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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Amy J who wrote (25039)11/5/2004 12:56:53 AM
From: GraceZRead Replies (1) of 306849
 
One of the first things you have to remember about a lot of these RE flippers is that they set themselves up to be judgement proof and they don't have regular incomes that can be attached if things don't go well. What kills me is that he wants to sue in a situation where he is guilty of criminal wrong doing, signing off on a false statement of his income on his mortgage applications. I've had people ask me quite a few times if they should get a "no-doc" loan because they've lost a job and they need to refi. I always point out to them that a no doc means they don't have to document their income, not that they don't have to have an income and lying about their income on a mortgage application is a criminal offense, a Federal offense if they go FHA.

I'm not saying Countrywide doesn't share some responsibility and may have also be guilty of some sort of criminal wrong doing, they probably are because these mortgage reps are total cowboys in a boom, they'll tell you what to say to get the loan through so they can earn their percentage. They make a lot on no docs, I've known people who paid 8% on a no doc. Countrywide will most likely be paying the difference when this guy defaults, it'll come back to them even if it went to Fannie or Freddie.
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