Comments on: FHASecure Proposals From President Bush http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/ The Unofficial Guide to FHA Loans & Mortgages Sat, 21 Nov 2009 07:33:18 +0000 http://wordpress.org/?v=2.6 By: GLORIA IRIS TORRES http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-3500 GLORIA IRIS TORRES Fri, 22 Feb 2008 01:22:08 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-3500 i need to know when the nwe law is coming so we can refinance our home, is getting late for some of us, we can not make the payments, we are waiting for the new mortgagee letter approval for 2008 SICNERELY GLORIA IRIS TORRES i need to know when the nwe law is coming so we can refinance our home, is getting late for some of us, we can not make the payments, we are waiting for the new mortgagee letter approval for 2008

SICNERELY

GLORIA IRIS TORRES

]]> By: Marco http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-2585 Marco Tue, 22 Jan 2008 04:41:20 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-2585 >>How can you not refi a loan that your have the servicing on with no late payments? >>How can you not refi a loan that your have the servicing on with no late payments?

]]> By: J Knight http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-1083 J Knight Wed, 28 Nov 2007 16:02:11 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-1083 I feel that the brokers have lied on 1003's to make borrower income to fit stated,no income, no assets programs, just to make their monies. The fees have been over the top and that why we're losing jobs and homes. Then their companies that won't refi loans that are currently with them, because the loan amount is less than $200, 000, to me that redlining. How can you not refi a loan that your have the servicing on with no late payments? I feel that the brokers have lied on 1003’s to make borrower income to fit stated,no income, no assets programs, just to make their monies. The fees have been over the top and that why we’re losing jobs and homes. Then their companies that won’t refi loans that are currently with them, because the loan amount is less than $200, 000, to me that redlining. How can you not refi a loan that your have the servicing on with no late payments?

]]> By: Michael Hasbrouck http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-225 Michael Hasbrouck Fri, 21 Sep 2007 12:26:55 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-225 This is another mess that was started by an overly zealous Wallstreet. As a Loan Officer being constantly urged by wholesale reps to produce loans, both purchase and refi at high loan-to-values, and 106% purchases. We were constantly told borrowers needed only 3 trade lines with one only needing $2500.00 min to qualify. It's easy to have a 725 middle score with only 24 mos. history, but this is how the guidlines were structured by the end sellers ,Wall Street and the Hedge Funds!!!!!!!! This is another mess that was started by an overly zealous Wallstreet. As a Loan Officer being constantly urged by wholesale reps to produce loans, both purchase and refi at high loan-to-values, and 106% purchases. We were constantly told borrowers needed only 3 trade lines with one only needing $2500.00 min to qualify. It’s easy to have a 725 middle score with only 24 mos. history, but this is how the guidlines were structured by the end sellers ,Wall Street and the Hedge Funds!!!!!!!!

]]> By: Peter G. Miller http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-180 Peter G. Miller Wed, 12 Sep 2007 22:41:40 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-180 Michael -- Thanks for your note. We disagree. Borrowers would not have that money had traditional underwriting standards been followed or traditional products been offered. I certainly agree that some borrowers lied, but it is equally true that some lenders placed FHA-qualified borrowers into high-cost subprime loans, did not explain all loan factors, etc. To think that lenders have no responsibility for the current mess -- not even a smidgen -- is not credible. Take a look at the FTC news release which today went to 200 lenders because of their advertising. See: http://www.ftc.gov/opa/2007/09/mortsurf.shtm Michael –

Thanks for your note.

We disagree.

Borrowers would not have that money had traditional underwriting standards been followed or traditional products been offered. I certainly agree that some borrowers lied, but it is equally true that some lenders placed FHA-qualified borrowers into high-cost subprime loans, did not explain all loan factors, etc. To think that lenders have no responsibility for the current mess — not even a smidgen — is not credible.

Take a look at the FTC news release which today went to 200 lenders because of their advertising. See:

http://www.ftc.gov/opa/2007/09/mortsurf.shtm

]]> By: Michael R http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-177 Michael R Wed, 12 Sep 2007 17:48:35 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-177 The banking and financing industry created no such mess. People trying to live the American dream with money that they do not have is the problem. The banking and financing industry created no such mess.

People trying to live the American dream with money that they do not have is the problem.

]]> By: Carlos Mendoza http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-175 Carlos Mendoza Tue, 11 Sep 2007 15:18:27 +0000 http://www.fhaloanpros.com/2007/08/fhasecure-proposals-from-president-bush/#comment-175 I found the information and also all the inicitives very important and also encouraged. I hope the administration and the whole Banking and Financing Industry will take it as part of the solution to the mess they created. If we can help.. We are ready. Thanks.. Carlos I found the information and also all the inicitives very important and also encouraged.
I hope the administration and the whole Banking and Financing Industry will take it as part of the solution to the mess they created.
If we can help.. We are ready.
Thanks..
Carlos

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