Comments on: Real Homes of Genius – Huntington Beach HomePath Property. Fannie Mae Moving on Property in Mid-tier Markets. Low down payment and weak credit okay!

By: Guest

Guest — Thu, 06 May 2010 18:52:13 +0000

I thought I was the only “nut” out here that saw this?! I am not even in the mortgage business, I just had to short sale my home in Colorado for $100,000 less than I payed for it however. I am glad to see that someone will be able to take advantage of my misfortune to get the same kind of loan, on the same house, for $100,000 less!

This must be what ACORN has “transformed” into? The former head of the SEIU, Andy Stern, will be the kingpin in charge of every one of these mortgages too I suppose? We truly are a bunch of sheeple, they just do whatever they want with us. No wonder the illegal immigrants continue to pour into the country. Who else is going to continue to fall for these scams time after time?

By: fajensen

fajensen — Mon, 26 Apr 2010 09:10:46 +0000

Maybe it would be worth buying the property and fill it with Illegal Immigrants – if each pay USD 100 per week, cash-in-hand, then thats a profit of USD 1000 per week. No need to pay the mortgage; since no checks are done I would get some wino to sign for the mortgage.

By: B.M.

B.M. — Fri, 23 Apr 2010 20:58:40 +0000

By the way, apparently the Xmas Eve QB sneak worked, none of you realize the gov’t gave INFINITE funding to Fannie and Freddie on Dec 24th, 2009. Google it.
The gov’t waited until we were all drunk on Christmas Eve, and quickly passed a bill of unlimited funding for Fannie and Freddie. This allows them to buy virtually ALL the bad inventories on bank balance sheets, and simply absorb the losses as a gov’t entity– your tax dollars essentially, but not in the form of future tax payments persay, but in the form of eventual inflation (like we’ve seen with stock market and oil prices since Q1 2009 for instance).

So please explain how this ends badly, because house prices are going up bc FNM and FRE are removing the bad inventory, and only releasing it in small dribble to prevent too much inventory on the market. And it seems to be working, which may explain why some of you are talking about rising ask rates.

Inflation, US dollar in trouble, that’s how it ends, as the poor won’t be able to afford corn, wheat, oil, silver, a house, a car, etc… since his salary won’t climb as quick as good prices, and companies won’t hire fast enough because those still employed will become more productive to keep their slow-salary-rising job.

So trying to write/fight a rising housing market is fruitless, give up. Fannie has infinite funding as of December 23, 2009. Go read about it.

By: B.M.

B.M. — Fri, 23 Apr 2010 20:49:22 +0000

getting sloppy, you didn’t even list what the price is for the RHoG in Huntington.

Also, what might be worth your while, is investigating whichever gov’t financing program is causing all these investment funds to buy cheap Fannie houses and hold them on their books while the market recovers. I’ve heard of one that promises investors (the gov’t is their main investor, as they are offering 40:1 lending on any equity, so say $2bn on $50mm raised) make is to NOT list on the MLS if they intend on selling, and they also promise to not offer the home less than Fannie’s appraisal value (which equals market prices). Fannie, or the banks, get upside participation if the market comes back.

Not sure which program has set these up, maybe the PPIP is starting to get used for residential? But a lot of these Fannie sales are occuring to investment firms backed with Gov’t debt at 40:1 ratio.

My suggestion is you find one of these investment firms and get the skinny.

By: da-di-da

da-di-da — Fri, 23 Apr 2010 20:16:10 +0000

Mike, it is easy to say from your little math exercise you are not smart renter and you are not smart owner also. (West LA is old housing, ridiculously expensive, cramped, high crime low school grades city living) On other hand the only good thing is you buy in far exurb where prices somehow are corrected and more in line with reality (meaning they have less to go down) than the west side. (Although not familiar with Valencia I am assuming it is less than 30 miles from your job (or the job hub – LA) and it has reasonable schools. If this 2 things are not true it turns you in a moron, which will be used by the system to prevent price correction as people like me wait. I am sorry for the harsh words, but I taught you might want to know how it looks form here. )
I want to see yet this buyer who believes buying in Westside, South bay or Orange beach is a smart decision. I am sure this guy exist but I want to hear from them in this blog. Ha-ha-ha!