Federal Agencies Issue Final Guidance On Subprime Mortgages

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

Danielle Von Tungeln — Wed, 18 Jul 2007 11:00:00 GMT

Information Overload?! Who came up with that excuse for not having to explain themselves or their actions? When a borrower walks out of a broker's office, He/She should have a good idea about what to expect when the mortgage is due. I have not met the Professional in real estate services that could look me straight in eye when answering my questions. I don't think that a broker out there can honestly understand more than a single page of the crap.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

chet — Fri, 13 Jul 2007 11:00:00 GMT

Sub-prime mortgages is not the problem for defaults. The reason the borrower is in trouble , the property taxes have gone through the roof and the homeowners insurance also. When you change the payment after the loan has been made because of taxes and insurance moving up as much as 150% and more in south Florida, what do think will happen? Default. Fort Lauderdale, Fl

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

Michael — Wed, 11 Jul 2007 11:00:00 GMT

This problem with mortgage guidelines was not created by the mortgage industry alone.There was a lot of help from people in congress encouraging home ownership. Some people are not going to be responsible for any reason. Guidelines are tighter and this is causing less scruples people out of the business.Thats great! But to say that a product is criminal well criminal.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

Michael — Wed, 11 Jul 2007 11:00:00 GMT

So anyone that cannot get a Prime loan should be considered a criminal. Whoever posted that comment is not thinking.The majority of subprime loans are performing without problem. When someone can't fit the Prime mold there should be an alternative for them.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

ResiCom Mortgage — Mon, 09 Jul 2007 11:00:00 GMT

You should not neglect people from the american dream of homeownership because they showed some immaturety with credit cards in college or had there credit history damaged by a divorce. There are millions of hardworking individuals out there that can produce a track record of being responsible and can afford a home loan. They should not be punished for the greed of the industry. The subprime industry just needs to re-evaluate their underwriting practices.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

Mortgageme — Mon, 09 Jul 2007 11:00:00 GMT

2/3/5 yr fix loans that go up 3% on the first adjustment and increase payments from $800 to $1000 per month are to blame. When people are asked to choose between 4.875% 2 yr fixed and 7% 30 yr fixed most people go for the lower rate, especially in CA due to high home prices, taxes and cost of living. Lenders create programs, they should rework these loans and give people something reasonable. Paying $8927 in property tax a year isn't helping, but no one is saying anything about these factors.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

Mel — Mon, 09 Jul 2007 11:00:00 GMT

"Basically Criminals" is a comment that reflects his/her ignorance and narrow experience. What is criminal about helping someone secure mtg. financing when they don't qualify for a "Prime" mortgage program? The "A" credit process has been the norm for years, but neglects a large portion of the polulation(around 20%) that have issues w/credit or ability to doc. income for "Prime" programs. An illnes or new business venture etc. These loans are often securitized by investment banks on the Street.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

Prime Mortgage COO — Sat, 07 Jul 2007 11:00:00 GMT

Lenders who create and market subprime mortgages are basically criminals. Reputable prime mortgage lenders have always described subprime as "illegitimate" lending practice. Subprime lender employees earn much higher wages than prime lender employees. Many subprime lenders hire inexperienced/underqualified employees and operate utilizing inconsistent or nonexistent "mortgage compliance" or "benefit to borrower" policies.

RE:Federal Agencies Issue Final Guidance On Subprime Mortgages

JH Harriman — Fri, 06 Jul 2007 11:00:00 GMT

Too restrictive? Are these lenders for real?