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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (8662)	1/15/2008 1:23:09 PM
From: estatemakr	Respond to of 33421

Can't argue with that. Exactly why I use a small local bank, for all my banking/business needs. Would never think of using one of the "Megas". Also, for the record ;-) Washington Mutual is absolutely the worst company I have ever had to deal with, when needing to get involved with customers and their mortgage company. Whenever any customer asks my opinion, I always steer them to small, local banks, fwiw.

To: The Ox who wrote (8662)	1/16/2008 12:41:57 PM
From: the navigator	Respond to of 33421

Anecdotal evidence: In January 2005 we sold a house for $212,000 that we had been using for a rental. The 40-ish year old woman who bought it did not have a job. She was going to school at H&R Block to learn how to do taxes. She put no money down and the loan was an ARM. In the previous year, she had rented an apartment and then sublet rooms to her son and her mother. She had also bought and sold a couple of cars on Ebay for a profit. This was her income to qualify. My mother was visiting when we were doing the deal and she kept saying, "that woman cannot afford your house." We agreed with her, but watched in amazement as the woman "qualified" for the loan, bought the house and moved in.