Foreclosures to Rise As ‘Liar Loans’ Sour
The housing marketplace – already awash in subprime foreclosures – is right away removing strike with the second call as homeowners with “liar loans” default in jot down numbers. (Aug. 18)
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Failing that… I guess yoiu could just LIVE IN THE HOMES YOU BOUGHT!
You know what I mean?
You could kinda (shock horror!) use the house for its primary purpose… keeping the rain off your dumb body, stopping the snow settling on your head while sleeping and giving you a place to take a dump where the neighbors don’t have to watch you get on with it!
Who told you houses were for making money? Pay for your shelter, stfu and get on with your life!
Mortgage broker/ assumed financial advisor tells you with 20 years experience an Option-Arm works and your stated income qualififes, yet loan application with false income is missing from your title papers. Also broker had to forge CPA letter from my accountant to push loan. It’s not about time or discovery. It’s consumer protection. Plain and simple.
I hired you.
So with the all the 5 & 10 year options still on their way, may all the retards continue to surpress your two properties.
It took you TWO YEARS to understand the terms of your mortgage?
What are you, congenitally retarded or something?
Learn something about money… it helps!
I don’t do debt. The last two properties I bought were for cash. Now THAT’S freedom!
Bad news for Warren Buffett, hur!
gues who was the other major lender in the ALT-A and OPTION ARMs disaster?
Yup… it’s Wells Fargo!
Guess who is Wells Fargo’s major shareholder…
LOL it’s Berkshire Hathaway… good ol’ Warren again!
Ooo err missus!
LOL
This is hilarious!
There is no recovery; we are simply between two mountains of foreclosures right now (2009Sept).
The subprime has peaked & the ALT-A & OPTION ARMs mortgage crisis will be upon us very soon, Nov/December09 onwards with a gap, following the original mortgage takeup trend, then from January10 onwards.
I am out of the stockmarkets & have tons of dosh ready for the buying spree next summer 2010.
Americans know nothing about making money… and have none now anyhow!
LOL
General Electiric owns one of the worst peddlers of Liar Loans. GE owns WMC Mortgage, and they have ripped the citizens of this country off by peddling their liar loans then running with the money. Do not buy any product that is linked or produced by General Electric.
Some of the mortgage brokers lied on the loan applications without the consent of the customers and without the customers knowledge. One company who does this is Relan Real Estate and Mortgage, located in Daly City, CA and San Leandro, Ca. These people committed out right fraud on applications.
Relan Real Estate=bad buisness practices.
Sad. We honestly placed 20 percent down. Spruced up the home. Made our payments for two and a half years just to find out we we’re also in a liar loan with American Home Mortgage. The hardest part preparing to lose home and life savings is being called a liar or stupid for trusting broker.
Never again!
Mortgage advisers should be jailed too. They actively encouraged people to lie about there income. A few years ago I was earning £27,500 british pounds per annum, which meant I should be able to get a mortgage for 3 and half time smy salary. My broker told me to lie and go for a mortgage which was 6 times my income. Luckily I didnt take him up on the offer, but thousands of others would of done and will now be rediculous amounts of debt and a property that is worthless
Wow. there’s a lot of liars living in the US. A lot of this could be avoided if there was a penalty for lying. Like death. I would create legislation where people who borrow money would have to wear monitor bracelets with GPS so they can’t walk away from their obligation. It would detonate if mortgage payments aren’t made with the “liar” income. That would kill off a lot of people and control resource consumption.
Federal reserve, cfr, congress, senate, president, bankers, election year, political donors. Don’t be fooled the rich will make plenty off from the fire sale, that donate to your elected officials. The hearing nothing but a smoke, clock, and mirrors of what they will only really will.. Remember the WMD’s of Iraq. We are all SOL..
Ppl who lie on their app should’ve been prosecuted, along with the loan officers and bank thugs who care about commissions and raises. Since both Fredd-n-Fann are now seized by the government, we will pay the brunt of the debt with our hard earned taxes $
Don’t buy something if you cant afford it.