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inf9antz
Dud?


Joined: 13 Dec 2007
Posts: 17
Location: Long Island,NY

WHere have all the fannie EAIII's Banks gone?
PostPosted: Thu Dec 13, 2007 10:05 pm Reply with quoteBack to top

Hey Folks-

Citimtg is killing their exposure to EA3's as of 12/14!!!! Other than Indimac who out there still does these. i know AMTRUST does but wont go below a fico of 600. At this point beggars can't be choosers. Even if the turn time sucks its worth doing .citi took anything and with the lmi census tract .50ysp it made their slow wait worth it.

I guess investors of this kind of paper are refusing to buy? Will we see Level2's affected shortly therafter?


Also who else does Lmi census tract ysp besides citi. BofA use to when they wholesaled, WAMU has a bastardized form of this...i'd rather take a rodney king beating than deal with them
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UghMortgageBiz
Spontaneously Combusted


Joined: 12 Mar 2007
Posts: 2099

Re: WHere have all the fannie EAIII's Banks gone?
PostPosted: Mon Dec 17, 2007 4:35 am Reply with quoteBack to top

Face it. How many borrowers that get an EAIII approval from DU should really be buying a house?

There are truly people that were BORN TO RENT.

Not being crude, just truthful.
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inf9antz
Dud?


Joined: 13 Dec 2007
Posts: 17
Location: Long Island,NY

Re: WHere have all the fannie EAIII's Banks gone?
PostPosted: Mon Dec 17, 2007 12:23 pm Reply with quoteBack to top

Thats what you think ? arent we just a little cynical. Almost all of the EAIII have been refi's. 625 fico 75-80 ltv homeowners that have been in their homes 5+ years that might of had a medical or a job related snafoo with the mtg history and or credit now its a second chance. Sure they are getting a deservedly higher rate but with tpr if you can prove you'll make the pmts on time its a temporary situation I have found for 50% of the Levels i can run it thru LP (freddie mac) and it goes thru A-ok

I bet if more people had taken the time to run a client thru DU or LP instead of " oh i'm sorry you have poo poo credit and mtg history here's the 2/28 from option one or BNC" we'd be better off.

Even now with whats left of subprime why would you ever deal with them?

Btween the EA I II or III or FHA why would someone go with a lender whose charging 10 or 11% because you were 3x 30 in 12 mos? poo poo man thats forclosure bailout rates almost!!!! Bailouts being 1.5-2 pts higher.
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salemprestamos
Cherry Bomb


Joined: 14 Nov 2007
Posts: 109
Location: Salem, Or

Re: WHere have all the fannie EAIII's Banks gone?
PostPosted: Sat Dec 22, 2007 8:02 am Reply with quoteBack to top

A lot of wholesalers have gotten rid of everything EaI through EaIII.

_________________
"There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, fool me once, shame on—shame on you. Fool me—you can't get fooled again." -—Nashville, Tenn., Sept. 17, 2002
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UghMortgageBiz
Spontaneously Combusted


Joined: 12 Mar 2007
Posts: 2099

Re: WHere have all the fannie EAIII's Banks gone?
PostPosted: Sun Dec 23, 2007 11:46 pm Reply with quoteBack to top

inf9antz wrote:
Thats what you think ? arent we just a little cynical. Almost all of the EAIII have been refi's. 625 fico 75-80 ltv homeowners that have been in their homes 5+ years that might of had a medical or a job related snafoo with the mtg history and or credit now its a second chance. Sure they are getting a deservedly higher rate but with tpr if you can prove you'll make the pmts on time its a temporary situation I have found for 50% of the Levels i can run it thru LP (freddie mac) and it goes thru A-ok

I bet if more people had taken the time to run a client thru DU or LP instead of " oh i'm sorry you have poo poo credit and mtg history here's the 2/28 from option one or BNC" we'd be better off.

Even now with whats left of subprime why would you ever deal with them?

Btween the EA I II or III or FHA why would someone go with a lender whose charging 10 or 11% because you were 3x 30 in 12 mos? poo poo man thats forclosure bailout rates almost!!!! Bailouts being 1.5-2 pts higher.


Not sure where YOU live, but those weren't the level loans I saw.

If a borrower scored a level and their credit was bad due to a medical problem, or some other extenuating circumstance, that's one thing. However, you give people too much credit. That's not why most people have bad credit, they can't manage money for poo poo.
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DebtFreeDave
Flash in the pan


Joined: 26 Dec 2007
Posts: 87
Location: Arizona

Re: WHere have all the fannie EAIII's Banks gone?
PostPosted: Wed Dec 26, 2007 8:06 pm Reply with quoteBack to top

I thought they have disappeared....

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