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Old 10-02-2011, 03:03 PM
 
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I learned this yesterday from the banker with whom I have my own mortgage, in Cobble Hill. To put things in perspective it's less than 5% in the rest of the city. Any ideas as to why these two neighborhoods were dumping grounds for sketchy loans?
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Old 10-02-2011, 03:52 PM
 
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They're not "dumping grounds" for "sketchy loans". Please, do your research and you'll see that a very good percentage of home owners all over the country are "under water" or "upside-down" in their home loans.

Oh, and it's not that the loans were "sketchy". It's that people took out loans they knew darn-well they couldn't afford but wanted to, thinking they could somehow pull some magic and afford.
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Old 10-02-2011, 03:59 PM
 
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No, Carroll and Red Hook are anomalies with a severe problem. I agree with your assessment of the deadbeats in such homes, but the financial institutions failed to do due diligence in vetting the borrowers.
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Old 10-02-2011, 04:07 PM
 
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I also wish the banks would make with the foreclosures already, when they can still find buyers. The last thing I want is the neighborhood next to my own to be lousy with vacancies.
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Old 10-02-2011, 04:41 PM
 
Location: Bronx
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Quote:
Originally Posted by msgr View Post
I learned this yesterday from the banker with whom I have my own mortgage, in Cobble Hill. To put things in perspective it's less than 5% in the rest of the city. Any ideas as to why these two neighborhoods were dumping grounds for sketchy loans?
Easy just lower the property values and Vacancies would drop.
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Old 10-02-2011, 05:03 PM
 
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Default Dear God, no!

Quote:
Originally Posted by bronxguyanese View Post
easy just lower the property values and vacancies would drop.
this is what i am afraid of happening.
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Old 10-03-2011, 01:12 PM
 
Location: Manhattan
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All properties will sell at a proper price.

When owners, banks, mortgage companies, etc, FACE this fact, the market will settle matters.

There is a buyer for every distressed property...if the price is right. Banks don't want to face this reality PRICE! They would prefer their old appraisals...by somebody's brother-in-law.

So we get this dragged out agony. "Ohhh, it's WORTH $400K but nobody will pay more than $200KSo we CANNOT SELL".... complete IDIOCY!

Perhaps the banks are looking for another bailout so they can continue to make believe they were high rollers...in a game that finally took a look at reality!


When idiots make bad bets they lose money...but when the idiots own the government, the poor taxpayers cover their bets. They stay rich and the poor get poorer.
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Old 10-03-2011, 04:21 PM
Status: "I am in preparation mode!" (set 15 days ago)
 
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I thought Carroll Gardens was a good neighborhood. I am intrigued. I need to investigate this further.
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Old 10-03-2011, 04:43 PM
 
Location: Beautiful Pelham Parkway,The Bronx
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Quote:
Originally Posted by msgr View Post
I learned this yesterday from the banker with whom I have my own mortgage, in Cobble Hill. To put things in perspective it's less than 5% in the rest of the city. Any ideas as to why these two neighborhoods were dumping grounds for sketchy loans?


It's still substantially less than the national percentage,which is closer to 30%,so what's your point ?
http://zillow.mediaroom.com/index.php?s=159&item=228

At this point being under water is not necessarily because of a "sketchy loan". There are people under water who bought their houses in 2005 and put up 30% and 40 % downpayments and who have impeccable credit and high incomes.Unfortunately for them their houses are now only worth about 1/2 of what they paid.

You might join them soon because it is predicted that the national "under water" rate could easily go to 50% in a few more years.

Last edited by bluedog2; 10-03-2011 at 04:56 PM..
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Old 10-03-2011, 04:45 PM
 
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Where is the link to the source information in this thread?
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