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Old 08-07-2008, 05:24 AM
 
Location: Ohio
60 posts, read 97,774 times
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Why is it that the people in worse needs of refinance cant get help due to there original loan?
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Old 08-07-2008, 05:38 AM
 
Location: Hernando County, FL
8,489 posts, read 17,411,688 times
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Maybe many of them should not have gotten a loan in the first lplace and that is why they are not able to refinance now.
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Old 08-07-2008, 05:53 AM
 
Location: Ohio
60 posts, read 97,774 times
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Quote:
Originally Posted by Mike Peterson View Post
Maybe many of them should not have gotten a loan in the first lplace and that is why they are not able to refinance now.
Agreed but also the easy arms and crazy loans that the banks didnt monitor got these people in trouble .... for instance a nina loan ( no income no asset) what is that about banks should be held accountable
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Old 08-07-2008, 07:51 AM
 
Location: OK
2,717 posts, read 6,290,623 times
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Quote:
Originally Posted by Jorge Camargo View Post
Agreed but also the easy arms and crazy loans that the banks didnt monitor got these people in trouble .... for instance a nina loan ( no income no asset) what is that about banks should be held accountable
This is not a race/age/nationality issue and it isn't the bank's responsibility to babysit their borrowers.

Having said that, and while I believe every borrower is responsible for understanding what they are signing for, there is no doubt in my mind that there was a certain level of predatory lending going on. The FBI is working on it.
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Old 08-07-2008, 07:55 AM
 
Location: Ohio
60 posts, read 97,774 times
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Quote:
Originally Posted by Schousse View Post
This is not a race/age/nationality issue and it isn't the bank's responsibility to babysit their borrowers.

Having said that, and while I believe every borrower is responsible for understanding what they are signing for, there is no doubt in my mind that there was a certain level of predatory lending going on. The FBI is working on it.
Predatory lending is the industry completely from mortgage brokers to appraisers who juice up values to get bad values. borrowers arent the only at fault the whole mess was a pandemic
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Old 08-07-2008, 08:13 AM
 
Location: OK
2,717 posts, read 6,290,623 times
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Quote:
Originally Posted by Jorge Camargo View Post
Predatory lending is the industry completely from mortgage brokers to appraisers who juice up values to get bad values. borrowers arent the only at fault the whole mess was a pandemic
Agreed. That is what I said.
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Old 08-07-2008, 11:19 AM
 
Location: Cary, NC
1,036 posts, read 3,627,489 times
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Quote:
Originally Posted by Jorge Camargo View Post
Agreed but also the easy arms and crazy loans that the banks didnt monitor got these people in trouble .... for instance a nina loan ( no income no asset) what is that about banks should be held accountable

A bank should not be held accountable for the risks a borrower takes on. If a bank wants to do a loan at a certain credit level or specific documentation level it is up to them to determine if the risk is worth the reward (which they didn't do in this case). It is up to the borrower to determine if they can pay back the debts they agreed to under the specified terms (again, which many did not do).

Everyone just assumed that prices would go up up up and that they could refinance or sell if something came up. Neither the bank nor the borrower factored in the risk if they were the one left with the "hot potato" when the music stopped.

Now predatory lending and fraud is another issue. If the lender lied about loan terms (telling them it was fixed when it was an ARM) they should be (and are) prosecuted. The FBI and many states are going after appraisers that inflated values, lenders that lied on documents, Realtors that took or gave kickbacks and borrowers that committed fraud.
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Old 08-07-2008, 11:20 AM
 
Location: Stanwood, Washington
658 posts, read 613,345 times
Reputation: 172
It's just you. White people got screwed as well.
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Old 08-07-2008, 07:26 PM
 
Location: Texas
2,329 posts, read 6,134,549 times
Reputation: 1579
Quote:
Originally Posted by Jorge Camargo View Post
Why is it that the people in worse needs of refinance cant get help due to there original loan?

I think it is you... everyone .. all races in the United States are affected by what is happening... it did not happen to non english speaking people or seniors.. we have all kinds... read about it... you will see
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Old 08-08-2008, 03:50 AM
 
25,339 posts, read 37,471,570 times
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In my area it as many "original" English speaking Americans as others and by the way there are people from Porto Rico who are insulted if you call them foreigners and IMO it is the mortgages owners own responsibility to understand the language of the country you are signing a mortgage or other contract. If you can't understand it than don't take the loan and don't start to blame others for not willing to learn the language.
I'm a foreigner and since 8 years in the USA and never in my life would I sign a contract written in a language that I don't understand...and legal language can already be hard enough to understand.
If you go on with this issue than the next would be that people who have a lower education can't be responsible because their brain isn't smart enough...what will be next....and next would be that every one who is smart can be hold responsible...that is b.s., JMO!
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