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Would You Pay $103,000 for This Arizona Fixer-Upper?
http://online.wsj.com ^
| JANUARY 3, 2009,
| MICHAEL M. PHILLIPS
Posted on 01/03/2009 9:21:57 AM PST by Para-Ord.45
he story of the two-bedroom, one-bath shack on West Hopi Street, is the story of this year's financial panic, told in 576 square feet. It helps explain how a series of bad decisions can add up to the worst financial crisis since the Great Depression.
Less than two years ago, Integrity Funding LLC, a local lender, gave a $103,000 mortgage to the owner, Marvene Halterman, an unemployed woman with a long list of creditors and, by her own account, a long history of drug and alcohol abuse.
For a $350 fee, an appraiser hired by Integrity, Michael T. Asher, valued the house at $132,000. Mr. Asher says although he didn't personally believe the house was worth that much, he followed standard procedures and found like-sized homes nearby that had sold in that price range in 2006.
(Excerpt) Read more at online.wsj.com ...
TOPICS: Business/Economy; News/Current Events; US: Arizona
KEYWORDS: bailout; bailoutnation; cdos; derivatives; financialcrisis; hsbc; idiots; mortgage; panicof2008; predatorylending; subprimes; wellsfargo; wellsfargobank; wfb
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Tried but posting a pic I always end up with the lil` red X.
That what they call irrational exuberance ?
To: Para-Ord.45
![](http://s.wsj.net/public/resources/images/P1-AO182_SHACKp_D_20090102150821.jpg)
Lamh Foistenach Abu!
2
posted on
01/03/2009 9:24:49 AM PST
by
ConorMacNessa
(HM/2 USN, 3/5 Marines, RVN 1969. St. Michael the Archangel defend us in battle!)
To: Para-Ord.45
In order for all this to have taken place, it required 2 types of people - the greedy and the stupid.
In the U.S. we apparently have an unlimited suppy of both...
3
posted on
01/03/2009 9:25:02 AM PST
by
Riodacat
(Legum servi sumus ut liberi esse possimus.)
To: Para-Ord.45
crazy dimwits will bankrupt the country
4
posted on
01/03/2009 9:25:35 AM PST
by
GeronL
(long lost freeper)
To: Para-Ord.45
5
posted on
01/03/2009 9:26:53 AM PST
by
RushingWater
(You say Obama - I say Ayers)
To: RushingWater
Hey, location, location, location!
(There IS an ocean nearby, right?)
To: MaggieCarta; indylindy; roamer_1; calcowgirl; djsherin; Sunnyflorida; SoConPubbie; Sybeck1; ...
The company was owned by Barry Rybicki, 37, a former loan officer who started it in 2003. Of the boom years, he says: "If you had a pulse, you were getting a loan." No wonder Queeg voted for the bailout...someone's got to pay for all the debts of "God's children"! |
![](http://i352.photobucket.com/albums/r332/mccainlist/amigo-illegals.jpg)
|
The Juan McCain Truth File. "I have great respect for Al Gore." John McCain, October 2, 2008 FR Keywords: mccaintruthfile, mcqueeg, mcbama Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. To join the ping list: FReepmail rabscuttle385 with the subject line add mccaintruthfile. (Stop getting pings by sending the subject line drop mccaintruthfile.) Republican Commissars Warning: By joining this ping list, you may be subjected to the delusional rants and ramblings of McCainiacs, of "moderate" Republicans, of pragmatic conservatives resigned to voting for the lesser of two Democrats, and of countless GOP shills who simply want to meet a new overlord. |
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7
posted on
01/03/2009 9:28:51 AM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: Para-Ord.45
I love what she's done with the yard.
/johnny
8
posted on
01/03/2009 9:29:20 AM PST
by
JRandomFreeper
(God Bless us all, each, and every one.)
To: Toddsterpatriot; Mase; expat_panama
Mr. Rybicki gave up his mortgage-banking license in September. He now works for a venture-capital firm. Oh fer cryin' out loud.
9
posted on
01/03/2009 9:30:12 AM PST
by
1rudeboy
To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
*Ping!*
10
posted on
01/03/2009 9:30:19 AM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
![](http://i403.photobucket.com/albums/pp112/rabscuttle-fr/moneylist/Money-Stack-2.jpg)
|
The Money, Banking, and Financial Markets Ping List. "Money, not morality, is the principle commerce of civilized nations." Thomas Jefferson FR Keywords: moneylist, bankinglist, financelist Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. Ping list jointly pinged by rabscuttle385 and TigerLikesRooster. To join the ping list: FReepmail rabscuttle385 with the subject line add moneylist. (Stop getting pings by sending the subject line drop moneylist.) |
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11
posted on
01/03/2009 9:30:43 AM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: Para-Ord.45; nickcarraway
Looks like a little fixer-upper in Hollister, CA.
For about $200,000.
12
posted on
01/03/2009 9:31:33 AM PST
by
martin_fierro
(Rest in Peace, Marshall T.)
To: martin_fierro
More of a burner-downer than a fixer-upper.
13
posted on
01/03/2009 9:34:06 AM PST
by
txhurl
(somebody just bought 12 Carrier Battle Groups for 600 million dollars)
To: Para-Ord.45
“Mr. Asher says although he didn’t personally believe the house was worth that much, he followed standard procedures and found like-sized homes nearby that had sold in that price range in 2006.”
Translation: Value met to satisfy loan and keep client.
To: martin_fierro
Do you live in Hollister CA?
I have a sister who lives there.
15
posted on
01/03/2009 9:36:09 AM PST
by
SweetCaroline
(I would rather suffer than fail to please GOD!)
To: Para-Ord.45
Fixer-upper my butt! That’s a dilapidated tool shed.......I’ve seen better diggs built from cardboard under expressway overpasses.
16
posted on
01/03/2009 9:36:31 AM PST
by
Hot Tabasco
(Today is just a little more special than yesterday.)
To: Larry Lucido
(There IS an ocean nearby, right?)
I think it’s the road frontage.
Potential commercial, quaint home could be made into office or crack house with drive through. Has CHA and special
laminated wood windows. Financing available.
17
posted on
01/03/2009 9:36:33 AM PST
by
tet68
( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
To: Para-Ord.45
I think the following is important and within excerpt limits:
T.J. Heagy, a real-estate agent later hired to sell the property, says he can find only one comparable house that sold nearby in 2007, for $63,000.
At closing, on Feb. 26, 2007, Integrity collected $6,153 in underwriting, broker, loan-origination, document, application, processing, funding and flood-certification fees, mortgage documents show. A few days later, Integrity transferred the loan to Wells Fargo, earning $3,090 more, Mr. Rybicki says.
Kevin Waetke, of Wells Fargo Home & Consumer Finance Group, said in a written statement that "it appears that the appraisal ... confirms that the property values were fully supported at the time the loan closed."
Mr. Rybicki says neither he nor his loan officer ever saw the blue house. When shown a picture last month, he said: "Wow."
18
posted on
01/03/2009 9:37:26 AM PST
by
Gondring
(Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
To: Para-Ord.45
One can fit a lot of illegals in there. And the window treatments come with the house.
To: Para-Ord.45
Credit-ratings firms Standard & Poor's and Moody's Investors Service gave the new security their top "triple-A" ratings, which suggested investors were extremely likely to get their money back plus interest.S&P declined to explain its assessment. A Moody's spokesman didn't respond to requests for comment.
Good grief.
20
posted on
01/03/2009 9:37:40 AM PST
by
BlessedBeGod
(Obama's not my president, and Blagojevich is not my governor.)
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