Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: MulhollandDrive who wrote (8392)	1/23/2003 12:34:25 PM
From: Elroy Jetson	Respond to of 306849

The problem with the homes in the New Colony development is their legal categorization as mobile homes. Some technicality doesn't fit a regulatory profile for the Fannie Mae / Freddie Mac secondary market. Many homes in Orange county California are sold without the land. The lot under the home is retained by the developer and leased by the homeowner with a periodic escalation clause. People who buy these multi-million dollar homes have no problems obtaining financing from any bank, even though they don't own the land.