The 50% Club

[powayseller]

Nancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?

Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?

[powayseller]

Nancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?

Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?

[powayseller]

duplicate

[powayseller]

[gdc]

Are these figures based on gross or net incomes?

[Nancy_s soothsayer]

Powayseller, my comment does not apply to the subprime lenders mentioned, but I am guessing that it is easier to misplace, purge, discard, hide, burn, shred, etc., an incriminating evidence if a business no longer exists. A guilty party probably hopes that a missing evidence either will buy time or free pass or both.

[no_such_reality]

The income figures are gross income, salary, wages, tips, etc. basically the same description as AGI.

[sdrealtor]

NSR,
Just curious as to how these numbers were compiled. Were they compiled by asking “What percentage of your Gross Income goes toward Housing Costs/” or were they compilied by combining Income Numbers and Houshold Cost numbers?

SDR

[no_such_reality]

SDR, I’ve sent an email asking for more detail on the compliation.

The one time I had a detailed interview with the Census back in 2000, they got pretty nitty gritty. They asked first, then proceeded to ask for additional “proof” copies of pay stubs, tax return, etc. It’s not a simple, ‘how much do you make’

Here’s a link to there quality page link

[ibjames]

nancy, can you post a link to ben’s blog?

[Author]

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