I hadn’t realized Patriot Bank loaned in California

Patriot Bank appraisal team

Beverly Hills foreclosures. Most are junk but some have price tags that make Greenwich look cheap. What astonishes me is how much banks were willing to lend on these properties: $10,000,000 and $14.5 million, in two instances. Where was the government when these people needed our help?


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9 responses to “I hadn’t realized Patriot Bank loaned in California

  1. AJ

    Didn’t Aaron Spelling and Merv Griffen each spend about $50 million for their houses way back when?

  2. Duff

    Foreclosure – says who?

  3. Georgie

    We live in a time where bigger, better, flashier has to be advertised to our friends, colleagues, and neighbors. So, you don’t have the cash….no problem……there is a bank who is equally wanting to rev-up their profile with generous loans and will practically give you the money without checking for viability.

    Its all so crass and distasteful.

    What happened to the America where one wanted to avoid looking nouveau riche and be discreet…..and for gods sake, be humble and grateful? Going bankrupt, foreclosures was the ultimate humiliation….today, its considered a great tool for getting by those “scrapes” in life….and all those burned and affected by it, be damned, including the taxpayer.

  4. Hurston Towell III

    Georgie, the end is near (and that includes the end for the most current bubble…our stock market). Pay no attention to that man behind the curtain.

  5. AJ

    Good tape Duff. It looks like the same fight between common law vs admiralty, or maritime, law that’s going on in the US. It’s nice to see an example of it at work. Here’s a film that shows that there is no law on the books giving the US government the right to collect income tax. The film challanges lawmakers to find the law, and they are sure that they can, yet they come back one after the other saying, you know, you’re right we can’t find a law. There is however plenty of enforcement code, so don’t try this at home kiddies because they will come after you, and you could end up in jail. The film is a bit slow, but interesting.

  6. FF

    Um….AJ, there is this little thing called the US Constitution that allows this. Of course, you’ll probably tell me that Ohio never properly ratified or something like that.

    Amendment 16 – Status of Income Tax Clarified. Ratified 2/3/1913. Note History

    The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.


  7. AJ

    Actually FF, I’m not saying anything other than that it’s interesting. In my case, it’s considerably less expensive to comply than resist so not only have I not spent any time looking into it, I haven’t given it much thought. All I’m saying is that the common law vs commercial law is curious, and in the case of Duff’s clip, at least temporarily, it seems to have worked.

  8. Mr. 85 Broad St.

    Ask Wesley Snipes how well this approach worked….

  9. AJ

    As I said 85 you could end up, and moat likely will end up in jail. When it comes to the tax man, it’s much easier and a hell of a lot less expensive to go with the flow. FF’s amendment 16, “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” is not legislation, but allows legislation to be created.

    All I’m saying is that it’s interesting to watch that no one can produce the law, or legislation. As for schemes to not pay your taxes, going back to the early seventies when someone came up with the idea that money is greenbacks and not dollars and therefore he didn’t have to pay: as far as I know every scheme has failed and the tax evader has gone to jail.