Posts tagged as:

mortgage broker

Brothers, facing foreclosure, sue broker, attorney

by Moe Bedard

Now, the Fusaro sons might lose the homes Umberto worked so hard to buy.

The sons, Carmine, 46, and Biagio, 37, are suing their mortgage broker and the attorney who helped him for what they say were predatory lending practices, practices that led the Fusaros to refinance or take out loans every year from 2001 to [...]

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Predatory Lending by Mortgage Brokers Magnify the Foreclosure Crisis

by Moe Bedard

Many of these OC brokers operated for years in the wide open and most recently (from 2005-2007), selling nothing but negative amortization mortgages (AKA Pay Option ARM or Pick a Pay) throughout the Golden State to borrowers that should have never, ever been placed in that loan.

$20-30,000 commission checks for a loan in 2004-2005 were as common as foreclosures are today….

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You have to jail the source. Wall Street, then the Banks/Lenders, then the brokers and maybe some consumers

by Moe Bedard

Reader Contributed – Chris the Mortgage Broker - In response to this post
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 [...]

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Mortgage brokers are still committing fraud & submitting bad loans = Business as usual

by Moe Bedard

By Poppy (30 year mortgage industry veteran/senior underwriter) 

It has been a long, difficult and contentious day….between the Brokers, AE’s and Processors, none of whom appear to know that there are two “g’s” let alone a “t” in mortgage.  It leaves one not sure whether to be so angry as to find them all and pound some [...]

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Are Mortgage Brokers Ancient History in 08?

by Moe Bedard

By Moe Bedard 
The mortgage and real estate industry has resembled a battlefield marred with carnage and destruction with what appears to have no end in sight. 210 imploded lenders and thousands of mortgage, real estate professionals and anything related to these professions in one way, shape or form, litter the path of no jobs and no hope.
The [...]

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