Another Stupid Mortgage in April 2008?? I am flabbergasted! I was looking at public records in Miami-Dade and I found a Horton Homes sale of a PUD home to Cirenia (last name also unusual) on April 11, 2008 for $292,800 to a woman with an outstanding judgment of $6,651. Somehow she got a mortgage from Wells Fargo Bank for $288,210. That means she put $4,590 down!! That's not a respectable down-payment anymore, that is a trip to Bermuda.These banks are just nuts, have they learned nothing? If we start bailing banks out I will pound my fists into something. (Pictured is an aerial view of the Homestead neighborhood where the home is located).
11 comments:
Here is the deal: we are bailing out the banks!
That trip to Bermuda is being subsidized by taxpayers, thanks to the inattention of government regulators. It's fraud. FRAUD.
The reason that the banks started blacklisting mortgages to certain Miami condos a few months ago, is that they couldn't-- I repeat, couldn't! -- stop fraud between appraisers, mortgage salesmen, and their own bankers.
Yes you would think that risk policies were in place at banks, now losing BILLIONS of dollars a quarter.
I have a recommendation: take all those Homeland Security guys at the airport and put them at the desks of loan officers at Wells Fargo and every other bank that helped create this mess, put them at the desk of the 30-year old MBA wizards of Wall Street who figured out how to legally make and sell financial crack to investors.
You wonder why the US dollar is scraping the bottom? Just look at South Florida's development and the fraud that allowed it, over the past ten years.
Even if the woman made $1,000,000 a year there is no reason for this low downpayment on this loan. She could lose her job, she could get pregnant, etc. Besides, if she made a lot of money she would have paid off the judgment to increase her credit score...so I don't think the salary could be very high, also the home is pretty cheap.
It is exactly the kind of loan/ purchase behavior that the Homestead banking crowd, the homebuilders, the LBA all are pushing federal agencies to bring back. It's a disaster!
Wow, I cannot believe it - this woman got a loan for nearly the full value - we are all going to die - blah, blah, blah, - how pathetic are you guys? - even better - I would say with certainty that the judgment is against a woman with the same generic name - like Maria Gomez and it's not the same person - or it's her daughter, etc. - this place is great for laughs
Yes, maybe this one example by itself is not much to sneeze at, but if thinking like this continues to keep hold our economy is headed for one, big-ole correction once everybody realizes we can't keep putting iPods, $100 jeans, and $4 Starbucks drinks on our credit anymore.
Well, Genius, you'd best just start wrapping your knuckles, because the bailout is well underway.
So far, Chase has been arm-wrestled into buying Bear with the guarantee agaisnt losses-Chase wouldn't have participated any other way and I don't blame them. That was one massive infusion of taxpayer money.
We have had one infusion of liquidity right after the other, at the cost of the stability of our currency, and thus our buying power out here.
I have always felt that we set ourselves up for this when we lay down for the S&L bailout back in the 80s. We set an awesome precedent back there. Why would the financial firms now think that they don't have a bailout coming?
How we will turn the ship and restore Moral Hazard, I have no idea, because the weight of public opinion, which is overwhelmingly opposed to any bailout, is not enough to deflect any politician, on either side of the aisle, from doing what seems politically expedient to them, which means what pleases their donors on Wall St.
4 anon ---
you bozo...i check signatures and I do not pick out common names when doing searches...get off the blog.
I think there is a Miami Heat dancer named Cirenia. That explains it. If I were a bank officer, hot chicks would get a pass on all financing rules. Only guys like Genius would be required to put down 20 percent.
Private note to the Annoying Lawyer: go annoy someone else -- write to the Herald. you have enough information to find the deal on the clerk website. horton only has one for that date. go look yourself and you will see what i said is true. just because you are a lawyer doesn't mean you know everything it just means you think you do.
Careful what you call sprawl. That project is in Naranja Lakes and was the site of condos destroyed in Andrew. That's an infill project between South Dixie on the west and the Turnpike on the east.
This project was a result of many community activists pushing to bring market rate housing in an area that had been a dumping ground for subsidized housing post-Andrew.
This is in a CRA district designed to help reverse urban blight and is within easy walking distance to services and is certainly not classic "sprawl". It is actually a TND designed with accessible parks and plazas, on-street parking, wide sidewalks, a library down the street and transit service connecting to the busway just on the other side of South Dixie.
Not every development is bad. This one is actually trying to do things the right way.
Having not viewed the neighborhood, I took out the word "Sprawl". Most new development in Homestead is sprawl and this is a half built pud in Homestead, accorrding to the records. I still think building new homes that far south is sprawl...but I will give it the benefit of your feedback reader.
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