Vertice - Wholesale - Agency, Non-Conforming & FHA/VA

buffandmisterg at 18:08 2009-02-03 said:

Chase, Vertice (Wachovia/Wells), Suntrust etc. The big banks that were standing tall now represent what the "bailout" really means. The bailout is no more than a "buyout" of the free-enterprise system. Wonder why so many of these bailout-accepting CEOs are heading for the hills with their multi-million dollar bonuses?

It's crazy to think that people would want to shore up their savings in banks who could be lending with the deposits but don't. The Fed is doing nothing but giving bailout funds on YOUR DIME to companies who are all feeling the pinch. Crooks like Barney Frank (gay lover a higher-up at FNMA) forced these banks to lend and now they can't get bailed out unless they give the Fed preferred stock. There is no reason I could see to ever invest in the financial sector again. The US Government has effectively hijacked it. Look for more banks to exit the game and all lending that happens on fannie/freddie, FHA or VA loans to happen through a retail mortgage shop through the US Government.

This "walmartization" of the banking industry shows us that the US now stands for "United Socialists". It's too bad that the Fed Funds Rate is zero and banks could borrow the money for free. So, why aren't they? Think about that. Once the eradication of our banking system as we knew it is complete, look for interest rates to skyrocket under the guise of battling inflation.

I feel sorry all of us that have been and continue to be affected by these job cuts. I expect it to continue.

If anybody needs a bartender or someone to wait tables in the Vegas area, look me up. :) Permalink

hosaler at 00:37 2009-02-04 said:

Excuse me, but SunTrust is STILL standing tall as they had their act together WAY before any of the other Lenders "got it". I personally know this for a fact. When mentioning Lenders in this climate and in this Industry, please be careful what names you throw out! Will SunTrust be around forever, who knows? However, RIGHT NOW we are doing just fine. Permalink

hosaler at 00:39 2009-02-04 said:

Chase, Vertice (Wachovia/Wells), Suntrust etc. The big banks that were standing tall now represent what the "bailout" really means. The bailout is no more than a "buyout" of the free-enterprise system. Wonder why so many of these bailout-accepting CEOs are heading for the hills with their multi-million dollar bonuses?

It's crazy to think that people would want to shore up their savings in banks who could be lending with the deposits but don't. The Fed is doing nothing but giving bailout funds on YOUR DIME to companies who are all feeling the pinch. Crooks like Barney Frank (gay lover a higher-up at FNMA) forced these banks to lend and now they can't get bailed out unless they give the Fed preferred stock. There is no reason I could see to ever invest in the financial sector again. The US Government has effectively hijacked it. Look for more banks to exit the game and all lending that happens on fannie/freddie, FHA or VA loans to happen through a retail mortgage shop through the US Government.

This "walmartization" of the banking industry shows us that the US now stands for "United Socialists". It's too bad that the Fed Funds Rate is zero and banks could borrow the money for free. So, why aren't they? Think about that. Once the eradication of our banking system as we knew it is complete, look for interest rates to skyrocket under the guise of battling inflation.

I feel sorry all of us that have been and continue to be affected by these job cuts. I expect it to continue.

If anybody needs a bartender or someone to wait tables in the Vegas area, look me up. :)

You need to rethink the names you have so casually mentioned in your statement. SunTrust is doing fine as they stopped the "crap" products WAY before anyone else did. Permalink

alphajej at 09:02 2009-02-04 said:

Not that I'm looking for another bank to leave wholesale or have more un-employed people out there - But, didn't Suntrust put a freeze on accepting wholesale fha loans? As strong as Suntrust may appear isn't that usually a bad thing or even a foreshadowing event? I could understand dropping a niche program such as a stated loan or a jumbo outside of the fnma jumbo, but fha??? (and yes I realize the deliquency ratio's and such, but rather than dropping the program, raise the fico requirement, lower the dti limit, even lower the ltv caps).... Permalink

buffandmisterg at 11:47 2009-02-04 said:

Whoa, Playboy...for starters, a company the size of Suntrust publicly whining that they dropped FHA because they are tired of training brokers? Not doing FHA is grounds for joining an ailing list at best. The best niches Suntrust had was in their Portfolio ARMs, which they did away with in September. Now they have a generic set of ARMs which they renamed Portfolio, so please don't point fingers this way. If you are an STM employee, good for you.

So, I guess that leaves conventional and jumbo ARMs, is that right? Well, then in that case Me Oculpa. I like SunTrust and I'd wager to say that I have a longer-standing business history with the company than you.

Come to think of it, you're right! Who needs FHA??? Permalink

actionjackson at 10:34 2009-02-06 said:

hosaler-

you are sorely mistaken regarding suntrust and their product line. they were not one of the first to pull out of riskier products. they have a ton of exposure in FLA especially in the construction lending side as well as home equity side. they were drinking the risky product kool aid like most other lenders. they can say what they want about them not getting out of fha but i don't know of anyone who is buying that rhetoric on the wholesale side. if there is smoke there is fire... sorry but i just dont see them hanging around since it is costing them hundreds of millions of dollars in losses... Permalink