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Friday, July 25, 2008 $625,000 house on a street wrecked by subprime loans?
Prices are plunging on Santa Ana's Camile St. But a few troubling exceptions are emerging.
"In January, Mario and Paula Gomez paid $625,000 for this house on 920 Camile St. Last October, the house sold at auction for $304,500, little more than half what a buyer using 100-percent sub prime financing paid in 2006.The price of a troubled property on a blighted street double between October and January."
It truly angers me to continue to see this type of corruption still going on !!!! What is it going to take to STOP these types of transactions from continuing to take place ? Maybe they need to have GOVERNMENT auditors to oversee ALL these transactions ?! I am just soooooo FED UP by it all, I could SCREAM !!!!
On Jan. 15, Praslin signed the deed selling the property to the Gomezes. Mario Gomez said he was surprised when it came time to sign the papers.
"They lied to us," he said of the sellers. "They said the house was really $500,000, but when I bought it, the papers said $625,000."
Gomez said someone else – he's not sure exactly who – paid the $125,000 down payment.
Quote:
"I didn't pay any money down," Gomez said. "The man who sold it to me said, 'No money, no problem.' And later he told me I would get $30,000 for buying the house."
Some people should not be allowed to buy real estate ......................
NO, the lender will get Fannie or Freddie to bail THEM out......Fannie and Freddie will get the Fed to print more money so we all get hit with inflation.
Sad to know that this is still happening, makes you wonder how much longer this greed is going to effect the market. I was hoping we were past most of this and were starting to turn things around.
Those are thoughts 'exactly' Judy!! How can this STILL be going on and especially with a bank like Wells Fargo !! Shame on them for allowing this to happen !!! Though I've seen secondhand that they've done liar loans in the past, I had really hoped that things had changed .
Quote:
Originally Posted by Judy P.
Sad to know that this is still happening, makes you wonder how much longer this greed is going to effect the market. I was hoping we were past most of this and were starting to turn things around.
All roads lead to the same place-- the taxpayers footing the bill.
Yup. I know that they'll be negative consequences for not bailing anyone out, but I think the negative consequences of creating a moral hazard and allowing people not to have to pay for their irrational decisions will be even more costly.
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!!!! What is it going to take to STOP these types of transactions from continuing to take place 
? Maybe they need to have GOVERNMENT auditors to oversee ALL these transactions 
?! I am just soooooo FED UP by it all, I could SCREAM 
As does the stupidity .....
!! Shame on them for allowing this to happen 
