The Miami Herald reported that North Miami Mayor Andre Pierre was walking away from his foreclosed home. They said about Pierre and his wife:
In 2007, they borrowed $567,000 against their 2,495-square-foot home, based on a 59 percent jump in the home’s value over four years. They took out two loans — one for $417,000, another for $150,000. At the time, the home’s market value was approximately $500,000, according to the county property appraiser’s records.
You can't get a loan for that much more than the house is worth even in the zany boom time. I suspect whomever made these loans for Bank of America (Tamekia Johnson is listed as preparing the documents) might be brain dead. Both loans were filed 11/15/2007 at 11:34.
1 comment:
The Mayor of North Miami is one big sack of lying corrupt thieving bullpuckey - HOWEVER, I disagree with you GOD ..BofA and just about every other big bank out there was, in fact, giving you ANY amount of money you wanted as a mortgage. Appraisals? They were written up to match what you were asking for in the form of a mortgage. The appraisal on the house I bought consisted of a drive-by snapshot picture of the outside ( to prove it existed maybe? ). No appraiser came out to look at the inside of the house. BofA gave me a 250K mortgage on a dump of a house, all of 1,000SQ FT in a lousy neighborhood that needed to be fully rehabbed and that I considered, at the time, to be lucky enough to find and afford. I still regret not paying attention to all the warning signs that something wasn't right with what was going on. Epecially not paying attention to the VP of Mortgage hoohaw I was working with at BofA when he repeatedly tried to talk me out of putting 20% down, in fact, he repeatedly told me that I didn't have to put any money down and kept asking why I wanted to. It was so contrary to the hoops I had jumped thru the 2 previous times I had bought a house and now, years later, the stories have unfolded. It was the ultimate screwing of the public by Congress and the banking industry.
BTW, have you seen the flea market setup in the parking lot of US Century bank on LeJeune road? Fitting metaphor for all of it.
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