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Poll :: If you are a L/O--have you ever done a fraud loan

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Joined: 23 Oct 2007
Posts: 6

PostPosted: Thu Nov 01, 2007 10:39 pm Reply with quoteBack to top

Bring in the Army
Let's get real--the Brokers and their Lo's did not create this problem that we face today. People are being foreclosed upon today because they purchased the max they could afford for a home. Then immediately went out and bought new furniture and appliances on their credit cards who doubled their minimun payments in Oct, 2006 due to urging by the feds, then had to have a new car or two in that new driveway. And why were investers trying to create creative programs that allowed folks to buy these new homes--through the urging of the FEDS to give more people the opportunity of home ownership. Now the Feds call out the FHA thugs to fix the problem. Check out www.foreclosure.com/foreclosures.htm and click on Government Home Sales and see all the gov foreclosures in your state. Sub-prime Brokers and LO's weren't booking these loans.
There is an army on expert Sub-Prime Brokers out there that understand how to fix this problem. All they need is lenders and investors who understand the enviroment and will offer Fixed rate --30 year programs that homeowners can afford. Raising rate to cover the "risk factor" by 2 or 3 points is just creating the risk. Put the ARMY to work by offering fair and honest products to our holders of "THE AMERICAN DREAM"--homeownership. This trained Army can handle the problem. Not FHA!!!
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