when you sell a mortgage product waving around the
teaser rate and bury the hidden fees, the escalation clauses and
the penalty issues inside the fine print, it does verge on fraud.
when you sell a mortgage the end user can’t afford, by all
measures of financial reasonability, and you do it solely to generate
a fee for the bank and broker, it is a fraud.
110% LTV? 62% NI? Those are frauds by everyone against everyone.
i imagine you could do a virtual apartment complex anyways.
Do the subdivision, file the condo corp, but have a holding corp
own the units, and then sell the corporation as opposed to
selling the building.
it’s a bit more complex and there may be some
tax implications, compared to the tax treatment of
a multi dwelling unit, but, if you are careful it shouldn’t be
punitive.
sounds like they think they can get a deal on re-mapping services,
i would guess you need to hire a title service/attorney to write
ne wlegal descriptions and to file a condo corporation and
bylaws.
3 years ago, it was probably horrifically expensive and now
what you have is a empty pipeline, so if you do all the paperwork
now, it’s cheap, and in 5 years when the condo market picks up,
you have that already done, and you can sell the units or sell
it to a condo investor as a flip deal.
Why did the Treasury issue regs increasing underwriting standards last year
when they should have done that 5 years ago.
why were unlicensed brokers allowed to handle mortgage products?
the fed could have cracked down insisting that brokers be licensed
the same way as stock brokers are and we’d have seen far fewer
liar loans
consumers are stupid, but the money tribe has been total evil.
Habitat ofr humanity sells you a home with 0% interest mortgage,
and the weevils show up with acash back re-fi that
sets them up for a rate they can’t handle.
At first they wanted to lay off as many people as they could in a way that would eliminate their ability to collect un employment or require severance pay. They would basically put everyone on a performance review period and force them to meet a specific target, something around 20-million in sells. Since not a single person in the company is meeting these targets, they couldn’t do it this way.
——-
wow
this is so totally “Second prize is a set of steak knives”
