forclosures up 97%

[BigBo]

Originally Posted by BigFish

Again I refer you to the 60 Minutes episode....I do not have time to hit all the highlites but it was quite telling.

Lenders were simply approving mortgages for any and all comers without so much as checking social security numbers......most of the mortgages were varible rate mortgages and what happened was after a period of time the rates ballooned and many times the mortagages doubled and the borrowers were screwed! Yes the borrowers admitted their negligence but it was the lenders who were most careless in this scenario as they make their money on how many mortgages they sold......they would sell them and the bank that held them would in turn sell them to another mortgage house and so on and so on.....everyone was making money on it without regard for the consequences........so here we are!

It is the job of the lenders to check backgrounds and financials on the potential buyers and they were not doing it!

And a huge percentage of the borrowers defaulting are in this country illegally. So if the lenders took the time to do a simple credit/background check, they never should have qualified for that mortgage to begin with. Never would have happened a few years ago, but as already stated, the lenders are such a greedy predator type, they'll let anyone borrow.

[spence]

Originally Posted by BigBo

And a huge percentage of the borrowers defaulting are in this country illegally.

Really? Everything I've ever seen indicates just the opposite

-spence

[BigBo]

If you say so.

[Clammer]

All of what said is true ;;
lenders not paying attention // buyers / not knowing what they were getting into >>>>>>>>> but the fraud ..was/is the killer ..

they had/have >.mortgage brokers/ apprasiers & agents that were using different so.called buyers with 100% mortgages selling properties at 2 to 2.5 times what they were worth >>> money going back to the so called buyer .. thet never made a payment . just the 150000 K cash & screwed ;;

there are 966 multi families for sale in Providence right this minute / most are in the battle zone / majority are stripped / 95 % are fireclosures ... ya spend 1/2 ya day checking these properties for squatters ;;
Sell >> ya I,ve got a couple pending ;

2 family >. 56K
2 3 families 70K each

&&&& the list goes on ;;

but there are some deals & good ones mixed in ;;

Ocean front / the guy paid 1,200000 in june of 2006 >. stayed there without making a payment .. until the end of sept >.. then leased it >.
never made a payment / had a nice summer vacation & then was getting 2222 per month for a winter rental ;;

I have a nother .. nice /r/R / colonial .built in 2006 >> buyer paid 300k .. I,ve got it listed for 235K

I have a log house coming in >. no price yet >> house ,poo, cabana , two shed , 2/garage with a full game room on top >. pool table / bar/ etc .. plus acre,s ;;

had one poor kid that had a 1005 loan .. a 80 & a 20 >>> his girl left him & he couldn,t make the payments ..so he B/B,s to make the 80% payment & fell behind on the 20 % ;;
The 20% lender foreclosed on him >> F #$%^&* kid had no clue >:

&&&&&&&&&&& there is alot more ><><><

[spence]

Originally Posted by Clammer

they had/have >.mortgage brokers/ apprasiers & agents that were using different so.called buyers with 100% mortgages selling properties at 2 to 2.5 times what they were worth >>> money going back to the so called buyer .. thet never made a payment . just the 150000 K cash & screwed

The owner of the house next to my mother in law (Ft. Lauderdale) was indicted for doing this. They had made 10+Million working a racket with some other people in the business.

-spence

[Raven]

it totally justifies what i said origionally

that these news people on TV thinking and or saying

that this refund is gonna bail everyone out is

pure bullsheet it's outragious!!!!!

[justplugit]

Originally Posted by Clammer

had one poor kid that had a 1005 loan .. a 80 & a 20 >>> his girl left him & he couldn't make the payments ..

In the 60's you could only get a mortgage based on 1 household member's salary. Protected the bank and the mortgagee.

Rule of thumb was you could only afford spending 25% of your salary on the mortgage.

Then when most women entered the workforce they opened it to 2 salaries, which is great, till times get tough and 1 looses a job or gets sick. (