At this moment I don’t own any property, sold my home CA last August to a guy who took a mortgage for over 680K and moved back to the east coast. Yes, I miss the weather but that is all.
by the way the property was in Murrieta, and as soon as his loan re-sets he will just walk away. He has several hundred thousand in cash from a previous sale of a property he owned for over 2 years so he doesn’t owe any tax’s on it. He’ll stay in the house until the bank bankrupt’s him and walk away free and clear, in a couple of years he’ll have his credit back. The guy works in a warehouse and makes around 50K a year his wife works at the local supermarket, cashier! not big spenders.
So I ask you this, why would anyone loan this guy 600K?
what was the motivation for the mortgage company? why would the state or federal goverments even consider to bail out these corporations? imo this is fraud, and it is still going on, the realtor the appraisor and mortgage company all let this happen. I don’t think anyone even knows how much fraud was and is going on, I also think things are going to get much, much worse. Nothing the federal goverment will do can fix this, it has to come to a head and I think the sooner the better. the longer this drags on the worse it’s going to be, I hope Ben raises the prime rate and bam the credit crunch happens, right away,then make the mortgage companies that made these crazy loans buy back the paper they sold, they’ll go bankrupt, let the stock market go through its corrections it will be painfull but we’ll get through it. its going to happen anyways, we may as well just get it over with.
