JohnH wrote:
On Mon, 26 Jul 2004 16:57:27 -0700, Joe Parsons wrote:
On 26 Jul 2004 05:26:56 GMT, (Gould 0738) wrote:
[snip]
And lastly, see if you can figure out who is making mortgage loans for 1/2
million dollar homes to welfare recipients. I seriously doubt that any of your
local banks are doing that. (Bank loans are subject to regulatory
audit....nobody is going to approve making a RE loan to a loosely assembled
group of welfare recipients). If you *should* find a local bank making half
million dollar mortgage loans to people on welfare, either borrow as much as
you can as fast as you can from them or get every last dime of your money
transferred somewhere else. :-)
I know a few things about the mortgage business.
Apart from qualifying from a creditowrthiness standpoint, "group ownership"
won't make it past any underwriter.
While it is not all that hard to finance real estate to 100% of its value, doing
so on a welfare check is just not going to happen. To buy the aforementioned
$549,000 house, a borrower would have to document $8,500 per month in
income--assuming that individual carried no other debt.
I have no idea how they get the homes financed. One day there is a sold sign in
the yard, and the next day cars and pickups start showing up. Soon there are 6-8
cars parked everywhere and lot'sa people. In two cases, the owner is a female.
Strrangely, in each house there is only one adult female, that anyone knows of.
John H
On the 'Poco Loco' out of Deale, MD,
on the beautiful Chesapeake Bay!
Indeed, you have no idea, Herring. There are many ways to finance real
property, traditional and non-traditional, and all sorts of lenders,
traditional and non-traditional.
Some immigrants have access to their own cultural variation of Chinese
tongs. These are not cooking implements.
There's nothing strange about Hispanic households with a matriarch.
All those years in the military traveling around the world and you seem
to know nothing about other cultures.
--
A vote for Nader is a vote for Bush;
A vote for Bush is a vote for Apocalypse.