses that population demand would cause rent prices to increase. In the most bubblicious areas of the country, the opposite is happening. Rents are decreasing.That gives you an idea of exactly how overbuilt some areas of the country are.Vacancies have risen in 29 markets in the fourth quarter of 2007, including Las Vegas, Palm Beach, Memphis, Orange County, Calif., and Orlando, according to Reis Inc., a New York real-estate research firm. Ron Witten, a Dallas-based housing analyst, estimates there are 760,000 vacant condos and homes for sale nationwide beyond what the market could normally carry, in addition to a surplus of 350,000 vacant rental properties.Speculative building and investing have contributed to this problem. Remember that investors were buying multiple properties at a time with no exit strategy. California flopper Casey Serin purchased 8 ...
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The Horror, The Horror
2008-01-18 08:20:00
If I were to be true to the sentiment in the title of this post, I would have provided a photo of a bloated Marlon Brando as General Kurtz in the film Apocolypse Now. What an apt title to describe the chaos that is about to descend on American homeowners as the promise of a housing boom turns into an absolute nightmare.No matter where I turn, the images remain the same...ugly. Today's Tribune reports New-home demand fell 36 percent along Wasatch Front in 2007. While the truth is actually more positive than the headline may project, the facts are housing in Utah is in big, big trouble. The report indicates home demand fell 36% in the last year based purely on the number of permits requested. It's important to remember this is a builder number, not a consumer number. While it will accurately reflect builder sentiment, it doesn't necessarily reflect consumer sentiment. That said, the numbers remain ugly.
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The Economy is Getting Really Ugly
2008-01-17 01:56:00
Wow is the economy getting ugly. And no, it's not just the national economy. Things are getting bad all over because the framework behind financing for consumer debt, commercial debt, mortgages and businesses seems to be collapsing.Major financial institutions have announced their latest results and the numbers are staggering. $18 billion was written off by Citi. J.P. Morgan has written off 1.8 billion. Job losses are mounting, foreclosures are rising and we're not paying our car loans or credit card bills either. We're in a credit crisis and no amount of rate decreases by the Fed is going to help.Don't think Utah is immune. Already the outlook for 2008 has turned sour. Job creation has decreased and it looks like the slow down in residential employment is a key part of it."I'm getting a little more pessimistic about how far job growth is going to drop down into this year. I think now it's going to drop down into the 2 percent range," said Mark Knold, chief economist...
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Real Estate Investing Goals 2008
2008-01-13 18:34:00
It's January, that time of goal setting and review of the previous year's goals. Like last year, I'm going to write my goals down publicly in hopes of actually accomplishing some.Reviewing last year is a good place to start. I wrote:Organize my personal paperwork to make a clean loan file and qualify for a full/lite doc loan.A year later, this is something I still need to do.If I choose an investment (non-owner occupied) property, I need to have a down payment of 10%. So I need to insure I have the appropriate savings to close such a loan.I accomplished this, but unexpected emergencies depleted most of these funds. Put it on the list again for this year.I need to actively search for suitable properties here in Salt Lake as well as possible duplex or 4-plex properties in Louisville or Northern Kentucky.Kentucky is off my list of potential out of state ventures. I'm looking much closer to home now. Given the higher demands for rent, income producing properties are a very goo...
More About: Estate , Real Estate , Real Estate Investing , Investing , Goals

Bailout Appears Right Under Our Eyes
2008-01-12 02:02:00
For those of you worried that troubled homeowners would get some sort of bailout from the Federal government, you don't have to worry any more. It's now clear the bailouts are going to those who need it the least and deserve it the least.Bank of America completed it's purchase of Countrywide Home Loans today in a $4 billion dollar stock deal, effectively doubling down the $2 billion convertible deal it brokered in August.Countrywide gets to continue operations and its stock (CFC) will converted to Bank of America (BAC) stock -Shareholders of Countrywide will receive 0.1822 of a share of Bank of America stock in exchange for each share of Countrywide. The deal is expected to close in the third quarter and to be neutral to Bank of America earnings per share in 2008 and lift earnings per share in 2009, excluding buyout and restructuring costs.Now here's where the bailout takes place and there's not a damn thing that can be done about it. Bank of America is a solvent and prof...
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Bank of America Doubles Down on Countrywide Bet
2008-01-11 01:36:00
Embattled mortgage lender Countrywide has been through quite a lot this week. Earlier on it was rumored the nation's largest mortgage lender was going to declare bankruptcy. It's stock tanked, closing under $5. A year ago the stock was trading around $45.In August when the credit crunch really came to light, the nation's largest bank, Bank of America , invested $2 billion into the lender. The convertible option deal could have netted B of A a tidy sum of $424 million had Countrywide's stock held up. Since then Countrywide has floundered and that B of A "sure thing" has resulted in a paper loss of most of the initial investment. Today the Wall Street Journal reported B of A is in advanced talks to buy Countrywide, essentially doubling down on the money the bank already has in the game. A Countrywide acquisition offers some advantages -If it buys Countrywide, Bank of America gets a nationally known franchise and potentially millions of clients for its suite of higher-margin ...

Grim News for Real Estate
2008-01-10 01:50:00
Recent financial news is full of bad news for the economy. The number of homes put under contract in November hit new lows and the ultra optimistic NAR now predicts a first quarter decline in house prices nationwide of over 5%. Unemployment in December rose more than expected and the Dow has plunged hundreds of points since the New Year began.While some economists are predicting a recession, others are saying we're already there. Government has done little to offset fear. It's not looking good out there. I do know the changes made by lenders have already caused problems for housing on a national level. There is no getting around that. However, local economies and housing markets are doing much better than the national headlines would have you believe. Even if a national financial crisis takes place, the effects won't be the same everywhere. So far, Utah is still riding a boom. California is in a world of hurt. So is Michigan, parts of Ohio and Indiana. Some parts of th...
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Starbucks as a Leading Indicator
2008-01-08 02:16:00
It was bound to happen. As houses in neighborhoods get boarded up because of foreclosure and abandonment, neighboring businesses eventually follow.With $4.00 + coffee drinks, Starbucks is certainly a fine example of American excess. Over the past 10 years, Starbucks has grown exponentially here and abroad. Now it has hit a brick wall. While coffee is a necessity for some, myself included, Starbucks coffee is a luxury. Working five days a week, one can easily spend $80 to $100 a month if they buy Starbucks every day.Last quarter, Starbucks announced its first same-store sales loss in the three years it has published those records. Much of Starbucks growth has come from opening new stores which management has also put a damper on. Today the Seattle based coffee company announced a new CEO and store closings. If this isn't an indicator of tough times ahead, I don't know what is.
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Barack Obama Has Most Sensible Housing Plan
2008-01-08 01:13:00
You know the old adage, "give a man a fish and he'll eat for a day - teach a man to fish and he'll eat for a lifetime?" As cliched it is, that's the best way I can describe the politician's plans to solve the housing crisis. Yes, it's a crisis. With all the various components of housing failing - foreclosures, mortgages, overextended lenders, I'm convinced this is a crisis.Today, the Secretary of Treasury went to bat for the interest rate freeze that will help a small portion of homeowners facing foreclosure -Treasury Secretary Henry Paulson used a speech Monday to defend a plan brokered by the Bush administration to "freeze" mortgage rates for some subprime borrowers and also to call on Congress to pass legislation to head off a housing crisis.Meanwhile, President Bush denied an economic crisis, citing mixed indicators -President Bush said Monday that economic indicators are "increasingly mixed," causing anxiety for many Americans. But he said the economy is resilient and the...
More About: Barack Obama , Barack , Obama , Housing , Plan

Banks are on Thin Ice
2008-01-06 17:00:00
As much as I hate to admit it, I think Keith at Housing Panic is right when it comes to upcoming bank failures here and abroad. Banks have been gouging customers, cheating investors and lying to the public.I know this is quite a turn around for me in perspective, but an article in today's Tribune about Zions Bank really has me thinking. That fact is, what Zions is doing is no different than what every other publicly traded bank in America is doing.First of all, we need to understand the concept of fractional reserve lending. In the simplest of terms it means loaning out more than you have to repay, should the loan default. It's one of the practices that allows so much credit to be extended to all different types of borrowers.In theory, a bank could only loan out the amount of money it has from depositors. Fractional reserve lending allows a bank to to lend more than it has in assets, by simply keeping back a portion of its assets in reserve. The Federal Reserve Board dictate...

Unemployment Adds to Insecurity
2008-01-06 16:55:00
I'm sensing a bit of deja vu here. Today's employment report for December came in worse than expected. Stocks declined 250 points and pressure was placed on the Fed to lower interest rates at the end of the month when it meets again.Why deja vu? Because this scenario sounds awfully familiar to August's employment report that preceded the Fed's 1/2 point cut in September. Subsequent reports revised August's poor numbers into something quite respectable. In fact, today's report almost assures an upward revision."Yes, job creation is slowing, but 5 percent unemployment does not a recession make," said Rich Yamarone, director of economic research at Argus Research. He said part of the problem with the report was an ice storm that hit much of the central United States the week the Labor Department was collecting data. Many of the tens of thousands of workers unable to get to their jobs due to the storm were not counted as employed if they didn't get paid for their misse...
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Brad Kitchen and River Bottoms Scandal - More Surprises
2008-01-05 01:54:00
Here is the second part of the new River Bottoms mortgage fraud scandal I presented yesterday. Nothing revealed today will be as surprising as learning at least one other unindicted co-conspirator exists, but the additional facts are interesting nonetheless.Let's start with accused ringleader Brad ley Kitchen . I've found some public record information about him and posted it last month. What I didn't know is the following. Along with Steve Cloward's father, Brad Kitchen's father was a dentist. The families were close and the father's did business together. Sadly, Brad Kitchen's father, mother and two sisters were killed in the early 80's in a plane crash. Besides my source, an anonymous email I received confirmed this-He has made tons of money from inheritance (he was orphaned at a young age), he made tons of money from a landfill business he was involved in years ago, he made tons of money in large storage containers, and now he made tons of money in real estate.Af...
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