Comments on: Treasury Releases Blueprint for Stronger Regulatory Structure

By: Menda J.

Menda J. — Sat, 10 May 2008 16:32:39 +0000

If people would educate themselves before they signed on the dotted line I dont think there would be as many people “out in the streets or renting” as you say. People should have enough common since to know what they are signing up for. The adjustable rate mortgage is something to be reconed with. I understand things happen in life however, the home retention department cannot help people if they are not willing to put some effort into it. Everyone has to make an effort to come together and make it work. Assistance cannot just be handed to you, I understand there are situations beyond your control. Countrywide is not the problem its the investors that are not able to assist countrywide. Education is Key in the mortgage business.

By: paul stein

paul stein — Wed, 30 Apr 2008 19:29:21 +0000

I have been a realtor for 21 years, and I feel that not only the mortgage companies were at fault but the appraisers and some realtors. I never suggested a sub prime loan to anyone knowing how they work. I usually suggested to my clients that they live within their means, to think ahead that what happens if one of them became in a situation that they cant work.
Because of this is why I feel I have a strong referral base. In the 21 years I have been a realtor and the 2000 or so homes I sold maybe 1% have gone to foreclosure.
This year has been slow but I am still doing ok and sleep well at night knowing I never directed anyone to a sub prime loan. If I had a client that was pre-approved with a sub prime lender I would ask them to speak to another loan officer I have worked with most of my career. I would suggest fha loans to clients.
103% financing, negative amortization loans, no doc loans (also known as liar loans) are what caused all this. The builders having their own mortgage company (which I feel should be illegal and borders on a respa violation) pushing their appraisers to give value on anything that sold. Too many newer realtors in the business working part time to just get a few extra bucks.
Mortgage companies pushed these loans you see the ditech commercials 1% financing but the buyer doesnt realize its just for a month. The buyer goes to closing and at that point it is explained and what options do they have. Buyers have to educate themselves on financing. Purchasing anything you can not afford makes no sense. I could of made a lot more money during the housing boom if I had pushed these loans on people, but now they are coming to me looking for a home, so it will work out in the end for most of them.

By: FastEddie

FastEddie — Tue, 15 Apr 2008 12:50:48 +0000

Lots of truth from CW mortgage people is coming forth and the reason is they worked for the greediest CEO out there. Mozillo would have run the company with just him and a secretary if he could have pulled that off! Every year the mantra would be “how can we get more out of fewer people for less money!”

But, if you really want to get worked up about the sleeze in the business, try this: Builders who are in line for a tax break from Congress! They built the houses, owned the title company, had their own mortgage companies and appraisers and cooked the books on the entire process. Now they are going to get a tax break? Give me a break! Write your Congressman and tell them “No tax breaks for builders!”

By: SM

SM — Wed, 09 Apr 2008 21:05:40 +0000

There is absolutely no value in pointing fingers, this is capitalism at its best, there was an opportunity & people took advantage of it, it happens all the time, history is full of examples and it will happen again. We as people have short memories.

Unfortunately there are always a few bad apples & they give everyone a black eye, majority of us are good hard working & honest people and had no malicious intent. Unfortunately we as a society are not very far sighted, in fact we are programmed to think now, think short term.

All the signs were there, bloated inventory of homes,since when did property values go up forever and the list goes on & on.

I think we would be better served on trying to collectively focus on a solution, there are hundreds of thousands of people in dire conditions, not just those that have lost homes, but also people that have lost jobs, businesses that have been adversely impacted due to the housing & credit meltdown, retirees that are having to come back to the workforce – I wish I had the answers??

By: Howard

Howard — Wed, 09 Apr 2008 18:41:00 +0000

I agree with Brian, everybody is crying now because they were living of increasing value of their home( ex. California, Florida, Nevada),now there is no more value and they can’t afford the property just like they couldn’t when the first got it. I’m a loan officer and I can’t tell you how many customers that I’ve seen refinance without any assets or sufficient income. They would refinance every six months and think it was alright. To be honest the pay option arms is what finally put the industry under, borowers could qualify full doc under the lowest payment and not the fully amortized payment and even go stated wit a 620. Some of the fault is on the btrokers, lenders, appraisers, etc, but also blame the consumers who were living well over there means now they are crying because they are losing a house they never could afford. And as far as builders they saw dollar signs in Florida peopel were buying condo and home sight unseen and in most cases not even built yet. I will be glad when the people who are not supposed to be in this business get out and borrowers who can’t afford these properties realize that they can’t live off of the equity in their homes.

By: AC

AC — Wed, 09 Apr 2008 16:31:34 +0000

Fast & Easy was never as described by the morons above. The real people that know Fast & Easy know that it was a high quality credit program that required more than just signing your name. It required 2 yrs on the job or self employment and was never that easy to get 95% through. Although, CW wholesale was reported to be the lowest quality loans of the 4 divsions of Countrywide, the quality is still very high. And, as Brian mentioned, everyone always wants to live above their means, get something for nothing and never accept the blame for mistakes.

By: Diane

Diane — Wed, 09 Apr 2008 16:15:29 +0000

I totally agree! I also think there are those out there who CAN afford the payments, but choose to walk away from properties they’re upside down on due to values going down. Especially if the property was NOO (investment) or 2nd home. This happened in California in the early 1990′s. I really don’t have much sympathy for people who borrow money, don’t read what they’re signing and don’t pay back what they owe.

I’m sure there are those who understood what they were signing and lost their job or had some type of financial hardship. If there’s going to be any kind of bail out (with OUR taxpayer money), there sure as hell better be some auditing of each and every situation before a dime is given to help homeowners out!!!

By: JULITO CORP

JULITO CORP — Wed, 09 Apr 2008 13:43:24 +0000

I HAVE TO SAY I AGREEE WITH BRIAN ON ALL ACCOUNTS , WE AS A NATION JUST LIVE OVER OUR HEADS

By: BRIAN

BRIAN — Wed, 09 Apr 2008 10:59:36 +0000

THE MORTGAGE LOAN OFFICER, THE MORTGAGE BROKER, THE BANK, THE REALTOR….DOES THIS SOUND ALL TO FAMILIAR??? IT’S EVERYONES FAULT…BUT NOT THE CUSTOMER(s) WHO TOOK THE MONEY, PAID OF CREDIT CARDS, SPENT THE EXTRA…AND JUST PLAINED SCREWED THEMSELVES… YOU SEE ON THE NEWS, BIG BAD MORTGAGE COMPANIE FORCLOSING…POOR FAMILY LIVING ON 35K, JOINT INCOME…BUT LET ME ASK YOU..WHAT BUSINESS DID THEY HAVE TAKEN OUT A $300,000 LOAN…. NOW BLAME THE LOAN OFFICER, BECAUSE HE PUT THEM THROUGH STATED! BUT WHAT HAPPENNED TO ALL THAT MONEY THEY TOOK? PAID OF THIER CREDIT CARDS, SO THEY COULD GO RUN THEM UP AGAIN, BECAUSE THEY WERE LIVING WAY OUT OF THIER LIFESTYLE? AND THE FINAL STEP WAS RE-MORTGAGING THE HOUSE… BECAUSE IT WAS JUST A MATTER OF TIME, THEY WERE GOING BANKRUPT EITHER WAY?? YOU CAN GO TO ANY CAR LOT, WITH A 680 SCORE OR BETTER BUY A CAR, NEVER HAVE TO PROVE INCOME..BUT LET ME ASK YOU… DOES THAT MEAN I CAN GO BUY A MERCEDES S65 FOR $185,000, JUST BECAUSE THEY WILL LET ME DRIVE IT OFF THE LOT?? THIS IS NOT KNEW FOLKS…ALL THE WEAKMINDED, SELFISH, GREEDY PEOPLE HAVE DONE THIS FOR MANY YEARS, TAKE ALL YOU CAN GET IN LIFE, THEN CRY FOUL..”NOT MY FAULT!” “YOU SHOULD HAVE KNOWN I WAS WEAK!” SOUNDS JUST LIKE YOUR DRUG ADDICTS… THESE PEOPLE WHO BORROWED AGAISNT THIER HOUSE, KNEW THEY COULDNT PAY IT BACK…BUT THEY TOOK THE LOAN ANYWAY…SOUNDS LIKE THE REAL VICTIM IS THE MORTGAGE COMPANIES…THEY LENT WITH AN AGREEMENT, THE BORROWERS TOOK, WITH NO REAL COMMITMENT!!!!!
BEL….

By: erin

erin — Wed, 09 Apr 2008 04:13:28 +0000

give me a break!!! Everyone is so quick to find fault with CW!
Countrywide is the nations’s largest lender, and when a giant walks thru the village,everyone throws stones. 97.3% of all mortgages are paid on time. The media has blown this out of proportion and the secondary market responded by not buying securities. Fast and Easy wasn’t the problem, the builders keep building new homes and the market is already saturated with new inventory, that can only bring prices down further.
the consumer looked upon his property as a source of income and most buyers in the last 5 years have put a second deed and milked equity out before the market started declining,then they belly ache about their loans. Nobody likes the paying back part of the loan process.