Subprime mortgage ??

[jnevin]

There's a huge difference between a lender and a mortgage broker. The 1003, or loan application is the first that usually gets signed. The escrow officer hands it to the borrower and says "This is the loan application. This is the information you provided the lender with to qualify for the loan." Unless the loan officer was in on it, which isn't uncommon, it was all on the borrower. They can play the victim pretty well though.

 

[heatherrae]

There's a huge difference between a lender and a mortgage broker. The 1003, or loan application is the first that usually gets signed. The escrow officer hands it to the borrower and says "This is the loan application. This is the information you provided the lender with to qualify for the loan." Unless the loan officer was in on it, which isn't uncommon, it was all on the borrower. They can play the victim pretty well though.

I didn't say that the lender did it in that case. I said from the beginning it was an independant broker. My point is that I handled tons of foreclosures and the problems with the industry certainly are not due to everyone lying on their applications.

 

[jnevin]

DAmn

http://www.msnbc.msn.com/id/20396081/

 

[jh1]

The bubble burst...

Happened in the tech boom back in 2001.... not really a shocker... peeps been calling for this for along time...

 

[jnevin]

The bubble burst...

Happened in the tech boom back in 2001.... not really a shocker... peeps been calling for this for along time...

True. I can't believe how many dumb shit 20-something guys I'd see out wearing club clothes in the middle of the day talking about the customers they were screwing for an extra point at closings because they needed the loans. Many of them driving bimmers, etc. Yeah. They'll be selling used cars soon applying the same shitty tactics, screwing people. I'm kind of glad it's happening, I just wish my two biggest referral sources didn't move to other states. That stings.

 

[jh1]

True. I can't believe how many dumb shit 20-something guys I'd see out wearing club clothes in the middle of the day talking about the customers they were screwing for an extra point at closings because they needed the loans. Many of them driving bimmers, etc. Yeah. They'll be selling used cars soon applying the same shitty tactics, screwing people. I'm kind of glad it's happening, I just wish my two biggest referral sources didn't move to other states. That stings.

All those 20 sumthins were the guys that thought they ruled the world at hte clubs when I was going... always buyin 'Bottles of Bub'... some good bros... but definetly living way beyond their means with no outlook for the future...

 

[jnevin]

All those 20 sumthins were the guys that thought they ruled the world at hte clubs when I was going... always buyin 'Bottles of Bub'... some good bros... but definetly living way beyond their means with no outlook for the future...

Not only the way they were living, but the way they treated their business. They just thought they could treat people poorly because the phone was always going to ring, or there would always be leads to call. It's just pathetic and irresponsible. You can make so much doing this without a ton of work once you figure out how you're going to do it.

 

[calveless wonder]

I think half of the people shamelessly wasting money at strip clubs are 21-25 year old loan officers that just had a huge payday and think the money will come forever.

 

[dead_reggin_storage_fashi]

and strippers will ultimately be the ones to suffer. I think half of the people shamelessly wasting money at strip clubs are 21-25 year old loan officers that just had a huge payday and think the money will come forever.

lol


hides

 

[dead_reggin_storage_fashi]

i love heather!

know - it - all