[goodtimesintv]

Originally Posted by biker1

I believe BoA payed back its TARP loan.

"48 percent of the banks that have repaid the CPP used money they'd gotten from other federal programs, according to the GAO report. Those programs include the Community Development Capital Initiative -- another TARP program -- and the Small Business Lending Fund, a program designed to encourage lending to small businesses."

Banks Repaid Fed Bailout With Other Fed Money: Government Report

[Shadow8IA]

Originally Posted by jswintberg

We just recently used BOA (US Trust) and they bent over backwards to meet all needs. Their rate was .25 lower than Citizens and the fees were less. Citizens also has a debt to income ratio and required me to take an $8,000/month IRA distribution to meet the ratio since we do not have any income at this moment. BOA has no such requirement. We ducked the scare tactics to use Citizens and are grateful to BOA.

We had the same debt to ratio problem even though we were preapproved months earlier. We did the IRA withdrawal but were told we could cancel it after one month which made no sense that it was required. We probably should have switched banks but Citizens Mortgage assured us that no one else would be able to close in a month and by then we were about 2 1/2 weeks from closing.

[biker1]

As far as I can tell BoA doesn't owe any money. If you know otherwise please provide the information. I have no love of BofA but do wish to know their current status. Thanks.

Originally Posted by goodtimesintv

"48 percent of the banks that have repaid the CPP used money they'd gotten from other federal programs, according to the GAO report. Those programs include the Community Development Capital Initiative -- another TARP program -- and the Small Business Lending Fund, a program designed to encourage lending to small businesses."

Banks Repaid Fed Bailout With Other Fed Money: Government Report

[goodtimesintv]

Originally Posted by goodtimesintv

"48 percent of the banks that have repaid the CPP used money they'd gotten from other federal programs, according to the GAO report. Those programs include the Community Development Capital Initiative -- another TARP program -- and the Small Business Lending Fund, a program designed to encourage lending to small businesses."

Banks Repaid Fed Bailout With Other Fed Money: Government Report

Originally Posted by biker1

As far as I can tell BoA doesn't owe any money. If you know otherwise please provide the information. I have no love of BofA but do wish to know their current status. Thanks.

On this Bailout Tracker site of all the bailout recipients repaying their debts or not, it is unclear what Bank of America repaid or not because of these three statements and other important and complex data:

"Recipients of aid through TARP’s housing programs (such as mortgage servicers and state housing orgs) received subsidies that were never intended to be repaid, so we don’t mark those as losses.."

"Bank of America:
Received other federal aid. Click to see details."

"Note: Subsidies are listed separately from the investment programs. So, for instance, Bank of America is listed twice – both as a mortgage servicer and as a bank."

And then there is this:
"Companies that failed to repay the government and resulted in a loss are shaded red. You can see a list of those investments here. "

There are over 121 of those companies shaded in red at this page, and their outstanding debt to the government/taxpayers totals tens of billions of dollars.

SEE:
https://projects.propublica.org/bailout/list

I'm no expert obviously. But I think we can safely conclude shoddy mortgage lending practices still go on with these monster banks and mortgage lenders, especially when knowing some do not bother with debt-to-income ratio checking.

[biker1]

Thanks for the research. If you come across more information please post. I believe it is important that we know the status of these organizations that are "too big to fail". Thanks.

Originally Posted by goodtimesintv

On this Bailout Tracker site of all the bailout recipients repaying their debts or not, it is unclear what Bank of America repaid or not because of these three statements and other important and complex data:

"Recipients of aid through TARP’s housing programs (such as mortgage servicers and state housing orgs) received subsidies that were never intended to be repaid, so we don’t mark those as losses.."

"Bank of America:
Received other federal aid. Click to see details."

"Note: Subsidies are listed separately from the investment programs. So, for instance, Bank of America is listed twice – both as a mortgage servicer and as a bank."

And then there is this:
"Companies that failed to repay the government and resulted in a loss are shaded red. You can see a list of those investments here. "

There are over 121 of those companies shaded in red at this page, and their outstanding debt to the government/taxpayers totals tens of billions of dollars.

SEE:
https://projects.propublica.org/bailout/list

I'm no expert obviously. But I think we can safely conclude shoddy mortgage lending practices still go on with these monster banks and mortgage lenders, especially when knowing some do not bother with debt-to-income ratio checking.

[Roaddog53]

Reading this thread still is amazing. We too have bought two homes in TV. The first built, 2012, second TV spec home new. Both times they talk about and was in fact in the contract for the 30 day and missing costs $250. We laughed and said keep your home. They also kept saying the "take it or leave it" on the home we built with options. Their way or no way. After the third take it statement, we got up and walked out. They asked where were we going and we said we are "leaving it" as you said. They than bent over backwards and changed designers to finish it. Citizens was awful in rates and closing costs, and their attitude, and the threats of $250. We went to BBT and they actually made it easily in time on both. The second home Justin called and thought we were closing in 15-20 days and they were ready.

[Roaddog53]

An interesting fact is TV NEW home sales are DOWN nearly 10% since April throug their own admission in the weekly flyer. PRE-OWNED homes are UP 2% for the same timeframe for a total TV market down 8%. The breakdown is 52% new sold and 48% pre-owned. Add in realty sales and pre-owned sales far outstrip new homes. Obviously pre-owned is selling and where are they going? Yes some are are their second home, but many are leaving. An outside community from TV said last month, five Villagers bought there. Yessss you can read into it it is summer and sales are down or all kinds of other reasons. Bottom line, new homes are much lower in price now. They can sell 185-300k homes ok, but the higher ones take much longer and not as many. If you don't golf for into lots of cliubs there ARE Other alternatives. Better value for the price, lower taxes, etc. each has to do their own homework.
Perhaps the baby boomer gen is ending.. Perhaps the next gen does not have the retirement funds, who knows. Maybe people are tired of the take it or leave it attitudes. I have always said when ANY COMPANY treats THE customer with arrogance (by the way, we are the customer) because they are too busy, they have awaiting list, or poor statements of "hurry and buy! we will be built out in 2 years and than there won't be any homes" since 2008, we won't build no more patio villas, That company is not focused on who their market is. It will some day catch up with that business. Maybe it is now.

[JoMar]

Originally Posted by Roaddog53

An interesting fact is TV NEW home sales are DOWN nearly 10% since April throug their own admission in the weekly flyer. PRE-OWNED homes are UP 2% for the same timeframe for a total TV market down 8%. The breakdown is 52% new sold and 48% pre-owned. Add in realty sales and pre-owned sales far outstrip new homes. Obviously pre-owned is selling and where are they going? Yes some are are their second home, but many are leaving. An outside community from TV said last month, five Villagers bought there. Yessss you can read into it it is summer and sales are down or all kinds of other reasons. Bottom line, new homes are much lower in price now. They can sell 185-300k homes ok, but the higher ones take much longer and not as many. If you don't golf for into lots of cliubs there ARE Other alternatives. Better value for the price, lower taxes, etc. each has to do their own homework.
Perhaps the baby boomer gen is ending.. Perhaps the next gen does not have the retirement funds, who knows. Maybe people are tired of the take it or leave it attitudes. I have always said when ANY COMPANY treats THE customer with arrogance (by the way, we are the customer) because they are too busy, they have awaiting list, or poor statements of "hurry and buy! we will be built out in 2 years and than there won't be any homes" since 2008, we won't build no more patio villas, That company is not focused on who their market is. It will some day catch up with that business. Maybe it is now.

So we can assume you don't live here? If you don't then you have no skin in the game here or an understanding of this place and your posts are useless. If you do live here then we can assume you made a terrible mistake or are realizing you made a mistake and will move to one of those "better value" places. People live where they live for personal reasons and they move from where they live for personal reasons. I know a few families that left because they missed their family's and one because they had serious health issues. I'm sure others have left because the lifestyle didn't suit them or the cost exceeded their means. Comparing this place to ANY COMPANY is silly since this is the only product available here. In fact, it's the only product of it's type and scope and size and integration that can support over 100K people. We all make our own choices, I ask that you respect that and try not to make assumptions that suit your agenda.

[HimandMe]

Originally Posted by JoMar

So we can assume you don't live here? If you don't then you have no skin in the game here or an understanding of this place and your posts are useless. If you do live here then we can assume you made a terrible mistake or are realizing you made a mistake and will move to one of those "better value" places. People live where they live for personal reasons and they move from where they live for personal reasons. I know a few families that left because they missed their family's and one because they had serious health issues. I'm sure others have left because the lifestyle didn't suit them or the cost exceeded their means. Comparing this place to ANY COMPANY is silly since this is the only product available here. In fact, it's the only product of it's type and scope and size and integration that can support over 100K people. We all make our own choices, I ask that you respect that and try not to make assumptions that suit your agenda.

Agreed...and the better value is here...there is no place like it. Sure arrogance offends us in any form and it would be better without it but pluses outweigh the minuses...

[graciegirl]

Originally Posted by HimandMe

Agreed...and the better value is here...there is no place like it. Sure arrogance offends us in any form and it would be better without it but pluses outweigh the minuses...

I didn't sense any arrogance. No one was arrogant. They don't have to negotiate so they don't.


I was more amused than aggravated.

[bagboy]

Originally Posted by JoMar

So we can assume you don't live here? If you don't then you have no skin in the game here or an understanding of this place and your posts are useless. If you do live here then we can assume you made a terrible mistake or are realizing you made a mistake and will move to one of those "better value" places. People live where they live for personal reasons and they move from where they live for personal reasons. I know a few families that left because they missed their family's and one because they had serious health issues. I'm sure others have left because the lifestyle didn't suit them or the cost exceeded their means. Comparing this place to ANY COMPANY is silly since this is the only product available here. In fact, it's the only product of it's type and scope and size and integration that can support over 100K people. We all make our own choices, I ask that you respect that and try not to make assumptions that suit your agenda.

Very much agree!!

[Dr Winston O Boogie jr]

The $250 charge is for anyone, not just you. Time is money. The VA and FHA would slow down the closing process. Real Estate is not a baby game

Yes Gracie, the $250 per fine is for everyone that buys a new house in The Villages and cannot get a loan within 30 days. I don't think that I implied otherwise.

Like I said, this along with the no loan contingency is unheard of elsewhere in real estate. The only fine of this type outside The Villages is against a builder who does not finish the project in time.

My sister tells me that she has people fail to qualify for a loan all the time. They get their deposit back and the property goes back on the market. This is standard operating procedure for real estate all over this country. The sale is always contingent upon the buyer being able to procure a loan.

What really bothered me was that I wasn't made aware of these conditions until after I had signed the agreement. Had I known I never would have signed the paperwork and would have looked for a pre-owned home.

I am very thankful that Quicken Loans was so co-operative and helpful in getting everything done on time. And like I said, unless I could pay cash, I would not buy another new home from The Villages.

[outlaw]

Originally Posted by Dr Winston O Boogie jr

Yes Gracie, the $250 per fine is for everyone that buys a new house in The Villages and cannot get a loan within 30 days. I don't think that I implied otherwise.

Like I said, this along with the no loan contingency is unheard of elsewhere in real estate. The only fine of this type outside The Villages is against a builder who does not finish the project in time.

My sister tells me that she has people fail to qualify for a loan all the time. They get their deposit back and the property goes back on the market. This is standard operating procedure for real estate all over this country. The sale is always contingent upon the buyer being able to procure a loan.

What really bothered me was that I wasn't made aware of these conditions until after I had signed the agreement. Had I known I never would have signed the paperwork and would have looked for a pre-owned home.

I am very thankful that Quicken Loans was so co-operative and helpful in getting everything done on time. And like I said, unless I could pay cash, I would not buy another new home from The Villages.

Are you saying you didn't read the contract before you signed it?

[mgcsooner]

Many things have changed my friends. One of my sons works in this field and has spent on occasion telling me horrid examples of people you'd think would qualify for a mortgage in two seconds and can't. The entire experience has drastically changed since the banking failures, all the bad loans, etc. I mean people making 250-400K a year, trying to buy or even refinance a house. Self employed? You are high risk. You have perfect credit, but your spouse may not. How many of your kids have you co-signed loans for? Have a lien filed against your property? If you deal in a mostly cash business, don't bother.

Some of you will have ZERO problems, not that your credit is any better, just that it is less complicated to verify, it just all depends.

So back to the OP and solving your problem--perhaps. I don't know the time frames for sure, but TV did offer a better deal for those that wanted TO BUILD and they get a discount as well. The downside is you are on the hook for more if you back (I believe), but on the other hand you have longer to arrange your financing. I thought it was 60 days.

Oddly for most people moving to TV it seams this is not a big issue they told us when we moved here more than a year ago, I thing it was something like 60-70% did not finance their homes. I thought about that, but the rates were so low, it seemed like money could be put to better use elsewhere. In my case I used my credit union. They too would not guarantee it. I talked to a supervisor just to see what the "long poles in the tent" were going to be closing the deal, since I was also pre-approved. It was simply completing the appraisal! I went with the "risk". The appraisal was completed a within ten days. I also compared at the end of the deal the actual close cost savings VS citizens, and believe it or not it was something like $3-400. I would have gone with Citizens for that, except for the 0.025% in mortgage loans rate. Even there, at the time they were very competetive.

[Dr Winston O Boogie jr]

Originally Posted by outlaw

Are you saying you didn't read the contract before you signed it?

Yes, like most people in these types of transactions, I trust the people that are handing me the papers and telling me what they are and what I am signing.

Did you read every word of every document when you bought your house? Maybe you did, but that would make you a very rare bird. The contract signing would take hours and hours if everyone did and the closing might have to be held over the period of several days.

But I assume that a few people do.