Posted by CaliNotary on 10/24/05 11:01pm
Msg #72120

Article - Homeowners w/good credit getting subprime loans

Thought some people in here would find this interesting

http://tinyurl.com/ap3z9

Reply by John_NorCal on 10/24/05 11:17pm
Msg #72123

Sad but true, this is not a new practice as you might guess. When I brokered loans years ago I came across many a borrower who had been preyed upon. Unfortunately my experiences found that many people of color or certain ethnic groups were preyed upon by members of their own communities. Greed has no boundarys.

Reply by BrendaTX on 10/24/05 11:56pm
Msg #72126

John, I see the same thing also. It's really disturbing when I run into one of these clowns. I just want to tell them DON'T TRUST YOUR BUDDY, OSCAR...HE'S SANDBAGGING YOU...but I don't. It's all right there in black and white.

I liked this one: docs say, "there's a pre-payment penalty if you pay off before two years."

LO calls...bwrs state concerns...LO says, "don't worry. I'll have you out of this one within a year and into something better."

They accepted what he said. Took iit...hook, line, and sinker.

Reply by Giselle_CA on 10/25/05 12:34am
Msg #72130

Re: Article - Homeowners w/good credit getting subprime loan

"In about a third of the states, including California, brokers have a fiduciary duty to represent borrowers' best interests, Keest said."

How is that "fiduciary duty"? Very scary and sad.

Reply by Danny_FL on 10/25/05 8:00am
Msg #72136

Re: Article - Homeowners w/good credit getting subprime loan

Ran into one of these yesterday, a 30yr ARM @ 10.5%. I was glad the Bwr canx'd before I went out there.

Danny

Reply by Charm_AL on 10/25/05 3:05pm
Msg #72252

Re: Article - Homeowners w/good credit getting sub prim loan

Exactly this happened to us while shopping a re-fi! These clowns were trying to get us into a sub when our FICO was well over 700 and everything else was in line! Ameriquest called and tried to tell us that our appraised value was 20k more than we know it is and that they would use a market analysis instead of us paying an appraisor...can't believe this stuff!