Comments on: Beyond Subprime http://dailyreckoning.com/beyond-subprime/ Entertaining Ideas on the Economy, Markets, Gold, Oil and Investing Strategies. Fri, 10 Feb 2012 17:22:41 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: LES http://dailyreckoning.com/beyond-subprime/#comment-16266 LES Sun, 26 Jul 2009 02:48:25 +0000 http://dailyreckoning.com/?p=17348#comment-16266 I tried to send some e-mails, including one to myself for future ref., but was not able to make it work successfuly. Your e-mail is much more 'user-hostile' than others I've used. I don't how to 'fix' it either! I tried to send some e-mails, including one to myself for future ref., but was not able to make it work successfuly. Your e-mail is much more ‘user-hostile’ than others I’ve used. I don’t how to ‘fix’ it either!

]]> By: Steve http://dailyreckoning.com/beyond-subprime/#comment-15793 Steve Thu, 23 Jul 2009 02:21:59 +0000 http://dailyreckoning.com/?p=17348#comment-15793 "The brokers scam." You brought in your taxes and bank statements but your broker says your self employed so an Option-Arm is better due to fluctuating income. What he didn't tell you is he didn't use your taxes. He didn't have to. No doc or stated income loans (according to the Wikipedia definition) allowed the broker to write down whatever and say you lied. All he had to do was make sure you signed that blank page with the little box that said Gross Income. Then he need to make sure you had enough cash reserves to survive a few years. So Escrow closes and you spend the first year either making the neg. payment or you combind your income with some savings to make the full. But if you would have defaulted within the first year the lender would have raised a red flag. But you had the option payments and savings to survive more than a year. Now it's two years later and you can't figure out where your savings is going. You qaulified for the loan. What's wrong? The answer is you never qualified for the loan. You only qualified at best to make the Negative. It has nothing to do with the 3 or 5 year adjustment on its way. "The lenders scam." Even if that red flag appeared they would have done anything. They took out a L.P.M.I. (lenders paid motgage insurance) I'm not talking about the P.M.I. I'm talking about the high risk insurance policy they took out on you. They were required to give you a written statement telling you about this insurance before the loan closed. Why? Because it cause you to pay a higher interest rate. It's under... TITLE 12 CHAPTER 49--HOMEOWNERS PROTECTION Sec. 4905. Disclosure requirements for lender paid mortgage insurance. Now they have your home and are cashing in on a insurance policy beyond the P.M.I. You were set up to lose the moment you walk in the door. If you lied about the income then where is the math explaining how you lied? I read articles title liar loans but I haven't read one exactly how the lies were performed. “The brokers scam.” You brought in your taxes and bank statements but your broker says your self employed so an Option-Arm is better due to fluctuating income. What he didn’t tell you is he didn’t use your taxes. He didn’t have to. No doc or stated income loans (according to the Wikipedia definition) allowed the broker to write down whatever and say you lied.
All he had to do was make sure you signed that blank page with the little box that said Gross Income. Then he need to make sure you had enough cash reserves to survive a few years. So Escrow closes and you spend the first year either making the neg. payment or you combind your income with some savings to make the full. But if you would have defaulted within the first year the lender would have raised a red flag. But you had the option payments and savings to survive more than a year. Now it’s two years later and you can’t figure out where your savings is going. You qaulified for the loan. What’s wrong? The answer is you never qualified for the loan. You only qualified at best to make the Negative. It has nothing to do with the 3 or 5 year adjustment on its way.
“The lenders scam.” Even if that red flag appeared they would have done anything. They took out a L.P.M.I. (lenders paid motgage insurance) I’m not talking about the P.M.I. I’m talking about the high risk insurance policy they took out on you. They were required to give you a written statement telling you about this insurance before the loan closed. Why? Because it cause you to pay a higher interest rate. It’s under…
TITLE 12 CHAPTER 49–HOMEOWNERS PROTECTION
Sec. 4905. Disclosure requirements for lender paid mortgage insurance.
Now they have your home and are cashing in on a insurance policy beyond the P.M.I.

You were set up to lose the moment you walk in the door. If you lied about the income then where is the math explaining how you lied? I read articles title liar loans but I haven’t read one exactly how the lies were performed.

]]> By: tony bonn http://dailyreckoning.com/beyond-subprime/#comment-15740 tony bonn Wed, 22 Jul 2009 19:59:49 +0000 http://dailyreckoning.com/?p=17348#comment-15740 most commentators at cnbs would interpret this is green shoots....not sure how but they would. most commentators at cnbs would interpret this is green shoots….not sure how but they would.

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