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Mike ashley trouble? (1 Viewer)

- next of kin

Nitro Member
I guess I am showing my age here, but what benefit would a web site be to flipping houses?
I would think if you are GOingSOCIAL , that one would be able to simply click on any of the sites adorning the wrap, and see what is funding the ride, and see what it is they are trying to sell.

Maybe I'm the old one ...

 

Jimbo

Nitro Member
Being in the appraisal business at that time I can tell you that in late 2005 I saw the foreclousres starting to increase here in Florida.

Many of the largest Wall Street firms started to realize that the loans with the highest ROI were the loans made to people with poor credit histories. They then started to contact every mortgage company in the counrty and told them they wanted to purchase the worst loans they had on the books.

Once they bundled about 10,000 of these loans togther they went to companies that rate loans from A on down to the lowest and worst loans and tried very hard to get them classified as AAA loans and when that did not happen they got the bright idea of mixing some good loans in with the bad loans and that is how they convinced the rating agenices into rating the loans higher so they could sell them to countries like Norway and others as a great investment with high interest rates of return.

The crazy part is while many Wall Street firms they were selling these loans to countries around the world they were also wall street buying shorts on the loans to profit when they realized they had bad sold a pile of crap!

They were called Trenchs and Derviates and many people in these countries realized the loans they had purchased were also defaulting at record rates because of the drop in homes values.

Therre were many people to blame from Wall Street to mortage companies like Lend America and Country Wide who were playing the games with the numbers and changing things after the comsumer had signed the loan papers.

As an appraiser I can tell you I received many calls asking me about a certain apprisal I did on a home where someone changed the value on a locked report in order to get a loan.

Please keep in mind this was not done by the consumer who had applied for the loan!

Jim Hill
www.nostalgicracingdecals.com
 

Prestaged

Nitro Member
I would think if you are GOingSOCIAL , that one would be able to simply click on any of the sites adorning the wrap, and see what is funding the ride, and see what it is they are trying to sell.

Maybe I'm the old one ...

Understood. I just don't see how a web site is going to help him sell houses. That is a very local thing -- touch and feel. You can #fixflipfuel and get to his Instagram page, or you can @thejustinashley and get to his twitter page. That is the graphics stuff he has on the artists's rendering. That is apparently what he is trying to accomplish. He is flipping houses to fund a top fuel car. He is not running a top fuel car to flip houses.
 
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Nick Name

Nitro Member
So back then (and those times don't exist anymore) there was no "income verification" .... the government needed the economy to expand and housing starts are a critical part of the economy (even greatly impacting the oil and gas economy that I make my living in). Mortgage originators loaned money that was repackaged as FHA/VA qualifying and sold to larger investor groups (largely you, me, the Chinese, and our retirement plans). They provided a decent return and were 100% backed (to the investors) by the US government. The fine print was pretty fine and the government kept lowering the standards to keep the economy going. Yes, I'm guessing Mike did something wrong, but (while I've not researched this at all) I'm gonna bet the regulators intentionally turned a blind eye until the bottom fell out. I'm not saying he was driving 66 in a 65, but I bet he wasn't over 85.....

Mortgage originators are a commodity business, somebody who wants to buy (or sell) a house is not very likely to care or know much at all about who they are doing business with .... they want a house.

As my lawyer has to tell me all the time our US legal process is not about getting justice .... it about seeing how much justice you can get, and don't expect 100% justice.
Started during the Clinton years. Banks were required to make those loans. They were called NINJA loans "No Incoime No Job Applicants."
 

- next of kin

Nitro Member
Thanks Roger,

I found what I was looking for going back in the Ashley history book of ruin. You may not understand how a website would help sell homes, yet I don't know of anyone who sells homes who doesn't have a website. This may come as a shock to a few, but take a look at what has been going on for a very, very long time and it may raise a few eyebrows on the local, touch and feel view you reference. You don't even need to be a citizen or step foot on US soil to own all the homes someone may want.

I don't normally ask a question that I don't already have the answer for. It's too get others to think.

 
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Cliff

Nitro Member
I always get mail from people who "want to buy my home", cheap. They flip the house & move on. Also have one company that lets you go on line if you want to look at a house for sale. Then they give you a code to open the lock box and in ya go. Some druggies in our area found out about it & stay in the house & trash it. Arghhhhh
 

Jimbo

Nitro Member
Lend America and Country Wide were two of the worst companies when it came to changing things on lending applications from the amount of income to many other things.
When Allan Greenspan realized what was going on it was to late to do much about it.

Why did no one step in and raise interest rates? Simple answer is no one wanted to see the party end.



Jim Hill
www.nostalgicracingdecals.com
 

ironpony

Nitro Member
So lets say Justin is 100% legit.

What about the great advantage he had due to all the illegal funds.

You know Dad and Grandpa helped him along the way

how does that affect everything he accomplished



thoughts?
 

Dennis

Nitro Member
So lets say Justin is 100% legit.

What about the great advantage he had due to all the illegal funds.

You know Dad and Grandpa helped him along the way

how does that affect everything he accomplished



thoughts?
It's not just that, Justin's A/FD's sponsor is 1800Cashout. If you follow the money on the NY Secretary of State website the company and related entities show Mike's wife as the principal. So even after all he's been through, he's still at it, same field.
 

Jimbo

Nitro Member
Ray Ghio Jr.:

Your post was the following, It's not just that, Justin's A/FD's sponsor is 1800Cashout. If you follow the money on the NY Secretary of State website the company and related entities show Mike's wife as the principal. So even after all he's been through, he's still at it, same field.

Maybe he still has not learned his lesson or maybe he just does not care as long as he is making millions!


Jim Hill
www.nostalgicracingdecals.com
 

- next of kin

Nitro Member
Ray Ghio Jr.:

Your post was the following, It's not just that, Justin's A/FD's sponsor is 1800Cashout. If you follow the money on the NY Secretary of State website the company and related entities show Mike's wife as the principal. So even after all he's been through, he's still at it, same field.

Maybe he still has not learned his lesson or maybe he just does not care as long as he is making millions!


Jim Hill
www.nostalgicracingdecals.com
Jim, that is not my post.

Sorry guys, I have been going through a really rough decade.
 
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