Richard Maize: Which Finance Programs are Good for Buying a Home, Real Estate?

San Francisco Chronicle / PRWEB ^ | November 22, 2010 | Joel Leyden

[illiac]

“the two largest mortgage banks, have now raised the minimum credit score on FHA-insured loans that they will buy to 640 from 620”

I quit reading at this point. FHA raised the interest rates, not the banks....

His credibility is gone....

[IsraelBeach]

You are now questioning Bloomberg News - not Richard Maize, as Maize appears to have been quoting Bloomberg for this information.

http://www.bloomberg.com/news/2010-11-17/home-ownership-gets-harder-for-americans-as-lenders-restrict-fha-mortgages.html

[RockinRight]

Not exactly.

FHA sets a minimum standard. A bank can choose to go off a higher standard, because it reduces their risk of having a loan “buyback” situation, where FHA would claim the loan didn’t truly meet guidelines or was otherwise flawed.

[FromLori]

Tightening loan restrictions lol

FHA Annual Report: Still Writing Crap

Here it is folks....

Isn’t that special? FHA is still writing loans with 70% of them having LTVs over 95%. Worse, almost 30% of the total volume is being written on credit under a 680 FICO - “impaired” to some extent” - and 10.5% against credit between 600-640.

Sound underwriting? Well that’s open to question. What’s pretty certain is that 70% of those loans are at risk of going into negative equity with less than 10% decline in home prices in the next couple of years, because during the first couple of years you pay almost nothing in principal.

Then there’s SFDPA loans, which I have repeatedly called a screw job on the government - and which I maintain still are. From the report:

In full

http://market-ticker.org/akcs-www?singlepost=2266779

[LomanBill]

Maize?

"...inflating the value of properties and convincing lenders to lend them money based on the fraudulent valuations.  This is precisely what Maize did in his heyday, and Lehman Bros., one of the victims of the meltdown, was his willing (though perhaps unwitting) partner in this according to an FBI press release that announced his plea bargain.  In it, he confessed to five felony counts in order to avoid a possible 98-year prison sentence..."
http://www.richardsilverstein.com/tikun_olam/tag/richard-maize-felon/

 

That Richard Maize?

 

NO SALE, Dick.

[LomanBill]

>>Sound underwriting?

Uhuh.

And what guarantee is there that the FICO scores in question are verified any better than the ones Argent Mortgage fabricated on thousands of loan apps?

No FICO? No Problem - when you've bought the source code to the Empower loan origination software (like Argent Mortgage did) then you can "Revolutionize" the mortgage industry by simply changing bits of the software you don't like - such as changing the Read Only bit for the FICO field on certain data entry screens; thus allowing any old number the "loan exec" (or whoever)  approved to be pulled out of thin air....

 

 

Where's LEO, RICO?

[FromLori]

RealtyTrac Opines On The Coming Wave Of GSE Foreclosure Buybacks: “The Final Liability Will Be Enormous”

snippet...

As for the question of who ultimately ends up footing the bill, please refer to your nearest mirror:

In full

http://www.zerohedge.com/article/realtytrac-opines-coming-wave-gse-foreclosure-buybacks-final-liability-will-be-enormous

[SeeSac]

Quote: “the two largest mortgage banks, have now raised the minimum credit score on FHA-insured loans that they will buy to 640 from 620”

You: I quit reading at this point. FHA raised the interest rates, not the banks.... His credibility is gone....

The quote was about credit scrores, your post about rates. I fail to make the connection.

[LomanBill]

BOHICA

[illiac]

Yup, I know...meant to say FICO scores...thanks

[HereInTheHeartland]

“”Mortgage lenders including Wells Fargo & Co. and Bank of America Corp., the two largest mortgage banks, have now raised the minimum credit score on FHA-insured loans that they will buy to 640 from 620,” says Richard Maize. “

That is incorrect information. At least for purchase loans.

Minimum is 600 on a purchase loan.

[IsraelBeach]

Maize may have made some business mistakes that he has paid for but unlike your quoted source - Richard Silverstein - he does not support Hamas, Islamic Jihad and the 9/11 terror attacks on the US!

[LomanBill]

>>Maize may have made some business mistake

 

Business mistakes? LOL!  The guy's a fraudulent thief.

 

Maize is an admitted felon. That's the TRUTH - and it's the Truth regardless of the source. Silverstein's article simply happened to be the first hit returned when I Googled Maize.

 

Googling  Richard Maize FELON returns LOTS of results.

 

http://www.google.com/#sclient=psy&hl=en&q=Richard+Maize+Felon

 

So your attempted deflection is a big fat FAIL.

 

NO SALE

[IsraelBeach]

Maize was sucked into a white collar crime scheme as many others were.
Maize was a victim, he did not create victims.

He has not been sentenced nor convicted.

What concerns me is your association with Richard Silverstein.
Silverstein is a known supporter of Islamic terrorism.
Why do you use Silverstein as a reference?
Unless you support Islamic Jihad, Hamas and Al-Qaeda.

I also notice that you hide your identity on FreeRepublic.
What do you have to hide?

[LomanBill]

>>Maize was a victim, he did not create victims.

...

>>He has not been sentenced nor convicted.

Bzzzzt.  Pleading guilty means he's been convicted.

Some real estate brokers accused or convicted of fraud still licensed in California

[snip]

"Richard Maize, a co-founder of Americorp Funding, remains a licensed broker in Southern California with no disciplinary action noted on his record. He pleaded guilty in August 2007 to his role in a mortgage fraud scam that caused more than $18.5 million in losses to banks."

http://www.kansascity.com/2010/11/12/2423469/some-real-estate-brokers-accused.html

 

 

So You're full of golden bovine excrement, pal.

 

NO SALE.

>>Why do you use Silverstein as a reference?

Because when "Richard Maize" is Googled, Silverstein is near the top of the list and "richard maize felon" sorta jumps out at ya.

>>I also notice that you hide your identity
>>on FreeRepublic.

LOL.  Not really, super genius.  Look closer.

[IsraelBeach]

It is obvious that you are not an attorney and that you are slandering and libeling someone on FreeRepublic.

Maize has not been sentenced nor convicted of any crime. Until that juncture he and any other citizen is presumed innocent and maintains the right to provide new evidence and change their plea.

Again - what is your association with Richard Silverstein - a known support of Islamic terrorism?

[IsraelBeach]

Lastly, Maize is well known and widely respected for contributing millions of dollars to a wide variety of charities and humanitarian causes.

He directs the The Rochelle and Richard Maize Foundation, a philanthropic organization that supports and contributes volunteer and financial resources to causes locally in the community and worldwide by supporting meaningful programs focusing on art, culture, family services and health care that work to help people live more fulfilling lives.

Richard Maize has generously supported organizations and causes including the American Cancer Society, Vista Del Mar Child and Family Services, Hurricane Katrina, Los Angeles Police Foundation, and Cedars Sinai Board of Governors.

Richard Maize helped provide critical monies for emergency search, rescue and hospital services in Haiti after Haiti was struck by a devastating earthquake. Saving hundreds of people.

What have you done lately? ;>

[LomanBill]

>>Maize has not been sentenced nor convicted of any crime.

 

He PLEADED GUILTY.

"Babajian Acquitted; Grasso, Maize Guilty In Fraud Scheme "

 

[snip]

           "Maize currently awaits sentencing. "

[snip]

 

--The Beverly Hills Courier

Now bugger off and go take your meds.

[LomanBill]

 

"For the restitution ordered in this judgment, the defendant shall be held jointly and severally liable with his convicted co-participants, to the extent and for the amount that each is determined liable, as Lester Scott Robinson, Kyle Grasso, and Lila Rizk (in Docket No. 07-00755); Charles Fitzgerald (in Docket No. 06-00977(A)), Mark Abrams (in Docket No. 06-00044), Richard Maize (in Docket No. 07-00455), Nicole LaViolette (in Docket No. 05-01232), and Timothy Holland (in Docket No. 06-00106)."

 

http://ca.findacase.com/research/wfrmDocViewer.aspx/xq/fac.%5CFDCT%5CCCA%5C2010%5C20100412_0001654.CCA.htm/qx