State of Minnesota - Taylor Bean Whitaker [NotSoBreaking]

Detailed market commentary at The Market Ticker and Ticker Classics (The Year 2009 In Review)
Seeing huge swings in your account value? On margin? Read my "Come to Jesus" Ticker? If not, please do. Click here.
BlogTalkRadio - Mondays at 3:30 Central - Yes, TickerGuy has a radio show (kinda)
See The Federationists on their new web site and forum.
Donate to obtain GOLD ACCESS for enhanced privileges. Interested in T-Shirts, caps and coffee mugs? Click here.

RSS available

MarketTicker Forums Read Message in NotSoBreaking

User: Not logged on

User Info

State of Minnesota - Taylor Bean Whitaker in forum [NotSoBreaking]

Fourredfish
Posts: 3324
Incept: 2007-06-26

Seattle - Where Spencer Elden's penis became famous.

Uh oh!!!!!!!!!!!!!!!!!!!!!!!!! Just got this email. The vice is tightening.

From: Taylor, Bean & Whitaker [mailto:taylorbeanwhitaker@xmr3.com]
Sent: Tuesday, July 17, 2007 1:12 PM
To: xxxxxxxxxxxxxxxxxxxxx

Subject: Minnesota Guideline Changes

Effective on August 1 ,2007 the State of Minnesota will implement the following change:

ONLY Full doc loans will be allowed – all loans must have verified income and assets. This applies to all loan types (Conventional, Alt A, Jumbo, HELOAN)
Option ARM’s will not be allowed – no loan resulting in potential negative amortization
All loans that do not meet these new guidelines must be Closed by end of business on 7/31/2007; no exceptions

2007-07-17 13:22:01
Permalink

Genesis
Posts: 71422
Incept: 2007-06-26

KD^2

This needs to spread nationally.

Good to see Minnesota take the lead here. While the short-term pain will be considerable a return to rational home prices is necessary for long-term economic balance.

----------
"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2007-07-17 13:35:13
Permalink

Eleua
Posts: 9907
Incept: 2007-07-05

N 47.72/ W 122.55

I think the other 49 states are going to throw Minnesota a "blanket party."

----------

http://clearcutbainbridge.blogspot.com/

2007-07-17 14:16:18
Permalink

Peace
Posts: 688
Incept: 2007-07-09

San Diego

So that's an addendum to the CSBS guidance?

http://www.state.mn.us/mn/externalDocs/C....

2007-07-17 20:16:30
Permalink

Genesis
Posts: 71422
Incept: 2007-06-26

KD^2

It changes the "should" to "must", as I read it.

----------
"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2007-07-17 20:22:11
Permalink