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$103,000~And nothing to show for it except for $15K
01-03-2009, 01:43 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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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.
Quote:
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.
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Would You Pay $103,000 for This Arizona Fixer-Upper? - WSJ.com
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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01-03-2009, 01:55 PM
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#2
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 293
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Have Mercy......
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01-03-2009, 01:59 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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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"
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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01-03-2009, 03:01 PM
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#4
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Recycles dryer sheets
Join Date: Apr 2008
Posts: 125
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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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01-03-2009, 03:42 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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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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01-03-2009, 03:57 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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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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01-03-2009, 04:36 PM
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#7
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Full time employment: Posting here.
Join Date: Jul 2008
Posts: 622
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Quote:
Originally Posted by NW-Bound
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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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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01-03-2009, 06:51 PM
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#8
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Full time employment: Posting here.
Join Date: Jan 2007
Location: Southern Louisiana
Posts: 519
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Quote:
Originally Posted by clifp
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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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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01-03-2009, 10:27 PM
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#9
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Recycles dryer sheets
Join Date: Jul 2008
Location: ENE MO - near STL
Posts: 424
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You've gotta just love that name: Integrity Funding
Yeah, right.
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01-04-2009, 04:26 AM
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#10
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Confused about dryer sheets
Join Date: Nov 2008
Posts: 1
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Breakfast of Champions - Pepsi & Lucky Charms
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01-04-2009, 06:15 AM
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#11
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Recycles dryer sheets
Join Date: Oct 2008
Posts: 295
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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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01-04-2009, 06:25 AM
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#12
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Recycles dryer sheets
Join Date: Oct 2008
Posts: 295
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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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