Beer Steak Bullshit

Chinese government has invested $585 Billion as stimulus package to support the growth of Chinese economy despite recession. Big chunk of the money went towards speedy creation of cities such as Ordos in Inner Mongolia, north-east China. Ordos was built in just 5 years and was built to be big enough for 1 million residents, however the city is empty. Despite all the modern infrastructure, there is hardly anybody there and Ordos as seen for what it really is – an Empty City.

Thanks to its low population numbers, but high income due to nearby coal mines, Ordos has the second highest per capita income, after Shanghai. And even though Ordos remains an Empty City with hardly any inhabitants, management of construction companies claims that all units have been sold, it’s just that nobody’s moving in. Most of the house and apartments have been purchased by investors. At present time Ordos is an Empty City in China, but if it takes off, the value of these homes and other real estate will sky rocket which in the end will result in great return on investment.

The video about Ordos, China’s Empty City by Al Jazeera is below:

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Eve Mazzarella started her Las Vegas journey as a maid after she’d dropped out of Seattle high school because she got pregnant. Las Vegas real estate market was becoming hot so Eve Mazzarella took a course and obtained a real estate certificate allowing her to start a career in the housing market. That was back in 2000.

By 2006, Eve Mazzarella was one of top “30 under 30″ realtors in the US. Her sales for the year reached $13.8 million and all competition was impressed with her success. She seemed to be talented, hard working and determined all of which contributed to her success – in the eyes of others.

The things took sudden turn in March of 2008. Eve Mazzarella and her husband Steven Grimm were indicted on six counts of bank fraud by the U.S. Attorney for Nevada and FBI raided their house the day after. It appears as though Eve Mazzarella and Steven Grimm took advantage of lax money lending policies, arranged sales on certain houses, took a mortgage and walked away from it. The whole process worked something like this:

Eve Mazzarella and Steven Grimm would pay few thousand dollars to a person with good credit who would pose as a buyer of a particular property. Eve Mazzarella and Steven Grimm applied for a mortgage on the straw buyer’s behalf. The buyers were instructed to offer the seller more than an asking price, and the difference was to be used on repairs and/or remodeling. This repair money was then send to the company controlled by Eve Mazzarella and Steven Grimm after the deal closed. Newly acquired property was then transferred into a limited liability company owned by Eve Mazzarella and Steven Grimm who subsequently hired another straw buyer who was paid to purchase the same property in the same way – for a higher price which was purposefully over inflated in order to cover for repair/remodeling done by the seller. This process was repeated over and over until there were no more straw buyers to buy it for any higher price. The last straw buyer ended up with his/her name on the loan which ultimately lead to their default notices, destroyed credit and unless they were really wealthy and capable of buying their way out of it – bankruptcy.

According to assistant U.S. Attorney Brian Pugh, Eve Mazzarella and Steven Grimm defrauded $8.7 million in their little mortgage scam games. The case is on going.

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