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"it won't hurt the economy" LMAO

 
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Aske
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"it won't hurt the economy" LMAO
« on: May 17, 2007, 09:27:52 AM »

http://biz.yahoo.com/ap/0...anke_mortgages.html?.v=10
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Re: "it won't hurt the economy" LMAO
« Reply #1 on: May 17, 2007, 09:56:39 AM »

It's all about personal responsibility, see.

Of course, personal responsibility is always about the consumer, never about the mortgage broker who outright forges the loan paperwork to sell a customer a house that the broker actually owns at twice it's value.

Why do you hate America?
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The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life. -- Teddy Roosevelt
Spanky
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Re: "it won't hurt the economy" LMAO
« Reply #2 on: May 17, 2007, 10:31:20 AM »

So does this mean I can't buy that $500,000 home on my $10/hour wage?
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spacey
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Re: "it won't hurt the economy" LMAO
« Reply #3 on: May 17, 2007, 10:34:10 AM »

So does this mean I can't buy that $500,000 home on my $10/hour wage?

Sure you can buy it. Getting the mortgage isn't the problem, paying the mortgage is. Two completely separate issues.
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Uisce Beatha
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Re: "it won't hurt the economy" LMAO
« Reply #4 on: May 17, 2007, 11:39:43 AM »

So does this mean I can't buy that $500,000 home on my $10/hour wage?

Sure you can buy it. Getting the mortgage isn't the problem, paying the mortgage is. Two completely separate issues.

These days, it's three completely separate issues. 

1.  Getting the mortgage.

2.  Paying on the mortgage.

3.  Paying down the principal.
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TFT
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Re: "it won't hurt the economy" LMAO
« Reply #5 on: May 17, 2007, 11:40:17 AM »

Lenders should commission an appraisal themselves, not let them be done through interested 3rd parties/brokers.

Been spouting it for years, nobody cares as long as they are making money. 

There's a billion different lending rules and a big hole through the middle of them all.

It's an easy fix.

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Uisce Beatha
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Re: "it won't hurt the economy" LMAO
« Reply #6 on: May 17, 2007, 11:59:50 AM »

Lenders should commission an appraisal themselves, not let them be done through interested 3rd parties/brokers.

Been spouting it for years, nobody cares as long as they are making money.

It's just not worth it to them.  As you say, they figure the ROI and do what they need to do.

My cousin works for a company that services bad debt.  I'm not sure how it all works but lenders sell bad loans off in batches at a discount.  The buyers work with the borrowers with payment plans, etc.  At the end of the day, if a loan is still a pile of *feces*, off we go to foreclosure.  Funny thing is these guys don't want to own real property, they want to own the paper.  They'll do almost anything to keep it from going there. 

I'm sure the math supports the notion that it's simply a numbers game.  We need real reform in this country.  The lousy brokers who are just in it for a quick buck over maybe a decade, if we're lucky, are screwing everything up.  They have complicit support from our instant gratification culture.  It's a bad, bad deal.
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"If you're darker than a caramel, Reverend Al speaks for you." - Aasif Mandvi
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spacey
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Re: "it won't hurt the economy" LMAO
« Reply #7 on: May 17, 2007, 12:06:17 PM »

My cousin works for a company that services bad debt.

That wouldn't be Select Portfolio Servicing (SPS), nee Fairbanks Capital Corp. would it?
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gleek
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Re: "it won't hurt the economy" LMAO
« Reply #8 on: May 17, 2007, 12:13:44 PM »

Lenders should commission an appraisal themselves, not let them be done through interested 3rd parties/brokers.

Been spouting it for years, nobody cares as long as they are making money.

It's just not worth it to them.  As you say, they figure the ROI and do what they need to do.

My cousin works for a company that services bad debt.  I'm not sure how it all works but lenders sell bad loans off in batches at a discount.  The buyers work with the borrowers with payment plans, etc.  At the end of the day, if a loan is still a pile of *feces*, off we go to foreclosure.  Funny thing is these guys don't want to own real property, they want to own the paper.  They'll do almost anything to keep it from going there. 

I'm sure the math supports the notion that it's simply a numbers game.  We need real reform in this country.  The lousy brokers who are just in it for a quick buck over maybe a decade, if we're lucky, are screwing everything up.  They have complicit support from our instant gratification culture.  It's a bad, bad deal.

I've even heard that some shady mortgage brokers will conspire with the seller and a patsy buyer to screw the lender. They'll push through a loan in excess of the true value of the home. The patsy buyer, who doesn't care about his credit, simply defaults on the loan leaving the lender to foreclose on the property while all three parties--seller, buyer, and mortgage broker--split the profits.
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Uisce Beatha
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Re: "it won't hurt the economy" LMAO
« Reply #9 on: May 17, 2007, 12:47:25 PM »

My cousin works for a company that services bad debt.

That wouldn't be Select Portfolio Servicing (SPS), nee Fairbanks Capital Corp. would it?

He just left one place and started at another.  That's the old place.  The new place is something-406 or 406-something.  It has a bunch of ex-SPS people working there.
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"If you're darker than a caramel, Reverend Al speaks for you." - Aasif Mandvi
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spacey
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Re: "it won't hurt the economy" LMAO
« Reply #10 on: May 17, 2007, 01:00:10 PM »

My cousin works for a company that services bad debt.

That wouldn't be Select Portfolio Servicing (SPS), nee Fairbanks Capital Corp. would it?

He just left one place and started at another.  That's the old place.  The new place is something-406 or 406-something.  It has a bunch of ex-SPS people working there.

Most of them probably have some Crossland Mtg. pedigree as well. Laura worked for Fairbanks/SPS for many years (right about the time they got in trouble for their collections practices and changed their name) before she decided to go into nursing. She never cared much for it or for them.
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Uisce Beatha
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Re: "it won't hurt the economy" LMAO
« Reply #11 on: May 17, 2007, 01:40:22 PM »

She never cared much for it or for them.

Oops.  I think my cousin was there then too.  Hopefully he's not on her *feces* list.  Wink
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"If you're darker than a caramel, Reverend Al speaks for you." - Aasif Mandvi
"Well, you can tell by the way I use my walk, I'm a woman's man: no time to talk." - stroh
spacey
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Re: "it won't hurt the economy" LMAO
« Reply #12 on: May 17, 2007, 01:49:00 PM »

She never cared much for it or for them.

Oops.  I think my cousin was there then too.  Hopefully he's not on her *feces* list.  Wink
Unless he was in upper management, probably not.
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