How many out here have or had a sub prime loan?
by Mortgage Rates on Friday, November 26th, 2010 | 8 Comments
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Excuse me but the Republicans let the subprime loans go out.
Lets not act like these homes were purchased last year.
What a crock of shit.
You republicans are such dicks.
You are 100% correct. The Democrats wanted everyone to have a home even if they didn’t have a pot to pee in.
Most borrowers were TOLD something different than what they signed, and the info on the papers were explained differently than what they meant. Lenders acted fraudulently and mislead the borrowers. There was a law passed in 1994 that prohibited that, but the government turned a blind eye because they wanted this to happen, now they bought Freedie Mac and Fannie Mae dirt cheap and hold the note to everyone’s homes. It was all a big scam, and it’s wrong to go with the propaganda and place the blame on innocent borrowers who were lied to.
EDIT: they’re standard for a loan officer (which I am one) but not for a first time borrower who is seeing the docs for the first time in their life at signing, and just has to sign on the dotted line, believing everything their lender has told them, with the notary person flipping page after page pointing to where they “have” to sign. So yeah, there are worries unfortunately.
No, but I have taken enough mortgages in my life to KNOW, you can’t possibly NOT know the terms….at least 25 signatures, about half of them notarized, page after page of disclosures, and reg Z’s and all that. And if you are old enough to sign for a mortgage, and you would listen to the salesman instead of what is there in writing, you are too stupid to live anywhere but a cardboard box.
So, no, I have a hard time being sympathetic with people losing their homes. Theygot greedy, they took a gamble and they lost. It happens.
In fact, it happens to me all the time in Vegas….and I have never asked the taxpayers to cover my stupid bets.
EDIT FOR OUTRAGED: you are dead wrong, the change at Fannie Mae, to buying these junk mortgages happened in 1994 and 95, under Jamie Gorelicks watch. You remember Jamie, she is the Clinton confidant who built “the wall” that caused 3000 Americans to die on 9/11, because she didn’t think the FBI should talk to the CIA
Nope, fixed-rate, regular loan here. Already finished paying for it.
I counted the signatures on my contract – 28. How do you not read what you’re signing? The bank is allowed to say whatever it wants to, but the truth is in the contract.
Take responsibility for yourself.
I “almost” had one. I met with a loan agent who tried to talk me into a monthly house payment of about $700 more than I could afford. She said I could refinance in 5 years or some B.S. I really wanted the house but I decided (thank God) not to go along with it. I almost went to an ACORN seminar to learn how to borrow $300,000 + interest. They were even going to loan me the down payment. Nice hunh? Now I live in a cute little rental and only pay about 1/4 of what my monthly house payment would have been.
I have never had a subprime loan, but I come across this a lot in my job. One gentleman I will tell you about got a mortgage by lying about his income. He fabricated income statements, and when his agent said he didn’t make enough and would he be willing to lie some more, the guy said yes and lied some more. He got a mortgage, moved into his house, and never made one payment. Further, this guy lied to buy a boat and a car, and submitted fraudulent documents to obtain these loans, and again never made a payment. I have worked on tons of cases like this, and it is a common practice in my state. Maybe now things will change, but I am still shocked that people are willing to lying and break the law in order to get money to buy things they can’t afford, and I’m even more shocked at how naive, stupid and irresponsible lenders are. I want everyone to own a home, but our society does not understand the concept of saving and planning for your purchases and your life. Our culture of consumerism, materialism and moral relativity has taken its toll, hasn’t it?
No, not a chance. I don;t care what a person tells me is in the document or how ‘standard’ it is. I’m going to read it for myself and if there is anything I don’t fully understand I will find someone to explain it to me until I understand it completely.My great grandmother always told me if it sounds too good to be true, it probably is.
l got a standard mortgage for an affordable home with payments I could make comfortably. Its paid off and I own it free and clear.