{"id":10446,"date":"2009-12-02T17:57:00","date_gmt":"2009-12-03T00:57:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10446"},"modified":"2009-11-28T21:02:08","modified_gmt":"2009-11-29T04:02:08","slug":"i-cant-tell-you-how-disgusted-this-makes-me","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10446\/i-cant-tell-you-how-disgusted-this-makes-me\/","title":{"rendered":"I can’t tell you how disgusted this makes me…."},"content":{"rendered":"

It’s another example of people in the mortgage and real estate world who took advantage of someone who didn’t understand the system.   And they aren’t the ones who paid the price, the borrower is…..<\/p>\n

We’ll be better off when all of those types who are motivated soley by profit have been run out of the business.<\/p>\n

Tom Vanderwell<\/p>\n

Calculated Risk: WaPo: A Liar Loan Example<\/a><\/p>\n

From Donna St. George at the WaPo: The $698,000 mistake<\/p>\n

[A]ll of this began in the heady days of the mortgage boom … [Ms. White] only knew that there seemed to be possibilities, even to those with little means such as herself, which is how a woman who had never paid more than $700 a month in rent and who had relied in recent years on Section 8 housing vouchers suddenly owned a house.<\/p>\n

A four-bedroom house.<\/p>\n

With 3 1\/2 bathrooms. And walk-in closets, black granite countertops and a fireplace.<\/p>\n

You can already tell how this story will end.<\/p>\n

On settlement day, reality bore down.
…
Papers were read and presented, most of which White did not try to decipher. … White’s papers cited income of $163,320 a year, even though she says her 2005 income-tax earnings were less than $15,000 and she relied at times on food stamps.
…
White signed papers while waiting for the one she cared most about: her monthly payment. … “Please let this be something I can afford,” she said to herself. She was pretty sure she could afford $2,000. She told herself that if her day-care business did well, perhaps she could afford $2,500. If it was $2,800, she would struggle. Here, now, came reality: $5,635 a month. <\/p>\n

To get White to sign, the sellers – who were real estate agents – agreed to make the first two mortgage payments for Ms. White. According to the article, White received $40,000 in cash out at closing – and the seller made over $200,000 on the house. Naturally it went into foreclosure Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

It’s another example of people in the mortgage and real estate world who took advantage of someone who didn’t understand the system.   And they aren’t the ones who paid the price, the borrower is….. We’ll be better off when all of those types who are motivated soley by profit have been run out of the […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[427],"class_list":{"0":"post-10446","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"tag-liar-loans","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7402,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7402\/if-i-never-make-a-single-payment-on-my-super-cheap-fha-loan-do-i-still-get-my-8000-tax-credit\/","url_meta":{"origin":10446,"position":0},"title":"“If I never make a single payment on my super-cheap FHA loan, do I still get my $8,000 tax credit?”","author":"Greg Swann","date":"March 8, 2009","format":false,"excerpt":"WAPO:The last time the housing market was this bad, Congress set up the Federal Housing Administration to insure Depression-era mortgages that lenders wouldn't otherwise make. This decade's housing boom rendered the agency irrelevant. Americans raced to aggressive lenders, seduced by easy credit and loans with no upfront costs. But the\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":524,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/524\/carnival-of-real-estate-the-red-meat\/","url_meta":{"origin":10446,"position":1},"title":"Carnival of Real Estate: The red meat . . .","author":"Greg Swann","date":"October 9, 2006","format":false,"excerpt":"The word carnival is devolved from Latin, carne vale, to bid farewell to meat. It refers of course to the French term Mardi gras, fat Tuesday, the day before Ash Wednesday, when good Catholics were expected to either consume or dispose of any animal fats in their possession prior to\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2332,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2332\/compassionate-conservative-or-banana-republican\/","url_meta":{"origin":10446,"position":2},"title":"Compassionate Conservative or Banana Republican?","author":"Greg Swann","date":"December 6, 2007","format":false,"excerpt":"I have a tremendous admiration for George W. Bush, the President of the United States. My reasons are legion, and the rest of America will have to wait for historians to explain to them just what a great man they have so completely scorned in their well-scored chorus. But Phil\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2752,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2752\/appraisers-the-latest-target-in-the-circular-firing-squad\/","url_meta":{"origin":10446,"position":3},"title":"Appraisers – The Latest Target In The Circular Firing Squad","author":"Doug Quance","date":"March 12, 2008","format":false,"excerpt":"The Blame Game - Go Find A Scapegoat And Pin The Tail On Their Donkey Pundits pontificate about the reasons that the real estate market is in a shamble, and the latest target in their crosshairs is appraisers. \"Those crooked appraisers jacked up the values of the properties!\" they scream.\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3263,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3263\/housing-rescue-plan-passes-senate-smell-test\/","url_meta":{"origin":10446,"position":4},"title":"Housing Rescue Plan Passes Senate Smell Test","author":"Brian Brady","date":"June 24, 2008","format":false,"excerpt":"Ever see what you thought was a pragmatic idea bastardized?\u00a0 I'm no politician but I love throwing mock legislation up to the Bloodhound Congress.\u00a0 If you've ever watched C-SPAN, The Bloodhound Congress resembles The British Parliament much more than our domestic legislative body.\u00a0 Boos, hisses, and cheers abound in the\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2111,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2111\/the-odysseus-medal-competition-voting-for-the-peoples-choice-award-is-open-4\/","url_meta":{"origin":10446,"position":5},"title":"The Odysseus Medal competition — Voting for the People’s Choice Award is open","author":"Greg Swann","date":"October 28, 2007","format":false,"excerpt":"A dozen nominees again, which is boiling down to one entry out of five. Already you're looking at what I view as the cream of this week's crop. We are slaves to the news, of course. This week's fires in Southern California dominated our attention. Congress seems desperate to do\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10446"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10446\/revisions"}],"predecessor-version":[{"id":10447,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10446\/revisions\/10447"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}