Wells Fargo Bank is Latest to Announce Mortgage Woes

RE:Wells Fargo Bank is Latest to Announce Mortgage Woes

Moises — Wed, 05 Dec 2007 13:00:00 GMT

I could not agree more with the first two posts. Our shop does both real estate and mortgage loans and I can tell you that the lenders/banks were the ones coming into our office selling the "sizzle" of these seconds to make up the other 20 percent needed to purchase. Now to act like it is the "creative originator" that is to blame is ludicrous. Why must the little guy always have to be the one that falls on the sword?

RE:Wells Fargo Bank is Latest to Announce Mortgage Woes

Mikey — Fri, 30 Nov 2007 13:00:00 GMT

I would have to agree that even though it was us mortgage brokers and lenders selling the products, we did not create them nor did we fund them with our money. It was the banks and those lenders offering the products, the banks reps coming into the different brokers branches, selling these hot products and investors buying the mortgage bundles who are responsible and the ones who will take the major hit. Let's keep the good LO's away from the firing squad, even though there were some shady one's

RE:Wells Fargo Bank is Latest to Announce Mortgage Woes

Mary — Fri, 30 Nov 2007 13:00:00 GMT

Hey, People! Let's get our thinking caps on straight. WHO was it that created these loan programs? Was it mortgage loan officers? "No", you say? Wasn't it the "Lenders" and "Banks"? Isn't it THEY who marketed the sizzle of these programs to the mortgage loan originators? DUH! Why are ONLY the Mortgage Loan Officers and Brokers put in front of the firing squad? Yep, Mortgage Brokers were dutifully selling the "LENDERS" programs. But aim blame and punishment at the WHOLE problem!