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Got A Hundred Bucks? Buy A Home (Or Virtually Anything Else) Using 2,000x Non Recourse Leverage

Tyler Durden's picture




 

Today's adjustment to the government's HARP program to get anything with a pulse as close to the discount window as possible was not the only proposal to revive the moribund US housing market. According to a new proposal by HUD, beginning this month and continuing for a year, anyone with a just $100 will be allowed to buy a HUD-owned REO home. In essence: the new buyer is merely taking over the mortgage payments in a repeat of what happened in 1970s New York along the Central Park West corridor. Granted for now it is stricly limited to only... 28 states! But it gets better: "HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan." Said otherwise, a $100 downpayment gives one unlimited degrees of freedom how to spend non-recourse, massively levered capital, and courtesy of money's fungibility, to even fund, shhh, the occasional iPhone. "Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering." Why of course it is: it will only take enterprising Americans a few weeks to realize that the latest HUD program is basically an EFSF in sheep's clothing, which provides US consumers with a Benjamin in their pocket, the ability to lever up by a factor of about two thousand (or more) and use the proceeds for pretty much anything (but make sure to call it "home repairs"). And when the HUD is stuck with hundreds of billions of non-performing, delinquent loans, what then? Why the same that will happen to the EFSF: another wholesale taxpayer funded bailout... of those who were tricky enough to figure out this latest subsidy of the global retailer base.

From DSNews:

HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.

 

In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.

 

The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.

 

The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.

The states in which this scheme will work:

Denver Homeownership Center’s Jurisdiction:

    Arkansas
    Colorado
    Iowa
    Kansas
    Louisiana
    Missouri
    Minnesota
    Montana
    Nebraska
    New Mexico
    North Dakota
    Oklahoma
    South Dakota
    Texas
    Wisconsin
    Wyoming
    Utah

Atlanta Homeownership Center’s Jurisdiction:

    Alabama
    Florida
    Georgia
    Kentucky
    Illinois
    Indiana
    Mississippi
    North Carolina
    South Carolina
    Tennessee
    Caribbean

It goes on:

HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.

 

Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering.

 

MMREM is under contract with HUD to assist with disposition sales of its repossessed homes. MMREM handles properties throughout 16 states, or about a third of HUD’s REO portfolio.

 

With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained.

 

“MMREM is excited to work with this recent initiative, in a way that it supports putting HUD homes back into the hands of homeowners,” Martin said.

For those who think there has to be a snag somewhere in the fine print, because "there is no such thing as a free home" well... no:

In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.

And then they wonder where the source of all this inflationary pressure comes from...

 

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Mon, 10/24/2011 - 18:33 | 1806252 SwingForce
SwingForce's picture

Hey! Its about time they came out with a scam for the Little People, why give everything to the rich? (I'm sure they were asked prior to the annoncement, and they said, "Who wants those shitholz?")

Well  I do, I do! 10 in a row, the whole block, please Pick Me!

Mon, 10/24/2011 - 18:27 | 1806233 Waterfallsparkles
Waterfallsparkles's picture

A lot of People do not know that Hud has a Neighbor Next Door program that lets Police, Fire Fighters and Teachers buy some Hud Homes for 50% off.  There are of course certain standards they have to meet.  And, I am not sure whether anyone would want to live in the Designated Neighborhoods.  But, the program is there.

Mon, 10/24/2011 - 18:31 | 1806250 dwdollar
dwdollar's picture

Jesus God... I thought you were joking...

Mon, 10/24/2011 - 19:40 | 1806269 Waterfallsparkles
Waterfallsparkles's picture

No I am not joking.  Go to Huds website and type in Neighbor Next Door.  You will see you can buy a Hud House in designated areas for 50% off if you are a Police Officer, Fire Fighter or a Teacher, with some restrictions.

Mon, 10/24/2011 - 18:28 | 1806241 The Fonz...befo...
The Fonz...before shark jump's picture

great you buy the house but oh wait the underlying municipality is broke and they have munis out there that are ticking time bombs...so great own a house but forget about essential services like 911/ fire...forget it...before you buy check the towns/muni books first

Mon, 10/24/2011 - 18:30 | 1806246 ImnotPOTUS
ImnotPOTUS's picture

"as well as the Caribbean are currently eligible for the program"

Time to dust off the infomercial I created. How to get Rich on Caribbean Time Shares.

Step 1 get a Caribbean HUD for $100.

Step 2 Sell 100 time-shares for $100 each.

Step 3 Repeat step 1 & 2.

Step 4 Repeat.

Step 5 Repeat.

PS Does this include the condos next door to Rep. Charles Rangle?

Mon, 10/24/2011 - 18:35 | 1806258 Waterfallsparkles
Waterfallsparkles's picture

The Hud Program that I really liked was the one that let Investors Buy any Home within price limits for a total of 15% cash down.  Plus, with the FHA allowing you to finance your Closing Costs 15% was all you needed.  That was around 1982, thru 1984.  During Volker.

The Government also gave you accelerated Depreciation of 15 years.  Homes flew out of the inventory list.  I know I bought a few myself and rented them.  Interesting as interest rates then were 13 to 15% and Investors were buying hand over fist.

Most Investors like myself eventually refinanced them at lower rates when the Market stabilized.

I still have many of those Homes and use the Income for my retirement.

Mon, 10/24/2011 - 18:35 | 1806260 tgmur10
tgmur10's picture

Pardon my Ignorance but isn't this what got us into this mess in the first place?

Mon, 10/24/2011 - 18:46 | 1806286 NotApplicable
NotApplicable's picture

But of course!

You surely don't expect them to suddenly become honest, did you?

They have one trick, stealing, which is leveraged by lying.

Thanks voters! You're the greatest!

Mon, 10/24/2011 - 20:48 | 1806596 krispkritter
krispkritter's picture

Sure is! But the definition of Success is doing the same thing over and over and expecting a different result! Uh, yeah, success, over and over...um...what?

Mon, 10/24/2011 - 18:37 | 1806266 b_thunder
b_thunder's picture

Effing American Dream, Bitchez! 

Atlanta Homeownership Center’s Jurisdiction:

    Alabama
    Florida
    Georgia
    .....
    Caribbean

 

CARIBBEAN??   Gimme that house in the "Caribbean" for 100 bucks!

 

Mon, 10/24/2011 - 21:29 | 1806746 FeralSerf
FeralSerf's picture

Is there any on St. John or Megan's Bay?  Waterfront or at least a ocean view would be nice!

Mon, 10/24/2011 - 18:42 | 1806279 eatthebanksters
eatthebanksters's picture

I'll be the first one to stand up and say I hate the TBTF banks and what they have done to folks like me (my business died when the credit markets froze up and I gave my house back to the bank), but this plan is sheer lunacy!!! This is kicking the can down the road in a way no one has ever seen.   And, on top of it it is A BACK DOOR BAIL OUT OF THE TBTF BANKS!!!  Who is providing the refi cash and who is guaranteeing the loans?  Uncle Sam of course!  Taking the burden in many cases off of the banks or FANNIE and FREDDIE (and yes, the tax payer already backstops Fannie and Freddie).  This just wreaks of nothing but campaign politics and is about the dumbest thing I've seen out of Obama and Timmy....what more do we have to look forward too? 

Mon, 10/24/2011 - 18:48 | 1806290 NotApplicable
NotApplicable's picture

Pain, suffering, and ultimately, death.

See what you get for being a hard worker instead of a professional criminal?

Mon, 10/24/2011 - 19:49 | 1806431 data_monkey
data_monkey's picture

Just a refresher, Uncle Sam = You and Me

Mon, 10/24/2011 - 18:42 | 1806281 sabra1
sabra1's picture

you know, for $100, you can can use a BAC atm 20 times!

Mon, 10/24/2011 - 18:44 | 1806284 Seasmoke
Seasmoke's picture

most of these homes are probably only worth $200, so you are actually putting 50% down and are now added to the taxrolls.......once you use the money to updgrade, up , up, up goes the property tax bill

Mon, 10/24/2011 - 18:50 | 1806293 NotApplicable
NotApplicable's picture

Not to mention the insurance costs for living in such fine neighorhoods.

Mon, 10/24/2011 - 18:44 | 1806285 sabra1
sabra1's picture

do you think they'll start a similar program for cars? a porche would look great in the driveway!

Mon, 10/24/2011 - 18:50 | 1806295 bill1102inf
bill1102inf's picture

This is great, my non profit can buy more properties now for homeless vets.  203ks give you very little money, just enough, to fix the property, not 'Heres 50K, have fun'.  Buyers still have to want to buy, be able to occupy, and meet FHA guidelines (fico,income).

Tue, 10/25/2011 - 07:18 | 1807441 Waterfallsparkles
Waterfallsparkles's picture

Hud in effect Auctions the Homes.  The first Auction is for Owner Occupanst only.  Investors cannot bid on them.  If the first Auction fails to get an acceptable bid Hud will reduce the price and open the Auction to Investors.  Hud almost NEVER accepts a bid under about 3% of the Auction price. 

Hud has had these Homes Appraised and they are very close to Market Values.  If there are Repairs needed Hud provides a specified amount for the Repairs that will be put in an Escrow Account to be paid once the Repairs are made.

Mon, 10/24/2011 - 18:50 | 1806297 Manny
Manny's picture

Took a quick look at HUD homes for sale with this scheme. Most of the homes are in bad shape. You can probably get them for 20-25% cheaper if you wait for sometime. But infortunately then you may not be able to get them for $100.

I am sure a lot of intelligent people have a lot of intelligent ideas to exploit this scheme.

Mon, 10/24/2011 - 19:04 | 1806333 walküre
walküre's picture

That's the problem. This program is supporting the "mark to fantasy" bullshit. If banks can keep holding these shacks at fantasy assessments, the public can't buy them at their real value. Of course if banks had to correct their balance sheets and report the actual shitty values of these places, their balance sheets would be upside down.

Again, stupid people are going to be lured into buying overpriced crap because the banks have to be made whole.

Don't fall for it.

$100 still buys 3 oz silver today. That's worth something tomorrow and the next day!

Mon, 10/24/2011 - 20:02 | 1806471 divide_by_zero
divide_by_zero's picture

Speaking of Mark-to-fantasy, love this part;

 

 What are the circumstances under which appraisals are not required?

 

 We are further streamlining the Enterprises’ existing use of AVM (automated valuation model) estimates of properties. Where there is a reliable AVM estimate of value provided by the Enterprises, a new appraisal will not be needed. Where there is not a reliable AVM value, a new appraisal will be required.

 

 

 

 

 

Mon, 10/24/2011 - 18:50 | 1806298 Kina
Kina's picture

So this is just printing money, but this time to main street.  Another tirllion of govt debt.

 

The US needs ever expanding credit to just tread water. What happens when this is all spent? Nothing has changed, just pumping air into the leaky balloon a bit faster.

 

OK take your $1000 and leveraged up to  buy gold.

Mon, 10/24/2011 - 18:51 | 1806299 reader2010
reader2010's picture

It has been like this for bankers since 2008. Praise the grace of the heaven, Joe Six-packs can finally get his feet wet in FED's liquidity torrential rain.  Glory to the Fed. Holy, holy shit.

Mon, 10/24/2011 - 18:50 | 1806300 no life
no life's picture

This whole thing sounds unethical as fuck.

Mon, 10/24/2011 - 18:52 | 1806305 Mark123
Mark123's picture

Dear God....please tell me there is a $cap on looans issued under this program?!  Please....someone?

 

 

Mon, 10/24/2011 - 18:54 | 1806308 Mark123
Mark123's picture

Can i buy some old crack shack and then get them to install solid gold back splash tiles for $200K?

Mon, 10/24/2011 - 20:51 | 1806619 kaiserhoff
kaiserhoff's picture

I was thinking more of silver dollar lamp shades, insured X2000.  If I steal yours would you, like...

Mon, 10/24/2011 - 18:54 | 1806309 walküre
walküre's picture

California and Nevada didn't make the list.

Carribbean is on the list?

But the bottom line is going to be that real estate dealers and pushers are going to promote the hell out of this program to move the massive overhang of supply in the market.

Does it say anything about credit scores?

Are the loans with $100 down on the property ARM or fixed rates?

Up to what amount can the qualified "buyer" LOL!!! hash that dream estate?

Then when interest rates go up and mortgage rates get adjusted, the whole enchilada starts again?

 

Mon, 10/24/2011 - 18:57 | 1806314 Temporalist
Temporalist's picture

Isn't it just ironic that the new $100 bill is stuck in the presses still.

Mon, 10/24/2011 - 19:00 | 1806317 pauhana
pauhana's picture

Oh, boy!  More goodies for the masses!  What is wrong with these people?  If it wasn't bad enough to give NINJA loans, this beats that by a mile!!!!!!  Hey, this is the taxpayers' money, not Washington's!  How dare they spend it like this!

Mon, 10/24/2011 - 19:03 | 1806319 bankonzhongguo
bankonzhongguo's picture

The biggest problem in real estate right now is the whole shadow inventory marketing game.  Basically the "market" is nothing more than pocket listings; properties with no signs in the yard, not in MLS, far away REO holders relying upon some English as second language broker to report back when that 100% cash offer on 2006 prices comes in.

Every decent property with a cash flow-able price/square foot goes the way of some local-agent-investor-club-mafia.

The controlled trickle of marketable properties never allows true price discovery, never-mind the fact that nobody has an income to finance anything anymore.

The 203K game is will be worse.  Try waiting for your HUD approved contractor to inspect for your draws.

 

Mon, 10/24/2011 - 19:02 | 1806323 PulauHantu29
PulauHantu29's picture

Why pay even $100? Use a credit card and then don't pay the CC bill and NEVER pay the mortgage. At the end of two years "just walk away."

Hey, it's all the Rage!

Mon, 10/24/2011 - 19:02 | 1806324 peekcrackers
peekcrackers's picture

Throw in the hooker and we have a deal!

Mon, 10/24/2011 - 19:02 | 1806326 Silver Bully
Silver Bully's picture

To add insult to injury, the only thing you'll need, I believe, is a credit score of 620 or higher. Someone correct me if I got that wrong. I think the standard FHA mortgage requires a credit score of, aheh, 580 or higher.

Mon, 10/24/2011 - 19:03 | 1806331 Bansters-in-my-...
Bansters-in-my- feces's picture

Huh....?

Americans own the Caribbean.

Kinda like Hawaii

I guess.

Mon, 10/24/2011 - 19:19 | 1806358 Use of Weapons
Use of Weapons's picture

No, they have duel party jurisdiction over some of the islands there. Some are commonwealth protectorates (UK shared) and some are independent.

 

Or did you all just mislabel a single island as "da carriban" and fuck it?

 

http://www.youtube.com/watch?v=S5FCdx7Dn0o

 

 

p.s.

 

For the REAL FUCKING STUPIDS, it means Puerto Rico & Virgin Islands, ignorant tossers. http://www.worldatlas.com/webimage/countrys/carib.htm

Mon, 10/24/2011 - 19:31 | 1806385 Use of Weapons
Use of Weapons's picture

I got junked for pointing out that the US government mislabeled an entire geographic area as "theirs" when they "own" only two islands.

 

GTFO - too fucking funny. Trololololol. Punk who junked me has an IQ under 100, or works for the gov.

Mon, 10/24/2011 - 19:11 | 1806353 honestann
honestann's picture

This is pure vote buying.  This is criminal, but since Obama runs the injustice department, nothing will be done.  Same as usual... open criminality.  Why even hold the next election?  I'm sure they'll also make sure the unions operate the deibold vote-generator machines.

Mon, 10/24/2011 - 20:57 | 1806638 krispkritter
krispkritter's picture

I think they're going to limit voters to those who've 'Liked' him on Facebook. Cuts down on all the hassle. And of course the criminality is 'open'. Didn't he promise to run the most transparent Administration ever? He just didn't say that it would honest...

Tue, 10/25/2011 - 00:52 | 1807145 saiybat
saiybat's picture

He did promise that and delivered he even got an award for it. I believe it's called the Herbert Kitchener award.

 

http://www.politico.com/politico44/perm/0311/not_a_secret_anymore_a00ccd...

President Obama finally and quietly accepted his “transparency” award from the open government community this week — in a closed, undisclosed meeting at the White House on Monday.

Mon, 10/24/2011 - 19:16 | 1806361 Temporalist
Temporalist's picture

I can just see what is going to happen now.  The government is going to employ an army of people and send them out with $105.  $100 to buy the house and $5 for gas and matches.

Mon, 10/24/2011 - 19:29 | 1806377 Use of Weapons
Use of Weapons's picture

Insurance isn't included in the package, nor is it included in what the banks spent to get the mortgages.

 

And, in fact, nor can insurers afford to pay out anymore. Which is the important part [might want to look into stress factors on major insurers and inability to pay as structural weakness of the housing market sometime like.. now].

 

Hint: back in the 70's there was a nice line in 'burn n churn' overseen by the Mafia (and their bankers - Bank of America used to be known as 'Bank of Little Sicily' in the 70's btw, because of the amount of Vegas Mafia money that flowed into it.. snap!). Now.. no insurer wants, or can afford, to actually pay out on their commitments - medical, house, life... ALL screwed.

 

But we don't see this on ZH, 'cause that'd really put the wolf amongst the lambs.

Mon, 10/24/2011 - 19:46 | 1806424 Almost Solvent
Almost Solvent's picture

True Dat

Mon, 10/24/2011 - 20:00 | 1806467 Temporalist
Temporalist's picture

I wasn't even thinking about insurance...I was contemplating the Greenspan/Krugman Scorched Earth economic plan.

Mon, 10/24/2011 - 20:06 | 1806484 Use of Weapons
Use of Weapons's picture

Aliens don't want your real estate, they want your brains, emotions and soul.

 

http://www.youtube.com/watch?v=6QFwo57WKwg

 

[NSFW / NSFS - Not.Safe.For.Sanity]

Mon, 10/24/2011 - 19:30 | 1806386 razorthin
razorthin's picture

I only know it's bullish for Au & Ag

Mon, 10/24/2011 - 19:37 | 1806402 warchopper
warchopper's picture

Government is pretty determined to spend us into an inescapable depression. Where is the hand basket?

Mon, 10/24/2011 - 19:44 | 1806416 dcb
dcb's picture

give money to the tax payer, as long as the banks don't have to write down debt (LOL). this is sub prime to the xtreme.

Mon, 10/24/2011 - 19:46 | 1806423 Bull_Colapse
Bull_Colapse's picture

Does Gold and Silver Count as 'home repairs'???

Mon, 10/24/2011 - 19:47 | 1806428 uno
uno's picture

Wonder what the going bride is from the realtor to get this through, bypassing current immigration policy.

 

Senators Chuck Shumer (D-NY) and Mike Lee (R-UT) have added legislation to their new immigration bill that would give foreign buyers of U.S. real estate valued over $500,000 a visa. The initiative, called “Increasing Home Ownership by Priority Investors,” would grant visas for those individuals who purchased the home and lived in it for at least six months out the year. The caveat, however, is that it would not be a work visa, so the buyer would have to be independently wealthy. 

 

http://www.nuwireinvestor.com/articles/senators-propose-us-homebuyers-visa-57972.aspx


Mon, 10/24/2011 - 19:54 | 1806443 rlouis
rlouis's picture

Won't work in Californication?  Good thing for investors! Here's a warning from the kapitalistic territory known as Oakland (rent control, rent adjustment, petition and hearing procedures, and advice ["don'tget angry"])

http://www2.oaklandnet.com/oakca/groups/ceda/documents/procedure/dowd008050.pdf

Mon, 10/24/2011 - 19:55 | 1806450 Temporalist
Temporalist's picture

OT: Fitch has announced that a Greek default "is inevitable."

 

'No quick fix' to Europe crisis: Fitch

"Fitch's Mr Stringer said he regarded Greece as insolvent and a default for that country is inevitable, with the outlook for Spain and Italy a concern."

http://www.theaustralian.com.au/business/economics/no-quick-fix-to-europ...

 

 

Mon, 10/24/2011 - 19:58 | 1806459 MsCreant
MsCreant's picture

Heh, heh, hehe.

These are government houses, OUR HOUSES. We bought them when the Fedie/Freddie/Fannie put those MBS on their balance sheet to protect those poor TBTFs. They want you to take it off their hands for a while, fix it up, do regular maintenance (yard work, etc.) pay rent on it, pay taxes, try to kick start the e-CON-o-me again and yes, infellate the home values. These are our houses, right?

It's a great idea! What's not to like? Be a patriot, fork over $100 for a house and assume all the payments for it. Don't you get it? We own it already!!!!! 

Hahahahahahahhaah!

Mon, 10/24/2011 - 19:59 | 1806462 Zymurguy
Zymurguy's picture

Meh, this is just another "kick the can down the road" ploy.

Look, the banks can't keep their shadow inventory loads forever. They are starting to really show some cracks.

This is simply a means to move inventory off their books and into the hands of those idiotic to use the program.

In a few years, most of these will be in foreclosure again.

Lather, rinse, repeat.

Mon, 10/24/2011 - 21:32 | 1806755 Carlyle Groupie
Carlyle Groupie's picture

"Look, the banks can't keep their shadow inventory loads forever."

Some US banks still have homes on their books from the 1980's S&L crisis.

Forever? Maybe not but; For A Very Long Time? Yes we can!

Thank you from China!

Mon, 10/24/2011 - 22:12 | 1806839 azusgm
azusgm's picture

These are HUD REOs. They're already off everybody's books except HUD's.

Mon, 10/24/2011 - 20:01 | 1806470 Withdrawn Sanction
Withdrawn Sanction's picture

Sounds like another tarnished silver bullet to refresh the documentation on loans.  (Curious how it pops up right after the Mass Supreme Ct ruling last week.)  Low interest rates weren't enough to stimulate the needed volume of refis that re-link clear deeds of trust with promissory notes.  Maybe this C-note scam will clear the banks' paperwork "issues."  PT Barnum, call you office, Mr Barnum....

Mon, 10/24/2011 - 20:03 | 1806477 run2thebank
run2thebank's picture

this is nothing new, 100.00 down for HUD owned home has been around for a long, long time. check out HUD's neighbor nextdoor program HUD will sale a HUD owned home at 50% discount of current market value to firefighter, police, nurse, EMT. 

the 100 down and neighbor nextdoor does not frighten me, what does is the high balance loans FHA to 729k loan amounts in high cost markets. thse markets are propped up and no CU's or private lender want any thing to do with lending....you know becuase they may just get slammed by the FDIC or FED with reserve requirments.....when these markets fall, HUD will have a flood of losses. 10-25% decline, 6% agents fees, 0-3% to pay for closing cost. i.e. say a HUD repo of a 700k home drops 10% (70k), sales for 630k agents fees (37.8k), payes (1ok) to the buyer for cost, say other (10k) for taxes, arrears, leins etc. HUD loss exceed 127k on one home...at 10% decline in value. Los Angeles has seen 20% and 25% since the high balance loans were allowed......this will crash the program.

 

Mon, 10/24/2011 - 20:06 | 1806486 Segestan
Segestan's picture

Not perfect but I like it... now just put heavy tariffs on Chinese crap and enforce E-varify.

Mon, 10/24/2011 - 20:13 | 1806503 HungrySeagull
HungrySeagull's picture

The stupid houses are made with chinese goods.

Mon, 10/24/2011 - 20:27 | 1806543 Segestan
Segestan's picture

No wrong... I've been in the building industry 40+ years. Educated your self please.

Mon, 10/24/2011 - 21:28 | 1806742 Carlyle Groupie
Carlyle Groupie's picture

"now just put heavy tariffs on Chinese crap and enforce E-varify"

And put America out of business?? They call me un'merikan....

You are now offically fully involved 'participants'. You must buy from us. Wall Street demands it. There is no way out.

Come join forces, DO NOT RESIST!

Thank you from China!

Mon, 10/24/2011 - 20:14 | 1806504 Ponzi Unit
Ponzi Unit's picture

Hey Bonus, you are kidding, right?

Mon, 10/24/2011 - 20:14 | 1806505 Unprepared
Unprepared's picture

You brought it to yourselves ZHers.

Just yesterday, you were complaining how the EFSF could leverage up double-counted non-existent monies.

Your turn.

Mon, 10/24/2011 - 20:36 | 1806556 Use of Weapons
Use of Weapons's picture

Before I leave tonight, I think you've all missed the point.

JPM, GS et all need a legitimate reason to own your entire country - with sales on Greek public goods hitting $150 billion, you're looking at the same thing. Or did you miss that JPM was recently indited for rigging electricity bids in NYC ? LOL http://cryptome.org/0005/doj101111.htm. Or that JPM's explicit strategy is to hoover up the small state owned utilities / contracts?

You need more?

How's about a small tract on why insurance can never afford the costs now? Or how banks are being used for corporate malfeasance as a clearing house?

@ $100 / house, I'm guessing that the most meager of plays will allow banks to re-engage their 'useless' mortgages. Fuck them.  Oh, and GS. Might want to look into payments made - apparently / allegedly,, a few of your boys have been involved in "Russian mafia" (lol - fuck you; seen the US version? Freedom Hosting is housed in the US, and most pr0n is funded there) / OWS stopping, child prostitution rings. And yes, that includes those fresh young eastern European girls you spent so much money on.

http://www.youtube.com/watch?v=iysGLW8SQMQ&feature=related

Fuck you. I'm sophisticated, and I don't need to get off on your dark net channels of child porn, torture from bases in the middle east / Indonesia or Balkans. However jaded we may be, the bottom line is that even as N-human, I will not condone that.

We're coming, and your network disgusts us. Better revolt now, 'cause lines are being drawn.

 

And I mean that. You've about a month. Revolt. Get off the grid. Stand with the tribbles. Fuck them, and their law.

http://en.wikipedia.org/wiki/The_Player_of_Games

Mon, 10/24/2011 - 20:36 | 1806564 bill1102inf
bill1102inf's picture

1, You can only buy 1 house, not multiples.

2, Banks keep houses ON BALANCE sheets doing themselves the favor, when they sell the mark to myth is re-marked.

3, HUD has aggressive pricing on properties if you bother to look it up, there are many 3/2 houses in move in shape for under 300/month PM

4, Your NOT going to get 5000 for carpet, talking about that is just plain fucking stupidity.

5, You have to have 2 years at your job, a 620+ FICO or no credit (so no bad credit).

6, 30% of gross income/month is where they want you, thats doable. 

The faster houses move to new buyers, the better.

Mon, 10/24/2011 - 21:07 | 1806666 run2thebank
run2thebank's picture

correction 2 years employment not at certian job....ficos to 580...so you can have bad credit just not recent bad credit....and it is 43%-55% of gross income....values need to fall, period.

Mon, 10/24/2011 - 21:21 | 1806714 Carlyle Groupie
Carlyle Groupie's picture

"values need to fall, period."

They are not going to fall, don't you get it yet. The banksta's can play this game foreva. Either get these homes off of their books or experience the kind of stagflation, and market tricks of your worst nightmares.

Thank you from China!

Mon, 10/24/2011 - 20:45 | 1806586 Fix It Again Timmy
Fix It Again Timmy's picture

But, but, there's no inflation!  Yeah, right.  Here's from a vendor - "BTW - the cost of our custom-milled conductor has recently doubled, so we've been forced to implement a cost increase that will take in 30-45 days.  I suggest ordering in the next few weeks, before the new pricing is implemented." 

Mon, 10/24/2011 - 20:49 | 1806604 Kyle Reese
Kyle Reese's picture

Sounds like its basicly a 100 charge to assume some poor fools underwater loan. You have to buy it it for the advertised price! that is a terrible deal. non recourse who gives a fuck, how you going to recourse on some broke person who can only put 100 down anyways. take their cigarettes and xbox games..

Mon, 10/24/2011 - 20:50 | 1806609 Snakeeyes
Snakeeyes's picture

That's it. Stick people into homes with $100 down and watch inflation eat them alive.

Here is my interview  CNBC after Rick Santelli:

 

http://video.cnbc.com/gallery/?video=3000052988

 

The charts are here: http://confoundedinterest.wordpress.com/

Mon, 10/24/2011 - 21:30 | 1806748 bankruptcylawyer
bankruptcylawyer's picture

amongst these eligible hud fha 203k states. .....

only

Arkansas 
Colorado 
Georgia 
Idaho 
Mississippi 
Missouri 

are the walk away states with the lender lacking the right to go after you for deficiency. i wonder if the fha 203k has a carveout for this. of course, the federal govermnent COULD carve themselves out of state law if anyone could. i wouldn't be surprised. if someone could find out if there are carveouts for non-judicial foreclosure for the fha to go after you personally in these 6 states, please let me know. 

Mon, 10/24/2011 - 22:19 | 1806761 azusgm
azusgm's picture

Let's think this one through.

Talk of another US sovereign credit downgrade.

Protesters in the streets.

Hitting the debt ceiling again.

No solutions coming out of Congress, including no real spending cuts.

Gotta do something so the US does not default before Greece.

  -- Out of Iraq by the end of the year.

  -- Garage sales (with houses attached).

  -- Fractional reserve lending by government agency.

  -- May actually take a little stress off Section 8. Plus owner occupants can take in more family members. Shared housing, shared utilities.

Maybe not be as stupid as it appears.

 

Mon, 10/24/2011 - 21:39 | 1806774 Mark123
Mark123's picture

Um, why not just sell all their housing at auction and get the f__K out of the market so the country can move on.

 

Oh, forgot....it would mess up the ponzi banking scam since we must all carry maximum debt forever and ever, amen.

Mon, 10/24/2011 - 21:59 | 1806809 Council of Econ...
Council of Economic Terrorists's picture

Compared to other government programs, this one might be relatively disciplined. I mean you don't have to put anything down for a Dept. of Ed. student loan. Those have infinite leverage.

Mon, 10/24/2011 - 22:40 | 1806906 inca
inca's picture
David Icke - Essential Knowledge For OWS

[emphasis mine]

Recorded & Filmed by Chris Williamson & Lucius Borich at K e y s o u n d s t u d i o s Sydney Australia 20/10/2011.
video here

new & related info: translation available here

The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank”

By Philip Pullella

VATICAN CITY, Oct 24 (Reuters) – – The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.

The 18-page document, “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was at times very specific, calling, for example, for taxation measures on financial transactions.

more here

Tue, 10/25/2011 - 00:36 | 1807120 toxic8
toxic8's picture

Damn it's not offered in New York!? Guess I wont be getting that place on Central Park West after all..

 

:(

Tue, 10/25/2011 - 00:50 | 1807141 cranky-old-geezer
cranky-old-geezer's picture

 

 

... and the sale must be for the full amount of the current list price.

This is another (feeble) attempt to keep home prices up in a collapsing home market. 

This isn't about helping people buy a home they can afford.

This is about preventing bank RE loan portfolios and MBS values from collapsing ...in a collapsing RE market.    

This isn't about helping Americans. 

It's about helping banks ...again ...and again ...and again.

 

Tue, 10/25/2011 - 01:25 | 1807187 CitizenPete
CitizenPete's picture

Another Bank bailout kicking the writedowns down the road for the banks holding bad debt.

 

From Shenzhen.

Tue, 10/25/2011 - 02:46 | 1807254 Bahamas
Bahamas's picture

Caribbean...maybe I'm eligible...what if I tell them I live in a boat and I refinance myself a new brand 32 ft.

Tue, 10/25/2011 - 03:32 | 1807291 lolmao500
lolmao500's picture

Couldn't you buy a house with 100$, make sure it's renovated and burn it down and collect the insurance and then get away with it?

Tue, 10/25/2011 - 06:13 | 1807368 krispkritter
krispkritter's picture

Just checking the weather and the site has an ad on it that says: The President Reduces the Amount Homeowners Owe, alongside a picture of a woman holding her hands over her mouth, looking like she just hit the lottery. The rest of the ad says "...the President wants you to refinance now and see how much you can save...".  The ad is for lowermybills.com. Laughable...

Tue, 10/25/2011 - 14:03 | 1809187 snakeboat
snakeboat's picture

Can I gold plate the commode with my proceeds, then sneak out the back with the toilet when the eviction force comes?

Tue, 12/06/2011 - 00:20 | 1949736 paragonremodeling
paragonremodeling's picture

It will be true that a well presented, and well kept basement completes the perfect home package for a lot of home buyers.Northern Virginia Siding

Tue, 12/27/2011 - 05:00 | 2012855 hamza123
hamza123's picture

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ricky123's picture

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