The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: MulhollandDrive who wrote (104120)	2/8/2008 7:22:00 PM
From: Jim Fleming	Read Replies (1) of 306849

Mulholland re contract terms discussion I am reminded of an experience I had as the broker in the sale of a significant batch of seasoned FHA/VA loans by a thrift insurance fund to a midwest insurance company. After the usual due diligence visit the insurance company sent me the standard documentation we used on such deals for the principal at the fund to sign. I brought the papers over and requested the signature. This guy spent some time reading the stuff and then pulled a red crayon out of his desk draw and Xed out four or five pages of legalese and then wrote a sentence or two of plain English making the deal absolutely non-recourse. He then looked at me and smiled and said "I went to law school too, if they want the loans this is the documentation I will sign." To my amazement and education the deal went through without a problem. Jim

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