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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (4815)	8/29/2002 10:51:46 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 306849

I honestly dont trust either figure I hear from a friend in Philly whose friend works in a mortgage financing firm their 80% LTV loans are backed with 20% second mortgages originated at the same time this enables qualification for FannyMae portfolio buyouts and sidesteps all PMI insurance nuisance the guy says this abuse is escalating and widespread he is disgusted at the creeping corruption of the process so is that a 20% downpayment? or a 0% downpayment? my view: 0% the first blush of the disseminated reports are never the whole story / jim