Given the recent monetary crisis should mortgage lenders / brokers be held accountable? Your opinion?
Whereas your observation that the mortgage lenders have proven. This is just bad economic sense on the part of the. of important input - appraisal of the property, credit- i do not know. i will have to consult with russ and scottd, before i can make a judgment call on this matter
- Many of the poor risk mortgages were initiated by mortgage brokers who get paid up front and do not have to risk anything in the long run. They simply set up the deal. The mortgage companies who relied on these brokers are really taking a hit. Of course the companies are also to blame because everyone was more interested in a quick buck rather that long term stability. Some of the mortgages were sold several times. Seems everybody loses except the broker
- Whereas your observation that the mortgage lenders have proven themselves to be greedy, just at the Enron folks were, is a valid one, the difference is that the Enron stockholders and for the most part, the employees had no idea what was going on. In the current mortgage market, consumers had everything spelled out to them on the HUD 1 form that comes with every mortgage. Many times, their own greed blinded them into reaching for large homes which under normal circumstances they could not afford, but because the lender offered them temporary low introductory rates, they took the loan, hoping that their situation would change before the piper had to be paid. This is just bad economic sense on the part of the homeowner. This not to take away moral culpability on the part of the lenders, who pushed these temporary low rates like crazy, but there is no legal culpability. The borrowers were not forced and the terms were spelled out for them to read. A man once said that good judgment comes from experience, and experience frequently comes from bad judgment. That being said, it is a sad mess. Be blessed
- beans, it doesn't follow that lenders want to lend money to people who can not pay. lenders do not want to own a foreclosed property. so - we can not blame the lender, per se. lenders make their lending decisions based on several pieces of important input - appraisal of the property, credit report, employment verification, etc. in the end, the availability of money allows more flexibility in the lending criteria. people buying a house very close to their debt to income numbers, lose their home because they lack the flexibility for a monetary change in their ability to pay. such things include job loss, medical, etc. everyone can take ownership in the housing issue but it finally comes down to the homeowners planning and ability to pay. this added to the fact that many if not most of the foreclosures are actually "no money down" homes because the buyer had no investment in the property and it is easy to walk away when the going gets tough. in my opinion, the problem lies more on the homeowner - they were / are, at all times, in charge of the process
- legitimate mortgage companies should not be. Predatory mortgage companies should be held accountable
Knowledge Base
Does anyone know of an honest mortgage lender that helps people with bad credit?
we are wanting to purchase a larger home asap, however my husband and i do not have very good credit. does anyone know of a mortgage company that deals with bad credit that i may be able to get the approval i so desperatly want and need? thanks in advance (bad credit mortgage loans)
I need help with obtaining a loan, but have bad credit where can I find a lender?
if it is a commercial or residential mortgage loan, i may be able to help. get bad credit loans from some lenders quickly and easily. before you apply for a bad credit. go to badcreditresources.com. thy a list of lenders that provides loans to people wit bad credit. fill out (bad credit second mortgage)
Is it impossible to find a mortgage with severely bad credit?
my husband and i are looking to purchase our first home, however we both have very poor credit scores and yes i know this is bad news but we have found a home of which we would like to purchase. the home loan would be for about $120, 000, i (bad credit mortgage loans)
Knowledge Base: Bad Credit Mortgage
Is there any way to get a mortgage loan with bad credit?
hi there, i was wondering if there is any way at all to obtain a mortgage loan with bad credit, my home is sold and i am looking at a condo, i have half of the money for the condo but will need another half through a mortgage loan. is (bad credit mortgage)
Are there any banks that give mortgage loans to people with bad credit?
i am looking to buy my first home. my goal is to get to a 620 credit score but i know this will take quite some time. i was wondering if there are banks out there that give you loans to buy a home if you have bad credit or (bad credit mortgage)
can i get a bad credit mortgage loan?
i am having a home foreclosed on, and would like to know if anyone can give me a mortgage?. that's funny. probably not. it's tough to get a mortgage now even if you have good credit. have you contacted your mortgage holder and ask them if they can re - (bad credit mortgage refinance)
Can you refinance a mortgage even if you have bad credit?
i only owe $39, 000. 00 on a home worth $150, 000. 00. it is a loan through beneficial at 12. 5% interest. my credit is bad due to the fact i umed my deceased father's bills. i would like to refinance my mortgage and get some cash out to (california bad credit mortgage)
Where can you find a mortgage lender when you have bad credit?
i own a home with very little owed on it as compared to it's value and i want to refinance and get a little cash out to do some home improvements but my credit is bad because i umed a family member's debt. i have a good job and steady (bad credit mortgage refinance)
Knowledge Base: Bad Credit Mortgage Lenders
looking for a good bad credit mortgage lender / have foreclosure and bk, any one you would recommedn?
i am in a position to help a seller in distress, however i myself am having problems with my credit wanting to purchase a mortgage can anyone ist. your credit score plays a heavy role on the interest rate you will receive for your new mortgage loan or refinancing from (bad credit mortgage lenders)
Are greedy lenders guilty of ruining good people's credit histories, by causing the subprime mess?
same goes for me if i buy some bad. more giving rise to more stringent credit processes making it harder to obtain mortgage. that caused more than 270 wholesale mortgage lenders. i do not agree with your premise. in part the lenders are responsible. but the borrowers are the main (bad credit mortgage lenders)
Anyone know of a mortgage lender who will loan to people with bad credit?
i had cancer a few years ago and spent 2 years fighting to get ss disability. things are better financially now but my credit has some delinquent medical bills on it and my score is in the low 500's. i am working on improving my credit and will continue to (bad credit mortgage lenders)
Bad credit mortgage lenders?
can anyone help me locate lenders that are willing to loan to people with bad credit only bad due to not having credit cards!, and only a small down payment? i know they still exist, but need some leads. it's not a matter of not affording the house. we're looking (bad credit mortgage lenders)
Given the recent monetary crisis should mortgage lenders / brokers be held accountable? Your opinion?
whereas your observation that the mortgage lenders have proven. this is just bad economic sense on the part of the. of important input - appraisal of the property, credit. legitimate mortgage companies should not be. predatory mortgage companies should be held accountable. many of the poor risk mortgages were initiated (bad credit mortgage lenders)
