- This topic has 615 replies, 27 voices, and was last updated 14 years, 8 months ago by
saiine.
-
AuthorPosts
-
March 5, 2011 at 8:42 PM #674731March 5, 2011 at 8:43 PM #673583
briansd1
GuestIt’s seems to me like it’s pointless to complain about bank underwriting standards.
IMHO, the government should get completely out of the mortgage guarantee business for anything but mortgages under $200,000.
The banks will have to set underwriting standards based on their own risk assessments. If buyers can’t qualify for loans, then tough luck. They can continue to save and buy later.
If buyers want loans, they have to comply with the documentation process lenders require. Nobody is entitled to get a loan from someone else.
March 5, 2011 at 8:43 PM #673641GuestIt’s seems to me like it’s pointless to complain about bank underwriting standards.
IMHO, the government should get completely out of the mortgage guarantee business for anything but mortgages under $200,000.
The banks will have to set underwriting standards based on their own risk assessments. If buyers can’t qualify for loans, then tough luck. They can continue to save and buy later.
If buyers want loans, they have to comply with the documentation process lenders require. Nobody is entitled to get a loan from someone else.
March 5, 2011 at 8:43 PM #674252GuestIt’s seems to me like it’s pointless to complain about bank underwriting standards.
IMHO, the government should get completely out of the mortgage guarantee business for anything but mortgages under $200,000.
The banks will have to set underwriting standards based on their own risk assessments. If buyers can’t qualify for loans, then tough luck. They can continue to save and buy later.
If buyers want loans, they have to comply with the documentation process lenders require. Nobody is entitled to get a loan from someone else.
March 5, 2011 at 8:43 PM #674389GuestIt’s seems to me like it’s pointless to complain about bank underwriting standards.
IMHO, the government should get completely out of the mortgage guarantee business for anything but mortgages under $200,000.
The banks will have to set underwriting standards based on their own risk assessments. If buyers can’t qualify for loans, then tough luck. They can continue to save and buy later.
If buyers want loans, they have to comply with the documentation process lenders require. Nobody is entitled to get a loan from someone else.
March 5, 2011 at 8:43 PM #674736GuestIt’s seems to me like it’s pointless to complain about bank underwriting standards.
IMHO, the government should get completely out of the mortgage guarantee business for anything but mortgages under $200,000.
The banks will have to set underwriting standards based on their own risk assessments. If buyers can’t qualify for loans, then tough luck. They can continue to save and buy later.
If buyers want loans, they have to comply with the documentation process lenders require. Nobody is entitled to get a loan from someone else.
March 5, 2011 at 8:52 PM #673588bearishgurl
Participant[quote=GH]FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off…[/quote]
GH, I respectfully disagree with this point. A worker can be “lucky enough not to get laid off,” yet their employer may be withholding up to half their pay in wage garnishments for writs on judgments for consumer and other debt. The worker may spend every weekend at a casino where they routinely cash their paychecks.
A person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit. It’s one of the most important considerations a mortgage lender uses when deciding whether to and/or how much to lend a certain individual, IMO.
March 5, 2011 at 8:52 PM #673646Participant[quote=GH]FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off…[/quote]
GH, I respectfully disagree with this point. A worker can be “lucky enough not to get laid off,” yet their employer may be withholding up to half their pay in wage garnishments for writs on judgments for consumer and other debt. The worker may spend every weekend at a casino where they routinely cash their paychecks.
A person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit. It’s one of the most important considerations a mortgage lender uses when deciding whether to and/or how much to lend a certain individual, IMO.
March 5, 2011 at 8:52 PM #674257Participant[quote=GH]FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off…[/quote]
GH, I respectfully disagree with this point. A worker can be “lucky enough not to get laid off,” yet their employer may be withholding up to half their pay in wage garnishments for writs on judgments for consumer and other debt. The worker may spend every weekend at a casino where they routinely cash their paychecks.
A person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit. It’s one of the most important considerations a mortgage lender uses when deciding whether to and/or how much to lend a certain individual, IMO.
March 5, 2011 at 8:52 PM #674394Participant[quote=GH]FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off…[/quote]
GH, I respectfully disagree with this point. A worker can be “lucky enough not to get laid off,” yet their employer may be withholding up to half their pay in wage garnishments for writs on judgments for consumer and other debt. The worker may spend every weekend at a casino where they routinely cash their paychecks.
A person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit. It’s one of the most important considerations a mortgage lender uses when deciding whether to and/or how much to lend a certain individual, IMO.
March 5, 2011 at 8:52 PM #674741Participant[quote=GH]FICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off…[/quote]
GH, I respectfully disagree with this point. A worker can be “lucky enough not to get laid off,” yet their employer may be withholding up to half their pay in wage garnishments for writs on judgments for consumer and other debt. The worker may spend every weekend at a casino where they routinely cash their paychecks.
A person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit. It’s one of the most important considerations a mortgage lender uses when deciding whether to and/or how much to lend a certain individual, IMO.
March 5, 2011 at 9:01 PM #673598sdrealtor
ParticipantWhile their debt is massive their incomes are massive as are their tax bills. Many of our worker bees pay less over their entire lives than these guys pay in a single year.
Thats great that your children wont take out student loans and you dont beleive in them. You have done an admirable job in passing down a legacy of underperforming and living under glass ceiling. You have limited their potential I say job well done. Perhaps you did the right thing as maybe they arent capable of any more. Did you also counsel them to say do you want fries and a shake with that burger?
March 5, 2011 at 9:01 PM #673656ParticipantWhile their debt is massive their incomes are massive as are their tax bills. Many of our worker bees pay less over their entire lives than these guys pay in a single year.
Thats great that your children wont take out student loans and you dont beleive in them. You have done an admirable job in passing down a legacy of underperforming and living under glass ceiling. You have limited their potential I say job well done. Perhaps you did the right thing as maybe they arent capable of any more. Did you also counsel them to say do you want fries and a shake with that burger?
March 5, 2011 at 9:01 PM #674267ParticipantWhile their debt is massive their incomes are massive as are their tax bills. Many of our worker bees pay less over their entire lives than these guys pay in a single year.
Thats great that your children wont take out student loans and you dont beleive in them. You have done an admirable job in passing down a legacy of underperforming and living under glass ceiling. You have limited their potential I say job well done. Perhaps you did the right thing as maybe they arent capable of any more. Did you also counsel them to say do you want fries and a shake with that burger?
March 5, 2011 at 9:01 PM #674404ParticipantWhile their debt is massive their incomes are massive as are their tax bills. Many of our worker bees pay less over their entire lives than these guys pay in a single year.
Thats great that your children wont take out student loans and you dont beleive in them. You have done an admirable job in passing down a legacy of underperforming and living under glass ceiling. You have limited their potential I say job well done. Perhaps you did the right thing as maybe they arent capable of any more. Did you also counsel them to say do you want fries and a shake with that burger?
-
AuthorPosts
- You must be logged in to reply to this topic.
