MITT ROMNEY Message Board

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Politics : MITT ROMNEY

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To: Augustus Gloop who wrote (1783)	2/14/2008 2:25:26 PM
From: Shoot1st	Read Replies (2) of 5586

It wasn't the banks as much as it was independent loan brokers. Those who didn't qualify at banks went to the brokers. The brokers could place anybody. ARMs were a disclosure nightmare. Those that opted for ARM actually thought if interest rates stayed the same or even went down that they would keep their costs in check. Facts were that between the spread and the renewal calculation methods even if interest rates went down your mortgage payments went up. The big brokers never emphasized this to the field agents and the field agents never told this to the public. I suspect after a few years of losing business, banks started doing the same shit. ARM buyers were doomed the minute they signed. I understood what was happening then and expected the disaster to hit earlier. I got licensed towards the middle of the 90's and quit offering my clients loans after about 11 months in the business. Hell was going to break loose. I just didn't know when. SHootie

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