Bagels at a Bar Mitzvah

just_me

LoanSafe Member
Sep 14, 2015
643
63
28
OH MY

Kushner got loan to buy Loanstar properties. Our Gov passing around monopoly money.

 

moretrouble

LoanSafe Member
Nov 14, 2009
1,496
270
83
OH MY

Kushner got loan to buy Loanstar properties. Our Gov passing around monopoly money.

I hope all the tenants are smart enough to exercising their 6-month rent forbearance under the Covid-19 rules.
 
  • Like
Reactions: just_me

kraftykrab

LoanSafe Member
Jan 27, 2014
1,238
164
63
OH MY

Kushner got loan to buy Loanstar properties. Our Gov passing around monopoly money.

Guys,

I am no fan of Lone Star and no fan of government doing favors, but let's call this what it actually is---this is a government-BACKED loan. it's not money from the government. The government backs loans in the same way that it does with FHA mortgages----and millions of people all over the country get those all the time. This is not the government giving anyone anything. It's nothing more than the government backing the loan, in case of default the government backs a portion of the loan proceeds. That's it. Doesn't make it the best thing for our government to do, but the truth is the government just paid zero for this.
 
  • Like
Reactions: OneHugeMess

moretrouble

LoanSafe Member
Nov 14, 2009
1,496
270
83
Guys,

I am no fan of Lone Star and no fan of government doing favors, but let's call this what it actually is---this is a government-BACKED loan. it's not money from the government. The government backs loans in the same way that it does with FHA mortgages----and millions of people all over the country get those all the time. This is not the government giving anyone anything. It's nothing more than the government backing the loan, in case of default the government backs a portion of the loan proceeds. That's it. Doesn't make it the best thing for our government to do, but the truth is the government just paid zero for this.
With all due respect, Krafty:
It's the same as FHA-insured loan. The borrower would not be able to get the conventional loan. If he defaults, FHA forecloses, then sells the house at deep-discount to distrssed debt-buyers/investors. Maybe if enough renters not pay their rents long enough, Kushner will default then FHA will sell to KAshner and Co. (just form new co and change name) at deep discount. Government does not pay, tax payers and their kids pay!!! Many pay for a few to benefit. Tricker up economics.
 

just_me

LoanSafe Member
Sep 14, 2015
643
63
28
Well, with everything we know, it's interesting to see Loan Star selling parts and parcel. During a pandemic? Wierd. i just don't see how this(loan money to purchase a real estate portfolio) is related to small business, payroll, or anything corona-virus. Quite frankly, I am a bit concerned about printing money, major money, and sending it to "select" investors.
 
  • Like
Reactions: kraftykrab

kraftykrab

LoanSafe Member
Jan 27, 2014
1,238
164
63
With all due respect, Krafty:
It's the same as FHA-insured loan. The borrower would not be able to get the conventional loan. If he defaults, FHA forecloses, then sells the house at deep-discount to distrssed debt-buyers/investors. Maybe if enough renters not pay their rents long enough, Kushner will default then FHA will sell to KAshner and Co. (just form new co and change name) at deep discount. Government does not pay, tax payers and their kids pay!!! Many pay for a few to benefit. Tricker up economics.
No, that was my exact point too.

I posted that because the comment was made that the government is passing out money. This is not such a case. Also, it's not that the borrower cannot get a conventional loan--sometimes FHA is a better option, it generally requires less down payment--though not always. And conventional right now is actually closer to FHA than usual, at least locally to me it is. A good friend is a loan officer and he says a lot of customers are qualifying for both but they are still going with FHA over conventional.

I am less concerned with Kushner than I am with the fact that Lone Star is selling things. I find that more interesting, personally, but that's because of dealing with Lone Star I guess. Thing is, I don't find myself caring too much about what the super rich do, because for me it's about whether or not my family is increasing. If we are doing better than we were in the past, then the rich can do what they want. It does not impact us. I want to encourage all of us here to not get too wrapped up what the super rich do that it affects how we are doing. It's very easy in this fight to lose track of time and things.....our families matter more than those rich folks do. Please take care of yourselves and your families....the health of all of you is more important to me than a hundred Kushners, lol
 
  • Like
Reactions: OneHugeMess

wanda robo

LoanSafe Member
Sep 29, 2012
3,948
639
113
NJ
Happy Easter, everyone!

Never thought we'd be stuck home this long, so I never bought a ham. Happy Easter meatloaf & garlic mashed!;)
 
  • Like
Reactions: kraftykrab

kraftykrab

LoanSafe Member
Jan 27, 2014
1,238
164
63
Guys---check this out!


My favorite part:

"REO sales from Lone Star Funds VIII, IX and X have been at prices 23% lower than broker price opinions, much lower than the 13% discount cushion that Lone Star built into base case analyses, the sources familiar said. Much of the shortfall is due to the sale of lower-value homes, some of whose prices have been more than 30% below BPOs, which are notoriously imprecise, one source familiar said. "

In other words, Lone Star has been losing money---lots of it. Once they get the foreclosure completed, the house becomes an REO property--they own it. Then they try to sell those homes....and they have been losing a lot more than they anticipated in that process. Another point:

"
In 2014, Lone Star surprised the market by purchasing all 16 pools in a USD 3.9bn US Department of Housing and Urban Development auction at an average BPO of 77.6%, up from previous sale averages below 70%, according to two investors and HUD data. The purchase was by Lone Star Fund IX, the first source familiar said.



“That trade was a disaster,” said one of the investors."


This is what happens with greed. Might not be today, maybe not tomorrow....but it does catch up to the greedy sooner or later. This article was from December 2017. This could explain why Caliber has stopped spending money on some properties that are in pending foreclosure status....I know of multiple people in this position where Caliber does not even do the drive by inspections anymore.
 

wanda robo

LoanSafe Member
Sep 29, 2012
3,948
639
113
NJ
Guys---check this out!


My favorite part:

"REO sales from Lone Star Funds VIII, IX and X have been at prices 23% lower than broker price opinions, much lower than the 13% discount cushion that Lone Star built into base case analyses, the sources familiar said. Much of the shortfall is due to the sale of lower-value homes, some of whose prices have been more than 30% below BPOs, which are notoriously imprecise, one source familiar said. "

In other words, Lone Star has been losing money---lots of it. Once they get the foreclosure completed, the house becomes an REO property--they own it. Then they try to sell those homes....and they have been losing a lot more than they anticipated in that process. Another point:

"
In 2014, Lone Star surprised the market by purchasing all 16 pools in a USD 3.9bn US Department of Housing and Urban Development auction at an average BPO of 77.6%, up from previous sale averages below 70%, according to two investors and HUD data. The purchase was by Lone Star Fund IX, the first source familiar said.



“That trade was a disaster,” said one of the investors."


This is what happens with greed. Might not be today, maybe not tomorrow....but it does catch up to the greedy sooner or later. This article was from December 2017. This could explain why Caliber has stopped spending money on some properties that are in pending foreclosure status....I know of multiple people in this position where Caliber does not even do the drive by inspections anymore.

They started their offer to purchase this rental at $242000. They came down to $229000. I'm at $189000. This shack sold for $228000 during the height of the bubble. The owners strategically defaulted & HUD sold it to Lone Star.

You break it, you bought it, Lone Star. Boo Hoo, poor Lone Star. Now you can't even evict us until the state of emergency is lifted. Hell, I may not even pay my rent next month.:cool:
 

moretrouble

LoanSafe Member
Nov 14, 2009
1,496
270
83
Are you out of your mind??? you FXXKG dummies. Let them go bankrupt. That's why I don't consider myself a Democrat. Can't you believe they want us homeowners/tax payers to bail out the same people who cheat us and investors in the first place. They should be thrown in jail or at least their illegal profits clawbacked.
 

isisis

LoanSafe Member
Jun 22, 2010
1,810
254
83
North bay
Sounds like a bipartisan effort to me (Maxine Waters) but a coup for servicers. Take the forbearance money, pocket it while using clever accounting and access to the trust accounts to make servicer advances, pocket special servicing fees from investors, pocket late payments charged to borrowers accounts then after three months expect borrowers to come up with back payments and if not foreclose.
 
  • Like
Reactions: Elle

moretrouble

LoanSafe Member
Nov 14, 2009
1,496
270
83
I submitted my final doc to the Court of Appeals last Friday. Now just sit back and wait from 4 months to 3 years for the decision. Maybe working on the motion for reconsideration and petition for review in case is affirmed for the crooks. I feel good though. There were hundreds of foreclosure cases filed in 2016 in the name of Bank of New York by BOfA. Less than 20 by BONY filed in 2018 (I have to confirm this but I know the number is way down), even less in 2019-20 partly because of my case. The scheme and the crooks were exposed. :D :D :D :D :D :D
 
  • Like
Reactions: kraftykrab

NJ16

LoanSafe Member
Aug 25, 2017
43
6
8
99
I been emailing PHH/Ocwen since mid March to get into the 3 month forbearance, twice I have gotten the same reply back about the process and I that I should be getting a letter with the outlined plan and the end date, also there would be no negative credit reporting. Well surprise surprise I have yet to receive anything from them and I now have 30 days missed payment on my credit report.
 

moretrouble

LoanSafe Member
Nov 14, 2009
1,496
270
83
If you're asking for forbearance due to Covid-19, I am not sure if they are allow to negatively report . If they are not I would file a complaint with the credit agencies and let Ocwen know they are in violation of FCRA and you would report (call and write) them to your AG and senators who are considering bailing them out. That would probably get their attention. The last thing they need is another lawsuit. Good luck.
 

just_me

LoanSafe Member
Sep 14, 2015
643
63
28
Also, file a complaint with the CFPB (Consumer Financial Protection Bureau). Keep a record - download your complaint and please copy *before* you upload this commenting for your records. They want "proof" so include screenshot of misreported credit and copy of forbearance request made. Also, Ocwen is KNOWN for DELAYED MAILINGS. Mention that too. You shouldn't have to wait 3-4 weeks.
 

OneHugeMess

LoanSafe Member
May 30, 2016
589
53
28
Whatever you do... DO NOT dispute the item on your credit report. All that will happen is they will send a email/form to the mortgage servicer, and it will come back "Verified". Once it's "Verified" it will be super-glued on and almost permanent. Instead, I would send a letter in writing, and contact the CFPB like someone else mentioned.
 

NJ16

LoanSafe Member
Aug 25, 2017
43
6
8
99
If you're asking for forbearance due to Covid-19, I am not sure if they are allow to negatively report . If they are not I would file a complaint with the credit agencies and let Ocwen know they are in violation of FCRA and you would report (call and write) them to your AG and senators who are considering bailing them out. That would probably get their attention. The last thing they need is another lawsuit. Good luck.


Yes, I asked for the forbearance due to Covid-19, I have records of all my emails and their bs replies. Thanks a lot for the help guys.
 

OneHugeMess

LoanSafe Member
May 30, 2016
589
53
28
You know... as I ask myself how I'm going to make mortgage payments on not one, but three properties, and pay my own rent -- all with no unemployment, no income, or rent checks -- it's certainly comforting to know that Little Miss Nancy is doing well. Living it up in her home with two Sub Zero Fridges (that cost more than our cars) and bragging about her Ice Cream while her constitutions turn to Food & Bread Lines.

I swear... when will all the mindless sheep finally wake up. Are people really this stupid?
 
  • Like
Reactions: Elle and kraftykrab