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Home Loan Crisis - Anyone see 60 min Sunday? - Printable Version

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Home Loan Crisis - Anyone see 60 min Sunday? - Flumper Barflusterbutt - 02-16-2009

They had a guy that was a big wheel loan officer at World Savings Bank. They pretty much just did tons of residential loans over the years.

About 3 years ago that guy went to his boss and said what they were doing was illegal. Giving loans to people that couldn't afford them. They told him to stfu.

Anyway, the report dove into some of those loans.

They interviewed on old colored lady. She was living on a pension. The loan officer told her that she could qualify for more house than she thought. She asked how. He said that they could fill out the application with her pension income and also use her husbands income from his job.

The 60 minutes guy then asked her, "but wasn't your husband retired at the time? You mean they used income that he USED to make?"

She said, "um no. my husband be dead".

So they gave her a loan based on her dead husbands income from years ago. They said the loan amount due each month is more than her entire pension check for the month.j

He said this was normal. They would approve hundreds and hundreds of loans every day using false information just to get it past the underwriters.

Home Loan Crisis - Anyone see 60 min Sunday? - Anhil8tor - 02-16-2009

what is the going interest rate in my area?


I was thinking about refinancing.

Home Loan Crisis - Anyone see 60 min Sunday? - Flumper Barflusterbutt - 02-16-2009

Anhil8tor Wrote:what is the going interest rate in my area?


I was thinking about refinancing.

I'd have to check, but surely its below 5%.

Home Loan Crisis - Anyone see 60 min Sunday? - Flumper Barflusterbutt - 02-16-2009

I heard that the Stimulus Package that the darkey is supposed to sign tomorrow is going to have an $8,000 tax credit for first time home buyers.

Home Loan Crisis - Anyone see 60 min Sunday? - cLaY - 02-16-2009

Flumper Barflusterbutt Wrote:I heard that the Stimulus Package that the darkey is supposed to sign tomorrow is going to have an $8,000 tax credit for first time home buyers.

someone delete this post and ban flumper. offensive and biggotted comment. you're pathetic.

Home Loan Crisis - Anyone see 60 min Sunday? - Paddy - 02-16-2009

Darkie is spelt with an "ie"

Home Loan Crisis - Anyone see 60 min Sunday? - BIRD33 - 02-16-2009

an obvious I before E rule word.

Home Loan Crisis - Anyone see 60 min Sunday? - BIRD33 - 02-16-2009

Kan. suspends income tax refunds, may miss payroll


http://www.kansas.com/735/story/701750.html

I would be pissed.

Home Loan Crisis - Anyone see 60 min Sunday? - CT280 - 02-16-2009

BIRD33 Wrote:Kan. suspends income tax refunds, may miss payroll


http://www.kansas.com/735/story/701750.html

I would be pissed.

the precedent's been set. now watch how many line up to do the same thing.

Home Loan Crisis - Anyone see 60 min Sunday? - BIRD33 - 02-16-2009

California is a terrible shape too from what I read.

I don't hear PA warning anything like this will happen but who knows.

I do know that delaware is talking about opening sports books for betting on games which no one on the east coast has so they can raise more tax dollars.I see NJ being right behind them on that as well as PA following soon after.In short this crisis will make it easier to place a bet which seems ironic.

Home Loan Crisis - Anyone see 60 min Sunday? - CT280 - 02-16-2009

im all for an economic catastrophe if it saves me from using an offshore account. that shit is inconvenient.

Home Loan Crisis - Anyone see 60 min Sunday? - Anhil8tor - 02-17-2009

I always have to pay state taxes. Any chance they'll take that away?


Louisiana is rollin in green.