Mr Developer GET A CLUE

The reason the new home market is in shambles is because banks were practically forced by liberal federal mandates to give almost anyone a home loan whether they could afford it or not.The county should stand firm on square footage requirements and not budge one inch!The only thing that will fix this problem is to let the forclosures wash out and then return to a practice of 15 to 20 percent down on a home loan!I am a victim of this downturn myself.After 20yrs in residential construction in fayette and surrounding counties I find myself looking for a new career,not to government to fix my problems!If you want fayette to look like clayton county start building smaller homes on smaller lots and watch what happens then.

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The developer does have a clue "metal strat"
mudcat's picture
Submitted by mudcat on Thu, 04/10/2008 - 7:11pm.

He sees a bail out courtesy of the county gummint. Here's how it happens--
1. He gets the county to approve smaller houses
2. He gets several loans from an incredibly stupid bank who thinks that small houses will sell on large lots
3. He starts to build smaller houses
4. He draws out enough money from the bank to pay his interest on the large houses that are not selling
5. While the bank is looking the other way, he takes off with enough money out of his construction loans on the small houses to disappear
6. The bank forecloses and then sells the houses for 75% of their asking price
7. Everyone loses, except for John Profit or Doug Mitchell or whatever other bottom-feeder shows up and scoops up the houses and rents them to refugees from Clayton County.

County Commission is the one that does not have a clue.

Eric, Jack, wake up. Please!


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Instead of Builder Welfare how about a tax cut
tortugaocho's picture
Submitted by tortugaocho on Thu, 04/10/2008 - 8:15pm.

I truly wonder if Eric and Jack will be the biggest supporters of this. They have too much pressure from the Chamber/Develoment crowd.

Whoever called this Builder Welfare is right. But it would be no different than the Development Authority illegal bailout that no one challenged.

Times are tough? Sure. Why not help everyone? How about a tax cut. Or, why not help insurance agents, CPAs, retailers and muffler shops with a Business License reduction. Oh, sorry, I forgot--- they aren't the ones who got Jack and Eric elected.


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