The Brief: Top Texas News for Aug. 10, 2012
The Big Conversation:
A Texas couple's mortgage has added another layer of complexity to Mitt Romney's much-debated business record.
Though Romney's work as the head of the private equity firm Bain Capital has dominated news coverage of his professional history, details of a lesser-known deal Romney made in Texas real estate in the 1980s have surfaced, lending more insight into the presidential candidate's business practices.
As The New York Times reports, Romney, before founding Bain Capital, entered the booming Texas real estate market in 1982, buying five rent-to-own homes in the Houston area. But the housing ...
Comments (17)
John Cobarruvias via Texas Tribune on Facebook
Nothing like making a buck! Aint nothing wrong with it. Bu financing a home for someone is not for the weak hearted. It has lots of risk.
Cliff McSparran via Texas Tribune on Facebook
Back in the 80s my landlord offered to sell me the house I was renting from him, and I bought it. He was getting out of a 17% loan. Worked out for both of us. He wasn't "helping us out;" it was a business decision.
Kseniya E Levochkina via Texas Tribune on Facebook
Ha-ha! Nice trick... Cannot believe it is still used...
Jim Hsu via Texas Tribune on Facebook
Where's MY phone call, personally, from Mr. Romney, asking if I really wanted to buy all of his lies?
Rhonda Tripplett via Texas Tribune on Facebook
Anyone can buy a house but who is going to help make sure you
Rhonda Tripplett via Texas Tribune on Facebook
have a job to pay the mortgage loan?
Karen Spivey-Cummings via Texas Tribune on Facebook
Actually, John, no it doesn't have lots of risks. If the couple defaults on their property, Romney gets the house back. It would be interesting to know what interest rate Romney charged this couple and what the terms and conditions of the loan were. There is nothing wrong with this but this wasn't charity either.
D.c. Bloom via Texas Tribune on Facebook
The writer doesn't include the interest rate and terms in his reporting?!
Andre Lenartowicz via Texas Tribune on Facebook
You gotta diversify in these tough times, and I hear loan sharking is quite the profitable industry.
Sonja Gross via Texas Tribune on Facebook
Lots of hate going on here already today. Hope everyone has a great weekend and find a way to be a blessing to others.
Chris Bazan via Texas Tribune on Facebook
he converted a couple's lease into a mortgage where he still made money, how the F is that benevolent? It's business, but not charity.
Chris Bazan via Texas Tribune on Facebook
If he forgave their mortgage and let them keep their petty $600, when he makes $25 million a year despite being "retired/unemployed", that would be a news story.
hans5162@ix.netcom.com hans
They bought the house in 1982. They have been paying $600.00 for 30 years. They owe $55,000.00. The house is appraised at $76,000.00, according to the Fort Bend Appraisal District. In 30 years of paying Mitt Romney $600.00 per month, they have paid $216,000.00 and have approximately $20,000.00 in equity in their house. This is like a payday loan mortgage. Mitt Romney is one hell of a guy to give them that deal.
David Spratt
The majority of owner financed buyers default. It is a major hassle to get your money,,, not much better than renting a home. So what if he made money? A lot of envious haters out there , that would probably do the same thing if they had the chance. Kinda like the Baptist's that vote against beer and wine where they live but secretly drive to the next county on a regular basis.
Sonja Gross via Texas Tribune on Facebook
Donna - an observation verified by your response. Good day!
Adele Roberson
Bumpersticker: A Parasite for President.
Marnie Tunay via Texas Tribune on Facebook
I wanna a suck-up polytician on the campaign trail... lol ours don't come with that kind of kiss-up budgets...