Apprasals that are opinions and summerys of outdated sales?
Lenders use a number from incorrect credit reporting agencys?
Not verifing most items in loan applications?
Lenders are lazy and now want our US and state goverments to bail them out of the mess they made themselves?
Lenders need to fix the problems they create?
2007-05-21 08:27:51 · 4 answers · asked by scott m 1 in Business & Finance ➔ Renting & Real Estate
I remember a line out of a "B" Detective movie. "Follow the money."
It is greed, plain and simple. Realtors and mortgage brokers for years have been puting people into houses that they cannot afford - using excuses like "If I don't get them a house, somebody else will..." It's just a cop-out.
And now the greed saga continues - John Kerry went to work for a hedge fund as an "advisor" while "learning about the poor". Hah! He went to "advise" the hedge fund what types of high risk loans to buy (at pennies on the dollar) because now he'll get legislature introduced for the US government to "save all these poor buyers" by paying 100% on the loans that he recommended! Millions of dollars will be made by the hedge fund he worked at!
If you don't think it will happen, Follow The Money!
2007-05-21 08:48:09 · answer #1 · answered by teran_realtor 7 · 0⤊ 1⤋
The problem with the lending industry are these fly by night companies trying to make a loan for everyone, when everyone cannot qualify.
Sounds like you had a bad experience, in the future always stick with a Direct Mortg. Lender or a larger bank, ones who "fund their loans in house".
Appraisals & comps used can only be 6mos old.
A good lender has a great underwriting department who is the one doing verifying of employment or rental history etc.
Stay away from lenders who do not fund loans in house & you'll be just fine in the future
2007-05-21 08:59:08 · answer #2 · answered by Miss Emily 3 · 0⤊ 0⤋
You need to stop relying on the media for your information. The vast majority of lenders and appraisers are good and do not create problems. The media is good at making a mountain out of a molehill and that is what happened here. You are talking about a small percentage of loans and loan officers. I agree the gov't should not bail all of them out but again, there isn't any epidemic of deception in the lending industry.
2007-05-21 08:51:42 · answer #3 · answered by thinking-guru 4 · 0⤊ 0⤋
you sound kind of bitter?
Appraisals are created by real estate profesionals who use comparative market studies.
Lenders have several layers of fact checkers and risk analysists
Some high risk lenders have lent to risky borrowers who in turn have proven thier riskyness. that is why some lenders are in trouble. it will all sort itself out, but there will be a lot of home owners who are goung to become renters again.
2007-05-21 08:38:51 · answer #4 · answered by Hootie J 5 · 0⤊ 0⤋