Posted on 09/21/2008 8:10:24 AM PDT by milwguy
While earning a salary of $21,000 a year, Leesa Robinson landed on top of the real estate world in 2006, overseeing nearly $1 million in property.
The 45-year-old single mom started buying houses after watching late-night infomercials and their tales of fast wealth.
Lenders from across the country wrote more than $800,000 in home loans in 2005 and 2006 so Robinson could buy eight north side rental properties, half of which she purchased with no money down. All but one of the loans came with high-interest, adjustable rates.
Today, her credit is shot. She lost all eight houses. She went bankrupt.
(Excerpt) Read more at jsonline.com ...
What they don't bother to mention is that they're talking about two different communities here. The wealth producing community isn't the same as the 'needs listening' community.
Thanks for the info!
Bump
“If all the federales did was CANCEL all title transfers made over the last 4 years where a mortgage was involved, and then went back to the original owners to demand repayment, they’d probably nab 90% of the criminal minded greedballs.”
They would also nab 100% of the innocent. Is it really your solution to make null and void all sales of real property in the last four years? This would, in effect, kick every one who bought a house in the last four years out on the street. I’m not quite sure just how that would play on mainstreet.
Excellent- can’t wait to see this updated with the ACORN information- they’re in it thick and deep.
Would you ping me when you get the updated piece, please?
and, in the end, as always, we taxpayers pay
when this was going on in phx, i couldn’t believe it.
it was like an “orgy” with the speculators, real estate agents, and mortgage companies.
i thought it was nuts because houses that had been appreciating at 4% suddenly went up 40-100%. i believe about 40% of the buyers were investors “flushed with cash” (not their own) and most of them came from california.
they were buying houses right and left, forcing people who live here out of the market or into one of those ridiculous loans.
it was really simple. the wage market was not going to support the mortgages.
these people threw out the rule of thumb. no more than 3 x your annual salary for the cost of a house or no more than 30% of your net income for a monthly payment.
greedy people all around and those of us who weren’t greedy are having to pay the tab.
“Just pointing out that there’s a simple solution.”
Wiser men than I have observed that for every complex and difficult problem there are many simple solutions guaranteed to make the problem worse.
The part I can’t believe is that NO ONE is calling for ending or revising this Community Reinvestment Act. So what’s to stop this trend from continuing?
“Shame on us for allowing Dem policies to be be in operation in 2005 to bankrupt the country when we contolled Congress and the White House.”
That is the bottom line. Whether Republicans like to admit it or not, the failure to stop this makes it every bit as much a Republican issue as a Democrat issue.
This is a big-government issue. Republicans and Democrats are both on the side of big-government.
Folks need to look no further than the mirror. Anyone who still claims to be a Bush supporter after what the last 8 years (and especially the last 6 months) have brought us is simply in denial. That probably includes a healthy majority of folks that read this site every day.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.