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NotCranky
ParticipantHi Allan,
A friend of mine was talking about how Reagan created the bubble in the defense industry specifically aerospace that lead to the SOCAL economy, including housing that wasn’t really incredibly overheated, to suffer a fairly severe setback in the late 1980’s. IF you get back on this thread could you let me know what you think on that topic. thanks. If this is true was he beholden to some profiteers as politicians often are?BTW please be patient with me, what I lack in spelling grammar, punctuation and social etiquette I make up for integrity, depth, and concern for my fellow man.I am also no dummy. In exchange I will be patient with you for having expectations that others meet your ideals to qualify as “the right kind”.
ParticipantHi Allan,
A friend of mine was talking about how Reagan created the bubble in the defense industry specifically aerospace that lead to the SOCAL economy, including housing that wasn’t really incredibly overheated, to suffer a fairly severe setback in the late 1980’s. IF you get back on this thread could you let me know what you think on that topic. thanks. If this is true was he beholden to some profiteers as politicians often are?BTW please be patient with me, what I lack in spelling grammar, punctuation and social etiquette I make up for integrity, depth, and concern for my fellow man.I am also no dummy. In exchange I will be patient with you for having expectations that others meet your ideals to qualify as “the right kind”.
ParticipantHi Allan,
A friend of mine was talking about how Reagan created the bubble in the defense industry specifically aerospace that lead to the SOCAL economy, including housing that wasn’t really incredibly overheated, to suffer a fairly severe setback in the late 1980’s. IF you get back on this thread could you let me know what you think on that topic. thanks. If this is true was he beholden to some profiteers as politicians often are?BTW please be patient with me, what I lack in spelling grammar, punctuation and social etiquette I make up for integrity, depth, and concern for my fellow man.I am also no dummy. In exchange I will be patient with you for having expectations that others meet your ideals to qualify as “the right kind”.
ParticipantHi Allan,
A friend of mine was talking about how Reagan created the bubble in the defense industry specifically aerospace that lead to the SOCAL economy, including housing that wasn’t really incredibly overheated, to suffer a fairly severe setback in the late 1980’s. IF you get back on this thread could you let me know what you think on that topic. thanks. If this is true was he beholden to some profiteers as politicians often are?BTW please be patient with me, what I lack in spelling grammar, punctuation and social etiquette I make up for integrity, depth, and concern for my fellow man.I am also no dummy. In exchange I will be patient with you for having expectations that others meet your ideals to qualify as “the right kind”.
ParticipantHi Allan,
A friend of mine was talking about how Reagan created the bubble in the defense industry specifically aerospace that lead to the SOCAL economy, including housing that wasn’t really incredibly overheated, to suffer a fairly severe setback in the late 1980’s. IF you get back on this thread could you let me know what you think on that topic. thanks. If this is true was he beholden to some profiteers as politicians often are?BTW please be patient with me, what I lack in spelling grammar, punctuation and social etiquette I make up for integrity, depth, and concern for my fellow man.I am also no dummy. In exchange I will be patient with you for having expectations that others meet your ideals to qualify as “the right kind”.
ParticipantRustico–
“I think you are right that the caller to Aram probably didn’t have enough in reserves. I forgot to mention in my original post that the caller said he and his wife both have excellent credit, so I am assuming FICOs of at least 700.”
If they have the FICOs and really can handle the money they want, they need to hire someone who knows what they are doing.
This is not what I did, but it is legit ,depending on upon principles :),and could get them the loan. I have seasoned reserves. It is way better than faking tax documents in any case. They could dump available credit card balances into a checking or I believe even CD’s for reserves and let them season, while making good payments and keeping percentages of total available balance low for FICO maintenance. I don’t know exactly where the balance need to be, less than 70% rings a bell. Right now if they want to state 5k income they need to dump 15k and maintain it for 2 months, depending on the lender I guess, the reserve requirements probably vary. If they have been responsible enough to get into a position to do this I don’t think they are going to go out and do something stupid with borrowed money and obviously, at least it seems to me, the lenders are not telling the underwriter to flag it for those reasons.
The lender needs this kind of person to make loans to very badly right now. It is the same principle, that in theory would get someone a 0% credit card but even better for the lender. There is a small premium on rate and the pool of loans looks better based on the FICOs and LTV ratios and the have “GOOD ASSET” for collateral.If all loans were done like that we would not have a “shitty asset crisis” as davelj has correctly taught us to see it as. I guarantee that now when the lenders are sending appraisers out they aren’t ready to exchange any winks when he or she comes back with a finished appraisal. These loans are still possible to get sold on the secondary market to. I think fairly readily but I am not sure,
A good mortgage broker can tell someone how to do that stuff. . Arams probably wouldn’t want to discuss it on the radio even if he knows how to do it, which he probably does because more “principled” types would Jump all over it. That is not a zinger aimed at anyone. I think it was beneficial to this thread that the “principle” challenge came up.
ParticipantRustico–
“I think you are right that the caller to Aram probably didn’t have enough in reserves. I forgot to mention in my original post that the caller said he and his wife both have excellent credit, so I am assuming FICOs of at least 700.”
If they have the FICOs and really can handle the money they want, they need to hire someone who knows what they are doing.
This is not what I did, but it is legit ,depending on upon principles :),and could get them the loan. I have seasoned reserves. It is way better than faking tax documents in any case. They could dump available credit card balances into a checking or I believe even CD’s for reserves and let them season, while making good payments and keeping percentages of total available balance low for FICO maintenance. I don’t know exactly where the balance need to be, less than 70% rings a bell. Right now if they want to state 5k income they need to dump 15k and maintain it for 2 months, depending on the lender I guess, the reserve requirements probably vary. If they have been responsible enough to get into a position to do this I don’t think they are going to go out and do something stupid with borrowed money and obviously, at least it seems to me, the lenders are not telling the underwriter to flag it for those reasons.
The lender needs this kind of person to make loans to very badly right now. It is the same principle, that in theory would get someone a 0% credit card but even better for the lender. There is a small premium on rate and the pool of loans looks better based on the FICOs and LTV ratios and the have “GOOD ASSET” for collateral.If all loans were done like that we would not have a “shitty asset crisis” as davelj has correctly taught us to see it as. I guarantee that now when the lenders are sending appraisers out they aren’t ready to exchange any winks when he or she comes back with a finished appraisal. These loans are still possible to get sold on the secondary market to. I think fairly readily but I am not sure,
A good mortgage broker can tell someone how to do that stuff. . Arams probably wouldn’t want to discuss it on the radio even if he knows how to do it, which he probably does because more “principled” types would Jump all over it. That is not a zinger aimed at anyone. I think it was beneficial to this thread that the “principle” challenge came up.
ParticipantRustico–
“I think you are right that the caller to Aram probably didn’t have enough in reserves. I forgot to mention in my original post that the caller said he and his wife both have excellent credit, so I am assuming FICOs of at least 700.”
If they have the FICOs and really can handle the money they want, they need to hire someone who knows what they are doing.
This is not what I did, but it is legit ,depending on upon principles :),and could get them the loan. I have seasoned reserves. It is way better than faking tax documents in any case. They could dump available credit card balances into a checking or I believe even CD’s for reserves and let them season, while making good payments and keeping percentages of total available balance low for FICO maintenance. I don’t know exactly where the balance need to be, less than 70% rings a bell. Right now if they want to state 5k income they need to dump 15k and maintain it for 2 months, depending on the lender I guess, the reserve requirements probably vary. If they have been responsible enough to get into a position to do this I don’t think they are going to go out and do something stupid with borrowed money and obviously, at least it seems to me, the lenders are not telling the underwriter to flag it for those reasons.
The lender needs this kind of person to make loans to very badly right now. It is the same principle, that in theory would get someone a 0% credit card but even better for the lender. There is a small premium on rate and the pool of loans looks better based on the FICOs and LTV ratios and the have “GOOD ASSET” for collateral.If all loans were done like that we would not have a “shitty asset crisis” as davelj has correctly taught us to see it as. I guarantee that now when the lenders are sending appraisers out they aren’t ready to exchange any winks when he or she comes back with a finished appraisal. These loans are still possible to get sold on the secondary market to. I think fairly readily but I am not sure,
A good mortgage broker can tell someone how to do that stuff. . Arams probably wouldn’t want to discuss it on the radio even if he knows how to do it, which he probably does because more “principled” types would Jump all over it. That is not a zinger aimed at anyone. I think it was beneficial to this thread that the “principle” challenge came up.
ParticipantRustico–
“I think you are right that the caller to Aram probably didn’t have enough in reserves. I forgot to mention in my original post that the caller said he and his wife both have excellent credit, so I am assuming FICOs of at least 700.”
If they have the FICOs and really can handle the money they want, they need to hire someone who knows what they are doing.
This is not what I did, but it is legit ,depending on upon principles :),and could get them the loan. I have seasoned reserves. It is way better than faking tax documents in any case. They could dump available credit card balances into a checking or I believe even CD’s for reserves and let them season, while making good payments and keeping percentages of total available balance low for FICO maintenance. I don’t know exactly where the balance need to be, less than 70% rings a bell. Right now if they want to state 5k income they need to dump 15k and maintain it for 2 months, depending on the lender I guess, the reserve requirements probably vary. If they have been responsible enough to get into a position to do this I don’t think they are going to go out and do something stupid with borrowed money and obviously, at least it seems to me, the lenders are not telling the underwriter to flag it for those reasons.
The lender needs this kind of person to make loans to very badly right now. It is the same principle, that in theory would get someone a 0% credit card but even better for the lender. There is a small premium on rate and the pool of loans looks better based on the FICOs and LTV ratios and the have “GOOD ASSET” for collateral.If all loans were done like that we would not have a “shitty asset crisis” as davelj has correctly taught us to see it as. I guarantee that now when the lenders are sending appraisers out they aren’t ready to exchange any winks when he or she comes back with a finished appraisal. These loans are still possible to get sold on the secondary market to. I think fairly readily but I am not sure,
A good mortgage broker can tell someone how to do that stuff. . Arams probably wouldn’t want to discuss it on the radio even if he knows how to do it, which he probably does because more “principled” types would Jump all over it. That is not a zinger aimed at anyone. I think it was beneficial to this thread that the “principle” challenge came up.
ParticipantRustico–
“I think you are right that the caller to Aram probably didn’t have enough in reserves. I forgot to mention in my original post that the caller said he and his wife both have excellent credit, so I am assuming FICOs of at least 700.”
If they have the FICOs and really can handle the money they want, they need to hire someone who knows what they are doing.
This is not what I did, but it is legit ,depending on upon principles :),and could get them the loan. I have seasoned reserves. It is way better than faking tax documents in any case. They could dump available credit card balances into a checking or I believe even CD’s for reserves and let them season, while making good payments and keeping percentages of total available balance low for FICO maintenance. I don’t know exactly where the balance need to be, less than 70% rings a bell. Right now if they want to state 5k income they need to dump 15k and maintain it for 2 months, depending on the lender I guess, the reserve requirements probably vary. If they have been responsible enough to get into a position to do this I don’t think they are going to go out and do something stupid with borrowed money and obviously, at least it seems to me, the lenders are not telling the underwriter to flag it for those reasons.
The lender needs this kind of person to make loans to very badly right now. It is the same principle, that in theory would get someone a 0% credit card but even better for the lender. There is a small premium on rate and the pool of loans looks better based on the FICOs and LTV ratios and the have “GOOD ASSET” for collateral.If all loans were done like that we would not have a “shitty asset crisis” as davelj has correctly taught us to see it as. I guarantee that now when the lenders are sending appraisers out they aren’t ready to exchange any winks when he or she comes back with a finished appraisal. These loans are still possible to get sold on the secondary market to. I think fairly readily but I am not sure,
A good mortgage broker can tell someone how to do that stuff. . Arams probably wouldn’t want to discuss it on the radio even if he knows how to do it, which he probably does because more “principled” types would Jump all over it. That is not a zinger aimed at anyone. I think it was beneficial to this thread that the “principle” challenge came up.
ParticipantI had an FHA loan because that is what the broker got me :).
Also many moons ago. I had a 5.85 fixed rate because BOA had been Redlining the ghetto I bought in and was forced to give a discount. An FHA inspector gave some superficial look at it. I fixed a few things for him because it was a REPO and no one else was going to do it.I was repairing it while it was still in escrow the appraiser came and I told him it was worth 20% more than I paid for it so I didn’t pay PMI. I moved in and was paying about 60% of market rent. Yes those were the good old days TG. Sold that house for a decent profit to an FHA buyer but told the buyers agent to increase the offer for the added expenses. The house quadrupled in the 8 years after I sold it. Made very nice house cleaning lady relatively wealthy though, so that was good.ParticipantI had an FHA loan because that is what the broker got me :).
Also many moons ago. I had a 5.85 fixed rate because BOA had been Redlining the ghetto I bought in and was forced to give a discount. An FHA inspector gave some superficial look at it. I fixed a few things for him because it was a REPO and no one else was going to do it.I was repairing it while it was still in escrow the appraiser came and I told him it was worth 20% more than I paid for it so I didn’t pay PMI. I moved in and was paying about 60% of market rent. Yes those were the good old days TG. Sold that house for a decent profit to an FHA buyer but told the buyers agent to increase the offer for the added expenses. The house quadrupled in the 8 years after I sold it. Made very nice house cleaning lady relatively wealthy though, so that was good.ParticipantI had an FHA loan because that is what the broker got me :).
Also many moons ago. I had a 5.85 fixed rate because BOA had been Redlining the ghetto I bought in and was forced to give a discount. An FHA inspector gave some superficial look at it. I fixed a few things for him because it was a REPO and no one else was going to do it.I was repairing it while it was still in escrow the appraiser came and I told him it was worth 20% more than I paid for it so I didn’t pay PMI. I moved in and was paying about 60% of market rent. Yes those were the good old days TG. Sold that house for a decent profit to an FHA buyer but told the buyers agent to increase the offer for the added expenses. The house quadrupled in the 8 years after I sold it. Made very nice house cleaning lady relatively wealthy though, so that was good.ParticipantI had an FHA loan because that is what the broker got me :).
Also many moons ago. I had a 5.85 fixed rate because BOA had been Redlining the ghetto I bought in and was forced to give a discount. An FHA inspector gave some superficial look at it. I fixed a few things for him because it was a REPO and no one else was going to do it.I was repairing it while it was still in escrow the appraiser came and I told him it was worth 20% more than I paid for it so I didn’t pay PMI. I moved in and was paying about 60% of market rent. Yes those were the good old days TG. Sold that house for a decent profit to an FHA buyer but told the buyers agent to increase the offer for the added expenses. The house quadrupled in the 8 years after I sold it. Made very nice house cleaning lady relatively wealthy though, so that was good. -
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