On Oct 8, 2008, at 9:41 AM, Mark wrote:
> > Bruce Johnson wrote: >> >> I mean what person in their right fucking mind with a moment to think >> soberly about it buy into an interest-only pmortgage?? That's just >> renting the fucking place with none of the upside and all the >> downside >> of owning, unless you're just flipping the place. And hey, wasn't >> that >> the path to riches?? It worked for Trump! (of course he DID inherit >> his FIRST 20 million...) >> >> > > This article gives an example. It applies to probably < 1/10 / 1% of > the > population. :-) > http://www.raincityguide.com/2006/10/15/exotic-loan-programs-and-potential-foreclosures/ You just HAVE to love this: " Stated Income was often used by someone who had income they didn’t or couldn’t report on their tax return. " The IRS has a word for this. It's called Tax Evasion. It's how they got Al Capone. "There was no question but that they could afford the monthly payment, problem was they couldn’t PROVE it, or were not willing to prove it. Maybe it was some limo driver earning $23,000 a year and getting $1,000 in tips he wasn’t reporting. Maybe it was someone with a cash business that was showing $65,000 a year on his tax return and stuffing the rest in his mattress. Maybe it was a prostitute or a mob member…whatever. It was someone who could make the payment, it was just somebody who didn’t want to prove that they were able to make the payment, and so used a “stated income” loan." Well, at this point, it's not a mortgage, it's money laundering, converting untaxed or illicitly gotten cash into legitimate property. Also a crime, this time for the bank making the loan. -- Bruce Johnson University of Arizona College of Pharmacy Information Technology Group Institutions do not have opinions, merely customs --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to StrataList-OT@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/StrataList-OT?hl=en -~----------~----~----~----~------~----~------~--~---
