Shopping at Amazon?
Wait! If you click on the Amazon banner link at the top of the page first, HCN will get a percentage of anything you purchase for 24 hours!
Open predictions
Our local book authors
User login
Who's online
There are currently 27 members and 144 guests online.
Stated income? Puh-leaze.
Everybody wants past 3 years of tax returns and Jumbos are above 7%, the best he could get is a conforming 1st at 6.5% plus and a second for more.
Why do people think they are entitled to a loan?
suggestion to our mobile vet.
last night i was saved by the reverend billy and the church of stop shopping.
halelujah.
But Garcia is looking for a loan for which he doesn't have to fully document his income, and he's not sure when he'll find one.
IMO the fact that people even think like this is a problem.
I'd like to get a job as a surgeon somewhere I don't really need to have a medical degree.
Hope springs eternal...
Mr. Garcia, "Sigh."
Free cat grooming bartered for a jumbo?
Seriously? Were there not enough people in LA to find one with a reasonable mortgage search to profile?
Hey!
Isn't it his RIGHT to be able to afford a home loan that not only pays for his home but also his student debt?
now THAT's an American dream!
1) even by conventional standards, banks will loan MORE than you can really afford to borrow.
2) If you need a liar loan to get a loan, believe this, you cant afford it.
c'mon mb...
what about the hordes of self employed people who allegedly pay their fair share of taxes but for some reason cannot come up with any tax records, bank statements, or income verification?
small businesses are the lifeblood of America, or so I'm told.
"He wants to borrow about $650,000 to pay off his mortgage and student loans . . . "
Ah. I think we may have located one of the reasons he hasn't been able to find a loan he can "afford". And say, I wonder if there might be some other things thrown in there--things like, say, a few "bills" (read: credit cards), an auto loan (or two), and possibly a loan on an oversized RV/mobile vet clinic?
If only he had a friend in the business, he could get a sweet deal.
See. I siad this on the early thread. Mr. Garcia wants to pay off his student loans with MEW, so we can pay for his partying ways in college when he goes underwater and swims away.
TOTALLY OT, (but worth it)
It looks like mortgage pig is tired of the stinking crap-hole loans that have been originated around her, like the loan that Garcia "deserves".
<a href="http://www.cnn.com/video/#/video/offbeat/2008/06/12/vo.uk.pig.in.boots.itn:>when lipstick on a pig isn't enough
oops, not sure if the link works.
video section of cnn.com
"mud-fearing pig wears boots"
I don't think you can rid of student loans through bankruptcy. Wonder how much they are?
And why doesn't he want to fully document his income?
He has a good job -- he opened his own veterinary practice three years ago, working out of a mobile van...
...DOWN BY THE RIVER!!!
No, but you can get rid of student loans by paying them off with MEW and then swimming away.
He has a good job -- he opened his own veterinary practice three years ago, working out of a mobile van...
...DOWN BY THE RIVER!!!
TCA
And his vet practice consists of euthanizing pigeons and rats, so he has something to eat.
Last year he would have been AAA Prime!
Sorry, Dr Garcia. People in Hades want ice water.
Did you ever contemplate establishing a REAL veterinary practice? Or being an employee of one for just a little while? Hmmm?
That was the hot way to make to make student loans go bye bye for a while but the lenders caught on. Anyone trying roll a student loan into their new loan is red flag. This guy is 2 years too late.
And his vet practice consists of euthanizing pigeons and rats, so he has something to eat.
Elvis | 06.12.08 - 7:06 pm | #
Elvis, did you ever write for the National Enquirer? Keep up the good work!
Elvis, did you ever write for the National Enquirer? Keep up the good work!
Speed Racer
No, but I follow Britney Spears around with my camera all day just for personal pleasure.
Anyone for casa con carne?
I'm waiting the people doctors to open restaurants to make ends meet.
Longpig -- the other white meat.
His business concept..."house call" veterinarian in L.A...seems doomed to failure. Given traffic conditions generally, he probably can squeeze in three or four "patients" a day. Maybe focusing on Beverly Hills as a target market might help things a little.
The good thing about being a vet is you can hang out at the VFW, drink cheap beer, and make commie references all day without anyone getting offended.
Who needs income verification?
He has an established practice out of a mobile van!
Are they sure this wasn't Jerry Garcia?
Personally, I think he drives the book mobile and also picks up road kill for the highway department as a side job. If fraud can be called a business decision, why can't that be called a vet?
If only he were a banker instead of something useless like an animal doctor. Then he could take his overvalued mortgage to the TAF window and get a really rock bottom rate. They'll let him state whatever income he wants there as well.
stated income should be made illegal for all LTV's above 60%. this practice was the single biggest cause of the mess we're in now.
All I can say is I for sure ain't loaning this vet clown any money. Someone else can, I ain't.
I want someone to give me a million dollar loan at a 1% fixed interest rate for 30 years with a doghouse for collateral and no documentation; how long am I going to have to wait for the government programs to help me out? I have good credit and a good [self-employed] job too... what's up with all the unreasonable lenders these days? I mean, it's getting stressful, how long are the lenders going to make me wait?
On a more serious note, I wonder if the news organizations realize how bad their example "bad luck" cases look, and how much their sob stories are destroying whatever sympathy people might have for individuals caught up in the housing correction. Would be interesting to know...
Elvis writes:
The good thing about being a vet is you can hang out at the VFW, drink cheap beer, and make commie references all day without anyone getting offended.
Elvis | 06.12.08 - 7:33 pm | #
Reminds me of the Ali G skit with the guy who was a Vietnam veteran and a veterinarian.
"So, why was there so many sick animals in Vietnam"
"And I don't eat meat because I am a veterinarian"
How long does Garcia have to wait for cliff dive experience?
I wouldn't give vegetarians a loan, either.
[OT] Moody's Set to Change Municipal Bond Rating Scale
Moody's is proposing changing a rating scale that dates back to the early 1900s.
And they are being pressured to change now because... um...
Mobile van...yes Bev Hills, and other wealthy clients...paid CASH (checks too). Income $100k. IRS $30K. Taxable income equivalent $130K.
Just a guess. But having done comp consulting for years, cash never went on my tax statement. Pay my "fair share"? For the Iraq slaughter? The Bear Stern bail out? No thanks.
Honestly I have no problem with stated income. But, when I stated income, I had assets. And the bank wanted some of that cash...$10K or more. And 30% down. Which I had. Stated serves a purpose, but the last few years the underwriting standards dropped to:
"Can you fog a mirror?"
Cheers,
West Hills?
Isn't that the shithole formerly known as Sepulveda?
What's with the "Hills"?, the 405 on ramps? LOL LOL
Stated income? Mobile vet with a van? Just show them the balance on the ARCO card. ROFLOL
"Vlad K. writes:
West Hills?
Isn't that the shithole formerly known as Sepulveda?"
Dude do a google map....like this:
Google Maps
West Hills is:
Maybe a couple miles east in Canoga Park you get shit hole.
Cheers,
There are lotsa vet vans out here... but those vets service large spreads. Somehow I don't think Garcia is servicing large spreads... or at least not the same kind of 'spread' as in 'fly-over'.
dryfly,
No, these guys service pampered pets. And many do grooming services around here. See them often.
And like I said, many services pampered pets need are $30-$60 things that take a few minutes. Cash business mostly. They generally don't do difficult things...like birthing a colt.
Cheers,
Cash business, mostly?
I think I'd berth my colt right in my hip pocket.
Uh, Misean,
I think North Hills is the OLD name for Sepulveda. It had such a bad rep that they changed the name if I remember correctly. West hills doesn't really have many hills anyway.
It's like "Lake Balboa" or whatever else they call Van Nuys now. (for the locals, it's Ban Ice)
Chuck Ponzi
Anonymous Bosch,
"I think I'd berth my colt right in my hip pocket."
Unfortunately I berth my Glock 10mm there.
Cheers,
Chuck Ponzi,
West Hills is in the WEST of the San Fernando Valley. It is NEAR the hills that seperate the SFV from Simi. It is also MILES from Sepulveda. Look, I LIVE in the SFV. Sepulveda is still Sepulveda. It's by Sepulveda Blvd. which is near the 101 405 interchange.
West Hills is north/west of Topanga and Ventura, which is at least 15 miles from Sepulveda.
Cheers,
Nothing like twin Navy 44's, just ask Josey Wales.
From the great tune "The Devils Right Hand":
"My very first pistol was a cap and ball Colt.
Shoots like lightin' but it loads a-might slow.
Loads a-might slow and soon I found out.
It can get you into trouble but it can't get you out."
And like I said, many services pampered pets need are $30-$60 things that take a few minutes. Cash business mostly. They generally don't do difficult things...like birthing a colt.
LOL. I almost went into vet med... my local vet talked me out of it.
I wanted to do large animal in Montana or Wyoming ... it was the eve of the farm crisis & he went through the economics and showed me the farmers I would be calling on would (then) soon be failing by the thousands... he was right but overly optimistic. It was tens or hundreds of thousands - who knows how many failed through the mid 80s.
I went chem engineering & focused on bio & ag processing instead.
The thing I remember 'shadowing' him for a few weeks was that he was working with a cast on his foot - a cow had recently broken it by kicking him during calving. He still managed to save the calf & the cow - the labor lasted a couple hours... he did it all while hobbling around with a broken foot.
The guy made less money than an engineer but never spent a minute of his life in a cubicle or a 'city commute'. Choices people make...
All Glocks and 10mm postdate my experience, Misean.
So it's .45 ACP, handloaded (hot) with 225gr. SJHPs
;-]
Anonymous Bosch,
That'll work. But I like my Glock.
dryfly,
Nice rye, dry, wise, anecdote.
Cheers.
".45 ACP"
Amen, brother!
So it's .45 ACP, handloaded (hot) with 225gr. SJHPs
;-]
Anonymous Bosch | 06.12.08 - 8:53 pm
I download. 180gr/231 with a 230gr RN in lead. I like the small kick. I got hooked on this doing shooting comps locally. Strictly backup anyways...
Chris
This is not realoading advice. Please consult all applicable manuals and references. Please follow proper safety rules when reloading. The writer of this post is not responsible for dumfucks who decide to not follow the rules...
It's not unusual to see vets operate out of van but they are mostly large animal vets. In that section of the valley, I'm betting on a horse vet. Most horse vets I know have a very active relationship with a collection agency. If he was in the CV and was a cow specialist, he might do ok but that is not easy or clean work.
As to how vets do? When the MEW was rolling in they were probably doing just ok. But when money gets tight, families don't spend on the pets.
My neighbors on both sides are UCD grad vets plus I am surrounded by vets students on a daily basis. These students have no idea how little they are going to be making compared to how high their student loans will be until it's too late.
What's with this profound sense of entitlement people seem to be afflicted with...I don't get it.
d-jane,
The horses on the west end are pampered pets as well. I had forgot about that.
Cheers,
As to how vets do? When the MEW was rolling in they were probably doing just ok. But when money gets tight, families don't spend on the pets.
My neighbors on both sides are UCD grad vets plus I am surrounded by vets students on a daily basis. These students have no idea how little they are going to be making compared to how high their student loans will be until it's too late.
deflationary jane | Homepage | 06.12.08 - 9:12 pm | #
That was EXACTLY the story I got from my local vet back in 1980... except he said the FARMERS wouldn't be able to pay when it got tight & that it was gonna get tight because so many paid too much for highly leveraged land based on unrealistic commodity prices & that I'd make no money & couldn't pay off the loans. Sound familiar?
Plus the guy had a broken leg when I shadowed him from one of his 'patients'... tough job. Garcia wants a sweet heart loan? Maybe he needs to find a mortgage broker with a horse farm. Any of those around? Think 'barter'...
What about the horses on Sable Island? Who takes care of them?
if LA has 2% of their pet owners as empathic about their pets as Mrs.Shnaps, I'm sure Mr. Garcia is bringing in cash by the wheelbarrow.
There are lotsa vet vans out here... but those vets service large spreads. Somehow I don't think Garcia is servicing large spreads... or at least not the same kind of 'spread' as in 'fly-over'.
With all due respect, there are some vets that do most of their business on house (or farm) calls. Horses, cattle, and elephants do not typically come to the vet.
But we have no indication those were his specialty (esp in LA), so carry on, as you were
Weather Helm writes:
All I can say is I for sure ain't loaning this vet clown any money. Someone else can, I ain't.
Ha ha, yes you are! The FHA rescue bill that's passed the House of Representatives will bail this guy out (and his bank) and put taxpayers 100% behind his loan.
AR, that's a wicked sense of humor you are packing there...
Poor Baby!
And, Angry Realtor, you're right!, Maybe?! And, that's us folks! You're tax dollars at work! Is it right for us to bail out these folks? Write your Senators and Congress People!
Steve Earle. Copperhead Road.
There are rumors going around that DB is going to buy LEH for $15/share. This according to Mr. Mortgage.
Mr. Mortgage’s Guide to the TRUTH!
Wonder if they're true. Price seems a bit steep to me given the risk on their books.
It's a rolling meth lab.
where on earth does a veterinarian that is self employed be entitled to 650.000 U$??
Its ridiculous. He could hardly be lent a quarter of that, its amazing.
Please, take notice than on the rest of the planet people make a scant living with a professional title.
You guys have totally sucked in on the human interest angle.
who cares about S.Cal vets (unless you have a personal interest)?
who cares about large animal v. pampered pet vets (unless you are surrounded by them?)
Stated income is dead.
It should be (underwriting should come back).
Maybe originate to distribute is dead.
It's taking longer to die (it could be made to work with better capitalized originators--which isn't going to happen).
It's a whole new world. 'an I feel fine--you should, too.
No no no.....wait for it....Sweeny Pigg.
Dry,
I just got to watch a bunch of my students walk today (graduation day). Most of them are headed into genetics/genomics. I know a few heading to the USDA as inspectors. They tended to receive little help from home and they worked hard. These kids I don't worry about.
It's the spoiled yahoos in vetmed who picked a crazy exotic to specialize in that will be very startled in about 6 to 12 months.
"But when money gets tight, families don't spend on the pets."
My sister is a vet in the central valley of CA, She and another vet own the business and works on all types from snakes, birds, cows, horses you name it. They are working their asses off and would like to slow down but can't find any young vets to come into the practice. She has more damn money then she knows what to do with and has to keep buying shit to keep uncle from getting it. I told her shut it down and say F/U, life's to short.
Wrong profession when he could have been this. Make a 100k a year
acoachingcareer.com
Benefits of Being a Life Coach
Your only morning COMMUTE to work is from the coffee pot in the kitchen to the phone in your home office.
Your office ATTIRE can be your favorite gym pants and sneakers.
You can schedule your client calls around YOUR lifestyle.
You no longer need permission to take a VACATION
You can relocate and live ANYWHERE on the planet and keep your clients.
You never have to ask or beg for a RAISE agai
About a year ago, one of the pets he treats could have qualified for the loan he is currently trying to obtain.
Mr Garcia is one of hundreds of thousands in CA that are in the same situation.
Yearning to Learn writes:
c'mon mb...
what about the hordes of self employed people who allegedly pay their fair share of taxes but for some reason cannot come up with any tax records, bank statements, or income verification?
small businesses are the lifeblood of America, or so I'm told.
Yearning to Learn | 06.12.08 - 6:51 pm | #
Elvis writes:
The good thing about being a vet is you can hang out at the VFW, drink cheap beer, and make commie references all day without anyone getting offended.
Elvis | 06.12.08 - 7:33 pm | #
Excellent comments tonight. I actually was LOL when I read those.
This is OT but kinda interesting.
It's interesting how NOBODOY is talking about Q2 earnings. I think there is dread about what Q2 earnings will bring. Q1 earnings weren't too bad, a lot better than Q4 of 07.
But you have to look at the big picture. About 18-24 months ago, there was nothing but tailwinds for U.S. companies' ability to generate earnings. Gradually, the wind has shifted and now it's turned into a roaring headwind. The smaller the company, the harder it is to fight into the headwind.
Only one sector produced record earnings in Q1 and that was healthcare. Here's a breakdown of the earnings declines from the peak quarter for all of the sectors.
Basic Materials -4.9% from Q4 06.
Consumer Services -12.8% from Q3 06.
Consumer Goods -37.4% from Q3 07.
Oil and gas -11.7% from Q2 06.
Financials -91.3% from Q3 07.
Healthcare +20.1% from Q306.
Industrials -11.3% from Q2 07.
Technology -12.4% from Q4 07.
Telecom -31.0% from Q3 07.
utilities -27.8% from Q3 07.
I did this analysis from the WSJ site at:
The Wall Street Journal Online - WSJ.com Log In
I think in general the next two years will be traumatic for U.S. corporate earnings. I still believe that all 2000 companies in the Russell 2000 Index eventually will produce close to negative earnings at the very bottom, which would yield an infinite TTM P/E ratio.
But I also believe Technology and Healthcare earnings are going to fall off the cliff soon, probably in that order. The best idea I have for the bold is to short technology and healthcare.
The ultra short symbols are REW and RXD.
Also, I'd like to point out that ProShares has introduced new ETFs for ultrashorting 7-10 year and 20-year Treasuries. The symbols are PST and TBT. In May, their first month, both were up 3%+.
There are a few elements missing, because I don't understand this guy. Why can't he document his income? What is he hiding?
And I agree that a vet working from a van should not be borrowing $650k.
burn, baby, burn.
Anyone see the Reuters story about Phoenix (Maricopa county, I think) breeding mosquito-eating fish to deal with all the stagnant pools in REO homes?
Mosquito-eating fish thrive in foreclosed pools
| Reuters
They're handing out 40k of them to try to deal with about 20k vacant homes, many of which have pools.
Rich,
Rich brings up a good point. While I don't have anything substantial to say, I did get an interesting tidbit from former co-worker at graduation. They are running into budget problems trying retain families in their 5 yr study on hispanic origin families.
People are moving back to Oaxaca. We included money for traveling to non-gateway states as part of the normal migration pattern. We didn't figure on them going back.
Financials -91.3% from Q3 07.
I think another 8-9% and they will reach a bottom.
Oops...forgot that earnings can go negative with Fed filling the holes.
Who is more loan-worthy - a vet from a mobile van, or a blogger from an internet cafe?
According to my friend who is a loan officer, the basic rule nowadays is 20% down or show-us-your-w2.
On the Upper WEst Side, annual checkups for healthy dogs run 175. to walk in...not including booster shots. That's just for rent, diagnostic equipment, utilities, etc. The senior vet who owns the practice does ok, not great. Junior vets are on salary with a small percentage of net...they cycle out after 2or 3 years...figure 65 to 80 all in.
Could never carry 650k mortgage,even without student loans.
Sometimes I wish I were a vet, so I could sell neutered dog parts as Rocky Mountain oysters and use the extra cash to buy Rogaine. Then, I would I put the Rogaine on my hairless breed dog patients' dogs. When the dogs started to grow hair, I would tell their owners they need expense medical treatment. Then, I would stop using the Rogaine and pocket the extra money. I would use the money to buy buy clothes for the hungry and feed the naked in Africa.
roflmao elvis
damn no one caught the irony of Oaxaca.
I think Oaxaca has one of the most beautiful zocolos I have ever visited. The food is damn good. Plus you go south one state and you can hang out with Oliver Stone. Why wouldn't they want to move back?
damn no one caught the irony of Oaxaca.
deflationary Jane
Being ignernt, I thought you meant the state in Mexico, besides I never did figure out how to pronounce it.
Marginally off topic, my son who works at the local meat packing plant recent recruits speak Burmese more than Spanish of any variety.
Elvis - you are a whiff of fresh air, but I'm gonna have to sleep with one eye open now that I know your plans in detail.
im in a CA beach community actively looking for a home. if Mr. Garcia had 20 percent equity he could get a jumbo conforming loan up to 729k at a very good rate with ease (assuming his debt to income ratio was reasonable). my guess (i know a bit about the vet biz) is his income is 135 to 200, most likely closer to the former...he is probably eating rice and beans as is. he will be lucky to keep the home.
sorry for the small type. on a terrible new phone.
aykm
Dr. Rick Garcia obtained his Bachelor of Science degree in 1995 from the University of Miami, concentrating his pre-veterinary training in Biology, Chemistry and Microbiology. During these years he worked as a part-time veterinary technician in a Small Animals and Exotics veterinary emergency hospital in Miami, Fl. He then finished his core veterinary training in England where he obtained his Veterinary degree in 2000 and became a Member of the Royal College of Veterinary Surgeons. In 2003 he pursued further training to become certified in T.P.L.O. (Tibial Plateau Leveling Osteotomy) which is an orthopedic surgical technique to repair torn cruciate (knee) ligaments in dogs.
Paws & Claws Mobile Vet - Dr. Rick Garcia
rich
to much info for haloscan and mobile devices. can you get to the point with less?
aykm
Misean
I put "West Hills" into Google maps and it brings up a street in Canoga. LOL.
But I see that what was Sepulveda now seems to be North Hills. I thought the part before the hill to Simi was either Northridge or Woodland Hills.
My mistake. I have shit memory, my first house in the US was in Mission Hills but sold and went to Simi pretty quick. Long time ago.
I think Sepulveda Blvd by the 101 - 405 is Van Nuys?
The town of Sepulveda was by Sepulveda Blvd kind of around Nordhoff between Mission Hills on the E and Granada Hills on the W ?
Or something like that.
Perhaps Garcia should take up bovine acupuncture for organic cattle? It is becoming all the rage.
Hi,
Want to get cash advance loans instantly contact us.We can fulfill all of ur need.
Rob
cashloansforuk.blogspot.com
"Who is more loan-worthy - a vet from a mobile van, or a blogger from an internet cafe?"
I'm sorry, I know I shouldn't feed the troll... but I also find it humorous that my intial response was "blogger from an internet cafe"! I didn't realize it was supposed to be a slam on CR...
I just thought... "well, the blogger likely has some ad revenue from his/her blog, and they can probably document their income from whatever job they have on the side. thus, they are more loan-worthy than the NINA vet with high student loans"
irony at its finest
I don't know about anyone else, but Suffering Homeowner anecdotes are a constant source of amusement for me. 90% of them the people come off as way out of touch if not downright scam artists and the idiot reporters and idiot editors seem to think they're worthy of sympathy. (Probably because the writer and editor are in the same underwater boat.)
But I enjoy a little entropy now and again. OK, I enjoy a LOT of entopy now and again.
Gee, durr... if this continues, people will only be able to buy houses they can afford! And if that happens, say hello to 50% price drops in all the Bubble Zones (California, Arizona, Maryland, etc.)
tha is the way it is with all those foreclosures going on today
fast credit debt removal
I must say that I am constantly amazed at how the media never seems to ask why prospective borrowers don't want to prove their income when getting mortgage loans. I assume, as suggested here, it is because they are systematically underreporting their taxable income.
Why leads me to believe that the mortgage industry has been blissfully accepting this as standard operating procedure for all self-employed individuals.
Why isn't the IRS prosecuting these people or at least conducting audits so they can assess the proper amount of tax (and interest and penalties).
If this were done, maybe Obama could withdraw his ludicrous proposal to subject all earnings to social security taxes.
Pondering the Mess writes:
Gee, durr... if this continues, people will only be able to buy houses they can afford! Pondering the Mess | 06.13.08 - 11:14 am | #
Like Steve Martin in that SNL skit years ago: "you mean, if I don't have the money I shouldn't buy it?" A difficult concept for many US consumers.
Such as the recent tax rebate. While surveys had shown that the majority said they were going to save it or pay off debt, they actually spent it at WMT or COST. It's been drilled into their heads since 1990, that it's patriotic to go into debt to buy things you can't afford. The economy is counting on you to prop it up!
Soylent Green:
How to make a million dollars without paying taxes:
First, get a million dollars! [Ed: Preferably cash from a mobile doggie washing van]
Second, don't pay taxes!