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If you’re in the mood for a little more Doom in the morning, I’ll be on the Charles Goyette show between 7:05 a.m. and 7:30 a.m. PST.
If you are in the Phoenix area, you can listen in on KFNX 1100 AM, or you can listen via the internet by going to 1100KFNX.com.
The Republic is reporting that the Arizona State Legislature is cracking down on mortgage fraud: [Hat tip MR!]
To clamp down on the bad mortgage deals that inflate Valley home prices, state lawmakers gave their final approval Monday to a bill that would make mortgage fraud a felony.
If Gov. Janet Napolitano signs the bill, Arizona would be one of the first states with a law specifically criminalizing residential mortgage fraud.
The legislation targets cash-back deals in which a buyer receives a loan for more than a house is worth and keeps the extra cash. The deals can hurt lenders financially and inflate other house values.
The bill’s sponsor, Sen. Jay Tibshraeny, R-Chandler, said the measure would be one of the toughest white-collar crime laws to pass the Legislature in the past five years.
Pssst!!!! You wanna buy a house, but loose lending standards aren’t loose enough to include the likes of you? There are companies like this one that want to buy a house for you:
Essentially, we want to put you into a home that YOU want, not a home that you pick from someone’s inventory. In our program, we will actually let you work with our Realtors to search ANY HOME ON THE MARKET to find the one that fits you. That’s right, you can shop for any home in Phoenix that matches your ability to make the payments. Once you find that house, we will attempt to purchase it for you and lease/option it back to you for 2 years.
What great guys–not only do they want to buy a house for you, but they’ve taken the time to show you why you’d better run out and do this deal RIGHT NOW:
You can’t afford to wait any longer. Every year you put off purchasing a house you are falling behind as much as 10%! Or think of it this way, every year you don’t own your home (purchase price $200,000) you are losing $20,000 in equity (based on 10% annual appreciation)!!!
They thoughtfully supply this warning:
You CAN’T afford is to wait any longer. Home prices increase every day. Soon you will be priced completely out of the market. The home that you CAN afford today is appreciating so rapidly that if you wait 1 or 2 more years, you won’t be able to afford it anymore!! But, you don’t have to wait any longer with our exclusive lease-purchase program. We allow you to go Shopping for a home TODAY with our money.
If this warning isn’t convincing enough, we are provided with an example:
