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Politics : Formerly About Advanced Micro Devices
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To: Tenchusatsu who wrote (350856)9/17/2007 8:13:18 PM
From: tejek  Read Replies (1) of 1578933
 
Ted, > I was in real estate and could never have predicted that some lenders would turn into con men and lower mortgage standards to very dangerous levels.

I'm just a homeowner, and already I knew they were out there years ago.

Just one look at my daily junk mail confirms that. "Refinance your home with only a 1% interest rate!!! (APR 7.9%, teaser rate expires after 12 months, examine fine print for details)"

I was a renter and never got that kind of mail. Seriously. The stuff I am now reading about makes me quake in my boots. Its stuff you learn in real estate never to do. In years past, there was always the sleaze lenders who would pull tricks like the ones we are seeing but not the creditable lenders. although I have to say I got a hint of it when I bought my house last May. The lender's point person couldn't find some of my financial documents, showing how much I had in savings. I figured that would hold up the closing since the lender was out of state and they would need to review the docs before approving the loan. However, because my money was in escrow, they went ahead with the closing. I was surprised.....in fact, the whole process of getting a loan was easier than I had ever experienced in the past. And my house is a semi fixer. That was my first clue that something was up but I didn't realize it was as widespread as its turned out to be.
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