Miami Beach, FL – Banc of America reported today that Johnny Gomes of Miami Beach did not make his July mortgage payment of $19,400 and faces foreclosure. Gomes, a homeless man who lost his job as an armpit sniffer for a deodorant company in 1964, was given a 2.4 million dollar loan in June to purchase a beachfront condo on Fisher Island. Gomes pimped the place out, installing a Crown Liquor store in his living room, a dumpster in the upstairs bathroom, and a fountain in the front yard for neighbors to wash their hair. He also bought more than 100,000 brown paper bags and 300 shopping carts before running himself into credit card debt. Federal Reserve Chairman Ben Bernanke slammed lenders for using what he called "Chris Angel-like loan practices" and warned of an impending housing bust. Some lenders agree and have shown signs of tightening loan requirements. Last week, Countrywide Financial Corp. said they would no longer loan people money who have filed for bankruptcy more than five times in the past year or who have been convicted of insurance fraud by making a car disappear or setting their house on fire. Nan Taylor of Florida Realty, Inc. said the housing market continues to boom and people should hurry up and buy now while the rates are low and prices have come down. She was unable to explain the growth in the length of her nose while she was speaking.
