Comments on: Guideline Change for Rental of Current Home http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/ Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Mon, 01 Dec 2008 23:06:28 +0000 http://wordpress.org/?v=2.6.5 By: Rus http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/#comment-68645 Rus Mon, 14 Jul 2008 05:30:40 +0000 http://mioaklandcounty.com/blog/?p=844#comment-68645 whoops look at that. Fannie / Freddie already have big problems. A treasury / fed rescue of Fannie is afoot. ........ Americans have $6.8 trillion deposited in institutions. $4.2 trillion is FDIC insured And the FDIC only has $52 billion tucked away to back the entire system. One more time, the FDIC only has 1% put away to back the entire thing. And Americans stupidly have $2.6 trillion sitting out there at naked risk. (side note - just think how dumb you had to be to have more than the FDIC limits sitting in IndyMac. Amazing) FLASH: THE UNITED STATES TAXPAYER HAS JUST BAILED OUT THE KINGS OF THE GREAT HOUSING PONZI SCHEME - FANNIE MAE AND FREDDIE MAC http://www.marketwatch.com/news/story/treasury-fed-move-rescue-fannie/story.aspx?guid={AF7D0E9C-115C-4B41-9AF6-97BD668BC455} GEtting home l;oans approved ain't gonna get any easier. whoops look at that. Fannie / Freddie already have big problems. A treasury / fed rescue of Fannie is afoot.
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Americans have $6.8 trillion deposited in institutions.
$4.2 trillion is FDIC insured
And the FDIC only has $52 billion tucked away to back the entire system.

One more time, the FDIC only has 1% put away to back the entire thing. And Americans stupidly have $2.6 trillion sitting out there at naked risk.

(side note - just think how dumb you had to be to have more than the FDIC limits sitting in IndyMac. Amazing)

FLASH: THE UNITED STATES TAXPAYER HAS JUST BAILED OUT THE KINGS OF THE GREAT HOUSING PONZI SCHEME - FANNIE MAE AND FREDDIE MAC

http://www.marketwatch.com/news/story/treasury-fed-move-rescue-fannie/story.aspx?guid={AF7D0E9C-115C-4B41-9AF6-97BD668BC455}

GEtting home l;oans approved ain’t gonna get any easier.

]]> By: Rus http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/#comment-68644 Rus Mon, 14 Jul 2008 05:17:29 +0000 http://mioaklandcounty.com/blog/?p=844#comment-68644 If you qualify for a new home purchase when the current residence is upside-down, then that gives the owner a strong incentive to let the (current residence) / (would-be rental property) slip into foreclosure after getting favorable loan terms on his new cheaper residence. Your credit rating takes a major punishment, but you have already secured a good terms on your new mortgage (which is cheaper than the old). Sites like "youwalkaway" or "letitsink" explain this game very well. - Let It Sink - If You're Upside-Down In Your House, Just Walk Away! FAnnie is trying to make sure this can't happen again by adjusting its guidelines. If this continues to happen on a large scale they have BIG problems. If you qualify for a new home purchase when the current residence is upside-down, then that gives the owner a strong incentive to let the (current residence) / (would-be rental property) slip into foreclosure after getting favorable loan terms on his new cheaper residence.

Your credit rating takes a major punishment, but you have already secured a good terms on your new mortgage (which is cheaper than the old).

Sites like “youwalkaway” or “letitsink” explain this game very well.
- Let It Sink - If You’re Upside-Down In Your House, Just Walk Away!

FAnnie is trying to make sure this can’t happen again by adjusting its guidelines. If this continues to happen on a large scale they have BIG problems.

]]> By: Ken Mascia http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/#comment-68636 Ken Mascia Mon, 07 Jul 2008 13:50:09 +0000 http://mioaklandcounty.com/blog/?p=844#comment-68636 Thanks you guys! It's nice to know someone is reading the stuff I write and getting something out of it. Thanks you guys! It’s nice to know someone is reading the stuff I write and getting something out of it.

]]> By: Tyler, The Wealth Creation Guy http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/#comment-68634 Tyler, The Wealth Creation Guy Sun, 06 Jul 2008 03:49:01 +0000 http://mioaklandcounty.com/blog/?p=844#comment-68634 Maureen - Good work having Ken write on this subject. It's been an extremely timely topic with all of the recent guideline changes. Non owner occupied properties have sort of gotten lost in the mix. Ken - It's good to see a student of the business educating others! Keep up the great work. Maureen - Good work having Ken write on this subject. It’s been an extremely timely topic with all of the recent guideline changes. Non owner occupied properties have sort of gotten lost in the mix.

Ken - It’s good to see a student of the business educating others! Keep up the great work.

]]> By: Tyler, The Wealth Creation Guy http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/#comment-68633 Tyler, The Wealth Creation Guy Sun, 06 Jul 2008 03:46:30 +0000 http://mioaklandcounty.com/blog/?p=844#comment-68633 Maureen - Keep Ken around. This was a great post. Many folks aren't aware of all of the recent guideline changes (especially on investment properties)! Keep educating Ken. Being a student of the business is more important now than ever! Maureen - Keep Ken around. This was a great post. Many folks aren’t aware of all of the recent guideline changes (especially on investment properties)!

Keep educating Ken. Being a student of the business is more important now than ever!

]]> By: Jim Johnson CRS http://mioaklandcounty.com/blog/2008/07/03/guideline-change-for-rental-of-current-home/#comment-68632 Jim Johnson CRS Sat, 05 Jul 2008 20:56:08 +0000 http://mioaklandcounty.com/blog/?p=844#comment-68632 Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work! http://www.bendoregonrealestateexpert.com/ Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work!

http://www.bendoregonrealestateexpert.com/

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