i was reading something in the New York Times and ran across this...
Among those blamed for the nation's foreclosure crisis, one of the most prominent targets is mortgage brokers, who have been cited by regulators, legislators and borrowers as steering people into risky and costly loans.
We are not responsible for this mess. There are many people who got loans and they were not supposed to, regardless of their situation.
Just because someone lost their job, lost income and lost their house does not mean a broker is the blame for it. Full documentation loans also default on their mortgages.
Some borrowers were not willing to show documentation for what they do for a living. And that's our fault?? I don't think so.
"It's the popular thing to say right now: 'It's the brokers. It's the brokers,' " said George Hanzimanolis, president of the mortgage brokers group. "But a majority of loans in the U.S. are done by mortgage brokers, which speaks volumes to the value of what we bring to the industry."
Umm, yeah cuz you guys are blaming us for fraud whereas retail lenders, builders, builders' 'preferred lenders' do it too. I have evidence about a builder's 'preferred lender' doing it so I can say that. Retail lenders could have some part in it. Everyone has part in this mess!! What about real estate agents telling mortgage brokers or banks, oh you can push that purchase price up a little higher? Umm, no I can't! They are NOT qualified and they cannot afford a loan that expensive with those expensive payments.
Stuff like this BURNS me up. We are not the ones who are the blame! What about bank of america who says yeah we'll take your appraisal and give you a second loan on your home?
I am so sorry brokers have more options than retail lenders. I am so sorry brokers can do more than retail lenders. But we are STILL not the ONLY blame!! Everyone in this industry are ALL the blame including the ones demonstrating fraud!!
I got a stated loan when i worked for a company. Now I am a loan officer with mortgages. i was about to lose my house, but thanks to the hope hotline that didn't happen! so, is it the broker who gave me a mortgage's fault? I changed industries jobs and pay, guess I should go back to sue him....
Before I was in this industry, my payments were ALWAYS on time and I had perfect credit. Now that's not the case.