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Terry Osburn
- 11 Helpful Answers
- 31 Answers
- 4 Blog posts
Locations:
Profile Link:
Experience:
Broker Associate for Alain Pinel Realtors
November 2007—present
Listing and Selling Residential Real Estate
Listing and Selling Residential Real Estate
Realtor Associate for Keller Williams Realty
November 2003—July 2005
Listing and Selling Real Estate
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Listing and Selling Real Estate
Specialties:
Residential, Condos and Townhomes, Short Sales, REO( Bank Owned), 1031 Exchange, Lots and Land, Mobile Homes
Certifications
& Awards:
& Awards:
ePRO(R)--Proficient in Internet Marketing, Communication and Management of Files
ACRE(TM)--Accredited Consultant in Real Estate ... show more
ACRE(TM)--Accredited Consultant in Real Estate ... show more
Interests:
Riding my Tri Cruiser, Gardening, Pets, Swimming
About:
Born and raised in Huntington. W.Va. Lived in Des Moines Iowa and Kansas City Missouri areas prior to moving to the Bay Area in 1990. I was a Radiologic
... show more
Terry Osburn answered:
"
From Paul to Terry... no offense but sub-prime and option arm loans came into flavor when people could not afford tradional mortgages and the down payments that used to come with buying real estate. The charts direct from the links provided in the FDIC statements provided clearly shows that.
Deflecting the current crisis as to blaming it on Mortgage Fraud is better directed to the uneducated masses looking to blame somebody... Really now... what % of all loans from 2002 can be tied to Mortgage Fraud? "
Paul, in the Bay Area there was so much fraud going on it was unbelievable. From listing agents who not only represented buyers but did the mortgage as well..Many corners were cut...In fairness to some NOT ALL who did dual agency and loans were the culprits .Appraisers were bought off to inflate the price,... Title company employees ensnared......Can I give you a figure no......but it was more widespread than people could have imagined.....The Hispanic population was truly a victim and mainly by thier own.....I contacted a Hispanic attorney friend of mine a couple of years ago to let him know what was happening...
He called me back a year later to let me know just how bad it was and was even beyond my comprehension.
Fraud happened in many ways. It was not uncommon to find out that some agents went back to the sellers with addendums not turned into the lender that after the appraisal was done that allowed the buyer to get a personal check from the seller AFTER the close of escrow of anywhere from $50000 to $10000 bucks.
Many times the buyers after receiving the cash , walked away from the home and got out of dodge....
I don;t think you comprehend what happened here in the bay area. Most of the home failures especially in east county can be tied to the subprime loans. Percentage wise I have no idea.
From Paul to Terry... no offense but sub-prime and option arm loans came into flavor when people could not afford tradional mortgages and the down payments that used to come with buying real estate. The charts direct from the links provided in the FDIC statements provided clearly shows that.
Deflecting the current crisis as to blaming it on Mortgage Fraud is better directed to the uneducated masses looking to blame somebody... Really now... what % of all loans from 2002 can be tied to Mortgage Fraud? "
Paul, in the Bay Area there was so much fraud going on it was unbelievable. From listing agents who not only represented buyers but did the mortgage as well..Many corners were cut...In fairness to some NOT ALL who did dual agency and loans were the culprits .Appraisers were bought off to inflate the price,... Title company employees ensnared......Can I give you a figure no......but it was more widespread than people could have imagined.....The Hispanic population was truly a victim and mainly by thier own.....I contacted a Hispanic attorney friend of mine a couple of years ago to let him know what was happening...
He called me back a year later to let me know just how bad it was and was even beyond my comprehension.
Fraud happened in many ways. It was not uncommon to find out that some agents went back to the sellers with addendums not turned into the lender that after the appraisal was done that allowed the buyer to get a personal check from the seller AFTER the close of escrow of anywhere from $50000 to $10000 bucks.
Many times the buyers after receiving the cash , walked away from the home and got out of dodge....
I don;t think you comprehend what happened here in the bay area. Most of the home failures especially in east county can be tied to the subprime loans. Percentage wise I have no idea.
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