Mortgage Meltdown Solution: lend ‘em more!

I just spoke to one of my mortgage companies that holds a loan of mine. I asked how the mortgage meltdown is affecting them. She said that they are helping their customers in these tough times.

You know how???

By giving “assistance loans”!!!

I love it.

I was like, “Sign me up!”
And she says, “Sure!”

I’m up to my ass in debt and their way of helping me is to loan me more money.
Life is funny.

Tags: mortgage

Posted in Politics | No Comments »

Is the housing crisis a crisis? It depends who you are.

Here is an email from somebody:

“I want everyone to follow this line of reasoning. Bearsterns collapse!!! Morgan Stanley bought a 171 a stock company at its peak for 2 dollars a share. Morgan Stanley is guaranteed by the FED and backs all loans and losses attributed!!! What does that mean? It means that the Fed bought all those mortgage backed securities. Well you may think they are stuck with the hot potatoe. Well, there not that stupid,…remember they caused this disaster…..its exactly what they want. How you may ask is this good for them? Well when those morgages default they get em….And what to they own, REAL HOMES. REAL SHIT. And what did they trade it for, da da da daaaaa………………..paper!!! Yes, while it cost us time and energy to earn dollars, they just print it…it cost them 250 to print 1,000,000 dollars….so a 200billion investment of worth they buy real assests, cost them 1.5billion!!!!!!!!!!!!!!!!!!!!!!!! it’s a ponzi scheme…..pure and simple…..thats a like a 2000% profit!!!!!!!! While we get stuck paying it in inflation….”

Something to keep in mind.

Tags: housing crisis, mortgage, securities

Posted in Society | No Comments »

I bought a another house!

I am happy to say I just bought another house with Loretta!
We went into contract June 2007 but because of the mortgage problems it took us nine months to get a mortgage. The seller held in there. The house is really great. Four story three family. We will take a triplex and rent out one floor. The location is great- tree lined street, one block from subway and my daughter’s school. And right in the heart of Carroll Gardens.

It has a lot of potential. The basement can be dug out. The area commands great rentals. The front area is quite large for a garden and the back area is huge. No gardens there now. I love fixing up houses so I look forward to making nice landscaping. The view from the roof is amazing but I don’t know if I feel that ambitious to build a roof deck…

I look forward to the little things like walking my daughter to school and hearing the birds in the trees. Meanwhile we are around the corner from Smith street shopping etc. Anyway, I can’t write a description of a house without making it sound like a sales pitch You get that way when working in real estate.

On another note I took my broker’s exam this Monday. Considering i didn’t read any of the books or take any of the classes I think I did well. If you have been in the business long enough the stuff is pretty self evident - don’t lie to your customers, don’t be racist, be helpful to those you serve, be familiar with basic real estate terms etc. I find out next week if I passed.

Its the middle house. 22 2nd Street, Brooklyn.

each floor has a full little bathroom.

Tags: Brooklyn, Carroll Gardens, house, mortgage, pictures

Posted in Real estate | No Comments »