Why Do Mortgage Lenders Hate America?*

[theFrankFactor]

Run time: 05:10 https://www.youtube.com/watch?v=GD93aDcssUU   Posted on YouTube: May 29, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: May 29, 2008 By DU Member: theFrankFactor Views on DU: 626

 
Caveat Emptor!

Why Do Mortgage Lenders Hate America?*

"This mortgage crisis will go down in history as more financially significant than Wall Street's "Black Monday" in 1987, the Long-Term Capital Management disaster of 1998, any of the massive international currency crisis' in the last 20 years... it will be even more financially destructive than the Sept. 11 attacks."

Reference sources include:
-5 Min. Forecast
agora financial
Center for Responsible Lending
the FFIEC
www.fanniemaefoundation.org.
National Housing Institute

*Some, not all.

[theFrankFactor]

1. I Kick My Own Self

[rusty quoin]

2. I'll kick you too. K&R

:kick:

[MadMaddie]

3. Why does Republican Phill Graham hate America?

The Republican was the lead in deregulating the Mortgage industry and then went to work for UBS a company that packages and sells mortgages.

[hiphopnation]

4. k&r

well done!

[KSinTX]

5. Why do Republicans hate Americans?

:kick:

[bluesbassman]

6. Nice rant Frank.

As a mortgage professional, I was truly amazed when we started seeing 100% no doc loans. Then no doc down to 600 FICO scores. What were they thinking? If someone has a 600 FICO score, it usually means they can't manage there finances, and now you're going to loan them half a million dollars with no equity to tie them to the note?

You missed one of the players though, and that's the unscrupulous real estate agents who conned these "buyers" into believing that they could not only afford a house that they were putting no money down on, but that they were going to get 20 to 30% appreciation for years to come!

The real problem though, IMHO, is that as long as the feds keep bailing these kind of disasters out, they'll just keep on happening. Some things really do need to be regulated.