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 : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (21562)	8/23/2007 6:04:02 PM
From: elmatador	Read Replies (1) \| Respond to of 219710

eplay, thanks for your analysis. It was in an article in portuguese I translated. The article doesn't elaborate on the destination of the moolah. Only on the actual situatioon of the guy. Remittances at billions (one of my favorite themes.) Could it be that they were using the house as an ATM and syphoning the cash through remittances to LATAM? Perhaps it explains part of Lula's 160 billion dollar of calm! :-)

To: energyplay who wrote (21562)	8/26/2007 11:31:33 PM
From: elmatador	Read Replies (1) \| Respond to of 219710

Fausto "The Brazilian caught in the Maelstrom" More on the basket case of subprime: Basket case: Fausto da Rocha, 47, director of the Center of the Brazilian Immigrant in Boston. In 2001 bought house for 240K, giving downpayment of 10% paying 1.2k monthly installment. In the first refinancing, withdrew 70K and installment jumped to 2.5K. After that, refinanced it again, taking in more 50K to pay 6 credit card debts and debts on two new cars. The monthly installment climbed to 3.3K. HORROR!!! Fausto had paper work ready for ANOTHER refinancing operarion. ready when reality caught up with him: He owed 364K but value of his proerty dropped to 300K. The banks trold him: "The cow is now dry. No more milk." Fausto says a lot of people goes to the Center to ask for orientaton (I wonder what he says to them since he's the director and is in deep ...t.) on how to proceed, otrher simply fly back to Brazil losing all that they put in their homes since they were repossessed by the bank.