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TigerLuck
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 Posted: Sat Oct 04, 2008 5:27 am Post subject: Mortgage brokers are the real villains in this mess |
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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.
--
Sinatra & Sarah do Witchcraft
http://www.youtube.com/watch?v=rqs_2CVcWb0
Meet Pastor Muthee -- the man who laid hands on Sarah Palin
http://www.youtube.com/watch?v=CsnrIVj9IbM |
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TigerLuck
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
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Reality_Check© wrote:
[quote]TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
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
Depositing $30,000 of unsourced funds doesn>t do f ck ALL
to create "instant good credit".
mortgage brokers were able to obtain home loans for clients who
had no money to put down,
Because those LOAN PROGRAMS themselves didn>t require any $$ down,
jackass.
no income
Because those LOAN PROGRAMS themselves didn>t require income.
and no assets.
BULLSHIT.
The sub-prime mortgage products required THE HOUSE as the
collateralized asset
to secure the loan.
Some mortgage brokers are exclusively lenders of their own money
and provide a direct source of mortgage funding to clients.
Then they must be Registered and Licensed as direct LENDERS and
comply with myriad rules, laws and regulations governing same.
This money can be used to secure funds from a third party.
If they qualify according to said third party>s underwriting
requirements.
If the deal is done right, the broker can be paid back from the
third party loan.
Your original "story" is BULLSHIT, continuing to dig won>t get you
out of the hole.
Sure it happened.
Complete BULLSHIT.
I personally know someone who was put into a house
she could not afford because a scumbag mortgage broker used her own
money to help secure a loan without regard to whether the borrower
could really pay it back.
You really have no idea what you>re talking about, do you numbnuts?
The scumbag mortgage broker worked the deal
so that her money was never at risk.
And your friend was *forced* to fill out all those papers,
and *forced* to lie, and *forced* to commit all that fraud,
and *forced* to purchase that house, eh?
That>s not what I wrote at all.
Here>s what you wrote, you lying sack of shit:
"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."
[/quote]
Which says nothing about anyone *forcing* anyone to take out a loan, *jackoff*.
Now go stand in the corner for 15 minutes and think about what a raging DUMBASS you are.
I>m going to assume that rest of your post is just as much a waste of time to read
as what I read so far.
You haven>t given me any reason to the the contrary.
[quote]
Which is COMPELTE BULLSHIT !
Most people buy a house very very infrequently.
As evidenced by your utter pig-ignorance on the subject.
Mortgage brokers are in the business of arranging
loans.
Really?
Wow. Such a shocking revelation.
They work at it every day. It was mortgage brokers, intent on
making a commission who arranged loans that could not be paid back by
the people who were borrowing
Why?
Why arrange loans that "could not be paid back" when
there are MILLIONS of borrowers who can and do
pay back their loans, and won>t wreck the brokers'
defaulted loan scores with the underwriters?
if home prices ceased rising and the
borrowers had to start paying on the principal.
So who forced these idiot borrowers to borrow more
than they could afford, eh?
Mortgage brokers *knew* this. but kept pushing home loans out the door.
You mean that BANKS kept offering those mortgage products, and idiot
greedy corrupt borrowers kept consuming them, eh?
I suppose you blame the U$A>s drug problem on Colombia, eh?
This is what fueled rising home prices. It was a massive pyramid scheme
that was
fueled by mortgage brokers greed for commission money.
No, it was fueled by inbred morons, fools and imbeciles like you who
have no fucking clue, and were willing and eager to commit FRAUD
and other FELONIES so they could have the illusion they weren>t the
losers they actually are.
Now tell us again, jackass, how depositing $30,000 gives someone
"instant good credit". Or does that only work for "painters" ?
LOL!
It is the scumbag mortgage
brokers who are the real villains in this mess,
You really have no fucking clue what you>re yammering about,
do you jackass?
using fraudulent and crooked methods to get people to sign on the
dotted line
You mean where the *borrower* signs and declares, under PENALTY of
PERJURY that
that everything contaned in the Mortgage Application/Loan
Documents/Financial Statemets/
HUD Declaration and Purchase Agreement is TRUE and CORRECT ?
for interest only loans that they could not possibly pay back the
principal on,
I pay back principal on my "interest only" loan(s) all the time.
promising them riches if they only held onto the house for 6 months
to a year.
So these friends of yours were pig-ignorant imbeciles ... as well as
primary actors in Bank Fraud, Mail Fraud, and various other
FELONIES, eh?
You know it and I know and now a few other people know it as well.
I know your original "story" is complete BULLSHIT.
Thanks for helping get the message out.
Keep digging, jackass ... eventually you>ll come out the other side
...
[/quote]
--
Sinatra & Sarah do Witchcraft
http://www.youtube.com/watch?v=rqs_2CVcWb0
Meet Pastor Muthee -- the man who laid hands on Sarah Palin
http://www.youtube.com/watch?v=CsnrIVj9IbM |
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Reality_Check©
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
|
|
TigerLuck wrote:
[quote]Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
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
Depositing $30,000 of unsourced funds doesn>t do f ck ALL
to create "instant good credit".
mortgage brokers were able to obtain home loans for clients who
had no money to put down,
Because those LOAN PROGRAMS themselves didn>t require any $$ down,
jackass.
no income
Because those LOAN PROGRAMS themselves didn>t require income.
and no assets.
BULLSHIT.
The sub-prime mortgage products required THE HOUSE as the
collateralized asset
to secure the loan.
Some mortgage brokers are exclusively lenders of their own money
and provide a direct source of mortgage funding to clients.
Then they must be Registered and Licensed as direct LENDERS and
comply with myriad rules, laws and regulations governing same.
This money can be used to secure funds from a third party.
If they qualify according to said third party>s underwriting
requirements.
If the deal is done right, the broker can be paid back from the
third party loan.
Your original "story" is BULLSHIT, continuing to dig won>t get you
out of the hole.
Sure it happened.
Complete BULLSHIT.
I personally know someone who was put into a house
she could not afford because a scumbag mortgage broker used her own
money to help secure a loan without regard to whether the borrower
could really pay it back.
You really have no idea what you>re talking about, do you numbnuts?
The scumbag mortgage broker worked the deal
so that her money was never at risk.
And your friend was *forced* to fill out all those papers,
and *forced* to lie, and *forced* to commit all that fraud,
and *forced* to purchase that house, eh?
That>s not what I wrote at all.
[/quote]
Here>s what you wrote, you lying sack of shit:
"I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the
loan was granted, the broker pulled his money out."
Which is COMPELTE BULLSHIT !
[quote]Most people buy a house very very infrequently.
[/quote]
As evidenced by your utter pig-ignorance on the subject.
[quote]Mortgage brokers are in the business of arranging
loans.
[/quote]
Really?
Wow. Such a shocking revelation.
[quote]They work at it every day. It was mortgage brokers, intent on
making a commission who arranged loans that could not be paid back by
the people who were borrowing
[/quote]
Why?
Why arrange loans that "could not be paid back" when
there are MILLIONS of borrowers who can and do
pay back their loans, and won>t wreck the brokers'
defaulted loan scores with the underwriters?
[quote]if home prices ceased rising and the
borrowers had to start paying on the principal.
[/quote]
So who forced these idiot borrowers to borrow more
than they could afford, eh?
[quote]Mortgage brokers *knew* this. but kept pushing home loans out the door.
[/quote]
You mean that BANKS kept offering those mortgage products, and idiot
greedy corrupt borrowers kept consuming them, eh?
I suppose you blame the U$A>s drug problem on Colombia, eh?
[quote]This is what fueled rising home prices. It was a massive pyramid scheme
that was
fueled by mortgage brokers greed for commission money.
[/quote]
No, it was fueled by inbred morons, fools and imbeciles like you who
have no fucking clue, and were willing and eager to commit FRAUD
and other FELONIES so they could have the illusion they weren>t the
losers they actually are.
Now tell us again, jackass, how depositing $30,000 gives someone
"instant good credit". Or does that only work for "painters" ?
LOL!
[quote]
It is the scumbag mortgage
brokers who are the real villains in this mess,
You really have no fucking clue what you>re yammering about,
do you jackass?
using fraudulent and crooked methods to get people to sign on the
dotted line
You mean where the *borrower* signs and declares, under PENALTY of
PERJURY that
that everything contaned in the Mortgage Application/Loan
Documents/Financial Statemets/
HUD Declaration and Purchase Agreement is TRUE and CORRECT ?
for interest only loans that they could not possibly pay back the
principal on,
I pay back principal on my "interest only" loan(s) all the time.
promising them riches if they only held onto the house for 6 months
to a year.
So these friends of yours were pig-ignorant imbeciles ... as well as
primary actors in Bank Fraud, Mail Fraud, and various other
FELONIES, eh?
You know it and I know and now a few other people know it as well.
I know your original "story" is complete BULLSHIT.
Thanks for helping get the message out.
Keep digging, jackass ... eventually you>ll come out the other side
...[/quote] |
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TigerLuck
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
|
|
Reality_Check© wrote:
[quote]TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
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
Depositing $30,000 of unsourced funds doesn>t do f ck ALL
to create "instant good credit".
mortgage brokers were able to obtain home loans for clients who had
no money to put down,
Because those LOAN PROGRAMS themselves didn>t require any $$ down,
jackass.
no income
Because those LOAN PROGRAMS themselves didn>t require income.
and no assets.
BULLSHIT.
The sub-prime mortgage products required THE HOUSE as the
collateralized asset
to secure the loan.
Some mortgage brokers are exclusively lenders of their own money and
provide a direct source of mortgage funding to clients.
Then they must be Registered and Licensed as direct LENDERS and
comply with myriad rules, laws and regulations governing same.
This money can be used to secure funds from a third party.
If they qualify according to said third party>s underwriting
requirements.
If the deal is done right, the broker can be paid back from the
third party loan.
Your original "story" is BULLSHIT, continuing to dig won>t get you
out of the hole.
Sure it happened.
Complete BULLSHIT.
I personally know someone who was put into a house
she could not afford because a scumbag mortgage broker used her own
money to help secure a loan without regard to whether the borrower
could really pay it back.
You really have no idea what you>re talking about, do you numbnuts?
The scumbag mortgage broker worked the deal
so that her money was never at risk.
And your friend was *forced* to fill out all those papers,
and *forced* to lie, and *forced* to commit all that fraud,
and *forced* to purchase that house, eh?
[/quote]
That>s not what I wrote at all. Most people buy a house very very infrequently.
Mortgage brokers are in the business of arranging loans. They work at it every day.
It was mortgage brokers, intent on making a commission who arranged loans that could
not be paid back by the people who were borrowing if home prices ceased rising and
the borrowers had to start paying on the principal. Mortgage brokers *knew* this.
but kept pushing home loans out the door. This is what fueled rising home prices. It
was a massive pyramid scheme that was fueled by mortgage brokers greed for
commission money.
[quote]It is the scumbag mortgage
brokers who are the real villains in this mess,
You really have no fucking clue what you>re yammering about,
do you jackass?
using fraudulent and crooked methods to get people to sign on the dotted
line
You mean where the *borrower* signs and declares, under PENALTY of PERJURY
that
that everything contaned in the Mortgage Application/Loan
Documents/Financial Statemets/
HUD Declaration and Purchase Agreement is TRUE and CORRECT ?
for interest only loans that they could not possibly pay back the
principal on,
I pay back principal on my "interest only" loan(s) all the time.
promising them riches if they only held onto the house for 6 months
to a year.
So these friends of yours were pig-ignorant imbeciles ... as well as primary
actors in Bank Fraud, Mail Fraud, and various other FELONIES, eh?
You know it and I know and now a few other people know it as well.
I know your original "story" is complete BULLSHIT.
Thanks for helping get the message out.
Keep digging, jackass ... eventually you>ll come out the other side ...
[/quote]
--
Sinatra & Sarah do Witchcraft
http://www.youtube.com/watch?v=rqs_2CVcWb0
Meet Pastor Muthee -- the man who laid hands on Sarah Palin
http://www.youtube.com/watch?v=CsnrIVj9IbM |
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Reality_Check©
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Greedy Ignorant Corrupt Amerikkkans are the real villain |
|
|
House of Pancakes wrote:
[quote]"Reality_Check©" <Reality@Check.it> wrote in message
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.
More BULLSHIT.
Borrowing $$ worsens their DTI, not improves it.
He also said that they would find appraisers who were willing
to overstate property values.
There>s the key to much of the mortgage fraud that occurred. Without
a sufficiently high appraisal, there is no loan/closing, no matter
what the loan
application says.
Also many lenders never bothered verifying income
On the "No Income Verification" loan products for loser high-risk
borrowers.
and sometimes told people to lie.
Why would they tell people to lie -- a felony -- on a mortgage
application?
You are really naive but then again you must support Bush, the failed
Moron.
[/quote]
Kill yourself now, jackass. |
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Reality_Check©
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
|
|
TigerLuck wrote:
[quote]Reality_Check© wrote:
TigerLuck wrote:
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
Depositing $30,000 of unsourced funds doesn>t do f ck ALL
to create "instant good credit".
mortgage brokers were able to obtain home loans for clients who had
no money to put down,
Because those LOAN PROGRAMS themselves didn>t require any $$ down,
jackass.
no income
Because those LOAN PROGRAMS themselves didn>t require income.
and no assets.
BULLSHIT.
The sub-prime mortgage products required THE HOUSE as the
collateralized asset
to secure the loan.
Some mortgage brokers are exclusively lenders of their own money and
provide a direct source of mortgage funding to clients.
Then they must be Registered and Licensed as direct LENDERS and
comply with myriad rules, laws and regulations governing same.
This money can be used to secure funds from a third party.
If they qualify according to said third party>s underwriting
requirements.
If the deal is done right, the broker can be paid back from the
third party loan.
Your original "story" is BULLSHIT, continuing to dig won>t get you
out of the hole.
Sure it happened.
[/quote]
Complete BULLSHIT.
[quote]I personally know someone who was put into a house
she could not afford because a scumbag mortgage broker used her own
money to help secure a loan without regard to whether the borrower
could really pay it back.
[/quote]
You really have no idea what you>re talking about, do you numbnuts?
[quote]The scumbag mortgage broker worked the deal
so that her money was never at risk.
[/quote]
And your friend was *forced* to fill out all those papers,
and *forced* to lie, and *forced* to commit all that fraud,
and *forced* to purchase that house, eh?
[quote]It is the scumbag mortgage
brokers who are the real villains in this mess,
[/quote]
You really have no fucking clue what you>re yammering about,
do you jackass?
[quote]using fraudulent and crooked methods to get people to sign on the dotted
line
[/quote]
You mean where the *borrower* signs and declares, under PENALTY of PERJURY
that
that everything contaned in the Mortgage Application/Loan
Documents/Financial Statemets/
HUD Declaration and Purchase Agreement is TRUE and CORRECT ?
[quote]for interest only loans that they could not possibly pay back the
principal on,
[/quote]
I pay back principal on my "interest only" loan(s) all the time.
[quote]promising them riches if they only held onto the house for 6 months
to a year.
[/quote]
So these friends of yours were pig-ignorant imbeciles ... as well as primary
actors in Bank Fraud, Mail Fraud, and various other FELONIES, eh?
[quote]
You know it and I know and now a few other people know it as well.
[/quote]
I know your original "story" is complete BULLSHIT.
[quote]Thanks for helping get the message out.
[/quote]
Keep digging, jackass ... eventually you>ll come out the other side ... |
|
| |
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| Back to top |
TigerLuck
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Scumbag morgage brokers are the real villains in this me |
|
|
Reality_Check© wrote:
[quote]TigerLuck wrote:
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
Depositing $30,000 of unsourced funds doesn>t do f ck ALL
to create "instant good credit".
mortgage brokers were able to obtain home loans for clients who had no
money to put down,
Because those LOAN PROGRAMS themselves didn>t require any $$ down, jackass.
no income
Because those LOAN PROGRAMS themselves didn>t require income.
and no assets.
BULLSHIT.
The sub-prime mortgage products required THE HOUSE as the collateralized
asset
to secure the loan.
Some mortgage brokers are exclusively lenders of their own money and
provide a direct source of mortgage funding to clients.
Then they must be Registered and Licensed as direct LENDERS and comply
with myriad rules, laws and regulations governing same.
This money can be used to secure funds from a third party.
If they qualify according to said third party>s underwriting requirements.
If the deal is done right, the broker can be paid back from the third
party loan.
Your original "story" is BULLSHIT, continuing to dig won>t get you out of
the hole.
[/quote]
Sure it happened. I personally know someone who was put into a house she could not
afford because a scumbag mortgage broker used her own money to help secure a loan
without regard to whether the borrower could really pay it back. The scumbag
mortgage broker worked the deal so that her money was never at risk. It is the
scumbag mortgage brokers who are the real villains in this mess, using fraudulent
and crooked methods to get people to sign on the dotted line for interest only loans
that they could not possibly pay back the principal on, promising them riches if
they only held onto the house for 6 months to a year.
You know it and I know and now a few other people know it as well.
Thanks for helping get the message out.
--
Sinatra & Sarah do Witchcraft
http://www.youtube.com/watch?v=rqs_2CVcWb0
Meet Pastor Muthee -- the man who laid hands on Sarah Palin
http://www.youtube.com/watch?v=CsnrIVj9IbM |
|
| |
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| Back to top |
House of Pancakes
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Greedy Ignorant Corrupt Amerikkkans are the real villain |
|
|
"Reality_Check©" <Reality@Check.it> wrote in message
news:6ko4dmF8qjedU1@mid.individual.net...
[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.
More BULLSHIT.
Borrowing $$ worsens their DTI, not improves it.
He also said that they would find appraisers who were willing
to overstate property values.
There>s the key to much of the mortgage fraud that occurred. Without a
sufficiently high appraisal, there is no loan/closing, no matter what the
loan
application says.
Also many lenders never bothered verifying income
On the "No Income Verification" loan products for loser high-risk
borrowers.
and sometimes told people to lie.
Why would they tell people to lie -- a felony -- on a mortgage
application?
[/quote]
You are really naive but then again you must support Bush, the failed Moron. |
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Reality_Check©
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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TigerLuck wrote:
[quote]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
[/quote]
Depositing $30,000 of unsourced funds doesn>t do f ck ALL
to create "instant good credit".
[quote]mortgage brokers were able to obtain home loans for clients who had no
money to put down,
[/quote]
Because those LOAN PROGRAMS themselves didn>t require any $$ down, jackass.
[quote]no income
[/quote]
Because those LOAN PROGRAMS themselves didn>t require income.
[quote]and no assets.
[/quote]
BULLSHIT.
The sub-prime mortgage products required THE HOUSE as the collateralized
asset
to secure the loan.
[quote]Some mortgage brokers are exclusively lenders of their own money and
provide a direct source of mortgage funding to clients.
[/quote]
Then they must be Registered and Licensed as direct LENDERS and comply
with myriad rules, laws and regulations governing same.
[quote]This money can be used to secure funds from a third party.
[/quote]
If they qualify according to said third party>s underwriting requirements.
[quote]If the deal is done right, the broker can be paid back from the third
party loan.
[/quote]
Your original "story" is BULLSHIT, continuing to dig won>t get you out of
the hole. |
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TigerLuck
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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Reality_Check© wrote:
[quote]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.
[/quote]
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.
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.
--
Sinatra & Sarah do Witchcraft
http://www.youtube.com/watch?v=rqs_2CVcWb0
Meet Pastor Muthee -- the man who laid hands on Sarah Palin
http://www.youtube.com/watch?v=CsnrIVj9IbM |
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Reality_Check©
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Greedy Ignorant Corrupt Amerikkkans are the real villain |
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George Grapman 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.
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.
[/quote]
More BULLSHIT.
Borrowing $$ worsens their DTI, not improves it.
[quote]He also said that they would find appraisers who were willing
to overstate property values.
[/quote]
There>s the key to much of the mortgage fraud that occurred. Without a
sufficiently high appraisal, there is no loan/closing, no matter what the
loan
application says.
[quote]Also many lenders never bothered verifying income
[/quote]
On the "No Income Verification" loan products for loser high-risk borrowers.
[quote]and sometimes told people to lie.
[/quote]
Why would they tell people to lie -- a felony -- on a mortgage application? |
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Reality_Check©
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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TigerLuck wrote:
[quote]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...
[/quote]
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. |
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TigerLuck
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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Reality_Check© 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.
Complete BULLSHIT !
[/quote]
Gospel truth, so help me...
--
Sinatra & Sarah do Witchcraft
http://www.youtube.com/watch?v=rqs_2CVcWb0
Meet Pastor Muthee -- the man who laid hands on Sarah Palin
http://www.youtube.com/watch?v=CsnrIVj9IbM |
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George Grapman
Guest
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| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Mortgage brokers are the real villains in this mess |
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TigerLuck wrote:
[quote]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.
[/quote]
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. |
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Reality_Check©
Guest
|
| Posted: Sat Oct 04, 2008 5:27 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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TigerLuck wrote:
[quote]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.
[/quote]
Complete BULLSHIT ! |
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