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FHA Loans (Just for fun)

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Real Estate Agent with Green Realty Group (808) 388-1485 RS - 53215

Mike Ramsey Fujita and Gayle Fujita Ramsey (RAs) (808) 388-1485I could not resist reposting this from Joey Tamer's Blog!

A New Orleans lawyer sought an FHA loan for a client who lost his house in Hurricane Katrina and wanted to rebuild. He was told the loan would be granted if he could prove satisfactory title to the parcel of property being offered as collateral. The title to the property dated back to 1803, which took the Lawyer three months to track down. After sending the information to the FHA, he received the following reply. (Actual letter):

“Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803… Before final approval can be accorded, it will be necessary to clear the title back to its origin.”  Annoyed, the lawyer responded as follows (actual letter):

“Your letter regarding title in Case No. 189156 has been received. I note that you wish to have title extended further than the 194 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased, by the U.S., from France in 1803, the year of origin identified in our application. For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain. The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Isabella. The good queen, Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus’ expedition. Now the Pope, as I’m sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin and His origins date back to before the beginning of time, the world as we know it AND the FHA. I hope you find God’s original claim to be satisfactory. Now, may we have our damn loan?”

He got the loan.

About Joey Tamer-

Joey Tamer (www.joeytamer.com) is a widely-acclaimed strategic consultant to technology and media CEOs, U.S. and worldwide. Her work helps create wealth for founders and investors of entrepreneurial ventures, and a high return on investment for Fortune 500 in-house ventures. Her capital strategies drive up her clients' valuations and profitability. She has a special expertise in working with emerging and disruptive technologies.

She consults to Fortune 500 companies, capitalized start-ups, and investment funds, often serving as a "shadow CEO" to extend her clients' bandwidth. She advises product and service companies and consultants. Her work optimizes her clients' growth, dealflow and profitability. Her clients have included J.P. Morgan Capital, Sony, IBM, Apple, Hearst, Blockbuster, Technicolor, Harper Collins, Discovery Channel, Time-Warner, Agfa and Scitex, and many early stage ventures such as Earthweb and iSuppli.

Her clients say she is "a brilliant strategist and a practical, down-to-earth, get-it-done person," "invaluable in understanding the competitive landscape and alternative strategies" and that she "cuts right through the noise, giving a clear vision of the future," "protecting us from liability and cutting our costs."

She has consulted since the early days of the PC through to her Web 2.0 and Web 3.0 clients of today. Her clients have been in the business, enterprise and consumer sectors, with companies in technology, hardware and software, media and entertainment, publishing and advertising, distribution, and investment and venture funding. She has worked in the U.S., Europe and China.

A strategist, policymaker, dealmaker, and negotiator, her work includes strategies on entry, exit, capitalization, return on investment, growth, positioning, pricing, distribution, risk-assessment, new market and international expansion, due diligence, and intellectual property.

She speaks and publishes widely. She is currently at work on a new book on the secrets of successful consulting. Her website is www.joeytamer.com and she can be reached at joeytamer.com, or (310) 245-5310.

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Warm Regards-

Mike and Gayle

 

Mike Ramsey Fujita (S) RA SFR, MRP

(808) 630-1828

Gayle Fujita Ramsey (S) RA SFR ePRo

(808) 388-1485

ReHawaii808@gmail.com

Green Realty Group

 

Comments (1)

Gayle Fujita Ramsey Mike Fujita
Green Realty Group (808) 388-1485 - Honolulu, HI
(S) RA SFR ePro MRP

Thank you for your thoughts sandy.  As a mortgage broker , I am sure you know about the new rules from Fannie Mae that limit funds a borrower can get back through the transaction.  We are happy that you have found your niche and wish you the very best of luck.

Warm Regards-

Mike

Jan 30, 2010 08:31 AM