Post by account_disabled on May 1, 2024 23:42:54 GMT -5
The problem this time was absurd lending practices no doc loans interest only loans lending to people who couldn t qualify for a loan if they didn t get a teaser rate in the beginning etc. Mortgage brokers created and sold these loans because they were just the sales force. Bad debts Not our problem. They had no incentive to avoid bad lending practices. There may be other causes as well but the area of most concern to me is how long these bad lending practices continued.
Normally the feedback to the economic system happens sooner than it did this time. What kept lending continuing In the days when lending institutions banks savings loans held the mortgages they generated they realized sooner that they had made a mistake perhaps with a little help from the bank South Africa WhatsApp Number List examiners. But when it is a public employees retirement plan or any of the other financial organizations that got involved lending directly through a mortgage broker and a mortgage servicing provider there is nobody ready to take away the punch bowl. At the same time Freddie and Fannie paid Congressmen and Senators to look the other way.
When is a bribe not a bribe When it s a campaign contribution Does any of this sound familiar a bit of deja vu from the s BEVERLY KOSSUM I think the formula is very simple and said many times before give homes to those who are in the position of investing capital to obtain them and have a sufficient income to pay for them. I also believe that the mortgage industry is at fault in their ability to completely ignore basic financial ratios historically used to determine if an investor can indeed afford their investment. That said if you have been lured into an investment based on a banker or mortgage lender encouraging you to buy more by showing you a confusing array of financing opportunities that mere mortals cannot understand I ll forgive those who did buy up on the premise that what was in front of them looked like they could afford it.
Normally the feedback to the economic system happens sooner than it did this time. What kept lending continuing In the days when lending institutions banks savings loans held the mortgages they generated they realized sooner that they had made a mistake perhaps with a little help from the bank South Africa WhatsApp Number List examiners. But when it is a public employees retirement plan or any of the other financial organizations that got involved lending directly through a mortgage broker and a mortgage servicing provider there is nobody ready to take away the punch bowl. At the same time Freddie and Fannie paid Congressmen and Senators to look the other way.
When is a bribe not a bribe When it s a campaign contribution Does any of this sound familiar a bit of deja vu from the s BEVERLY KOSSUM I think the formula is very simple and said many times before give homes to those who are in the position of investing capital to obtain them and have a sufficient income to pay for them. I also believe that the mortgage industry is at fault in their ability to completely ignore basic financial ratios historically used to determine if an investor can indeed afford their investment. That said if you have been lured into an investment based on a banker or mortgage lender encouraging you to buy more by showing you a confusing array of financing opportunities that mere mortals cannot understand I ll forgive those who did buy up on the premise that what was in front of them looked like they could afford it.