[patb]

[quote=Tillers]Of the two short sales I know of that went through, both were “inside” jobs. One of them:

The listing agent owns the house. She list’s it but won’t show it or work with anyone on it. Except for her fiance. So, she ends up selling it to him and they move in, then get married. So she essentially was able to keep her house that she already had been living in several years prior (she was renting it out in the meantime) at a substantially lower price.

.[/quote]

If he’s smart, he thanks her and kicks her out.
Now he has a great deal on a house and can meet younger women with better job prospects.

Seriously, the deal is the banks need to
work to eliminate conflicts, such as
you describe,

if a Short Sale is proposed, they need to check
that the Listing agent was selected randomly,
and they need to keep offer windows open and judge value against market conditions.

[patb]

[quote=Effective Demand

The issue addressed in the article is a company (Citi) in this case not underwriting to the guidelines they said they were following. In reviewing the mortgages that they had purchased from Citi , Freddie had determined they were flawed. Basically, Citi is being sloppy. This is NOT the same as huge underwriting guideline changes coming down the pike from Fannie/Freddie/FHA, it is just that Citi will have to clean up their underwriting and get their paperwork in order.

I dont see this as a huge driver of a contraction of mortgage credit and its effect on the market will be negligble.[/quote]

but during the bubble, fannie didn’t lower underwriting standards so much as sloppy paper was sent their way?
Wasn’t Fannie always prime conforming paper, from the very beginning, nonetheless, they were fed
shitpiles of bad paper.

it’s why the BofA bailout is so egregious.
they gave these miserable POS, so much room
to screw the taxpayers.

[patb]

[quote=Effective Demand

The issue addressed in the article is a company (Citi) in this case not underwriting to the guidelines they said they were following. In reviewing the mortgages that they had purchased from Citi , Freddie had determined they were flawed. Basically, Citi is being sloppy. This is NOT the same as huge underwriting guideline changes coming down the pike from Fannie/Freddie/FHA, it is just that Citi will have to clean up their underwriting and get their paperwork in order.

I dont see this as a huge driver of a contraction of mortgage credit and its effect on the market will be negligble.[/quote]

but during the bubble, fannie didn’t lower underwriting standards so much as sloppy paper was sent their way?
Wasn’t Fannie always prime conforming paper, from the very beginning, nonetheless, they were fed
shitpiles of bad paper.

it’s why the BofA bailout is so egregious.
they gave these miserable POS, so much room
to screw the taxpayers.

[patb]

[quote=Effective Demand

The issue addressed in the article is a company (Citi) in this case not underwriting to the guidelines they said they were following. In reviewing the mortgages that they had purchased from Citi , Freddie had determined they were flawed. Basically, Citi is being sloppy. This is NOT the same as huge underwriting guideline changes coming down the pike from Fannie/Freddie/FHA, it is just that Citi will have to clean up their underwriting and get their paperwork in order.

I dont see this as a huge driver of a contraction of mortgage credit and its effect on the market will be negligble.[/quote]

but during the bubble, fannie didn’t lower underwriting standards so much as sloppy paper was sent their way?
Wasn’t Fannie always prime conforming paper, from the very beginning, nonetheless, they were fed
shitpiles of bad paper.

it’s why the BofA bailout is so egregious.
they gave these miserable POS, so much room
to screw the taxpayers.

[patb]

[quote=Effective Demand

The issue addressed in the article is a company (Citi) in this case not underwriting to the guidelines they said they were following. In reviewing the mortgages that they had purchased from Citi , Freddie had determined they were flawed. Basically, Citi is being sloppy. This is NOT the same as huge underwriting guideline changes coming down the pike from Fannie/Freddie/FHA, it is just that Citi will have to clean up their underwriting and get their paperwork in order.

I dont see this as a huge driver of a contraction of mortgage credit and its effect on the market will be negligble.[/quote]

but during the bubble, fannie didn’t lower underwriting standards so much as sloppy paper was sent their way?
Wasn’t Fannie always prime conforming paper, from the very beginning, nonetheless, they were fed
shitpiles of bad paper.

it’s why the BofA bailout is so egregious.
they gave these miserable POS, so much room
to screw the taxpayers.

[patb]

[quote=Effective Demand

The issue addressed in the article is a company (Citi) in this case not underwriting to the guidelines they said they were following. In reviewing the mortgages that they had purchased from Citi , Freddie had determined they were flawed. Basically, Citi is being sloppy. This is NOT the same as huge underwriting guideline changes coming down the pike from Fannie/Freddie/FHA, it is just that Citi will have to clean up their underwriting and get their paperwork in order.

I dont see this as a huge driver of a contraction of mortgage credit and its effect on the market will be negligble.[/quote]

but during the bubble, fannie didn’t lower underwriting standards so much as sloppy paper was sent their way?
Wasn’t Fannie always prime conforming paper, from the very beginning, nonetheless, they were fed
shitpiles of bad paper.

it’s why the BofA bailout is so egregious.
they gave these miserable POS, so much room
to screw the taxpayers.

[patb]

[quote=desmond]I got a Yoshi Blade for a stocking stuffer, the knife is awesome. I am not sure how it will wear, but it is really sharp, and you don’t realize your actually doing the cutting.[/quote]
a lot of consumer complaints on these.

[patb]

[quote=desmond]I got a Yoshi Blade for a stocking stuffer, the knife is awesome. I am not sure how it will wear, but it is really sharp, and you don’t realize your actually doing the cutting.[/quote]
a lot of consumer complaints on these.

[patb]

[quote=desmond]I got a Yoshi Blade for a stocking stuffer, the knife is awesome. I am not sure how it will wear, but it is really sharp, and you don’t realize your actually doing the cutting.[/quote]
a lot of consumer complaints on these.

[patb]

[quote=desmond]I got a Yoshi Blade for a stocking stuffer, the knife is awesome. I am not sure how it will wear, but it is really sharp, and you don’t realize your actually doing the cutting.[/quote]
a lot of consumer complaints on these.

[patb]

[quote=desmond]I got a Yoshi Blade for a stocking stuffer, the knife is awesome. I am not sure how it will wear, but it is really sharp, and you don’t realize your actually doing the cutting.[/quote]
a lot of consumer complaints on these.

[patb]

escrow rent.

you will never see your deposit nor
will you get much notice.

your LL is losing the place, you are now
in the morass

[patb]

escrow rent.

you will never see your deposit nor
will you get much notice.

your LL is losing the place, you are now
in the morass

[patb]

escrow rent.

you will never see your deposit nor
will you get much notice.

your LL is losing the place, you are now
in the morass

[patb]

escrow rent.

you will never see your deposit nor
will you get much notice.

your LL is losing the place, you are now
in the morass

[Author]

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