The Cincinnati Enquirer reported
BATAVIA – A judge plans to launch a mediation program to reduce the number of foreclosures on houses in Clermont County.
Even residents who own their homes outright or don’t have trouble making mortgage payments have a stake in resolving the escalating problem, said Judge Robert P. Ringland of Common Pleas Court.
Because of a glut in foreclosures, houses aren’t bringing their full value at sheriff’s sales, Ringland said. Some lenders buy those homes to protect their investment, but end up holding onto them because of the slumping housing market.
“The property is devaluating because nobody’s buying it,” Ringland said. “The surrounding houses are being devalued because they have vacant homes in a lot of neighborhoods.”
Last year, 1,124 Clermont Coutny homes were targeted for foreclosure by mortgage lenders – an increase of nearly 14 percent over the 988 foreclosure filings in 2006, said Alice Fricke, chief deputy for the Common Pleas Clerk of Court’s Office.
The trend began in 2006, Fricke said, with foreclosure suits up nearly 22 percent from 2005 – when 812 filings were made. In 2004, the number was 795.
Ringland said that on Dec. 28 he sent letters to law firms that often represent such lenders, requesting they participate in mediation.
“I’d like to hit the floor running by February 1,” Ringland said. “It really is based upon how cooperative the lending institutions will be.”
The lenders who file for foreclosure most often in Clermont County are Countrywide, Fifth Third Bank and Wells Fargo, Fricke said.
Alternatives to foreclosure could include restructuring payments or obtaining new loans, Ringland said.
“Sometimes it takes a lawsuit to force people to deal with it,” Ringland said. “Some people are in denial. Some people are trying. And some people that have come into my court have indicated they have tried to get a hold of the lending institutions but they are talking to an impersonal source and no one responds to them. If I have both parties in court, we’re going to get a response.”
Read the rest of the Cincinnati.com story here
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The judge says, “Because of a glut in foreclosures, houses aren’t bringing their full value at sheriff’s sales”.
Hey Your Honor – maybe they ARE bringing their full value You’re just ignorant of how far their full value has dropped.
I hear that logic all the time: “I can’t sell my house for what’s it’s worth.” You can always sell a house for what it’s worth. It’s only worth what someone will pay you for it.
Oh my Motherf**cking goodness. There is nothing really to say on this one yet other than to read it several times before commenting. Street Law: if you really f**ck over a person, they are going to f**ck you up real bad. Don’t worry about the law handling it
Yes Chris – oh my bleeping bleep bleep, but if you do that you’ll get a bleep bleepin.
Yet another example of the quality of mortgage brokers that is the rule, not the exception
It’s these sonofabitches that ruined this industry for me and the rest of the hard working and honest people in this business. Now we all suffer. There is a special place in hell for that broker.
I don’t condone violence either, however, you have to be careful what you do to other people, because you never know how “they think or process information”.
It is just like road rage, be careful who you “cut” off… They may just have a semi automatic in their glove compartment. Or in this case, the Psychologist had a few loose screws himself.
I refer once again.. Read “Wilding of America” by Charles Derber.. We are really becoming a non-caring society. This mortgage meltdown is only part of it.. remember Enron? The oil companies, etc… etc…
Any profession that affects people in their security realm, i.e. shelter, food, the primitive brain will take over for survivial. Obviously this psychologist didn’t want to control his rage, it must have been tremendous.
I’m really tired of the Brokers taking the blame for what is going on in this mortgage crisis. LET”S not forget, the Loan Officers only sold the products that were available. If a subprime individual wanted a fixed mortgage at 13.9% versus 8.0% 2/28 was told to refinance after the 2 years, how was the mortgage broker to know the bank wouldn’t offer the program or even EXIST…. I’m sure there were alot of crooked loan officers, but NOT all of US…
If you are going to rip people off,the old rule was “Take the money and run”.I guess they did not get the second part.
WOW!!! All I can say is I’m glad I’ve never pissed off any of my clients…The article doesn’t say much about what happened, but you can’t just go around stabbing people…sounds like great lakes has many more (federal government) issues to deal with now anyway…reaping and sowing, never a truer word spoken in this case…
You just gotta love these liberal jackasses who think everybody has rights, but nobody has responsibilities. No wonder this country is so f*@&ed up – its the victim society.
No matter what anybody says, these borrowers were all very aware of what they were doing. Or, are we to believe everybody is just so stupid they can’t think for themselves? No, we all know what happened; for the vast majority of these borrowers, they were very willing accomplices to all of this purported fraud. And you know, for a few years they made money and partied like rock stars. Then the music stopped and now they are all crying that they were taken advantage of. Give me a f*@&ing break! You are right Moe, what goes around does come around, and these greedy lying borrowers are getting just what they deserve.
I’ve decided I’m not going to ready any more of those: I’m-tired-of-the Mortgage-Broker being blamed posts — this is psychology 101.
Playing games with people’s money, cheating people out of their hard earned money; threatening someone with the very real threat of the loss of their home can be a very emotional, trying, stressful experience; compromise the abiltiy of some people to provide a basic need, SHELTER, for themselves and their families — well, hmmmph, you betta believe some people are going to hit the deep end and it aint going to be pretty.
Think what loss the banks will suffer if homeowners start torching their home or destoryign the property before they’re finally foreclosed on?
With Karma, it’s like this. I may not believe that the sun rises in the east and sets in the west, but it does all the same.
Those who don’t believe in karma will suffer their fate no matter what. It’s scientific. For every action there is an equal and opposite reaction.
this is indicative of how wronged people feel about a deal of any kind. The thing is this guy probably thought the real estate ballon would just continually rise and he would get a huge payday when he sold, but the bottom dropped out and now he is stuck with a pink elephant. Money is the thing that will drive people crazy no matter the amount. If he is feeling that despondent can you imagine all the people now unemployed with property they bought during the height of the market (any one in real estate sales) and are now suffering because they thought their property would keep rising but sell when the going got tough. There are now stories of suicides and bank robberies. What a shame is all i can say.
Let’s face it,all brokers,LO,Tilte agents and Lenders that are in this business is because of the money is generate. If broker were cap at 2% commission, they will not go thru al the trouble it take to get a loan closed. Every broker that I know sold adjustable loans to get a lower rate and then increase the rate to get ysp. Alot of there client are now losing there home and will go after the brokers.
Oh boy this is really pathetic\’e2\’80\’a6.damn Moe your really reaching here. What is the purpose of this blog again?
Chris- Learn how to speak to adults
Mortgageman- you obviously have no idea what you are talking about, I assume you are speaking of Chris. Let me ask you this; do you know all Mortgage Brokers? No? then how can you say one way or the other? I think you just repeat what you here other people say. As a side note I think you\’e2\’80\’99re an idiot.
Lo&Behold- Sitting in the White Throne of Judgment now are we?
Sandy- Agreed. How can I not agree you are pointing to the obvious. \’e2\’80\’9cWe are really becoming a non-caring society. This mortgage meltdown is only part of it\’e2\’80\’9d \’e2\’80\’a6.Yes and this blog is becoming another part of it.
PreviousLO- I\’e2\’80\’99m sorry but where the hell where you employed that fixed was at 13.9 with the ARM at 8%?!?!!! 8.5% fixed 8% ARM would be more accurate. Does your mom know you\’e2\’80\’99re on her computer.
Tom Stone- Meh\’e2\’80\’a6.
MiMortgageguy- It\’e2\’80\’99s really hard to say what really happened, the media only reports the dirt. I have always been of this opinion and recently have been the subject of a news article so I\’e2\’80\’99m here to tell ya\’e2\’80\’a6The stuff the media writes makes people dumber for having read it. They intentionally miss the point, enough said.
Harvey Walters- you know the more I read the opinions of jerks who post comments on blogs the more I\’e2\’80\’99m starting to agree with your very opinionated point of view. People suck.
JacMac- I actually really like you, you seem like a smart guy so\’e2\’80\’a6\’e2\’80\’a6why in the hell did you get yourself into your current situation? Why didn\’e2\’80\’99t you get a second opinion?Let me ask you this; What will you do in the future to make certain that this doesn\’e2\’80\’99t happen again? And couldn\’e2\’80\’99t you have done something to that effect previous to getting your current loan? Also being a proponent of \’e2\’80\’9ckarma\’e2\’80\’9d What did you do to deserve this?
Regina- you really are speaking to the willful deaf\’e2\’80\’a6people don\’e2\’80\’99t want to hear that this whole mess is a result of a business cycle. They don\’e2\’80\’99t want to know that if they had simply believed those that said \’e2\’80\’9cyour buying at the top of the market\’e2\’80\’9d they wouldn\’e2\’80\’99t be in this mess. But instead the would be buyers panicked and where led like lambs to the slaughter and by who?\’e2\’80\’a6.the Realtor that\’e2\’80\’99s who.
Top Producer- yes all true (hard to read but true) however let me ask you this. Why does the Bank get to make 4-6% and the broker gets stuck at 2%? Don\’e2\’80\’99t you suppose that if \’e2\’80\’9cBrokers\’e2\’80\’9d get \’e2\’80\’9ccapped\’e2\’80\’9d they will simply go work for (or become) a mortgage banker? On second thought that sounds like a wonderful idea\’e2\’80\’a6yes 2% on the front and 2% more on the back (undisclosed as a banker of course) yes lets do it. I\’e2\’80\’99m absolutely mystified why nobody gets this. I\’e2\’80\’99m starting to think its some kind of willful ignorance.
CTAN
“JacMac- I actually really like you, you seem like a smart guy so\’e2\’80\’a6\’e2\’80\’a6why in the hell did you get yourself into your current situation? Why didn\’e2\’80\’99t you get a second opinion?Let me ask you this; What will you do in the future to make certain that this doesn\’e2\’80\’99t happen again? And couldn\’e2\’80\’99t you have done something to that effect previous to getting your current loan? Also being a proponent of \’e2\’80\’9ckarma\’e2\’80\’9d What did you do to deserve this?”
CTAN, Karma has nothing to do with “deserving” — it’s a law that says what you put out will return to you. Now, if you’re an intelligent person, a scientific mind, you will know that laws don’t work alone but in tandem with others laws. So therefore, the situation I find myself in may not be the result of Karma, but may well be the result of other laws, for instance the law of regeneration (for something new to be born, something else must die) anyway, that’s a WHOLE ‘NOTHER TOPIC.
YOu asked, what will I do to avoid me being in this situation again. Why CTAN, I’m already doing it! I’m educating myself, being proactive, fighting for loan modification — I am doing it now. I am too educated to ever be in the ignorant position I was in before.
You asked:”And couldn\’e2\’80\’99t you have done something to that effect previous to getting your current loan?” — Hmm, I guess I could have become educated so I wasn’t so ignorant, but I was ignorant, so I didn’t know I needed to be educated, and being ignorant I was ripe pickin’s for the fraudsters of your industry. Ignorance, my fault — fraud, their fault.
But most importantly, CTAN, I’m a woman not a guy!
So, what is the point of this post? That the mortgage broker deserved to be murdered because karma is a “bitch”? “You reap what you sow”? “An eye for an eye”? There is no excuse for anyone taking someone’s life and I don’t believe the heavens condone it. A human being was slaughtered meaninglessly because of some business dealings of which we really know nothing about. No one deserves to be taken away from their life: mother, father, sister, brother, wife, children, grandchildren, and enjoying all of the smells, sights, touch and sounds each day has to bring. I thought we had evolved a lot farther than this. This whole discussion is disturbing on many different levels…..I know, I know, I don’t have to participate in it but I did want to state my opinion……
JacMac-”But most importantly, CTAN, I\’e2\’80\’99m a woman not a guy!” woops.. no wonder you seemed like a smart guy…..your a gal :0)
CTAN- The purpose of this blog is to tell the truth and report what is going on in regards to the mortgage market, the after affects and solutions.
This is a sad after affect and we will see more of this as people are forced out of their homes. Many will seek revenge bud, beleive that!
Plus it’s my blog. I report what I want.
If you do not think that when someone, whether a LO, broker or real estate professional commits fraud or causes a human being to suffer from that fraud, that human being may very well take justice into their own hands, then you need to wake up.
This industry was driven by MASSIVE fraud and DECEIT. Plain and simple. And hundreds of thousands of victims are suffering from this and may lose their homes.
We will see a lot more KARMA going around and many people who participated in this scheme that is taking down our country will suffer from their deeds. In one way shape or form.
Yes, Virginia, KARMA is a BITCH. Yes, an eye for an eye. You got it. Good observations.
No one deserves to die or be stabbed, but KARMA is not fair in how it comes back to you. Just like it isn’t fair to scam and defraud someone. One is done with a pen or computer and one is done with a knife or gun.
CTAN- What we are doing about it is a forum called http://www.loansafe.org where I am educating consumers about this. I am going to educate them on mortgages and reading GFE’s, looking for fraud, YSP’s etc. Helping people fight foreclosure. We’re doing our part.
By Ed Rybczynski
“In spite of all the punditry and lengthy explanations, my message is quite simple. Predatory lending and mortgage fraud, cynical and diabolical twins, are symptomatic of the same problem. Both types of abuse occur frequently and on a small, seemingly innocuous scale. Both are crimes that are perpetuated mostly by real estate insiders. The fraud is most often facilitated in the normal course of business to earn a professional fee or commission.
The behavior is often justified as something it’s not, victimless.
Reformation of the real estate industry, an exceedingly unlikely proposition, would offer a partial solution to a societal blight with costs that escalate exponentially each year. I place the greatest of my hopes in the collective integrity and intelligence of consumers to end mortgage fraud in all its forms.
Without a doubt, a properly informed consumer is the fraudsters worst enemy.”
As I read thru the comments, I am actually stunned. I am amazed at the blame game. One poster stated and I heard this often from my former employer ‘the lenders provided the programs …etc’. I feel many of “us” are to blame. (the general US, not pointing fingers directly here). I mean ok so the lenders provided said programs … arms, jumbos, etc … brokers and los capitalized on these programs. Borrowers who were savvy thought hey why not and yet other borrowers that were not savvy were screwed. I mean all are to blame. This business was about money pure and simple. Granted there are many (I believe who truly wanted to help people and many who wanted to understand what they were getting.) However … alot of borrowers were bambozzeled by their LOs and broker shops. (I know I have been put in the middle of lying LOs and it sucks! I WON’T LIE) But it was not until LOs and broker shops and lenders had many customers between a rock and a hard place and many times the borrower had no way BUT to go thru with the program. (I mean please tell me …. how many LOs told their borrowers not to worry about paying their mortgage payment this month, or in 2 yrs when your credit is better we can get you a nice fixed rate. BAH!…) Realisticly how many borrowers actually change their spending habits AFTER an ARM which was intended to initally pay off all their debt by rolling it into a mtg and save them money each month then do a refi to put them into a nice comfy fixed rate so it was affordable. Not many. And seasoned LOs and Brokers AND Lenders would know by perusing a credit report throughly and getting to know their borrowers that many of their borrowers were not disaplined to do this. And borrowers/customers…many only care about the inital “get me outta my debt/hole” mentality. Until they are out of it then it is outta site outta mind …UGH …..So no need to point fingers …no need to blame, all that are apart of the transaction are equal shareholders in this farce. It is just a shame that no one can admit and take responsiblity at all. it is definately a victim society a me society …. what happened to manning up?
again this was a general assesment. there are of course exceptions to the rule and very real and honest people in this business from all parties involved.
I know this guy. Trust me he is JUST plain crazy.He was also planning to kill his wife that night!
Former Processors, no you’re right, it’s blame game all around.
I take full responsibility for being totally ignorant to mortgage fraud, to not being up on the game — for not informing myself enough so that I could actually understand what I was signing, and for not getting enough feed back on the mortgage brokers I dealt with but most importantly for not trusting my gut instinct which said, run and do not walk, but run the other way.
People ask, why didn’t you get a second opinion? Yet, in the course of five months, I dealt with four LOs and you know what, in hindsight, I see that they were all trying to screw me. They all spoke in terms of points and tried to push the ARM on me and I said no. When I spoke to the MBs that ended up doing my loan I told them right off, I don’t want an option ARM, but they talked the talk and told me that this was the best loan for me at the time, and that I could refinance again no problem in two years, not to worry.
I suspended my good judgment for the judgment of mortgage professionals I thought I could trust. They a big to do about trying to give me the best product.
It was the tail end of the ARM craze, I had great credit and was looking for a jumbo loan and they just saw dollar signs!
At the end of the day, though, I’m stuck with this lousy loan so I have no choice but to man up. It’s easy to lay blame when you’re no longer dealing with the problem you’ve created, that’s my opinion.
I got this by email yesterday morning:
“People may fail many times, but they become failures only when they begin to blame someone else.”
-Unknown
Very appropriate here, in this forum, in the face of so many MB and LOs denying that rampage fraud exists in the industry, and denying the culpubility that comes with, and the consequences that naturally occur when such rampage fraud exists.
CTAN, now that’s the talk I like to here!
Sue, isn’t it so easy to call people crazy? The bottom line is when put into certain circumstances and subjected to certain pressures ANYONE can act crazy!
Probably what really happened…they were all involved in the same fraud game…straw buyers…you’ll get $10,000 cash back at closing, the property is already section 8 ready and will generate $200/month of revenue and we’ll manage the whole thing…all you have to do is show up and sign the closing docs…
this is the biggest fraud transaction because it involves everybody…broker, buyer, seller, title co., and appraiser, all to defraud the lender of millions…
i’ve actually had a dozen clients over the last 3-4 months come in because the “investment” property they purchased is now in foreclosure, and they claim they had no idea it was all a scam! now we’ll go and stab the hell out of the people that put us in this situation…that’s the answer..
Thanks for saying this MLmortgageguy: “this is the biggest fraud transaction because it involves everybody\’e2\’80\’a6broker, buyer, seller, title co., and appraiser, all to defraud the lender of millions\’e2\’80\’a6″
Therefore, the the client coming back and claiming they had no idea it was all a scam doesn’t absolve the broker, seller, title co. and appraiser of their guilt does it?
So what about them?
This scheme has been around for a very long time. Every single person involved is guilty and they should all be prosecuted, including the “straw buyer” who was paid $10,000 (or some such figure) for the use of his name and credit profile by the scammers.
oh they knew what was going on, too…that is why, when this all blew up and the fed’s got involved, they became upset and stabbed the hell out of their broker…a kind of “you said this was all good and nobody could get caught!”
now their in the same mess, conspiracy, and got caught, now their pissed because they got caught, and stabbed the hell out of their broker…
nobody is, nor will be, absolved of any wrong doing!
ps. it’s mi.mortgageguy, not ML, sorry for confusion, but its for michigan…cuz its where i roll!!!
CTAN you need to grow up. We all are adults here, so if a little profanity offends you then I apologize. My comment was clearly directed at the act itself, which by anyone’s measure was f*, excuse me, messed up. No one’s life should ever be challenged like this regardless of the circumstances. Something is wrong with both parties. But this is a clear example of the extremes people are going to in seeking some sort of retribution when they think the “law” won’t do something to help them. It’s wrong as a football bat, but some people have been screwed over to the degree that their lives have been ruined, so they are going to in-turn ruin the lives of the one they believe is the cause.
To all of that I say it falls back on education. It solves so much.
I believe this is an isolated case. Its crazy as hell, but obviously the broker here is known and documented for foul play. In my state, I’ve seen a similar situation where a broker duped several people and tried to flee. He’s been caught and now serving 15 years.
jacmac,
everybody involved in that transaction is, or will be soon, answering to the feds. if you read the article closely, it mentions that great lakes broker funding is already involved in 3 lawsuits along with having to answer to the feds. to quote one of my favorite movies, “oh you’re federally f*#!ed, now”.
In the absence of legal protection from fraud, there will likely be a wave of violence against mortgage “Professionals”. I have no sympathy for them.
Geez, from the sounds of it, I might be safer selling crack than being a mortgage “professional”. I’m going to have to watch my back now. Stephen, there is no protection from fraud if you’re involved in it (even the consumer)…unless you’re one of the 213 imploded lenders that were allowed to file for bankruptcy protection…but that’s a topic for a whole other blog…moe, maybe another good topic?
I think it’s a lofty hope, and I disagree that buyers who were the victims of predatory lending and fraud on the part of industry professionals (trumped up appraisals, false docs filed/created after closing, misrepresentation will face federal charges. Those buyers are victims of the fraud, not the perps.
Jacmac,
sorry for the confusion, on my part again, maybe I was unclear…there is no legal protection for anybody involved with conspiring to commit fraud…now if a buyer claims to know nothing about it…did the buyer receive any compensation from the transaction? if so, then the buyer is a perp…whether its fraud for profit, or fraud for home ownership, its still fraud, and all parties that benefitted from the transaction are guilty.
I believe the psychologist in the above mentioned article knew exactly what he was in for…and if he didn’t…then again, he should have asked more questions…”if its too good to be true….” any time anybody promises you cash back at closing when you purchase a home…it’s probably not a great deal!!
As far as any federal charges, those types of transactions are exactly what the feds are looking for…as they defraud banks of millions upon millions of dollars…and yes…most buyers are unaware of what goes into a transaction like that, (straw buyer, cash back at closing, with renter already in place, etc.) recently, the husband of one of my employees was asked to participate in such a transaction, as the buyer, and he thought it was the greatest thing ever, until we counseled him on what was going to happen and directed him to ask for certain documents, which the broker would not supply. fortunately for him, his wife works for us and we were able to educate him…if only i could educate EVERYBODY…
MLMortgage Guy, shoulda, woulda coulda — are you saying that because I got 17k at my closing (which was made out to the car company, not me) that proves I knew about the fraud in my docs or are you talking about C A S H ?
I think it’s great that you helped this woman and educated her husband. I wish more professionals like you would do that when the opportunity arises. Many people would just walk away!
Jacmac,
i was speaking strictly of the cash back at purchase scheme that is rampant.
I don’t know specifically your situation, and what fraud was committed against you by the loan officer. It does sound like you weren’t properly educated by the professional you worked with. But, he or she may not have been properly educated on the product they sold to you. (just pure speculation) you and i have bantered back and forth about a couple different articles, and i really feel for you. I wish all in my profession would educate themselves and treat the profession like a profession. unfortunately, there are those in the industry that only saw “$$$$$$” when they got in, and that underwriting guidelines were so relaxed, that forging a signature here or creating a document there, was no big deal, and it meant you got paid. it was a culture i saw when i first entered the business, and one that is dying now, but is still out there.
i appreciate all your questions, jacmac, as they even inspire me to think about what i do, and make me pay closer attention to what i’ve always been doing, client education. but now, i’ll be more aware of what i’m saying and will always try to be clear and concise!!!
Hey guys, whats new? this is JOE and the way I see it is like this, the banks found out just how much they could make on these so called sub prime loans in so much they even changed the name from SUB PRIME TO NON PRIME kind of catchy uh? They would have thier sales people push those loans just because of the huge profit margins (secondary market). I know that there is responsablity enough to go around. The truth of this grave matter is that GREED is the catalyst and it starts at the top HEDGE FUNDS ect to the BANKS then to the CROOKED LO’s. OH did I fail to mention the GOVERNMENT? Let me ask you guys and gals what has been the biggest driver of our economy well until the melt down? The real estate sector. I say the government only because of thier special interest, enough of that tangent. The news only reports half truths and the purpose I suppose is to keep all the SHEEP at bay (people) they want to keep the masses under thier thumb I suppose it is a control thing. And sheep are a very skitish animal as is.
Mi.mortgageguy,
I’ve read JacMac’s loan encounter and her situation is different than this one. There were some major components unbeknownst to her that were not explained and I think if, (and I know JacMac will correct me if I’m wrong) the transaction was explained in terms that she understood, then she would have a. gone another way or b. not done that loan. That was the fault of the L.O. and title attorney.
In this case, the victim is the bad deal itself. The good doctor had a hand in a shady deal and got the short end of the stick of an already known shady deal. If this is indeed a “straw” deal then all parties are guilty. Period. The BS loan app. and its docs, the BS appraisal, the looking the other way title attorney, the insurance agent who signed off on the insurance, the seller of the property, who is probably related someway with some of the above culprits and the fake borrower who saw the quick score and accepted the bait. Everyone entered in this with the intent to commit fraud and line their pockets.
From the looks of it, he was left holding a piece of property he can’t re-sell without suffering more lost. The few jingles he got has been spent and Christmas isn’t going to be a good one. He got pissed and well…………. he’s in jail now. The funny thing is if QC gets hold of this, which, I’m sure they have, then everyone else involved will join him.
A lesson to all: If it sounds crazy, it probably is.
When you leave from your house, you need to be on guard until you make it back home. It’s really you against the world.
Business, in general, has no emotional component to it and from the looks of this industry’s current state, can give a shit less who gets hurt in the process. Your only weapon is to EDUCATE yourself first, then engage with some knowledge of what you are doing and protect yourself as best you can. If you can’t or won’t then this can happen to you.
Chris, gosh darnnit! You HAVE been listening to me — well, at least a little
.
Yes, if the loan was explained to me not correctly but TRUTHFULLY I would have walked away, as a matter of fact, when I tried to walk away and actually rescinded the first loan, the MBs spent a lot of time convincing me that I was wrong, and that I was mistaken.
They brought me back three days later and signed new doc, with a lower margin and index (because they decreased their YSP unbeknownst to me) but the same Loan # and because I had actually tried to rescinded based on pure gut instinct and not any facts I made the HUGE mistake of second guessing myself and suspending my judgment for that of what I thought was a professional acting with integrity and in my best interest.
NOT TRUE!
The thing that eats me up is I told the MB specifically that I DID NOT WANT an ARM loan, as I had one of those. But I got the common speech, Let me tell you why this is the best loan for you — the only loan for you out there right now. Let me tell you how you can work it so it will work for you. Let me tell you how you can refi in two years, no problemo. Let me NOT tell you about the prepay penalty; let me not tell you about my YSP. Let me not explain to you that the loan will actually neg. amor. at an incredible rate and pace if you pay the way you are, the way I ADVISED you to pay, and let me tell you how you will not be able to contain that at all.
Hindsight is 20/20, but the truth is I suspended with my judgment and trusted in a MB whom I thought foolishly was working on my behalf. I was ignorant and for that I am now and have been paying big time.
Joe, I agree 100%
MLmortgageguy, the truth is I’ve learned more “bantering” back and forth hear, than I ever could about the industry, so this whole experience has been highly educational. And you know what experience is, don’t ya?
It’s what you get when you don’t get what you wanted.
Chris, what’s “QC”?
I listen to you lady. QC Quality Control. There,………well, there is suppose to be a dept. of sorts that reviews the loan from beginning to end. They look for integrity loan issues, performance issue etc. on the lender side as well as the borrower\’e2\’80\’99s side. In theory, it’s supposed to eliminate unscrupulous acts as we are seeing now. It works sometimes. Sometimes
Yeah, and you saw how that turned out for the people of New Orleans and Biloxi. They are probably operating from the coat room with the light off. Don’t get me started on FEMA. I could create my own blog on that BS
Surreaallllll, we agree again Chris!!!! (By the way, that’s my son’s name, so you can’t be half bad).
First off, I can say that I know some things related to the story that began this whole discussion, like for instance the people involved. The staber, the stabee, the Title Company(s), the appraiser, and many others in this circle of greed. The article mentions (a bank) 5/3 going after 17 million in fraud. The other banks haven’t come out of the woods yet, but I’m sure soon will to add another 8-10 million on to this soon to be great story of Greed. All though I can’t say much (for now), I think it’s safe to say that these people would screw over their closest to get what they wanted (trust me). Some of the others involved appear to have now re-joined to work within work within the Commercial sector vs. the Million dollar home and empty estate lot sector. It’s funny how someone (in their mid 30’s) can build a (very nice I might add) 11,000 sq.ft. home and then their business suddenly changes names then completely goes under. Now they are moving into the market to sell you a cup of coffee! One buys the building and the other opens a business and becomes the tenant. Wonder how much money will be embezzeld out of this deal. In the mean time the originators of this circle (or should I say stabee) have packed up and move to FLA to enjoy some sunshine under someone else’s name I’m sure since the bank above has placed personal leins on both of them for 20.47 million. The clouds may move in however in March when the first of many jury trials begin…
I sit here and read all the bullshit everyone is ranting. 1st of all, if anyone hear knows anything about banking, all these sub-prime mortgages where pressed to be offered to the poor and needy to give them a chance at home ownership. Ask yourself this, how many 100% ltv mortgages did you do on a 2/28 and 30/15 2nd, and refinance the borrower to a 30 year fixed. A smart loan officer or mortgage broker did exaclty that. But you should be asking this. FHA has been around forever, but the only problem for mortgage brokers was,they did not have the 60,000 in cash to secure FHA, had the FHA removed this rule, maybe sub-prime would have been a thing of the past, and everybody would have been in a 30 year fixed with MI. In short, yes there are asshole broker and loan officers out there, and times will get better. The goverment knows exactly what is going on. Or maybe ask yourself this. If 66% of the american people own a home and get direct tax deductions, how is the IRS making money, when they are giving back credits. Now if there are a stable 30% home owners, the IRS and goverment works very very well. Just a thought.