Menu

Home › Forums › Housing › How can a lender be so dumb? superJenae flip on market as a short sale

Viewing 11 posts - 1 through 11 (of 11 total)
  • Author
    Posts
  • April 9, 2008 at 4:20 PM #12381
    CavalierLion
    Participant

    The following (2872_Vista_Acedera_Carlsbad_CA_92009) popped up on the market today as a short sale.

    My question is how could any lender be so stupid to provide a mortgage for a sales price as out of whack as this one was only one year ago (when everyone already knew the market was tanking).

    Was the lender just a complete idiot who deserves to lose their money? Or, was there some sort of scamming the system going on (and even then, how does a lender fall victim to it, when it was so obvious)?

    http://www.sdlookup.com/MLS-081026482-2872_Vista_Acedera_Carlsbad_CA_92009

    http://bubbletracking.blogspot.com/2007/08/path-to-dark-side.html

    April 9, 2008 at 6:00 PM #183946
    nostradamus
    Participant

    Wow. They really scored a lot of money on those deals. My question is, how did they find those buyers? Were they in cahoots? I guess if you find someone willing to take a hit on their credit report if you give them a nice chunk of the profit, you can defraud the bank. Stupid bank!

    April 9, 2008 at 6:00 PM #183961
    nostradamus
    Participant

    Wow. They really scored a lot of money on those deals. My question is, how did they find those buyers? Were they in cahoots? I guess if you find someone willing to take a hit on their credit report if you give them a nice chunk of the profit, you can defraud the bank. Stupid bank!

    April 9, 2008 at 6:00 PM #183988
    nostradamus
    Participant

    Wow. They really scored a lot of money on those deals. My question is, how did they find those buyers? Were they in cahoots? I guess if you find someone willing to take a hit on their credit report if you give them a nice chunk of the profit, you can defraud the bank. Stupid bank!

    April 9, 2008 at 6:00 PM #183995
    nostradamus
    Participant

    Wow. They really scored a lot of money on those deals. My question is, how did they find those buyers? Were they in cahoots? I guess if you find someone willing to take a hit on their credit report if you give them a nice chunk of the profit, you can defraud the bank. Stupid bank!

    April 9, 2008 at 6:00 PM #184002
    nostradamus
    Participant

    Wow. They really scored a lot of money on those deals. My question is, how did they find those buyers? Were they in cahoots? I guess if you find someone willing to take a hit on their credit report if you give them a nice chunk of the profit, you can defraud the bank. Stupid bank!

    April 10, 2008 at 12:27 AM #184139
    Deal Hunter
    Participant

    Sorry if this was answered in your second link – I couldn’t open it. Who is the lender? It was probably one of those hot shot loan originators that immediately sold the loan to the derivative markets. As long as the derivative markets were buying up the loans, the originators had every incentive to approve these loans.

    I don’t think it was a matter of stupdity, but greed. It doesn’t matter if the market was tanking, as long as there was a buyer for the loan on the other end.

    April 10, 2008 at 12:27 AM #184156
    Deal Hunter
    Participant

    Sorry if this was answered in your second link – I couldn’t open it. Who is the lender? It was probably one of those hot shot loan originators that immediately sold the loan to the derivative markets. As long as the derivative markets were buying up the loans, the originators had every incentive to approve these loans.

    I don’t think it was a matter of stupdity, but greed. It doesn’t matter if the market was tanking, as long as there was a buyer for the loan on the other end.

    April 10, 2008 at 12:27 AM #184183
    Deal Hunter
    Participant

    Sorry if this was answered in your second link – I couldn’t open it. Who is the lender? It was probably one of those hot shot loan originators that immediately sold the loan to the derivative markets. As long as the derivative markets were buying up the loans, the originators had every incentive to approve these loans.

    I don’t think it was a matter of stupdity, but greed. It doesn’t matter if the market was tanking, as long as there was a buyer for the loan on the other end.

    April 10, 2008 at 12:27 AM #184192
    Deal Hunter
    Participant

    Sorry if this was answered in your second link – I couldn’t open it. Who is the lender? It was probably one of those hot shot loan originators that immediately sold the loan to the derivative markets. As long as the derivative markets were buying up the loans, the originators had every incentive to approve these loans.

    I don’t think it was a matter of stupdity, but greed. It doesn’t matter if the market was tanking, as long as there was a buyer for the loan on the other end.

    April 10, 2008 at 12:27 AM #184195
    Deal Hunter
    Participant

    Sorry if this was answered in your second link – I couldn’t open it. Who is the lender? It was probably one of those hot shot loan originators that immediately sold the loan to the derivative markets. As long as the derivative markets were buying up the loans, the originators had every incentive to approve these loans.

    I don’t think it was a matter of stupdity, but greed. It doesn’t matter if the market was tanking, as long as there was a buyer for the loan on the other end.

  • Author
    Posts
Viewing 11 posts - 1 through 11 (of 11 total)
  • You must be logged in to reply to this topic.