Gary Frimann

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Good article. I think, however, that some sttes should put a limit on LTV for a cash out refi. People will always "gravitate" towards free cash. I also think a huge problem was stated income and stated assets. This is especially true amongst licensees here in CA. There were an inordinant amount of loans given to licensees who worked in the mortgage business (who bought 1,2, or 8) houses and just gamed the system. Overly optimistic and loaded with fraud. They actually made a ton of money, as they got the YSP and perhaps did a cash back at closing scheme. It was ridiculous, vulgar, and destroyed the markets. Regulators, start looking at people who were licensees and went into default. Gary Frimann Broker / Owner EAGLE RIDGE REALTY / SIGNATURE HOMES & ESTATES http://www.EagleRidgeRealty.net http://www.SignatureHomesAndEstates.com

That sounds like rent skimming. Isn't that illegal? I'm not sure about NY law, but I believe it is illegal in CA, and if anything, probably violates a term in the note. Sounds like he is giving out bad advice, in my opinion. Gary Frimann Broker / Owner EAGLE RIDGE REALTY / SIGNATURE HOMES & ESTATES http://www.EagleRidgeRealty.net http://www.SignatureHomesAndEstates.com

Quick Question. How could it come in at 146.8% LESS. That means it would have lesss than ZERO value? Hate to say it, but even an appraiser would have known how to do that math! Gary Frimann Broker / Owner EAGLE RIDGE REALTY / SIGNATURE HOMES & ESTATES http://www.EagleRidgeRealty.net http://www.SignatureHomesAndEstates.com