[DeTomaso] NPC: REALLY NO PANTERA CONTENT, US Auto Industry Bailout OPINION

Tue Dec 9 14:32:02 EST 2008

OK, I think we all know exceptions are...the doctor, the IRS, and the attorneys. I don't look forward to those days.

Peter Kovacs
Property Equity & Mortgage Mgmt
209 345-6708 
209 523-4919 fx

________________________________
From: Larry - Ohio Time Corp <larry at ohiotimecorp.com>
To: Peter Kovacs <peter-kovacs at sbcglobal.net>; Mad Dog Antenucci <teampantera at yahoo.com>; michael frazier <red3644 at hotmail.com>; michael at michaelshortt.com; notstock at yahoo.com
Cc: kenn_green at yahoo.com; asajay at asajay.com; pantera list <detomaso at realbig.com>
Sent: Tuesday, December 9, 2008 10:05:10 AM
Subject: RE: [DeTomaso] NPC: REALLY NO PANTERA CONTENT,US Auto Industry Bailout OPINION

<< No one gets in while I am alive>>

If the doctor does not, you may not be...

Larry (next year) - Cleveland

-----Original Message-----
From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com] On
Behalf Of Peter Kovacs
Sent: Tuesday, December 09, 2008 12:56 PM
To: Mad Dog Antenucci; michael frazier; michael at michaelshortt.com;
notstock at yahoo.com
Cc: kenn_green at yahoo.com; asajay at asajay.com; pantera list
Subject: Re: [DeTomaso] NPC: REALLY NO PANTERA CONTENT,US Auto Industry
Bailout OPINION

My rules... No one gets in while I am alive.

Peter Kovacs
Property Equity & Mortgage Mgmt
209 345-6708 
209 523-4919 fx

________________________________
From: Mad Dog Antenucci <teampantera at yahoo.com>
To: Peter Kovacs <peter-kovacs at sbcglobal.net>; michael frazier
<red3644 at hotmail.com>; michael at michaelshortt.com; notstock at yahoo.com
Cc: kenn_green at yahoo.com; asajay at asajay.com; pantera list
<detomaso at realbig.com>
Sent: Tuesday, December 9, 2008 9:52:45 AM
Subject: Re: [DeTomaso] NPC: REALLY NO PANTERA CONTENT, US Auto Industry
Bailout OPINION

Prison Rules - No one gets out alive

Peter Kovacs <peter-kovacs at sbcglobal.net> wrote: 
Dawg! 

'Dawgy Style' and 'You Behind Me' just don't work for me...but I appreciate
your support.....from a safe distance.

Peter Kovacs
Property Equity & Mortgage Mgmt
209 345-6708 
209 523-4919 fx

________________________________
From: Mad Dog Antenucci 
To: Peter Kovacs ; michael frazier ; michael at michaelshortt.com;
notstock at yahoo.com
Cc: kenn_green at yahoo.com; asajay at asajay.com; pantera list 
Sent: Monday, December 8, 2008 8:50:26 PM
Subject: Re: [DeTomaso] NPC: REALLY NO PANTERA CONTENT, US Auto Industry
Bailout OPINION

My good friend Peter,

I didn't understand a damn thing I just read but I still appreciate what you
and the other educated guys on this esteemed List have said. 

Just remember when there is anarchy in the streets and the feared socialist
revolution comes I just want you and the other capitalists and money
changeers to know that WHEN they come for you I will be standing right
behind you! 

Dawgy Style ;-]>

Peter Kovacs wrote: 
Mad Dog,

Blame is a real balancing act. I certainly benefited from the
previous strong economy as a homeowner, investment property owner ,401k
investor, resident of a community with a growing economy, and in my career.
While subprime loans and options arms were available through the company I
worked for, I only did a few of them  and only after explaining the benefits
and consequences of the program and never if there was a better
alternative. Most of my customers chose other products that provided more
stability or went to other lenders who were more excited about providing the
requested 'low' payment program. A few of my sophisticated customers still
wanted option arms. They worked very well for some and not so well for
others but they knew what they were getting in to and the risks they were
taking. Over the years, a few borrowers chose the subprime 2/28s. They
worked well for some who sold or refinanced out later and for very few, the
combination of
factors did not exist for a successful exit. I advised them at the beginning
of what was needed for that, so no surprises there either. 

The challenge for me was that if I properly informed a customer about 
program, they were eligible for that program, and they applied for that
program I would be in violation for not providing that program. I would
often state,' I wouldn't suggest this to my friends and family'. Some would
listen, and choose a more responsible approach. Most would thank me for my
time, go down the street and get the loan elsewhere. I would share my
thoughts and concerns with the newspaper, city council etc. My office and I
put on workshops as a volunteer at the library just to help people
understand the loans they already had. City Council looked at me with their
tired faces and said ' good thoughts, meeting adjourned. ' Very few people
showed up to understand the loans they had. No one paid attention except the
one reporter that came back after things changed and said 'you were right'.
It was a pretty sad day considering what I was right about. 

Since then,  I have spent many days, weekends and evenings volunteering at
foreclosure prevention workshops and speaking at town hall meetings,
churches and senior centers. I even attended a congressional field hearing
regarding this issue and submitted testimony to it. I'd be happy to include
my testimony but this email is long enough. It is frustrating when people
ignore information that is available then cry foul later saying 'why didn't
someone tell me this could happen?'

Since then, my equity in my home has evaporated as it has with my investment
properties and 401k. My community and surrounding communities have
significantly deteriorated. My income has greatly diminished. This part of
the cycle will pass also. There are incredible opportunities out there and
the market has a short memory.

Despite what the media puts out there, business is now booming. Homes are
being sold for 'less than they are worth'. Multiple offers on most listings.
The pendulum has swung the other way. Housing prices are very low in
relation to the areas earnings. Plenty of demand from investors, and even
modest single income households that never could have dreamed of buying a
few years ago. Because of the national news, the supply keeps coming because
there is no longer an incentive to keep paying on the part the the people
who owe more than their home is currently worth. Homes previously sold for
$729,000 now are selling in the mid $200's if you can beat out the other
offers. You can now buy houses for cheaper than you can build them. Builders
are bankrupt or sidelined....and they can build a house overnight. We are
already creating our next housing shortage. Keep watching, we are witnessing
a huge redistribution of wealth.

Hopefully you don't find yourself on the wrong end of that redistribution
once the dust settles. Take some of the Millions you have left over from the
ORR bet and buy some property. There are still loans out there for the
qualified buyers, but now qualifications are a requirement.

If you think this letter was long, you should see my letter to congress.

Peter Kovacs
Property Equity & Mortgage Mgmt
209 345-6708 
209 523-4919 fx

________________________________
From: Mad Dog Antenucci 
To: michael frazier ; michael at michaelshortt.com; notstock at yahoo.com
Cc: kenn_green at yahoo.com; asajay at asajay.com; pantera list 
Sent: Monday, December 8, 2008 2:18:07 PM
Subject: Re: [DeTomaso] NPC: REALLY NO PANTERA CONTENT, US Auto Industry
Bailout OPINION

Your EXACTLY right on Michael...

I was reminded off line that my rants sound good but we are all guilty to
some degree of greed.....

none of us COF's are going to sell our homes what they are really
worth...thats assuming we could find a qualified buyer! And if the home
prices keep falling (Peter we blame you for this) we may end up selling our
homes for REALLY what they are worth!!!
HAH........okay glad I am finally finding the humor in this situation

Sorry for the earlier rants.

Dawg, back in his cage

michael frazier wrote: 
*"GM, which is now committed to making car consumers want to buy "*

I think that was the problem all along.  We wanted to buy 9 passenger 4
wheel drives.  How can you survive without one?
The condition of American roads and mall parking lots make them
essential...not to mention the nearly constant off road use 
these vehicles see daily.  If you make "lighter and more fuel efficient look
"Cool", then we'll need those too.  They built exactly
what we wanted.
Michael
Big Bend ORR  April 2009!
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Mad Dawg Antenucci 
Team Pantera Racing 
  The 1st & still the only vintage race team in open road racing 
www.teampanteraracing.com
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The 1st & still the only vintage race team in open road racing 
www.teampanteraracing.com
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