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Posted on 02/08/2016 7:34:26 AM PST by Citizen Zed
Quicken Loans, America's largest online lender, previewed their fast and easy Rocket Mortgage app during the Super Bowl Sunday, causing some financial experts to criticize a 2008-like mindset.Â
"Here's what we were thinking: what if we did for mortgages what the Internet did for buying music, and plane tickets and shoes?"
Quicken Loans asked in their 60-second Super Bowl ad Sunday, where the company advertised their new online tool Rocket Mortgage.
Using Rocket Mortgage, future homebuyers can get a mortgage on their phones, according to the ad. And more homebuyers are good for America, the ad suggests, because they encourage patriotic consumption with more people buying more stuff like couches, blenders and lamps.Â
"What we're saying is that a strong housing market filled with responsible homeowners is important to the economy," Quicken Loan’s chief executive Bill Emerson tells The Wall Street Journal.Â
While some criticized the ad’s promotion of unabated consumerism, most took issue with the way it evokes the environment leading up to the 2007-2009 subprime mortgage crisis, especially punctuated by the ending tagline: "Push Button, Get Mortgage." That crisis led directly to a global financial crisis, and then to the Great Recession.
(Excerpt) Read more at m.csmonitor.com ...
They should just stick with physically fit humans to sell that swill to the fat masses.
“If you have a smartphone, you qualify for a home loan.”
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They really fail to understand the real estate market. Rising prices on low cost housing via easy mortgages causes the price of better properties to go up also. They are back giving out liars loans to minorities and illegals...plus encouraging non-owner occupied or over occupied houses. They never learn.
Yes, and in Q1/16 Fannie and Freddie are expected to come up with a replacement for the use of FICO’s scores in mortgage applications. Cause you know they’re RACIST!
Did Di-Tech change their name to Quicken Loans?
“Using Rocket Mortgage, future homebuyers can get a mortgage on their phones”
How are they going to get a mortgage on a house if they already have one on their phone? /s
Prior to the 2008 crash, mortgage lenders didn't care if the borrowers couldn't afford the loans. They made as many subprime loans as they could, then they would sell the loans to Wall Street firms, who would repackage them as mortgage bonds, and then sell them to private investors. This was called the originate and sell model.
After The Crash, I read that the illegals in CA were selling their house to a relative each time the "value" increased $100,000 - some three or more times. When the balloon burst, the current holder of the mortgage fled back to Mexico, along with his relatives, who are now living the Good Life, courtesy of the stupid Gringos.
Don’t know about this change but my original mortgage broker sold to Countryside who sold to Bank of America who sold to Greentree who is now Ditech. Tried to do a refi but because of my age couldn’t get approved unless I agreed to take the accumulated equity out as a new loan or unless I was upside down on my mortgage. So I’m paying the balance off.
I remember the anecdote about the California kid who was working at a car wash one week and making 20 grand a month writing mortgages the next week.
I thought it was a great commercial glorifying the virtues of capitalism. Reminded me of the incredible essay “I, pencil. “
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