Could FDIC also be a "Predatory lender?"

RE:Could FDIC also be a "Predatory lender?"

No Fax Payday Loans - David — Wed, 27 Aug 2008 11:00:00 GMT

There are different kinds of lenders who offer different kinds of payday loans. There are people who take up the payday loans because they are in need of the loans. In regular language, payday loans are short-term loans with high interest rates. This type of lender, which is usually termed as predatory lender, evolves merely in bank transactions. http://personalmoneystore.com/moneyblog/

RE:Could FDIC also be a "Predatory lender?"

erik — Sat, 02 Aug 2008 11:00:00 GMT

Seriously, most of the entire country has been playing the Equity Lottery... buy and pray for a ridiculous return... We had a large portion of our country living on a 3rd income every 1.5 - 2yrs when they refinanced. Our economy is hurting because we spent that 3rd income on crap like restaurants, boats, and toys (all zero return)...and as long as we ignore our own greed we will no find resolution. blaming the banks for this mess is like blaming a stretch of road for a drunk driving accident. Wake up and smell the Jones's they just got foreclosed on so you don't need to keep up anymore.

RE:Could FDIC also be a "Predatory lender?"

Anne Hill — Wed, 23 Jul 2008 11:00:00 GMT

I agree that the uneducated borrower chose to be uneducated, but the reality for me was that no company could connect the dots on all this information...there was no process available. All the banks have loan product and process info up on their sites and Lending Tree and like companies have LOADS of information, but it was still so disparate and quite frankly, INCORRECT!!!. They told me to watch the APR, that would be the best indicator of the cost of a loan and the TIL would ensure the product I was getting was what I wanted. The reality is (as I have come to find out) that every bank gets to decide themselves what fees are included in the APR. What?? APR can change on different loans with the same loan amount and same exact fees. WHAT?? AND, the big factor here is that the APR you see on your TIL that comes with the Good Faith Estimate is predicated on it NOT CHANGING which they always do!!! I found some answers though. There is a great process available with a company called TeachMeHomeLoans.com. For whomever is interested, I found when I used their step by step process with their real savvy shopping strategies (which no bank or broker would EVER provide me), the APR and predatory lending took care of itself!!! I was treated for the first time like a savvy borrower and I actually felt like I knew what was going on. I guess it's up to US as consumers to get ourselves educated...I was blessed to be educated for the first time by a company that didn't want to sell me a loan!!

RE:Could FDIC also be a "Predatory lender?"

Spas — Wed, 23 Jul 2008 11:00:00 GMT

In order to find your answer to this financial catastrophe, you have to look at the people who control our Government, the Banks, Wall Street, the US economy, the corporations, the publishing houses, the Media, the Federal Reserve, our food, pharmaceutical companies, and on and on. In other words, who are the people behind the World Order. Population control will be next.

RE:Could FDIC also be a "Predatory lender?"

Kevin — Tue, 22 Jul 2008 11:00:00 GMT

After reading this article it appears that the infrastructure et al was unconcious and incompetent because it chose to be unaware and didnot want to know! The contributory negeligence of the Regulatory Agencys, Wall Street, GSE, Real Estate Appraisers / Appraisal Foundation, Title Insurance Underwriters, Title and Appraisal Vendor Management companys that permitted the unethical Mortgage Brokers, Correspondent Lenders ,Takeout Lenders and Hedge Funds to offer mortgage loan products to their customers that they themselves would not accept. The overall magnitude and scope of the current crisis is so great that the only thing that exceeds it in scope is the unjust enrichment the participants received with the help of those referenced herein.

RE:Could FDIC also be a "Predatory lender?"

yanni raz — Tue, 22 Jul 2008 11:00:00 GMT

I don't know about banks anymore, most people I know are going to hard money lenders.Banks just not there anymore.

RE:Could FDIC also be a "Predatory lender?"

djfiko — Tue, 22 Jul 2008 11:00:00 GMT

Looks like another struggler fell in the rabbit hole. Downunder warming where flesh melts to another oil reserve. Fear fueled Kyoto's green new world order to keep its red veins pumping. How slow shall we go to avoid creating another greed tangled overload? The ultimate human solution is deep down to zero where our collective spirit plants her roots.

RE:Could FDIC also be a "Predatory lender?"

David L. Skibowski — Mon, 21 Jul 2008 11:00:00 GMT

The rabbit hole may go deeper, or as I would rather think of it, 'closer to the top', but the real problem is the greedy, get-rich-quick mindset in the US (and elsewhere) today. There is plenty of blame to go around. Take the borrower who wanted much more house than they could rationally afford, and only thought about what their monthly payment would be today. (don't give me the BS about the "poor" uneducated borrower. It was their choice not to get educated!) The brokers who only thought about how much they could charge rather than what was right for their client. The Lender who saw big dollars available when they sold the loans to the packager who knew they could make a killing by packaging the mortgages into Collateralized Mortgage Obligations, which they sold to the Mutual funds and other investors who knew the "great" rate of return would bring in more millions which they could use to buy more risky CMOs from the packagers . . . Get the picture? When you point your finger at the other person, there are four pointing back at you ! ! ! Just remember your 401K is doing so well because they (you) invested in those CMOs, and that "Big Oil Company" stock that is giving you that great rate of return. Oh yes, there is lot's of blame (greed) to go around! Dave Skibowski

RE:Could FDIC also be a "Predatory lender?"

Christopher Ohlsen — Mon, 21 Jul 2008 11:00:00 GMT

Wow, this is appaling. Crazy how brokers were blamed for this mess originally... The rabbit hole goes much deeper than it appears to my friends.

RE:Could FDIC also be a "Predatory lender?"

Anonymous — Mon, 21 Jul 2008 11:00:00 GMT

So who can you trust ?????? The big banks are SUBPRIME predatory lenders. I had accounts with them and I am wasting my money in fear of ID theft and paperwork messes hostile work environments. I want to pay them off but I want to fight their Usury charges. I want NOTHING TO DO WITH THESE CROOKS. Who can you trust and what type of professional straightens out the messI would not trust anyone in Chicago

RE:Could FDIC also be a "Predatory lender?"

Mike Wolpin — Mon, 21 Jul 2008 11:00:00 GMT

Bravo CTAN. David L. Skibowski, Anonymous,Christopher Ohlsen, what did you say? Where were you educated? Are you Delusional? Are you mimicks.

RE:Could FDIC also be a "Predatory lender?"

CTAN — Mon, 21 Jul 2008 11:00:00 GMT

For a long time I have said the banks are the real culprits. Depositories like B of A, Citi, Chase bank, Wells Fargo, Washington Mutual and Wachovia all had sub-prime products or owned sub-prime lenders. Investment banks like Merrill Lynch, Lehman Bros., Morgan Stanley and all their ilk have always set the guidelines of what they would purchase and eventually, with few exceptions towards the end, owned their own sub-prime lenders. Mortgage Brokers used to sell these sub-prime products in direct competition with the very same banks that created the product guidelines to begin with. The only real difference is that Brokers have to disclose when they are getting paid YSP ( Rebate, â€œkickbackâ€) and the bank doesnâ€™t. Banks try to claim that the loans they purchased from brokers are brimming with fraud, as if 1. they had no part in the underwriting process 2. The loans they produced â€œin houseâ€ where any better Banks are just trying to cover their collective butts by shifting the blame and as soon as Mortgage Brokers are starved out of existence the public will be at the mercy of these bastards.