Monday, April 23, 2007

Sub Sub-prime lending

Warning: No Poker Content

The people who want to buy my house have finally found a lender willing to loan them 90% of the money they need to purchase. Sadly they need a 10% 2nd mortgage that they have not found a lender for.

Their latest offer and according to their realtor only way they can complete transaction is for me to act as 2nd lender. Most amusing part of offer to me is that their realtor is also a mortgage broker. He does not want to make secondary loan to his clients for 10% of purchase price when he gets an immediate 3% payoff in commissions when sale goes through.

Don't think I need to see their credit report to make this decision. Realtor/Broker's actions speak volumes.

Can't say mindset was good for poker tonight, Wednesday has to be better.

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