San Diego Housing Market News and Analysis
WAMU 3.5 million dollar loan at 1.75% 40 year Fixed
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Submitted by macromaniac on June 4, 2009 - 5:15pm
As some of you know, I sublease space to a loan modification processing firm and a few times a week I stop by to get the latest and greatest regarding what banks are doing for delinquent borrowers. Check the latest two deals she got for borrowers:
First is a 3.5m loan with WAMU at 8.625% - payment was $25,500 P & I
Modified loan is 40 year amortized at 1.75% - payment PITI is $11,000.00 - stopped trustee sale of July 12,2009 and capitalized $257k in delinquency
First is a 1.0m loan with WAMU at 7.5% - payment was $6173 PITI
It makes all the sense in the world to go delinquent...crazy times!
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