WSJ: No-Doc Mortgages Making a Comeback

[BK]

Re: WSJ: No-Doc Mortgages Making a Comeback

A story of our times. I was passing in Massachusetts a few weeks ago and was stopped at a well-known Wellesley-MA breakfast joint. Two men were pitching a real estate development investment to a third man at the table. The two men who were pitching the idea were explaining how they had bought up 6 adjoining properties and ..........

In all my years I've never seen/heard an investment pitch at 8AM on a Sunday. ;-)

The sea of money is raising all boats and money always love real estate.

[BK]

Re: WSJ: No-Doc Mortgages Making a Comeback

Dcarrigg,
Did you see what happened to this very hyped Waltham dvelopment from 2014 http://waltham.wickedlocal.com/artic...news/141219191

Imagine a big investment in building an 264 unit condo and someone forgot to turn on the sprinklers and no video surveillance - what are the odds ;-)

http://waltham.wickedlocal.com/news/...e-deemed-arson

The Developer Lincoln Properties rents out their developments and I wonder if they were beginning to sense a shift in the market in 2017...https://www.lincolnapts.com/about

Has construction started again...

[dcarrigg]

Re: WSJ: No-Doc Mortgages Making a Comeback

Wow. Hadn't really thought through that angle. Not sure how common arson fires on new complexes are. Albany. Albuquerque. That's just the As. Each case it happens about a month before they're scheduled to open. Had always imagined it as this story. And it may be. I'll be curious to see if I notice more price drops and moves going forward. I'll wonder about arson stories now too.

[jk]

Re: WSJ: No-Doc Mortgages Making a Comeback

it would be interesting to learn what kind of interest there was among potential buyers. bottom line, i suspect it was well insured.

[Mega]

Re: WSJ: No-Doc Mortgages Making a Comeback

lloyds bank in the UK has just gone to 100% mortages again!

[touchring]

Re: WSJ: No-Doc Mortgages Making a Comeback

money laundering.

purchases by anonymous llc's with hidden beneficial owners.

and in major hubs- nyc, san francisco, boston, los angeles - places for flight capital to land.

on another note- reminds me of china's ghost cities, investments for those with a lack of good alternatives.

also, the projects are investment destinations for foreign nationals who by investing $500k to $1M [depending on location] can get a green card.

basically money laundering. hk and singapore imposes a 30% and 25% tax on purchase for foreigners that launder cash by buying real estate so they run to Canada and America.