Read over the FAQ page...it's basically targeting people who are "holding" extra properties that they are trying to rent..."investors" or so to speak.
I have to give Mike big kudos for coming across the site...it looks like they are out of OC so maybe all the NEW reps will be back in business.
Basically...the "yen carry trade mortgage" will be the newest innovation to keep the "condo" holders solvent...running the #'s...lots of the people will qualify for them as the flippers holding units at places like 2200 have the 20-25% equity to get an 80% loan due to the fact that a 360k condo appreciated 25%+...but they better get those loans quick.
Do you think that they will realize the implications of borrowing yen with a balloon payment in 30 years? I'll bet they won't and the loans will sell like crazy.
Thoughts?
