There was certainly a great deal of kool aid being consumed during the bubble. People were paying ridiculous prices for real estate only because prices were going up. Since there is no valuation metric that makes any sense in a financial mania, it is difficult to tell if the late buyers were simply stupid, or if there was something more sinister going on.
So what is mortgage fraud?
High CLTV financing, particularly the widely offered 100% financing, is the ideal tool for fraud. Fraudulent transactions require “straw buyers” willing to sacrifice their credit for a fee (or identity theft,) appraisers willing to inflate the houses value, and realtors and mortgage brokers either willing to go along with the transaction for cash or too ignorant to see the truth. In a transaction, the straw buyer purchased a house for greater than its true market value, and the excess payment was used to pay off the corrupted parties. Fraud was much easier to commit with 100% financing because the bank loaned the full amount of an inflated appraisal. It is much harder to commit fraud when the bank only loans 80% of a property’s value. Most often the seller was in on the scam and was using the transaction to get out of a bad deal, but sometimes sellers were also innocent victims. The straw buyer had no intention of repaying the loan from the start, and the property quickly went into foreclosure.
Today’s featured property has an interesting history. I will let you decide whether the last buyer was a “straw buyer” who was part of a fraudulent transaction or simply a fool. I do not know, and I have no way to tell.
Bank owned. Sold for $800,000 in 2006. Good Quail Hill location near
pool, workout room, shopping, park, and hiking areas. C-Daydream
floorplan in Casalon tract with balcony off kitchen area. Bedroom/bath
on first floor, and other two bedrooms on third floors. Spacious
kitchen with white cabinets/appliances. Living room has fireplace,
vaulted ceilings, media niche, and upgraded cherry floor and custom
paint throughout, master with vaulted ceilings, walkin and hill and
city views. Award winning schools/University H.S.
Well, at least the bank is telling the world how stupid it was in 2006 when they loaned $800,000 on this property…
To fully understand this property, and in turn the housing bubble, we need to go all the way back to the first buyer. Let’s begin.
Owner #1
The first owner bought this property from the builder for $392,000 on 12/5/2003. He used a $313,590 first mortgage, a $39,199 second mortgage, and a $39,211 downpayment. The owner refinanced a year later, but did not take out any money. A HELOC was opened on 1/19/2006 for $250,000. Do you think he took out the money? Actually it doesn’t matter because he sold the property a few months later to owner #2.
Owner #2
This is the guy who really made a bundle on the property quickly. He is the poster child for successful flipping, or perhaps something else. He purchases the property on 4/25/2006 for $660,000. He uses a $528,000 first mortgage, a $132,000 second mortgage, and a $0 downpayment. He has no money in the deal. Just 4 months later he sells it to buyer #3 for a huge profit.
Owner #3
This is our patsy/bagholder. He pays $800,000 on 8/31/2006. He uses a $640,000 first mortgage, a $160,000 second mortgage, and a $0 downpayment: 100% financing. What a surprise. I am curious how the appraiser could state this property had increased in value by $140,000 in 4 months. Does this feel right to you?
Do you think there is a relationship between owner #2 and owner #3?
Was owner #3 part of a fraud scam or just really, really stupid?
I don’t have the answers to these questions, but even with all the kool aid in the market, this one looks a bit fishy to me.
What is also remarkable about this property is the discount at auction. The bank wrote a first mortgage for $640,000, and yet they only bid $463,500 at auction, and they were the highest bidder. Even the flippers did not want to touch this toxic turd.
If this property sells for its asking price, and if a 6% commission is paid, the total loss on the property will be $330,940.
This property is being offered for 37.6% off its peak purchase price.
Look at the chain of ownership here. There was one owner who had less than $40,000 of his own money into the deal, and that only represents 10% of the initial purchase price. Every penny of the remaining transactions was debt. This properties resale price was inflated from $392,000 to $800,000 with air provided by lenders and asset-backed security investors. Now that the air is being removed from the credit bubble, this property has fallen from $800,000 down to $499,000 on its way to an even lower value. This is the essense of The Great Housing Bubble.
{book}
He bends and he breaks If you give they will take away His passion, his pain, his grace.
He exhales, A thousand black flowers explode into butterflies as they’re away
Rip them out, take them, Burn coals as they crush him Leave nothing that resembles the soul of a man See him numb, see him crushed See him numb, See him crushed Rip them out, take them Burn coals as they crush him Leave nothing that resembles the soul of a man Leave him numb. leave him crushed Leave him numb, leave him crushed
Took the fire inside One too many times He’s burning over and out now, He fails Up against the raging tides, No more fights Everything you ever wanted to see, See it in his eyes One more time, one more time
Climb down to test the waters, My hands feel like they’re rusting away yea, yea. So I’ll pace around like a lamb before the slaughter I’ll stay here as long as you let me, Decisions been made obvious so I will return Where I started I’ll stay there Unfinished I’ll wither away
This life is filled with hurt When happiness doesn’t work
In case you haven’t noticed, major economic disruptions are painful. It is mentally painful, emotionally painful, and sometimes physically painful. Mentally we all try to figure a way out of this mess. How can we make more money? What can we do about our current circumstances? We tie ourselves in knots trying to solve the enigma. It has no solution. These circumstances lead to emotional pain most often caused by the scarcity of money. We are unable to support our lifestyles, we have to cut back, and sometimes this is not enough. Sometimes the cutbacks are made for us. Creditors close financial lifelines, and lenders foreclose on homes. This can lead to destructive behaviors: divorces, alcoholism, smoking, and a whole host of other problems. This emotional pain leads to stress and physical pain. People start having health problems, and since they can’t afford a doctor’s visit, these problems often go unattended. In short, recessions really suck.
I was watching an HBO comedy special with Ricky Gervais the other night. In part of his routine, he was making fun of the lessons we learn in children’s stories. One of these stuck out because it speaks to today. He tells the story of the industrious mouse and the lazy mouse. The industrious mouse is busy gathering food and storing it away for the coming winter whereas the lazy mouse eats until he is full then either parties or lies around and does nothing. When winter comes, the industrious mouse is safe in his warm shelter and has plenty of food. The lazy mouse is cold, hungry and in pain. Finally the lazy mouse knocks on the door of the industrious mouse and pleads for some food and a place to stay. What does the industrious mouse do? He invites him in and gives him food and shelter.
Hmmm…
What lesson is being learned here?
From a spiritual standpoint, the actions of the industrious mouse are the correct ones. You should always be generous in times of need, particularly if you have plenty. But what of the lazy mouse? What has he learned? He has learned that he can party and be irresponsible and some compassionate fool is going to take him in and save him. The industrious mouse did not evaluate whether or not the lazy mouse deserved to be saved, and he did not concern himself with the precedent this sets. He acted as his conscious told him. In doing so, he did a terrible disservice to the lazy mouse who is being rewarded for his bad behavior. But then again, perhaps he saved his life.
Anger and agony Are better than misery Trust me I’ve got a plan
When thinking about the behavior of everyone caught up in The Great Housing Bubble, it is easy to see how most were acting like the lazy mouse. They were borrowing huge sums of money, living the good life, and having no concern for tomorrow. It is winter now. There is pain ahead. There is no fruit on the money tree, and people are being thrown out of their homes. The decisions we make now as a society will have lasting implications. Do we bail out all the foolish speculators and lenders who created this mess? If we do, aren’t we guaranteeing we will see this behavior again? If we do not bail these people out, are the rest of us failing to be compassionate? Should we do more to help out our fellow man?
I don’t know what the answers are. These are questions we must grapple with as a society. It will be interesting to see what we choose.
Granite counters in Kitchen, Plantation shutters, Walking distance to
parks and Elementary schools. Great area of Irvine. Interior tract
location. This is a great Home!!!!!!!
Perhaps including 7 exclamation points makes this weak description look less half-assed.
This property is one of the steepest discounts we have seen at the high end to date. It is being offered for almost 10% off its 2004 purchase price. However, you need to peer into the mortgage records to see how big of a drop this really is.
The property was purchased on 5/21/2005 for $900,000. The owner used a $719,920 first mortgage, a $179,980 second mortgage, and a $100 downpayment. (Does anyone who rents have a security deposit smaller than this?)
On 8/5/2005 the owner refinanced for $990,000 taking out is whopping $100 downpayment and $90,000 for all the hard work he did being a property owner for 3 months.
On 4/26/2007 he took out a second mortgage for $137,390.
Total property debt is $1,127,390.
Total mortgage equity withdrawal is $227,490.
Total discount from peak value is 27%
As I stated previously, this is one the largest discounts we have seen on a high-end property to date. If The Bank of New York can get its asking price, and if a 6% commission is paid, the total loss on the property will be $357,530.
I wonder if the more aggressive disposition of REOs is a result of the capital infusion from the TARP program? Previously, the banks were in a more difficult capital position and unable to take some of these large write offs. With several billion dollars of government money in their possession, they can now take more write-downs and still maintain their capital ratios. We may see more of this.
{book}
Pain, without love Pain, can’t get enough Pain, I like it rough ‘Cause I’d rather feel pain than nothing at all
You’re sick of feeling numb You’re not the only one I’ll take you by the hand And I’ll show you a world that you can understand This life is filled with hurt When happiness doesn’t work Trust me and take my hand When the lights go out you’ll understand
Pain, without love Pain, can’t get enough Pain, I like it rough ‘Cause I’d rather feel pain than nothing at all Pain, without love Pain, can’t get enough Pain, I like it rough ‘Cause I’d rather feel pain than nothing at all
Anger and agony Are better than misery Trust me I’ve got a plan When the lights go up you’ll understand
Our new President will need help to address the problems in the residential real estate financing system that resulted in The Great Housing Bubble. My full proposal is here: Preventing the Next Housing Bubble.pdf. The following is an exerpt from this proposal:
The secondary mortgage market was created in the 1970s by the government sponsored entities, Freddie Mac, Fannie Mae, and Ginnie Mae. This market was expanded by the creation of asset-backed securities where mortgage loans are packed together into collateralized debt obligations (CDOs). This flow of capital into the mortgage market is a necessary and efficient tool for delivering money to borrowers for home mortgages. This market must remain viable for the continued health of residential real estate markets. The problem during the Great Housing Bubble was that the buyers of CDOs did not properly evaluate the risk of loss through default on the underlying mortgage notes that were pooled. The reason these risks were not evaluated properly is due to the appraisal methods used to value real estate serving as collateral backing up these loans.
There is one potential market-based solution that would require no government regulation or intervention that would prevent future bubbles from being created with borrowed capital: change the method of appraisal for residential real estate from valuations based exclusively on the comparative-sales approach to a valuation derived from the lesser of the income approach and the comparative-sales approach. Both approaches are already part of a standard appraisal, so little additional work is necessary – other than appraisers will have to focus on doing the income approach properly. In the current lending system, the income approach is widely ignored. This change of emphasis in valuation methods could come from the investors in CDOs themselves. When the fallout from the Great Housing Bubble is evaluated, it is clear that the comparative-sales approach simply enables irrational exuberance because the past foolish behavior of buyers becomes the basis for future valuations allowing other buyers to continue bidding up prices with lender and investor money. Prices collapsed in the Great Housing Bubble because prices became greatly detached from their fundamental valuation of income and rent. This occurred because the comparative-sales approach enables prices to rise based on the irrational exuberance of buyers. If lenders would have limited their lending based on the income approach, and if they would not have loaned money beyond what the rental cashflow from the property could have produced, any price bubble would have to have been built with buyer equity, and lender and investor funds would not have been put at risk. There is no way to prevent future bubbles, and the commensurate imperilment of our financial system, as long as the comparative-sales approach is the exclusive basis of appraisals for residential real estate.
Investor confidence in the market for CDOs and all mortgages was shaken
during the decline of the Great Housing Bubble – and rightly so.
Investors were losing huge sums, and nobody clearly understood why.
There was a widespread belief these losses were caused by some outside
factor rather than a systemic problem enabled by the lenders and
investors themselves. For investor confidence to return to this
market, investors must first ascertain a more accurate evaluation of
potential losses due to mortgage default. This requires an accurate
appraisal of the fundamental value of the residential real estate
serving as colla-teral for the mortgage loans that comprise the CDOs.
Since the fundamental value of residential real estate, the value to
which prices ultimately fall during a price decline, is determined by
the potential for rental income from the property, revaluing properties
using the income approach would provide a more accurate measure the
value of the mortgage note and thereby the CDO.
The ratings agencies who rate the various tranches of
CDOs must adopt the method of valuation utilizing the lesser value of
the income approach and the comparative-sales approach. The ratings
agency’s recommendations and ratings carry significant weight with
investors, and the ratings agencies clearly made a tragic error in
their ratings of CDOs during the Great Housing Bubble. If the ratings
agencies properly evaluate the underlying collateral backing up the
mortgages that are pooled together in a CDO, investors will regain
confidence in the ratings, and money will return to the secondary
market. If investors in CDOs recognize the chain of valuation as
described, they would be unwilling to purchase CDOs valued by other
methods. If investors are unwilling to purchase CDOs where the
underlying collateral value is measured using the comparative-sales
approach and instead demand a valuation based on the income approach,
the syndicators of CDOs will be forced to respond to investor demands
or they will not be able to sell their syndications. Investors and the
ratings agencies can mandate a new valuation method for residential
home mortgages.
In September of 2008, the Federal Government
took “conservatorship” of the GSEs responsible for maintaining the
secondary mortgage market. With the collapse of the asset-backed
securities markets and CDOs, the GSE swaps were the only viable market
for mortgage paper. This provides a unique opportunity for changing the
market dynamics with limited government intervention. If the government
in its role as conservator were to decide to mandate a change in
appraisal methods, the secondary market would be forced to accept this
change. Like any sweeping change in methodology, it could be phased in
over time to properly train appraisers and work out the details of
implementation. If the GSEs lead, the rest of the market will follow.
The
main objection with the income approach is the difficulty of evaluating
market rents, particularly in markets where there may not be many (or
any) comparative properties for rent in the market. This is an old
problem, one that has been studied in great detail by the Department of
Labor Bureau of Labor Statistics. Comparative rents have been
collected by the DOL since the early 1980s as part of their calculation
of the Consumer Price Index. The problem of irrational exuberance in
the late 1970s in coastal markets, particularly California, caused the
consumer price index to rise rapidly. Since the CPI is widely used as
an index for cost-of-living adjustments, volatility in this measure
caused by the resale housing market needed to be urgently addressed.
After over a decade of study, the DOL decided to value the change in
housing costs by a comparative rental approach rather than a change in
sales price approach used previously. This smoothed the index and
reduced volatility because the consumptive aspect of housing services
were tethered to rents and incomes rather than being subject to the
volatility caused by irrational exuberance in the housing market.
The
Department of Labor Bureau of Labor Statistics measures the market
rental rate in markets across the United States. It breaks down the
market into subcategories based on the number of bedrooms, and it does
a good job of estimating market rents in the various subcategories.
These numbers are updated each year. The figures from the DOL would
serve as a basis for evaluation of market rents, and it may be the only
basis in areas where there are few rentals. In submarkets where there
is sufficient rental activity, the income approach can use real
comparables to make a more accurate evaluation. Appraisers will decry
the lack of available data on rentals as many rentals, particularly for
single-family detached homes are done by private landlords who do not
report these transactions; however, if this method of appraisal were
the standard, private companies would spring up to track these
transactions and maintain an up-to-date database. Valuing properties
based on the income approach may be more difficult than the
comparative-sales approach, but when the latter method is fundamentally
flawed, ease-of-use is not a compelling reason to continue to rely on
it.
{book}
There is also the objection that the income approach
method of valuing residential real estate has the same problems as the
comparative-sales approach because both approaches rely on finding
similar properties and making an estimation of market value by
adjusting the values of comparative properties. In both approaches the
appraiser must explain their reasons for the adjustments to justify the
appraised value of the subject property, and this is a potential source
of abuse of the system. No system is perfect, but the potential to
inflate prices though manipulating appraisals based on the income
approach is far less than the potential problems emanating from the
comparative-sales approach because the basis of adjustment in the
income approach is a properties fundamental value whereas the basis of
adjustment in the comparative-sales approach is the prices paid by
buyers subject to bouts with irrational exuberance. If lenders start
accepting appraisals where the income approach contains adjustments to
value that increase the appraised amount 100% – something that would
have been required to justify pricing seen during the Great Housing
bubble – then the system is hopelessly broken. The main argument for
using the income approach is that its basis is the fundamental value
whereas the basis for the comparative-sales approach is whatever price
the market will currently bear. Prices are not likely to decline below
a properties fundamental value where as a property may decline
significantly from a point-in-time estimate of market value. Using the
income approach lessens the risk to lenders and investors and ensures
the smooth operation of the secondary mortgage market. Using the
comparative-sales approach exclusively results in the turmoil witnessed
during the price decline of the Great Housing Bubble.
Inspired by the rolling hillsides of the Tuscany region, this
exceptional custom estate is located in the premier and exclusive golf
community of Shady Canyon. With 5 bedrooms and 5.5 bathrooms, exposed
beam ceilings, a library / office, courtyard with outdoor fireplace,
pool, spa, built-in barbeque center, an additional fireplace near the
pool and private serene views of Shady Canyon, this high quality home
was built by renowned builder, Pinnacle Custom Homes, Inc.
When this beautiful property was purchased on 11/22/2006, the owner used a $4,175,000 first mortgage, a $500,000 HELOC, and a $825,000 downpayment. I suspect some of you may have laughed to yourself when I put the income and downpayment requirements for such an expensive home. When homes start getting over $2,000,000 they tend to be cash purchases with much smaller loans. Part of the reason for this is because anyone rich enough to afford a house like that doesn’t need credit, and since you can only deduct the first $1,000,000 it doesn’t pay to have such a large mortgage. However, the owner of today’s featured property did take out a massive mortgage. Can you imagine those payments? Yikes!
The high end is showing signs of stress. This one is almost 10% off. That doesn’t sound like a lot, but when you are talking about such an expensive property, 10% is $500,000. With two years of payments on combined mortgage of $4,675,000 and a $500,000 loss just on the asking price, this owner can’t be too happy.
.
Help, I need somebody, Help, not just anybody, Help, you know I need someone, help.
When I was younger, so much younger than today, I never needed anybody’s help in any way. But now these days are gone, I’m not so self assured, Now I find I’ve changed my mind and opened up the doors.
Help me if you can, I’m feeling down And I do appreciate you being round. Help me, get my feet back on the ground, Won’t you please, please help me?
And now my life has changed in oh so many ways, My independence seems to vanish in the haze. But every now and then I feel so insecure, I know that I just need you like I’ve never done before.
Help me if you can, I’m feeling down And I do appreciate you being round. Help me, get my feet back on the ground, Won’t you please, please help me.
When I was younger, so much younger than today, I never needed anybody’s help in any way. But now these days are gone, I’m not so self assured, Now I find I’ve changed my mind and opened up the doors.
Help me if you can, I’m feeling down And I do appreciate you being round. Help me, get my feet back on the ground, Won’t you please, please help me, help me, help me, oh.
Lay awake at night, Oh so low, just so troubled. Can’t get a job, Laid off and I’m having double trouble.
Financial markets have no mercy. They take no prisoners, except maybe those that are now imprisoned in their homes. The financial markets do not care what the prices mean to you or to anyone else for that matter. If falling house prices costs people money, ruins their credit, and forces them into bankruptcy, well, that is what can happen when people speculate in financial markets. There are likely many people losing sleep over their losses in real estate and the stock market while simultaneously worrying about their job. These are not carefree times.
This too shall pass. Despite all the turmoil, the sun will rise tomorrow, and it will be another beautiful day in Southern California. People will meet, fall in love, get married, start families, and look to buy a house. Hopefully, they will chose to rent for a while instead.
Enjoy the new Suzanne Researched This video, now with subtitles.
Single Family Home located in a desirable neighborhood!!! Home features
desirable floor plan, four bedrooms, three baths. Master bedroom with
walk-in closet and balcony. Main floor bedroom and bath. Cathedral
ceiling. Granite counter tops in kithen and bathrooms. Cabinets
throughout. Custom shutters, built-ins and much more.
kithen?
Wow! A desirable neighborhood and a desirable floorplan…
Today’s featured property is interesting to me because of the asking price history.
Date
Price
Sep 09, 2008
$725,000
Oct 30, 2008
$629,000
The house was purchased on 2/27/2006 for $830,000. The owner used a $663,920 first mortgage, a $82,990 second mortgage and a $83,090 downpayment. The total debt on the property is $746,910. When they listed the property for $725,000, they knew their equity was gone, but they might have been able to pay off the second mortgage and salvage their credit, and the first mortgage would have been made whole. The short sale might have been easier with only the second mortgage involved. However, they were unable to find a buyer at that price, so they lowered the price again to a price that was going to cost them their equity and their credit score. If this property sells for its asking price, and if a 6% commission is paid, the total loss on the property will be $238,740. A sale at this price represents a 24% discount from the peak.
I hope you have enjoyed this week at the Irvine Housing Blog. Come back next week as we
continue chronicling ‘the seventh circle of real estate hell.’ Have a great weekend.
🙂
{book}
Lay awake at night, Oh so low, just so troubled. Can’t get a job, Laid off and I’m having double trouble.
Hey hey, to make you’ve got to try. Baby, that’s no lie. Some of this generation is millionaires; I can’t even keep decent clothes to wear.
Laugh at me walking, And I have no place to go. Bad luck and trouble has taken me; I have no money to show. Double Trouble — Otis Rush
They say life is so much sweeter through the telephoto lens of fame
I wanted to remain anonymous. If it were not for the book, I would still be hiding in the shadows. When I first started writing for the IHB, I had a great deal of pent-up energy for getting the word out about the Great Housing Bubble. I wanted people to know how prices got to where they were and why prices were going to fall. It saddened me to see people lose everything to the market (it still does), and I wanted to save as many people as I could. As the IHB grew from around 500 visitors a day to 3000 visitors a day, I knew my words were having an impact on people’s lives, and I found that very satisfying (I still do). By staying anonymous, and writing to help people without regard to fame or fortune, I was seeking a purity of purpose that would keep my writing honest, truthful and free from bias. I hope that I can maintain that purity now that my identity is no longer a secret.
Like most of you, I have met a few famous people, but there is one experience that sticks out in my mind when I think about how fame impacts people. I used to work in the golf course development industry, and I was the project manager on a golf course being designed by Greg Norman. One day, he made a site visit, and I got to spend about 6 hours with him. What is fascinating about spending more than a few moments with someone very famous is that you get the opportunity to observe everyone else around him. Famous people are treated differently than the rest of us. People give them special attention and admiration. People want to be near them and feel like they are part of the aura of fame that surrounds them. As an observer of fame and part of the entourage, I saw how the experience impacted me and the others present, but I had no idea how it felt to be famous. It was something outside of my experience. Wednesday, I had my 15 minutes of fame, and I got a taste of what celebrity feels like.
I made the front page of the Turnertown Gazette
My day started with appearing on the front page of the OC Register. I knew a story was coming out, but I had no idea I would be featured on the front page. My wife called me early in the morning and told me that my son’s teacher was jumping up and down and exclaiming, “Your husband is on the front page of the newspaper!” My day of fame had begun. Later that morning at work, I got a call from KPCC public radio asking me to do an interview. I think it went pretty well (MP3 link).
At 6:30 that night, we had our IHB gathering and book signing party. It was a tremendous success. I signed books for 2 1/2 hours before I had a moment to take a break. It was thrilling. The greatest satisfaction I get from writing for the IHB is the many “thank yous” from the readers. I got to meet face-to-face nearly 100 people who all came to express their gratitude for the work I do. I had a satisfaction overdose.
What I found particularly interesting was meeting the many lurkers who came out. I know by the statistics that this blog has many readers, but the number of posters represents maybe 5% of the readership. There is a silent majority: that large group of people who are touched by the blog that I never see. It was wonderful to meet so many of them. It opened me to a whole world of readers with whom I had previously only had a one-way relationship.
I want to thank all of you who came out that night. It was the pinnacle of fame. I knew at that moment what celebrities feel like when everyone around them treats them like someone special. It was an amazing experience.
Hey words gonna get around Everybody dies famous in a small town
I know I am not famous, and I really have no desire to be famous. I am a small fish in a small pond in the grand scheme of things, but I wanted to share with you what it was like for me to have my 15 minutes of fame. Wednesday, November 12, 2008 is a day I will remember for the rest of my life.
I exceeded my quota of “thank yous” on Wednesday, so please don’t thank me more in the comments on this thread.
If any of you want to share your stories of fame, I would enjoy reading them. If any more lurkers want to come out of the shadows, introduce yourself and tell us how you found the blog and how long you have been reading. Also, anyone wanting to share their experiences of the IHB party, I would like to know what was happening in the rest of the room. I was too busy to pay much attention. It looked as if a good time was had by all.
They say life is so much sweeter through the telephoto lens of fame around here you get just as much attention cheerin’ at the high school football game
I dreamed of going to Nashville Put my money down and placed my bet But I just got the first buck of the season I made the front page of the Turnertown Gazette
Every last one, route one, rural hearts got a story to tell Every grandma, in law, ex girlfriend Maybe knows it just a little too well Whether you’re late for church or you’re stuck in jail Hey words gonna get around Everybody dies famous in a small town
Unsold in 90+ days
Help, I need somebody,
Lay awake at night,