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

benld74

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Fri Dec-05-08 11:57 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?mod=todays_us_page_one

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muriel_volestrangler

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Fri Dec-05-08 12:45 PM
Response to Original message

1. I make that 148% (nt)

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TexasObserver

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Fri Dec-05-08 01:06 PM
Response to Original message

2. tax appraisals are usually below real value

Edited on Fri Dec-05-08 01:06 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

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Fri Dec-05-08 01:23 PM
Response to Reply #2

3. the borrower

is just finishing up pillaging the country for all its worth.

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TexasObserver

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Fri Dec-05-08 02:07 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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