Source of mortgage mess explained

[Sinisterevo]

John Mc Cain is the best damn guy I know. He's just is. He's a ****ing Maverick like Tom Cruise in that movie.....

that was funny.

[PBDS]

the only true definition for a subprime loan is a loan that does not conform to Fannie/Freddie guidelines. funny thing is though, Fannie/Freddie would purchase certain loans that were even too risky for subprimers to touch.

how many times Peebs would you just play with D/U to get a wacky acceptance out of the blue!

...ha ha ha You don't even know. I never put in assets on a refi unless I needed them to get an approval. I loved fast and easy or the findings that ask for a verbal VOE and no income docs.

[PBDS]

This is all the democrats fault and I must say that I knew it!
The Democrtats are the devil and the Reps are God
The Dems hate freedom and the Reps want freedom

John Mc Cain is the best damn guy I know. He's just is. He's a ****ing Maverick like Tom Cruise in that movie. He's a ****ing war hero man! He ****ing rocks! He flew a plane damit and he got shot down and he survived the ****ing crash.





I just have to say that I have worked with 100's of people and Acorn is a great program.
It helped people (white and black) afford homes with no money down. In Boston, the Average home costs well over 300k. Acorn helped my middle class friends a lot. They provided them with a low interest rate as well and I am proud to say that they are still in their homes to this day!

Just had to say that.

....So, you know for a fact that all of them are still in their homes? I call bull**** on that. Look, 100% loans should have never happened. If you can't save the 5-10% to buy a house then you shouldn't own a home anyway. You have no skin in the game whatsoever and it means that you are a couple of bad months away from losing your home in a matter of months. That whole concept was stupid. Homeownership is a priveledge and not a right of every jackass walking the streets.

[Spare Moody]

...ha ha ha You don't even know. I never put in assets on a refi unless I needed them to get an approval. I loved fast and easy or the findings that ask for a verbal VOE and no income docs.

exactly. the automated underwriting let you throw endless amounts of hypothetical scenarios until one of them broke through. it's weird though cause we always looked at Fannie/Freddie as absolute safe and guaranteed.

these 2 organizations that were established by the government and then got out of hand once privatized. yet everyone's saying to keep government regulation out of everyone's business...

[PBDS]

exactly. the automated underwriting let you throw endless amounts of hypothetical scenarios until one of them broke through. it's weird though cause we always looked at Fannie/Freddie as absolute safe and guaranteed.

these 2 organizations that were established by the government and then got out of hand once privatized. yet everyone's saying to keep government regulation out of everyone's business...

...Just consider yourself lucky that you aren't in the business any longer. It gets tougher every day. My Jumbo pricing was over a point below market and we just bumped up to where everyone else is today. I had 3 Jumbo quotes out there on deals that I was going to get because of my pricing obviously. It was a great seller while it lasted. I only closed 650K last month and it was the tops in my entire group of like 15 originators.

[Spare Moody]

...Just consider yourself lucky that you aren't in the business any longer. It gets tougher every day. My Jumbo pricing was over a point below market and we just bumped up to where everyone else is today. I had 3 Jumbo quotes out there on deals that I was going to get because of my pricing obviously. It was a great seller while it lasted. I only closed 650K last month and it was the tops in my entire group of like 15 originators.

a few months ago my buddy won an award for being ranked #31 out of all Prudential Realtors nationwide. he closed 3 deals for the quarter....2 of which were for his sister.