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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Steve Lokness who wrote (37427)7/31/2005 7:33:22 PM
From: loantech  Read Replies (1) of 110194
 
Well I see it like this: Lenders are required to follow the Equal Credit Opportunity and Fair lending practice laws. Essentially that means our mortgage bank ,a division of a fourtune 500 company and the 10th or so largest bank holding company in the US,(I am a very lowly employee who left loan sales almost 5 years ago)is required by federal law to make loans on homes that meet certain standards (Read the FHA 4155 handbook to learn the standards if you like)to all individuals who apply for credit as long as they qualify. Mortgage banks do not set the lending guidelines they are set by an obscure department of the Federal Gummint.I believe it is the Office of the Comptroller of the Currency.

occ.treas.gov

I assume that department is overseen by the Federal Reserve or the Treasury department. There is also another small department that has an unseen hand that is major player in underwriting standards. I will try to find it for you.

Maybe ?:http://164.109.25.59/

So frankly I don't care for your accusatory tone of my involement in lending as criminal behavior. I have been a law abiding citizen for most of my life. Let's exclude my 20's. Remember back then a blow job could be illegal in most states? I am now in my mid 50's and do a very honorable job in the field I work in.
But yes I agree with each you and Tommaso that I do not care for the "stretch" in credit and income and loan to value guidelines and think eventually they will be shown to border on the immoral. But please share with me your activities the last 20-30 years to see if I think they meet all of my moral albeit legal activities. Maybe you work for Loral or maybe microsoft or maybe a coal fired power plant??
Respectfully,
tom
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