Comments on: The Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: POOR SUCKER http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8608 POOR SUCKER Sun, 06 Jan 2008 12:26:48 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8608 WHAT ABOUT US POOR SUCKERS THAT WERE DUPED INTO BELIEVING WE COULD AFFORD A MORTGAGE THAT IS OVER 50% OF INCOME BEING TOLD THE ONLY WAY IT WOULD WORK IS TO PAYOVER $7000 TO BUY DOWN RATE 2.9% TO STILL END UP WITH A RATE OF 8.43%. OH YEAH CANT SELL IT DUE TO A PREPAYMENT PENALITY OF ABOUT$10,000 IF PAID PRIOR TO 2 YEARS. HOW DOES A GUY WITH A 526 FICO A$50,000 DOLLAR A YEAR JOB GET A $250,000 HOME LOAN ON A $285,000 VALUED HOUSE. WHAT ABOUT US POOR SUCKERS THAT WERE DUPED INTO BELIEVING WE COULD AFFORD A MORTGAGE THAT IS OVER 50% OF INCOME BEING TOLD THE ONLY WAY IT WOULD WORK IS TO PAYOVER $7000 TO BUY DOWN RATE 2.9% TO STILL END UP WITH A RATE OF 8.43%. OH YEAH CANT SELL IT DUE TO A PREPAYMENT PENALITY OF ABOUT$10,000 IF PAID PRIOR TO 2 YEARS. HOW DOES A GUY WITH A 526 FICO A$50,000 DOLLAR A YEAR JOB GET A $250,000 HOME LOAN ON A $285,000 VALUED HOUSE.

]]> By: JacMac http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8601 JacMac Thu, 20 Dec 2007 16:46:40 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8601 I guess it's the hopeful optomistic in me that actually wants to BELIEVE the goverment will do what they say this time. But you're right, the rules were in place and flouted. I do believe there were and are good mortgage brokers out there. In the case of the ones who come to your site to try to bash the homeowner and glorify themselves I say this: Me Thinks Thoust Protest Too Much! I guess it’s the hopeful optomistic in me that actually wants to BELIEVE the goverment will do what they say this time. But you’re right, the rules were in place and flouted.

I do believe there were and are good mortgage brokers out there. In the case of the ones who come to your site to try to bash the homeowner and glorify themselves I say this: Me Thinks Thoust Protest Too Much!

]]> By: Moe http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8605 Moe Thu, 20 Dec 2007 01:21:58 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8605 We're always going to get a lot of opposition and here are a lot of mortgage people that are out of business. Some were good, a lot bad. As far as the new proposed changes, they really are not much of a change to anything. Think about it? We had a lot of rules and regs is place and where did that get us? Look at where we are at today as our country goes bankrupt and CEO's bank 100's of millions of dollars. I mean, look at what they are saying JacMac, should'nt that all be like, "common sense?" Yes................ There will always be ways around the rules when there is a lot of money involved. We’re always going to get a lot of opposition and here are a lot of mortgage people that are out of business. Some were good, a lot bad.

As far as the new proposed changes, they really are not much of a change to anything. Think about it? We had a lot of rules and regs is place and where did that get us? Look at where we are at today as our country goes bankrupt and CEO’s bank 100′s of millions of dollars.

I mean, look at what they are saying JacMac, should’nt that all be like, “common sense?” Yes…………….

There will always be ways around the rules when there is a lot of money involved.

]]> By: JacMac http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8604 JacMac Wed, 19 Dec 2007 22:08:49 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8604 Moe, your site is overrun by Mortgage brokers ex-brokers with too much time on their hands due to this crisis -- no more fast and sleazy to peddle on the corner, I suppose. Moe, your site is overrun by Mortgage brokers ex-brokers with too much time on their hands due to this crisis — no more fast and sleazy to peddle on the corner, I suppose.

]]> By: Realist http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8603 Realist Wed, 19 Dec 2007 14:01:05 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8603 Will banks have to disclose what they make on a transaction. Banks make more than a broker does all day long. I don't see one mention of banks having to disclose what they make. MMMMmmm. Who really runs the Fed? Bernacke and his crew are just puppets. The banks are ones pulling the strings here. Why do you thing BOA was the number one originator of home loans last year? The use the same practices as every broker out there. They don't have to disclose what they make though. Most times the borrower gets jabbed the hardest from the banks. So it is obvious why the banks are pushing the feds buttons. If mortgage brokers take the fall for all this, the banks win big. Will banks have to disclose what they make on a transaction. Banks make more than a broker does all day long.

I don’t see one mention of banks having to disclose what they make.

MMMMmmm. Who really runs the Fed? Bernacke and his crew are just puppets. The banks are ones pulling the strings here.

Why do you thing BOA was the number one originator of home loans last year? The use the same practices as every broker out there.
They don’t have to disclose what they make though. Most times the borrower gets jabbed the hardest from the banks.

So it is obvious why the banks are pushing the feds buttons. If mortgage brokers take the fall for all this, the banks win big.

]]> By: Realist http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8602 Realist Wed, 19 Dec 2007 13:51:38 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8602 Since when is it up to the government to dictate what people monies make in the private sector?? If this goes through, it opens the door for the government to dictiate what anyone in the private sector can earn. This is real "Big Brother." Since when is it up to the government to dictate what people monies make in the private sector??

If this goes through, it opens the door for the government to dictiate what anyone in the private sector can earn. This is real “Big Brother.”

]]> By: JacMac http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8607 JacMac Tue, 18 Dec 2007 23:58:12 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8607 Also, Moe, are you going to comment on the proposal? Also, Moe, are you going to comment on the proposal?

]]> By: JacMac http://loanworkout.org/2007/12/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8606 JacMac Tue, 18 Dec 2007 23:53:24 +0000 http://loanworkout.org/2007/12/18/the-federal-reserve-system-is-not-a-strong-advocate-for-consumers-and-two-there-is-no-santa-claus/#comment-8606 I thought this was good news, Moe. Am I wrong? I thought this was good news, Moe. Am I wrong?

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