One real gem in the comments to this OCRegister.com article … enjoy them while they last, seems that someone is deleting them as fast as they’re posted.
New Century has NEVER made up an underwriting guideline in thier lives! They are a puppet to the wall street investors. Where do you think the guidelines that they had came from? … And by the way, all of the loans that were being forced to be bought back were not early payment defaults. … The reason why they had to buy them all back was due to agreements, in fine print again, that said that if they ever did not have at least 1 dollar in profit in a 6 month periond, that none of them had to buy a loan any longer. And by the way, there is no mortgage company on earth of any size that showed a profit over the last 6 months. …
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