Comments on: The federal government will “step up the pressure” on the lending industry to work out America’s mortgage mess so fewer people lose their homes – FDIC’s Sheila Bair http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 28 Mar 2012 18:33:33 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: screwing grandma http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4211 screwing grandma Wed, 04 Jun 2008 06:53:37 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4211 [...] not interested in ???Screwing??? consumers or kicking grandma to the curb as roundly suggested ...http://loanworkout.org/2008/01/30/should-grandma-be-able-to-keep-that-house-she-refinanced-at-125-to...Retired Granny Screwing - mature sexFat grandma gets hard dick into her hairy cunt and takes facial [...] [...] not interested in ???Screwing??? consumers or kicking grandma to the curb as roundly suggested …http://loanworkout.org/2008/01/30/should-grandma-be-able-to-keep-that-house-she-refinanced-at-125-to…Retired Granny Screwing – mature sexFat grandma gets hard dick into her hairy cunt and takes facial [...]

]]> By: vic http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4210 vic Wed, 20 Feb 2008 19:58:20 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4210 Hello, here goes my first ever post. Wow, someone is not in tune to all of the problems going on here. It is not just grandma, but my husband has had a time of it getting a job. J-O-B!!! One week after we closed on our loan, he and the whole night shift lost their jobs. Now what, no problem, get another one. Right! Where? He has regerstered with 5 temp services and ran out of unempolyment. We have cashed in all we have to make our payments on time. We never have used credit cards, thank the lord. We don't use paid tv. We don't go on trips. We can't make our house payments. I called to be pro-active with no late pays yet. All they could do was a pay plan that was 500.00 more a month. This is with no lates yet. Excuse me, now we stand to loose our home because HomEq won't work with us. We have been in this house for six years. Where's the vacation and all of the gold. Hello, here goes my first ever post. Wow, someone is not in tune to all of the problems going on here. It is not just grandma, but my husband has had a time of it getting a job. J-O-B!!! One week after we closed on our loan, he and the whole night shift lost their jobs. Now what, no problem, get another one. Right! Where? He has regerstered with 5 temp services and ran out of unempolyment. We have cashed in all we have to make our payments on time. We never have used credit cards, thank the lord. We don’t use paid tv. We don’t go on trips. We can’t make our house payments. I called to be pro-active with no late pays yet. All they could do was a pay plan that was 500.00 more a month. This is with no lates yet. Excuse me, now we stand to loose our home because HomEq won’t work with us. We have been in this house for six years. Where’s the vacation and all of the gold.

]]> By: Tom http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4209 Tom Wed, 13 Feb 2008 06:48:51 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4209 Mitchell, What does it matter if she went no doc, low doc or full doc? if Gramma's house were actually worth what she was allowed to borrow against it, there would be no housing slump. Isn't that why you order an appraisal on a home before funding? Verifying the value of the asset and the risk involved in funding the loan is the lender's job to ensure they are covered if she doesn't pay. They sell the home and rover the loss. Artifically inflate prices on the collateral of loans via hocus pocus and here we are. Unfortunately, they now sell the home and cannot cover the loss. You can't tell me they didn't see this coming. Mitchell,

What does it matter if she went no doc, low doc or full doc? if Gramma’s house were actually worth what she was allowed to borrow against it, there would be no housing slump. Isn’t that why you order an appraisal on a home before funding?

Verifying the value of the asset and the risk involved in funding the loan is the lender’s job to ensure they are covered if she doesn’t pay. They sell the home and rover the loss.

Artifically inflate prices on the collateral of loans via hocus pocus and here we are. Unfortunately, they now sell the home and cannot cover the loss. You can’t tell me they didn’t see this coming.

]]> By: Mitchell http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4208 Mitchell Tue, 12 Feb 2008 21:35:01 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4208 Moe, I bet she had fabulous credit and she went NO DOC. You imply that it was a conspiracy of the lender 'cause they knew she couldn't pay it. How would the lender "know" if she is going NO DOC? The only one here to blame is grandma, the only person that knew she couldn't pay was herself. Moe, I bet she had fabulous credit and she went NO DOC. You imply that it was a conspiracy of the lender ’cause they knew she couldn’t pay it.
How would the lender “know” if she is going NO DOC? The only one here to blame is grandma, the only person that knew she couldn’t pay was herself.

]]> By: linda http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4206 linda Wed, 06 Feb 2008 22:31:26 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-4206 Great post but Moe's response goes back to pointing fingers. As the OP acknowledges, there is plenty of blame to go around but now is the time to figure out what to do about it. Great post but Moe’s response goes back to pointing fingers. As the OP acknowledges, there is plenty of blame to go around but now is the time to figure out what to do about it.

]]> By: Tom http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10028 Tom Fri, 01 Feb 2008 03:48:20 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10028 By the way, I've never been late on my mortgage payment, or any other payment for that fact. I've been trying to call my mortgage company for the last four months - relentlessly. They don't return my calls and they don't answer my letters - they send my replies to contact their loss mitigation department - who also doen'st answer my calls or my letters. I have a feeling they'll be calling now, because I'm not sending them another dime. By the way, I’ve never been late on my mortgage payment, or any other payment for that fact. I’ve been trying to call my mortgage company for the last four months – relentlessly. They don’t return my calls and they don’t answer my letters – they send my replies to contact their loss mitigation department – who also doen’st answer my calls or my letters.

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

]]> By: You have to jail the source. Wall Street, then the Banks/Lenders, then the brokers and maybe some consumers | Loan Modification & Loan Workout News http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10027 You have to jail the source. Wall Street, then the Banks/Lenders, then the brokers and maybe some consumers | Loan Modification & Loan Workout News Fri, 01 Feb 2008 03:23:40 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10027 [...] Contributed - Chris the Mortgage Broker - In response to this [...] [...] Contributed – Chris the Mortgage Broker - In response to this [...]

]]> By: Tom http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10026 Tom Fri, 01 Feb 2008 02:41:27 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10026 I'd say if the industry manipulated the market to create false values than they are to blame. Paying a half a million dollars for a 1850 square foot home is STUPID, from my financial perspective anyway. So I bought one, in Southern California, as an investment as I only planned on holding on to it for 5 to 7 years TOPS! This whole thing was misleading and I feel subject to a CRIMINAL ACT. I need to vacate this website I suppose, because I certainly ain't paying 500 grand for a house that's going to be worth 350k next year. THAT IS STUPID! But then again, I guess buying the damn thing to begin with was also. Although, I knew I could afford a 5 -7 year ride in this loan I did not invest or save as heavily as I would have because I thought I would end up with the accruity on my APPRAISED asset at the end of the deal. Even if the market went flat, I would have at least broke even. Subsequently, I have paid twice as much to RENT from Wall Street over the last four years than I would have to just have rented. 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’d say if the industry manipulated the market to create false values than they are to blame. Paying a half a million dollars for a 1850 square foot home is STUPID, from my financial perspective anyway. So I bought one, in Southern California, as an investment as I only planned on holding on to it for 5 to 7 years TOPS! This whole thing was misleading and I feel subject to a CRIMINAL ACT. I need to vacate this website I suppose, because I certainly ain’t paying 500 grand for a house that’s going to be worth 350k next year. THAT IS STUPID! But then again, I guess buying the damn thing to begin with was also. Although, I knew I could afford a 5 -7 year ride in this loan I did not invest or save as heavily as I would have because I thought I would end up with the accruity on my APPRAISED asset at the end of the deal. Even if the market went flat, I would have at least broke even. Subsequently, I have paid twice as much to RENT from Wall Street over the last four years than I would have to just have rented.

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!

]]> By: Chris http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10025 Chris Fri, 01 Feb 2008 00:57:08 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10025 JacMac/Richard, 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’s 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’s 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’t 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’t even consider the note adjusting because he wasn’t paying attention to his paperwork. Never mind what the L.O. may have told him, he didn’t 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’t late on the bill. They just didn’t like that their value diminished. Are they wrong? Yes. They wanted what they want and since they couldn’t 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’t like the outcome. So who is to blame? JacMac/Richard,

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’s 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’s 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’t 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’t even consider the note adjusting because he wasn’t paying attention to his paperwork. Never mind what the L.O. may have told him, he didn’t 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’t late on the bill. They just didn’t like that their value diminished. Are they wrong? Yes. They wanted what they want and since they couldn’t 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’t like the outcome. So who is to blame?

]]> By: JacMac http://loanworkout.org/2008/01/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10024 JacMac Thu, 31 Jan 2008 22:17:59 +0000 http://loanworkout.org/2008/01/25/the-federal-government-will-step-up-the-pressure-on-the-lending-industry-to-work-out-americas-mortgage-mess-so-fewer-people-lose-their-homes-fdics-sheila-bair/#comment-10024 I agree with you, Richard, some SOME of the mortgage brokers are criminals, CRIMINALS -- but get ready to get jumped on en masse as they rush to defend themselves. I agree with you, Richard, some SOME of the mortgage brokers are criminals, CRIMINALS — but get ready to get jumped on en masse as they rush to defend themselves.

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