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To: Roebear who wrote (92887)	7/30/2001 10:49:21 PM
From: rails99	Respond to of 95453

Hi Roebear: OT/ Mortgages, etc. Foreword: This is way too long to be worth the read. Here ya go anyway! Agree on the balloon mortgages and other somewhat deceptive types of lending practices. Clarify that deceptive would be sort of misleading as I mean to say: It may be very difficult for a prospective debtor to do comparison shopping, when faced with a multitude of lending practices and "tricks" at closing, etc. Famous methods- item number one: Promised rate thru a particular date and bump in rate when closing was not attained by that date (even though no fault of the homebuyer: Example- Appraisal not high enough; with appraisal provided by appointee of the lender, of course). I heard of that one more than once in the early 80's. Various other kinds of things can strangely happen to novice borrowers (I.E., Murphy's Law types of things). The bad things that can happen do not happen all the time and I do not imply all lenders practice deception; though bad things may occur, on a more frequent basis, in the worst of times. Really not that negative about those things, as I have had great fortune in my various R.E. dealings. Had a friend miss his target rate, due to an appraisal foul-up. Had another miss a home he wanted due to similar circumstances. Almost missed a closing date myself; except I had completed all the necessary corporate documentation (corp board resolution to sell property, authorization to conduct transaction of real estate for the corp, minutes of meetings, approval of sale by the board, etc) a month prior to the request for same, which request was made at the very last minute. Buyer would have had me by the throat, if I had messed that up. While some lenders and realtors can readily due business to their clients, it is also true that some realtors are seldom ready to do business FOR their clients. All this just my view of how things can get screwed up, if you let it happen TO you, instead of FOR you. Oh, well. More than enough, already, on mortgages and realtors for today. To thread: Anyone have any beautiful experiences with mortgage loans and lending, please expose the truth. Still wait for word on mortgage rates during bad economic times, etc. On the tech stock, looking at MOT on a big dip. Uncle (ol' oil man) bot it two/three weeks ago at about 15 and it is now above 19, I think. Nice trade for him, but I think he will never sell it either. Hoping I might get it at a similar price in Nov/Dec! Also now serious to practice the buy before Xmas; then sell in May and go away technique, for at least a few years. Hope you doing well with your selections. Best Regards; Rails