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The Lease back option

 
Doom Meister
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User ID: 1557294
Canada
09/28/2011 12:38 AM
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The Lease back option
[link to www.ft.com]

The problem is, if they can't afford a mortgage. how can they afford a lease?

Its an option but it is still a foreclosure and they could have to move if the property was sold.

And if they don't pay rent, then its easier to evict them as renters than as home owners.
The future is uncertain and the end is always near.
Doom Meister (OP)

User ID: 1557294
Canada
09/28/2011 12:53 AM
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Re: The Lease back option
Its not that they can't afford their mortgage they aren't working, so they can't afford to even pay rent.

You built on spec. And the banks gave freely because they wanted more loans, since they could do default swaps, bet on whether the people would default or not.

Then they bundled these bad mortgages mixed a few good ones and sold them on the market. To whoever would buy them.

And then they gambled on if the mortgages were good or not.

Now these are foreign owners with what part ownership in a bad mortgage?

You see even if the people were working, the average wage is 16 dollars per hour.

But they built 600,000 homes. Since you have no bank regulations and did not check their ability to pay.

So it was fun while it lasted, but the reality is, what the market will bare.

So if your buyers as a couple are making 30 dollars per hour, they can't afford a 600,000 house.

Now by not foreclosing and holding them, in limbo, you hope to preserve the value. To save the banks and avoid dealing with the default swaps and bundled mortgage backed securities.

But the houses will run down in no time if they are not occupied.

Its morally wrong to give someone a 50 year mortgage but you have no morals so then your only option is if you want to pursue this right into hell itself and not turn away at the gate, then go for a 50 year mortgage or 60 or 100 until its like 500 per month for a 600,000 house.

And then your investors have to hold the paper for 100 years and in 25 the wear and tear will make their paper worthless.
The future is uncertain and the end is always near.
Doom Meister (OP)

User ID: 1557294
Canada
09/28/2011 01:13 AM
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Re: The Lease back option
"In some states, particularly those where only judicial foreclosure is available, the constitutional issue of due process has affected the ability of some lenders to foreclose. In Ohio, the federal district court for the Northern District of Ohio has dismissed numerous foreclosure actions by lenders because of the inability of the alleged lender to prove that they are the real party in interest.[3] In June 2008, a Colorado district court judge also dismissed a foreclosure action because of failure of the alleged lender to prove they were the real party in interest."


You see if you sold the mortgages in bundles on the stock market, to people in Asia, then maybe they are the party of interest.

But if they only own a portion of the mortgage, maybe they would have to have all the parties for one mortgage.

The fact is that Credit Default Swaps are not regulated, so who knows who owns what.

If Lehman Bros were allowed to go bankrupt and their board of directors were not help accountable, responsible for the debt, then an orderly bankruptcy for all involved banks would be your best way out.

Or act as agent, with written agreement from mortgage holders, foreclose.

The cavalry isn't coming over the hill. Job prospects are not good. Immigrants coming to buy them from Europe is not gonna happen, so that leaves Asia.

An Asian invasion. Which would change your culture dramatically if Asians came and bought all your houses.

You're screwed.

File for chapter 11 if you can. You are never gong to solve your default swap problem otherwise.
The future is uncertain and the end is always near.

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