Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Time, Time, Time is on Your Side as long as you own a time machine

In the last two days I have had calls from several people not realizing it’s 2010. Is there a real estate/mortgage time machine out there that people are finding and jumping into?

The first person wanted 100% financing on a $1,400,000 property that was going to be owner occupied with credit scores in the low six-hundreds.

Her premise was that the county had it worth $1,800,000 so she had “equity.”

(Note: lenders always took the lower of appraised value or sale price and never looked at what a county would assess a place for!)

Another occupant of the time machine was someone saying that they lived in a place outside Philadelphia a few years ago and wanted to see how to buy a place there now.

Advertisement. Scroll to continue reading.

I was calling her at a New York phone number that was a land line home phone.

When asked if she had a job in the Philly area, she said no and I had to explain that she needed to buy it as an investor with at least 20% down. She said she would research more and hung up.

So, these two phone lets me know that the time machine exists but makes me wonder who’s in there with these people. Could it be the old Indy mac and Countrywide loan officers that took these types of loans?

Wow! Now we know where they are. They work at the Time Machine sales company.

Advertisement. Scroll to continue reading.

Written By

Realty Reality! That describes Fred, a sharp witted and outspoken realist for the mortgage and real estate world who has appeared on CNBC and NPR's Marketplace along with being quoted in the New York Times, The Wall Street Journal and other media outlets. Fred is the CEO of U S Spaces, Inc/Arrivva (a real estate brokerage firm in PA, NJ, DE and CA) and U S Loans Mortgage Inc (mortgage brokerage in PA, CA, FL and VA), and serves on the Board of Directors and is the Federal Legislative Director for the UpFront Mortgage Brokers. Fred is also the co-creator of real estate startup, a mathematically driven rental search engine. See everything Fred at



  1. Benn Rosales

    July 14, 2010 at 11:10 am

    Fred, we must find that time machine ourselves and go back! I miss indy and countrywide! Oh the good ol days! While we’re at it, we should probably grab some stock in the oil spill clean up sector. 🙂

  2. Fred Romano

    July 14, 2010 at 12:51 pm

    You can count me in! I want a ride in that time machine of yours too 🙂

  3. Joe Loomer

    July 14, 2010 at 9:33 pm

    Great post, Fred, it’s funny the differences in locations – in our area, tax values are typically much lower than FMV in one county (Columbia), pretty much accurate in another (Richmond), and irrelevant in others. That one line caught me – how different it is – and how hyperlocal real estate truly is.

    To the thrust of the post I would say the number one issue my agents face these days is the oblivious approach to purchasing power – buyers believing just because they want to buy that their particular worthiness to purchase should not be a consideration.

    Navy Chief, Navy Pride

    • Benn Rosales

      July 14, 2010 at 10:00 pm

      hey Joe, log out and just enter your twitter username, not the link or @

Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Housing News

CFPB was created by the Obama administration in 2011 to protect consumers, and immediately sought out ways to "bubble-proof" America, starting with mortgage disclosure...

Housing News

Accounting for the Veteran's Day holiday, mortgage applications actually fell for the week, but there is a silver lining when it comes to purchase...

Housing News

As the government has been shut down, mortgage application fell and uncertainty continues.

Housing News

The volume of people applying for any type of mortgage continues to fall as interest rates increase and other market changes take place.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.