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Go Back   Hummer Forums by Elcova > ETC. Forums > General Off Topic

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  #1  
Old 04-30-2007, 02:38 PM
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Default Re: Mortgage Times

Yup appears we're having a logical intelligent conversation on here.

It is amazing the things we've seen, and i've talked to appraisers that have flat out told me, we get pressure from the lender to make the deals work....ie....fudge the appraisal to make the loan.

Some of the worst are the deal that involve mobile homes, in the past quarter, I have had two foreclosures that were double wide mobile homes but on the origination appraisal they said they were single family detached with FULL foundations. Both of these were on piers with skirting around the base.

It appears to me that the sub-prime industry is the worst for fraud and fudging things. We've had broker's call us and ask us to "doctor" up the price in the multi-list so they could get their deals to work. When I told them it was fraud, they had the balls to tell me....oh we do this all the time...its ok...no one gets hurt. My response was fraud is fraud no matter how you try to spin it or sugar coat it.

I am a licensed individual and make a very good living at what I do, aint no way i am going to risk it over a commission on a deal.

What do you do Adam that you are testifying?
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2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold

2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold

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  #2  
Old 04-30-2007, 04:01 PM
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Default Re: Mortgage Times

Wow!! Thats outrageous! Now I think I can see what really going on here. I guess I should be safe and happy with any market correction as the house I bought last year; I was able to get it for about 35k under appraisal value and we used an independent appraiser.
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  #3  
Old 04-30-2007, 05:50 PM
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Default Re: Mortgage Times

I own a real speculation and finance firm in Denver. Lots of real estate invesments and mortgages, etc., but it really has nothing to do the Senate hearing today.

I was approcahed by a sub-committee member who asked how many clients I have that had been burned over the years (a lot) and if any of them would testify and it led to whether or not I would testify, so I am. On a number of bills, actually.

It should be an interesting afternoon.

Scheduled for HBAL 1:30 Monday 30th, it is
1:30 p.m.
Room 0107 Business Affairs & Labor
SB 085 Massey--Protect Consumer Real Estate Transaction
SB 203 Marshall--Mortgage Broker Licensing
SB 216 Marshall--Mortgage Loan Fraud Acts Practices
SB 256 Madden--Uninsured Motor Vehicle Insurance
SB 249 Rice--Real Estate Title Escrow Settlement Serv
SB 123 Kerr A.--Regulate Conveyances & Mechanics
(for action only)
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Old 04-30-2007, 09:36 PM
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Default Re: Mortgage Times

Well enjoy the testimony at the hearing, i'd be curious to hear how it went. I've never done anything like that before.

We own a real estate brokerage along with several other ancillary business that support the brokerage. Its a great business, we are some of the few in this world that love what we do...well most days anyway.

Update me on those hearings...
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2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold

2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold

"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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  #5  
Old 05-01-2007, 02:34 PM
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Default Re: Mortgage Times

It went very well, thank you. They passed the bills we were in support of and declined on the ones we weren't. There will be actual, formal licensing, nt just registration for all mortgage brokers, with no exemptions for Jan of 08. They did legislate well into the evening and had us sitting in very stuffy chambers all afternoon, but it was worth it.
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Old 05-01-2007, 07:53 PM
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Default Re: Mortgage Times

Adam

Well you got to experience something that a very few americans actually get to do. Thats really cool. Its kinda neat to see how government work, and even more so when it works in ones favor of things that one supports.

I know the realtor organization has a huge lobby contingent that supports things that are pro real estate.

We just had a call from a person that lost their home to foreclosure in 2005, they bought another house in 2005 just prior to their eviction and now they are trying sell the home they bought in 2005 as they are in foreclosure again! We never represented them in the sale or purchase so i am not sure what sort of financial dance they did to get into this house just so soon after a foreclosure, but i do know it was a b/c lender.

One thing i do know is that these people should have never been approved for a loan. They are in foreclosure now and have filed bankruptcy. It is truly amazing to me how people can get money lent to them.
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2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold

2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold

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  #7  
Old 05-01-2007, 08:59 PM
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Default Re: Mortgage Times

This happend with autos a few years ago. special financing/leases and incenties to get into cars. many of the paper houses for risky buyers are gone. The ones that remain require no more then 80% carry and or Dealer backing or assistance if payments are not made. GMAC lost so much money on their smart buy they had to quit doing them in NM. The lenders are willing to help anyone overextend themselves in every way and us consumers are stupid enough to do it, well me anyway.
Whats next? weekly payments on a new home with builder F&I?
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  #8  
Old 05-01-2007, 10:14 PM
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Default Re: Mortgage Times

Quote:
Originally Posted by mikejr
Yup appears we're having a logical intelligent conversation on here.

You're right. Damn! We need some AEs to ride in like the cavarly and derail this thing before it gets out of control!
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  #9  
Old 05-01-2007, 11:26 PM
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Default Re: Mortgage Times

well i've started to see some loan terms going out as far as 40 years new instead of the gold standard 30 year loan. Seems like lenders are coming up with new products to allow people to "afford" buying a home.

Look at the interest only loan products. Those are great, but when people use them to buy a house in an appreciating market which suddenly goes in the crapper, they now have a principal balance over what the property is worth....they need to sell for whatever reason....and cant...they just owe too much....so the property goes to f/c.

As to how a person can get a loan when they just got f/c on I havent a clue. I know this particular person put about $20K down, so maybe the b/c lender felt it was a good risk. I havent a clue. I've always protected my credit rating like it was the launch codes to a nuclear missle. There are people out there that could give a crap less about what their rating is.

You know i've always wondered what the repo rate was on vehicles. I would guess it has to be high. When I go in to buy a vehicle, there is no income verification, they ask what i make and check credit and I sign my name hand me the keys and off i go. Now the probability of someone with perfect credit defaulting is slim, but i wonder how many people with less than perfect credit walk in...sign and drive home with a new car?
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2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold

2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold

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  #10  
Old 05-01-2007, 11:27 PM
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Default Re: Mortgage Times

MarineHawk....not sure we can derail this logical conversation train here....its rolling fast.....LOL
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2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold

2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold

"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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  #11  
Old 05-02-2007, 02:32 PM
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Default Re: Mortgage Times

I have lenders offering 50, yes fifty, year amortization schedules on their loans. Please understand that while this is a great alternative to interest-only loans, as some principal is being applied, they still all have 30 year balloons.
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Old 05-02-2007, 03:32 PM
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Default Re: Mortgage Times

we have a few lenders doing 96 months on HUMMERs
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  #13  
Old 05-02-2007, 03:49 PM
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Default Re: Mortgage Times

its amazing that they offer a 50 year am on a loan. We're going to have 100 year am loans before you know it just so people can afford to live in a house....its crazy!

What kinda of rate are they charging on a 96 month hummer loan?
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2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold

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