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Old 09-03-2009, 06:57 PM
 
Location: Pinal County, Arizona
25,100 posts, read 39,261,360 times
Reputation: 4937

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Quote:
Originally Posted by ArizonaBear View Post
The bottom line is that both of you are correct-------but for different reasons.
I'm currently representing clients in fraud allegations against Real Estate Brokers and Real Estate Agents as well as Mortgage Brokers and Loan Officers and Real Estate Appraisers. I am not the only counsel involved - not by a long shot.

You might have seen an article in the Republic last week about 10 States Attorney's Generals working with the Feds on similar cases. Some of my clients are some of the claimants in this investigation. There have been some settlements already.

 
Old 02-09-2010, 11:33 AM
 
Location: Phoenix, AZ
41 posts, read 133,860 times
Reputation: 27
Quote:
Originally Posted by Greatday View Post
I'm currently representing clients in fraud allegations against Real Estate Brokers and Real Estate Agents as well as Mortgage Brokers and Loan Officers and Real Estate Appraisers. I am not the only counsel involved - not by a long shot.

You might have seen an article in the Republic last week about 10 States Attorney's Generals working with the Feds on similar cases. Some of my clients are some of the claimants in this investigation. There have been some settlements already.

The latest bubble (before it burst) just gave too much temptation to too many people and now they seem to be reaping what they have sowed. Make it especially tough on those that didn't get filthy rich in the last 5 years.

Best luck with the representation Counselor.

PhoenixDude
 
Old 02-16-2010, 06:40 PM
 
Location: International Spacestation
5,185 posts, read 7,567,701 times
Reputation: 1415
Default Phoe

Phoenix is the wild wild west. Everyone is a gun slinger!
 
Old 02-17-2010, 02:22 AM
 
10,719 posts, read 20,298,303 times
Reputation: 10021
Quote:
Originally Posted by Ponderosa View Post
So true. Put yourself in the place of Joe Sixpack in 2006. He sees houses going up so fast that he feels he must move and move quickly if he is ever to own a home of his own. He goes to the realtor who confirms his fears and then to a lender who signs him to a contract he does not have the education to understand along with assurances and, in fact, evidence, that with prices rising like they are, he will be able to refinance and take cash out when his loan recasts. Then, through no fault of his, the corrupt finance industry implodes on all the shenanigans it has been involved in under the weight of a relative handful of defaults, taking with it the world economy and Joe's job, house, and credit rating. And the white collar boys blame Joe!
I'll put myself in Joe's shoes. If I can't afford a home, I'm going to rent or move to a city in which I can afford the home. It doesn't matter if home prices are escalating. if I'm making 50K and the cheapest home on the market is 300K then that is more than 3 times my income and thus I can't afford that home. It doesn't matter if that same home is 400K in a year. Joe doesn't need a a degree in finance to understand he was attempting to take out a loan on a home that is 6 times his annual income regardless if he didn't understand the terms of his loan. This is a matter of individual responsibility and good ole fashioned values.

Quote:
Originally Posted by Ponderosa View Post
But when investors experiencing losses went to the security issuer (insurer) they learned that there was no security - no collateral available to pay them; There was no money, just worthless paper holding up this massive asset class;
Loan defaults led to decreased home values which led to investors experiencing losses.

Last edited by azriverfan.; 02-17-2010 at 03:09 AM..
 
Old 02-17-2010, 07:54 PM
YAZ
 
Location: Phoenix,AZ
7,708 posts, read 14,086,783 times
Reputation: 7044
Mod Cut..Sorry Yaz orphaned post...




We're only humid here for about six weeks.

And it's sporadic.

Ya just might like it here......
 
Old 02-19-2010, 08:40 PM
 
Location: East Central Phoenix
8,042 posts, read 12,265,438 times
Reputation: 9835
Quote:
Originally Posted by azriverfan. View Post
I'll put myself in Joe's shoes. If I can't afford a home, I'm going to rent or move to a city in which I can afford the home. It doesn't matter if home prices are escalating. if I'm making 50K and the cheapest home on the market is 300K then that is more than 3 times my income and thus I can't afford that home. It doesn't matter if that same home is 400K in a year. Joe doesn't need a a degree in finance to understand he was attempting to take out a loan on a home that is 6 times his annual income regardless if he didn't understand the terms of his loan. This is a matter of individual responsibility and good ole fashioned values.
Brilliantly stated! Too many people with insufficient income bought homes under the terms of ARMs/sub prime loans, on which they couldn't possibly afford once the interest rates increased. Part of the blame can be placed on the mortgage lenders, but the primary responsibility still falls on the lendees who agreed to the terms. These people with lower credit scores really had no business trying to obtain mortgage loans. If their income is insufficient and their credit rating is in the trash, that's their own problem. Nobody is entitled to anything just for existing!

The main reason for this latest economic downturn is the collapse of the real estate market ... and the Phoenix metro area has been too reliant on this type of business for too long. There have been too many cookie cutter type of housing developments built, which are often occupied by residents who really can't afford them. These are usually the same types who think they need to have all the fancy gadgets in order to make their lives complete: blackberries, cell phones, and Ipods for each family member, and two or more vehicles (often SUVs or 4X4 trucks). Again, nobody is entitled to any of these things if they can't afford them on their own financial means.
 
Old 10-18-2010, 11:06 AM
 
278 posts, read 622,857 times
Reputation: 173
Quote:
Originally Posted by ponderosa View Post
right-wingers are an embarrassment to any city.
amen
 
Old 10-18-2010, 12:21 PM
 
Location: USA
3,966 posts, read 10,699,583 times
Reputation: 2228
Quote:
Originally Posted by FlyiMetro View Post
Phoenix is the wild wild west. Everyone is a gun slinger!
Like our police? Yee haw?
 
Old 10-19-2010, 10:08 PM
 
2,942 posts, read 6,518,103 times
Reputation: 1214
Quote:
right-wingers are an embarrassment to any city.
amen


So you are embarrassed by folks who believe in freedom and moral values?

Actually, a lot of the jokes I hear have San Francisco as the punch line....
 
Old 10-19-2010, 10:27 PM
 
Location: Anchored in Phoenix
1,942 posts, read 4,570,380 times
Reputation: 1784
Right wingers believe in moral values. Defined by right wingers.

Right wingers do not believe in freedom.

Nor do left wingers believe in freedom.

However I live my life as if no government exists while I follow the golden rule. I drive faster than the speed limit, sometimes do not use turn signals. Therefore I break laws.

Do you drive under the speed limit at all times? Do you use turn signals at all times?


Quote:
Originally Posted by Ritchie_az View Post

So you are embarrassed by folks who believe in freedom and moral values?

Actually, a lot of the jokes I hear have San Francisco as the punch line....
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