Looks like lots of future foreclosures

[BlueMtnBeachVagrant]

"Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation. . . . Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you."--Countrywide Financial

Is this a coincidence?
From http://iamfacingforeclosure.com ....

Regardless of the source, it's as true as tax and death.

 

[SHELLY]

Is this a coincidence?
From http://iamfacingforeclosure.com ....

No, it was on purpose....the quote fit the subject thread. (The "author," however, was artistic license. )

 

[Mango]

"Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation. . . . Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you."--Countrywide Financial

Sounds like my wife.:funn:

I do not know how any Lender would have made a stated income loan to someone who is only 24 years, he was still in diapers, and they let him get 6 mortgages! Sorry, but yes 1) he is young and stupid and commited fraud, but the Lenders are also largely responsible for allowing this happen. An underwriter of a mortgage has every right to question the income stated on his loan application without it being age discriminatory.
A loan like that would have been desk denied before it even reached the underwriter at the Bank in my shop.

I think I may have to become a fraud investigator. I would have too much funn. ;-)

and John R, you didn't buy too early. There shouldn't be any "timing" on buying a house you love to live in, and from past experience, foreclosures aren't the grayt buys they may appear. Banks are not in the "management business, and most of the homes have been neglected prior to the Bank taking over, so there are always inherent problems with them.

 

[Paula]

Paula:
I think you may be referring to a different article. This one is gauging delinquencies on subprime mortgages. Those are mortgages that were made to people with less than stellar credit.
Sorry to hear about the families trying to sell.

You're right Mango. The people I know who are trying to sell are not in dire straights and most likely have good credit but they certainly have had to make some significant changes in their lives to be able to manage their houses (e.g., take on extra jobs to handle two mortgage payments because they can't sell one of the houses). I can't remember the exact WSJ article I saw, but I do know that Ann Arbor was on a list related to problems in the housing market (a list we really didn't want to be on, though as with SoWal, it's a good time to buy in our neighborhood!). If I had a little $, I know I'd invest in a nice small house in our neighborhood in Ann Arbor and rent it out. But SoWal has my extra $ for mortgage payments, as well as my .

 

[Mango]

You're right Mango. The people I know who are trying to sell are not in dire straights and most likely have good credit but they certainly have had to make some significant changes in their lives to be able to manage their houses (e.g., take on extra jobs to handle two mortgage payments because they can't sell one of the houses). I can't remember the exact WSJ article I saw, but I do know that Ann Arbor was on a list related to problems in the housing market (a list we really didn't want to be on, though as with SoWal, it's a good time to buy in our neighborhood!). If I had a little $, I know I'd invest in a nice small house in our neighborhood in Ann Arbor and rent it out. But SoWal has my extra $ for mortgage payments, as well as my .

I hear ya gullfriend.

 

[SHELLY]

I can't remember the exact WSJ article I saw, but I do know that Ann Arbor was on a list related to problems in the housing market (a list we really didn't want to be on, though as with SoWal, it's a good time to buy in our neighborhood!).

Here's the WSJ Article and Chart.

 

[SHELLY]

I think I may have to become a fraud investigator. I would have too much funn. ;-)

A law firm is sponsoring a Mortgage Fraud Blog with all kinds of articles and updates. Tune in and watch as this mess unwinds before our eyes!

And for those who are "in the biz" and know the lingo, THIS STORY about fraud in Florida (where else?) unwinds like a Hitchcock novel.

 

[Mango]

A law firm is sponsoring a Mortgage Fraud Blog with all kinds of articles and updates. Tune in and watch as this mess unwinds before our eyes!

And for those who are "in the biz" and know the lingo, THIS STORY about fraud in Florida (where else?) unwinds like a Hitchcock novel.

Thanks Shelly. I think this one is my favorite:
Emzie Huletty, Jr., mortgage broker, Georgia, was sentenced to two years in prison and ordered to pay over $226,000 in restitution. Huletty was indicted in August 2005 on six counts of wire fraud and three counts
According to the indictment, Huletty owned Truth Financial Services
:funn:

 

[BlueMtnBeachVagrant]

...
And for those who are "in the biz" and know the lingo, THIS STORY about fraud in Florida (where else?) unwinds like a Hitchcock novel.

from the article....
"TRIBUNE INVESTIGATION
Findings:
?Thirty-six homes, mostly in working-class Pinellas County neighborhoods, sold for an average of $60,000 above the asking price.
?The sellers received near or below the original asking price.
?The rest of the money - at least $2 million collectively - was paid to investor groups involved in the deals.
?In two cases, two sets of settlement documents were created: one for the broker that shows a "payoff" and one for the lender that does not. Federal and state laws prohibit misrepresenting where the money goes in closing documents."

Shelly, educate me;-) . Is the bottom line that the investor group is formed (shielding personal liability) to buy houses, falsely inflating the value during the loan application process, going to closing, paying the seller their asking price and pocketing the difference (after paying off the appraiser, title company, RE agent)? Then the investor group is saddled with over-priced homes and associated mortgages which they more than likely will default on unless of course the house were to actually go up in value beyond the loan value when they sell the house.

BUT if the house does NOT go up in value, then if they default, they still keep this "illegal inflated value difference" (difference between what the seller gets and what the loan is for) and the mortgage companies are left holding the bag (what's left).

Bottom line is the mortgage companies are screwed because they loaned much more money than the house is worth (negative collateral). But then again didn't the mortgage companies turn around and bend over?

It just seems so obvious, criminally speaking, that I can't imagine how the organizers of the group thought they would "get away" with it in the long term.

I might be missing something here.

No, it was on purpose....the quote fit the subject thread. (The "author," however, was artistic license. )

BTW the coincidence I mentioned earlier about the saying...yours was quoted from Countrywide, the other in the picture was from somebody else. Yet they both "show up" in the same thread.


I hate to say it, but you're starting to win me over just a wee bit with all your "negativity". You may not want a person like me in your camp as I come with a lot of baggage! :roll:

At least my basis was established in 2002 so if it goes below that, well... just damn.

 

[Paula]

Thanks for the article, Shelly.