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edunn
130 Posts |
 Posted - 09/06/2007 : 10:36:31 PM
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I found this on thetruthaboutmortgages.com Wasn't it banks that came out with these programs?
Everyone needs to quit pointing fingers and come up with a solution! Anyone else think this it's going to get worse before it gets better?
Rumours at Countrywide are reporting 20 THOUSAND layoff's in the next few weeks, Nat City 1300 and Aurora 850. Somebody let this guy know about all the websites out there that are keeping us informed about the truth about what is really going on, instead of trying to deny and blame, and think they are better then everyone else.
Un-regulated?? No skin? Don't care?
"In a CNBC interview just minutes ago, Federal Home Loan Bank of New York President Alfred Dellibovi spoke about the current lending environment, speaking of previous housing crises, while praising community banks and bashing mortgage brokers.
Asked how bad things were in the current market, Dellibovi centered in on subprime lending, saying, “It was caused by unregulated, un-capitalized mortgage brokers who really don’t have any skin in the game, don’t know how to make mortgages, and really don’t care because at the end of the day, they’re going to pass the mortgage on like a hot potato…to some investor…”
Asked if it would harder or more expensive to get a loan without a mortgage broker, or by means other than the Federal banks, Dellibovi simply recommended homeowners “only to [go to] a place that is FDIC insured…if you go there for mortgages, you’ll get a good deal.”
He added that “banks, credit unions, savings and loan associations, insurance companies…they have access to the home loan bank system because they’re credit-worthy.”
When asked if his organization could refinance subprime loans originated by mortgage brokers, Dellibovi said, “Our members can look at subprime loans, and they may take them in, refinance them, modify them…most of these loans, all of them I should say have not been made by members of the home loan bank system.”
“The toxic things, the ninja loans, the 2/28s, all the crazy stuff that has brought about this misery is not what banks want to get involved with because we’ve learned long ago that if people don’t have a paycheck, if they don’t have an income, if they don’t have money down they’re probably not going to pay off the loan.”
“Our job is to make loans…it’s also to get the money back.”
The interview closed with a question of whether Countrywide’s days were over.
Dellibovi simply said, “Countrywide is a very professional, very well run organization in my judgment, and I think there will always be a role.”
Rather strange that he nailed mortgage brokers who sold Countrywide products, yet failed to place any blame on the lender itself for coming up with the guidelines and incentivizing riskier loan programs."
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nasdaq456
203 Posts |
Posted - 09/06/2007 : 11:44:06 PM
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ITS THOSE ROTTEN MORTGAGE BROKERS THAT TRICKED US INTO AN ADJUSTABLE RATE MORTGAGE MR. AND MRS. JOHN Q. PUBLIC ARE CLAIMING.
"WE DIDNT KNOW WHEN IT SAID "ADJUSTABLE RATE" THAT THAT MEANT RATES COULD MOVE UP". MRS. Q. PUBLIC EXCLAIMS "WE WERE TOLD BY THAT NASTY MORTGAGE BROKER THAT AFTER THE 2 YEAR FIXED PERIOD THAT RATES COULD GO UP OR DOWN BUT WE WERE HOPING IT WOULD GO DOWN, SO HOW ARE WE TO BLAME NOW THAT THEYVE GONE UP"
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edunn
130 Posts |
Posted - 09/07/2007 : 12:00:27 AM
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| Yup! Why dosn't anyone say anything about the LO's that actually help clients by fixing their credit so they not only save their home, but alos increasing their points by 100+? I have done that for many clients, by knowing how tradelines are *supposed* to be reporting, in accordance with the FCRA and FDCPA. Why is nobody talkng about the credit bureau's, that are not in compliance and reporting mortgage lates on their own? I have had 3 VOM's in my hands in the past few months that were correct, yet the credit reports showed lates?? Has this happened to you guy's too? |
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bmagill1
228 Posts |
Posted - 09/07/2007 : 06:39:10 AM
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| I know, this is B.S., I once worked at a title company and we closed all kinds of 2/28's for Wells Fargo's Retail Branch. I've also seen plenty of banks that were correspondent with New Century, Long Beach, Chase, etc.. and did these same ARM loans. |
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