Prospects dim for mortgage brokers

catherine at 08:06 2009-07-22 said:

duh??? Permalink

MortgageDrummer at 13:43 2009-07-22 said:

Here is what Rizzi said, , ,

“A lot of people got sucked dry and a lot of bad press went out there for brokers,” Rizzi said, “as it should have because one bad apple spoils the whole bunch.”

Hey Rizzi, I think you are being a little harsh. I'm sorry you did not have an opportunity to meet some wonderful people in our industry. Many of us were honest brokers that lived, worked, went to church , our children were in sports together, they went to the beach and the river together, , where our family was their family . . . and on and on and on and on. . . . . .and Yes!!! They might have even been a neighbor. . and because we "The local mortgage broker" that only did make sense loans. . not one opt arm . . or stated W-2 wage earner. The broker didn't invent this shit . I didn't stamp funded on these types of loans. I still want to know who invented the pay opt arm for the first time homebuyer 100% ( believe me they picked the lowest payment because they never qualified for a full am loan to begin with) W-2 wage earner stated (the realtor wanted him to have the bigger house too) and yes the broker never saw their income. . (Puh!) and wait!!! The seller paid all the closing costs. . it was cheaper to buy a home with no money down than pay first last and security to rent! :shock: :P When wholesale came out with the W-2 wage earner stated was when I knew we were in trouble. This is now the result.

Yes, I believe you when you say that all the good experinced appraisers have already left the business. . well so have the good brokers!!

Please read my posts on the Implode- O- Meter. .there is alot to learn!! 'YOU CAN'T TEACH ETHICS OR REGULATE HONESTY" Permalink

catherine at 18:22 2009-07-22 said:

Here is what Rizzi said, , ,

“A lot of people got sucked dry and a lot of bad press went out there for brokers,” Rizzi said, “as it should have because one bad apple spoils the whole bunch.”

Hey Rizzi, I think you are being a little harsh. I'm sorry you did not have an opportunity to meet some wonderful people in our industry. Many of us were honest brokers that lived, worked, went to church , our children were in sports together, they went to the beach and the river together, , where our family was their family . . . and on and on and on and on. . . . . .and Yes!!! They might have even been a neighbor. . and because we "The local mortgage broker" that only did make sense loans. . not one opt arm . . or stated W-2 wage earner. The broker didn't invent this poo poo . I didn't stamp funded on these types of loans. I still want to know who invented the pay opt arm for the first time homebuyer 100% ( believe me they picked the lowest payment because they never qualified for a full am loan to begin with) W-2 wage earner stated (the realtor wanted him to have the bigger house too) and yes the broker never saw their income. . (Puh!) and wait!!! The seller paid all the closing costs. . it was cheaper to buy a home with no money down than pay first last and security to rent! :shock: :P When wholesale came out with the W-2 wage earner stated was when I knew we were in trouble. This is now the result.

Yes, I believe you when you say that all the good experinced appraisers have already left the business. . well so have the good brokers!!

Please read my posts on the Implode- O- Meter. .there is alot to learn!! 'YOU CAN'T TEACH ETHICS OR REGULATE HONESTY"

I still want to know who invented the pay opt arm for the first time homebuyer 100% ( believe me they picked the lowest payment because they never qualified for a full am we sold them at Savings of America in the early 80s - I think they invented them - (Ahmanson Savings)

YOU ARE RIGHT, NO ONE COULD AFFORD THE FULL AM

30 year fixed rates were 18%, thanks Jimmah, or a 13% start rate on an ARM. 6% CAP ---- $100 appraisal (we did them inhouse)....

great loan to get in the house - but HORRIBLE when values are falling 50%...........always remember why all these loans were around - WE BUILT MORE HOUSES THAN THE COUNTRY HAD QUALIFIED BUYERS..........

that is why when the government is done GUTTING OUR INDUSTRY............they will still have to do no credit loans and rent to own to put BUTTS IN HOUSES....................or leave the empty houses - WHAT DO YOU THINK THEY WILL DO??? Permalink

MortgageDrummer at 01:42 2009-07-23 said:

So I say after all the hard work building my company (18 years) , getting up at 5:30am every morning. Doing the right thing with my clients and able to look at myself in the morning as I only did make sense loans. . .Yes I know hard to believe there is a "Broker" out there that actually cared about their community. Never bought a lead or did a mass mailing, didn't need to.

My doctor told me a funny story about a young pregnant gal (17yrs old) that would come into her office and complain about the wait in the lobby every time! She was unemployed and having her second child with no husband and no income coming in to take care of even the first child. My Dr. would schedule her appointment early in the morning at about 9AM and the young girl would complain she had to get up too early. She also told my Dr. that how can the government expect her to work when she has to take care of her children!!! What!!!

I'm 52 years old and have never collected unemployment even tho it might have been due to me. . I went out and got a job! Now, I try to collect unemployment and they say I don't qualify becuase I didn't pay enough into it for the last 18 months. ."Really? I have given them every year a W-2 for at least $80,000-140,000 a year and paid my taxes. Now, because I spent my savings trying to keep my business going and "NO" I didn't take taxes out as I could only take corporate draws and pay my business debt and had no money left over to pay the IRS! So, the lady at the unemployment office said she is seeing a record # of the 'OWNERS OF SMALL BUSINESS LOOSING EVERYTHING" and the BK court now wants us to be living under a bridge with nothing!! Pah!!

ps. Also, I couldn't get cobra health insurance either because Obama says that I had less than a 100 employees and they could not offer me health insurance. So now my family of 4 of which my 13 year old daughter has a seizure disorder cannot afford private health insurance! Live under a bridge!!! After I have worked all my life!! I waited to have children until I was 38 years old and my second child at 42 because I couldn't afford it!! Permalink