Granted you’re supposed to do your own research but what happens when a mortgage company convinces you that your fears and your worries are unfounded. Many people did have reservations about refinancing and purchasing homes with these sub prime mortgages, however these lenders really made it their business to prove it was a good move. Why would you take advantage of people regarding something this serious?
Jessica: looks like you were absolutely right! lol Good call.
Yes, that is the issue. That is why they are called predatory lenders. However, just wait you will get a lot of "answers" placing 100% of the blame on the homeowner.
Did some mortgage companies dupe people into buying more home than they could afford or to refinance?
Leave a comment
Yes, that is the issue. That is why they are called predatory lenders. However, just wait you will get a lot of "answers" placing 100% of the blame on the homeowner.
References :
YES – and this is the problem that people are facing now! But we aren’t supposed to be talking about this……it’s viewed as whining!!
References :
You could also ask whether some borrowers duped mortgage companies by exaggerating their income and their ability to make the mortgage payments.
References :
Selling mortgages is a commission business. the money the agent made was at the point of sale. More mortgages, more profit. Mortgage lenders took a chance that the economy would stay healthy or at least stable enough to support the mortgages they made. Many guessed poorly and will lose big time.
References :
First off, when you are out looking to buy a house you are the one that typically sets your price.
You then go to a morgage company and ask them if you qualify for the loan. At which point they offer you options.
These dumbass that bought too much house, figured that for the past 8 years interest rates have fallen and I’l be adle to refinance to a lower interest rate later.
They gambles and lost. The morgage companies played the same game.
Gambles and lost. The governmnet should let them lose. It was their choice., both the ho,e owner and morgage company’s.
References :
Unless someone was literally forced to sign these contracts, they don’t deserve ANY help. If someone is stupid enough to take a loan they clearly cannot afford, they deserve to be homeless. I am so sick of this "it’s not my fault, blame the evil corporations!" mentality. People need to take responsibility for themselves.
References :
Some probably did, but as an owner/leader of a real estate team, I have not seen it.
I have seen many lenders find the most money that they could, but they told the buyers EXACTLY what could happen. My team would has not put buyers with lenders who would not walk away from a deal if it would be harmful to the buyer. As a matter of fact, we only have one client who is at ANY risk of losing their house, and it is because the wife lost her job, and the husband’s hours have been cut…NOT because of a bad loan program.
Buyers put themselves into this position in almost all of the cases.
Jessica…And a spoon made Rosie O’Donnell fat. It had nothing to do with her cramming that spoon in her fat face so much, right. Predatory lending investigations have shown that it was VERY rare.
ADDED: Sad how far this country has slipped into blaming anyone but the guilty. Throw out facts from inside the industry, and the "it’s society’s fault" crowd starts throwing down the thumbs.
References :
They did it for the ‘love of money’……
Sad but true….they are in business to make money, ever seen a bank not make money?
Check out FDRS.org on the web, Federal Debt Relief System has the History of Banking on it’s site. WHAT an eye opener!!!!!!!!
References :