Real Estate Forums

San Diego Real Estate · 03-07-2008, 04:55 PM

Ok Folks,

This is unbelievable...I had one of the Realtors & LO's on my Team call today and say that he had a loan turned down. This is the part that is hard to believe...This is for a second on a purchase on a Bank Owned Property and you will not believe this...

10% Down

FICO...780

90% LTV

Ratios are only like 27-30%

Reserves are 30 Months

and the loan had to be resubmitted for an exception because the loan was initially rejected... now we just got word that GB Home Equity has declinned because of the property is Bank Owned.

Folks I'm here to tell you that if this is a sign of the things to come and if Obama's proposed legislation is passed we are all going to be looking for new careers. How do you spell OUCH~

SEOWolf · 03-07-2008, 06:47 PM

Al that is really alarming. Thanks for sharing.

You can NOT blame lenders for being more cautious with all the pending legislation stupidity out there.

You would have thought that Sen. Barack Obama would have consulted real estate industry and economic experts before submitting the STOP FRAUD Act. Let alone doing it twice.

With pending legislation such as this we can only expect credit to tighten. And without home loans there are no home sales.

Sen. Barack Obama continues to spout “Change” as his main mantra. Sen. Hillary Clinton has it right when she asks “what kind of change” and “not ALL change is good”.

A deep recession is “Change”. A depression is “Change”. Fighting al-Qaeda on American streets instead of Iraq is “Change”. But none of these are good changes for America.

~Mack

lasvegasrealestate4u · 03-14-2008, 03:39 AM

I posted this answer on another thread but it also relates to this topic and probably has a pretty strong influence:

Here are some more links to follow straight from Illinois ---> Office of the Illinois Attorney General - MADIGAN ISSUES NEW SUBPOENAS TO COUNTRYWIDE AND WELLS FARGO

More specifically, read this investigation --> http://www.illinoisattorneygeneral.g...o_reporter.pdf

Page 6 is pretty disturbing.

This study started in 2004 and I would think it has some influence on the proposed bill.

San Diego Real Estate · 03-15-2008, 02:41 PM

Well Folks,

Besides the obvious and making sure we not only get out support the right leader to save us from this pending Nightmare.

Maybe we should consider attending NAR's upcoming Midyear Meetings and making sure our concerns are heard!

Here is access to NAR's Midyear Meetings & Events

San Diego Real Estate · 06-02-2008, 08:56 AM

While suturing a cut on the hand of a 75 year old Texas rancher, whose hand was caught in a gate while working cattle, the doctor struck up a conversation with the old man. Eventually the topic got around to Obama and his bid to be our President.

The old rancher said, 'Well, ya know, Obama is a 'post turtle'.'
Not being familiar with the term, the doctor asked him what a 'post turtle' was.

The old rancher said, 'When you're driving down a country road and you come across a fence post with a turtle balanced on top, that's a 'post turtle'.'

The old rancher saw a puzzled look on the doctor's face, so he continued to explain. 'You know he didn't get up there by himself, he doesn't belong up there, he doesn't know what to do while he is up there, and you just wonder what kind of a dumb ass put him up there to begin with.'

neodemes · 06-02-2008, 10:40 PM

That's a good one.

San Diego Real Estate · 06-11-2008, 11:25 AM

This one is long and has a few comments that might be on the edge BUT I think Every American needs to see this. I do believe that this country needs a strong leader to unite the people - but I don't believe that Mr. Obama is that person. I fear that if he is elected the rift between the races will only increase instead of healing. Please watch and make up your own mind. I don't believe that anyone who refuses to salute the flag of this great nation should hold the highest office in the land. I am truly frightened as to where he might take us.

Eyeblast.tv - A Video Portrait Of Barack Hussein Obama

youbetcha1018 · 10-17-2008, 03:42 PM

Obama delivers his speech very well in each debate, but as I read this post, I can say that this is way too drastic.

neodemes · 10-17-2008, 03:51 PM

Someone emailed me this link a few minutes before topic notification for this thread came in.

As it is fresh in my mind and related to Obama, I will share it here, if I may.

The Judeo-Christian View | Homepage

Also, check these out:

Barack Hussein Obama - U.S. Citizen???

The Obama Messiah