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no_hypocrisy

(54,690 posts)

12. In 2003, I worked for an attorney whose cousin was one of his main clients.

Reply to mfcorey1 (Original post)

Wed Sep 6, 2017, 07:26 AM

Sep 2017

The cousin would be in the process of buying a property (usually multi-family or an apartment complex) AND at the same time have a deal to sell that property BEFORE he owned it. A system of flipping properties. I didn't think it was legal or ethical, but the guy had a system where he was never in conflict with selling a property that he didn't own on the day that the sales contract was signed. And it was a win-win for my boss who got fees for closing both the purchase and sale of the same property.

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Highlight:

House flippers triggered the US housing market crash, not poor subprime borrowers [View all] mfcorey1 Sep 2017 OP

THIS is what I always thought! flygal Sep 2017 #1

Stream The Big Short Not Ruth Sep 2017 #2

Making money available for loans... Weekend Warrior Sep 2017 #3

I'd argue that the biggest problem.... Adrahil Sep 2017 #16

That is a huge part of what I'm talking about. Weekend Warrior Sep 2017 #17

People were buying multiple houses in new subdivisions Maggiemayhem Sep 2017 #4

I was a real estate appraiser in that era. Interesting, but arguing what "triggered" Hortensis Sep 2017 #5

I would agree....somewhat.... roomtomove Sep 2017 #9

Yes. Don't see the "somewhat." The financial industry drove this, assisted Hortensis Sep 2017 #10

It was all of the above IronLionZion Sep 2017 #6

I tried to tell people this when it was happening. Poor people will eat dirt to pay their mortgage haveahart Sep 2017 #7

Poor people can't afford to lose their home and don't have other options IronLionZion Sep 2017 #13

aka Speculators bucolic_frolic Sep 2017 #8

When I was traveling up and down the Gulf Coast after the BP oil spill in 2010 Dustlawyer Sep 2017 #11

Those waterfront properties might get destroyed by the hurricanes IronLionZion Sep 2017 #14

In 2003, I worked for an attorney whose cousin was one of his main clients. no_hypocrisy Sep 2017 #12

I think this is an oversimplification at best genxlib Sep 2017 #15

This is utter rubbish. Somebody needs to read "The Big Short" longship Sep 2017 #18