Libya to adopt Sharia Law

[ceo]

yeah actually that's exactly what happened dude. ARe "you" serious? You don't know that they "WERE NOT" doing income verification? Are you just now coming out of a long sabbatical in the woods? Did you just finish shavin off a 5 year beard and decide to reply to my post? You could put any income you wanted on the forms and they were hinting at you the whole time that it's "Illegal for us now to verify your income". That was a big part of this whole mess that people who had no chance in hell of making payments on a 300k home were gettting the mortgages. These people weren't lasting 6 months in their house's....and yeah Java the banks were making money on foreclosures, they were packaging off the high risk debt and selling it to the chinese who I realy don't know why but were eatin that shit up.

Seriously you guys don't remember any of this? wtf where am I?

I worked for a large lender. I think I know how it worked and what happened. I told you how income was "checked" on a stated income loan. If it didn't line up, the loan was rejected. On no doc loans, they relied heavily on credit history. No credit or bad credit (aka, your ghetto buyers) - NO FUCKING LOAN.

Was there massive fraud done on those types of loans? You bet! And it was all about money. On both sides (borrower and broker/LO). Someone with a lawn mowing business could state they made $12,000 a month to buy that $500,000 home on 100% financing, sure. They could even go file for a business license at the beginning of the loan process, put a "business listing" on superpages.com (free), and take a picture of their truck with a law mower, weed eater, and a couple rakes in the back as proof of their business (it would be better if they had a sign on the truck too). And say they mowed 12 yards a day at $40 a yard working 25 days a month on average and it would be possible. Not probable, but possible. But that borrower still had to have a decent FICO with minimal credit history (3 lines - at least one installment (like a car loan) with at least 12 months history on that and 2 years of total history) .

Also, you are a fucking fool if you think a bank/lender writes a loan hoping it will default. Stick with killer unpaid, hay bailing, 400% efficient turbines producing all natural pot smoke internships bro.

 

[TableFun]

I worked for a large lender. I think I know how it worked and what happened. I told you how income was "checked" on a stated income loan. If it didn't line up, the loan was rejected. On no doc loans, they relied heavily on credit history. No credit or bad credit (aka, your ghetto buyers) - NO FUCKING LOAN.

Was there massive fraud done on those types of loans? You bet! And it was all about money. On both sides (borrower and broker/LO). Someone with a lawn mowing business could state they made $12,000 a month to buy that $500,000 home on 100% financing, sure. They could even go file for a business license at the beginning of the loan process, put a "business listing" on superpages.com (free), and take a picture of their truck with a law mower, weed eater, and a couple rakes in the back as proof of their business (it would be better if they had a sign on the truck too). And say they mowed 12 yards a day at $40 a yard working 25 days a month on average and it would be possible. Not probable, but possible. But that borrower still had to have a decent FICO with minimal credit history (3 lines - at least one installment (like a car loan) with at least 12 months history on that and 2 years of total history) .

Also, you are a fucking fool if you think a bank/lender writes a loan hoping it will default. Stick with killer unpaid, hay bailing, 400% efficient turbines producing all natural pot smoke internships bro.

Lololol

 

[redsamurai]

Also, you are a fucking fool if you think a bank/lender writes a loan hoping it will default. Stick with killer unpaid, hay bailing, 400% efficient turbines producing all natural pot smoke internships bro.

Despite your protestations to the contrary it's "exactly" what happened. Did you just wake up last year Van Winkle?

Let me put it as simply as possible...you walked into a bank, wrote down "a number", and if you were from a certain part of town and were of minority status...you got the fucking loan. Was there govt. collusion involved in this....OF COURSE, but that's not the point. Again, the banks were making bank packaging off high risk debts in ways nobody could even figure out what was high risk and what wasn't. I don't know what loophole they were exploiting I"m not a finance guy. But I know this is what they were doing BECAUSE IT HAS BEEN EXTENSIVELY WRITTEN ABOUT FOR YEARS NOW. Look I don't know the how's and why's they got past the underwriters, my best friend underwrites large business loans for PNC and he doesn't know either how they got around that. But it happened. Did some of those people know they were getting in over their head and were taking advantage of the system....obviously. But the fact banks in certain areas were hiring ex convicted drug dealers to peddle mortgages....sorry that's nuff said. End of discussion. Shave the beard and read a paper Rip.

 

[redsamurai]

yeah just txted with my friend, he confirmed people were getting up to 250k loans without dick for proof. So sorry "not 300k"....MY BAD BORLY U MAD?

 

[ceo]

I have come to the conclusion that you quickly capitalized on the opportunities to turn this into a troll thread. Nicely done sir.



**edit** Jesus, I just realized this thread was about sharia law in libya. How the hell did it get so far off track?! Trollolololol

 

[TableFun]

yeah just txted with my friend, he confirmed people were getting up to 250k loans without dick for proof. So sorry "not 300k"....MY BAD BORLY U MAD?

Lol sounds legit

 

[mrplunkey]

Lol sounds legit

I think we'd both agree his argument is overwhelmingly compelling.

 

[-SD-]

I think we'd both agree his argument is overwhelmingly compelling.

Irregardless of subprime mortgage beef on sale

 

[redsamurai]

Yeah that was pretty much started by you but whatever, I felt like an ass tonight asking my PNC underwriter friend about the whole thing. He kind of looked at me like "are you serious I thought this was old news". I told him about a "discussion" I had with another guy who claimed to work for a large lender and he said that Banks weren't making any money on the subprime defaults. To which he laughed and said your "friend" should have paid more attention in the meetings when he was bringing the coffee in. "Of course they made money, why else would they be giving people 6 figure mortgages and NOT care about income?". These people never had a dime of equity in those homes, everything was straight interest to the bank.

Then he said remember that guy Todd we hung out with, this was when I was getting my engineering degree, he got snapped up in 04-05 by one of these subprime outfits in Arizona somewhere. Guy made utterly stupid money for a couple years then the whole division got sacked when the subprime thing got exposed. His whole job was to engineer these debt packages off to oversea's customers. He's not even working in finance anymore cause nobody will touch him for where he was. Guy is apparently trying to drink himself out leaving las vegas style.

So I dunno bro....maybe we hail from alternate universe's, ever think of that?

I have come to the conclusion that you quickly capitalized on the opportunities to turn this into a troll thread. Nicely done sir.



**edit** Jesus, I just realized this thread was about sharia law in libya. How the hell did it get so far off track?! Trollolololol

 

[ceo]

lol...started by me...good one.