Oh baby, now we’re talking

From CNBC:

Thousands line up for zero-down-payment, subprime mortgages

Magdalene Altidor lost her home to foreclosure during the subprime mortgage crisis, but this week she was first in line at a four-day event in Miami where borrowers with poor credit were offered no-down payment, low interest rate loans.

“I left home, it was about 4 a.m.,” she laughed. “I’m ready to purchase a home.”

The event is one of several being held in cities across America this year, run by the nonprofit, Boston-based brokerage Neighborhood Assistance Corporation of America, or NACA.

“It’s a national disgrace about the low amount of homeownership, mortgages for low- and moderate-income people and for minority homebuyers,” said Bruce Marks, CEO of NACA. “In the loans that we’ve originated in the past 6 years, zero foreclosures.”

Marks and NACA were front and center during the subprime mortgage crisis, holding mass mortgage modification events across the country with banks and servicers. Bank of America was there then and the bank is with NACA now, backing the program with $10 billion in mortgage commitments.

“It’s total upside,” said AJ Barkley, senior vice president of consumer lending at BofA. “We have seen significant wins in this partnership. Just to be clear, when we get those loans with all the heavy lifting here, we’re over a 90 percent approval, meaning 90 percent of the people who go through this program that we actually underwrite the loans.”

Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills. Then they go through counseling to understand their monthly budget and ensure they can afford the mortgage payment. The loans are 15- or 30-year fixed with interest rates below market, about 4.5 percent.

“That’s what’s going to help people who’ve been locked out of homeownership to really become homeowners and to build wealth,” said Marks.

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16 Responses to Oh baby, now we’re talking

  1. chicagofinance says:


  2. chicagofinance says:

    Dedicated to Fast Eddie:

    Brooklyn witches are brewing up a swirl of spells that they plan to unleash on US Supreme Court Justice Brett Kavanaugh.

    An occult bookstore in Bushwick called Catland promises to curse the newly-minted justice as well as “all rapists” and “the patriarchy” during the an Oct. 20 ritual that 1,000 have pledged to attend.

    “He will be the focal point, but by no means the only target,” the event description reads. “So bring your rage and and all of the axes you’ve got to grind.”

    The ritual is organized by a Brooklyn-based practitioner named Dakota Bracciale, who also conjured up three events to hex President Trump last year, according to The Huffington Post.

    Days before Kavanaugh’s confirmation Dr. Christine Blasey Ford came forward to say that he allegedly tried to rape her when they were both in high school in the 1980s. He fervently denied the allegation.

    The hex against Kavanaugh is about “exacting justice that would otherwise be denied to you,” Bracciale said, and meant to be cathartic for survivors of sexual assault.

    There’ll be photos and effigies of Kavanaugh, along with dirt from a graveyard and nails from a coffin, Bracciale said.

    “Even if you don’t believe in the magic of it, you’re given the space and the affirmation, having your voice heard, feeling a sense of fellowship and camaraderie,” Bracciale said.

    “We’re putting out the message that you’re not alone, we’re not leaving you alone with the monsters.”

    Tickets are available for $10 each and half of the proceeds will go toward LGBT causes and reproductive rights.

  3. homeboken says:

    Classic BofA financial analysis – what a tool bag…

    “It’s total upside,” said AJ Barkley, senior vice president of consumer lending at BofA. “

  4. 1987 Condo says:

    What could go wrong?

    “Zero foreclosures in last 6 years”..no doubt, great economy, what happens when recession hits?

  5. 30 year realtor says:

    Bergen County Sheriff’s office has suspended real estate auctions for a month. It would appear they are not functioning at 100% due to the impact of recent events.

  6. Jay says:

    The education aspect of that program definitely makes sense. That’s basic financial education that everyone should learn in school but it isn’t taught.

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  8. The Great Pumpkin says:

    “The United States has one of the low’s voting rates of any modern democracy. It’s also one of the very few that holds elections on a work day. The US ought to either move elections to the weekend (like most countries) or declare election day to be a national holiday. This one step would meaningfully increase the participation in our democracy.

    This is one of several voting-rights steps (along with gerrymandering fixes, an updated Voting Rights Act, criminal penalties for voter suppression, and vote-by-mail) that, IMHO, ought to be the very top priorities for the disproportionalities in system we have today.”


  9. Calling TaxAtty says:

    comments please – from NY Times on how Kushner Jr. pays no taxes

    By Jesse Drucker and Emily Flitter
    Oct. 13, 2018

    Jared Kushner has a net worth of almost $324 million, and his company has been profitable. But Mr. Kushner, who is President Trump’s son-in-law and senior adviser, appears to have paid almost no federal income taxes for several years running, according to documents reviewed by The New York Times.

    [Read the full story about how Mr. Kushner appears to have paid almost no income taxes.]

    Here’s an example of how he did it:

    Step 1: The Purchase
    Kushner Companies buys a property. The majority of the money for the purchase comes in the form of mortgages and personal loans from banks.

    Step 2: The Write-Off
    Under the federal tax code, real estate investors can write off the purchase price of the building — excluding the cost of the land — over a period of decades. Although Kushner Companies has spent little or no cash of its own, the firm takes large annual deductions based on the theoretical depreciation of the building.


    Step 3: The Loss
    The property generates cash for the Kushners. But any earnings, which would be subject to the federal income tax, are swamped by the amount that the company is taking in write-offs for depreciation. The result is that Kushner Companies records a net loss for tax purposes.

    Step 4: The Investors
    The company passes on that loss to its owners, including Mr. Kushner and his father, Charles.

    Step 5: The Offset
    The loss can be used to offset the Kushners’ income in the year it is recorded, and it can be carried forward to cancel out future income or to get refunds for taxes they paid in previous years.

    Breaking big stories requires support.

    Subscribe to The Times
    Step 6: The Deferral
    When Kushner Companies sells a property, it can use the proceeds to finance a new acquisition. If done within the right time frame, the company can indefinitely defer any capital-gains taxes it might owe on the sale of the original property.

    Step 7: The Result
    The outcome is apparent in Jared Kushner’s tax returns, which were summarized in the documents reviewed by The New York Times. Here’s an example from 2015.


    W-2 income: $198,000.

    Taxable interest: $536,000.

    Dividends: $1,000.

    Capital gains: $974,000.


    Tax losses from real estate and other partnerships: $3.5 million.

    Tax losses carried forward from previous years: $4.8 million.

    Total adjusted gross income

    Negative $6.6 million.

    Tax refund


    Peter Mirijanian, a spokesman for Mr. Kushner’s lawyer, Abbe Lowell, said he would not respond to assumptions derived from documents that provide an incomplete picture and were “obtained in violation of the law and standard business confidentiality agreements.”

  10. Calling TaxAtty says:


    Is your real estate investment empire following the Kushner’s path? Remember you got no father in-law that’s going to pardon your whiny behind.

  11. leftwing says:

    “comments please – from NY Times on how Kushner Jr. pays no taxes”

    Drive by hit piece by the NYT to inflame their ignorant base and another data point on the Times rapid descent into a vertical crease fold, full blown tabloid.

    The piece ignores anywhere from 200-900 years of accounting history while blaring a sensationalist headline.

    They bury deep in the piece that the depreciation deduction is available to all businesses, that Kuschner is running his books exactly as every other developer does, and that nothing was done illegally (except of course the NYT obtaining the private financial records of Kuschner).

    Expect a lot more of this type of sensational reporting from left leaning outlets. Key to the Dems taking the House in midterms is their base turning out, and turn out is directly proportional to anger.

  12. UEish says:

    This week, New Jersey’s attorney general sued the US Department of the Interior (DOI) for failing to comply with a Freedom of Information Act (FOIA) request seeking more information about why the DOI exempted Florida from offshore oil drilling lease auctions but not any other state.

    The drama started earlier this year when Interior Secretary Ryan Zinke moved to open more than 90 percent of federal offshore land to lease by oil and gas companies for oil drilling. State waters extend three miles offshore, at which point federal control over the waters and sea bed underneath it begin. This means that states don’t always have a lot of control over whether there’s an offshore oil drilling rig 3.1 miles offshore and beyond.

  13. Not Leftwing says:

    Leftwing, more fake news for you, which may fake affect the elections, these people are the reddest of reds.


  14. Blue Ribbon Teacher says:

    Watching 60 minutes now…it’s pretty clear that they poorly researched how international trade works.

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