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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (32242)	10/24/2012 3:43:31 AM
From: average joe	2 Recommendations Respond to of 85487

This is what Obama wants more of in the next four years. Message 28495341

To: koan who wrote (32242)	10/24/2012 5:42:24 AM
From: Broken_Clock	1 Recommendation Read Replies (1) \| Respond to of 85487

two errors right off the top koan: === "Tiny Mortgage offices, credit unions and even insurance companies sell the loans to customers and the more paper work they have to do the less commissions they get." Dude, loan originators negotiate whatever commission they want to charge. it has nothing to do with the amount of paperwork. === "Right now it is so regulated it is very difficult to make loans, especially condos." The reason banks won't loan so easily anymore is because of the threats from the FHFA to put back bad loans to the lenders. Now that Obama has waived any future putbacks(literally, no matter how fraudulent a loan is when created, as long as the borrower makes the first 12 payments, there is no recourse from the gov't back to the originator). You can blame the next bubble on Obama, not Bush. americanbanker.com

To: koan who wrote (32242)	10/24/2012 7:44:14 AM
From: Brumar89	1 Recommendation Respond to of 85487

Over 90% of all banks fund their loans with one of three agencies: FHA, fannie or freddie. If only the Democrats hadn't blocked Bush from reforming Fannie and Freddie. It has gotten worse since 08. Much worse. But Obama has been President since then. And the Democrats held both houses of Congress for his first two years. Maybe you should vote for change.

To: koan who wrote (32242)	10/24/2012 9:49:52 AM
From: Thehammer	3 Recommendations Respond to of 85487

I see that several others have pounced upon your comments to me and pointed out your factual errors but I will still respond to a few: So Wells Fargo has no more advantage than a mom and pop mortgage company of two people. Residential mortgage and Wells Fargo sell the to the same place. No one uses lawyers for much of anything. In 20 years and over millions in commissions, I have been involved with lawyers exactly once, other than some routine paper work.. And I was clear out in left fled caught in a big sweep. Sounds like you are a real estate agent or possibly or mortgage broker from your comments. Like I said, I didn't work on the bank side of the business but given one of my roles, I had plenty of interaction. The attorney comments of mine came about because of Dodd-Frank. My firm felt they were well equipped to deal with the additional regulations and that it would hurt smaller and medium sized banks. considerably more. Wells doesn't use third party mortgage brokers any more because of all the issues they had with those loans. PS - if you are a real estate agent or a mortgage broker - your profession has considerable culpability in the mortgage fiasco. Where was your fiduciary responsibility to your clients. Banks did not sell the houses or induce them to buy. Do you make this shit up, or go by a playbook? Neither - but for you I have to dumb it down Right now it is so regulated it is very difficult to make loans, especially condos. And down payments and PMI has increased which makes for fewer loans and less commissions.. It has gotten worse since 08. Much worse. Sometimes, you sound a lot like smiling Joe Biden! Part of the cause of this whole mess was the desire to raise the level of ownership across the country. It was reasoned (and I remember WSJ articles to the affect) that home ownership made for more reponsible citizens. They had equity in America. In retrospect, the desire to put more folks into housing (Community Reinvestment Act) was lauded by both political parties and heck it sounded good to me. Unfortunately, all the additional resources chasing fewer houses and the relaxation of lending standards and other systemic issues caused a great bubble in housing. Housing values ran far ahead of the valuation trend which had roughly approximated inflation over many decades. But it looks like we had it backwards - in that home ownership made you responsible. You were responsible and THEN you bought a home. Now you have what all liberals want a heck of a lot more regulations and as you said - a lot more difficult to make commissions. Looks like you got what you voted for!!