The corporation recently spent under a billion dollars conducting an exhaustive scientific research and quantitative anaylysis project to construct a fool-proof state-of-the-art cutting-edge guaranteed-sale program.
This plan is so thorough and exhaustive that it’ll work for any home seller – even those who insist on listing their house for 10-15% over value! It is a powerful plan, so please watch this video with caution – it might make you a bit woozy:
More FHA problems?
http://curiouscapitalist.blogs.time.com/2009/11/04/i-want-my-fha-my-fha-annual-actuarial-study-that-is/?iid=sphere-inline-sidebar
If the bank wants to know where their refi funds went, all they have to do is look out in front of the house. Three car garage and all the toys are out on display out front. Yet another example of money not buying taste/class.
Did I miss something at the end? You were going to mention something about a house a few doors down from the remodel in Del Mar, then the squeaky suspension, then????
What happened a few doors down? The suspense is killing me! 😉
Highway 56 made a big difference, but to all the other routes people used to take. For example, highway 52 has noticeably less traffic than it did in the pre-56 days.
Check out the big American flag. God Bless America.
Glad to see his inability to pay the mortgage hasn’t effected his pride in America.
Benjamin Franklin would be proud. Franklin was totally into showing off. He had like 7 or 8 big houses by the beach. Oh, no wait, he was into hard work, honesty, humility and above all else, thriftiness. I guess I was confused. Maybe that was another founding father of our great land that liked to show off and bought things he couldn’t afford. Hmmm… no actually that was a russian czar who did that kind of thing. The bolsheviks made sure he paid so no worries.
Back in 2004 many homeowners said to buy in CV because the new 56 freeway makes it easy to get to the coast. What! Use the freeway to get to the coast? No Way.
Maybe that was another founding father of our great land that liked to show off and bought things he couldn’t afford.
Not to get too off topic, but it does no good to lionize all the founding fathers as the “perfect American” Thomas Jefferson famously went into major debt, building and furnishing a house no less.
Even so, this proves that banks were doing the bare minimum necessary to underwrite loans. One look at a map would tell you that house isn’t worth what the neighbors are, but I guarantee all they looked at were “the comps”
Fair enough about Jefferson.
Why is it always the bank’s fault? I’m not going to blame the banks for LETTING him borrow $400k on a house by the freeway so he can go out and buy Hummers and big screen TVs (you know he’s got at least 7 of them in that house). The banks shouldn’t have loaned him the money but he shouldn’t have spent it irresponsibly.
If he knew he was going to be made truly responsible for paying the money back then he wouldn’t have borrowed it or, at worst, there’d be a used toyota in his front yard instead of a bunch of jacked up guzzling hummers and trucks. Now, it’s all the taxpayers responsibility. We own that freeway Mcmansion and he’s our (free) renter. I may do lunch there today.
What happened a few doors down?
The guy on the corner is in foreclosure. Turns out that he has a 9,100sf house in the Bridges plus three lots, all on the same street, plus an oceanfront house in La Jolla.
All were cross-collateralized, and all have NODs against them.
I did a long-winded expose’ on them, and then thought, “Heck, his accounts payable clerk was probably on vacation and forgot to send the check”, and decided it was a nothing-burger.
lol. I thought the squeaky suspension was construction workers cutting something in the house…
http://www.steadicam.com/handheldmerlin.html
56 made all other routes faster. In fact, anyone who commutes East-West there has benefited.
I live in CV and haven’t used the 56 in weeks, certainly not during commute. It’s called Del Mar Heights and Carmel Valley Road. In fact, my commute uses the one single lane that isn’t backed up for miles on the 5, so unless you live in CV, UTC, or Mira Mesa you’re doing a lot worse going north and south.
Encinitas is a bit farther from Sorrento Valley, but shhhhh on the short cuts 🙂 I’m not willing to give up my secret path, but I can say from deep inside Encinitas near RSF, Via Del Via/Hwy 5 is 12 minutes. Sorrento Valley exit is another 7 minutes and Qualcomm parking lot is a few more minutes east. The back up is north of Manchester on the 5 which I avoid. I have a 20 – 25 min commute (bahhhh), but the trade off is 10 minutes to the beach.
What happened a few doors down?
…..
The guy on the corner is in foreclosure. Turns out that he has a 9,100sf house in the Bridges plus three lots, all on the same street, plus an oceanfront house in La Jolla.
All were cross-collateralized, and all have NODs against them.
I did a long-winded expose’ on them, and then thought, “Heck, his accounts payable clerk was probably on vacation and forgot to send the check”, and decided it was a nothing-burger.
Jim the Realtor | November 16th, 2009 at 8:54 am
———————
Interesting. I didn’t know they could cross-collateralize the loans???
Hmmmm…Either the A/P clerk was on vacation, or this could offer us a peak at what is about to come in the higher-end area. I talked with some people who are very familiar with the inner workings of RSF, and it seems that a lot of people are hanging on by a thread. Of course, the stock market (and bonds, emerging markets, commodities, etc.) are more important to these people than to regular old J6, but if this rally gives out, things might get interesting. I have a feeling the “big-dollar” people are anxiously looking for an exit strategy in the housing and stock markets — especially folks in the 50+ year-old range (which most of them are).
*IF* this rally gives out?
Hah aha hahah. Thanks. I needed that.