[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Please explain this to me.

While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.

I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?

If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.

Does anyone have first-hand knowledge of the project and or Mr. Rebeil?

[Deserted]

Interesting references on eliminating the mortgage interest deduction:

First, from the New York Times. hardly a beacon in the night for capitalism, but even they have a hard time justifying the tax break:

And now, from the dark side of the force:

http://www.realtor.org/government_affairs/mortgage_interest_deduction/index.html

[Deserted]

Interesting references on eliminating the mortgage interest deduction:

First, from the New York Times. hardly a beacon in the night for capitalism, but even they have a hard time justifying the tax break:

And now, from the dark side of the force:

http://www.realtor.org/government_affairs/mortgage_interest_deduction/index.html

[Deserted]

Interesting references on eliminating the mortgage interest deduction:

First, from the New York Times. hardly a beacon in the night for capitalism, but even they have a hard time justifying the tax break:

And now, from the dark side of the force:

http://www.realtor.org/government_affairs/mortgage_interest_deduction/index.html

[Deserted]

Interesting references on eliminating the mortgage interest deduction:

First, from the New York Times. hardly a beacon in the night for capitalism, but even they have a hard time justifying the tax break:

And now, from the dark side of the force:

http://www.realtor.org/government_affairs/mortgage_interest_deduction/index.html

[Deserted]

This is no place for personal attacks.

The “ad hominem” attack is used only when you have nothing of value left to argue. And the racist remarks by some posters are beneath contempt.

I believe that the program cited in the article is fundamentally flawed. It violates basic economic law and logic. In the short-term it may help some families purchase some houses. In the long-term it will perpetuate overpriced housing and lead to a continuation of the very problem that it seeks to mitigate. By overpricing the market, this prevents other potential home buyers from purchasing. Over time, this program will have an opposite effect from that desired.

With certain extraordinary exceptions, whenever the government or some other outside entity attempts to control, manipulate, or otherwise “correct” a free market, it inevitably leads to unintended consequences — often the direct opposite of those intended.

One of the great ongoing real estate market disruptions is the mortgage interest deduction. When all other interest was taken off the list of allowed deductions in the 1986 “Tax Simplification Act” (a typical government sick joke, since it would be better termed the “CPA Full-employment Act”), the mortgage interest deduction was the only one left standing. Why? Hmmm…. realtors donate more money to politicians than almost any other group. What a coincidence! And so, in typical fashion, this law which was originally intended to make home ownership more affordable has lead to escalation in housing prices making home ownership less affordable.

Well, I didn’t tag myself contrarian for nothing.

[Deserted]

This is no place for personal attacks.

The “ad hominem” attack is used only when you have nothing of value left to argue. And the racist remarks by some posters are beneath contempt.

I believe that the program cited in the article is fundamentally flawed. It violates basic economic law and logic. In the short-term it may help some families purchase some houses. In the long-term it will perpetuate overpriced housing and lead to a continuation of the very problem that it seeks to mitigate. By overpricing the market, this prevents other potential home buyers from purchasing. Over time, this program will have an opposite effect from that desired.

With certain extraordinary exceptions, whenever the government or some other outside entity attempts to control, manipulate, or otherwise “correct” a free market, it inevitably leads to unintended consequences — often the direct opposite of those intended.

One of the great ongoing real estate market disruptions is the mortgage interest deduction. When all other interest was taken off the list of allowed deductions in the 1986 “Tax Simplification Act” (a typical government sick joke, since it would be better termed the “CPA Full-employment Act”), the mortgage interest deduction was the only one left standing. Why? Hmmm…. realtors donate more money to politicians than almost any other group. What a coincidence! And so, in typical fashion, this law which was originally intended to make home ownership more affordable has lead to escalation in housing prices making home ownership less affordable.

Well, I didn’t tag myself contrarian for nothing.

[Deserted]

This is no place for personal attacks.

The “ad hominem” attack is used only when you have nothing of value left to argue. And the racist remarks by some posters are beneath contempt.

I believe that the program cited in the article is fundamentally flawed. It violates basic economic law and logic. In the short-term it may help some families purchase some houses. In the long-term it will perpetuate overpriced housing and lead to a continuation of the very problem that it seeks to mitigate. By overpricing the market, this prevents other potential home buyers from purchasing. Over time, this program will have an opposite effect from that desired.

With certain extraordinary exceptions, whenever the government or some other outside entity attempts to control, manipulate, or otherwise “correct” a free market, it inevitably leads to unintended consequences — often the direct opposite of those intended.

One of the great ongoing real estate market disruptions is the mortgage interest deduction. When all other interest was taken off the list of allowed deductions in the 1986 “Tax Simplification Act” (a typical government sick joke, since it would be better termed the “CPA Full-employment Act”), the mortgage interest deduction was the only one left standing. Why? Hmmm…. realtors donate more money to politicians than almost any other group. What a coincidence! And so, in typical fashion, this law which was originally intended to make home ownership more affordable has lead to escalation in housing prices making home ownership less affordable.

Well, I didn’t tag myself contrarian for nothing.

[Deserted]

This is no place for personal attacks.

The “ad hominem” attack is used only when you have nothing of value left to argue. And the racist remarks by some posters are beneath contempt.

I believe that the program cited in the article is fundamentally flawed. It violates basic economic law and logic. In the short-term it may help some families purchase some houses. In the long-term it will perpetuate overpriced housing and lead to a continuation of the very problem that it seeks to mitigate. By overpricing the market, this prevents other potential home buyers from purchasing. Over time, this program will have an opposite effect from that desired.

With certain extraordinary exceptions, whenever the government or some other outside entity attempts to control, manipulate, or otherwise “correct” a free market, it inevitably leads to unintended consequences — often the direct opposite of those intended.

One of the great ongoing real estate market disruptions is the mortgage interest deduction. When all other interest was taken off the list of allowed deductions in the 1986 “Tax Simplification Act” (a typical government sick joke, since it would be better termed the “CPA Full-employment Act”), the mortgage interest deduction was the only one left standing. Why? Hmmm…. realtors donate more money to politicians than almost any other group. What a coincidence! And so, in typical fashion, this law which was originally intended to make home ownership more affordable has lead to escalation in housing prices making home ownership less affordable.

Well, I didn’t tag myself contrarian for nothing.

[Deserted]

Don’t overlook a critical point.

Fat_lazy_union and nostradamos are giving excellent advice, but I want to highlight one critical point that they’ve already brought up.

You probably have a non-recourse loan. I would advise you to get an expert third party to verify that. If true, GMAC will almost certainly want you to sign a new loan if they cut you any slack on the interest. This will almost certainly be a recourse loan. In your position, it sounds like a recourse loan would be a potential financial timebomb. DO NOT SIGN A RECOURSE LOAN UNDER ANY CIRCUMSTANCES.

As all other posters have pointed out, do not I repeat do not cash in your IRA to placate GMAC.

The time for assessing blame for getting into this loan is long past. For what it’s worth (not much), in my opinion offering these loans is the moral equivalent of giving car keys to someone who’s a staggering drunk.

[Deserted]

Don’t overlook a critical point.

Fat_lazy_union and nostradamos are giving excellent advice, but I want to highlight one critical point that they’ve already brought up.

You probably have a non-recourse loan. I would advise you to get an expert third party to verify that. If true, GMAC will almost certainly want you to sign a new loan if they cut you any slack on the interest. This will almost certainly be a recourse loan. In your position, it sounds like a recourse loan would be a potential financial timebomb. DO NOT SIGN A RECOURSE LOAN UNDER ANY CIRCUMSTANCES.

As all other posters have pointed out, do not I repeat do not cash in your IRA to placate GMAC.

The time for assessing blame for getting into this loan is long past. For what it’s worth (not much), in my opinion offering these loans is the moral equivalent of giving car keys to someone who’s a staggering drunk.

[Author]

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