Comments on: Guideline Change for Rental of Current Home

By: Rus

Rus — Mon, 14 Jul 2008 05:30:40 +0000

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.

By: Rus

Rus — Mon, 14 Jul 2008 05:17:29 +0000

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

Ken Mascia — Mon, 07 Jul 2008 13:50:09 +0000

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

Tyler, The Wealth Creation Guy — Sun, 06 Jul 2008 03:49:01 +0000

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

Tyler, The Wealth Creation Guy — Sun, 06 Jul 2008 03:46:30 +0000

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

Jim Johnson CRS — Sat, 05 Jul 2008 20:56:08 +0000

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/