Sing Ed, sing like a canary

Richmond Hill has been hit harder by the foreclosure crisis than most other neighborhoods in the city, officials and analysts said.

...defrauding people who trusted them, who gave them their business so that they can prosper, on whose sweat they enjoyed luxuries. Now Ed will be singing indeed..."this is my story, this is my song......

Mr. Ahmad and one of his brokers offered Mr. Husain and Mr. Saha a three-family house for $880,000 but warned of another bid, Mr. Husain said. Mr. Ahmad demanded that they close within a week, insisting they use his lawyer, his appraiser and his mortgage officer, who pushed to finance 95 percent of their home at a 12.5 percent rate, Mr. Saha and Mr. Husain said.

Within two years, their finances were devastated, they said. The property was on the brink of foreclosure, the souvenir store that their families owned together went bankrupt, and they depleted savings they had accumulated since emigrating from Bangladesh in the 1990s.

For the Uninformed :

The individual in the homes ....mortgage brokers placed Loan with different Banks ..

These Banks then packaged ,say 20 000 Loans , and sold it to investment groups :

These Investment groups then had to be " bailed out " by the Government .....

with money from the Taxpayers .

The investment groups are NOW repaying the " bail out " amounts and the interest is HIGH !

The Government and the Taxpayer will be Reimbursed with interest !


Folks , read this , ask questions of me , then answer :

" Who are the Victims "  ???

Hint : The individual in the homes , mostly Immigrants were Complicit :

Living in Big house while being a Gas station attendant .... ::yawn::

[quote author=SCA link=topic=76354.msg470647#msg470647 date=1357318772]

Mr. Ahmad demanded that they close within a week, insisting they use his lawyer, his appraiser and his mortgage officer, who pushed to finance 95 percent of their home at a 12.5 percent rate...
[/quote]
95 % of 880 = 700 + Loan at 12 .5 %

Souvenir store owners can pay that ??

Bangladeshis just as delusional as bobbicians ....hahahahaha  ::LOL::

This is laughable..name names, name names?  :-[

Names, only a couple for now, was named. Mr. Husain and Mr. Saha. Now it is their fault...I guess that is why Ed is lookin' at the slammer..becuase he was so ethical, concerned and caring for the likes of Saha and Husain.

Again, berbice this berbice that....but the GT scamp got caught in the cookie jar.

And it is the poor people's fault.

[quote author=ketchim link=topic=76354.msg470648#msg470648 date=1357318833]
For the Uninformed :

The individual in the homes ....mortgage brokers placed Loan with different Banks ..

These Banks then packaged ,say 20 000 Loans , and sold it to investment groups :

These Investment groups then had to be " bailed out " by the Government .....

with money from the Taxpayers .

The investment groups are NOW repaying the " bail out " amounts and the interest is HIGH !

The Government and the Taxpayer will be Reimbursed with interest !


Folks , read this , ask questions of me , then answer :

" Who are the Victims "  ???
[/quote]

I will now add , The Uneducated ....

Any questions Folks ?

Clarifications ?

[quote author=ketchim link=topic=76354.msg470652#msg470652 date=1357319156]
95 % of 880 = 700 + Loan at 12 .5 %

Souvenir store owners can pay that ??
[/quote]

Folks , using 40 % total debt service ratio (TDS)

PLEASE calculate the Household Income required to SERVICE this debt .

Ask for hints , IF needed.....thx 

A private portion of his Facebook profile, accessible by more than 250 of his friends on the Web site, states that he earned degrees from Baruch College in Manhattan. However, the college has no record of him.

Claim to fame...a FRAUD!!!