chic with nine kids protesting in front office

[dead_reggin_storage_fashi]

i work in hell (mortgage biz)

this single parent with 9 kids buys a home with an ARM mortgage and pissed it has adjusted


She's a single parent with nine children and she cleans homes for a living. Baldovinos bought her house with no money down and an adjustable rate loan starting at six and a half percent interest.


who the fuck has 9 kids and dont buy a house with no money down


we cant do anything. it is wallstreet lenders cant rework a loan by themselves. mortgages today are packaged and sold to investors on Wall Street in a process called securitization.


When they become adjustable to like nine percent the investors that holding these bonds will be paid a little bit higher premium, which is why they bought those bonds to begin with


I took a call and this guy said he his home has gone in value $80,000 and cant refi out of his ARM. .... I felt bad for him having to foreclose.... fucking sucks but nothing we can do.

 

[jnevin]

There was a lot of irresponsible lending going on for a while. If she went through CW to begin with, at least you know the appraisal wasn't inflated. Landsafe will make sure of that. The market just sucks right now and she most likely lied about her income to qualify. Shit happens.

Why the fuck didn't she refi out of the loan before it adjusted? I never understand this when I hear these stories.

 

[dead_reggin_storage_fashi]

There was a lot of irresponsible lending going on for a while. If she went through CW to begin with, at least you know the appraisal wasn't inflated. Landsafe will make sure of that. The market just sucks right now and she most likely lied about her income to qualify. Shit happens.

Why the fuck didn't she refi out of the loan before it adjusted? I never understand this when I hear these stories.

when ppl are up to there eyes in debt they always have an answer or someone to blame. I have never ever heard "I am going to work more spend less or get a second job" I never ever hear that.

she went thru CW.

 

[jh1]

There was a lot of irresponsible lending going on for a while. If she went through CW to begin with, at least you know the appraisal wasn't inflated. Landsafe will make sure of that. The market just sucks right now and she most likely lied about her income to qualify. Shit happens.

Why the fuck didn't she refi out of the loan before it adjusted? I never understand this when I hear these stories.

Can you even refi if you didn't qualify for the loan to begin with ?

I.E. as you said - someone may have overstated her income, inflated appraisal, etc...

With the market adjustments it would seems it would be more difficult to find someone to do that agian, and if not - you could be stuck with your old loan - no?

 

[dead_reggin_storage_fashi]

Can you even refi if you didn't qualify for the loan to begin with ?

I.E. as you said - someone may have overstated her income, inflated appraisal, etc...

With the market adjustments it would seems it would be more difficult to find someone to do that agian, and if not - you could be stuck with your old loan - no?

A few years you could basically buy a home with no money down and no job.

stuck with your old loan (that is the case or just mail the key back into the bank)

 

[shizzer]

yeah but please, if you plan on keeping a house for say 30years you get a fixed, if your flipping in 18 to 24 months you get arm. Did you retards really think the market would not change?

 

[jh1]

A few years you could basically buy a home with no money down and no job.

stuck with your old loan (that is the case or just mail the key back into the bank)

LOL @ mail you key back into the bank...


I could see some poor trash doing just that... as if that helps...

 

[heatherrae]

There was a lot of irresponsible lending going on for a while. If she went through CW to begin with, at least you know the appraisal wasn't inflated. Landsafe will make sure of that. The market just sucks right now and she most likely lied about her income to qualify. Shit happens.

Why the fuck didn't she refi out of the loan before it adjusted? I never understand this when I hear these stories.

She probably couldn't. They aren't handing out loans now like they were doing. She probably couldn't refi because of credit.

 

[shizzer]

ps flash her your cack when no one is watching and when she freak out you can call the cops end of problem.

 

[dead_reggin_storage_fashi]

yeah but please, if you plan on keeping a house for say 30years you get a fixed, if your flipping in 18 to 24 months you get arm. Did you retards really think the market would not change?

I agree. no one keeps a loan or home for 30 years. but ppl lied about buying homes and lenders looked the other way and wallstreet was paying high crazy returns. the only way ppl could get into the home was with no money down and an ARM loan. Trust me I think 5/1 7/1 10/1 ARMS are they way to go if done right

 

[jnevin]

Can you even refi if you didn't qualify for the loan to begin with ?

I.E. as you said - someone may have overstated her income, inflated appraisal, etc...

With the market adjustments it would seems it would be more difficult to find someone to do that agian, and if not - you could be stuck with your old loan - no?

Some appraisals are pushed, but many lenders have lists of approved and blacklisted appraisers to avoid it. It doesn't do a bank any good to write a loan with negative collateral. It can still happen, but CW is notoriously conservative when it comes to appraisals. I can't tell you how many deals I had shit the bed because of that.

As far as her income, she could always overstate it again when she refinanced. One thing is, she probably took on a bunch more debt and when the underwriters pulled her old file to check what her income was when she got her original loan, it didn't match up. If she qualified for 100% financing at 6% or whatever, she had good credit and would have been considered a low risk borrower. Her situation obviously changed, and now she's looking for someone to blame.

 

[dead_reggin_storage_fashi]

She probably couldn't. They aren't handing out loans now like they were doing. She probably couldn't refi because of credit.

FHA is a great answer to pissy credit. it is the fact home values went down so much and you need to equity to refi

 

[heatherrae]

yeah but please, if you plan on keeping a house for say 30years you get a fixed, if your flipping in 18 to 24 months you get arm. Did you retards really think the market would not change?

logically, people know this, but they really take a big leap of faith and live on hopes to get their kids into a home.

 

[dead_reggin_storage_fashi]

logically, people know this, but they really take a big leap of faith and live on hopes to get their kids into a home.

why dont they rent?



not everyone needs to buy a home right away. you need to save and have reserves first.....

 

[time]

It is a shame but a lot of people are going to lose thier homes... And a lot of banks have gone down for this. When I got devorced I gave my x our home. When I got it 1st time byer I paid 520grand 6.5 huge note. It was appraised 6 years later for 1.5mill no real change over the time from when I got the house and when I gave it to her. I only owed 390grand at this time. She was able to pull a no paper loan for it based on her credit report???" not sure of all the info" But I think she is locked in at 5.75.. I told her when ever she can she needs to 2x the payment, this is what I did for 6 years to the tune of about 6grand a mth. But I cut down the over all cost of the loan bigtime.

 

[jnevin]

She probably couldn't. They aren't handing out loans now like they were doing. She probably couldn't refi because of credit.

True, but if her loan has adjusted as much as it has, there have been a number of adjustments that have occurred. There are periodic caps built into every ARM so people don't get screwed when the loan starts to adjust. If her loan was subprime, she'd have had an extra 6 months from when her loan would normally adjust. Meaning, most companies that write a 2 year ARM will have the loan adjust right at the end of the 2 years and then every 6 months after that. CW would have the loan fixed for the 2 years and then an additional 6 months so they didn't get caught with their pants down.

 

[heatherrae]

why dont they rent?



not everyone needs to buy a home right away. you need to save and have reserves first.....

It's just the American dream to own. Not all of these people are emotionally reserved and logical. They made a bad financial decision. That is no reason to hate on them. I feel for them, and I did nothing but foreclosure suits for a few years, myself.

 

[shizzer]

A buddy of mine who made a shit ton the last few years in fl got caught holding 4 houses, 10,000.00+ a month. lol I like to bust his balls about it. Listen there was not a huge difference in a fixed and a arm within the last two years so if your getting fucked know it your own fault. Yeah feel bad for the families losing there homes, but how is it the are banks to blame?

 

[jnevin]

A buddy of mine who made a shit ton the last few years in fl got caught holding 4 houses, 10,000.00+ a month. lol I like to bust his balls about it. Listen there was not a huge difference in a fixed and a arm within the last two years so if your getting fucked know it your own fault. Yeah feel bad for the families losing there homes, but how is it the are banks to blame?

The banks aren't to blame. They service the paper and get screwed when it doesn't perform. It's fraud committed by loan officers, usually brokers, and by borrowers.

 

[jh1]

Yeah feel bad for the families losing there homes, but how is it the are banks to blame?

Not in every case - but in those cases where the banks knowingly wantingly over extended credit to people that couldn't handle it - inflated appraisals, encouraged overstated incomes, etc...

They share the blame.

 

[jh1]

The banks aren't to blame. They service the paper and get screwed when it doesn't perform. It's fraud committed by loan officers, usually brokers, and by borrowers.

Don't banks do direct loans too? Have their own loan officers?

I guess the majority of bizdess is orginated at brokers? I don't know shit about how that fucking shit works.

Ur fat. and Stinky.

 

[shizzer]

still if you sigh the loan paperwork without reading it, you're at fault.

 

[jh1]

still if you sigh the loan paperwork without reading it, you're at fault.

Ah. I see.


You get defrauded, and it's all your fault.

There is no liability at all on the part of the one commiting fraud.

 

[jnevin]

Ah. I see.


You get defrauded, and it's all your fault.

There is no liability at all on the part of the one commiting fraud.

Ameriquest and Household were the two companies that really knowingly committed fraud, and they got shut down.

As far as lenders with their own loan officers, yeah there are plenty of them. But speaking from experience, it would have been a lot harder to commit fraud when I was working for CW than it would be now that I can broker.

And as far as your comment above, it's been my experience that the borrowers are the ones that commit the fraud most of the time. But L.O.'s that want to get paid just look the other way and structure the deal in a way to get it done. They know they shouldn't, but do anyway. Then the people that lied cry about not being able to afford their loan.

Plenty of bad L.O.'s too, but like I said, my experience.

 

[shizzer]

Ameriquest and Household were the two companies that really knowingly committed fraud, and they got shut down.

As far as lenders with their own loan officers, yeah there are plenty of them. But speaking from experience, it would have been a lot harder to commit fraud when I was working for CW than it would be now that I can broker.

And as far as your comment above, it's been my experience that the borrowers are the ones that commit the fraud most of the time. But L.O.'s that want to get paid just look the other way and structure the deal in a way to get it done. They know they shouldn't, but do anyway. Then the people that lied cry about not being able to afford their loan.

Plenty of bad L.O.'s too, but like I said, my experience.

yup, And if you enter into a contract without understanding it youre at fault.

 

[Tytan]

The lenders are to blame for just trying to make a buck and not provide that lady with what she needs.

 

[Gymgurl]

Tell her to go have another kid and the support should help pay for the rest

 

[jh1]

Tell her to go have another kid and the support should help pay for the rest

no doubt.

 

[Phaded]

big shocker if she's black

 

[shizzer]

big shocker if she's black

Just spit freaking diet coke all over my lap top. Yo

 

[calveless wonder]

This is going on everywhere. It's really sad to see..but people need to make more educated decisions.

it's why short sales are becoming so popular.....There's a shitload of money to be made in short sales right now.

If you can negotiate the liens for 65 cents on the dollar and package and sell them to investors for 70 cents on the dollar...that's big $$$

 

[almost-pro]

There was a lot of irresponsible lending going on for a while. If she went through CW to begin with, at least you know the appraisal wasn't inflated. Landsafe will make sure of that. The market just sucks right now and she most likely lied about her income to qualify. Shit happens.

Why the fuck didn't she refi out of the loan before it adjusted? I never understand this when I hear these stories.

so TRUE! There was a load of irresponsible lending for a LONG time! I hate it.

 

[calveless wonder]

She probably couldn't. They aren't handing out loans now like they were doing. She probably couldn't refi because of credit.

it was probably due to the fact she had no equity.

These people who went 100% financing are all upside down.

100% financing on a 2 year fixed with mediocre credit at the peak of the market....that's financial suicide.

The only hope people who have in that situation is if they can get a mycommunity loan through Fannie Mae..but in order for that to happen they have to have a little bit of equity (3% + closing costs) and good credit

 

[calveless wonder]

Don't banks do direct loans too? Have their own loan officers?

I guess the majority of bizdess is orginated at brokers? I don't know shit about how that fucking shit works.

Ur fat. and Stinky.

Yes, you're right. Retail Loan officers for major banks are just as guilty.

listen, everyone is responsible for this.

The greedy investors, the greedy (and uneducated brokers), greedy or overzealous homeowners who don't really deserve to own a home.

Even the underwriters, account managers and account executives for the banks would push all the bullshit through from brokers and know it was bullshit to begin with.

There is no one that is not responsible in this industry for it.

 

[calveless wonder]

The banks aren't to blame. They service the paper and get screwed when it doesn't perform. It's fraud committed by loan officers, usually brokers, and by borrowers.

How many banks really service their own paper? Very very few. Some of the big boys but even they sell it to other investors alot of the time.

The rest of the conduit lenders (most of the ones that went under) just gave a shit if their portfolios were acquired in the first place

 

[dead_reggin_storage_fashi]

too keep people from quiting we all got a pay raise!

fire 20,000 cut production give a pay raise to keep some of us here. fuck I am real happy today

 

[chewyxrage]

too keep people from quiting we all got a pay raise!

fire 20,000 cut production give a pay raise to keep some of us here. fuck I am real happy today

Damn you must be a lucky one....companies going bankrupt left and right...

and you get a big raise?


You high up or what?

 

[dead_reggin_storage_fashi]

Damn you must be a lucky one....companies going bankrupt left and right...

and you get a big raise?


You high up or what?

yea 20% increase if my branch has increase in production.


I am still a piss aint really

my title is Vice president of a branch (sale leader..mainly cuz everyone got iced/quit)

My Loan officers are happy there cut is much higher.

they make 38 bps per refi now. in A paper outbound 3 million worth of refis will be 10k a month pay check for a loan officer (not that tough but still hard in todays market). this is good till dec. I reccomend they work fucking all the time while pay is uo