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googledad
Carpal \'Tunnel

Reged: 12/31/05
Posts: 10207

Well there is this

#771058 - 12/13/11 07:28 AM

washingtonpost.com/business/markets/federal-reserve-report-home-flipping-drove-housing-bubble-in-nevada-california-other-states/2011/12/12/gIQA1W8HqO_story.html

Not as interesting as the catfights but interesting nonetheless .

So what underwriting standards allowed lenders to issue MULTIPLE subprime loans to the same borrowers ?

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Careful. We don't want to learn from this.

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LexieBelle
Carpal \'Tunnel

Reged: 11/07/10
Posts: 3680

Re: Well there is this

[Re: googledad]
#771072 - 12/13/11 09:50 AM

Don't know.. and don't believe that necessarily it's "legitimate" borrowers. What happens is, and I know this b/c ex's best friend does it and his credit has been destroyed over it.. they pay people to use their names/credit to get these loans. So, for example, Steve wants to buy a house. He can't (or doesn't want to) finance it in his own name. He solicits John who, for a flat fee, and I believe a percentage of the flip profits, finances the property in HIS name. Works great/fine if Steve is able to successfully flip the property. He takes his money, pays John his, everyone is happy. But, with the things the way they are.. many times John is stuck with a property Steve isn't paying for anymore, destroyed credit, and all for about $10K in pocket.

If I recall correctly, ex's friend had 5 such properties mortgaged in his name. 3 had gone belly-up/been foreclosed on.. the others are on their way there. He made $50K on them for using his name for credit purposes, but his credit is now destroyed completely.

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