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Politics : Politics for Pros- moderated

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To: JDN who wrote (102030)	2/24/2005 2:56:01 PM
From: John Carragher	Read Replies (1) of 793756

I remember back in 1978 we were building distributors . one guy used his house to put him in business. his business was growing rapidly so i had him get it reappraised every six months so i could lift his credit line. I think we went from $80,000 to $500,000 in the space of twenty months. he was on a waterway in ft. lauderdale. Local bank which held the mortgage certified that appraisal.. we held second dips which was really nothing. I assume he is now retired. realestate i bought in ca. at peak interest rates 18% if you could get a loan.. sold six months later . lost $40,000. no buyers. no money around to buy a house. We had over forty employees who got stuck on condo on east coast , west coast who bought in at peak and then market dried up. Many lost a lot of money.. I was protected by company for most of my losses.

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