Posted on 05/22/2008 4:52:33 AM PDT by Quaker
Anyone who does a no-money down, interest-only mortgage on a non-primary residence and shortly thereafter takes out an equity loan for cash — then defaults — should immediately be thrown in jail for fraud. Along with their co-conspirator, the loan officer.
Then why are lenders going bankrupt is such large numbers? Those with good credit have absolutely no problem getting a loan on an accurately appraised house. I'm in the mortgage business, so I know. If your credit isn't so great, that's another story.
I wouldn’t doubt it.
The basis of “liberalism” is not being responsible for your behaviors and choices.
In most cases, the loan oficer merely takes the application and documents. The lender decides how they want the info documented. If the LO gives the lender info based on fraudulent or perjured documents, that's a different story.
doesn’t this qualify her to be the House Ways and Means chairclown? Or maybe the appropriations committee. Fed Reserve chairclown.
It also penalizes lenders who make good loans, but get stuck when housing prices drop below the mortgage amounts and the borrower walks. True?
The lenders knew the law prior to making the loans, so in effect, it was part of the terms of their contract with the borrower; wasn't it?
The lenders knew or should have known that prices were so out of whack that the selling prices made no sesnse. In large part, it was their relaxed lending standards that led to the escalating housing prices. We are now seeing a long overdue correction. The lenders were the ones pressuring appraisers to raise the value of the homes, not the borrower. Why would a borrower do that?
And lets irresponsible borrowers off the hook.
I believe people should stand by their commitments and not shift their losses to the lenders. There is something wrong when people walk just because they are upside down re: loan to value.
Both borrowers and lenders take a risk. When there is a foreclosure or a borrower walks away, they both lose. This is how it should be.
Nothing new in the urban sense of things.....the Metropolitan Rapid Transit Authority (MARTA) in Atlanta once had a chairman of its board who, very recently before ‘earning’ her position was on welfare and lived in public housing.
I knew of a lawyer once that knew all the tricks about delinquent mortgages. He never paid the payments, and every six months or so he’d file the necessary remediation plans, etc. whatever they were, make one payment and then start the whole process over. 2 payments a year? Not bad!
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