Comments on: Downtown Condos: Grinding it Out

By: INGY BINGLEBOP

INGY BINGLEBOP — Fri, 13 Apr 2007 19:03:28 +0000

I LIVE WITH SHAWN’TAY MY GIIIIIRL IN ONE OF THESE N DAAAAAAAAAMN THEY GET EXPENSIVE!!! HOW AM I SUPPOSE TO AFFORD TO SUPPORT BY 4 CHILDREN? I ALREADY WORK 4 JOBS. AINT NOBODY GONNA GIVE A CHANCE TO A BLACK WOMAN THESE DAYS! DON IMUS DESERVED EVERYTHING HE GET

By: FAA

FAA — Sat, 09 Dec 2006 15:11:04 +0000

I know I am late in sharing my concerns, however I live in Centre Village Condos, actually recently purchased a unit on one of the top levels facing east. Part of my reasons for purchasing this unit is the view from the unit; with the Sexton II under construction, it now appears that I would be losing a big part of my current view because of the 23 flrs the Sexton II plans to have. My point is this is not positive for everyone and that’s not considering what this would do for the property value of the Centre Village Condos.

By: mbarl

mbarl — Sat, 15 Jul 2006 02:07:38 +0000

My name is Steven Krystofiak, President of the Mortgage Brokers Association for Responsible Lending. http://www.mbarl.org I have a letter in a word document form that highlights the risks of the current loan industry unrealized by regulators and economists alike, mainly due to stated income loans.
Email me at contact@mbarl.org if you want me to send you a copy.

~ Steve Krystofiak
13 main points in the letter are;
1. Stated income loans are associated with fraud, and started to become popular in 2002.
2. Banks originate these loans because they are profitable and then sell them to reduce their risk.
3. Fraud is encouraged by the banks
4. Stated income loans help no one.
5. Exotic loans originated with stated income are now causing foreclosures or forcing homeowners to refinance into negatively amortized loans.
6. Stated income loans are why home prices have skyrocketed. They have caused a large demand in the US housing supply.
7. Banks have sold their loans and have already made their profit. Investors will soon realize stated income loans are too risky and stop purchasing them.
8. Almost anyone can get a stated income loan for $950,000.
9. Stated income loans cost consumers hundreds of dollars a year because of higher interest rates.
10. Stated income loans allow tax cheats to purchase homes easier.
11. Stated income loans are not always faster than fully documented loans.
12. Appraised values are often inflated. Underwriters are basing their decision on inflated home values, inflated incomes and inflated assets. The only “real” number is the FICO (credit) score. This is why underwriters have become focused on FICO scores.
13. Rules are not enough, they must be enforced.

By: Teresa Boardman

Teresa Boardman — Thu, 29 Jun 2006 14:32:25 +0000

Since I was born and raised in St. Paul, I know that downtown always means downtown Minneapolis. We have a similar situation here, there are several new developments, and renovations, condos downtown and along the river front. There are more projects on the drawing board. We have the huge Victoria Park project a couple of miles from downtown. My theory is that we need the housing but have too much on the market at one time. It may take some time to absorb it all. Right now St. Paul is a great place to go condo shopping.