I have a feeling they’ll be calling now, because I’m not sending them another dime.

Now my credit is RUINED, I may owe these idiots 100 Grand or more for THEIR mistakes. Even if I’m partially to blame, I’m ready and willing to take my share.

This is a fiasco.

Can you tell I’m angry as hell!

Well, I guess I’m gonna go and continue on my free ride – ya right!

I’m a broker and let me lend a little light on who should go to jail first. And yes, JacMac is right; you will be attack for your comments before the day is over. Get ready

You have to jail the source. Wall Street, then the Banks/Lenders, then the brokers and maybe some consumers. It goes down hill. Richard you have to be cognoscente on using that broad statement. For the brokers who outright committed fraudulent acts……..yes they need to go to jail and some are and will. But you have to appreciate the ones who are originating per guidelines, these bad deals. They won’t ever go to jail nor will they be responsible for buying the loans back. For mortgage bankers, the rules are slightly different and they are responsible to some degree for the deals they originate.

Brokers don’t create the rules, they execute them. For that you won’t ever see a broker go to jail because the guidelines have been approved far up the latter before they reach the streets.

The violators are the ones who created income, i.e. w-2 and fake check stubs. Mind you, this should not be mistaken for stated deals. Two different problems.

However, the sad part is that bad advising and suggestions won’t incriminate a broker or a mortgage banker. As it stands brokers are protected by not having a fiduciary relationship with the borrower. It sounds crazy but I can suggest to you whatever and if you do it and it doesn’t work out, then oh well. I don’t agree with it. Not because it\’e2\’80\’99s not a legal rule but its bad for general business.

You also have to appreciate that with the bad products, comes the borrower that wants more than what they can afford and won’t settle for anything less. The industry’s biggest problem is who’s to blame; the product that can legally give the borrower what they want or the borrower not heeding good consul and taking the crazy deal.

Go to the 60 minutes website and view last Sunday\’e2\’80\’99s telecast on the mortgage crisis. They have two couples facing a losing situation on their homes. Who should go to jail on these two deals?

The first couple didn\’e2\’80\’99t read anything nor double check the information they were told or signed at the closing. The husband went as far as to say he didn\’e2\’80\’99t even consider the note adjusting because he wasn\’e2\’80\’99t paying attention to his paperwork. Never mind what the L.O. may have told him, he didn\’e2\’80\’99t even try to protect himself. At the closing table they saw the change up on the paperwork and signed it anyway. They wanted what they wanted. Everyone is wrong here including the borrower.

The second family admitted to knowing exactly what they were doing. They knew exactly what the loan terms were and since the market values went down and paying the note made no sense to them, they said f**k it and will just walk away from the house.

Mind you, they told the reporter that they could afford the note and wasn\’e2\’80\’99t late on the bill. They just didn\’e2\’80\’99t like that their value diminished. Are they wrong? Yes. They wanted what they want and since they couldn\’e2\’80\’99t get it they will walk. The L.O. got them what they wanted but the market changed. Should they go to jail? They knowingly reneged on an agreement they can afford. They just don\’e2\’80\’99t like the outcome. So who is to blame?

No, that’s a trap, a debt trap.

Just a guess, but all your financial education was provided by Countrywide. A lot of these companies are very talented at providing bad training and making it look golden. If you’re taking out IO loans then you are renting, except you get the priveledge of paying property taxes, maintenance and home owner’s insurance. And as Alan pointed out, you’re not likely to get many customers off this site as we’re either here because we’re in trouble from crap IO type loans or are horrified by the damage they’re causing.
IO loans = buying more than you can afford. Pure garbage.