[TheForge] rant concerning quality of products

[ries]

Andy, loans to buy land, as opposed to single family homes, have  
ALWAYS been extremely tough to get.

Farmers, with big cash flow, have been able to get short term, ie  
under 5 year, business loans, but up here where I live, in the last 20  
years or so, I have never heard of anybody getting a 15 year or 30  
year mortgage to buy raw land- just doesnt happen.
All raw land sales, be they farmland or woods, in the Northwest, have  
had to be all cash, or the owner financing, for as long as I have been  
buying real estate- since 78 or so.

Now IF its a single family home, under jumbo size, some lenders will  
loan even though it includes more than a couple acres, and many will  
not.
When I bought my house on 26 acres, in 95, when things were booming,  
at least half the mortgage brokers and banks immediately backed out  
when they heard the size of the parcel.

And, being an artist, I have ALWAYS had to "shell out" at LEAST 20%  
down to get any kind of loan.
Cant sympathize much there. Plus, you would be a fool to take one of  
those no money down loans anyway.


So you cant blame that one on the current loan crisis.

ries



On Apr 17, 2009, at 6:47 PM, Andrew Vida wrote:



ries wrote:

> Sad, but true.
> There is no real reason we couldnt make a tiller as good as the French
> or Italians, if we wanted to- if somebody was willing to invest the
> money to build a quality company, the market is certainly there. But
> instead, american money men buy watches, or cars, or third houses,
> they do silly, but profitable, IPO's and leveraged buyouts and CDO
> swaps.

	There is nothing wrong with any of these things, except the CDOs, which
are pure fraud - but that's another story - as long as the basics are
covered, which they are not.  That is one reason we are going to hell.
Another is unions, who did their very fair share of screwing each and
every one of us into the ground.  Little in the USA has made sense since
the mid-60s, and it has gotten worse every year.  What goes on today is
simply surreal.  Bush's TARP and Obama's "stimulus" are scary jokes put
on us.  My friend Jimmy is in deep financial shit, no fault of his own -
he's trying to sell off 20 acres of his farm to pay bills.  I put the
land in a paper - tons of calls, tons of wants - nobody can get a loan.
  One guy with perfect credit had to shell out anywhere from 20 to *50*
percent down in order to get a mortgage.  Looks like he, too, will not
be able to buy.  Looks like I may have to stand by and watch a good
friend possibly lose his home.  It all makes my head hurt.

	I suppose the biggest problem with American today is that everyone is a
bloody crook.
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Ries Niemi
Industrial Artist
http://www.riesniemi.com/