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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: James M. Belin who wrote (47934)	12/22/2005 8:11:42 AM
From: dpl	Read Replies (2) \| Respond to of 110194

You may find these interesting. PHOENIX inventory 3/15 6,000 7/20: 10,748 7/30: 11,656 8/10: 13,099 8/20: 14,321 8/30: 15,042 9/10: 16,716 9/20: 17,516 9/30: 18,799 10/10: 20,073 10/12: 20,379 10/14: 20,868 10/15: 21,250 10/22 22719 10/26 23022 11/01 23853 11/02 23665 11/03 24193 11/04: 24277 11/06 24779 11/10 25387 11/20 26616 11/30 27083 12/05 27352 12/10 27649 12/12 27697 12/20 27580 benengebreth.org

To: James M. Belin who wrote (47934)	12/22/2005 8:16:06 AM
From: Ramsey Su	Respond to of 110194

You can send this Interagency Guidance to this real estate tycoon. federalreserve.gov To save him some time, here are a couple of excerpts. Collateral-Dependent Loans – Institutions should avoid the use of loan terms and underwriting practices that may result in the borrower having to rely on the sale or refinancing of the property once amortization begins. Loans to borrowers who do not demonstrate the capacity to repay, as structured, from sources other than the collateral pledged are generally considered unsafe and unsound. Institutions determined to be originating collateral-dependent mortgage loans, may be subject to criticism, corrective action, and higher capital requirements. Non Owner-Occupied Investor Loans – Borrowers financing non owner-occupied investment properties should be qualified on their ability to service the debt over the life of the loan. Loan terms should also reflect an appropriate combined LTV ratio that considers the potential for negative amortization and maintains sufficient borrower equity over the life of the loan. Further, nontraditional mortgages to finance non owner- occupied investor properties should require evidence that the borrower has sufficient cash reserves to service the loan in the near term in the event that the property becomes vacant.