Posted On: 02/05/2016 9:54:58 AM
Post# of 65629
what like hillarys land deal
[quote The Clintons put no money into the investment. But Hillary, as an attorney in private practice, played an important role in establishing and running the venture. And what a venture it was meant to be. Whitewater was not designed as a regular real estate company. The plan was to sell lots, mainly to elderly retirees and middle-class families , by advertising in small-town newspapers. (They advertised several times in Mother Earth News.) Ordinarily, of course, when you buy a piece of land and finance the purchase, you receive a copy of the deed. If you start missing payments and can’t work things out with the finance company, they will eventually repossess the property. After paying off fees and debts, you will get back any remaining equity.
But the Clintons and McDougall did things differently. When customers wanted to buy a lot, they signed a simple purchase agreement. But this was no ordinary real estate contract. The small print at the bottom read: “In the event the default continues for 30 days … payments made by the purchaser shall be considered as rent for the use of the premises.” In other words, the buyers did not actually take ownership of their property until the final payment was made. If a buyer missed just one monthly payment, all their previous payments would be classified as rent and they would have no equity in the land at all.
This sort of contract was illegal in many other states, because it was considered exploitative of the poor and uneducated!’ ][/quote]
full story here
http://sweetness-light.com/archive/remember-h...tgage-scam
[quote The Clintons put no money into the investment. But Hillary, as an attorney in private practice, played an important role in establishing and running the venture. And what a venture it was meant to be. Whitewater was not designed as a regular real estate company. The plan was to sell lots, mainly to elderly retirees and middle-class families , by advertising in small-town newspapers. (They advertised several times in Mother Earth News.) Ordinarily, of course, when you buy a piece of land and finance the purchase, you receive a copy of the deed. If you start missing payments and can’t work things out with the finance company, they will eventually repossess the property. After paying off fees and debts, you will get back any remaining equity.
But the Clintons and McDougall did things differently. When customers wanted to buy a lot, they signed a simple purchase agreement. But this was no ordinary real estate contract. The small print at the bottom read: “In the event the default continues for 30 days … payments made by the purchaser shall be considered as rent for the use of the premises.” In other words, the buyers did not actually take ownership of their property until the final payment was made. If a buyer missed just one monthly payment, all their previous payments would be classified as rent and they would have no equity in the land at all.
This sort of contract was illegal in many other states, because it was considered exploitative of the poor and uneducated!’ ][/quote]
full story here
http://sweetness-light.com/archive/remember-h...tgage-scam
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