I looking to buy an apartment building with no Money Down, Im looking for an mentor to help me buy my first apartment building,

Does anyone willing to help me buy my first apartment building with no money Down or Help me find find a seller who is willing to carry back owner financing.

Email me please

Dealer Services Corporation says car theft is sanctioned by the Uniform Commercial Code. After being convicted of the conversion of Behyar Fariba’s cars by a San Diego jury in May 2008, DSC filed an appeal.

DSC claims that they had no knowledge of Fariba’s consignment agreement at the time DSC gave loans in 2005. However, DSC ran off with over fifty employees of Automotive Finance Corporation, another floor plan lender, who had just finished making loans.

However, Fariba probably didn’t know that both DSC and their cohorts AFC were both unlicensed as lenders in California at that time. AFC did not obtain a California Finance Lenders License until August 7, 2007. DSC just got their California Finance Lenders License on May 27, 2009. AFC made loans in California for more than eight years before obtaining a license, DSC only waited a short four years.

How can a UCC1 be used like this to steal cars that DSC and AFC don’t have the titles to?

The Subprime Debacle
by Dr. Kuni Michael Beasley
30 Years in Gestation

The Democrats are doing a lot to try to pin the subprime debacle on the Republicans and the Bush administration. However, there is a long tail to this problem that just happened to pop at this time.

Now, for the rest of the story. Definitions first.

Fannie Mae is the Federal National Mortgage Association (FNMA), founded in 1938 as a publically traded government sponsored enterprise (GSE) that is stockholder owned that makes loans and issue loan guarantees.
Its cousin is Freddie Mac, the Federal Home Loan Mortgage Corporation (FHLMC), founded in 1970 as another GSE created to expand the secondary market for mortgages. Freddie Mac buys individual mortgages on the secondary market, pooled them into packages, and sold them to investors on the open market.

The secondary market packaged mortgages as collateral and issues securities called collateralized mortgage obligations (CMO) and collateralized debt obligations (CDO), to reduce the risk of individual loans. CMOs are a separate entity that is the actual legal owner of the mortgages it has in a "pool." CMOs sell bonds to investors based on the value of the mortgages. Investors receive payments based on the increased value of the loans in the pool. The collateral for the bonds are the actual mortgages.

CDOs are a separate entity like CMOs, but are more focused on fixed income assets such as, but not limited to mortgages (and can include commercial mortgages and corporate loans). The focus is cash flow and slices (tranches) of these cash flows are sold to investors.

The subprime mortgage crisis surfaced first in 2007, but it had been incubating for years, indeed, decades. Though roots can be traced back to the New Deal legislation in the 1930’s, the current crisis actually draws its source from the Community Reinvestment Act (CRA) [1977] during the Carter administration that forced banks to lend money to less credit worthy clients. Lending institutions were evaluated to determine if it met the "credit needs of the community" and this was factored into regulatory decisions of the federal government such as applications for facilities, mergers, and acquisitions.

Interest in the CRA resurfaced in the Clinton administration when regulations in the CRA (which could be manipulated without any participation of congress) essentially forced institutions to offer loans to higher risk individuals and businesses. The term "Ninja" loans emerged describing high risk loans made to people with No Income, No Job, and no Assets, but completed a particular bank’s portfolio sufficient to keep federal regulators off their backs.

As access to easy money for high risk borrowers increased, certain institutions began to take advantage of these new opportunities to score fed points and make easy money. Name dropping here: Countrywide began to process, package, and offer investment instruments (CMOs) based on these loans. Revisions to the CRA by the Clinton administration allowed mortgage companies to offer loans without the relative reserve of deposits normally required of banks and other financial institutions.
In addition, this allowed for securitization of sub prime mortgages based on the pooling and packaging of cash-flow producing assets into securities that could be sold to investors – with the asset value not tagged to actual value of the property, but to the value of the cash flow produced by the asset held (sounds weird). The first public securitization of CRA loans was started in 1997 by (familiar name) Bear Stearns!

Now, let’s understand sub-prime loans for a moment. A sub-prime loan is a mortgage offered at a deep discount on interest the first year or two so the borrower could qualify for a larger loan and more expensive house, betting that their economic profile would get better and they could afford large payments later. Adjustable Rate Mortgages (ARMs) are a form of this where the entry rate is low and rises based on certain criteria such as the rates for government securities.

Simply put, lenders (not necessarily banks, but more often mortgage
companies) offered low cost, low entry rate mortgages to people who would not normally qualify for that amount of debt.

These loans were "warehoused" by financial institutions, where a financial institution like Merrill Lynch would set up a separate, but wholly owned mortgage company (First Franklin) to attract loans.
Merrill Lynch would retain control of the loans as a "trustee" or "servicer," and derive benefits from fees for "managing" the loans and increase assets by keeping escrow deposits. In turn, these loans would be sold to Fannie Mae or Freddie Mac (who were assumed to guarantee the loans), who, in turn, repackaged them for the secondary market.

In 2003 the Bush administration tried to head-off what they saw as a potential crisis by moving the supervision of Fannie Mae and Freddie Mac under a new agency

First let me say that I DO NOT want to know how or pay you to obtain business credit without a personal guarantee!

I own a small business and I am incorporated, with an EIN and seperate business bank account. I am interested in possibly obtaining a business credit card, or a business line of credit. I was looking at some different banks/card and I notice the majority would like a personal guarantee. I have no problem with that, I just would like to know how it will affect my personal credit. Does the business credit card/line of credit show up on my personal credit report? Is there a hard inquiry when applying and/or giving my personal guarantee? If I apply for a business credit card/line of credit with a bank/credit card company that I currently have a personal credit card through does the business card affect that personal card? Any information would be great. Seems like all the info out there is about getting business credit without a personal guarantee, and paying for that info. Thanks!

I do NOT need listing services like craigslist. I need information about insurance requirements, setting up personal finances to account for rental income, tax implications, etc.

I have had my business for over 2 years and still cant figure out how to open a line of credit with just my tax id. Most companys want my social to use with it but my personal credit is not the best. Any suggestions on how to get business credit started ? Thanks,

Venezuela’s Chavez Says Hopes Can Work with Obama

Mon Sep 7, 2009 6:45pm EDT

By Mike Collett-White and Cindy Martin

VENICE (Reuters) – Venezuelan President Hugo Chavez, a fierce critic of U.S. foreign policy who once called George W. Bush "the devil," said on Monday he hoped to be able to work more closely with President Barack Obama.

The leftist 55-year-old leader added in an interview in Italy that despite the global economic crisis and signs of a slowdown in growth in Venezuela, he did not expect his country to fall into recession.

Chavez was in Venice for the world premiere of "South of the Border," director Oliver Stone’s sympathetic portrait of a leader he says has championed the poor and who has been unfairly demonized by the U.S. media.

"I have no reason to call him (Obama) the devil, and I hope that I am right," Chavez told reporters in Venice.

"With Obama we can talk, we are almost from the same generation, one can’t deny that Obama is different (from Bush). He’s intelligent, he has good intentions and we have to help him."

Stone’s documentary argues that the economy has grown under Chavez’s rule and poverty levels have fallen sharply, all without the help of bailout loans from foreign lenders.

Asked in an interview with Reuters whether the fact that Venezuela’s economy shrank for the first time in more than five years during the second quarter of 2009 could mean austerity measures ahead, Chavez replied:

"There is no recession in Venezuela. There has been a slight slowdown in growth but that is something logical because of the great worldwide recession in capitalism.

"We have taken some steps but unemployment continues to fall and production continues to rise. Venezuela has been affected by the crisis but has not and will not go into recession," added the president, who sat next to Stone.

"REAL DEMOCRATIC MODEL"

Chavez also said his democratic credentials remained intact despite concerns over moves to crack down on the independent media and political opposition.

Thousands of people took to the streets of Caracas over the weekend to voice their opposition to the president, who has been in power for a decade and says he needs another 10 years to pursue his socialist reforms.

"In Venezuela, no television channel has been closed despite the fact that in many cases the television channels supported a coup d’etat," he said.

"Noam Chomsky … was asked in an interview what would happen if Fox News or CNN had supported a coup against a president. Chomsky replied that not only would those channels have been closed, but their owners would have been sent to the electric chair.

"I’m entirely dedicated to building a real democratic model in Venezuela. As Abraham Lincoln said, what is democracy? It is not the system by which a rich minority exploits the people. It is government by the people and for the people."

Stone’s film includes clips of U.S. news channels casting Chavez as a threat akin to that posed by al Qaeda.

"The caricature compares me to Hitler and Mussolini, that is just laughable," he said. "It shows a lack of respect to the intelligence of the human being and of society."

(Additional reporting by Daniel Flynn in Rome; Editing by Jon Hemming)

© Thomson Reuters 2009. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

http://www.reuters.com/article/newsOne/idUSTRE5864ME20090907

I’m starting a business with a partner, we’re incorporating and planning on having 50/50 ownership. We’ll want to apply for a loan or credit line and banks will naturally be checking our credit histories. Here’s the issue: my credit history is good, perfectly clean, and improving. My business partner has some big credit card balances from starting the business, has missed some payments… his credit is bad. I’m thinking maybe I should be the 100% owner initially, so my partner’s credit doesn’t become an issue. Later on after we’ve established business credit we can change to 50/50 ownership. Does that sound like a good strategy?
Thanks for the comments re my partner’s credit issues. As background, he is great in retail, customer service, and started the business- currently owns it. Definitely needs help with the financial aspects, and I think the partnership will work well.

There is a company called Express Business Credit Services in Las Vegas 702-503-8953 that establishes corporations, and creates lines of credit for your business without using your personal credit.

Subject: From a retired Banker on the current fiasco!!! WORTH THE
READ…no matter who you favor for President–

FROM A RETIRED BANKER

Written by Jack Kelly
Thursday, 18 September 2008

Lending money to people who probably won’t pay it back isn’t good
Business. If you wrap crummy loans in a clever package, they’re still
crummy loans.

Your typical Wal Mart shopper understands this. But the Masters of the
Universe on Wall Street and in Washington evidently didn’t.

Ostensibly to aid the poor, the Clinton administration and Congress
Encouraged lenders to give mortgages to poor credit risks. The
Combination of easy money and the expansion of the number of borrowers
By extending loans to poor credit risks sent housing prices through the
roof, creating the bubble whose bursting has led to this crisis.
Congress in 1999 repealed the law (the Glass-Steagall Act) that
established a bright line between commercial and investment banks.
This meant bad investments by banks could jeopardize depositors.
Wall Street created ‘derivatives’ which multiplied profits in good
times, but which also multiplied risk if there were defaults.

Most important was corruption and mismanagement at the Federal National
Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
corporation (Freddie Mac), which together controlled 90 percent of the
secondary mortgage market.

Once your bank has lent you money to buy a house, it can’t lend the
money again until you pay it back. But if your bank sells your
mortgage, it can make another loan right away. Without the secondary
market, most of the funds for home mortgages would dry up.

Fannie and Freddie went broke because they had bought billions of
dollars worth of subprime mortgages, on which borrowers defaulted when
the housing bubble popped. Fannie bought most of its bad mortgages from
Countrywide Financial, whose CEO, Angelo Mozilo, gave sweetheart loans
to senior executives of Fannie Mae.

Fannie and Freddie cooked their books so senior executives would be
paid millions of dollars in bonuses to which they were not entitled.
Inadequate regulation kept the book-cooking from being discovered
until the crisis had become a catastrophe.

President Bush proposed regulatory reforms in 2003 but Congress took
no action. In 2005, John McCain and three other GOP senators proposed
a strong reform bill. It died when Democrats threatened a
filibuster.
When the bill was reintroduced in this Congress, Sen. Chris Dodd, the
New Democratic chairman of Banking Committee, refused even to hold a
hearing on it.

Democrats opposed reform in part because they feared it would mean
fewer loans to poor people.

‘Fannie Mae and Freddie Mac are not facing any kind of financial
Crisis,’ Rep. Barney Frank, D-Mass, told the New York Times when the
Bush bill was introduced. ‘The more pressure there is on these
Companies, the less we will see in terms of affordable housing.’

without being the personal guaranteur? we are profitable, have been around for 4 years, have an average account balance of 100K and only are seeking a LOC for 60K

Hi everyone,

I’m a sophomore currently in my spring semester of college. Next year I’m hoping to live off campus with 3 other girls, and my budget is VERY cheap–can’t pay more than 0/month (not including utilities).

My parents are currently paying loans for various expenses and CANNOT afford to finance any part of my rent, meaning they cannot co-sign anything.

Is there a way out of this? Please help, it is much appreciated.

What happens if someone is independent, has no wife or kids, but has several thousands of dollars in credit card/student loan debt. Because he was young he had no will, he committed suicide. I’m not sure if his parents co-signed his loan for school. If they did do they have to pay considering he never finished school (payments are deferred until after graduation) and if they didn’t does the lender lose the money?

Also not sure if he declared himself independent or if his parents claimed him as a dependent because they were helping pay for college.

If his parents claimed him, and he declared himself independent, then who’s fault is that?

Everyone blames me for his death, although i disagree, I do feel guilty. Im trying to figure out whether or not his parents assumed his debt, because if they did, i’d like to help them out with it They are really nice people, and are both retired. It was bad enough that the lost nearly ALL of their retirement in the recession, they defaulted on their mortgage (which was their 2nd mortgage to help pay for his undergraduate degree), and his dad is too old to go back to work (commercial pilot). It’s bad enough they just lost their only child, and are in severe financial trouble themselves, they don’t need the extra debt.

Can any lawyers out there give me a legal summary and can any other person (you know…with a soul (sorry lawyers)) give any advice on the moral side of things? Thanks!

i’ve got a call and the rep went like my platinum membership with the 00 small business CREDIT LINE has been approved and they wanted to see if i would’ve liked to activate the proccestin of it and he said the interest rate is zero and there ain’t any kindda proccessing charges…i’ve never applied for one but i kindda need this and i really don’t know what can i do with a credit line…apart from phishing call and all that i just wanna see what is the benefit of credit line and how does it work.

Now verizon is saying that its illegal?

I run a small business making around 100k a year but this phone bill & all these business lines are killing me 300+ a month!!

So i connected my credit card machine,fax,phone & internet to one phone jack & everything works fine.

Will i get taken to jail if i just switch to one residental line instead of 2 business lines that i really dont need?

I am a single mother of 2 children under the age of 5. I just recently moved from an apartment to a house and i desperatly need a washer & dryer. I could also used some other necessary household items, but the most needed right now is a washer & dryer. I have a job, so I can make payments. I am having a really hard time getting a loan from anyone because of old mistakes that happened over 5 years ago; bad credit reports. If anyone knows of any company who is willing to take a chance on people like me, appliance stores or financial institutions, please let me know, it is GREATLY appreciated. I live in the central valley of California. Thank you!

does it matter which lender I go to? or will they all preapprove me for the same amount based on my stats? Like should I go to a private lender rather than commercial? Who will handle my loan the fastest in time for the Nov 30th deadline?

My husband and I own and operate a small business with aout 300,000.00 in sales each year. we have grown VERY quickly. We now need a small business line of credit or loan to obtain more equipment.

We applied through bank of america. Our credit scores are not bad. They ranging from 640-715. They denied us for stupid reasons. (not having enough personal credit history…my husband is 30 hes had credit forever!) Now, we are frustrated!

has anyone else had a problem or found a company that is easy to work with good credit?

Its ridiculous that everything in life revolves around a computer generated FICO score.

Any advice?

What is the difference between, Commercial/Consumer/Real Estate officers? what do they do? n how much do they get paid?

Will establishing a business line of credit help our personal credit rating? My wife owns a small business and we have received many offers for credit so she’s curious.

I bought a commercial retail space in Febuary of this year to start a daycare center, but was unable to complete the process for lack of being able to secure funds.

now that I find myself facing foreclosure on the property , I would like to contest a huge 10% PREPAYMENT PENALTY.

I never recieved a good faith estimate before closing, only a condition to close statement with this prepayment on it, that was already outdated , when I brought this to the loan brokers attention that the statement contained the penalty , and was already outdated , I was urged to sign it anyway, and the situation would be straightened out.. it never was.

since I did not get a closing estimate either I forgot about the penalty until it resurfaced at the closing table.

the loan broker was not paid, and the finance lenders, threatened to sue me for her portion, but dropped the issue , I believe the prepayment to be preditory lending practice, is there someone that I can have review the matter ??

I need a business line of credit for my startup business. Can someone point me in the right direction?

I have a business credit card that I use for personal expenses. I am going to discontinue doing this at the advise of my credit card company (Chase). However, I recently decided to increase my credit line from ,500 to ,000 for no reason really. They declined it and sent me a letter stating that they received their information from Experian. The letter’s tone is negative overall.

Will their declining of my credit line increase request negatively affect my credit score? Keep in mind that it is a business card.

Thanks.

It was a one-time thing. I was at home wearing myself out completely while exercising. The phone rang and I answered. It was some commercial call about the mortgage or something like that. I said, "No, I am not interested." Then, I was about to hang up, when suddenly I heard something about "heart attack". I thought someone who called me had the heart attack. I thought, "What a workaholic. She’s got a heart attack and yet she’s at work". Then I heard, "Sir, don’t worry, the ambulance will be right over". I felt gobsmacked for a second. It turned out it was I who needs an ambulance; I, who felt healthy like a bull at the time; healthy enough to do 100+ push-ups. I thought she was the one who needed an ambulance. She was not asking whether or not I need an ambulance; she was saying that, "The ambulance would be right over". I had got tired of assuring her I need no ambulance. The assuring had grown into the fuss. I started yelling at her. I said, "If the ambulance comes for me, then for you comes the police!" Then, after a few more words, I hung up and unplugged the stupid phone. The rest of my day was ruined.

I’m wondering, why are there such people who don’t listen? Why would she think I myself was not able to call the ambulance when I need one? I doubt she was a professional cardiologist who can tell by the way I breathe whether or not I need medical attention. (How would you breathe if you did 100+ push-ups?)

If you were that lady, would you attempt to persuade me I need an ambulance, or would you show enough respect and listen into three simple words: "I am okay"?

Another question, if the ambulance did come, who would pay for it if I am not the one who called it?

Sometimes such display of "caring" is just too much. Don’t you think?
It’s not too difficult to read the question, or is it? I did not ask about any "amazing super food". That’s just another display of disrespect.

If you just answer to receive points, stop it before I start reporting you.

I am trying to become a real estate investor, however am having trouble obtaining financing because of credit issues due to outstanding medical bills. Can anyone suggest a finance company or investor who can help me.

what you can afford. I just saw their commercial. My spirits were lifted someone really does care about me. They are great guys. My question is this what is cheaper a loan shark or a payday lender?

Do credit bureaus differentiate between personal and small business credit scores? If so, does building up a small business credit score encompass the same practices as building personal credit? If one has a personal card with a particular creditor, then open a small business, would that creditor use any of their payment history/credit lines as some sort of a guide to extend small business credit? TIA.