Posted by MikeC/NY on 3/28/07 5:35pm
Msg #182433

An interesting read on subprime

Found this in the local newspaper today - the subprime market as explained (excused?) by the guy who owns the largest subprime brokerage in this area:

http://www.newsday.com/business/ny-bzqanda285148048mar28,0,3546878.story?coll=ny-business-print

Reply by PJM/MI on 3/29/07 6:57am
Msg #182527

Yepper.. that was interesting and there is alot in the article I agree with. Is it REALLY the subprime lenders fault that there are so many foreclosures? No.
And how true about the foreclosed home with a Mercedes in the garage!
I just cringe when I read the stories of the borrower saying" I didn't know it was going to adjust". I'm sure the lo explained the Note, just as the signing agent explained the Note. We can't make people smart. And what did they do with their set of docs? Propably stuck 'em in a drawer or in a closet to gather dust.
Yes, there are unforeseen circumstances that do put people into foreclosure, but right now, the majority of lenders are VERY willing to work with people in tough times. Lenders don't want another REO.
If we'd stop sending all of our jobs overseas, we might not have so many foreclosed homes.
(NAFTA goes before the head honchos again in 2008..if we can all survive that long).

Reply by MistarellaFL on 3/29/07 7:51am
Msg #182541

Some states plan to implement a program to use taxable bonds to convert ARM's to fixed rate mortgages to not yet in foreclosure borrowers.

http://www.mortgageledger.com/modules.php?name=News&file=article&sid=1935

Reply by marlindog on 3/29/07 7:45am
Msg #182538

I dont see how these loans help people with $$$ problems ...

they make it even worse and thats a fact.If banks lenders really wanted to help they woyld give these people rates that they can afford!!!!!!!!!!!!

Reply by marlindog on 3/29/07 8:01am
Msg #182542

long island is the capital of preditory lending.............

years ago I did one of those refis (for my self) with delta fundiing .......after being 5 days late they sent tony suprano to knock my door,yes to my house.asking why is my payment late.5 days.not long after that I drooped them like a bad habbit.and to be honest I never delt with a broker out there that did not try to sell less of a loan product then I was god for they all suck moose%$#*#@ I recomend real banks and out of state mortgage brokers for any one looking to borrow in new york