Posted on 02/24/2007 10:32:51 PM PST by ex-Texan
These crumb bums will continue lying to potential customers right up until the second they slam the front door of their 'front' office.
So-called sub-prime lending is collapsing, which means the end of no-doc and 100% financing. And that means that most of the speculators are out of the market. Well, actually, they're still quite in the market trying to sell they're over priced houses. Good luck with that.
Got fraud?
check this out:
http://bubbletracking.blogspot.com/2007/02/fraudera-ranch-its-family-affair.html
Here's the Bank of England last week though, in a stunning admission on their housing bubble cause and effect. What they didn't touch on (yet) is that all asset bubbles deflate, all financial manias die, and all periods of low risk premiums reverse:
"Investors are likely to take advantage of this ample liquidity and the associated easy credit to purchase other assets, driving risk premiums down and asset prices up," the BoE told parliaments Treasury Committee on Feb 20th."
What kind of a country are we when we no longer make anything, we no longer produce, we no longer save, we no longer have the ability to provide for ourselves, and we no longer have the capacity to pay back our debts? All we do is sell real estate back and forth to ourselves at tremously inflated prices.
"Nothing to see here. Time to move on."
I had the bank records showing the bill had been paid...and when I called they admitted that they had applied it to the wrong account. Every time I called, for FOUR MONTHS, they admitted it. I was getting collection calls on a daily basis for being 60 days late on my payment...went all the way up to the customer service manager...with assurances each time (at least twice/week) that the situation would be rectified.
After four months of spending several hours per week dealing with these people, I called the State Attorney General's office. They directed me to the head of Banking for our State. I made one phone call; wrote a letter; and attached the documentation. The Banking Division, in turn, wrote a letter of inquiry to Countrywide; I received a letter of apology and phone call from the office of the CEO of said mortgage company within a week.
Incidentally, they actually had the gall to scold me for getting the State of Iowa involved. They still have not corrected the problem on my credit report, or in their internal credit files...despite assurances in the letter from the CEO that they would do so. Moral of the story: contact your elected and appointed representatives when these people get out of line...that is their job.
Very good points. What effect do you believe would happen on the current housing market situation if there is a doubling of energy prices, which could happen contingent on the unstable actions of Iran's ruling Islamic tyrants?
The economic clock is ticking but very few understand what time it really is.
For whatever it's worth, it IS possible to go straight to the credit bureaus, and bypass the lender to get the payment history corrected - I've helped a couple of clients of mine do that.
Then at the very least, you could refinance with a more reputable lender. They are out there.
That's why you set up to have your mortgage payments paid automatically from a bank account.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Theoretically, any lender can sell a loan to a servicer, but there are ones that rarely do.
I work in the mortgage industry. For example, Creve Cor Mortgage sells 100% of their loans. Countrywide sells less than 10%. Aside from the above-mentioned issue they tend to service their loans well. Ameriquest is historically bad at servicing.
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