Discussion:Have mercy, I'm an orphan
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Death&Taxes (talk|edits) said: | 20 July 2009 |
| Isn't that the punchline to the old story about the boy who killed his parents? Well, here's another area where the same might be said:
http://www.msnbc.msn.com/id/32007521/ns/business-the_new_york_times What a great thing the free enterprise system is. First you make a fortune screwing people one way, then you charge them to clean up the mess, doing little or nothing in the process. Of course, there will be some here who will blame the victims for taking these loans in the first place. | |
| July 20, 2009 | |
| I should clarify that since I posted it just after reading the article and before finishing D&T's post. These firms have been in the news often enough that people should know to check them out before they start handing over money. | |
| 20 July 2009 | |
| It's easy to check the loan brokers qua mortgage modifiers out Natalie: they are all crooks.
Let's face it, negligence, recklessness and crime pay today. If you wear a shirt and tie, you have to steal $50 billion dollars to go to jail, anything under that is fair game. P.S. I vote for not blaming the victims because many of them were defrauded. They already know that a lot of people that were put in subprime loans would have qualified for a standard loan. Ironically, the terms of the subprime loans almost guaranteed that they would be defaulted upon. You can't give a broker a higher commission for making a low quality loan, and then expect roses to come up in the garden. | |
Death&Taxes (talk|edits) said: | 21 July 2009 |
| I wonder sometimes how many in our profession contributed to this mess. "How can we cut our taxes?" "Buy a house."
"Yes, as through this world I've wandered I've seen lots of funny men; Some will rob you with a six-gun, And some with a fountain pen." | |
| 21 July 2009 | |
| Yes, it's always a weasel with a pen that can really do you in. I Emailed the above article out to some friends, and it really stirred up some responses.
I guarantee that hardly any of these modifications will stick. People naturally want to keep a roof over their head, but the banks (read "servicers") are not really modifying the loans. They are extending this, and extending that. Hence, we can expect these crooked brokers to get yet another fee, and we will get yet another round of defaults down the road. Here we are sweating over what we can charge (not enough), and these people are on a commission and fee bandwagon that just doesn't seem to end. | |
Death&Taxes (talk|edits) said: | 21 July 2009 |
| Did you note that the firms involved changed their names, or probably started new entities, before they went down this path? I suspect the only way these debtors would know would be if they walked in the door and saw the same sleazebag sitting behind the desk. | |
| July 22, 2009 | |
| They could check with their state to see how the firm is registered and who the principals are. | |
