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Northwest Voices

Seattle Times letters to the editor

February 24, 2009 at 3:06 PM

Mortgage lending practices

Stocking hopes in a quick buck

No one can convince me that someone who earned $20,000 a year would believe they could “purchase” a $1.5 million condo, no matter what some real-estate agent or lender told them [“$1.5M condo? On $20K income?” page one, Feb. 20].

The reality is these people had no intention of buying the condo; they intended to take advantage of anticipated condo-price increases to make a quick buck.

Their $75,000 earnest money was the equivalent of buying a stock option with hopes of making huge profits when the stock increased in value. The fact their “stock” went down, rather than up, is the risk you take.

Your article attempting to engender support because they were “duped” is surely misdirected, as is their lawyer’s attempt to extract restitution.

— Bill Hirt, Bellevue

Don’t keep the money, Bellevue Towers

The apparent fraud committed by Bellevue Towers and JP Morgan Chase Bank against the young couple, who put money down on the $1.5 million condominium, reaches the bottom of the barrel.

If Bellevue Towers keeps their earnest money, adverse publicity will keep others from enjoying their beautiful new building and will serve as a warning to others: Stay away from Bellevue Towers.

Sure, the law says they can keep the earnest money, but should they? The implication of Chase Bank, the unscrupulous mortgage brokers and anyone who touched the paperwork for the purchase is surreal.

Bellevue Towers, give them their money back!

— Dean Parkins, Seahurst

Comments | More in Bellevue, Housing market

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