Lehman CEO Punched in the Face - Page 2 - DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars

**south** · 10-07-2008, 03:31 PM

Quote:

Originally Posted by QueenMother

The value of a home is determined by Market Value, substaniated by Comparables that are on the MLS. Realtors are only the go-between in a sale of a home and the Approving Bank re the Mortgage. I stand by my statement. Realtors are not to blame for this mess.

I am not claiming they are solely to blame, just another ingredient. In many parts of the U.S. they whipped the market into such a frenzy that everyone thought it would go on forever. The rapid increase in home prices was clearly unsustainable. Also there are many unethical appraisers. The banks were writing loans based on stated value, etc, as determined by not only market forces, but also by shady appraisals. And I am not saying all realtors are/were unethical airheads, but that there are enough of them to be a contributing factor to the mess.

Quote:

Originally Posted by DomainBELL

. to pay more than appraised value for a house is the
buyers stupidity...

~DomainBELL (Patricia)

I agree completely with this statement Patricia!

Ultimately, those that made the bad decisions should suffer the consequences. Unfortunately, the rest of us are getting dragged down with them.

**fab** · 10-07-2008, 04:01 PM

Quote:

The value of a home is determined by Market Value, substaniated by Comparables that are on the MLS. Realtors are only the go-between in a sale of a home and the Approving Bank re the Mortgage. I stand by my statement. Realtors are not to blame for this mess.

Quote:

Isn't getting the most you possibly can what sales is all about? The same could be said for domains, they sell for more than they are "worth" all the time but if someone is willing to pay it, why should they be stopped?

Quote:

doesn't matter what a seller or Realtor say a house is worth...
the BANK / Lender sends out an APPRAISER and they are ULTIMATELY
responsible for the PRICE -- they do NOT have to agree with what the
house has been PRICED at... it's computational comparables that SET
the price... to pay more than appraised value for a house is the
buyers stupidity...

~DomainBELL (Patricia)

If we are relying solely upon the buyers prudence, then why hold the banks responsible for the buyers lack of prudence, when taking his mortgage.

**DomainsInc** · 10-07-2008, 04:15 PM

Quote:

Originally Posted by fab

If we are relying solely upon the buyers prudence, then why hold the banks responsible for the buyers lack of prudence, when taking his mortgage.

Maybe its vastly different in Canada and I have never attempted to buy a home but in the past have been denied for increases in lines of credit and increases in credit cards because I didn't have the kind of income required at the time. Why should getting a mortgage be any different?

**fab** · 10-07-2008, 04:25 PM

Quote:

Maybe its vastly different in Canada and I have never attempted to buy a home but in the past have been denied for increases in lines of credit and increases in credit cards because I didn't have the kind of income required at the time. Why should getting a mortgage be any different?

No, I don't think there are major differences, and yes banks are supposed to check lenders capabilities of paying their loan. If they later end up losing their jobs, that's another story, but they can look the other way, if they think that making some more money is worth the risk.

**Seraphim** · 10-07-2008, 06:27 PM

The cure for this financial crisis is simple:

1 - CEO
1 - Basement
1 - Pair of pliers
1 - Arc Welder
1 - YouTube video

Not advocating anything too sinister here, my thoughts were to do a little auto restoration while the corrupt CEO was forced to watch without a welding mask. "Ah my eyes!". Muwahahaha!

**DomainBELL** · 10-07-2008, 08:39 PM

Quote:

Originally Posted by Seraphim

The cure for this financial crisis is simple:

1 - CEO
1 - Basement
1 - Pair of pliers
1 - Arc Welder
1 - YouTube video

Not advocating anything too sinister here, my thoughts were to do a little auto restoration while the corrupt CEO was forced to watch without a welding mask. "Ah my eyes!". Muwahahaha!

1 - CEO
1 - Basement
1 - Pair of pliers
1 - Arc Welder
1 - YouTube video

were these supposed to have been hyperlink TREATS for us ??

I wannnnna see...

~DomainBELL (Patricia)

**ilovedomains** · 10-07-2008, 08:50 PM

Quote:

Originally Posted by fab

No, I don't think there are major differences, and yes banks are supposed to check lenders capabilities of paying their loan. If they later end up losing their jobs, that's another story, but they can look the other way, if they think that making some more money is worth the risk.

There is a huge difference between US and Canada. No sub prime BS here, you dont get a mortgage from a Canadian bank if you dont have a down payment. Your payments cant be any more than 40% of your income, and you have to have PROOF of your income. Our only problem is what happens in your economy effects ours.

As for punching the CEO in the face... If we took up a collection, think we could get that guy to go punch him again?

**JMJ** · 10-08-2008, 12:39 PM

Quote:

Originally Posted by QueenMother

Realtors have zero to do with this mess. Only a bank can approve a buyer's financing.

Incorrect. Lenders base their loans on prior sales. Which is why there is an appraisal done. Sales prices are set by Realtors. I've had numerous deals blown due the lender reducing the homes value because the appraisal was fixed to fit the sales price. In my state it use to be that you built a relationship with the appraiser well they have recently changed the laws and new appraisals are placed into a pool of sorts and given out randomly via third party so "friendly" manipulation of prices are less likely. Lenders in a lot of cases aren't nowhere near the originating loan so the loans are based on the information presented to them.

**Doc Com** · 10-08-2008, 01:19 PM

Well, this is the same guy who ordered a payment of $20 MILLION DOLLARS EACH to the top 3 executives under him prior to declaring bankruptcy.

It's a wonder he wasn't beaten to death.

He ranks 11th on the list of top CEO pay at $71.9 million.

Years from now we may actually find out how much of a "bonus" he gave himself on the way out the door.

**Focus** · 10-08-2008, 02:20 PM

Stomp his flippin' head in...repeat until well mashed.

**PRED** · 10-08-2008, 02:28 PM

Quote:

Originally Posted by Doc Com

Well, this is the same guy who ordered a payment of $20 MILLION DOLLARS EACH to the top 3 executives under him prior to declaring bankruptcy.

It's a wonder he wasn't beaten to death.

He ranks 11th on the list of top CEO pay at $71.9 million.

Years from now we may actually find out how much of a "bonus" he gave himself on the way out the door.

this ***** nneds all his assets stripped and taken to court and given a long sentence. his cellmate can be buffalo bill and he's gotta endure the mangina every night biatch

**QueenMother** · 10-08-2008, 03:28 PM

Realtors do not set the prices. If you want to get picky, it is the home owner that sets the price when a house is listed. The buyer decides what they want to pay, and if there is financing ONLY the BANK can approve, based on credit apps, etc. Simple realestate 101. There is no way this big mess in the U.S., and worldwide was created by Real Esate Agents. Period.

**Doc Com** · 10-08-2008, 03:36 PM

Quote:

Originally Posted by QueenMother

Realtors do not set the prices. If you want to get picky, it is the home owner that sets the price when a house is listed. The buyer decides what they want to pay, and if there is financing ONLY the BANK can approve, based on credit apps, etc. Simple realestate 101. There is no way this big mess in the U.S., and worldwide was created by Real Esate Agents. Period.

Brokers and lenders did.

They would trade mortgages by the thousands.

It got to the point of Stated Income, Stated Assets to qualify the borrowers.

As one broker put it, all you needed was a job and a pulse.

Turns out pulse was optional.

23 dead people in Ohio got loans.

Quote:

Originally Posted by DomainBELL

1 - YouTube video

~DomainBELL (Patricia)

ala the Mexican Gangs?

Brutal!!!

But a deterrent.

**JMJ** · 10-08-2008, 04:17 PM

Quote:

Originally Posted by QueenMother

Realtors do not set the prices. If you want to get picky, it is the home owner that sets the price when a house is listed. The buyer decides what they want to pay, and if there is financing ONLY the BANK can approve, based on credit apps, etc. Simple realestate 101. There is no way this big mess in the U.S., and worldwide was created by Real Esate Agents. Period.

Homeowners are told what their house is worth by the real estate agents estimates. Most homeowners go with the real estate agent that gives them the be$t e$timate. You don't call your lender up and ask them how much your home is worth before you sell it. And you don;t call them up and ask them how much one is worth when you buy it. You call real estate agents and they give you a range based on their comparables. You don't qualify for a house. You qualify for a loan. Lenders can however tell you that the rubber blow up pool in the back yard isn't worth the $2500 given to it to make the value (And yes I've seen this) SO they will reduce the loan amount and you either have to renegotiate the deal, back out, or pay the negative cash at closing.