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$103,000~And nothing to show for it except for $15K
Old 01-03-2009, 02:43 PM   #1
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$103,000~And nothing to show for it except for $15K

I'm an unsophisticated investor. That is probably the reason that I would not have ever "invested" in this building.
Michael Phillips/The Wall Street Journal
See photos of Ms. Halterman's former house.

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Less than two years ago, Integrity Funding LLC, a local lender, gave a $103,000 mortgage to the owner, Marvene Halterman, an unemployed woman with a long list of creditors and, by her own account, a long history of drug and alcohol abuse. By the time the house went into foreclosure in August, Integrity had sold that loan to Wells Fargo & Co., which had sold it to a U.S. unit of HSBC Holdings PLC, which had packaged it with thousands of other risky mortgages and sold it in pieces to scores of investors.
Today, those investors will be lucky to get $15,000 back. That's only because the neighbors bought the house a few days ago, just to tear it down.
Would You Pay $103,000 for This Arizona Fixer-Upper? - WSJ.com
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Old 01-03-2009, 02:55 PM   #2
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Have Mercy......
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Old 01-03-2009, 02:59 PM   #3
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Reminds me of an old shack along US 101 just south of San Jose, CA. Shortly after you left San Jose traveling south, the dumpy, small, broken down thing was just standing there, abandoned.

One time driving past it quite a few years back, as commentary about the crazy housing market in the area, someone spray painted the following on the side of the shack:

"$200K FIXER UPPER"
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Old 01-03-2009, 04:01 PM   #4
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You got to love how the mortgage broker, the appraiser, and the "home"owner all duck responsibility.

There's malfeasance here, and if there were justice the broker would be strung up, not working for a venture capital firm. The only consolation would be that losers such as this will always be losers.
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Old 01-03-2009, 04:42 PM   #5
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This video is my favorite explanation of the mortgage mess.


What is remarkable is other than it being unemployed white woman instead of "unemployed black men in a string vest." There is no difference between the parody and reality.
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Old 01-03-2009, 04:57 PM   #6
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Arghh... A bank in Iceland is probably the current owner of this, as part of a CDO.

As I said before, Wall St fooled these foreigners, didn't they?

Importing cars and LCD TVs, while exporting CDOs and selling them CDS's on top of it!

Will they get fooled again?
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Old 01-03-2009, 05:36 PM   #7
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Originally Posted by NW-Bound View Post
Arghh... A bank in Iceland is probably the current owner of this, as part of a CDO.

As I said before, Wall St fooled these foreigners, didn't they?

Importing cars and LCD TVs, while exporting CDOs and selling them CDS's on top of it!

Will they get fooled again?
I'd question weather Iceland even has $103,000 as a country right now. That $15,000 might double their current GDP.
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Old 01-03-2009, 07:51 PM   #8
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Originally Posted by clifp View Post
This video is my favorite explanation of the mortgage mess.


What is remarkable is other than it being unemployed white woman instead of "unemployed black men in a string vest." There is no difference between the parody and reality.
This would be really funny if it weren't so factual.
I still say "someone needs to go to jail" over all of this. Nothing short of outright fraud that was overlooked on a regular basis. This model of mortgage business was obviously not sustainable but it continued until it caught up with itself. I'm still amazed by it all.........
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Old 01-03-2009, 11:27 PM   #9
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You've gotta just love that name: Integrity Funding

Yeah, right.
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Old 01-04-2009, 05:26 AM   #10
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Old 01-04-2009, 07:15 AM   #11
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Wel, IAD... How much was the Property worth? Could of been a Diamond in the Rought?

Probably only cost $1000 to tear it down, put a decent place on it for $50k -$75k and if the lot was worth $75k..you have a Nice place for $126-$151k,that down there? In 5 yrs be worth Double that..

That is what I did with a tear Down place Uphere in Wi. several Yrs ago..Looking to build a Little Cottage/Retirement summer place and buy a Run down place that has seen it's better days, built in the 40's.. but the Lot was the key and 80% of the price value of the place. Now worth? 3x as much, even with recent downturns in prices.. and when things get back to normal in a year or 2? AZ will Boom again, with 10x as many Babyboomers comming down in Caravans.. So, IAD...
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Old 01-04-2009, 07:25 AM   #12
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he left out another major problem with the SubPrime mess..
Towns Changing their Building Requirements to only allowing Big Barn Homes to either be New or Replace tear Downs..They required 3,000 Sq. ft places as Minimums, even replacing the former 1,-1500 Sq ft. places.. just to (a) Keep out the Little Guy and New Families being able to buy and (b) Boost RE taxes for the area...

but we all know they also did it to keep ouot the Minorities..

Kinda nice to drive down those Older Neighborhoods ( One I grew up in ) with all those Big Barns being EMPTY now...Their Schools have lost a Considerable Amt. of Kids, Businesses have Lost and The Streets themselves look like Ghost Towns.. serves them right.. and we sure are rubbing it in to our City council now...

;>)
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