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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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To: Para-Ord.45
I admit, I can’t find the part in the article where the big bad Government forced the lender to do this, and the banks to bundle the mortgages, and the investors to buy them.
41
posted on
01/03/2009 10:18:47 AM PST
by
Wolfie
To: Para-Ord.45
Calling ditzo Armando. Oh yeah, bring your “agent”. She’ll be the only thing worth looking at.
To: Melinda
43
posted on
01/03/2009 10:23:26 AM PST
by
Lumper20
To: getmeouttaPalmBeachCounty_FL
Guys: Quick call your mother- in -law your house in ready- enjoy.
44
posted on
01/03/2009 10:33:18 AM PST
by
Lumper20
To: Larry Lucido
(There IS an ocean nearby, right?) Yeah, on the other side of Phoenix - Big Surf, a waterpark with a wave machine. At least, it was there a few years ago...
45
posted on
01/03/2009 10:37:29 AM PST
by
HiJinx
(~ Support our Troops ~ www.americasupportsyou.mil ~)
To: Larry Lucido
I might make a nice bait shop.
46
posted on
01/03/2009 10:38:37 AM PST
by
Conservativegreatgrandma
(When the righteous rule, the people rejoice; when the wicked rule the people mourn. Proverbs 29;2)
To: Lumper20
“Aunt Edna? This one is yours..”
47
posted on
01/03/2009 10:46:25 AM PST
by
GeorgiaDawg32
(A democrat will break your leg, then hand you a crutch and take credit for your being able to walk.)
To: Para-Ord.45
That’s eventually what happens when the FED keeps interest rates low.
48
posted on
01/03/2009 10:49:52 AM PST
by
ovrtaxt
(It is better for civilization to be going down the drain than to be coming up it. ~Henry Allen)
To: Para-Ord.45
It's comforting to know WE, the taxpayers, now probably own the entire mortgage on this dilapidated tool shed.
49
posted on
01/03/2009 11:34:00 AM PST
by
Gritty
(If you can make it in New York, you'll have no difficulty making it in Tajikistan - Mark Steyn)
To: Para-Ord.45
...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 ...Stopped reading right there. Where is it written that the taxpayer must subsidize poor personal decisions as well as bad business decisions? I'm tired of this. And yet, there is so much more to come...
50
posted on
01/03/2009 11:56:06 AM PST
by
MaggieCarta
(We're all Detroiters now.)
To: Para-Ord.45
Chris Dodd and Barney Frank ought to be frog marched into court to explain THIS. It's an out an out RICO.
51
posted on
01/03/2009 12:43:08 PM PST
by
VRWC For Truth
(Throw the bums out who vote yes on the bail out)
To: ovrtaxt
That’s eventually what happens when the FED keeps interest rates low. If interest rates increase the supply of capital beyond the 'useful' demand, then more and more dubious demand will come on-line. If someone wanted to spend $500B buying Christmas decorations in January, the person might find a way to do it, but that doesn't mean the person would ever recoup anything near $500B.
52
posted on
01/03/2009 2:24:38 PM PST
by
supercat
(Barry Soetoro == Bravo Sierra)
To: Lumper20
Is there good hunting or fishing nearby? I might be a buyer.You betcha. However MS13 does all the hunting in that neighborhood and the Sheriff's Dept. dive team does the fishing in a nearby canal. Feeling lucky?
53
posted on
01/03/2009 2:29:34 PM PST
by
TigersEye
(I threw my shoe at Mohammed and hit Allah in the butt.)
To: Para-Ord.45
Looks like a steal to me!
54
posted on
01/03/2009 2:43:05 PM PST
by
RichardW
To: Para-Ord.45
If the government cannot put this bunch in jail for fraud, they cannot do anything. What am I saying, of course the government cannot do anything, they are to busy making sure paulson does not lose a dime.
55
posted on
01/03/2009 3:30:15 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: gost2
Capitalism sans morality is simply piracy. We now have such a large percentage of people who will do just about anything to be rich that the system is breaking down. Probably is already broken down beyond repair. BINGO!!!
56
posted on
01/03/2009 3:33:02 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: MaggieCarta
57
posted on
01/03/2009 3:37:27 PM PST
by
mad_as_he$$
(Nemo me impune lacessit.)
To: Lumper20
The CRA had nothing to do with this except in your dreams. This was plan and simple bank fraud.
58
posted on
01/03/2009 3:39:42 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: Kid Shelleen
In early 2007, she asked Integrity for help, Mr. Rybicki's records show. This time, Integrity itself provided a $103,000, 30-year mortgage. It had an adjustable rate that started at 9.25% and was capped at 15.25%, according to loan documents. It was one of 197 loans Integrity originated last year, totaling almost $47 million.
Given the date, yes it was the bush administration!
59
posted on
01/03/2009 3:47:28 PM PST
by
org.whodat
(Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
To: cc2k
Does Michael T. Asher still have an appraisal license?
60
posted on
01/03/2009 3:53:13 PM PST
by
pointsal
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