Mortgage Regulatory System Now Operational

re: Mortgage Regulatory System Now Operational

daniel.cowart — Wed, 19 Aug 2009 14:55:36 GMT

Geof- Your income stream would be choked to -0- if not for mortgage securitization wouldn't you say? Stay in the mid east where you belong

re: Mortgage Regulatory System Now Operational

Geof Giles, attorney — Tue, 18 Aug 2009 21:43:15 GMT

Like every other government program that I have seen in the thirty (30) odd years that I have been practicing law; too little too late. If the regulators want to do something they should forbid lending by securitized asset pools. Securitization is something whose time has come, and gone. It replaced the failed system of savings and loan companies in the 1980s and is fundimentally flawed. Investors buy stocks and bonds based upon the skill set of management. Or at least that is the theory. When pools of mortgages, or anything else for that matter, is used as collateral there is no management team. No one to look to in order to see if they can manage things. Just a bunch of crooks that put 'lipstick on the pig' and make junk paper look like something worthy of investment. These are the organizations that obtained retroactive immunity under the Bush adminstration and who are still in business on Wall street. This system has failed and needs to be flushed. The problem is that the players have money and know politicians, so they get to stay around running things, even after the catastrophy that they have created.

RE:Mortgage Regulatory System Now Operational

Michael Dantonio — Mon, 04 Feb 2008 13:00:00 GMT

Overall, creating a barrier of entry for folks wanting to represent and or sell mortgage loans to consumers is long overdue. I am not an advocate for more regulations. In fact a smaller government and less regulation is almost always better in my opinion, but we've had to many uninformed mortgage loan officers representing themselves as "experts" giving uninformed, trusting consumers wrong information and committing fraud that their lack of self-control, self discipline and self-regulation has finally caught up with them. Sad thing is that had these loan officers been truthful and submitted loan apps including the "liar loans" truthfully, the system would have worked and the current credit contraction wouldn't be headline news. There has been a long history of trust more often than not between financial professionals and clients. Traditional bankers and traditional mortgage professionals have usually taken an interest and a fiduciary responsibility in the advice that they've given their clients. This recent breed of mortgage loan officer - less than 3-4 years of experience has caused havoc in the market. A Higher barrier of entry, more fiscal accountablility, more financial risk to them personally, better legal penalities and more of a consumer-reports or better business bureau or watch-list style of tracking to keep these financial sales schmucks out of this market - all the better. The market and the individual consumer has to much at risk to let inept pretend professionals and financial preditors into this market. The employess from the 250 banks and credit unions and the 30,000 brokers, across the country making mortgage lending their living and career don't need a glut of transitory minimally experienced salesman in the market playing havoc. The worst company I heard about was the multi-level marketing, recruit your friends and neighbors mortgage company using "networking" in its worst form to originate loans. The other was the local B paper mortgage company who preyed on their fellow immigrants. They hired my son's 19 year old friend who barely graduated high school and in 30 days was on a run rate to making $80K a year in commissions because he could "sell" and "close" loans. I am glad it's time that we make it just a little harder for folks to get into this business and have the penalties for these white collar crimes be simliar to other kinds of crimes. Just my opinion.

RE:Mortgage Regulatory System Now Operational

Douglas M. Thomson Sr. — Wed, 09 Jan 2008 13:00:00 GMT

I keep hearing that the government is going to help to people about to loose their homes. When if ever can we actually get the loans? Or is this just another false promise. It would be so simple for the government to fund a interest only loan for up to 5 years at the current rate they lend to banks or a 5% interest only loan for primary home owners in trouble. This I am sure would save thousands of home owners now facing forclosure. Please advise me if anything is available currently.

RE:Mortgage Regulatory System Now Operational

manic — Tue, 08 Jan 2008 13:00:00 GMT

Wow finally more government. Just what I wanted. Now I can almost not even think for myself and big brother will protect me.