You know what’s something that used to be considered gauche but is now de rigueur with the Hamptons set so you know it’s cool? Not paying your mortgage. Apparently a bunch of Hamptons residents have been neglecting to send their checks to Angelo Mozilo’s PO Box these last couple months, former UBS executives included, which sounds about right. Erstwhile UBS employee Marc Warren is among the 120 homeowners who’ve had preliminary foreclosure actions (lis pendens proceedings) taken against them for loans exceeding $1 million. And they may soon be in even better company, if no one’s in a buying mood—Concoran broker Susan Breitenbach says she’s been called by dozens of Bear Stearns employees “desperate to unload their East End homes.” Hopefully they’ll be able to do so, and not join the growing number of EE homes (ten to date) that’ve been foreclosed outright since January. Which brings us to today’s reader poll-- who’s the (former) deadbeat owner of this $15 million Westhampton home, pictured above? The Post doesn’t say, but we have faith the DealBreaker brain trust can figure it out.
Related: Trader Made Billions on Subprime
Trouble In LI Paradise [NYP]
Posted by guest, May 12, 2008 5:14PM
I wonder why Fox News Channel hasn't had Barbara Corcoran on their Saturday morning business block lately??? Maybe because she was an unrelenting bull a year ago saying "...what housing bubble, there is no housing bubble..." Either she was talking her book (and loosing credibility faster than Steve Schwarzman lost credibility with the Japanese community) or she was just plain stupid.