Interesting Article On Wilshire's Demise... - Posted by MN~Chicago

Posted by MN~Chicago on November 28, 1999 at 22:56:28:

Ben:

I appreciate the feedback. If
possible, I would welcome the
opportunity to talk to your
brother-in-law to get first-hand
information, and for networking
contacts. That is one of the
more valuable aspects of this
site.

My first (and, so far, only)
portfolio potential was for
$600,000. I was determined to
purchase it. Within 3 days I
had made the financing arrangements,
contingent upn my proving the
cash flow would make the loan
sustainable.

It was about a break-even cash
flow/loan expense ratio, and I
would have needed an additional
$75,000+ to protect the existing
portfolio.

Thanks,

Michael

Interesting Article On Wilshire’s Demise… - Posted by MN~Chicago

Posted by MN~Chicago on November 28, 1999 at 14:37:47:

Jim Beavens wa kind enough to point
it out on NG-1. A 7 part series
about the rise and fall of a high-
flying mortgage broker.

Find it at (Runs on Java):
www.oregonlive.com/business/99/11/bz112106.html

John: The article mentions Wiederhorn
"researched" hundreds of loan portfolios
before buying one for $600,000 (isn’t that
a familiar number!), a fraction of its
value.

Where does one find these portfolios to
research? Call banks and ask if they
have a portfolio to sell?

FDIC loan sales - Posted by Ben

Posted by Ben on November 28, 1999 at 22:27:18:

I believe what he was researching were loan packages acquired by the FDIC from the RTC as a result of the savings and loan debacle. My brother in-law does the same thing and has done very well with it, at times purchasing multimillion dollar portfolios at 2 cents on the dollar. They are still being sold, get on a mailing list, fdic.gov I think. (Also, why is $600,000
a familiar number?)