MBA Advises Against Broadening Fraud Laws

RE:MBA Advises Against Broadening Fraud Laws

Douglas — Sun, 14 Oct 2007 11:00:00 GMT

I think that the FEDS should make all the sub prime lenders roll their rates back to the original interest rate obtained at the time the loan was originated. Then waive all pre payment penalties and fees. After this process is done. The borrower can now refinance with the original lender or another lender. This will stop many forclosures. Lenders will be reducing losses and preserving our buyers good credit. This will stop falling home values and increase jobs as home owners will start buying again.

RE:MBA Advises Against Broadening Fraud Laws

Jon Gutek, JD/CPA — Mon, 08 Oct 2007 11:00:00 GMT

I do not know who writes these articles, but they are uniformly excellent.

RE:MBA Advises Against Broadening Fraud Laws

Karl — Mon, 08 Oct 2007 11:00:00 GMT

You need to speak to some honest Appraisers IF you actually belive that we don't need some protection from the Mortgage Brokers.

RE:MBA Advises Against Broadening Fraud Laws

Moe Bedard — Mon, 08 Oct 2007 11:00:00 GMT

This is most interesting as lenders seem to think they are untouchable. These loans (subprime) were predatory in nature and in my eyes , a complet fraud on the American people. This article brings up some great points and it looks like the LAW will prevail, once this is all said and done. Mail and wire fraud, recieving stolen property etc. Now you have the servicers who are perpetuating the fraud on behalf of the lender and collecting fraudulent payments, by what? Mail...hmmmmmmmm.

RE:MBA Advises Against Broadening Fraud Laws

Marc — Mon, 08 Oct 2007 11:00:00 GMT

No one ever made an appraiser give value with a gun to their heads..I'm so tired of hearing the we're honest, but the mortgage brokers weren't and this is why we are in this mess. This is a problem that has engulfed the entire industry, from Realtors, appraisers, brokers, lenders and consumers...yes I said consumers. Everyone listed has turned a blind eye, and as such we all have committed fraud.

We weren't calling predatory when millions were pouring ... what makes subprime predatory is the poor borrowers that have had their equity skimmed by over zealous loan officers, brokers, appraisers and so on or the borrower that wasn't educated on the risk of a particular loan choice, but..not the program itself.

RE:MBA Advises Against Broadening Fraud Laws

Marc — Mon, 08 Oct 2007 11:00:00 GMT

Subprime was a viable product that clearly had a place.. now you've got the govies all clamouring to fill the void, but ask yourself, where were they two years ago? Is the Fannie Mae I/O 40yr with limited trades and high debt ratio a better program??? Any program can be a wolf in sheeps clothing..It's the individual pitching it down the throats of consumers that make it predatory.