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dontwastemytine
105 Posts |
 Posted - 03/29/2008 : 1:32:52 PM
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Busted! Mortgage Meltdown
Sat & Sun, 8 p.m. ET
Tonight CNN will talk about the meltdown. So the question is will the get it right?
Or will they get it at all? Do we have it Right? Lets all watch and see~~~
Did you read the fine print when you bought your house? You're not alone. Home loans gone bad are wrecking the American economy. CNN teams up with Fortune magazine to investigate how the housing boom went bust. Watch this Sat & Sun, 8 p.m. ET.
http://www.cnn.com/CNN/Programs/   |
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philinpdx
635 Posts |
Posted - 03/29/2008 : 2:40:10 PM
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| This should be an interesting show to watch. I wonder is it new content each night or are they just going to play a repeat on Sunday night? |
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philinpdx
635 Posts |
Posted - 03/29/2008 : 2:44:46 PM
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BTW, did anyone see the Times showing some new Treasury's Plan that would "Give the Fed Wide New Power"? The subtext of the article says the "Proposal Envisions New Oversight, but Avoids Call for Tighter Regulation".
I wonder what the ramifications of all this could be for the mortgage industry as time goes on.
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rtrefflich
2634 Posts |
Posted - 03/29/2008 : 2:46:27 PM
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What do you mean by "will they get it right", mortgage professionals went to peoples houses and offerred them mortgages they knew they would not be able to afford so that they could make tons of money and leave the poor saps out to dry.
You know there going to start off with a single mother who got "duped" into taking cash out of her home on a 2 yr or payment option ARM with a 600 credit score who works at McDonalds. She took out $30,000 to pay off her debt, but it went to buy a new TV, furniture, clothes and to be "rich" for the past year, now the money is gone and we are responsible.
The other one is the lady who decided she had to buy because, "if she didn't buy now, she wouold never be able to," a $400,000 condo conversion in the middle of the ghetto in San Diego and now her neighbor's place is on a short sale for $150,000 (true story). She was tired of paying $1200 rent so she opted for the $3500 IO mortgage with taxes and insurance. She can't afford it now and its my fault.
I understand that there are some REALTORS who told people property would never go down, and the banks that created these loans, but I'll bet none of them will be mentioned. it will always be the mortgage broker who robbed me. I can't wait! |
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mganovsky
1686 Posts |
Posted - 03/29/2008 : 3:24:48 PM
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I work out of a Real Estate office and over the last 4 years I have seen first hand how dispicable the money hungry realtors are, even 18 months ago when value's started dropping I heard over and over "now is the time to buy" and you know what they are still telling unsuspecting buyers the same thing today even though we are in a declining market they still tell people Oh this temporary it will turn around in a couple of months it is such a great deal buy now, even though they know that property values will drop another 20 or 25% before it is all done.
But we Mortgage Brokers get all the blame where is our infamouse NAMB, why are they not in the lime light telling the media the truth, all they care about is trying to get congress to pass a law making every LO including bank LO's to be licensed so they can beef up there members so to increase thier bank account and give the executives in the NAMB a pay raise they can care less about any MB in the country. |
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philinpdx
635 Posts |
Posted - 03/29/2008 : 8:48:20 PM
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I was out earlier tonight so I missed the broadcast. Did anyone see it? How was it? Hopefully its the same show tomorrow night...
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dontwastemytine
105 Posts |
Posted - 03/29/2008 : 9:24:10 PM
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quote:
Originally posted by philinpdx
I was out earlier tonight so I missed the broadcast. Did anyone see it? How was it? Hopefully its the same show tomorrow night...
It will be on again Sunday at 6 Am you may want to Tivo It.
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philinpdx
635 Posts |
Posted - 03/29/2008 : 11:28:11 PM
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is that 6 AM Pacific or Eastcoast time?
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dontwastemytine
105 Posts |
Posted - 03/30/2008 : 12:16:22 AM
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quote:
Originally posted by philinpdx
is that 6 AM Pacific or Eastcoast time?
Thanks Phill
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mganovsky
1686 Posts |
Posted - 03/30/2008 : 07:06:55 AM
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I watched last night and it started with a lady who was hurt on the job and could not work so she lost her job, then her home to foreclosure, it did not blame Mortgage Brokers for the mess, it briefly covered every aspect of the problem but did not go into depth on any area, they did leave out Realtors, and Title agents. Realtors had a big part in pushing folks into more expensive homes that they could not afford. They did comment that folks did not understand the Arm or pay option Arm that they got into. Is it not the closing agents responsibility to not only obtain signatures but also to explain the documents, like the note and any note riders to the mortgage.
How many here attend there closings, If the closing is within 50 miles I attend if possible. I live in south east Florida on the coast and the towns and cities run right into each other. within 50 mles we have 8 cities or towns along U.S. 1. I have never seen a closing agent explain any thing, in fact most can not even explain the TIL, I have to step in and explain the TIL, or answer questions that the client may have. All they care about is getting through the signing as quickly as possible so they can get to the next closing.
They touched on Ameriquest and there practices on telemarketers calling folks up and talking unsuspecting folks into refi's that they really did not need and touched on flipping mortgages within a couple of months.
Every one within the industry can take blame in this mess, I would have liked seeing CNN go more in depth into the root cause of the problem, like talk about Hedge Fund managers, the bank exec's and how they over valued the MBS' and CDO's, and how the rating agencies and the SEC ignored evrything. And how the Bank exec's lied to thier share holders while getting milions in bonus' each year because of the over valuation of the MBS's, and so on and so on.
But atleast they did not blame the Mortgage Broker.
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mikkitf
86 Posts |
Posted - 03/30/2008 : 07:38:44 AM
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I always get calls from the Realtors asking me "can they qualify for more?" not just went this mess happened but even before and today. I always tell them; qualify for more is not the issue; can they afford the higher payment? that is the issue. When I say that the line goes silent and they are already thinking of the next LO to call.
Then there are the buyers that think they can make the higher payment; 1st time buyers with NO experience managing a home. It is not only the mortgage payment folks; it's the sewer, the water, the lawn care, the pool care, the need to furnish, the higher electric and gas bills that comes with having a bigger home. All of this things and some that I am probably missing that are not associated with renting. Yet they wanted the dream of owning and if a LO would not provided the next one would.
Then there are the mortgage brokers that knew in their analytical mind that a borrower could not afford the payment and yet sold it to them with creative financing.
Realtor, Homebuyer, LO had hand on the whole mess; YET, WE are solely the villains in this story. |
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mganovsky
1686 Posts |
Posted - 03/30/2008 : 08:20:41 AM
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Last year I had a Bank AE from First Magnus(or magnum?) call me wanted my FHA biz. He told me that today I could send someone FHA give 7.5% make 3 points in YSP and 1 point in Orig, then 3 months down the road I could do a streamline Refi get them down to 6.5 and make another 1.5%, When I told him that I do not work that way, I would give 6.5% today and make 1.5% along with 1 point in Orig, he said why would you do it like that don't you like to make money. Then I said isn't flipping mortgages a no no, maybe even illegal and he said have a nice day and hung up the phone, I never heard from him again.
How many of you mortgage folks have done this, I can bet linda1085 has.
Now I have helped folks out that were in a higher rate, done a streamline to lower the rate, but never when intentionally putting someone in a high rate to refi them 3 months later into a lower rate so I could make more money.
We also have greedy people in our biz I call them sales people regardless if they are a licensed MB or not. Hopefully this Mtg mess will weed them out, and they can go back to selling cars or what ever.
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darkstar
15853 Posts |
Posted - 03/30/2008 : 08:31:04 AM
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>>>>This is something that the industry must look at more closely. A recomendation is that if a mortgage is flipped within 60 months, that no fees or commissions be charged. Sort of like twisting in the Insurance industry.
That's ridiculous...I'm not 100% positive, but before last year, what % of mortgages stayed open 60 mths or more?... |
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johnnyboy38109
2516 Posts |
Posted - 03/30/2008 : 08:43:42 AM
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quote:
Originally posted by Erv
quote:
Originally posted by mganovsky
I watched last night and it started with a lady who was hurt on the job and could not work so she lost her job, then her home to foreclosure, it did not blame Mortgage Brokers for the mess, it briefly covered every aspect of the problem but did not go into depth on any area, they did leave out Realtors, and Title agents. Realtors had a big part in pushing folks into more expensive homes that they could not afford. They did comment that folks did not understand the Arm or pay option Arm that they got into. Is it not the closing agents responsibility to not only obtain signatures but also to explain the documents, like the note and any note riders to the mortgage.
How many here attend there closings, If the closing is within 50 miles I attend if possible. I live in south east Florida on the coast and the towns and cities run right into each other. within 50 mles we have 8 cities or towns along U.S. 1. I have never seen a closing agent explain any thing, in fact most can not even explain the TIL, I have to step in and explain the TIL, or answer questions that the client may have. All they care about is getting through the signing as quickly as possible so they can get to the next closing.
They touched on Ameriquest and there practices on telemarketers calling folks up and talking unsuspecting folks into refi's that they really did not need and touched on flipping mortgages within a couple of months.
Every one within the industry can take blame in this mess, I would have liked seeing CNN go more in depth into the root cause of the problem, like talk about Hedge Fund managers, the bank exec's and how they over valued the MBS' and CDO's, and how the rating agencies and the SEC ignored evrything. And how the Bank exec's lied to thier share holders while getting milions in bonus' each year because of the over valuation of the MBS's, and so on and so on.
But atleast they did not blame the Mortgage Broker.
"touched on flipping mortgages within a couple of months."
This is something that the industry must look at more closely. A recomendation is that if a mortgage is flipped within 60 months, that no fees or commissions be charged. Sort of like twisting in the Insurance industry.
There would have been a lot less foreclsoures if mortgage pros did not recieve compensation for their self serving services,
Kind of like those pillars of the community known as 'hard-money' lenders. |
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 08:47:32 AM
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quote:
Originally posted by darkstar
>>>>This is something that the industry must look at more closely. A recomendation is that if a mortgage is flipped within 60 months, that no fees or commissions be charged. Sort of like twisting in the Insurance industry.
That's ridiculous...I'm not 100% positive, but before last year, what % of mortgages stayed open 60 mths or more?...
I agree Steve. Absurd thinking. What happens if rates go down, or a catastrophic event requires a refinance or cashout? Will anyone do it for free?
This is a Barney Frank type of thinking...... |
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mganovsky
1686 Posts |
Posted - 03/30/2008 : 09:13:31 AM
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I agree with you Patrick, Erv is a little off base, 1 bad apple does not spoil the barrel. There are alot of instances when a person refi's 60 or 90 days later to get a better rate, there is nothing wrong with that. With the up and down rates over the years, many times people either purchase or rfi in the high 6's or low 7's then rates go down into the 5's, and folks refi again to get the lower rate and save a bundle of money.
What is wrong is when an LO or MB gives someone a Mtg at a higher rate, just so he can make more money when he refi's them 90 days later into a lower rate. That is unethicall at the least.
Not sure if it can be controlled, it would hurt home owners, in any commisioned based industry you always have a select few that are greedy and will take advantage of every one just to make as much money as they can. |
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blake1952
266 Posts |
Posted - 03/30/2008 : 09:18:37 AM
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I am aware that this is peanuts, but how many car dealers are being blamed for those idiots who work at McDonalds and buy a car they have repossessed? Is GMAC being crucified? Ford Motor Credit?
I listened to George (Long Greek Name) this morning regarding the "meltdown."
George Will's response was criticized as " let them eat cake!"
The remainder of the panalists were Liberal do gooders who think there should be a happy medium to bail out the borrowers. |
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darkstar
15853 Posts |
Posted - 03/30/2008 : 09:24:44 AM
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>>>I am aware that this is peanuts, but how many car dealers are being blamed for those idiots who work at McDonalds and buy a car they have repossessed? Is GMAC being crucified? Ford Motor Credit?
GMAC and FORD crucified themselves...Dealers have a 3 months window with most lenders, if the loan repos they get charged back...I used to sign recourse up to a year to get some lenders to buy crapola... |
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blake1952
266 Posts |
Posted - 03/30/2008 : 09:27:34 AM
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| I stand corrected, thanks. I'm going fishing! C-Ya! |
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mganovsky
1686 Posts |
Posted - 03/30/2008 : 09:38:28 AM
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| Steve and also any YSP that the dealer makes in the finance department also gets charged back, and taken off the F&I managers gross the next month |
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darkstar
15853 Posts |
Posted - 03/30/2008 : 09:50:45 AM
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>>>>the finance department also gets charged back, and taken off the F&I managers gross the next month
Now we're getting back to good pay plans, mine didn't!...I said if you want my motto to be "if you have an *** I have a seat", that comes out of my pay plan!...They never lost money :-) |
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mganovsky
1686 Posts |
Posted - 03/30/2008 : 10:00:49 AM
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| I did not mind I was at a large 4 franchise dealership that dealt only in "A" paper and got 20% of my gross and rarely had any charge backs in F&I. The owner did not want the special finance deals, and thought he would lose his regular customers if the non-prime type of folks were walking around the dealership, a little archaic in thinking he was in his 70's, but it was his dealership. |
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darkstar
15853 Posts |
Posted - 03/30/2008 : 10:15:09 AM
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>>>> I did not mind I was at a large 4 franchise dealership
Same here except we did 99% <500 FICOs, 1% A paper and that usually because they turned into the wrong dealership but got sold!...LOL |
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crankyusi
391 Posts |
Posted - 03/30/2008 : 10:18:19 AM
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quote:
Originally posted by mganovsky
Last year I had a Bank AE from First Magnus(or magnum?) call me wanted my FHA biz. He told me that today I could send someone FHA give 7.5% make 3 points in YSP and 1 point in Orig, then 3 months down the road I could do a streamline Refi get them down to 6.5 and make another 1.5%,
What is the minimum time an FHA loan is on the books before it can be streamlined without incurring a "chargeback" to the loan company? I had asked in another thread and someone said 6 months (we were discussing a 203k loan though if that matters). This thread seems to say 3 months. Can anyone reconcile? Thank you. |
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Chris Clark
5959 Posts |
Posted - 03/30/2008 : 11:05:10 AM
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quote:
Originally posted by crankyusi
I had asked in another thread and someone said 6 months (we were discussing a 203k loan though if that matters). This thread seems to say 3 months. Can anyone reconcile? Thank you.
Depends on the lender... |
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crankyusi
391 Posts |
Posted - 03/30/2008 : 11:10:59 AM
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| Thanks Chris. |
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 11:38:44 AM
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So you are going to have some bureaucrat in Washington decide how long a person can take a loan out for? And then it will be some bureaucrat deciding how much money you can make.
Next it will be where you can buy.
Daddy government taking care of people...... |
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 11:49:06 AM
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I refi'ed people from subprime in conventional and FHA, so it was not about rate reduction. It was about better loans. And usually done at the 2 year mark. This was 75% of my business.
Probably $60k cash out to pay off bills.
Probably 5% were for medical bills/catastrophic events.
As to your last, don't know and don't care.
Did I help my clients and put them in better positions? yes. Did I get compensated well for it? yes.
Did I turn down clients where the loans were not in their best interests? yes. |
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 11:54:45 AM
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Erv,
Here is a point for you. If a person has been in a loan for over 5 years, then to give them a new loan for 1/2 to 3/4 point lower is being just as greedy and financially irresponsible.
There is no way that they would ever make up the difference in payment and cost, for the 5 years that they have just added to a 30 year fixed. Unless you put them into a 25 year or 15 yr loan.
How about them apples?
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1stintegritymort
1289 Posts |
Posted - 03/30/2008 : 12:03:51 PM
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quote:
Originally posted by mganovsky
Last year I had a Bank AE from First Magnus(or magnum?) call me wanted my FHA biz. He told me that today I could send someone FHA give 7.5% make 3 points in YSP and 1 point in Orig, then 3 months down the road I could do a streamline Refi get them down to 6.5 and make another 1.5%, When I told him that I do not work that way, I would give 6.5% today and make 1.5% along with 1 point in Orig, he said why would you do it like that don't you like to make money. Then I said isn't flipping mortgages a no no, maybe even illegal and he said have a nice day and hung up the phone, I never heard from him again.
How many of you mortgage folks have done this, I can bet linda1085 has.
Now I have helped folks out that were in a higher rate, done a streamline to lower the rate, but never when intentionally putting someone in a high rate to refi them 3 months later into a lower rate so I could make more money.
We also have greedy people in our biz I call them sales people regardless if they are a licensed MB or not. Hopefully this Mtg mess will weed them out, and they can go back to selling cars or what ever.
correct me if im wrong, but wouldnt you have to re-pay the YSP if you refi the borrower before their 6th payment? some lenders require 12. if you do it in 3 months, that would be pretty pointless if you would end up paying the money back anyway. besides that, most of the time it takes about 2 or 3 months for HUD to process the casefile anyway so when you get the case # transferred, it would be put on hold. |
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mganovsky
1686 Posts |
Posted - 03/30/2008 : 12:27:07 PM
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Mike, I have no idea I never did it, but I think paying back YSP is per Lender,I have never had to pay back YSP.
And Erv I was being nice when I said a few LO's or Mtg folks wre greedy bastards I was just trying to be nice. I do believe hundreds or maybe thousands of new LO's to the biz in the last 5 years probably did, but I don't think any old timers would do it, I don't think you would last by being deceiptfull and crooked. |
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 12:35:51 PM
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quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
So you are going to have some bureaucrat in Washington decide how long a person can take a loan out for? And then it will be some bureaucrat deciding how much money you can make.
Next it will be where you can buy.
Daddy government taking care of people......
Erv,
What makes you think that the government has the capability to get anything right? Or even be our pockets? The more they regulate, the more screwed things get.
And the market is taking care of things anyway right now.
I would agree with your comments if it is done in the spirit of prohibiting mortgage professional from taking advantage of borrower, only to fill their own pockets.
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darkstar
15853 Posts |
Posted - 03/30/2008 : 12:45:05 PM
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quote:
Originally posted by Erv
quote:
Originally posted by darkstar
>>>>This is something that the industry must look at more closely. A recomendation is that if a mortgage is flipped within 60 months, that no fees or commissions be charged. Sort of like twisting in the Insurance industry.
That's ridiculous...I'm not 100% positive, but before last year, what % of mortgages stayed open 60 mths or more?...
DArk, thats my point not a high %! Okay make it 24-36 months. The point is to stop making unjust profits from refinancing, while increasing the payers debt.
Lives change way too much in 2-3 yrs and what brokers is going to keep 30-50K in a bank, "IN CASE"...And if they did that, brokers would be nailing people with the longest prepays possible to help discourage them from refinancing... |
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philinpdx
635 Posts |
Posted - 03/30/2008 : 1:16:39 PM
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Erv, it already is a basic rule that you have to be able to show benefit for the borrower. Maybe lenders should more clearly evaluate the benefit quotient when considering a loan.
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 1:45:31 PM
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quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
So you are going to have some bureaucrat in Washington decide how long a person can take a loan out for? And then it will be some bureaucrat deciding how much money you can make.
Next it will be where you can buy.
Daddy government taking care of people......
Erv,
What makes you think that the government has the capability to get anything right? Or even be our pockets? The more they regulate, the more screwed things get.
And the market is taking care of things anyway right now.
I would agree with your comments if it is done in the spirit of prohibiting mortgage professional from taking advantage of borrower, only to fill their own pockets.
What makes you think that the government has the capability to get anything right? ARENT WE THE GOVERNMENT?
The more they regulate, the more screwed things get. BUT WITHOUT REGULATION UNSUSPECTING CONSUMMERS GET SCREWED.
And the market is taking care of things anyway right now. REALLY, HOW SO?
We the government? Yeah, right. The government is just a bunch of elected lawyers and bureaucrats deciding what is right for us.
As to regulation, for one, just look at the FED. They don't get anything right. Or else we would not be where we are today.
The market is taking care of things by returning to lending standards of the early 990's. Where peopl had to proven that they were credit worthy, and had an income to afford what they were buying. But then, maybe you disagree with those standards.
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 4:01:05 PM
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quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
I refi'ed people from subprime in conventional and FHA, so it was not about rate reduction. It was about better loans. And usually done at the 2 year mark. This was 75% of my business.
Probably $60k cash out to pay off bills.
Probably 5% were for medical bills/catastrophic events.
As to your last, don't know and don't care.
Did I help my clients and put them in better positions? yes. Did I get compensated well for it? yes.
Did I turn down clients where the loans were not in their best interests? yes.
I refi'ed people from subprime in conventional and FHA, so it was not about rate reduction. It was about better loans. SO WHATS SO BETTER ABOUT CONVENTIONAL OR FHA DOLLARS? If you don't know the difference, what the hell are you in this business for. Get them into 30 year fixed, instead of adjustable. Get it?
HOW MUCH WERE THE CLOSING FEES AND COSTS OF BOTH LOANS? WHAT DID IT INTURPERT TO IN APR? I charge one point on these loans. Better to get them in a 6% fixed than a 9% adjustable.
And usually done at the 2 year mark. this was 75% of my business. YOUR MY HERO!!!
Probably 5% were for medical bills/catastrophic events. THIS CONFLICTS WITH WHAT YOU SAID PREVIOUSLY. Show me where I contradicted myself. You are misrepresenting what I said.
As to your last, don't know and don't care. OF COURSE YOU WOULDNT CARE WITH THE MONEY YOU MADE AT THE CLIENTS EXPENSE. AND NOW SOME MAY BE FACING FORECLOSURE OR UNDERWATER AND CANT SELL IF THEY NEED TOO. First, only have one client in financial trouble, and that was because of a job loss. Second, you are misrepresenting me again. Yes I made money, but I provided a service and helped my clients. And they would agree. There is nothing wrong with making money. how much do you make on your foreclosure rescues?
Did I get compensated well for it? yes. AT LEAST YOUR HONEST HERE.
And you are an absolute jerk. |
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ppulatie
2203 Posts |
Posted - 03/30/2008 : 8:11:37 PM
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quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
quote:
Originally posted by Erv
quote:
Originally posted by ppulatie
So you are going to have some bureaucrat in Washington decide how long a person can take a loan out for? And then it will be some bureaucrat deciding how much money you can make.
Next it will be where you can buy.
Daddy government taking care of people......
Erv,
What makes you think that the government has the capability to get anything right? Or even be our pockets? The more they regulate, the more screwed things get.
And the market is taking care of things anyway right now.
I would agree with your comments if it is done in the spirit of prohibiting mortgage professional from taking advantage of borrower, only to fill their own pockets.
What makes you think that the government has the capability to get anything right? ARENT WE THE GOVERNMENT?
The more they regulate, the more screwed things get. BUT WITHOUT REGULATION UNSUSPECTING CONSUMMERS GET SCREWED.
And the market is taking care of things anyway right now. REALLY, HOW SO?
We the government? Yeah, right. The government is just a bunch of elected lawyers and bureaucrats deciding what is right for us.
As to regulation, for one, just look at the FED. They don't get anything right. Or else we would not be where we are today.
The market is taking care of things by returning to lending standards of the early 990's. Where peopl had to proven that they were credit worthy, and had an income to afford what they were buying. But then, maybe you disagree with those standards.
The government is just a bunch of elected lawyers and bureaucrats deciding what is right for us.
Who did you vote for?
As to regulation, for one, just look at the FED. They don't get anything right. Or else we would not be where we are today.
Is only the FED to blame?
The market is taking care of things by returning to lending standards of the early 990's. Where peopl had to proven that they were credit worthy, and had an income to afford what they were buying. But then, maybe you disagree with those standards.
Those standards are good ones but could you explain the red items?
I voted for Bush, only because of the fear of Kerry gettin in. RP, if he had half a chance would have been a better choice, but the fear of Kerry was more to worry about. I do hate Bush's economic policies. They have been a disaster. His efforts in Afghanistan and Iraq are typical military interventions. We always get it wrong until we get it right. But it was something that had to be done.
The FED is just one of the many problems. The largest problem is DC period, bureaucrats deciding that they know better how to run our lives than we do.
Okay, you want to hit my typing errors, fine. I was in a hurry because I had to attend a birthday party for my grandson. That was much more important than checking to see if I were typing something correctly. And if you have to attack that, then you are digging into the depths of the barrel to find something. Pretty pathetic. |
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roborg
106 Posts |
Posted - 03/31/2008 : 04:45:53 AM
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quote:
Originally posted by rtrefflich
What do you mean by "will they get it right", mortgage professionals went to peoples houses and offerred them mortgages they knew they would not be able to afford so that they could make tons of money and leave the poor saps out to dry.
You know there going to start off with a single mother who got "duped" into taking cash out of her home on a 2 yr or payment option ARM with a 600 credit score who works at McDonalds. She took out $30,000 to pay off her debt, but it went to buy a new TV, furniture, clothes and to be "rich" for the past year, now the money is gone and we are responsible.
The other one is the lady who decided she had to buy because, "if she didn't buy now, she wouold never be able to," a $400,000 condo conversion in the middle of the ghetto in San Diego and now her neighbor's place is on a short sale for $150,000 (true story). She was tired of paying $1200 rent so she opted for the $3500 IO mortgage with taxes and insurance. She can't afford it now and its my fault.
I understand that there are some REALTORS who told people property would never go down, and the banks that created these loans, but I'll bet none of them will be mentioned. it will always be the mortgage broker who robbed me. I can't wait!
It's a shame, isn't it? Brokers, lenders, Wall St., are all at fault, right? If you want to see who really is to blame here, just take a look at this chart and tell me what you make of it: http://library.hsh.com/?row_id=88 Bet THAT won't get mentioned either. |
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dontwastemytine
105 Posts |
Posted - 03/31/2008 : 11:25:14 AM
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quote:
Originally posted by roborg
quote:
Originally posted by rtrefflich
What do you mean by "will they get it right", mortgage professionals went to peoples houses and offerred them mortgages they knew they would not be able to afford so that they could make tons of money and leave the poor saps out to dry.
You know there going to start off with a single mother who got "duped" into taking cash out of her home on a 2 yr or payment option ARM with a 600 credit score who works at McDonalds. She took out $30,000 to pay off her debt, but it went to buy a new TV, furniture, clothes and to be "rich" for the past year, now the money is gone and we are responsible.
The other one is the lady who decided she had to buy because, "if she didn't buy now, she wouold never be able to," a $400,000 condo conversion in the middle of the ghetto in San Diego and now her neighbor's place is on a short sale for $150,000 (true story). She was tired of paying $1200 rent so she opted for the $3500 IO mortgage with taxes and insurance. She can't afford it now and its my fault.
I understand that there are some REALTORS who told people property would never go down, and the banks that created these loans, but I'll bet none of them will be mentioned. it will always be the mortgage broker who robbed me. I can't wait!
It's a shame, isn't it? Brokers, lenders, Wall St., are all at fault, right? If you want to see who really is to blame here, just take a look at this chart and tell me what you make of it: http://library.hsh.com/?row_id=88 Bet THAT won't get mentioned either.
thanks for the web info. |
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ppulatie
2203 Posts |
Posted - 03/31/2008 : 12:18:09 PM
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Erv,
Grandson turns 6 on Thursday. We had his birthday party yesterday. Big affair, after all, you only turn 6 once.
He is my fishing buddy. He will do that over anything else. And he is great at it. I watched him get bored once, fishing off the bottom and catching nothing. He took a piece of string we use to tie bait on, put a hook on it, a shad, and then dropped it over the side of the boat about three feet down. Caught 8 stripers that way. In just a few minutes. Biggest about 12 inches. On a piect of string, sewing thread. |
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dontwastemytine
105 Posts |
Posted - 04/03/2008 : 10:32:55 PM
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| I agree. |
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kdasilva
49 Posts |
Posted - 04/04/2008 : 02:48:48 AM
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Honestly,
I think it bull that the media can attach mortgage brokers for the the consumer not doing their due diligence and not only that it is also the lawyers responsibility to go over all numbers and terms of the new note! So for these people crying wolf are just following what the media's excuse is and its wrong. Well thats my 2 cents anyway... Needed to vent |
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dontwastemytine
105 Posts |
Posted - 04/04/2008 : 2:56:45 PM
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quote:
Originally posted by Erv
quote:
Originally posted by kdasilva
Honestly,
I think it bull that the media can attach mortgage brokers for the the consumer not doing their due diligence and not only that it is also the lawyers responsibility to go over all numbers and terms of the new note! So for these people crying wolf are just following what the media's excuse is and its wrong. Well thats my 2 cents anyway... Needed to vent
What, "due diligence " do you believe a consumer should do?
Dont you believe that the unscrupulios mortgage professionals and the real estate industry used the hyped boom to take advantage of the common person to fill their own pockets?
When you say, "it is also the lawyers responsibility to go over all numbers and terms of the new note!", implys that there may have been some shady stuff going on in the documents that the average consumer wouldnt understand. BTW, the numbers are not a lawyers responsibility. That would be reserved for a financial professionl or mortgage professionel to explain clearly and truthfully.
However, those bad decesions are makeing money for me these days since I use AMERICAN RESCUE TRUSTs services to take out those bad loans.
Clients are like little children. Adults are like little children in grow bodies.
The mortgage brokers, the Agents, Title and Escrow, the processor, etc.....
are the parents. If you agree or not. If things do not go in there favor the client can through a fit. It is the natural of this business to be the focused ones. Some client
play dumb, when trouble arises. Some ask too many question and can work your last nerve.
If we are lucky and blessed from time to time they will let us do our Job. There are lots of looneytoons out there, yet there are great agents and wonderful mortgage brokers who do there jobs well. You must have tough skin to stay in.
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LB 54
139 Posts |
Posted - 04/04/2008 : 4:44:22 PM
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Anyone who is in this line of work that wishes to stay in this line of work must also step up and let it be known that comment's like Charles Schumer are completely ludicrous!!!!!!
CNBC contact e mail at info@cnbc.com info@ap.org &
http://schumer.senate.gov/SchumerWebsite/contact/contact.html
Regarding NAMB being more visible I do not have the answers however I have to believe that NAMB & the Local State Mortgage Associations are doing what then can with what they have.
Remember the Banking Lobbyist have a much larger backing than the Mortgage Broker/Lender Associations.
We have to work dilligently with what we have.
Take Action
Best Regards......
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kjake41
184 Posts |
Posted - 04/04/2008 : 6:49:53 PM
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| I FINALLY GET IT...ERV IS AMTRUST!!! PARADING AS AN INOCENT BYSTANDER IN ALL THIS,,, GET OFF YOU HIHG HORSE BIGSHOT,,,YOU SURVIVE ONLY BECAUSE OF THE SUBPRIME FALLOUT |
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