{"id":196192,"date":"2008-05-18T06:33:00","date_gmt":"2008-05-18T11:33:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/05\/18\/vulture-mortgage-investing\/"},"modified":"2008-05-18T06:33:00","modified_gmt":"2008-05-18T11:33:00","slug":"vulture-mortgage-investing","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/05\/18\/vulture-mortgage-investing\/","title":{"rendered":"Vulture Mortgage Investing"},"content":{"rendered":"<p>This is a <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601109&amp;sid=acNLJ7FGT15U&amp;refer=home\">rather interesting read on a guy who is buying mortgages at about 20\u00a2 on the dollar and using the difference to make a profit<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The homeowner was $365,000 under water after buying the house with no money down in June 2005, according to a spreadsheet listing about 30 loans for sale by a national mortgage servicer that Gutierrez referred to in his truck. If Gutierrez bought the note for 20 cents on the dollar, or $73,000, he could probably get the owner to leave by giving her $5,000 for moving expenses, then sell the home for about $150,000, well below even the neighborhood&#8217;s declining market value, he said. That would leave him a profit of about $70,000.<\/p><\/blockquote>\n<p>I&#8217;m not sure how I feel about the ethics of all this.<\/p>\n<p>It seems that lenders, who should have known better, are the ones who are getting the worst haircut.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is a rather interesting read on a guy who is buying mortgages at about 20\u00a2 on the dollar and using the difference to make a profit: The homeowner was $365,000 under water after buying the house with no money down in June 2005, according to a spreadsheet listing about 30 loans for sale by &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1088],"tags":[],"class_list":["post-196192","post","type-post","status-publish","format-standard","hentry","category-finance","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196192"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=196192"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196192\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}