How about some positive news for a change for the mortgage industry
- Thread starter refi-rep
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Patch Tuesday
Guest
What's next? Pan-handling on 235?
If you can find some positive stories about the mortgage industry, then how about you post them yourself, and quit whining about the stories that we post. If you don't like them, simply don't read them...
refi-rep said:
If you can find some positive stories about the mortgage industry, then how about you post them yourself, and quit whining about the stories that we post. If you don't like them, simply don't read them...
P
Patch Tuesday
Guest
Is that the real story?
They just said on Bloomberg's financial channel that the story you referenced is bogus because many borrowers are getting turned down, and they're subsequently submitting multiple loan applications, all of which are getting counted. The end result is an inflated number for that report...
refi-rep said:
They just said on Bloomberg's financial channel that the story you referenced is bogus because many borrowers are getting turned down, and they're subsequently submitting multiple loan applications, all of which are getting counted. The end result is an inflated number for that report...
Patch Tuesday said:
I do believe your not worth the time or effort of debating with because anything positive that anyone has said, you always have a negative to follow. I just find it amusing you post the same crap on here as you do on the baynet.com. If your not in the business and just believe everything you read or see on tv good luck to you my friend because your very well misinformed on whats being done behind the scenes with the companies that are doing a turn around and lowering their rates. Theres quite a few of us in here that are in the industry and find your posts quite amusing so please keep up your free entertainment(at least the WWE has different storylines you keep with the same thing over and over and over try some variety to spice things up) you perform.
somdrenter
Sorry, I'm not Patch...
refi-rep said:
What excellent commentary on market indicators. Oh yea…..you don’t mention any of those.
So, go ahead. “Inform” us about what’s going on “behind the scenes”.
somdrenter
Sorry, I'm not Patch...
Nothin to see here folks, move along….
Most broker customers couldn't refinance: poll
NEW YORK - Some 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen, according to a national survey on Tuesday.
Subprime borrowers had trouble refinancing mortgages because loan programs were no longer available, according to a poll of 1,744 brokers in the last week of August by Campbell Communications, a Washington-based research firm. Prime borrowers were impeded by appraisals and high loan-to-value ratios, it said.
About 5 million adjustable-rate mortgages are slated to reset to higher rates in the next 18 months, according to Lehman Brothers. Economists warn the housing slump could deepen if those homeowners are unable to refinance loans under tighter underwriting guidelines and as home values stagnate or fall.
Lenders cut off credit to customers at an especially fast rate in August as many investors stopped buying the debt banks use to finance home loans.
http://www.ibtimes.com/articles/20070911/subprime-borrowers-mortgage.htm
Most broker customers couldn't refinance: poll
NEW YORK - Some 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen, according to a national survey on Tuesday.
Subprime borrowers had trouble refinancing mortgages because loan programs were no longer available, according to a poll of 1,744 brokers in the last week of August by Campbell Communications, a Washington-based research firm. Prime borrowers were impeded by appraisals and high loan-to-value ratios, it said.
About 5 million adjustable-rate mortgages are slated to reset to higher rates in the next 18 months, according to Lehman Brothers. Economists warn the housing slump could deepen if those homeowners are unable to refinance loans under tighter underwriting guidelines and as home values stagnate or fall.
Lenders cut off credit to customers at an especially fast rate in August as many investors stopped buying the debt banks use to finance home loans.
http://www.ibtimes.com/articles/20070911/subprime-borrowers-mortgage.htm
somdrenter said:
Ok heres the behind the scenes look, somehow you and Mr Tuesday post the same things on thebaynet as you do here and its amusing how you two have a vendeta against the mortgage industry. Its also funny, the fact is out of the all the posts you two have posted the majority of them are negative about the mortgage industry. Find something local to talk about that you actually know what your talking about instead of what you read and see on tv. Until then spice it up get some variety in your life not the same boring threads thats annoying half the forum readers. Thanks and have a good day.
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Patch Tuesday
Guest
Back to you Bob...
Here's something local for you. And, by the way, I supplied the research for this article...
http://www.businessweek.com/magazine/content/07_04/b4018055.htm
"Real estate agent Ross Simone wasn't attracting any potential buyers for a house in Mechanicsville, Md., that had sat on the market for months, so last November he took action. He pulled the house out of the regional database of active listings and then immediately reinserted it, changing the property ID number used to track properties over time. The result: The house appeared to be hitting the market for the first time. "It's in the best interests of my client [the seller]," Simone said in a November interview. "I started doing it consistently this year. I do it as much as I can."
That local enough for you?
refi-rep said:
Here's something local for you. And, by the way, I supplied the research for this article...
http://www.businessweek.com/magazine/content/07_04/b4018055.htm
"Real estate agent Ross Simone wasn't attracting any potential buyers for a house in Mechanicsville, Md., that had sat on the market for months, so last November he took action. He pulled the house out of the regional database of active listings and then immediately reinserted it, changing the property ID number used to track properties over time. The result: The house appeared to be hitting the market for the first time. "It's in the best interests of my client [the seller]," Simone said in a November interview. "I started doing it consistently this year. I do it as much as I can."
That local enough for you?
Im very happy you did the research from a local resource good job lol
somdrenter
Sorry, I'm not Patch...
I though you were local?refi-rep said:
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Patch Tuesday
Guest
Dear Refi
You see Refi, you've actually got it all wrong. We are two people who donate our time to educating the public about the shameful practices of the real estate industry. Yes, lending is a part of that. As a retiree, I have plenty of time to donate. So, while you describe my work as a "vendetta," it's really an education campaign.
Why do we do that? Because the local press in Southern Maryland rarely ever publishes anything about the true health of the real estate market. Why is that? Could it classified ad revenue conflicts? How much is sales volume off now since 2005? Is anybody reporting that?
Last, you try to discredit us by using the line that since you work in the industry and we don't, then we don't know what we're talking about. I hate to bust your bubble Refi, but I spend each and every day reading business news solely related to the housing market, and I watch the Saint Mary's County listings each day. That includes looking at the tax records and the loan documents on properties out at the landrec site. That's right, I can tell you how much you borrowed for your house. How many times you've refi'd it etc.
The truth is, we're a lot smarter than you think, and that's why we worry you...
refi-rep said:
You see Refi, you've actually got it all wrong. We are two people who donate our time to educating the public about the shameful practices of the real estate industry. Yes, lending is a part of that. As a retiree, I have plenty of time to donate. So, while you describe my work as a "vendetta," it's really an education campaign.
Why do we do that? Because the local press in Southern Maryland rarely ever publishes anything about the true health of the real estate market. Why is that? Could it classified ad revenue conflicts? How much is sales volume off now since 2005? Is anybody reporting that?
Last, you try to discredit us by using the line that since you work in the industry and we don't, then we don't know what we're talking about. I hate to bust your bubble Refi, but I spend each and every day reading business news solely related to the housing market, and I watch the Saint Mary's County listings each day. That includes looking at the tax records and the loan documents on properties out at the landrec site. That's right, I can tell you how much you borrowed for your house. How many times you've refi'd it etc.
The truth is, we're a lot smarter than you think, and that's why we worry you...
Nucklesack said:
Patch and Renter just have a jones against homebuying for some reason.The very first thing an agent or lender will tell you when you're considering buying a home is to make sure your finances are in order. If you have a mountain of credit card debt, that means you live beyond your income and lenders will look at that. Ultimately, your finances are your responsibility, not that of some mortgage broker.
If you're too stupid to check your income and expenses vs. a monthly mortgage payment, that's your fault and you can't blame a broker or lender for that. It's not like they swindle you into buying a house and don't tell you the monthly payment until after you've signed everything.
Certainly these people who are losing their homes qualified for a loan to begin with. You can't just walk into a mortgage lender with 2 cents to your name and get approved for a $300,000 home.
W
wkndbeacher
Guest
Patch Tuesday said:
If I didnt know better Id say what it boils down to is no one likes you and you want someone to comment on what you write so that you can feel better about yourself by trying to belittle someone with your "so called knowledge". Don't you think if someone does that industry for a living they know more about it then you. Not to "burst your bubble" as you say I read about cars and car parts and know a little about how to fix cars, but I dare to say I dont know more about them then a mechanic whos trained and licensed to work on them EVERY single day.
So I think I'd trust someone that does it for a living rather then someone just chatting in a forum that "thinks" thats right THINKS they know more then someone with probably years of experience to waiver my opinion.
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Patch Tuesday
Guest
wkndbeacher said:
Funny that you would show up for this discussion...
Aren't you the guy that made the statement that "everyone else turned me down?" Wouldn't that make you a bad credit loser giving advice?
W
wkndbeacher
Guest
Patch Tuesday said:
That would make me a first time home buyer with no credit cards because I dont believe in them, get your facts before speaking
