Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! -- Ignore unavailable to you. Want to Upgrade?

To: tedwardst who wrote (4760)	10/29/2007 2:04:34 PM
From: ravenseye	Read Replies (1) \| Respond to of 5673

our first and only dealing with a mortgage broker was in the mid 90s before the run on sleazy "easy credit" no documentation adjustable rate this and option (1-4) adjustable rate that deals. we took out a fixed rate 15yr equity loan against our home. we had had clear title, so the loan amounted to a small tap of our equity. our home was appraised by a contractor the mortgage broker chose at our expense even though we had clear title (which a title search confirmed) and were looking to borrow a small amount compared to the fair market value of our property. as i read the loan contract the day of signing, i made sure there were no prepayment penalties, or other glitches. then i objected to the interest rate, we were ready to walk without signing. the mortgage broker didn't want us to leave, and opted to drop the rate to the percentage i suggested. we did sign, and as we got ready to leave, we were offered more money because of the equity we could draw on. i said thanks, but no thanks this is all that we need at this time. a few months after, our loan was sold and we were notified of the new loan servicer. we've always paid annual insurance premiums on our property, but i noticed an insurance charge on our loan statement. i called for an explanation. the new loan servicer claimed we didn't have insurance on our property! i laughed stating we've paid for replacement value coverage not fair market value since the year of purchase and provided the policy and phone numbers of our insurance carrier. i stated you want us to have double coverage, ours and yours and demanded a three way phone conversation with our insurance. the loan servicer was wrong, and without an apology credited our account for the bogus insurance charge. btw, the call was like a freaking deposition, asking my insurance if we had always had coverage of which was confirmed, yadda yadda. ironically the mortgage company the mortgage broker we dealt with has since settled in 30 states for $325 million due to attorney general investigations. the loan servicing company paid $40 million to resolve ftc and hud charges and $15 million to settle class action lawsuits because of widespread loan servicing abuses. that company has simply changed it's name. i've read horror stories about people with loans serviced by that same company and very happy to have made a point to pay off that no prepayment 15yr fixed rate equity loan years before the end of term! talk about full circle, the lender who provided the funds for our loan, and sold our loan, is who bought out the mortgage company a few months ago but also recently reported $6.5 billion in losses! now the treasury blesses that company by getting into bed with them for the $75 billion "master liquidity enhancement conduit" super mortgage fund. i guess they have to do something to rewrite all those prime option adjustable rate loans due to reset in 2009-2011, and clean up subprime resets too which i think will peak the end of this year if something isn't done soon. what will investors do if and when that company lowers or stops dividends, because the yield continued to climb as the stock established new 52wk lows last week.