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Old 04-06-2008, 12:08 PM
 
411 posts, read 711,951 times
Reputation: 119

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Are mortgage companies run by La Cosa Nostra in New York area?

'World News' Portrays Financially Overstretched Family as Underdogs (http://www.businessandmedia.org/articles/2008/20080404172912.aspx - broken link)

Quote:
“Karen and David Shearon, working people who made less than $30,000 a year at the time, refused to be intimidated and fought foreclosure – claiming the mortgage broker promised them a fixed-rate, low-interest loan on their $335,000 house,” said ABC correspondent Jim Avila.

“At closing, they were presented with a high-interest package and balloon payments they feared they could not pay, but signed they say, under pressure,” Avila said.
***Mortgage from Bank of America. Couple sued and a NY judge allowed them to stay in their home.***

Last edited by Frenchman; 04-06-2008 at 12:21 PM..
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Old 04-06-2008, 12:13 PM
 
Location: Great State of Texas
86,093 posts, read 72,297,737 times
Reputation: 27564
Wow..I wish I could have qualified for a 335K house making 30K a year.
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Old 04-06-2008, 12:29 PM
 
Location: Florida
2,327 posts, read 6,223,730 times
Reputation: 2304
Are you kidding me? I don't care how slick of a salesman the mortgage broker was. If these people thought they could buy a $335K house making less than THIRTY THOUSAND DOLLARS PER YEAR, they are IDIOTS and deserve whatever happens to them.

It's SIMPLE MATH PEOPLE. A 30-year mortgage at ZERO percent interest (PRINCIPAL ONLY) on a house that expensive would still be close to $1,000 per month -- WAY too expensive for someone who makes in the 20's.

And liberals expect financially responsible people like you and me to bail out idiots like this? PUKE PUKE PUKE!!!!!
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Old 04-06-2008, 12:44 PM
 
8,180 posts, read 11,265,318 times
Reputation: 2880
They deserve to lose their house.
The economy is tanking without spending money we don't have to bail out greedy idiots who didn't want to do the math.
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Old 04-06-2008, 01:03 PM
 
Location: America
6,985 posts, read 15,453,543 times
Reputation: 2067
Quote:
Originally Posted by Frenchman View Post
Are mortgage companies run by La Cosa Nostra in New York area?

'World News' Portrays Financially Overstretched Family as Underdogs (http://www.businessandmedia.org/articles/2008/20080404172912.aspx - broken link)

***Mortgage from Bank of America. Couple sued and a NY judge allowed them to stay in their home.***
ummm how in the HECK did they expect to be able to afford a 300,000 dollar home when they make 30,000 a year? That makes absolutly no sense. These people have absolutly no knowledge of how home prices work no less how you qualify for a 30 yr fixed. The formula is 20% down and the price of home you can afford is from 2.5 to 3.5 time annual income. With that formula the most they could have afforded is 105,000 yet their house is 300,000. They need to own up to their irresponsibility and vacate that home. They can't blame mortgage brokers for them not doing their own research.
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Old 04-06-2008, 01:03 PM
 
Location: alt reality
1,084 posts, read 1,995,049 times
Reputation: 930
As Pimpy stated, at the lowest rate, the payment would be too much not counting taxes, insurance, bills, and if they have kids, God help them. I mean, has budgeting really become that hard? And they live in Staten Island of all places so they know housing prices are ridiculous. So ok, they get to stay in the house. How will they pay for repairs, taxes, etc? They are still going to be broke.

And I'm sorry but the lender is an idiot too. Why would they even offer that package to these people in the first place? As a couple, they couldn't even make more than 30K in New York?! All of the alarms, red flags, etc should have been going off for the lender. This is so ridiculous I can't even comment any further, lol.
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Old 04-06-2008, 01:27 PM
 
164 posts, read 472,143 times
Reputation: 70
Why would they even have looked at a house at that price? They should have done their math first and insisted upon only looking at homes within a certain price range. Otherwise, everyone wastes time.

Quote:
Originally Posted by ParkerP View Post
And I'm sorry but the lender is an idiot too. Why would they even offer that package to these people in the first place? As a couple, they couldn't even make more than 30K in New York?! All of the alarms, red flags, etc should have been going off for the lender. This is so ridiculous I can't even comment any further, lol.
Greed. The lender figures if they can't make their payments, they repossess. The family perhaps thought that they would sell their home at a profit when the prices became too much. Nobody counted on the housing market dropping so soon.
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Old 04-06-2008, 01:35 PM
 
2,260 posts, read 3,364,942 times
Reputation: 381
Quote:
Originally Posted by Frenchman View Post
Are mortgage companies run by La Cosa Nostra in New York area?

'World News' Portrays Financially Overstretched Family as Underdogs (http://www.businessandmedia.org/articles/2008/20080404172912.aspx - broken link)

***Mortgage from Bank of America. Couple sued and a NY judge allowed them to stay in their home.***
The so called foreclosures are caused by people making stupid decisions. Making 30,000 a year and trying to buy a 300,000 house? They deserve to lose the house.
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Old 04-06-2008, 02:32 PM
 
Location: California
11,433 posts, read 17,108,728 times
Reputation: 12496
I watched a reporter interview people who are loosing homes he said 95% of them admitted they knew they could not afford the payments before they signed the papers. No bail out for the buyer or the bank as far as I'm concearned.
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Old 04-06-2008, 02:46 PM
Status: "Elect a clown? Expect a circus!" (set 4 days ago)
 
Location: By the sea, by the sea, by the beautiful sea
58,053 posts, read 40,812,327 times
Reputation: 29732
Quote:
Originally Posted by Pimpy View Post

And liberals expect financially responsible people like you and me to bail out idiots like this? PUKE PUKE PUKE!!!!!


I'd say much the same about bailing out a bank that brings itself down though nothing but greed.

PUKE! PUKE! PUKE!
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