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Old 01-03-2009, 01:44 PM
 
Location: Arizona
824 posts, read 2,338,826 times
Reputation: 605

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"The story of the two-bedroom, one-bath shack on West Hopi Street, is the story of this year's financial panic, told in 576 square feet. It helps explain how a series of bad decisions can add up to the worst financial crisis since the Great Depression. . ."


". . . Soon, Ms. Halterman's son, Mr. Merritt, says he stopped paying the mortgage. He had slipped back into his methamphetamine addiction. "I lost interest in pretty much everything except my habit and the girl I was seeing," he says. Mr. Merritt is now in prison for trafficking in stolen copper pipe."


Would You Pay $103,000 for This Arizona Fixer-Upper? - WSJ.com
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Old 01-03-2009, 09:26 PM
 
682 posts, read 2,568,921 times
Reputation: 344
Quote:
Originally Posted by azjack View Post
"The story of the two-bedroom, one-bath shack on West Hopi Street, is the story of this year's financial panic, told in 576 square feet. It helps explain how a series of bad decisions can add up to the worst financial crisis since the Great Depression. . ."


". . . Soon, Ms. Halterman's son, Mr. Merritt, says he stopped paying the mortgage. He had slipped back into his methamphetamine addiction. "I lost interest in pretty much everything except my habit and the girl I was seeing," he says. Mr. Merritt is now in prison for trafficking in stolen copper pipe."


Would You Pay $103,000 for This Arizona Fixer-Upper? - WSJ.com
There was an article recently in the azcentral online paper which told about the increase in FBI agents who are working to lock up loan officers and their crooked comrades. I hope the numbers finally tried and convicted are as huge as the problems created for the rest of us.

altus2006
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Old 01-03-2009, 11:30 PM
 
430 posts, read 1,411,074 times
Reputation: 158
Default speechless

wow! that is a real eye opener, so hard to believe so much corruption & people not doing their jobs lead to this example of what was taking place in the Mortgage business.
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Old 01-04-2009, 09:33 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,796,455 times
Reputation: 3876
What the mortgage industry has done is old news. I'm surprised that the WSJ chose Jan 3, 2009 to write this type of article, when one like it should have been written months ago.

I believe they would be more informative if they published what the government is trying to do to get us out of this situation, and what they are doing to punish those who were at fault, instead of digging into the dirt to combine a alcohol dependency and meth addiction to the story.

But I'll have to admit they did mention the positive fact that the lady was now sober and was a benefit to the community in that she was helping to raise kids whose parents are in jail, and was trying to teach them to be good citizens.

If people keep focusing on the negative, then they will never be able to see any positive things that may be happening.
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Old 01-04-2009, 09:35 AM
 
Location: USA
3,966 posts, read 10,710,801 times
Reputation: 2228
Absolutely not.
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Old 01-04-2009, 03:43 PM
 
Location: Arizona
824 posts, read 2,338,826 times
Reputation: 605
"In early 2007, she asked Integrity for help, Mr. Rybicki's records show. This time, Integrity itself provided a $103,000, 30-year mortgage. It had an adjustable rate that started at 9.25% and was capped at 15.25%, according to loan documents.
It was one of 197 loans Integrity originated last year, totaling almost $47 million."


You have to love that the company is named Integrity.
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Old 01-04-2009, 05:40 PM
JH6
 
1,435 posts, read 3,222,399 times
Reputation: 1162
So the woman bought the house for 6500 bucks or whatever back in the 60s, and she still didn't own it 30 years later?

So they re-mortgaged the house at the new value, and gave her a cash out?

I don't understand how this worked..
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