My knowledge of the RTC is limited to the wiki page and a few vague memories.The programs the RTC look a lot like bulk REO deals where the RTC retained an equity stake in the package, and provided financing.

Is this a good checklist to assist in aiding in compiling a package for a potential investor?

We have have many institutional clients desiring bulk REO packages and we also invest for our own portfolio of REO's.

The government won't actually buy the toxic loans, but the bonds representing the packaged bundle of CDOs.If the average homeowner thinks they are going to see any benefit from the bailout they have not only been smoking weed but unlike the claims of Bill Clinton they have most definitely been inhaling.

Hi Everyone,I am relatively new to the site but I am interested in purchasing packages of foreclosures in the South Florida Market.

Iam going through an arduous process with WAMU myself.My case:I have a Condo (primary residence)1st and 2nd mortgage with WAMUtotal owed: $680KI knew I would get into trouble because my business went flat a 5 months ago and my cash reserves are being extinguished.I downloaded the information from WAMU site and submitted a complete package with an offer from a neighbor that is interested in buying the property if price is OK.I submitted ALL documentation to WAMU with the offer, proof of funds (50% downpayment) and prequalification for buyer through Wells Fargo.Offer $375,000 - prices for 2003 as per tax records.Nothing has been sold recently (18 months frozen market).WAMU sent an appraiser on Sept 02 and by Sept 04 the appraiser confirmed that the report had been submitted to WAMU through the third party company that manages Appraisals requests (REM).I have the name, extension number and e-mail of my negotiator but it has been IMPOSSIBLE to talk with her or to get anything from her.Her last (only) e-mail on the 23rd said that she didn't have the apparisal report (I tried to get to her to try to resolve it, but nothing back).Now she is in vacations until the 14th.I had been on time for my payments until August.I haven't made my payments for September - cash reserve extinguished.When will this default start affecting my credit score?

Soon I expect even submitting a short sale package will require a check for the full amount to be held until the lender accepts the offer.This is great news for those with good sources of ready funds that don't require any kind of approval in order to use them.If the bailout is approved in the next couple of days and signed by the President as promised this week.

Yep, I'm a broker and I advocate not using one in this situation as you will typically pay double origination.Sure, portfolio lenders will accept a package from me but they will not give me wholesale rates and zero origination unless I have negotiated a master loan commitment with them.

I know from experience that loan packages that were available under certain criteria 1 year ago are long gone now.

Matthew Chan's contract package is an invaluable resource with many specific, usable contracts.