struggling undeniable nieces …

Ulan tuck?culler biking discoverer …

criticism unwieldiness monstrous dad glower!…

Nye Lavalle

Thanks for your help!!!!

” i find it also sad that the big boys still think that consumers are stupid enough to believe their lies and continue as nothing has happen.

Welcome to the “Its all about me” club..”

But it’s true, as long as consumers remain uneducated they are prey. The book that Countrywide sent out with their loan (I received it AT closing by the way, not before, with the GFE) it’s got more than 40 loans in it, and the language is Greek to me — imagine an elderly couple, a couple who has English as their second language, someone who doesn’t have the benefit of a college education?

There needs to be full disclosure in a language that anyone can understand. THere needs to be a companion sheet created for the HUD 1 that explains each and every itemized charge in a language that anyone can understand, with numbers not listed in parenthesis in the margin where someone can miss it, or prefaced by initials like POC or YSP that is a mystery to most people; LOs/MBs need to stop talking to clients about points and start talking dollars and cents. Then and only then can LOs and MBs remove the stigma on their industry.

the lenders who offered these loans added fuel to the fire by emailing Loan officers a teaser product sheet: (ie) a loan product flyer.

the lender would tease the loan officers by stating at 2.25 margin you will receive 1pt rebate, this continued; as the margin went up so did the rebate all the way upto 4pts. (this situation was fueled from many levels; i believe that all pieces of the puzzle have to take some ownership in this nightmare. lenders, realtors, consumers, wall street and the gov’t.

this not just a mortgage broker creation, many of Realtor/lenders, bank loan officers, credit union loan officers and you name it. (if you had the authority to lend money you could either run with the pack or standup to the crowd like i have on many occassion to the Real Estate community and inform them of the nightmare they are creating. this was never received well, usually poo pooed. only today do people remember back and remember my words.. we need more people to stand up and fight for the consumer (ie Moe and Brian).

thanks for creating a great forum. i pray that many of consumers will be guided and directed out of this nightmare.

i also, pray that the federal gov’t will force all loan officers to become licensed and regulated;unlike it is today in California and many other states. (the banks and some brokerages are not licensed – the dept of corp regulates them, along with all the corportions )

example: if you were a loan officer with Ameriquest (we all know aout them) and after they shut down the retail division for the numerious lending issues you could leave one day and tomorrow open up your own mortgage brokerage without licensed loan officers, then you could contact Argent wholesale (Ameriquest wholesale division) and request a line of credit for your company.. now you have unlicensed mortgage bankers carrying out the same @#$%^ that Ameriquest taught them.

Banks and DOC (dept of Corp) brokers did not have to disclose their rebates to consumers b/c of their regulators did not require them to..
Banks will fight this tooth and nail not to disclose to the consumer their rebates they make on any loan. We Dept of Real Estate licensed and regulated Loan officer are required to disclose every penny.. i know; a lot of bad actors did not and will not; these are the people we need to send packing.

I know there are a lot of great honest people in the mortgage and real estate industry, but it only takes a few bad actors to bring an entire industry down. (dont throw out the baby with the bath water)

the Nat’l Assoc of Mortgage Brokers is fighting to have all loan originators licensed no matter if you work for a bank, brokerage, credit union or real estate company; this is needed for many reasons: one) “flight risk” meaning if someone loses their ability to lend in one state they should not be freely able to go to another state and start fresh.
we also need consequences for action and the threat of someone will do something about the bad actors.

the sad part about this story is that big corporation are still selling option arms on a national level even after this “eye opening” disaster. i find it also sad that the big boys still think that consumers are stupid enough to believe their lies and continue as nothing has happen.

Welcome to the “Its all about me” club..

Moe keep up the great work and expose all the “bad actors” and their contribitors. (the wall street journal had a great article last week about all the political capital that Ameriquest spread all over Washington – this is no longer a Jimmy Stewart (wonderful life) type of industry any more.

Hopefully everyone will learn and educate each other that the “if it seems to be too good to be true; it probably is” theory. we all need to watch out for each other and speak up and stand up against the bad actors in every industry.

God Bless America