no he didn't.
if he would have said stock picker the loan would have been turned down
http://www.elitetrader.com/vb/showthread.php?s=&postid=1455410#post1455410
$14,000 per year field worker buys $720,000 home
- Thread starter TheDudeofLife
- Start date
no he didn't.
if he would have said stock picker the loan would have been turned down
http://www.elitetrader.com/vb/showthread.php?s=&postid=1455410#post1455410
Might be time to buy the estate of your dreams in time for the coming round of bail outs. Can't beat em join em, after all we will all end up paying in our taxes. Those of us that pay the most may as well be benificiaries of our own largess. Had my eye on a lovely estate on the North shore and now with the Dodd put there is no risk.
Quote from zdreg:
no he didn't.
if he would have said stock picker the loan would have been turned down
New Century did the loan. I think all you needed was a pulse to get a loan from them. Stated income , no doc, subprime ARM with a teaser rate. A toxic loan for sure.
Hey
Maybe the guy 's not that stupid...!
a 10% uptick in housing prices happened every 4 mo. in the recent past, and the purchase makes the flipper(thats what they were called).. 5 years of wages without picking a single strawberry .
If He lost and and he did there is still no down side.
He lives rent free for a minimum of 12 mo. before foreclosure.
Maybe the guy 's not that stupid...!
a 10% uptick in housing prices happened every 4 mo. in the recent past, and the purchase makes the flipper(thats what they were called).. 5 years of wages without picking a single strawberry .
If He lost and and he did there is still no down side.
He lives rent free for a minimum of 12 mo. before foreclosure.
the article didn't mention his citizenship status, but I think it is reasonable to think he might be an illegal. So when this all plays out over the next few years, and the messes like this are cleaned up with government bailouts, like we did in the early 90's, taxpayers are going to realize that we subsidized free options on RE for people illegally in the country. Nice.
I dont know why the article is making it sound like a bad thing that this guy is getting foreclosed on. He bought a $750,000 house (which from the pic looks like a shit pile so he got robbed) on $14k income, I would expect him to be foreclosed on, no matter who he is or where he came from.
I would also expect the lender to get into trouble by coercing people into this kind of debt with shady loans. If we hold stockbroker's liable for pushing newbie investors into risky investments well outside their comfort level, then this mortgage broker should get into trouble getting a mortgage for a $14k a year salary lol. Sub-prime does not have to mean using shady tactice to make people eligible for monthyl payments that high.
I would also expect the lender to get into trouble by coercing people into this kind of debt with shady loans. If we hold stockbroker's liable for pushing newbie investors into risky investments well outside their comfort level, then this mortgage broker should get into trouble getting a mortgage for a $14k a year salary lol. Sub-prime does not have to mean using shady tactice to make people eligible for monthyl payments that high.