I think she really should have researched that first. There were and are lot’s of people offering unscrupulous loans and they are not all working at brokerages aimed at the sub-prime market. To the best of my knowledge these larger banks were offering the same types of loans, ie; Options Arms, I/O and so on.

For the record, there is nothing wrong in particular with those types of loan if used appropriately and explained. But for the most part those loans were basically the low payment that was sold without full disclosure. In the end it is the borrower that signed all of the paperwork. I’m all for regulation, just that it has to be universal. I also really think Loan Doc’s are way too long. Most people just want to get it over with to avoid starting over. Even if errors are found.

http://www.opednews.com/articles/opedne_timothy__080131_move_on_2c_move_over_2c_.htm

It is obvious that Ms. Clinton does not care about the truth. She cares about populist politics. She thinks this is what Joe America wants to hear. She also knows that mortgage brokers are not going to give her the cash that the banks are. It does not benefit here politically to suggest that mortgage brokers had little to do with the massive defrauding of investors by Wall Street and the credit rating agencies. She doesn’t care to say that banks designed every loan program, approved and funded every loan.

Slowly but surely the population is learning just how involved Wall Street was in this mess. Mortgage brokers have a duty to their industry to pronounce the truth at every chance available.

I am so glad that people can see where she stands on this issue.

I look forward to your future post on the 3 other contenders.

Anyway, on that front, I was on an open house yesterday and there was a retail lender working with the listing agent, and the “blame the broker” scenario is out there. That’s what the lady was saying from a BIG BANK. Another realtor said “we” really need relief and I said something housing is unaffordable because prices are artificially inflated. That realtor just looked at me, so I guess I should just keep my mouth shut, for now. The listing agent, who I really like, said loans are “going away from brokers and to the big banks”. SO, I do believe this is the propaganda out there, it’s ALL the broker’s fault, they are going away, and Big Banks are a realtor’s new best friend. Big Bank lady was a little embarrassed when I gave her my business card that had realtor and LO printed on it. “Oh”, was the reaction. Yeah, realtors had NOTHING to do with this mess…..

BWHAHAHAHAHAHA!!!!!

As a Mortgage Broker in Texas, I am going to say this until I die or get out of the biz.. .Why is that the states with the biggest mortgage crisis are Democrat strong hold states??? And last time I checked,, Beneficial, Ameriquest, Citi-Financial, Centex Home Equity are all Mortgage Bankers, NOT MORTGAGE BROKERS.

Lets see, CA, Ill, and NY have the country?s most pathetic consumer lending laws?? Now the Dems are acting like they are helping out,, well where were these people before, Why did these so called do good Democrats all of sudden have this great plan?? they are simply pandering for votes.
Question? who thinks its a good idea to cash out your homestead to 125%??? In Texas you cannot exceed 80% of your homes value and you cannot do a Homestead Cashout within 12 months of the first Homestead Cashout and our total fee?s excluding pre-paids are capped at 3%.!!!! we already have good laws, we dont need more here in Texas.

And now my rant on Realtors and Builder owned Mortgage Companies..
Realtors made billions in the past 5 years due huge commissions being paid by Builders to bring in 1st time buyers and luring them in with all these so called ?incentives?, which in reality all that did was inflate a home values that could not be justified in the long run.
I had so many buyers with realtors in tow pushing for the most they could afford.. not once did the realtor say,, ?you know yall really should buy something more affordable,? hell no, all that realtor did was shut his/her mouth so the seller would pay them 8% at closing.
Per my B-Paper reps over 50% of every Subprime wholesaler pipelines were builder owned Mortgage Companies buyers!!!!!!!!!!!!!!! NOT MORTGAGE BROKERS?

anyway back to work my mini refi boom is going strong!

Signed,
Mortgage Officer at a “Big Bank”, and former Hilary supporter.