Trouble builds for local developers
Housing, credit crises Drives one builder out of business as industry struggles
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81
BY RICHARD MIZE
Published: October 14, 2008
Dreary home sales and the credit freeze have toppled one prominent Oklahoma City builder and threaten another.
Brass Brick Homes director of marketing Ali Bergin and owner Ashley Cunningham, from left in the Brass Brick model home at 5004 NW 164th Terrace in the Lone Oak Village housing addition on Thursday, Nov. 2, 2006, in Oklahoma City, Okla. Photo by Chris Landsberger
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Lending trouble
But she said the biggest problem lies with Brass Brick, which got credit to build homes based on a 70-percent loan-to-value ratio when it should have been 80 to 90 percent. "That’s our fault,” she said, and the company is asking lenders to restructure its loans at the higher ratio, based on appraised value.
Leveraged financing is at a standstill, she said, and many builders in Oklahoma City are hurting.
"We’ve been humbled,” she said. "We were a little spoiled. Oklahoma City has been in denial.”
She said Brass Brick had brought in experts to deal with its financial woes.
"It’s crazy — until everybody calms down and the bankers lighten up a little bit,” she said.
Bridgeport Development, with homes taking much longer to sell than in recent years and a local housing supply 30 percent higher than builders are used to, had little choice but to quit the business, Meyer said.
Avoiding bankruptcy
Meyer said that by forming a new business structure, with both lenders and vendors having a stake, and selling Bridgeport’s remaining houses on the market, the company can avoid bankruptcy court.
"Bankruptcy doesn’t help my vendors or my bankers. It certainly (would give) me additional protection. I’d rather pay everybody. I’d rather they get their money,” he said.

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Chuck, Edmond
My wife and I should have walked away the first time they screwed up and lied. However, I was re-assured by Ashely and Wiley and the Brass Brick 'team' that everything was OK and they were going to take care of us. I only hope people looking for builders now, in the market where the quality and reputation of the builder will now be more researched and after criminals like the Cunninghams have been exposed, people will find these articles and read the comments. Good builders should be rewarded, and bad builders like Brass Brick should be shown the unemployment line and have their personal assets and belongings seized to pay the hundreds of people back for the thousands they stole.
JB, good luck walking in to that situation. Short of cutting out the tumors of the current owners and putting the company under new management, Brass Brick will never be seen as an honest business again. Wiley and Ashley have been exposed as the rude, arrogant, criminals they are, who have no moral compass or compassion outside of what they can do for themselves at the expense of everyone else around them. Talk to the dozens of former employees, or the hundreds of customers who bought their houses in the Lone Oak properties and now regret it because of the quality of their home, or the rude and criminal behavior of the Brass Brick management when they tried to get warranty work done. Look at the turnover in that neighborhood! Hell in our neighborhood alone, we've had almost a dozen former Brass Brick/Lone Oak residents move in who hated BB and their houses. Talk to the hundreds of contractors who signed for work with them in good faith, did the work, and are now not being paid, who have their own families and responsibilities and are now in default because Wiley and Ashley mis-managed the company at everyone's expense but their own.
Good luck JB, I just hope you get rid of the root cause, or nothing will change. To everyone else, STAY AWAY from Brass Brick!
A hole has been dug that will take some time to dig out of, but I am confident that contractors, suppliers and home owners will be taken care of. I'm not sure how this blog works but I know better than to put my phone number out there, so...SO, if you're still reading this...respond and I'll try to figure your home deal out to your satisfaction.
It is my belief that customers go to a builder to build their dream home...that anything less constitutes a nightmare...and it must be fixed. JB
PPS- make that 5 complaints. Mine hasn't made it all the way to the website yet. But the deadline for Brass Brick's response to my complaint was 2 days ago. Think they bothered to respond? Yeah right.
SO - Turner & Son seems to build nice homes. Might not be a bad idea to contact them and tell them your story. However, I would be cautious about buying in LOC. Unfortunately you may have a bunch of empty houses sitting on the market in that neighborhood - which could devalue yours... Tony is right - unfinished homes in a neighborhood invites all kinds of issues... Just a thought.
I hope they either fix their problems or sell their under construction homes to other builders because looking at a unfinished house for months will get old.
I had no dealings with BrassBrick Homes but worked very closely with Bridgeport Lending and Bridgeport Developement. Let me start by saying that I hope they get what they deserve. They have been taking advantage of borrowers, buyers, employees, contractors and anyone else they do business with for years.
Let me start with Bridgeport Lending(BPL) and its president Kelly Griggs. Mr. Griggs and BPL have for years participated in "QUESTIONABLE" lending practices. I could give you example after example but if you and the rest public would like to know of a pretty good instance contact Telemundo and ask them about their investigation into Mr. Griggs and BPL's practices with Hispanic borrowers. They were point blank stealing money from borrowers. I think you'll find it to be quite interesting. Trust me, thats just the tip of the iceberg. Some lawyer would have a hayday with this company if they started looking at the books, labor practices and lending practices.
Bridgeport Developement Group is ran just as poorly with complete disregard for anyone other than the people at the top. I know for a fact that they were filing "slient" second mortgages on employees homes and calling it "employee incentive" and not disclosing any of the "employee incentives" on the HUD-1 or with a good faith or truth in lending.(there's a word in the mortgage industry that starts with FR and ends with UD that this falls into the category of) There was a gentleman in the Kansas City area doing the same thing. His name is F. Jeffrey Miller look him up for some interesting reading.(http://www.fraudblogger.com/JeffreyMillerIndictment053106.asp) He was a real piece of work and ended up in jail for his 3 ring circus and I can only hope that the same befalls the gentlemen at the top of the Bridgeport Developement team including Mr. Griggs. I can't begin to imagine the problems the arrogance of these guys has caused not only former & current employees; but buyers, borrowers, contractors and everyone else through the process. I believe whole-heartedly in karma and they will get what they deserve!
We never finished our house with them, as we lost our earnest money and other monies we put in the house on our own before they pulled the plug due to their ineptness in not being able to do the house as we originally wanted. And due to their complete lack of honesty and morality, they said it was our fault and kept our money and the additions we made (all told around $6,000). I even got a call from Ashley herself to listen to her bitch at me about how it's our fault, just hours before the final walk-through. And then when I drove up to their office to discuss the crazy drunk-dial incident, she tore out of there and put her husband and the site supervisor in her place to try and explain her crazy reasoning.
We found a better house with a much better, and more honest building (4 Corners Construction), and the $6k we lost was both a blessing and a lesson learned. However, the world would be a better place without these foul people consuming our resources and robbing those who trust and trusted them. I feel terrible for all those they have robbed, and are robbing now, but when we can rid ourselves of these people and their crocked business, the better off we all will be in the OKC area.
And I will be following these people around when they decide to stray into yet another area where people may now know of their true intentions and do my best to alert the innocent and unaware people of Ashley and Wiley's efforts. It's been a distinct pleasure to warn and steer the lookers in our neighborhood from using them, and was warmly rewarded to see one of their specs take over 2 years to sell. Makes me feel good I steered dozens of people from using and buying the crap they were selling and hopefully helping people not get robbed.
1) There is but one or maybe two people who can actually speak from expeirence, from being on the inside, about what went on daily at Bridgeport. Myself being one of them.
2) As for the comments by "Blessed". You may have had a "pleasant", and I use that word loosely, expierence with Bridgeport and its affiliates. You have no clue what went on with its day to day activities. Did you know that they recently had to retain a lawyer in D.C. to try and retain there FHA license??? It's when your FHA default rate goes over 200% that the government tends to frown upon your lending practices.
3) Were you also aware that some of the employees paychecks bounced? And that BPL held money from there employees paychecks illegaly? You probably weren't because you didn't work there. It's on public record and the department of labor so check it out. So don't assume that you know about there accounting practices. You don't!!
4) Ask Rick Metheny how much they owe him for concrete?? I bet it would be an interesting answer. And how they couldn't get appliances put in houses because the vendor's wouldn't deliver them. Not even C.O.D!
These are the facts and they are undisputable! I lived it!