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ECONOMY IS NOT BAD!!! * just got a 123% loan-to-value mortgage!!!

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benld74 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:57 AM
Original message
ECONOMY IS NOT BAD!!! * just got a 123% loan-to-value mortgage!!!
Appraised for tax purposes at $2,078,660,,,,

A deed of trust indicates the buyer took out a $3,074,239 mortgage on the property from Community National Bank in Midland, Texas. The mortgage also has an unusual clause, requiring full repayment in just four years, by Oct. 1, 2012.

http://online.wsj.com/article/SB122842818694780771.html...
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 11:45 AM
Response to Original message
1. I make that 148% (nt)
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TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:06 PM
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2. tax appraisals are usually below real value
Edited on Fri Dec-05-08 12:06 PM by TexasObserver
Tax appraisals and loan appraisals are only remotely related. Tax appraisals are usually under 90% of real value, in Texas, and go much lower.

We also do not know how strong the borrower is. The loan was likely made on the strength of the borrower's financial statement, and the mortgage loan is to provide direct security in an asset for collateral.
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uncle ray Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:23 PM
Response to Reply #2
3. the borrower
is just finishing up pillaging the country for all its worth.
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TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:07 PM
Response to Reply #3
4. I see. It's Bush. I had not looked at the column.
My comments stand, however. He's clearly qualified for the loan.

What should happen is the tax assessor for the county ups the appraised value, based upon the sale.
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