Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Thursday, April 05, 2007

DreamLife to Prison Life


SAN FRANCISCO -- "A Central Valley man who was a finalist for naming rights to the 49ers football stadium was sentenced Wednesday to nine months in prison in connection with a real-estate fraud scheme."
"In 2004, DreamLife Financial (where Daniloo was branch manager) was a finalist for naming rights for the San Francisco 49ers football stadium at Candlestick Point."

"Tony J. Daniloo, 32, of Turlock admitted in December to embezzling between $2.5 million and $7 million from homeowners in the East Bay and the Central Valley. Prosecutors also said that he was responsible for more than $100 million in fraudulent loans. He pleaded guilty last year to all 122 counts that had been lodged against him in a federal grand-jury indictment handed down in August."

"Daniloo defrauded lenders and embezzled cash, in part by making false claims about liens on properties, while he was manager of the Dublin branch of a mortgage brokerage company from 2000 to 2002."

4 Comments:

At 4/05/2007 10:48:00 PM , Anonymous Anonymous said...

BRAVO to this blog! First class and finally someone that's not blindly supporting the "jumping of the cliff" sheep hord mentality that's caught most of Sonoma in a frenzy. Fact of interest, during the "run up of the internet bubble" even the common guy who polishes the shoes used to give stock tips. Sound familiar right now in Sonoma? Even the guy at the Taco stand will tell you about his "sisters nephews friend's friend of his uncle's side" who made $500,000 flipping a house. Greed is as American as candy filled with Corn Syrup, yet the "flipper crowd" has caused most young people to relocate out of the valley. When more than 65% of Sonoma's jobs in the last 10 years seem to have evolved around "(un)real estate" and the rotten soup around it (contracters, painters, gardeners, etc) something certainly smells fishy. The whole Rat Pack is headed by the Realtor gang, just like Gordon Gecko in Wall Street, they get to wear sharp suits, command corner offices, and talk big shallow stories about dreamy possible profits to potential clients. Funny enough, it's a common joke among realtors to discuss how bad the quality of Sonoma homes really is! It's not pretty to guess what will happen to the local Sonoma economy when the first domino will start to fall. As a final reminder: in the movie "Wall Street" that pictured the 1980's Wall Street Crash we can only remember the words of Martin Sheen to his rookie son "get a real job kid"! It's time for American people to get back to their basic values and the realtors with their flipper gang made a sham of it.

 
At 4/05/2007 11:03:00 PM , Blogger Athena said...

anon said: When more than 65% of Sonoma's jobs in the last 10 years seem to have evolved around "(un)real estate" and the rotten soup around it (contracters, painters, gardeners, etc) something certainly smells fishy. The whole Rat Pack is headed by the Realtor gang

You know it! Don't worry, baby. The bigger they are the harder they will fall.

We will see who is joking about how crappy the housing is in Sonoma when these guys are on the business end of lawsuits, the FBI and perhaps a set of handcuffs. :-/

 
At 4/06/2007 01:34:00 PM , Anonymous tom stone said...

8 out of 14 adults on my block have jobs related to real estate or construction.and what will happen to city and county tax revenues when homes sell for less,those that are able to keep their homes challenge their assessments,and consumers stop buying stuff they don't need because no one will loan them more $,and they lost their job? I was asked today what i thought would happen to a particular neighborhood in W santa rosa.roughly 100 cobblestone homes on tiny lots,shoddy construction (having to completely rewire your home 3 months after you bought is not a sign of high quality) prices ran 680k to 800k at the peak,and it sold out not quite 2 years ago.the buyers almost all used the builders preferred lender (90% plus) and got teaser rate 2/28 arms.they qualified on the 2% teaser rate,and the first reset hit April first(YES!).these loans reset monthly.the current rate is 8.75%.There is no indication of Fraud here.shoddy construction,unbridled greed,contagious stupidity yes,fraud no.so what happens to a neighborhood when 90% of the homes become foreclosures or short sales in a matter of months? This is WEST santa rosa!!! and they paid up to $800k!!! if you are quiet,you can hear HL Mencken's laughter.

 
At 5/02/2007 01:47:00 PM , Anonymous Anonymous said...

We will see who is joking about how crappy the housing is in Sonoma when these guys are on the business end of lawsuits, the FBI and perhaps a set of handcuffs. :-/

Don't forget Gorilla on D Block who's cruising for fresh meat...

 

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