2009-10-21 — cutimes.com
" There are two key medium- to long-term questions hovering over credit union mortgage lenders. What future form and structure will the nation’s secondary mortgage market take, and how will mortgage originators, including credit unions, be able to access it?"
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catherine at 19:46 2009-10-21 said:
MY LAST STINT IN THE BUSINESS WAS WITH ONE OF THE LARGEST CREDIT UNIONS IN THE SOUTHEAST AND PREDICTION IS THAT THEY WILL NOT BE HANDLING MORTGAGES IN THE FUTURE...........THEY WILL RETURN TO A BANKING AND CAR LOAN STRUCTURE, MAYBE SOME SECONDS, ETC.......... I STILL FEEL THE GOVERNMENT LOAN OFFICE WILL BE SET UP IN OUR FACES AND ALL LOANS WILL BE THRU THEM..................AND WHY PAY ORIGINATORS OR OTHERS AS MIDDLE MEN WHEN THE GOVERNMENT IS PROVIDING ALL THE MONEY AND THEN BUYS THE LOAN IN THE END :roll: GLASS STEAGALL WILL HAVE TO GO BACK IN PLACE AND THAT MEANS NO FANCY SECURITIZATION OF MORTGAGES WHICH MEANS NO PROFIT AND THE GOVERNMENT WILL OWN ALL THE FORECLOSURES SO WHY PAY ALL THE MIDDLEMEN.........WITH UNEMPLOYMENT SET TO RAMP UP AND CONTINUE HIGH I DON'T THINK THE ORIGINATORS WILL BE OVERRUN WITH BUSINESS. THE CREDIT UNIONS ARE FINE FOR THEIR CUSTOMERS IN THE BASICS AND SERVICE BUT AFTER 30 YEARS IN THE INDUSTRY I DID NOT FEEL THE SHARPEST POINTS IN THE MORTGAGE TOP DRAWER WERE SPENDING THEIR TIMES AT THE CREDIT UNIONS........... SORRY GOOD PEOPLE...........JUST THE PROS OF MORTGAGES DON'T REALLY FREQUENT THAT SPACE.........AGAIN NO CUT TO CUs, THEY JUST ARE GOOD WITH THE 60% SPOTLESS LOAN AND THE GOVERNMENT WILL DEFINITELY WANT THAT BUSINESS............. Permalinkadd a comment | go to forum thread
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