PrestoPundit

THE STREET OF NIGHTMARES

Posted by PrestoPundit on 07/27/2008

West Camile Street in Santa Ana.   This is the same street the OC Register reported on in 2007 as having one of the highest rates of subprime mortgages of any street in America.

View the PDF graphic of homes and mortgage histories.

It looks like Wells Fargo and WaMu are still making very stupid loans in Southern California:

A year ago, the house at 920 W. Camile St. in Santa Ana was
bank-owned, deserted and tagged with gang graffiti, a symbol of how the
subprime lending bonanza had blighted a city block.

In October,
the house sold at auction for $304,500, little more than half what a
buyer using 100-percent subprime financing paid in 2006.

Today,
920 W. Camile has been renovated, repainted and floored with faux
marble. It resold in January for $625,000, according to county records
– a $125,000 down payment and a $500,000 mortgage from Wells Fargo Bank.

Note well that Wells Fargo also made the loan on the $304,500 sale:

In November, Wells Fargo issued a $289,275 mortgage for 920 W. Camile
to an investor who had purchased the home at a foreclosure auction. In
January, after the house was spruced up, Wells Fargo issued a $500,000
mortgage to the new owners, the Gomezes.

The Congress, the Fed, the President and the finance industry are creating ghastly nightmares for countless American families, all in the name of “spreading” the American dream to own a home.  When it comes to government, beware what you wish.

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