Home Savings vs Retirement Savings

[brewer12345]

Quote:

Originally Posted by Tulsaboyw Whats unethical about it? ALL people involved got their $$ ... except for pmi.

You lied to the bank and likely broke some laws re: fraud. Might give some of us pause.

[Tulsaboyw]

No lies.

Bank got both cash & loan on the 20 part
and did the 80% itself.

No lies....

Also not UNethical as it was a banker who told me what to do.

(EDITED, forgot the UN).

[Tulsaboyw]

also no fraud ... as the bank wanted to know were the cash came from and it came from my savings acct (the 10% from CU saving acct from the loan & was in savings for the duration of getting the house, and was actually in there for 5 weeks.


Btw, my brother is a lawyer too, and a past VP.

No laws broken, no ethics issues... as there was nothing wrong in the methods.

The fact that the bank doesnt know everything about a deal, is not unethical.

[REWahoo]

Quote:

Originally Posted by Tulsaboyw Also not ethical as it was a banker who told me what to do.

There's a statement I can agree with...

[Tulsaboyw]

OOPs... meant to say:

NOT UNETHICAL AS IT WAS A BANKER WHO TOLD ME WHAT TO DO>


Sorry, bub, but Ive been doing this for 25 years and my brother for 40.
And he in fact has gone after fraud himself.

Nothing in this is unethical or illegal.

Though the method used can be. That I would agree with.

My #1 method in doing 80/xxx is to use my own equity or at times access to $$ (cc,loans,etc).

[brewer12345]

Quote:

Originally Posted by Tulsaboyw OOPs... meant to say: NOT UNETHICAL AS IT WAS A BANKER WHO TOLD ME WHAT TO DO> Sorry, bub, but Ive been doing this for 25 years and my brother for 40. And he in fact has gone after fraud himself. Nothing in this is unethical or illegal. Though the method used can be. That I would agree with. My #1 method in doing 80/xxx is to use my own equity or at times access to $$ (cc,loans,etc).

Hey, you are the one that has to live with your conscience.

[Tulsaboyw]

There is no issue of ethics or concience..

Its simply:
1. 80 % bank.
2. xxx one or more loans or other sources to seperate into a 80/xxx or similar.
3. Full disclosure given at time of closing where the $$ is from.

The fact its orgin may have been noncash is not even relevant.

My 1st house in my marriage was bought with 80% loan and
$10k real cash savings Acct, and $10k I usedd from a line of credit on previous house. That cash was moved to checking and the house deal toook a extra 3 weeks per the homeowner needed more time.

At closing the disclosured showed everything as it should.

Sounds like you need to learn abit about morality and ethics as there was nothing done wrong..

[REWahoo]

[eridanus]

nm

[brewer12345]

Quote:

Originally Posted by Tulsaboyw There is no issue of ethics or concience.. Its simply: 1. 80 % bank. 2. xxx one or more loans or other sources to seperate into a 80/xxx or similar. 3. Full disclosure given at time of closing where the $$ is from. The fact its orgin may have been noncash is not even relevant. My 1st house in my marriage was bought with 80% loan and $10k real cash savings Acct, and $10k I usedd from a line of credit on previous house. That cash was moved to checking and the house deal toook a extra 3 weeks per the homeowner needed more time. At closing the disclosured showed everything as it should. Sounds like you need to learn abit about morality and ethics as there was nothing done wrong..

That's all ultimately between your Flying Spaghetti Monster and you (ramen), assuming nobody called out the law. Let's just say that I have seen many a highly leveraged business deal end in tears.

[ERD50]

Quote:

Originally Posted by Tulsaboyw In another, 10% came from my credit union, 10% from the mortgage broker, 80% from the bank. Bank only knew about the broker. Bank thought I put $12k in cash down.

Wait a minute - why did the bank think it was cash? Because they asked? And you told them?

I seem to recall the bank wanting to know where my down payment came from - if it was borrowed, that changes the risk profile of the deal. That's important to them. That's why they ask.

So, if they asked, and you misrepresented, isn't that an ethical issue?

Or was it different from that?

Bankers and lawyers (shock!) can be guilty of fraud, and advising others of fraudulent practices - even the ones that fight it by day. That might be good enough for you, but it doesn't make it ethical.

-ERD50

[kcowan]

My banker never asked. The dp came from MIL as a loan. It was recorded as debt just not as the DP.

[Tulsaboyw]

Its a shame that some here dont know the difference between ethics and reality or even understand what constitues illegal or unethical.

fact is, in no instance has any house purchase I have ever done ever been illegal,immoral, unethical, and I will daresay this guy is a idiot and a fool.

Its not unethical to not disclose information, when the information is not required per contract.

Some of my purchases required disclosure, some didnt.

And in the case of the above loan converted to cash, it was cash in fact by the time the bank needed to know.
the fact that orgin was a loan, was no longer relevant.

The $$ had already earned % on its own before the deal was finished.

Plus the reality that a few of my houses were in fact purchased from the very people you call the law, and in fact some where ethic-compliance officers.

Fact is your a fool, nothing wrong and nothing ethical...
the disclosure of $$ that was only part of a 20% was not even relevant to the bank.
Considering that as noted, it was part cash and part loan and then all cash by the time the deal was done.

And in other cases, where it remained as a loan on other part cash part loan deals, the disclosure was not always requested, and was not supplied unless required.

And since my brother is a expert on oklahoma law relating to disclosure on contracts, I think he is in a better position to know than the idiots in this forum.

[brewer12345]

Ah returning to the scene of the crime weeks later and mounting personal attacks. I can see you maintain only the highest ethical standards...

[REWahoo]

Quote:

Originally Posted by Tulsaboyw Since nothing done by me has ever been unethical or illegal or even immoral...

"The lady doth protest too much, methinks."
-Bill Shakespeare

[Tulsaboyw]

Brewster ..u are the idiot who attacked me .. I was just responding with reality and facts...

this site really is full of crazys isnt it.


btw, attacks like yours and mine both are not a issue of ethics, so it seems u still need to learn more about ethics yet again.

As far as im concerned,... both of you are nuts.

Fortunately I already know that all my actions are correct and aok and proper, so you go ahead and beleive whatever you want, even if you got it wrong.

I feel sorry for this site though that people such as yourself are spreading inaccurate information about ethics,finance, and etc.

Many people will end up getting the wrong information from you per the obvious fact that you cant seem to understand ethical standard and rules.

[Rich_by_the_Bay]

This thread had some useful information, but it has degenerated ridiculously. I'm closing it.

Please pick up spinoff topics in a new thread if you are interested. And keep it civil please.