“We’re not verifying any income [of the borrower]. What we’re looking at is roughly about 33 percent higher in rent versus the PITI payments, so you can see that there’s a little bit of a buffer there, in order to sustain any type of slight dip”
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This private equity giant wants to give landlords millions — here’s how
Brian Russo has been a real estate investor in Florida for two decades. During the housing crisis, he bought dozens of distressed homes, which he turned into rentals. He paid cash for all of them. In today’s market, cash is still king among investors because loans on investment properties are extremely expensive. Interest rates can be in the double digits, and qualifying for the loans is onerous. That is about to change.
B2R, a mortgage company owned by private equity giant Blackstone Group, just began offering a mortgage product for investors that requires absolutely nothing of the borrower, save a 20 percent down payment on the home. The loan is based entirely on the rental income of the property. Russo intends to use it to pull millions of dollars worth of cash out of the homes he already owns.
“We’re sitting on $6 to $7 million worth of single-family (homes),” said Russo. “I’m going to use that money to buy more homes.”
B2R’s requirements are pretty simple: The investor must hold a minimum 20 percent equity in the property for a purchase, 25 percent for a refinance. The rental income of the property must exceed the owner’s costs, including principal, interest, taxes and insurance (PITI), by 33 percent. In other words, if it were a regular, owner-occupant mortgage, it would be like a 67 percent debt-to-income ratio, but in this case, the income is all based on the property, not the borrower. The borrower needs to have a minimum 680 FICO credit score.
Rest here…
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What more radical way is there for these crooks to steal other than by saying they’re landlords?
It’s becoming BARNIE FRANKS BROTHEL in the U.S. because they’re redistributing our stolen wealth to hide the BROTHEL.
They’re going to start barging in on people & giving orders because they want no one to have no privacy whatsoever.
That’s the intended result of equity stripping our wealth criminally because they want everyone defenseless & living in fear of them criminally violating our legal rights UNLAWFULLY.
woha1 Did someone mention “drug parties”…wow hadn’t thought of that since I amnaged Qiet Riot (com of feel the noise when I magade Puiet Riot in late 70s early 80s when I was also a KJOI staff fm ragio announscr. I acn’r tell you how mAny A & R trecordor companies with silver bowls full of toot to “:entertain” band grs like me…silver snorting straws or rolled $100 bills to snuf up cocaine while you tried to begotiate record deal for your band….I was the father of an 12yr old daughter. I may have totted in prircacy of my Doneny Ave condo buut I was a father and did not ever snort coke a A & R records depts. Coke was every wehere…so is someone infering that white death w as involved with these wanna be rockerds in our financ world…of cours, why not. Does not surprise me at all. I split LA because I had a 12 yr old daughter who did not need exposure to drugs, et all in LA…I quite the bix, took my daugheter to Denver just to prevent her exposure…now it makes sense…good old snorting partings by thr rich who wanted to br fasmous. Try to be sinle father in the 80s and now its looks like HSBCs “el Chappo/Medelien Coke Cartel suceeded inn penettrate our American Dream and perhgapsd a bunch of cokeheads snorted their way thru our economy…God I am sicked by th thought. I wonder how many of our mortgage insustry folks snorted theor way to push theor corruptin up us reular folks asses (noses) Maybe that will come out when EL Chappo goes to trial in NYC!!! I pay.
They’ve got it backwards, we’re their landlords because private equity firms ride off our coattails, not the opposite.
But of course they would have everyone believe the millions of them really own stuff. Then having their drug parties off our backs is more fun. They have to find more ways to misappropriate our money. There’s never enough bowls full of DRUGS sitting out for their parties because stiffing people has no conscience.
jesus Christ my Savior…of course, big bucks and drugs, sure, yes, that plays a rolein this. After all the FBI has nailed HSBC as a participant the the Suth Amerisna Drug Cartel. That means the slime ball El Chappo had his hands in our mortgafge issues via HSBC and, no doubt OCWEN.
Well so much for letting undocumented money purchase properties in our country. Seems to me this opens the door wide open. If you’ve got 20% down, they see nothing, hear nothing and say.nothing. on a whim today I decided to check my own Lee County Florida Clerk Office to see how many quotes bogus assignee we had here. I I quickly found 4 with some of them they were in the name of the infamous Linda Green. I sure hope she made a lot of money because I’ve never seen anybody work for so many banks in such a high position, all at the same time. Talk about multi-tasking!! She’s the queen!
YOU HAVE GOT TO BE SHixxxxing ME !Right after I bitch about the minions “boomers” (my 55 yr old son one of them) in the previous “comments” BAM BAM BAM, now this horse maneurepops up. Face it the weak, the disabled, the poor may OFFICIALLY refer to ourselves as SERFs At someoint I am going to buy a rusty pitchfork with very long tines an march my old disabled ass to the gates of hell, but alas, I know that can never be because the wealthy will have their assasins awaiting for me and any others. Thats what left for them to steal….our pitiful lives.
My husband and I are in line right behind you. you made me laugh and it’s hard to laugh at any of this. shame shame on all the participants that have continued this fraud against hard-working American people. When will justice be done How can Justice be done Where will the truth and honest facts matter if not in our court?
The finger of shame is pointing at California Civil Courts and ignorant bias judges. I’d like that FINGER of ashamed to poke them right in the eyes then they’d have a reason for being blind. blind justice? California courts continues to reward the criminals for pulling off the biggest crime of fraud on the courts and man kind ever carried out against the world! I may sound over dramatic. But my husband and I have been married for 48 years worked hard and earned what we had for greed and evil people to steal everything from our family. Think about it ??? organized crime? terrorists? corrupt government officials? I’m just trying to understand? I wish someone had a long enough attention span and ability to understanding explain it to me in a simple way that I can comprehend. Our case is very complicated and that’s part of the plan the fraudsters always had in place. Confuse and complicate property titles. civil service and county governments are trained to look the other way out of laziness asked no questions but do remember to charge extra fees…they knew they could count on law enforcement agencies to do nothing and the courts to clear their calendars. I pray someone that loves a good challenge and help us get this complicating case filed in the federal courts. if somebody out there cares to hear our story and look at our proof in detail say so and it all your. I want to disclose a finial judgement in july 2015 using 664.5 was signed by the court to force a settlement agreement that from which we could not sign and would not sign. I’m told because of mistakes made by our 20011-20013 attorney and the bias judges all the forged mortgage deeds are now legal. I understand what a highly respected attorney explained to me because a final judgement was sign and enforce by a judge of the court the true facts or details do not matter. Thank you
I’m realizing it sounds like I’m just a crazy old lady ranting and raving.
or a poor loser.
I so apologive. I just typed a full page reply and this GD PC fal out blew off my reply. I assure you it was 100% support of you kind reply to me comment. I have these damn computers as must as I hate Fed Judge Anna Brown in Portland you failing to proitect mer under til as she was, under oath to assure me prootection. I wish she would sue me for defamatio of her duty to the law.,
you kmow what else I am sick of is how when you draft a lengthy
comment” is get vaporized and the site will not let you get back to where your were. I give up. Crap ain’thappening fron our grievances and there is really no way we can voice our collective shit. IE CFPB gets awat with being incompetend andOcwen knows that and we don’t have a voice, let alone a rats chance in helkl. We are just spinning our wheels. We arenn’t as hip as the 3 folks in Chain of Titale. God bless tem. IUn the end we are just plain fuked. They win. I and “wee:ohenarpn ir crap, being blind in one I I can’t even type straight anymore. Trumps and other assholes win. period
Thank you for letting me get a laugh out of you. I have so much empathy for you folks. Remember NETWORK where the tv journalist sticks his head out and shouts “I’m mad as hell and I am not going to take it any more”…well that could be me. I try to vent myself with these blogs. It helps to stick ones head out the wind and shrieek like a banshee. I have taken regular email a Dan Britton and yelling and screaming at him to either PROVE (according to the letter of the law TILA 1968) that the criminal outfit known as OCWEN FINANCIAL in fact in the here and now can evidence they can produce the wet ink originals of BOTH the NOTE and the MORTGAGE or compensate me for the theft of my$350k equity. I have assured them if they refuse to settle, in good faith by producing both originals in exactly the manner prescribed by Federal law then I plan to commence pursuit of a wrongful death and or manslaughter death of my then 44 yr old son im 2009. I may not get very far with this but at least I will have tried. Ocwen Financial bought out AHMSI from a character known affectionately as the “Vulture Capitalist of Wall St” (Wilbur Ross.. Ross scarfed up Option One/AHM and changed name to American Home Mortgage Servicing Inc. My sons Salem, OR home got swallowed up in the process and he got 4 payments or so behind. Ross “offered my son a “loan modification” holding open their promise he might save his home. AHMSI, according to my findings, put “heaton my son to complete docs they sent him and for him to send a cashiers check to $1492 to “close” the deal.