| Hello people-why do you think these consumers have a 550 score? They never pay anyone! The have collections ranging from cell phone service, medical bills, unpaid rent, etc. They didn't pay their credit card bills (at all) so they've been charged off. They've had auto's repo'd-the list goes on & on. Why should my lender give them a 5.50% rate that a consumer with a 700+ score gets? |
| Posted By: loan officer J
| Fri, 9 May 2008 07:44:53 EST |
| one way to fix this current problem of forclosure is by modifying every home owner's rate to the national par rate accross the board. what's happened is every american wants the dream of owning a home no matter the cost but in true reality the dream is temporary based on the rates and programs that are offered to some consumers. let's all be happy americans and lets have all banks modify all these ridiculous rates and programs issued to home owners in the past. |
| Posted By: anonymus
| Fri, 9 May 2008 05:33:50 EST |
| The "big time" investors, governments, and everyone else in the housing market to make a dollar....here is the solution and you are not going to like it. More than 70% of the subprime loans have some sort of fraud in them. These people are just walking away from there homes due to foreclosures not knowing that they may be defrauded on their documents. If a consumer has any type of fraudulent activity shown on their documents, then the lenders should just give them their homes, period! They are the ones trying to make a million here at the expense of the American consumer's lack of knowledge concerning fraudulent documents, predatory lending, etc. This will definately put a stop to predatory lending and allow the consumer to get back on their feet and pay the rest of their bills and have a home to live in from here on out. I am not saying this would fit everyone, but for the consumer that wants to keep their home for say, over 10 years or more, what a great boost for the economy! |
| Posted By: Cindy
| Thu, 8 May 2008 17:57:04 EST |
| The last comment states that he was concerned about what was not revealed. Huh? This has to be the highest disclosed financial product in existence. FHA disclosures can be up to 100 pages of protection! Insurance disclosures indicates the right to shop for your own carrier. Lenders will not proceed to close ANY reverse mortgage which falls out of compliance or is a loan that violates Truth In Lending. This is a highly regulated loan product and one of the safest out there. |
| Posted By: Mike G
| Thu, 8 May 2008 14:04:28 EST |
| Explain to me again why we need credit card companies: Credit Beauras , Mortgage Companies etc ..... Why don't we just eliminate the middle man and let FHA, Fanny and Freddie handle it : Give the consumer loans at prime rate plus 1 or 2 points and let all the money changers go to work for the govenment ! That certainly would fix many of the economies problems from where I stand ! |
| Posted By: Hot
| Thu, 8 May 2008 13:56:50 EST |
| Credit agencies are simply wharehouses of information. They only report what has been reported to them. I think the focus should be turned back to the consumer that they be educated as to what is reporting on their credit bureau and how to easily dispute inaccuracies. Beyond that the creditors that are inaccurately reporting items to a persons credit bureau should be called on the carpet. ie...if a creditor is going to take the time and effort needed to report a derogatory item to the credit bureaus they should also be required to take the same time and effort to report that the item has been satisfied or is current when the consumer does their part. Creditors who fail to update the satisfactory status of a tradeline should be fined for not doing so. |
| Posted By: Mike
| Thu, 8 May 2008 13:33:42 EST |
| What is accomplished here? Does the Fed's think those with poorer credit management should be given the same options as an excellent credit manager? If a client has been late paying on an account of $3,000, the lender should lend the client an accoount of $200,000 and <5% down payment? The lender tells the borrower about their loan conditions and they sign off that they have been told. But they forget what they were told. "this index will vary according to the bank market conditions" therefore "the rate wil vary up and down." It seems that the client only hears the down part. The lender is required to send the client a writen notice as to what the new rate is going to in 30 days and usually with a reason of the change. (LIBOR + margin = ?){LIBOR index is published daily in many major newspapers} The "variable rate rider" is an addendum to most deeds. Saying the maximum rate and minimum rate, when it can be changed and by how much each time. Most home buyers are adults with a reading level of the 8th grade or better. Therefore they have the information well in advance to any change if they so search for it. Speculation is just that..speculation that the value is going to increase by a constant rate >8% each year for 50 years and so they can harvest the equity bonus in the future sometime. Hellooo? Greed for money is a powerful force. |
| Posted By: impressed
| Thu, 8 May 2008 13:20:47 EST |
| I agree that the Credit Reporting agencies have got to do a better job if everything is based on the score they are giving out. I also believe those that report to the agencies have got to do a better job. |
| Posted By: Anonymous
| Thu, 8 May 2008 13:10:00 EST |
| Ive been working for WAMU Wholesale for three years When i heard that we were closing up shop, i could'nt of been more happier. Time to close the door on this chapter and move on. |
| Posted By: John
| Thu, 8 May 2008 12:28:13 EST |
| G. VALENZUELA - If you see this comment - who was the lender that allowed for the short pay even when the borrower was making payments on time. WOW. |
| Posted By: Karen
| Thu, 8 May 2008 12:21:37 EST |
| why use the current jobless claims as a reference to our economy. ... There are alot of people who no longer can get unemployment benefits.. and they are still not working! |
| Posted By: anonymous
| Thu, 8 May 2008 12:11:13 EST |
| With the many inaccuracies on credit reports and the strict credit score guidelines the lenders impose, I would think that the credit industry should be called on the carpet also. One point less on the credit report could be the difference of lowing a home owner’s mortgage payment to them losing their home to foreclosure due to adjusting rates. |
| Posted By: coop
| Thu, 8 May 2008 11:31:18 EST |
| I think a reverse pmi (premiums paid for anything over 100 ltv) back by the feds would be a better use of the money. This will help homeowners who really want to keep their homes but are underwater to refi into a fixed rate and if the housing market rebounds, they can cancel their pmi payments. However, this will not stop the bleeding in CA, AZ and FL where speculators were the majority of the buyers. |
| Posted By: noslen
| Thu, 8 May 2008 08:02:38 EST |
| It looks like the Real Estate Market is now in the hands of banks and lawyers, that's starting to look like realtors will not be needed anymore. |
| Posted By: Elfie
| Thu, 8 May 2008 04:24:21 EST |
| Hello, my mother was approved for adjustable arm 3 years ago, at age 64, she retired at 65 and can not pay the mortgage. I have been paying her mortgage for the last few years, she is now facing forclosure and in June her loan will adjust to about $600.00 more. She was approved for a loan while she was working that loan compamy sold her loan to country wide. Does anyone know if she sue the first loan company that approved her loan ? Thank you all.. |
| Posted By: george perez
| Wed, 7 May 2008 19:47:40 EST |
