BoA OWNED by person

[Papa_Complex]

Some numbers:

- In 2007, roughly 13% of mortgages were subprime. Source

- In 2009, roughly 37% of mortgages issued were insured by FHA. This compares to 7%, in 2007 and 26%, in 2008. Source

- The Veterans Administration guaranteed 6.7% of mortgages made in 2009, 4.9% in 2008, and 2.7% in 2007. Source

[goof2]

Originally Posted by Papa_Complex

Some numbers:

- In 2007, roughly 13% of mortgages were subprime. Source[/url]

Yet the same source says according to their survey 20% of borrowers "face foreclosure due to predatory loan terms and multiple refinances."

It is a pretty safe bet people in that group (which I would imagine included a lot of subprime) didn't have a bunch of equity before values started dropping and didn't have fully insured loans.

Originally Posted by Papa_Complex

- In 2009, roughly 37% of mortgages issued were insured by FHA. This compares to 7%, in 2007 and 26%, in 2008. Source

- The Veterans Administration guaranteed 6.7% of mortgages made in 2009, 4.9% in 2008, and 2.7% in 2007. Source

So what, there was a big increase in insured mortgages after the housing bubble burst and easy credit dried up. I would expect nothing less. My guess is the numbers for 02-06 look a lot more like 2007 than 2009. In other words the large majority of loans written during that time weren't fully insured, though they may have had PMI.

Most of these problem loans (a lot of them aren't "subprime", they suck but don't fall in the subprime basket) were written from 02-07. When real estate and banks started tanking in 07, 08, and 09 easy credit dried up. In order to get loans people had to either demonstrate they were financially capable of actually paying the money back or get a government insured loan.

[101lifts2]

Originally Posted by Captain Morgan

Sounds like FTL to me. Seems like nothing more than throwing money at interest, not gaining any equity. Almost sounds like renting, except person gets to also pay for all repairs and take care of all maintenance out of their own pocket. Yeah, sounds an awful lot like FTL to me.

Not really....If you bought high...then did what was stated above...then short sold, you lost nothing. Then you go out and buy something 72% less than what you paid originally. Cost was cheaper with the tax writeoff then to rent.

Again...FTW.

[Particle Man]

Originally Posted by 101lifts2

80% first loan...20% second loan..0 down with no principle payments for 5 years with a low 5 year interest rate FTW!

Oh - thought it was 80% down and only taking out 20% of a loan.



Been saving my ASS off.

[Homeslice]

Originally Posted by 101lifts2

Not really....If you bought high...then did what was stated above...then short sold, you lost nothing. Then you go out and buy something 72% less than what you paid originally. Cost was cheaper with the tax writeoff then to rent.

Again...FTW.

How are you losing nothing? You paid closing costs on each home.

And BTW what if the market was on an upswing? Not only did you not build any equity, but the next home would be more expensive.

[Papa_Complex]

Originally Posted by Particle Man

Oh - thought it was 80% down and only taking out 20% of a loan.



Been saving my ASS off.

By now you could likely buy about 3 square blocks in beautiful downtown Detroit.

[Particle Man]

Originally Posted by Papa_Complex

By now you could likely buy about 3 square blocks in beautiful downtown Detroit.

Or not

[Papa_Complex]

Originally Posted by Particle Man

Or not

Think what a great dirtbike track and paintball park, you could make out of it. You wouldn't even need to take a bulldozer to it, to make it looked like a bombed-out Vietnamese village.

[Particle Man]

Wheels turning...

[101lifts2]

Originally Posted by Homeslice

How are you losing nothing? You paid closing costs on each home.

And BTW what if the market was on an upswing? Not only did you not build any equity, but the next home would be more expensive.

Not if you negotiated 5k at closing.