no, that's not true. I was a 24 yr old Mortgage Broker in Central FL just doing my job. When a AccT Ex would come to sale us a new program my understanding was that this was under great supervision. Boy was I wrong.
It's true eveyone involved knew this bubble would burst. They ALL had a part in creating this so we would have a recession today. Get your facts and fight lenders legally!!
more false BS--actually ACORN along with congress forced lenders to give credit to people with poor credit--and banks got greedy and did what they asked. That coupled with poor financial awareness of the borrower not reading thier loan documents caused the problem..
"Hispanics weren't being greedy, they were being had"
Quite true, and by their "friends," the Democrats.
While Obama & the Democrats were cashing their big paychecks from FannieMae & FreddieMac, McCain and 18 other REPUBLICAN Senators were loudly predicting this disaster and trying to STOP it.
Their letter (May 2006):
tinyurl (dot) com/3q6dc9
(fix the "dot")
Note that NOT ONE DEMOCRAT signed this letter.
Where was Sen. Obama that day? Running for President, too busy to give a shit.
Without regulations, people tend to do the greediest and stupidest things. But we need the learned to lead the way. Why don't they lead us on the right path instead of the wrong one?
HISPANICS were the major group to hold SUBPRIME LOANS. HISPANICS were given loans when other groups could not get them. Now they want to be bailed out of their mess!!!If they weren't so greedy they would not be in this situation. Most of them didn't even have SSN oe EINS.Now BUSH has made it possible for them to get bailouts without SSN or EINs!!! S0illegals aliens are milking the system again!!! While Americans pay the bill!!!
Maybe in your area, but over America this isn't true. Many people with good credit jumped in to make cash fast. There will be another wave of foreclosures coming up, as Alt-A and prime loans reset. Subprime was first but it's not limited to subprime loans.
The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
People who use subprime loans already are a credit risk. I own both of my homes and I'm doing great. But I keep my cars for at leasts 10 years and I don't have any debt.
Fair enough. I don't disagree with any of this. Lets also acknowledge that both Reps and Dems were all in favor of expanding home ownership...for legitimate social and economic reasons. One more example of govt "good intentions" resulting in unintended consequences.
"Predatory lenders" is PC lingo designed to put the onus on "the bankers/capitalists". Many banks threw caution to the wind and gave mortgages to people that clearly couldn't afford them in the long run. The banks should suffer the consequences by absorbing the losses. Once burned, twice learned. The people that signed these mortgages were a combination of greedy and stupid. Greedy because they bought more house than they could afford. Stupid because any idiot KNEW rates would eventually go up.
I paid $89,000 for my florida home in 1992. It's now paid for and worth $389,000. My Maine Home is worth $489,000. I paid that off in 1988. I only mortgage a home for 15 years and I would never use a subprime lender.
These days you have to have HUGE credit and deposits to qualify. You can borrow funds to hold on deposit without even a credit report, if you agree to hold the funds on deposit in an account in your name - a great way to get a VOD too. creditloader dot com offers these loans at 4.9% APR.
I agree, Im in the bubble. I have three houses; however, I've only lost probably 40 thousand total equity. But I took out all my equity on the property. I hsould have just stayed put and I can't get my wife to fucking realize to pay off bills.
Time for that mortgage broker to go back to bartending or hamburger-flipping.
I met two former realtors who are *back* to pole-dancing (topless) after houses stopped selling.
Its amazing how much money these know-nothing tools could make. Like more than many highly-educated doctors for some time there. Seriously you could do this job with a GED and a slick talking BS'ing skills. Ive seen the people wh have. I think its only normal for it (the easy big money) to stop.
house made of SHEETROCK and CHIPBOARDS.And they ask 500 to 600 thousands.IF ENOUGH people would say I AM NOT PAYING that much for this JUNK THEN, HOUSE would be VALUED as it should be.Now you're in SHITS, bec. of GREED!!look at you now!
Lyndon LaRouche is the only one with a solution that will save the real productive economy, by putting a firewwall between the speculative debt that is collapsing, and the savings of the average family. It's called the "Homeowners and Bank Protection Act" larouchepacdotcom
These "lenders" were approving loans without W2 forms, or any proof of income.... simply approving the loans based on the "stated income" with nothing to back it up. How crazy is that???? These lenders are nothing more than bottom feeders. The big CEO's should all be thrown jail for this. This type of lending ran rampant all across America for serval years. These guys were making big bucks, and then abscounded with all the money they made as the market crashed around them.
Stated Income is essential for Self Employed Borrowers. Anyone who understands self employment writes off everything they can and pays themself as little as possible W2 money to minimize taxes. These folks may be more than qualified for X mortgage.
There are people that will never be able to get a mortgage with out a sub or non prime as they call it now. It comes down to us in the industry to practice a little responsability. If they are on a fixed income don't roll them into an arm they wont be able to afford in 2 years. There are good products within non prime, just irresponsible lending.
Consumers are victims, always. "subprime" describes the class of applicants targeted in the mortgage scam. In 99.9% of cases the banks were/are fully collateralized. The entire mortgage writing process is a fraud. Reference the Credit River Decision 1968, Mn. and UCC exchange law. They killed the judge afterwards, but the decision still stands. Why do you think Goldman gave out $600M+ in bonuses for 2007?
Income?! WTF? How am I supposed to get the house my kids want if I don't have those things? Can't I just borrow the down payment and pay it back when the house has gone up in price next year?
And why do I need income when the price is increasing. It pays for itself, duh. Lenders are becoming stupid and picky.
You will go down in history as the empire that DENIED the GENOCIDE of the FIRST CHRISTIAN NATION of the WORLD, The Armenians, while you conspired with the JEWISH BANKERS to defraud the world -- the same JEWS who had JESUS CHRIST CRUCIFIED. Americans, you torture and kill in the name of democracy and freedom. YOU are an ABOMINATION.
you can argue that it is stupid to use a subprime, BUT there are whole industries based on this. Subprime industry employs thousands of people.
Everyone isn't the same, economically and can't all go to one lender, whoever that is, that not the way capital markets work. Plus fradulent appraisals even in prime industries is another subject being ignored.
one guy with 20 home loans in five states
sha370z 7 months ago
More property in foreclosure shows how bad economic crisis the country are facing.
spectrum0590 1 year ago
What is the Key disfavors by Having Your Mortgage
realmortgagepaid.blogspot. com
2fuck2shit2 2 years ago
no, that's not true. I was a 24 yr old Mortgage Broker in Central FL just doing my job. When a AccT Ex would come to sale us a new program my understanding was that this was under great supervision. Boy was I wrong.
jandean61 2 years ago
It's true eveyone involved knew this bubble would burst. They ALL had a part in creating this so we would have a recession today. Get your facts and fight lenders legally!!
VidsbyEM 2 years ago
Relan Real Estate and Mortgage will get their pay back for steering customers into sub prime loans and for fraud.
greedisrootofevil 2 years ago
Bin Laden and the terrorists are responsible for this mortgage mess, according to Bush, not the good people of Wall Street
bhite41 2 years ago
more false BS--actually ACORN along with congress forced lenders to give credit to people with poor credit--and banks got greedy and did what they asked. That coupled with poor financial awareness of the borrower not reading thier loan documents caused the problem..
BBmyQ 2 years ago
look where we are today, facing the greatest financial crisis since the ameican revolution
flagship21 3 years ago
Thank you for your insights!
JohnStumpfWF 3 years ago
thehelpfund.blogspot
mannyfeseha 3 years ago
thehelpfund.blogspot
mannyfeseha 3 years ago
i think its so funny watching this now and hearing the last few lines lol
EricBoisen 3 years ago
"Hispanics weren't being greedy, they were being had"
Quite true, and by their "friends," the Democrats.
While Obama & the Democrats were cashing their big paychecks from FannieMae & FreddieMac, McCain and 18 other REPUBLICAN Senators were loudly predicting this disaster and trying to STOP it.
Their letter (May 2006):
tinyurl (dot) com/3q6dc9
(fix the "dot")
Note that NOT ONE DEMOCRAT signed this letter.
Where was Sen. Obama that day? Running for President, too busy to give a shit.
RottweillerRescue44 3 years ago
Without regulations, people tend to do the greediest and stupidest things. But we need the learned to lead the way. Why don't they lead us on the right path instead of the wrong one?
AwakenToYourTruth 3 years ago
HISPANICS were the major group to hold SUBPRIME LOANS. HISPANICS were given loans when other groups could not get them. Now they want to be bailed out of their mess!!!If they weren't so greedy they would not be in this situation. Most of them didn't even have SSN oe EINS.Now BUSH has made it possible for them to get bailouts without SSN or EINs!!! S0illegals aliens are milking the system again!!! While Americans pay the bill!!!
tellthetruthh 3 years ago
I worked in the mortgage ind. from 04-07. The above post is true except Hispanics weren't being greedy, they were being had.
And it wasn't just hispanics, though they are given benefits that others are not.
Gary1111001 3 years ago
Maybe in your area, but over America this isn't true. Many people with good credit jumped in to make cash fast. There will be another wave of foreclosures coming up, as Alt-A and prime loans reset. Subprime was first but it's not limited to subprime loans.
telmnstr 3 years ago
This has been flagged as spam show
The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
iamauscitizen 3 years ago
I swear, if there is a bailout, I'm going to march up to capital hill.
stinkypoon 3 years ago
Well, see you on capital hill...
Cubicleboy04 3 years ago
People who use subprime loans already are a credit risk. I own both of my homes and I'm doing great. But I keep my cars for at leasts 10 years and I don't have any debt.
nesnman 3 years ago 2
Fair enough. I don't disagree with any of this. Lets also acknowledge that both Reps and Dems were all in favor of expanding home ownership...for legitimate social and economic reasons. One more example of govt "good intentions" resulting in unintended consequences.
JohnR22926 3 years ago
"Predatory lenders" is PC lingo designed to put the onus on "the bankers/capitalists". Many banks threw caution to the wind and gave mortgages to people that clearly couldn't afford them in the long run. The banks should suffer the consequences by absorbing the losses. Once burned, twice learned. The people that signed these mortgages were a combination of greedy and stupid. Greedy because they bought more house than they could afford. Stupid because any idiot KNEW rates would eventually go up.
JohnR22926 3 years ago
"possible but not likely"
lol...UR A GENIUS!!!
mongobobo 4 years ago 4
@mongobobo
belfastlad44 1 year ago
I paid $89,000 for my florida home in 1992. It's now paid for and worth $389,000. My Maine Home is worth $489,000. I paid that off in 1988. I only mortgage a home for 15 years and I would never use a subprime lender.
nesnman 4 years ago
Do you want a medal?
georgewtwat 3 years ago
Do you want a medal for being an a hole? I'm sure you already have plenty.
nesnman 3 years ago
Good info.
These days you have to have HUGE credit and deposits to qualify. You can borrow funds to hold on deposit without even a credit report, if you agree to hold the funds on deposit in an account in your name - a great way to get a VOD too. creditloader dot com offers these loans at 4.9% APR.
nobodybidness 4 years ago
Heres how it works:
Subprime predatory lending > CDO and Investment banking > Wall Street > Stocks of corporations around the world.
The stocks aren't there, it's all debt obligations based on home mortgages and loans.
XionXXXX 4 years ago
Bono Vox from U2 is a home-owning homo.
wassupspace 4 years ago
I agree, Im in the bubble. I have three houses; however, I've only lost probably 40 thousand total equity. But I took out all my equity on the property. I hsould have just stayed put and I can't get my wife to fucking realize to pay off bills.
koolboyskee 4 years ago
Time for that mortgage broker to go back to bartending or hamburger-flipping.
I met two former realtors who are *back* to pole-dancing (topless) after houses stopped selling.
Its amazing how much money these know-nothing tools could make. Like more than many highly-educated doctors for some time there. Seriously you could do this job with a GED and a slick talking BS'ing skills. Ive seen the people wh have. I think its only normal for it (the easy big money) to stop.
russedwards777 4 years ago 2
Awesome!
Karanth 4 years ago
house made of SHEETROCK and CHIPBOARDS.And they ask 500 to 600 thousands.IF ENOUGH people would say I AM NOT PAYING that much for this JUNK THEN, HOUSE would be VALUED as it should be.Now you're in SHITS, bec. of GREED!!look at you now!
lopoex 4 years ago
That's AMERICA...............
jaxagent29 4 years ago
Lyndon LaRouche is the only one with a solution that will save the real productive economy, by putting a firewwall between the speculative debt that is collapsing, and the savings of the average family. It's called the "Homeowners and Bank Protection Act" larouchepacdotcom
LaRoucheisright 4 years ago
The fire is on both sides of the wall.
TYX91101 4 years ago 2
Quit buying shit you know you can't afford, I know its a crazy concept but practice a little fiscal responisbility.
jarvis1211 4 years ago 4
If we could only get our government to subscribe to the same theory...
kstompaint 4 years ago 2
These "lenders" were approving loans without W2 forms, or any proof of income.... simply approving the loans based on the "stated income" with nothing to back it up. How crazy is that???? These lenders are nothing more than bottom feeders. The big CEO's should all be thrown jail for this. This type of lending ran rampant all across America for serval years. These guys were making big bucks, and then abscounded with all the money they made as the market crashed around them.
pieathome 4 years ago 2
Stated Income is essential for Self Employed Borrowers. Anyone who understands self employment writes off everything they can and pays themself as little as possible W2 money to minimize taxes. These folks may be more than qualified for X mortgage.
Fredzep2k 3 years ago
There are people that will never be able to get a mortgage with out a sub or non prime as they call it now. It comes down to us in the industry to practice a little responsability. If they are on a fixed income don't roll them into an arm they wont be able to afford in 2 years. There are good products within non prime, just irresponsible lending.
nblatsuu 4 years ago 2
Consumers are victims, always. "subprime" describes the class of applicants targeted in the mortgage scam. In 99.9% of cases the banks were/are fully collateralized. The entire mortgage writing process is a fraud. Reference the Credit River Decision 1968, Mn. and UCC exchange law. They killed the judge afterwards, but the decision still stands. Why do you think Goldman gave out $600M+ in bonuses for 2007?
guesswhotoo6 4 years ago
Down payment?!
Income?! WTF? How am I supposed to get the house my kids want if I don't have those things? Can't I just borrow the down payment and pay it back when the house has gone up in price next year?
And why do I need income when the price is increasing. It pays for itself, duh. Lenders are becoming stupid and picky.
ajas95 4 years ago 2
Are you sure your kids want the house?
slobomotion 4 years ago
Ajas,didnt you mean a drown payment, as the sea of negative equity is now rising effectively turning people who paid large deposits into sub prime .
Once the recycled foreign debt fails and money becomes expensive ,house prices will fall into negative equity with owners opting for tenancies
How does negative equity owning dreamocracy sound to you .
ubornthick 4 years ago
lol.. great post ajas95
mongobobo 4 years ago
From the subprime to the rediculous ,only in America the land of the fee the home reppos of the brave .
ubornthick 4 years ago
This has been flagged as spam show
AMERICANS,
You will go down in history as the empire that DENIED the GENOCIDE of the FIRST CHRISTIAN NATION of the WORLD, The Armenians, while you conspired with the JEWISH BANKERS to defraud the world -- the same JEWS who had JESUS CHRIST CRUCIFIED. Americans, you torture and kill in the name of democracy and freedom. YOU are an ABOMINATION.
insidebetween 4 years ago
you can argue that it is stupid to use a subprime, BUT there are whole industries based on this. Subprime industry employs thousands of people.
Everyone isn't the same, economically and can't all go to one lender, whoever that is, that not the way capital markets work. Plus fradulent appraisals even in prime industries is another subject being ignored.
anthonyonline405 4 years ago
4.5 X Annual Income= what you can afford to borrow.
mongobobo 4 years ago
It's so stupid to use a subprime loan. I used ingdirect for all of mine .
nesnman 4 years ago
lol Stacy... still think we're not headed for a recession?
ospTube 4 years ago
You can refinance out of these exotic mortgages with George Bushes FHASecure Home Loans. FHASecureHomeLoans DOT com
tmerg1 4 years ago