Can't stand it anymore....

sounded good at the time
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Famous last words.

Imagine the backlash if a white mortgage broker called blacks "easy prey."
 
rondds said:
Bill, dropping the Weezer lyric! Smooth!
Click to expand...

I KNEW the lyric czar would pick up at some point! :smt001

Hey, sounds dumb, but I have a vhs copy of "Imagine" I was going to toss, do you want it? I dont have any VHS devices anymore.
 
Bill
I PM'd you.
RON
 
JuliaValentine said:
....I'm glad the banks started using the stupid filter.....
Click to expand...

Unfortunately the banks/government have not. You can still get small and zero down 30 year loans the government is pushing.
Like I said before, no skin in the game makes it real easy to walk away.
 
NorthvilleJim said:
I don't want to dismiss the personal accountabilty (how did a firefighter and policeman think they could qualify for a house like this on their incomes?), but shame on the reckless mortgage lenders for qualifying them and lending them the money in the first place. In this case the lender (GMAC) is taking gov't TARP money to avoid bankruptcy! Unbelievable!
Click to expand...

I gotta agree with both sides of this.

1) WHY ON EARTH did the loan company approve such a crazy-butt loan? It should have been obvious this was a problem in the making.


2) The borrowers were stupid. Even under the terms *they thought* they had. . five years. . interest only. . it was a dumb-butt move. As other posters said. . if you can't afford a 30 year fixed (and 30 year fixed is da*n near interest only as it is. . ) at the lowest rates in 40 years . .what the heck are you thinking?

3) I did get riled at the part about asking the right questions. Think about this; the borrower thinks they have a 5 year interest only. . but they are really signing up for a 3 year ARM that adjusts in 6 monthes. WTF. So. . what are the questions that they should be asking?
a) What is the rate?
b) Are you LYING to me?

What kind of answers do you think they would have gotten?

This is the part where questionable ethics comes into play. An honest mortgage broker would have corrected the misperception on the part of the client (and would NEVER have permitted the loan to go forward. . .)

JuliaValentine said:
+1. They thought they were smart because it sounded good at the time and they were not your ordinary everyday fools, to quote Clark Grizwold, because they were not first time home buyers and they could just refinance if the rates went up.

Idiots! They were both on fixed incomes. Did they think that the town was going to start doing double digit percent raises for the first time in history vs. a salary freeze or lay-off? How were they going to afford the payment with a refi? If that was their plan, why not lock in now at historically low rates on a 30 year fixed?

Despite not getting my boat loan for the 36DB, I'm glad the banks started using the stupid filter.

I think CNN should do a story on my sad family sitting in front of our 290 crying about how we couldn't get our new sedan bridge.
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Honestly, I was thinking of your posts as I read this article. If more bankers had objected to loan applications like yours. . we wouldn't be in this mess.

Think about it. . the mortage underwritter didn't care because he sold the loan before it defaulted. The person who bought the loan didn't care because he bundled the loan with some good ones and sold the "package" to the someone else. Then finally. . someone four places down the line gets a bundle of poo that they can't make heads or tails of.

I read about a case a few months back where a mortage was basically thrown out because the various debt holders got sloppy on the paper trail and couldn't adequately prove to a judge exactly WHO held the mortgage! (apparently, he wanted more than a E-trade confirmation email as evidence of a bona-fide securites exchange. . )

- - - -

And yeah. . these people don't deserve to keep the house. Basically. . they are now squatting. interest only loans. . my sweet hairy petunia. I thought that was a silly fruit and nut california thing.
 
chris41483 said:
It's just like going through grade school. Remember the people that cheated all the time? They put more work into cheating than studying, and then at the end of the day everyone said they screwed themselves. Now we're letting them have the upperhand again. Instead of pointing out that they are stupid, and that's why they are "poor" or "underprivileged", we give them handouts and pretend it's not their own fault that they're stupid.

I don't know why people are so afraid to stand up and say it, screw politically correct, YOU PEOPLE ARE STUPID!!!
Click to expand...

You have no idea how stupid the "new generation" is... My wife will hand out a test in her high school math class and tell the students to take it home and work on it and then give them the EXACT same test in class two days later and they will fail.

These people are not smart enough to even cheat...
 
lol! I know what you mean. I live in selma, alabama. You aught to come visit and stay a few days. It is a cultural nightmare. Anyone not from here would not believe how stupid the people here are. It is one thing to be ignorant, but now people are just plain stupid. The difference; when you explain something to someone who is stupid, they still don't get it. People now are just as apathetic as we will let them be. A problem you say??? Nah...just throw some money at them for sitting on their a$$, and they'll just go away.

I have one word for people who thing appeasement is the way to go...Hitler.
 
Dudes, you don't know stupid until you stand on a corner in NYC for a few hours. Better yet, talk to my hot dog guy about anything other than pretzels. or go into best buy and ask a question, that's good for a few laughs. Just look at how most of them wear jeans, do you know how much that's going to cost us in hip replacements in 20 years.
 
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If something can't go on forever, it won't....

But it's hard to stand back and watch the train wreck if you loaned money to the railroad!
 
Leotis is a twenty-year old 9th grader. His homework assignment was to use each vocabulary word in a sentence.

Hotel - "I gave my girlfriend crabs, and the hotel everybody."

Rectum - "I had two Cadillacs, but my ole lady rectum both."

Foreclose - "If I buy me some rock, I won't have no money foreclose."

Disappointment - "If I miss disappointment, my parole officer say they gonna send me back to the joint."

Catacomb - "I seen Don King on cable last night, and man, somebody need to give that catacomb."

Israel - "Alonzo try to sell me a Rolex. I say it look fake. He say bull****, that watch Israel."

Undermine - "There's a fine lookin hoe livin in the crib undermine."

Acoustic - "My Uncle Tyree buy me acoustic and take me to the poolroom."

Iraq - "When we get to the poolroom, he say Iraq, you break."

Stain - "My probation officer stop by, and I axed him do he plan on stain for dinner."

Seldom - "My cousin give me two tickets to the Knicks game, so I seldom."

Honor - "At the rape trial, the judge axed my buddy who be honor first."

Fortify - "I axe the hoe how much, and she say fortify."

Income - "I just got in bed with the hoe, and income my ole lady."
 
TurtleTone said:
Leotis is a twenty-year old 9th grader. His homework assignment was to use each vocabulary word in a sentence.

Hotel - "I gave my girlfriend crabs, and the hotel everybody."

Rectum - "I had two Cadillacs, but my ole lady rectum both."

Foreclose - "If I buy me some rock, I won't have no money foreclose."

Disappointment - "If I miss disappointment, my parole officer say they gonna send me back to the joint."

Catacomb - "I seen Don King on cable last night, and man, somebody need to give that catacomb."

Israel - "Alonzo try to sell me a Rolex. I say it look fake. He say bull****, that watch Israel."

Undermine - "There's a fine lookin hoe livin in the crib undermine."

Acoustic - "My Uncle Tyree buy me acoustic and take me to the poolroom."

Iraq - "When we get to the poolroom, he say Iraq, you break."

Stain - "My probation officer stop by, and I axed him do he plan on stain for dinner."

Seldom - "My cousin give me two tickets to the Knicks game, so I seldom."

Honor - "At the rape trial, the judge axed my buddy who be honor first."

Fortify - "I axe the hoe how much, and she say fortify."

Income - "I just got in bed with the hoe, and income my ole lady."
Click to expand...

Dictate - Yo bitch how my Dictate
 
:huh:"They were also paying mortgages on vacant rental properties when they couldn't find tenants because of the housing crisis."

??????
 
This is the criteria for the program. http://www.makinghomeaffordable.gov/modification_eligibility.html

Am I eligible for a Home Affordable Modification? Answer these questions:
1. Is your home your primary residence? Yes No

2. Is the amount you owe on your first mortgage equal to or less than$729,750? Yes No

3. Are you having trouble paying your mortgage?
For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)? Yes No

4. Did you get your current mortgage before January 1, 2009? Yes No

5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income? Yes No
 
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beachcombersc said:
This is the criteria for the program. http://www.makinghomeaffordable.gov/modification_eligibility.html

Am I eligible for a Home Affordable Modification? Answer these questions:
1. Is your home your primary residence? Yes No

2. Is the amount you owe on your first mortgage equal to or less than$729,750? Yes No

3. Are you having trouble paying your mortgage?
For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)? Yes No

4. Did you get your current mortgage before January 1, 2009? Yes No

5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income? Yes No
Click to expand...

Hmmmm....if I can get fired, I can stay home and google more sexy girl images AND have my home paid for?

Im in.
 
Those criteria are pretty disturbing. You have to owe more then $729K. .. and if you don't. . then you MUST be upside down to qualify.

Hmm. I wonder if I can mortgage my $200K home for $800K. . .then claim being upside down. . .
 
comsnark said:
Those criteria are pretty disturbing. You have to owe more then $729K. .. and if you don't. . then you MUST be upside down to qualify.

Hmm. I wonder if I can mortgage my $200K home for $800K. . .then claim being upside down. . .
Click to expand...
I think you misunderstood that criteria. It's equal to or less than $729,750
 
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