Science and Technology news... :: View topic - Mortgage brokers are the real villains in this mess

Guest

On Fri, 03 Oct 2008 21:09:03 -0500, David Hartung
<david@lemagroup.us> wrote:

[quote]TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom they
were trying to get a loan. The otherwise unqualified buyer would have
instant good credit. After the loan was granted, the broker pulled his
money out.

Evidence please.
[/quote]
Don>t need to see evidence

The entire mess centered around risky (but legal) Loans
given, then bundled, sold, resold and profit made---not
on the repayment interest, but the speculation of the
rise in interest.

Guest

On Sat, 4 Oct 2008 09:51:34 -0700, "OneTwoThree"
<youare@notverysmart.ru> wrote:

[quote]
"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom they
were trying to get a loan. The otherwise unqualified buyer would have
instant good credit. After the loan was granted, the broker pulled his
money out.

I know a broker who is doing well because who only deals in secure high
end loans. He told me a similar story about brokers telling clients to
borrow money from relatives and return it when the loan closed. He also
said that they would find appraisers who were willing to overstate
property values. Also many lenders never bothered verifying income and
sometimes told people to lie.

some mortgage brokers would push "stated income" loans. they might not tell
someone to lie, but they would explain that in a stated income loan the
borrower did not have to provide documentation.

so you are saying that the rich are not the cause of the mortgage crisis,
and by implication the poor and middle class are?
[/quote]

You>re asking Hartung?

That>s laugable.

Guest

On Sat, 04 Oct 2008 05:23:23 -0500, David Hartung
<david@lemagroup.us> wrote:

[quote]Assuming that your store is true, it would seem to me that the "scumbag"
buyer is every bit as responsible as the "scumbag" mortgage broker.
[/quote]
How>s that?

A lot were offered low-intrest loans, no down payment,
and other enticements to get them into housing

The intended use of those Mortages was speculation UP
the wealth and financial chain.

It was never intended to see the re-payment

David Hartung · Guest

Nicklas@Click.com wrote:
[quote]On Sat, 04 Oct 2008 05:23:23 -0500, David Hartung
david@lemagroup.us> wrote:

Assuming that your store is true, it would seem to me that the "scumbag"
buyer is every bit as responsible as the "scumbag" mortgage broker.

How>s that?

A lot were offered low-intrest loans, no down payment,
and other enticements to get them into housing

The intended use of those Mortages was speculation UP
the wealth and financial chain.

It was never intended to see the re-payment
[/quote]
Prove it.
** Posted from http://www.teranews.com **

David Hartung · Guest

Nicklas@Click.com wrote:
[quote]On Fri, 03 Oct 2008 21:09:03 -0500, David Hartung
david@lemagroup.us> wrote:

TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom they
were trying to get a loan. The otherwise unqualified buyer would have
instant good credit. After the loan was granted, the broker pulled his
money out.
Evidence please.

Don>t need to see evidence
[/quote]
Typical, accuse but do not support the accusation.
** Posted from http://www.teranews.com **

Guest

On Sat, 4 Oct 2008 12:34:41 -0500, "Jorge Duhbya Arbusto, POTUS
$Retired$" <cleanin>_the_stables@fakeranch.tx> wrote:

[quote]
Keep spewing your lies and ignorance and see if you can
appear even more clueless.
You haven>t offered up any other explanation.
1) You>re lying.
2) Even if no other explaination was offered, it don>t make your
BULLSHIT pack of ignorance and lies any less false.

Hey, Einstein... I>m waiting for your explanation.

Hey Liar, it>s already posted, do pay attention.

No, you didn>t.

You didn>t post a single alternate explanation for how so many
hundreds of thousands, maybe millions, of mortgages came to be
granted to people who had neither the means nor the will to pay them
back.

Not a single explanation.

Here>s the explanation. Take the time to download and read it:

http://www.independent.org/publications/policy_reports/detail.asp?type=full&id=30
[/quote]

LOL. from this think tank?

Board of Directors

* Gilbert I. Collins
Private Equity Manager
* Peter A. Howley
Co-Founder, IP Wireless Inc.
* Isabella Speakman Johnson
President, Curran Foundation
* W. Dieter Tede
Owner, Hopper Creek Winery
* David J. Theroux
Founder, President and Chief Executive Officer, The Independent
Institute
* Mary L. G. Theroux
Former Chairman, Garvey International, Inc.
* Sally von Behren
Businesswoman and Philanthropist

In Memoriam Board of Directors

* Johan F. Blokker
President and Chief Executive Officer, Luxcom, Inc.
* John S. Fay
President, Piney Woods Corporation
* A. Neil McLeod
Founding President, Liberty Fund, Inc.
* James P. Miscoll
Vice Chairman, Bank of America
* Willard A. Speakman
President and Chief Executive Officer, Speakman Company

Governor Swill · Guest

This is retrogrouch@comcast.net>s brain on drugs:
[quote]Clave wrote:
retrogrouch@comcast.net wrote
TigerLuck wrote:
Which says nothing about anyone *forcing* anyone to take out a loan,
*jackoff*.
Realitycheck is the reason they make twit filters. he NEEDS to
believe. he adds nothing to the conversation beyond what he needs to
believe.
DOn>t waste time on him.
I killfiled *both* of these fuckheads.

Why?
[/quote]
Same reason I did which you demonstrate below. :-)

Swill

[quote]Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
--[/quote]
Liberal: I like the puppet on the left.
Conservative: I like the puppet on the right.
Independent: Hey! There>s one guy holding both puppets!
Centrist: I hope he knows which puppet>s on which hand.
Picture of the day: http://apod.nasa.gov/apod/

nys999 · Guest

David Hartung <david@lemagroup.us> wrote in
news:805d5$48e7ba08$8698@news.teranews.com:

[quote]Nicklas@Click.com wrote:
On Sat, 04 Oct 2008 05:23:23 -0500, David Hartung
david@lemagroup.us> wrote:

Assuming that your store is true, it would seem to me that the
"scumbag" buyer is every bit as responsible as the "scumbag"
mortgage broker.

How>s that?

A lot were offered low-intrest loans, no down payment,
and other enticements to get them into housing

The intended use of those Mortages was speculation UP
the wealth and financial chain.

It was never intended to see the re-payment

Prove it.
** Posted from http://www.teranews.com **
[/quote]
"Prove it"? Oh yeah, another Palin type. "You were raped? Prove it." "That
knife up against your neck? A sex toy."

You have the moral integrity of a pimp running five dollar whores.

nys999 · Guest

David Hartung <david@lemagroup.us> wrote in
news:40273$48e6de53$30108@news.teranews.com:

[quote]George Grapman wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they were trying to get a loan. The otherwise unqualified buyer
would have instant good credit. After the loan was granted, the
broker pulled his money out.

I know a broker who is doing well because who only deals in secure
high end loans. He told me a similar story about brokers telling
clients to borrow money from relatives and return it when the loan
closed. He also said that they would find appraisers who were willing
to overstate property values. Also many lenders never bothered
verifying income and sometimes told people to lie.

The only home I have ever purchased, came to me on wheels, and 8 years
ago, it was $20,000 brand new. Even for that paltry loan, I had to
prove my income.

Your story does not pass the smell test.
** Posted from http://www.teranews.com **

[/quote]
Ahhhhh, during the Clinton years.

Blackwater · Guest

How come it>s always assumed that Americans are somehow WORSE
than anyone else ?

Geez ... LOOK at the world sometime. Our failings exist, but
compared to so many others ...........

OneTwoThree · Guest

<Nicklas@Click.com> wrote in message
news:0ddfe45g2vd17a0dg6r7p7bdso03a5efdq@4ax.com...
[quote]On Sat, 4 Oct 2008 09:51:34 -0700, "OneTwoThree"
youare@notverysmart.ru> wrote:

"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they
were trying to get a loan. The otherwise unqualified buyer would have
instant good credit. After the loan was granted, the broker pulled his
money out.

I know a broker who is doing well because who only deals in secure
high
end loans. He told me a similar story about brokers telling clients to
borrow money from relatives and return it when the loan closed. He also
said that they would find appraisers who were willing to overstate
property values. Also many lenders never bothered verifying income and
sometimes told people to lie.

some mortgage brokers would push "stated income" loans. they might not
tell
someone to lie, but they would explain that in a stated income loan the
borrower did not have to provide documentation.

so you are saying that the rich are not the cause of the mortgage crisis,
and by implication the poor and middle class are?

You>re asking Hartung?
[/quote]
no, I was asking Grapman

[quote]
That>s laugable.
[/quote]
it is YOU who are laffable

>

Adam Whyte-Settlar · Guest

"David Hartung" <david@lemagroup.us> wrote in message
news:40273$48e6de53$30108@news.teranews.com...
[quote]George Grapman wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom they
were trying to get a loan. The otherwise unqualified buyer would have
instant good credit. After the loan was granted, the broker pulled his
money out.

I know a broker who is doing well because who only deals in secure
high end loans. He told me a similar story about brokers telling clients
to borrow money from relatives and return it when the loan closed. He
also said that they would find appraisers who were willing to overstate
property values. Also many lenders never bothered verifying income and
sometimes told people to lie.

The only home I have ever purchased, came to me on wheels, and 8 years
ago, it was $20,000 brand new. Even for that paltry loan, I had to prove
my income.
[/quote]
Pre-Bush economic system. Things have *changed* in the last eight years
dude.
Where have you been?

Reality_Check© · Guest

Jorge Duhbya Arbusto, POTUS (Retired) wrote:
[quote]Both you and TigerLuck need to read this paper carefully. With the
lowering of mortgage qualifications standards, it became commonplace
for builders of low income housing to give the downpayment to
applicants, using non profit organizations as fronts for the gift.
[/quote]
This scheme was approved by HUD.

[quote]They would then use appraisers to raise the price of the home by an
amount equal to the gift.
[/quote]
This would be a crime on the part of the certified licensed appraisers.

[quote]Download "Anatomy of a Train Wreck". See
pages 9 and 10.
[/quote]
The Down Payment Assistance schemes, approved by HUD, and approved
and accepted by *some* mortgage underwriters, represent only a small
fraction
of the U$ citizen deadbeats who have defaulted on their legal obligations to
repay the $$ *they* borrowed and *spent*.

The primary cause of the "mortgage mess" is the utter greed, avarice and
selfish ignorance of the average Amerikkkan idiot.

[quote]
http://www.independent.org/publications/policy_reports/detail.asp?type=full&id=30[/quote]

Reality_Check© · Guest

Nicklas@Click.com wrote:
[quote]On Sat, 04 Oct 2008 05:23:23 -0500, David Hartung
david@lemagroup.us> wrote:

Assuming that your store is true, it would seem to me that the
"scumbag" buyer is every bit as responsible as the "scumbag"
mortgage broker.

How>s that?

A lot were offered low-intrest loans,
[/quote]
So who forced them to take those loans and spend the $$ ?

[quote]no down payment,
[/quote]
So who forced then to take such loans and spend the $$ ?

[quote]and other enticements to get them into housing
[/quote]
So who forced them to purchase homes they couldn>t afford?

[quote]The intended use of those Mortages was speculation UP
the wealth and financial chain.
[/quote]
With speculation comes risk -- sometimes reward, sometimes loss --
now the whining losers who speculated and lost want to blame
the lender for their own ignorance and misfortune.

Booo hoooo hoooo!

Reality_Check© · Guest

OneTwoThree wrote:
[quote]"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the loan
was granted, the broker pulled his money out.
Complete BULLSHIT !

Gospel truth, so help me...

Complete BULLSHIT ... not even god can help.

1) Depositing $30,000 doesn>t change bad credit into "instant good
credit",
in fact it doesn>t change your credit score at all.

2) Depositing $30,000 doesn>t change anyone>s DTI ratios from bad
to good 3) Depositing $30,000 *does* raise mortgage underwriter
suspicion,
and if being
used towards the purchase of the home, would require a verified
source statement
as to the exact origin of the funds, and a sworn statement that the
funds were
not borrowed/loaned.

Now take your BULLSHIT back to your "painter" friend and tell him
to EAT IT.

And yet, we are faced with the reality that mortgage brokers were
able to obtain home loans for clients who had no money to put down,
no income and no assets.

using "stated income" and paying a couple more points, which were
tacked into the final loan amout.
[/quote]
Higher costs for higher risks.

[quote]
another trick of the trade was to wrap a couple of years payments
into the loan, so that the buyer could pay the mortgage while maybe
fixing up a little and getting ready to sell in a year for that now
infamous 10-20% "profit"
[/quote]
And MILLIONS of buyers did that successfully.

[quote]I>m with the other guy - your story may well be an urban myth,
especially as it was not necessary to do such things during the heat
of the RE bubble.
[/quote]
Deadbeats ALWAYS blame other>s for their own failures ... it>s the
Amerikkkan way !

[quote]

Some mortgage brokers are exclusively lenders of their own money and
provide a direct source of mortgage funding to clients. This money
can be used to secure funds from a third party. If the deal is done
right, the broker can be paid back from the third party loan.

if they are lending their own money, why would they need to involve a
3rd party?
[/quote]
Exactly. TigerLuck is full of shit.

[quote]a LOT of the questionable loans came from third party
brokers who received a commission for finding the client and working
the client through the paperwork process.
[/quote]
And EVERY ONE of those loans required the homeowner/borrower
to declare -- numerous times -- under penalty of perjury and/or fraud,
that *all* the information they submitted is TRUE and ACCURATE.

And no one forced these loser homeowners to borrow the $$
and spend it in the first place.

Amerikkan greed and ignorance collided with Reagan/Bu$h/Repugnikkkan
economics.

Yeeeeeeeeee haaaaaaaaaaaaaaaa! Stay the Course!


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