BOB TOLL SAYS REAL ESTATE IS COMING BACK AS EXECS DUMP STOCK
In an interview with Bloomberg this morning Bob Toll, CEO of Toll Brothers, says the housing market is “coming back”. He sees the pressures in real estate alleviating as consumers rebound and government programs help boost up the market. Toll says we’re on the verge of a “serious good time”:
“I don’t see prices going down any longer. I think you’re gonna see them start to go up. As they accelerate we’ll get closer to a serious good time again, but we’re not there yet.”
Despite this, the Toll Brothers CEO has dumped hundreds of millions in stock and company execs continue to dump shares on the market as we speak. For Bob Toll, it looks like a win-win. His “serious good time” scenario will result in further profits (and bonuses) whereas he has essentially hedged himself from massive losses (via his stock sales) if the real estate market retrenches. For the American public the scenario is a bit different. The “serious good time” means the bubble is coming back to American real estate. We all know how that will end. And buying Toll stock from the man who sold it? Well, that will likely turn out the same way….A boom before a bust….
And the quote of the week goes to Bob Toll with “…we’ll get closer to a serious good time…”
A serious good time? What the hell is wrong with this man? Why doesn’t he just say: “the bubble is coming back.”
guarrantee u old bob was gen. custer in a former life…..ego ruins the effect of a mirror every time.
i need to be smoking what he(and Obummer) are…..then there’s “helicopter” ben.
Bottom’s in…where up his ass?
Your stories of loan modifications that don’t happen
Your anger and your confusion come through clearly.
I don’t get really any good calls or emails about loan modifications. It intensifies every time I write a story about the issue. Such as, today.
Let me share a few of your stories:
This morning, I heard from a man in foreclosure in Broward who was hauled out of the shower by a call from his lender, but after an hour on the phone, he could not reach a human being to figure out what he needed to do. His loan servicer is HomeEq.
A caller in Boynton Beach says after 14 months of trying, he has been denied a modification. He says his wife at first was said to make too much money then too little. He’s received nothing in the mail responding to his application. If he didn’t keep calling the bank, he’d have no information. “We don’t want to join the ranks of the foreclosed,” he said.His loan was from Washington Mutual and now is being handled by JP Morgan Chase.
A lady in Palm Beach county says her daughter was told to stop paying her mortgage in order to qualify for a modification. Then she was denied the modification. So she tried a short sale. Bank lost the papers. “They won’t give my daughter a loan modification and they won’t do a short sale. What is going on with the banks?? I don’t believe for one second that people are not sending in what they need. I have had case loads of 500-600 people and never lost anything,” she wrote. Her lender is Wachovia.
A borrower in Plantation who says his bank told him he won’t qualify unless he falls behind on his payments. That’s not true, according to the Making Home Affordable Program’s rules published on its web site. “But have you heard of anyone who has gotten a modification who was still making payments?” he asked. His lender is Wells Fargo.
A mortgage broker says it took ten months for his lender, Citi, to respond to his inquiry on his own home loan. In addition, he says, “We cannot find a single person who was with WAMU that is getting modified. I know an elderly disabled woman in Pompano who is going to have to file for bankruptcy because they will not work with her. She is the epitome of what the program should target.”
http://blogs.trb.com/business/columnists/brackey/blog
i need to be smoking what he(and Obummer) are…..then there’s “helicopter” ben.
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He and helicopter Ben both know what is going on and are sober. If they weren’t, this guy wouldn’t be selling his stock and Ben wouldn’t continue to drop money.
Well, we all know good ol’ Bob Toll is the most bullish and optimistic CEO out there. I didn’t expect anything less. He’s also pretty good at timing – selling near highs almost every time.