The Mortgage Lender "Implode-o-Meter"

Quote from traderNik:

Well documented? Links please?
More...

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070719/BIZ01/707190317/1076/BIZ

"Ohio Attorney General Marc Dann said his office is close to getting its first criminal indictments in its crackdown on predatory lending practices."

"While Dann is already pursuing about 30 civil cases statewide, he said criminal charges are being pursued against the worst mortgage brokers and property appraisers that he believes helped give the Buckeye State the highest foreclosure rate in the nation."

"Among those who attended was Tracey Brooks, a 44-year-old hospital administrative assistant and mother of two, who said her purchase of a three-bedroom East Price Hill home was marred by her lender. Though she was told her loan came with a fixed rate, it adjusted after two years - pushing her $678-per-month mortgage payments to about $1,100."

Can you explain what 'reasonable regulations' could possibly prevent sharp practice among lenders who are dealing with buyers who don't know enough about the process or the various ways in which they need to protect themselves? If I sell you a car for $50,000 but the car is worth $10,000, that's not illegal. It just means that you overpaid.
More...

That's what appraisals are for. The average Joe who needs a house for shelter isn't equipped to make his own appraisal. The bank needs to know there's enough collateral to back the loan. Appraisers need to be licensed and be governed by laws to ensure objective appraisals. They get caught puffing up a home's value, then they should be prosecuted.

I don't understand the attitudes of some ET'ers -- they think unregulated free markets are the answer to everything. All that does is send us back to the 1800's. We've learned from history that free markets need to be regulated to keep us all honest and to have an even playing field. Nothing wrong with profit as long as it earned fairly and honestly. Ripping off a single mom by hiding a big balloon ARM in fine print is not an ethical profit, and when she's foreclosed, we all suffer when the market drops.
 
Quote from daddyeaux:

wait until a congressman gets ahold of this idiot asshhole

http://money.cnn.com/2007/08/04/news/companies/freddiemac.reut/index.htm?source=yahoo_quote
More...

so much less heat if Feddie or Fannie step in... in know that the yare technically GSEs, but either way, US TAxpayers gonna eat a crap sandwich sommwhere

has anyone else had enuf of the "hard -working "Merikan homeowner gonna lose there roof? i mean, 1/2 these loans are to r.e. specs and the other 1/2 are liar loans?" sad, but no sympathy.
 
You must log in or register to reply here.
Back
Top