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ITS MORTGAGE BROKERS WHO GOT US INTO THIS MESS. [content removed by moderator for being self promotional]
bennye- follow the money trail... the lenders don't care how much they 'lose' in this whole ordeal- every house that they have interest in will be sold and resold from now until the end of time... I'm sure they will come up with something to satisfy the greedy loan market in the short term though. Right now, everyone is pushing FHA, and they are rolling out very aggressive programs for bank-owned properties as well... They are going to count on the investors to make another run to buy up as much property as possible... get those properties FINANCED and generating interest income for the lenders.
Thanks for not blaming it on the brokers, by the way, that's a cop out I will never understand.
Lender rating
Since November 2009
Countrywide is falling apart at the seems Sammi....because Countrywide is who bought the subprime loans.....
JENNIFER IS WRONG.
Lender rating
Since November 2009
Jennifer is right!
sammi- who came up with the underwriting guidelines for the loans? who pushed AE's out to hustle business FROM brokers??? Banks like COUNTRYWIDE. Are you really THAT naive???
Beenye,
Their are plenty of old programs out there that were tried and true. It will just take awhile for Wall Street and Banks to find their guidlelines for these programs that are hidden away in their storage covered in dust. They will be rolled out as new products...just like FHA, but they have been there all along, just not as profitable as the loan written in the last decade.
MORTGAGE BROKERS ARE NOT IMPORTANT. THEY ARE JUST MIDDLEMEN TRYING TO GET MONEY. GO WITH A DIRECT LENDER.
Lender rating
Since November 2009
I sense a hint of jealousy.
Lender rating
Since July 2009
Not worth a comment. Lots of hostility.
Lender rating
Since January 2009
You remember Sammi don't ya Wayne?
If these products exist then its time for the industry to push "quality" Loans to the public. I think many are gun shy and afraid to get themselves into something that will end up burning them, especially when prices decline further.
PR can really help be upfront and take away the fear from the buyer. Think about the price depreciation we are seeing now, people can actually afford a home again, yet evreyone is sitting on the fence.. why? I think people are confused and wary of loans right now. How many signed contracts and had no idea the rate would adjust or that they were paying zero principle and even negative.
Lenders need to help turn the tide by assuring the folks that they can trust lenders again. Pushing a safe product will help.
benny- agreed, but also I think people assume that we haven't hit the bottom yet... why buy now, when in a year or two they can get the same house even cheaper than now? The lenders will start getting antsy if things don't turn around. They want people making their mortgage payments (interest to the lender in a big way), and they can't pay mortgage payments without taking out a mortgage...
Who was it that just got rid of everything EXCEPT FHA? Not New Century, but someone similar... Equifirst???
also, pushing a safe product will help- but to earn trust back, things need to be more transparent and streamlined. People get taken advantage of, and that's not cool. How do we combat that??? I don't know... But I'm sure there's something we can do...
Beenye,
I agree there are some great deals out there, but everyone is scared banks, buyers and sellers combined. These products will come about, but right now banks are not even sure what they have on their books. Things just need to calm down.
Jenn,
We
Jenn,
We need to simplify the disclosure process, not continually complicated. I read a story somewhere that 50% of people could not tell what their loan amount was from the disclosures on a 30 year fixed rate.
Are Lenders offering special programs for buyers of REO properties? Is there a tax incentive being given for buyers of distressed properties?
Jennifer- People are expecting prices to drop further, myself included, I am fence sitting, but when the time comes to jump in, I would like a safe loan product that can insure low payments, yet not reset or aquire negative amoritization.
Beenye,
The tax incentive has not passed yet, although I have no doubts it will.
Rob- I agree. It takes time to explain those disclosures, and to be honest, I don't think most loan oficers do explain them properly... APR is important, but difficult to explain...
I wouldn;t doubt that story at all. There's the loan amount, and then there's the amount financed, then there's the actual wire amount... it is confusing to the average borrower, so I buy that 50% didn't know what was their actual loan amount... scary...
Sammi drunk off the Countrywide Kool Aid. Lets look at "Americas #1 Lender" and see how they are doing? Now might not be the best time to beat your chest.
benny- unfortunately, consumers are still rate-shoppers. THOSE are the people that get taken advantage of, believe it or not. Until consumers are ready to look at more than just flashy ads and numbers, they will continue to be misled and abused... most of our disclosures are mandated by federal law- getting them to simplify things, or having one lender have their 'own' set would be impossible, unfortunately...
Yes, please go with a direct lender so once that loan officer screws you over they can disappear back into the framework of that craphole named Countrywide. As a broker, I give my borrowers all my contact information (home address if they want), meet with them in their homes or work, make myself accessible 16 hours/day and follow up with my borrowers every 3 months after a loan closes to make sure everything is going smoothly and they dont have any questions and might have been afraid to feel like they were bothering me.
Bank of America should have let Countrywide sink into the toilet!!
Lol.
I have to agree with many here. I think sammi is this guy Vincent from Countrywide who used to come to the site last year. Ask some of the older members like Salem or Wayne.
Dealing with a direct lender is not necessarily the best deal. In fact, its been my experience that using my wholesale channel has saved folks money .
But not always. BOA used to offer EXCELLENT deals on 100% purchases that we couldnt touch.
Since they have shrunk their margains, its become more difficult to compete with retail, but its still offers a wider range of programs thru different lenders .
I know Salem does a lot of retail, and can still offer excellent pricing. But certainly not sammi nor Wells Fargo retail or Ditech.
Lender rating
Since August 2009
The products are there have been all a long. Anyone with documentable income good credit and cash can obtain a great loan, fixed payments fixed interest. If you can't provide these items ,you may have to wait until you can to buy your home. Those buyers that are waiting for the bottom may want to keep on eye on thier rear view mirrior, the bottom will be most apparent when we have passed it.
Beenye,
It would be nice to have a nice safe product with simple disclosures, but the government is the one designing the disclosures and requiring them to be sent out.
I would love to be able to do that...still too many fingers in the pot though.
Rob. I have to admit I have a growing frustration and lenders adding layer upon layer of nonsense to defend themselves.
I deduced long ago that all the disclosures were to protect the lenders from lawsuit. Not the homeowner.
They need to revamp the whole thing into comprehensive and simple terms. Not cover all the loopholes 50 different ways with a 100 page application that borrowers have no way of really undertanding.
There are more thumbs than a Hitchhiker convention on this thread. Look, Son of Sammi, nobody got into your grill about Cwide upfront, but I am at a loss as to what you are doing asking for subprime business pandering after I simply attached an article about some bad mortgage folks. Did it offend you or are you related to them? Clients? Help us instead of beating I am unsure whether or not you are another person with CAPS LOCK ALWAYS or just spent to much time in "Tan"gelo's tanning bed. Good luck at BofA and time will tell whether your "golfshirt" will say Countrywide, Bank of America or R.I.P. The market (stock) doesn't like what you guys have, but I don't go on these boards pimping anything. Ease it down a bit. We're all good.
Lender rating
Since January 2009
What about me Tom?
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C'mon Lenders you got us into this mess....
bennye
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So we know the Sub-Prime madness, and Atl-A loans were a major factor in creating the mess we are all in today. As banks tighten the reigns, and prices sink lower, what will the Banks do now?
Banks/Lenders are in the buisness of loaning money to buyers for mortgages. I assume they are not going to sit on the sidelines, but try to still make money. Question is how?
Will the Mortgage industry devise a product without a ticking timebomb attatched to it that will still allow buyers to afford Homes with reasonable payments?
Lenders got us into this messs, can they get us out?
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