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Buy vs Rent:Long Time Renter Takes The Plunge
2008-05-29 04:17:00
From a recent client discussion:"The case for renting has been simple enough. House prices rose so high in the first half of this decade that you could often get more for your money by renting. You could also avoid having a large part of your net worth tied up in a speculative bubble. All this time, I have been a renter myself, ... [but] the housing market has, obviously, changed quite a bit since our last move, in 2005....This month, we found a house that we really liked, and we made an offer. It was accepted.I’m still not sure how good our timing was. Based on the backlog of houses on the market, I fully expect that our new house will be worth less in six months than it is today. ...In fact, if you’re now renting - almost anywhere - and do not need to move, I’d probably recommend that you wait to buy. The market is still coming your way. But it’s O.K. with me if our timing wasn’t perfect.Leonhardt isn't buying for appreciation, and he realizes the price will probably st...
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Chaos in Luxury Finance. The Other Shoe Has Dropped.
2008-05-03 05:44:00
This week we witnessed a dramatic change within the jumbo mortgage and luxury financing space that has broad implications for housing markets across the country. It appears to have started with Wells Fargo on Monday and spread within a day to all investors whether bank, insurance, pension or hedge fund money sources. Remember we had earnings from all banks and insurance companies in the last two weeks. This allowed all market participants to peek under the hood and see that the credit engine is leaking oil. The market above 1m had become restrictive in the last few months moving to a fully documented income, 720 minimum FICO playing field for most loan scenarios. Lending to the wealthy seemed stable. Then this weeks major crack in the 2m+ market which we specialize in, we knew another shoe had dropped in the credit meltdown. Granted 1-20m property finance is a niche within the 10 trillion dollar mortgage industry. But, the changes forecast major declines in luxury markets as this fu...
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Why is your jumbo mortgage more expensive now?
2008-05-01 06:38:00
If you wonder why jumbo mortgage rates for all borrowers have increased in recent months at major banks it's because we are in a real deal Holyfield CREDIT CRUNCH. No fooling around, every major financial institution around the world has had to go cap in hand to shareholders or international wealth funds for money. All the money that went into bad loans needs to be replenished and the cost of capital is going up for everyone. Classic supply and demand. As a mortgage banker we saw this meltdown coming years ago and created relationships with insurance companies, pension funds and small banks in order to provide jumbo mortgage financing outside the Wall St blood bath. After you call your bank give us a call you will be impressed if you have solid credit, income and have equity in your property.from MarketwatchCiti originally said Tuesday that it would raise $3 billion in a stock offering, but increased that amount by $1.5 billion after demand for the new shares exceeded its original ...
More About: Mortgage , Jumbo

Real Estate Supply and Demand in 8 mins.
2008-04-18 09:51:00
This is an outstanding video in that it provides a basic overview of what is going on from a consumer demand perspective, it is 8 minutes long, and worth a viewing.http://www.youtube.com/watch?v=Cu s4opgTJb0Mortgage Insider dishes it straight on housing and the mortgage market.
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Mortgage Rates are Low But Millions Won't Qualify
2008-04-16 09:10:00
The topic is a little stale and monotonous. But if you have any interest in mortgage rates or your ability to get a great mortgage loan in this credit crunch keep reading. Otherwise return to your regularly scheduled net surfing. You keep hearing (and watching) me say that mortgage rates are down, but that not everyone is eligible for the lower rates. This chart should help clarify:To read it, just find the intersection of your credit score and loan-to-value. The number in the box is the mandatory mortgage fee that mortgage financier Fannie Mae tacks on to your closing costs.The fee is calculated as:(Mandatory Fee) = (Loan Size) * (Mortgage Pricing Adjustment) / 100These added costs are making conforming remortgages cost-prohibitive for a lot of Americans.The risk-based fees are officially called "Loan-Level Pricing Adjustments" although the abbreviated form of "LLPA" is used just as often. I tend to call them "risk-based fees" because it's easier to understand.The fees shown above...
More About: Millions , Rates

One's misfortune is your gain.
2008-04-10 02:56:00
This magazine arrived in the mailbox today and sums up my view of the various opportunities within markets that the upheaval and perfect storm present. Make no mistake about it this is the greatest financial crisis since the Great Depression. The wave of bank failures has just started. The FDIC just added about 150 new staff members that are experienced in dealing with insolvent banks. Terrible news is everywhere, but the best deals are always to be had when everyone is running around losing their mind. Deals abound:Goldman Sachs Sold $500m worth of Chrysler Debt at 0.63 on the dollar. Remember the US government bailed out Chrysler in the 80's and made billions on the loan. Maybe this hedge fund will do the same on this loan. Time will tell. A home builder sold improved land for 15 cents on the dollar (of builder's total costs). Client's are buying foreclosed homes at 60% of what they sold for in 06 and in some markets 05. These deals are done quickly. Just like the good old ...

Lehman Loses $300 Millon on Stated Loans.
2008-03-31 08:45:00
Lehman brothers has anounced today that they have lost $300 million from one borrower on their super stated income loan business.UPDATE: Lehman Wants Repayment For Alleged Loan Scam: ReportsMarch 31, 2008: 12:44 AM ESTHONG KONG (Dow Jones) -- Lehman Brothers Holdings Inc. is expected to file a lawsuit in a Tokyo court Monday seeking repayment from Marubeni Corp. of $350 million in funds its says were misappropriated in a loan fraud carried out by two former employees of the Japanese trading house, according to news reports.Lehman last year granted loans to a fund run by a medical consulting firm owned by LTT Bio-Pharma Co. in Tokyo, according to The Wall Street Journal.The funds were to be used for the purchase of medical equipment and were secured with certificates bearing Marubeni letterhead and a seal of a Marubeni board member, the Journal reported, citing a person familiar with the matter.The New York-based investment bank later found the board member's seal was forged, the re...
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Don't Let Fear Blind You
2008-03-25 22:33:00
FEAR is ruling the financial markets. Billions of dollars have been lost in mortgage-related investments. The Federal Reserve worked madly over the weekend to engineer a takeover of Bear Stearns and avert a systemic meltdown. But the big fear remains. How low will house prices go?If prices continue to fall, mortgage defaults will move well beyond the subprime sector. Trillions of dollars in losses for investors are not impossible. But that doesn’t mean they are inevitable.In 1997, inflation-adjusted house prices were close to their average levels over the previous half-century. Only four years later, the price of the average home nationwide exceeded anything ever seen before in the United States. Prices continued to rise for another five years, peaking in 2006 at nearly twice the average price in 1997 (as can be seen on the graph on the bottom right, which is based on data collected by the Yale economist Robert Shiller). If house prices are heading back to the levels seen in 1997,...
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On FED Watch. Mortgages up or down?
2008-03-18 17:15:00
Mr.Mortgage is on FED watch this morning as this may have positive or negative implications for clients. When the Federal Reserve lowers the Fed Funds Rate, mortgage rates tend to increase, and it's always for the same, few, related reasons:Rate cuts create long-term inflation pressure. Bought gas or food lately?Rate cuts makes the U.S. dollar weaker.Rate cuts reflect short-term economic weaknessBut rate cuts are just one way that the Federal Reserve can impact mortgage rates; there's more than one color in the Fed's crayon box, after all.How the FOMC treats the Fed Funds Rate today is only one part of the story. The other part is what the Federal Reserve does to make mortgages feel "safe" to market investors.One reason why mortgage rates are slightly down this past week is because the Fed has intervened with normal market activity on multiple occasions and with each intervention, the Fed is implicitly or explicitly saying, "We will not let conforming mortgage debt default."This ...
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Is it a good time to buy?
2008-03-14 05:21:00
For Americans wanting to buy a new home, there are always two time frames to consider:Now and LaterIt's why prospective home buyers love to ask the question: "Is now a good time to buy?" If now is not a good time, they reason, certainly later must be. Strangely, though, "Is now a good time to buy?" is a question that people ask their real estate agent but never Mr.Mortgage.It's probably a good thing, because we have have seen a lot of changes over the last few months and we're expecting a lot more this year. But it's okay. You can ask me now: "Is now a good time to buy?"And I answer: "Absolutely and unequivocally yes, if you have a five year time horizon."Now is a good time to buy -- not because home prices are flat or because sellers are willing to make a deal-- but because none of us mortgage guys can predict what the mortgage market will look like "later". "Now" is full of knowns. "Later" is full of unknowns. Mortgage markets are seizing and lenders have no choice but to limi...
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New 2008 Conforming Jumbo Loan Guidelines
2008-03-08 10:02:00
The long awaited guidelines have been released.In our opinion very few loans will qualify and few people will want the financing. Fannie Mae is cherry picking the very best jumbo loans. Deal breakers for high-cost areas are the fact that 2nd mortgages can't be paid off using this program(item 7).1. Fixed rates can be sold to Fannie on or after April 1; ARMs on or after May 1. The loan has to be closed on or after March 1 to be subject to the following rules; inventory loans (closed from last July to March) have to be subject to a "negotiated commitment."2. No AUS approvals. It seems they plan to update Desktop Underwriter (their automated underwriting system) before the year is out, but they haven't done so yet and they're rollin' without it.3. For principal residences, fixed-rate loans are limited to 90% LTV/CLTV for a purchase, and 75% LTV/95% CLTV for a no-cash-out refi. ARMs are limited to 80%/80% on a purchase and 75%/90% on a no-cash-out refi. CASH OUT REFIS ARE NOT ALLOWE...
More About: Loan , Guidelines , Jumbo , 2008 , Conforming

You Don't Understand Mortgage Rates....
2008-03-07 01:24:00
unless you are a seasoned Wall St professional, a mortgage banker or a CNBC junkie.Repeat after me:The FED doesn't move mortgage rates. This widely held belief came about over the last decade when the FEDs moves would cause other debt instruments to move up or down.Mortgage rates are set by the investors who buy the debt. Fannie and Freddie Mac who handle the conforming market repackage mortgages into 1 billion dollar pools. These pools are bid on and purchased by pension funds, insurance companies, banks, mutual funds, and foreign investors. Basically, any entity with a need to invest in safe debt instruments. The investors are having a bit of a revolt right now because of inflation(out of control), the falling dollar, an ineffective FED that can't cut it's way out of the deflation and deleveraging that is happening in every sector of the credit markets. Credit is the life blood of the economy. Credit is dramatically contracting because investors are losing faith in the debt and...
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New Conforming Loan Limit Announced.
2008-03-06 08:44:00
Beginning tomorrow, the new conforming limit on loans insured by the Federal Housing Administration will be temporarily raised to $729,750, more than double the current limit of $362,790, the U.S. Department of Housing and Urban Development announced today.The limit, which is good until the end of the year when it reverts back to $362,790, will apply only to loans insured under a program administered by FHA, which targets low to moderate-income home shoppers.HUD will announce tomorrow the new conforming loan limit for all markets, a spokesman said. Conforming loans are sold to government-sponsored buyers such as Fannie Mae and Freddie Mac and have a current limit of $417,000 in California and most states.The FHA and conforming limit increases could give the housing market a boost. Rates on jumbo loans, which are above the limit, have risen to about a percentage point above conforming rates.The average rate Tuesday on a 30-year fixed conforming loan in Orange County was 5.841% with a...
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Countrywide admits:Ticking Time Bombs
2008-03-05 01:58:00
I know it seems like a decade ago but people used to get a big head about their recent investment property purchase or their great 1% rate on their 1.3m condo in the city. WAMU, Countrywide , INDYMAC, World Savings(bought by Wachovia) and countless bankrupt lenders did these loans all day long. They allowed the borrower to have a payment that was less than the interest on the underlying mortgage. The "teaser rate" allowed people to qualify for a lot more home than they could possibly afford. Up until mid 2007 borrowers would be qualified based on the teaser rate that typically lasted for 5 years or until the loan had negativly amortized to 105% or 110% of the original balance. Then the loan would fully amortize. Meaning a HUGE spike in the payment. Let's not even mention the people that believed the loan officer or broker who swore on his/her upcoming BMW payment that the 1% was fixed. Yes, it is fixed but they were placing a serious bet about their income and the property market ov...
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Can you be a successful Real Estate Flipper?
2008-03-01 00:40:00
Can You Be a Successful Real Estate Flipper? The idea is not to catch a shooting star in a rapidly appreciating market. Rather, the real plan lies in finding undervalued properties, rehab them, present them in an attractive manner, and sell them for a reasonable profit. Home flipping is an art. It's a business, which reveals your mind - the smartest wins - and your inner world - charisma and the ability to present your property in an attractive manner. If you think you cover these two characteristics, follow this article to the end to see what else is required from the successful house flipper.1) A varied skill set. During the project of real estate flipping, you'll wear a number of masks, or so called 'hats'. Their role's to present you as a project manager, accountant, designer, problem solver, contractor, real estate professional, PR consultant, marketer, etc. While wearing all these 'hats' you have a better chance of success.2) Ability to approach the flip strategically a...
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Conforming Jumbo Limit Changed, but wait.......
2008-02-23 05:25:00
Congress' plan to help the jumbo loan market -- passed two weeks ago as part of the Economic Stimulus Act -- still is a work in progress. Key details of the plan were left to the Department of Housing and Urban Development to nail down, which may take until next month. What's more, the securities industry's biggest trade group last week surprised lenders when it recommended that larger loans be in effect isolated from smaller mortgages in the "secondary" market, where loans are packaged into securities for sale to investors.That could keep interest rates on jumbo loans higher than some borrowers had hoped, analysts say. All of this has many homeowners who want to refinance, as well as would-be buyers, on edge -- particularly in the high-priced markets. The market for large jumbo mortgages has been a major casualty of the credit crunch that has slammed the economy since late summer. As loan delinquencies have soared and scores of mortgage lenders have folded, many remaining lender...
More About: Wait , Jumbo , Conforming

Waking Up to The Problem Most Americans Face
2008-02-16 01:19:00
Mort Zuckerman of U.S. News and World Report gave a gloomy assessment of the housing market yesterday: he gets it. This is a housing depreciation problem not a "contained subprime" issue.How much longer will house prices keep falling? That collapse is a larger threatto our economic well-being than even the headline-grabbing problems of ourincreasingly frozen financial system. We’ve had half a century of rising homevalues, capped by an inflation-adjusted rise of 85 percent from 1997 to 2006.Now the loss of value tops $1 trillion, and the financial world has incurredhundreds of billions of dollars of losses on the premise that U.S. home priceswould never fall. The median price of a new home is at $206,500, receding towhere it was in November of 2003, thus wiping out more than three years of priceappreciation. It takes 6.3 months to sell a finished home compared with 4.3months a year ago. The ratio of inventory to sales is the highest since October1981—there’s an unsold extra bac...
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New Conforming Loan Limit Becomes Law.
2008-02-14 07:39:00
President Bush on Wednesday signed H.R. 5140, the Economic Stimulus Act of 2008, making official a temporary boost to both conforming and FHA loan limits. This might be the stiff drink the real estate market needs. The new law boosts the GSE conforming limit to as much as $729,750 through the end of this year, and also raises FHA lending limits to the same level for high-cost areas.“I know many Americans are worried about meeting their mortgages,” President Bush said prior to signing the bill. “My administration is working to address this problem.” Bush cited HOPE NOW and the recently announced Project Lifeline initiative as examples of ongoing work by the administration to address the housing crisis.A White House-produced fact sheet covering the new growth package is available here.The U.S. Department of Housing and Urban Development now has 30 days to publish a database of house prices that will be essential in determining which markets get access to the new ‘jumbo confo...
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GOV:Worst is yet to come in housing and foreclosures.
2008-02-13 02:42:00
From today's Lifeline Meeting In Washington.Remember for every distressed seller there is an ecstatic buyer that is getting a bargain.Mortgage Insider dishes it straight on housing and the mortgage market.
More About: Foreclosures , Housing

Diverging Jumbo Rates, should you take an ARM?
2008-02-12 08:55:00
Jumbo Mortgage rates are highly sensitive to expectations for the U.S. economy.When the economy is expected to sag, mortgage rates tend to fallWhen the economy is expected to surge, mortgage rates tend to riseCurrently, the economy is expected to sag and surge in the later half of the year. I disagree but what live with what the market gives us. This is why adjustable-rate jumbo loan mortgage rates are holding their ground as fixed-rate jumbo mortgage rates increase.Fixed-rate and adjustable-rate mortgages are not as interchangeable as in the past and it's mostly because the Federal Reserve's routine has created expectations of runaway inflation later this year.The "Fool in the Shower" bit goes like this:A fool gets in the shower and it's freezing coldTo get warm, he flips the hot water on to full blastBefore long, the water goes way past warm and into hot. It burns him.The fool turns the water back to cold and repeats the process in reverse.The Federal Reserve is following the s...
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Senate Passes Conforming Loan Increase!
2008-02-08 01:35:00
As part of the overall Economic Stimulus package the Senate voted and passed the provision within the bill to expand the conforming loan limits to allow Fannie Mae and Freddie Mac to buy conforming loans worth as much as $729,750 for loans made between July 31, 2007 and Dec. 31, 2008, an increase over the current $417,000 loan limit, a move that could help struggling homeowners to refinance jumbo loans at a lower interest rate. It will also allow the Federal Housing Administration to insure loans as high as $729,750 in expensive markets. To find your areas median home value visit the National Association of Realtors site. They have the most user friendly numbers. This should be a welcome boost to home sales within the price range of the 125% upper limit for median value of a city. We don't expect a dramatic improvement in 30Y jumbo loan rates, most analysts are speculating that rates might improve by as much as .50% compared to where they are now. Historical low jumbo loan rates ar...
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Confusion reigns as to FEDs Impact on Mortgage Rates.
2008-02-01 23:21:00
Contrary to the conviction of deeply confused clients and reports by lazy news media, mortgage rates are unchanged, about 6.50 percent for the lowest-fee 30-year jumbo loan.Yet, the media refer constantly to "dramatically lower mortgage rates." They are better, but ... drama? Freddie's average for the whole of 2007 was 6.74 percent. A quarter-percent drop is nice for buyers, and a help to a few jumbo loan refinancers, but no fire sale."How can it be the same ... !?!" says the client, after a cumulative 1.25 percent cut at the Fed in only eight days? Answers follow.Brand-new January economic data are not that bad. They're not bad enough to justify the Fed's panic, let alone to anticipate more cuts. Payroll growth slipped to flat in January (negative 17,000 is within the huge range of error and revision), unemployment down to 4.9 percent in a workforce statistical quirk -- soft, but hardly a recession. The purchasing managers reported their first gain in six months, likewise soft, ...
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Foreclosure Business Booming
2008-01-31 05:26:00
I couldn't make this up if I tried:We won't debate the ethics or morals of the situation. But, many people could have avoided doing business with this company had they been proactive by refinancing before they were underwater or selling at the market price instead of chasing the market down, never getting an offer and falling behind with an adjustable loan. We live in an age of complex risk and not paying attention to your mortgage can lead to financial ruin.That's just wrong on so many levels . . Mortgage Insider dishes it straight on housing and the mortgage market.
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FED Cut no help to jumbo fixed rates.
2008-01-31 04:25:00
The Federal Reserve key interest rates another half-percentage point. The move was expected after last week’s surprise cut in an emergency session failed to rally markets and quiet recession chatter.The central bank has lowered rates five times for a total of 1.75 percentage points since September, including the aggressive 0.75 percentage cut last week - the first time the Fed lowered rates in between meetings since the 2001 terrorist attacks..The Fed’s decision to cut rates further Wednesday afternoon comes on the heels of disturbing economic reports published hours earlier. The reports indicate a sharp slowing of the economy.U.S. economic growth slowed to a rate of 0.6 percent in the last quarter of 2007. The increase in the gross domestic product (GDP) fell short of economists’ expectations by half and many believe the GDP will be in the negative this quarter. Two straight quarters of negative GDP equals a recession.Fixed Jumbo Mortgage rates have been rising steadily this ...
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Conforming loan limit increase, two steps away.
2008-01-30 06:34:00
Rates for some long-term mortgages are at their lowest levels in four years, the Federal Reserve is expected to cut some short-term interest rates Wednesday and proposals in Congress may soon allow thousands of jumbo loan borrowers to qualify for loans with lower interest rates.The industry has not seen demand for jumbo mortgage loans at these levels since 2003. Should you refinance?The answer depends on a variety of factors: your' current loan terms, how long they plan to stay in your home, how much equity you have, your credit scores and more. It's deeply important to sit down and understand how all the pieces play together.Help for the jumbo loan client is on the way. Economic stimulus legislation approved Tuesday in the U.S. House of Representatives includes a provision that would temporarily allow government-sponsored mortgage finance companies Fannie Mae and Freddie Mac to increase the conforming loan limit up to $729,750. The new conforming loan limit change is being anxiou...
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Conforming Loan Limit Increase and other ways to revive the patient.
2008-01-26 09:17:00
It's always nice to take a step back every once in a while and try to see the bigger picture of what has happened in the past, and where we are right now. In my mind, when I do this I see so much stimulus injected into US economy and institutions and we aren't even in a recession yet, at least not in the minds of the organization that will ultimately declare it; the NBER. On a positive note, with the latest stimulus package there will be a temporary increase in the conforming loan limit for homebuyers; a positive incentive for those who both intend to purchase and can afford to purchase a home, especially here in Southern California where 50% of all jumbo loans are found. These jumbo loan changes should help affordability and ultimately help reduce record setting inventory in formally hot markets. Everything and anything can sell at the right price, econ 101.Lets just list what stimulus we have seen since late 2007:a) 175 basis points of cuts to fed funds rate; 1.75%b) Cash inject...
More About: Loan , Patient , Conforming

FED Hits Panic Button. Jumbo Loan Rates at Historic Lows.
2008-01-22 16:47:00
On my way into work this morning, I heard that Ben Bernanke and the Federal Reserve Board cut the target rate for banks’ short-term lending to 3.5%. This makes it more worthwhile for banks to take on more risk with their money, lending it out in cases where they’ve been tight lately. The Fed announced this change between meetings, not at a meeting as normal announcements, in response to the free-fall that the world financial markets seem to be experiencing.It will be interesting to see how the market reacts today. You could argue that if the U.S. stock market doesn’t drop 5% as it was expected to do today without the emergency rate drop, investors don’t think that this move by the Federal Reserve will help solve the economic problems.When the Fed rate drops, so do interest rates on savings accounts and jumbo loan rates drop as well right? Well not exactly, here is a chart of the FED Funds, Prime Rate and the Fannie Mae 30Y Fixed. Conforming loans generally move in lockstep w...
More About: Loan , Button , Historic , Hits , Rates

Let's use the US Government Credit Card.
2008-01-21 23:11:00
The latest topic swirling around is the Bush proposal to put checks in the mailboxes of every taxpayer to stimulate the economy. That is equivalent of using the government HELOC to once again bail the republic out of the latest crisis. The government is 10 TRILLION dollars in debt now. That is what we all owe as of now. The recession could move into a depression and that is what Washington and Wall St are trying to avoid at all cost.The check in every mailbox reminds me of Hebert Hoover who won election in 1928 on the slogan, "a chicken in every pot and a car in every garage." Seven months after his inauguration the 1929 crash occurred and the country went into the great depression. Any parallels? Winston Churchill said, " A nation that forgets it's past is doomed to repeat it." I am an optimist by nature but the fiscal meltdown that is occurring throughout the economy coupled with our mind numbing future obligations to Medicare and Social Security make me wonder when the party wil...
More About: Government , Card , Credit , Credit Card , US Government

Don't cry over all the foreclosures.
2008-01-19 03:37:00
That’s been my take for quite some time. MBA announced a report today on 3rd quarter loan performance. I found some very telling information in the report.…foreclosure actions were started on approximately 384,000 loans, but of those foreclosures, 63 percent were cases where the borrower did not live in the home, the borrower did not respond to repeated attempts by the lender to contact them, or where the borrower failed to perform on a repayment plan or loan modification that was already in place.They broke the data down further in the report. Approximately a third of that number is made up of investment properties. The others are empty homes. The report leaves open that it’s possible that these homes were owner occupied, and now abandoned. When is the last time you heard of someone just abandoning their home before closure proceedings were initiated? A few maybe, but my bet is that the bulk of these abandoned homes were never occupied in the first place. They were investor h...
More About: Foreclosures

Hundreds of billions lost. Your gain?
2008-01-19 03:02:00
The End is Near! The sky is falling! George Bush said things are great so it must be true. Ben Bernanke isn’t sure whether things are great so keeps lowering interest rates and crushing the dollar in the process. Your friendly banker knows things are not great. Your above average Foreclosure/Short Sale Investor is buying foreclosure properties at prices that are phenomenally low and feels like this foreclosure craze is the start of something big.Who is right? Maybe all of them and maybe none but I tend to side with the foreclosure investor. Not since the Great Depression has the housing market seen this many foreclosures and taken a hit like it is currently undergoing.Great fortunes were made in the Great Depressions and greater fortunes were lost. The goal here is to be one of the winners not one of the losers. Buy when the blood is in the streets is an old Wall St saying that is very true is today's real estate deflationary blood bath.Foreclosure investing is a skill that is qu...
More About: Lost , Billion