Funny Enzo Wreck

[boost111]

http://videos.topredline.com/video/f7550bc4-d6c3-430d-876d-990000afc465.htm

[volkoff]

Damn, such a masterpiece smashed in seconds. The super car manufacturers should make some stupidity detection device in the cars, so if the driver is a stupid usless uncapabell of driving idiot, or a footballer, the car should not strart. Provably they will loose some money, but the world will be a better place.

[xbeakerx]

repost

its from a movie called Redline. that is eddie griffin. it wasnt his car, it was the directors.

[dangerously_cool]

Brother can't drive. It hurts me to see that.

[nthfinity]

The car has since been 100% repaired....

[pilotvtm]

idiot at the wheel!!!!!!!!!!!

[Emperoryder]

That was eddie griffin's car and eddie griffin driving it at a charity event.

[nthfinity]

That was eddie griffin's car and eddie griffin driving it at a charity event.
no, it was Daniel Sadek's car at a charity event that was cross promotional for the movie "Redline" featuring many of Sadek's cars.

[xbeakerx]

thank you....:)

[harryo2b]

Yes, and the director is now and has since been bankrupt so all those cars now belong to other owners.

[nthfinity]

Yes, and the director is now and has since been bankrupt so all those cars now belong to other owners.

The cars never belonged to the director, but rather the producer. He has more then enough money to have produced 20 movies... maybe more with all flops, and still have more then enough to expand his collection ;) ;)

[harryo2b]

My bad I meant producer, and yes he is/was shit out of luck on the $$$$$ part as his primary business tanked/nearly tanked because of stupid shit like a fleet of exotic cars and producing a movie that sucked.

His fleet exists no more and hasn't for some time.

[xbeakerx]

i'm the one that said it was the director...sorry

[nthfinity]

My bad I meant producer, and yes he is/was shit out of luck on the $$$$$ part as his primary business tanked/nearly tanked because of stupid shit like a fleet of exotic cars and producing a movie that sucked.

His fleet exists no more and hasn't for some time.

So Lending Tree tanked? I'm not sure where you are getting your information.

you don't suddenly loose 300 Million because a movie sucked, or you have a 10M $ fleet of exotics. ... even in the face of lawsuits and the evaporation of his end of the "sub prime" lending fiasco....

[RC45]

Let's hope Sadek and is illegally purchased collection does dissapear and he rots in jail - then the last laugh will be Eddie Griffitks ;).

http://www.ocregister.com/money/strong-layoffs-reported-1690495-edd-mortgage


From Bloomberg:
`Deal With Devil’ Funded Carrera Crash Before Subprime Shakeout (http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=alNDZa.Hm6O0)
One week in 2002, Daniel Sadek was $6,000 short of covering the payroll for his new subprime mortgage company, Quick Loan Funding Corp. So he flew to Las Vegas and put a $5,000 chip on the blackjack table.
“I could have borrowed the money, I suppose,” Sadek says.
That wouldn’t have been his style. With his shoulder-length hair and beard, torn jeans and T-shirts with slogans such as “Where is God?” Sadek looked more like a guitarist for Guns N’ Roses than a mortgage banker.
Sadek says he was dealt a jack, then an ace. Blackjack. He would make payroll. Quick Loan Funding, based in Costa Mesa, California, would survive and, for a while, prosper as one of 1,300 mortgage lenders in the state vying to satisfy Wall Street’s thirst for subprime debt.
As home prices rose and hunger for high-yield investments grew, Sadek found his niche pushing mortgages to borrowers with poor credit. Such subprime home loans grew to $600 billion, or 21 percent, of all U.S. mortages last year from $160 billion, or 7 percent, in 2001, according to Inside Mortgage Finance, an industry newsletter. Banks drove that growth because they could bundle subprime loans into securities, parts of which paid interest as much as 3 percentage points higher than 10-year Treasury notes.
“I never made a loan that Wall Street wouldn’t buy,” Sadek says. He worked hard to build the business, he says, and the company did nothing illegal.
…
Loan officers were hired and fired all the time at Quick Loan Funding’s 26,000-square-foot call center in Irvine, says Bryan Buksoontorn, who joined the company in 2004. By then, Irvine had become a hotbed of subprime lending companies.
“We were motivated by fear,” says Buksoontorn, 28, who is now an independent mortgage broker. “It was a boiler room. You had to make your numbers.”
Buksoontorn’s job: get the caller’s credit card and charge $475 for an appraisal, he says.
“You told the callers what they wanted to hear and you got the credit card,” says Steven Espinoza, 39, an employee from 2003 to 2005.
…
Sadek and his managers would berate the sales staff, many of whom had no experience or training, Buksoontorn says.
“They would get in your face,” he says. “`Why aren’t you ordering appraisals? Why aren’t you selling?’ ”
Sadek brought a car salesman’s mentality to mortgages, Espinoza says.
“It’s the same type of hard sell,” Espinoza says. “Close ‘em, close ‘em, close ‘em.”
…
Sadek says 95 percent of Quick Loan Funding’s mortgages were made to subprime borrowers.
“If we had a prime borrower on the line, we hung up on them,” Buksoontorn says. “We were geared toward subprime because they were easier to close. We were giving them money no other bank would dare to give them.”
…
Sadek says that with the support of Citigroup, which funded the loans, he pioneered lending to homebuyers with credit scores of less than 450.
Citigroup spokesman Stephen Cohen said the bank doesn’t comment on its relationships with clients.
“We made most of our money from selling loans to banks,” Sadek says.
Quick Loan Funding, like many subprime companies, specialized in 2/28 loans — 30-year mortgages that start with lower “teaser” interest rates and ratchet higher after two years.
…
It wasn’t a lie. Year over year, prices hadn’t fallen since the 1930s, according to the Realtors group. The belief that values would form a stairway even seduced Quick Loan Funding employees who took out 2/28 loans themselves, says Marcus Bednar, 32, a former sales manager.
(no relation, -jb)
“They believed everything the borrowers believed, that the market was going to go up,” Bednar says. “It wasn’t just something we were pushing because we tried to rip people off.”
Bednar adds, “We were never encouraged to do anything shady.”
…
To get $20,000 in cash from the Quick Loan Funding refinance, Aultman was told, his monthly payments would rocket to $2,264 from $1,464.
“I said I can’t do this,” Aultman says. “They said take the mortgage, make the payments and once everything is paid off, within 30 days your credit will shoot up 150 points and we’ll get you a better rate and everybody wins.”
…
Aultman says he didn’t see the pre-payment penalty in his contract. If he refinanced within two years, he’d have to pay six months interest.
He also says he didn’t notice his income on the contract: $5,950 a month. At the time Aultman says he made $3,420.
…
For a $247,500 mortgage, Aultman paid Quick Loan Funding $10,813, including origination fee, application fee, processing fee, underwriting fee and quality control fee, according to his loan documents.
The average closing costs for a mortgage of that amount in California is about $5,000, according to Pete Ogilvie, president of the California Association of Mortgage Brokers.
…
Sadek may be in trouble, too. The California Department of Corporations wants to revoke his lending license. The state says he tried to use the bank account of his escrow company, Platinum Coast, to apply for markers, or gambling loans, at three Las Vegas casinos in April and May.
“It was a bank error,” Sadek says. “No money ever left the account.”
Sadek holds up a copy of the marker application. It has his name at the top and his signature at the bottom. In the middle of the page is a bank-account number. He says he thought it was his personal account. It wasn’t. It turned out to be Platinum Coast’s, Sadek says.
He says he didn’t know what he was signing.

[harryo2b]

So Lending Tree tanked? I'm not sure where you are getting your information.

you don't suddenly loose 300 Million because a movie sucked, or you have a 10M $ fleet of exotics. ... even in the face of lawsuits and the evaporation of his end of the "sub prime" lending fiasco....

Um, there have been lots of publications regarding Sadek's fall from grace.

A quick google.com search of his name reveals nothing but bad news. I couldn't find anything that popped out saying he was in business and thriving again?! :?: Can you provide some info on him being a part of or what ever it is he may have been regarding Lending Tree? Curious to read...

[RC45]

http://www.ocregister.com/ocregister/money/subprime/article_1701128.php?ref=patrick.net

...an excerpt...

High roller of home loans

Over five years, Quick Loan Funding wrote $3.8 billion in mortgages to people with shaky credit.

By JOHN GITTELSOHN and RONALD CAMPBELL
THE ORANGE COUNTY REGISTER

Daniel Sadek played Orange County's subprime lending boom like a card shark dealt the ace and jack of spades.
Just five years ago he was selling cars.
Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, Quick Loan Funding.
Over the next five years, Quick Loan wrote $3.8 billion in mortgages, lending money fast – and often on onerous terms – to people with shaky credit.


http://www.ocregister.com/newsimages/money/2007/05/20sadek1_md.jpg (http://javascript<b></b>:void(x=open('/slideshow/high-roller-of-1701128-home-loans?pos=0', 'slideShow', 'width=728,height=620,status=no,location=no,direct ory=no,scrollbars=no,resizable=yes', true)); x.focus();)
FERRARI: Quick Loan Funding's soaring profits enabled Daniel Sadek to buy a fleet of exotic cars. His $1.3 million Enzo Ferrari crashed in March during a publicity event for the movie "Redline," which Sadek wrote, produced and bankrolled. Sadek says he recently sold all the cars to keep Quick Loan afloat.
ANA VENEGAS, THE ORANGE COUNTY REGISTER

[nthfinity]

Um, there have been lots of publications regarding Sadek's fall from grace.

A quick google.com search of his name reveals nothing but bad news. I couldn't find anything that popped out saying he was in business and thriving again?! :?: Can you provide some info on him being a part of or what ever it is he may have been regarding Lending Tree? Curious to read...

i had googled sadek and lending tree in the past, and seems he at least was ~~associated with it, although a guy by the name of Anthony H created it.

perhaps I'm mistaken.

but as I said... I haven't read anything that says he sold any/all of his collection...

Crazy to think of giving loans to people with scores of 450! yikes....

[drcoldwell]

He destroyed a CGT for his film, carma will take whats left.

[enzoferrari]

That was the mos stupid thing ive ever heard about in my life,as a result the worst movie ever..............

[xbeakerx]

oh the movie was horrible... i'm glad i have blockbuster online...

it made F&F look like a oscar winning movie!~!

[RC45]

oh the movie was horrible... i'm glad i have blockbuster online...

it made F&F look like a oscar winning movie!~!

I rented F&F one & two 16 times to erase the 4 minutes of Redline I did see from my mind....

[xbeakerx]

I rented F&F one & two 16 times to erase the 4 minutes of Redline I did see from my mind....


no shit! the race in the beginning was so stupid and unbelievable!!

i kept watching it cause of the chick and waiting for something to get better...

[79TA]

surely the eddie griffin enzo post is a Stan, no?