home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.




Mortgage Payment on Scandalous Execs House Tops $100k

A look at some scandalous mortgage payments

January 22, 2003

By CHRISTY ROBINSON


My, how the mighty have fallen. And if you were to buy a home owned by one of 2002's scandalous corporate executives, your monthly mortgage payment also would be mighty.

Executives such as the ones accused last year of espousing tainted fiscal virtue don't deal in puny conventional mortgages -- which wouldn't loan enough to cover the cost of the front door. No, only a jumbo loan could finance the lairs of corporate royalty, many of which have gone on the market.

With the help of home values reported by the Wall Street Journal Online, the monthly mortgage payments of these headline-dominators can be calculated -- while reiterating the difference between us and them.

Kenneth Lay of Enron fame has two Aspen homes up for sale. The first has a river view and a $6.15 million asking price. Using a 20% down payment, a 15-year term, Bankrate.com's 5.23% jumbo rate, and Washington Mutual's online home equity calculator, the monthly mortgage payment would be $39,499.07. The second home, made of log and stones, is on the market for $5.5 million -- making for a lower payment of $35,324.37 per month.

Martha Stewart, founder of Martha Stewart Living Omnimedia and an otherwise domestic know-it-all, is selling her downtown New York condo -- leaving her with only five other places to live. The condo has an $8 million asking price, which would leave the buyer with a $51,380.90 a month mortgage payment.

John Rigas, former chief executive of Pennsylvania-based Aldelphia Communications, plead guilty to stealing funds from the company he helped found in 1952. A bankruptcy court is temporarily barring him from selling his ranch house and farm. When the house is ready for market, agents say it would grab only about $600,000 -- a steal for only about $3,853.57 a month.

However, if your mortgage-industry paycheck is strangely larger than the rest of your colleagues', you could move into one of Dennis Kozlowski's digs. Tyco International, formerly the parent of CIT Group Inc., is selling his Manhattan co-op on Fifth Avenue -- bought by Kozlowski with pilfered Tyco funds -- for $16.8 million. Your mortgage payment would be a mere $107,899.89 a month.

According to Salary.com, the yearly salary of, say, a mortgage loan area manager is $99,240.33, which is the average among Los Angeles, New York City, and Dallas. That wouldn't buy much mansion -- but it also wouldn't buy much scandal, either.

Christy Robinson is the editor of MortgageDaily.com. She received a bachelor's degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: [email protected]



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders