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HLS
ParticipantPert..
See links below.. plenty of others avaialble.These overpaid people have been influenced by lobbyists and been financially rewarded for their decisions.
There is plenty of information available on each of these people and their lack of ethics.
Oversight committees provide no oversight.
Ethics committees have no ethics.
We have some of the best people in govt that money can buy!http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Barney Frank and Chuck Schumer’s Role in the Fannie Mae Failure
ParticipantMurf..
At 5.50% NO fee is charged because the lender will pay…..
5.50% pays a commission. 5.00% does not
This weeks “average” rates were 5.50%
The point is that a lower rate is really available, but it comes with an upfront cost.
(Rates change daily)Putting a borrower into the higher rate gets a commission from the lender. The higher the rate the higher the commission. It’s a reward from the lender for screwing a borrower. (Not what I do)
If kept for many years, the borrower will pay thousands of dollars more in the long run.The alternative is paying a fee up front and getting a lower rate/lower payment. It’s a detailed explanation that most ppl don’t understand, including those pushing loans.
There is no such thing as a “no cost” loan. IF there is no cost up front, it will cost a fortune in the long run. Usually the break even point is 2-3 years. Depends on individual circumstances.
I hope this makes sense.
ParticipantMurf..
At 5.50% NO fee is charged because the lender will pay…..
5.50% pays a commission. 5.00% does not
This weeks “average” rates were 5.50%
The point is that a lower rate is really available, but it comes with an upfront cost.
(Rates change daily)Putting a borrower into the higher rate gets a commission from the lender. The higher the rate the higher the commission. It’s a reward from the lender for screwing a borrower. (Not what I do)
If kept for many years, the borrower will pay thousands of dollars more in the long run.The alternative is paying a fee up front and getting a lower rate/lower payment. It’s a detailed explanation that most ppl don’t understand, including those pushing loans.
There is no such thing as a “no cost” loan. IF there is no cost up front, it will cost a fortune in the long run. Usually the break even point is 2-3 years. Depends on individual circumstances.
I hope this makes sense.
ParticipantMurf..
At 5.50% NO fee is charged because the lender will pay…..
5.50% pays a commission. 5.00% does not
This weeks “average” rates were 5.50%
The point is that a lower rate is really available, but it comes with an upfront cost.
(Rates change daily)Putting a borrower into the higher rate gets a commission from the lender. The higher the rate the higher the commission. It’s a reward from the lender for screwing a borrower. (Not what I do)
If kept for many years, the borrower will pay thousands of dollars more in the long run.The alternative is paying a fee up front and getting a lower rate/lower payment. It’s a detailed explanation that most ppl don’t understand, including those pushing loans.
There is no such thing as a “no cost” loan. IF there is no cost up front, it will cost a fortune in the long run. Usually the break even point is 2-3 years. Depends on individual circumstances.
I hope this makes sense.
ParticipantMurf..
At 5.50% NO fee is charged because the lender will pay…..
5.50% pays a commission. 5.00% does not
This weeks “average” rates were 5.50%
The point is that a lower rate is really available, but it comes with an upfront cost.
(Rates change daily)Putting a borrower into the higher rate gets a commission from the lender. The higher the rate the higher the commission. It’s a reward from the lender for screwing a borrower. (Not what I do)
If kept for many years, the borrower will pay thousands of dollars more in the long run.The alternative is paying a fee up front and getting a lower rate/lower payment. It’s a detailed explanation that most ppl don’t understand, including those pushing loans.
There is no such thing as a “no cost” loan. IF there is no cost up front, it will cost a fortune in the long run. Usually the break even point is 2-3 years. Depends on individual circumstances.
I hope this makes sense.
ParticipantMurf..
At 5.50% NO fee is charged because the lender will pay…..
5.50% pays a commission. 5.00% does not
This weeks “average” rates were 5.50%
The point is that a lower rate is really available, but it comes with an upfront cost.
(Rates change daily)Putting a borrower into the higher rate gets a commission from the lender. The higher the rate the higher the commission. It’s a reward from the lender for screwing a borrower. (Not what I do)
If kept for many years, the borrower will pay thousands of dollars more in the long run.The alternative is paying a fee up front and getting a lower rate/lower payment. It’s a detailed explanation that most ppl don’t understand, including those pushing loans.
There is no such thing as a “no cost” loan. IF there is no cost up front, it will cost a fortune in the long run. Usually the break even point is 2-3 years. Depends on individual circumstances.
I hope this makes sense.
ParticipantThere is plenty of money floating around ONLY because of govt programs. FNMA FHA etc. Did you see the recent multi billion dollar quarterly loss reported by FNMA ? How long will this be allowed to go on ??
Inflated housing is a ponzi scheme that will come to an UGLY end if the govt intervention stops.
Barney Frank, Up-Chuck Schumer, Carolyn Baloney, Christopher Dodd, Maxine Muddy-Waters all have blood on their hands in the housing bubble yet nobody confronts them.As far as turning people away, they just don’t qualify, the rate doesn’t matter.
When subprime was around, if someone didn’t qualify for a 6% loan, there was an 8%+ available.
Today if you don’t qualify, there really is no alternative, other than hard money.FHA wasn’t needed a few years ago when 100% financing was available via subprime OR 80/20 loans. It is the new subprime. It allows people to buy houses with a low down. It artificially supports the market for now.
I think that it is fair to say that the vast majority of people who want a house already have one OR they cannot qualify to buy one.
Because a few people are chasing houses at the moment doesn’t create a hot market like 2002-2005. The market is not as hot as it was during the boom when you realize that the availability of financing is 180 degrees different than it was during the bubble. The current demand is thin.
It only takes 2 fools bidding against each other to run prices up.This is simply the greater fool theory at work.
VERY few ppl are buying second homes today.The real question is whether the pool of qualified buyers disappears before the supply of available homes does. The govt cannot control the price of homes. They CAN control the availability of financing, tax credits and incentives which only artificially manipulates the market.
For every qualified buyer who buys a house today, that is one less in the pool. I think that pool is shrinking faster than most people realize.
ParticipantThere is plenty of money floating around ONLY because of govt programs. FNMA FHA etc. Did you see the recent multi billion dollar quarterly loss reported by FNMA ? How long will this be allowed to go on ??
Inflated housing is a ponzi scheme that will come to an UGLY end if the govt intervention stops.
Barney Frank, Up-Chuck Schumer, Carolyn Baloney, Christopher Dodd, Maxine Muddy-Waters all have blood on their hands in the housing bubble yet nobody confronts them.As far as turning people away, they just don’t qualify, the rate doesn’t matter.
When subprime was around, if someone didn’t qualify for a 6% loan, there was an 8%+ available.
Today if you don’t qualify, there really is no alternative, other than hard money.FHA wasn’t needed a few years ago when 100% financing was available via subprime OR 80/20 loans. It is the new subprime. It allows people to buy houses with a low down. It artificially supports the market for now.
I think that it is fair to say that the vast majority of people who want a house already have one OR they cannot qualify to buy one.
Because a few people are chasing houses at the moment doesn’t create a hot market like 2002-2005. The market is not as hot as it was during the boom when you realize that the availability of financing is 180 degrees different than it was during the bubble. The current demand is thin.
It only takes 2 fools bidding against each other to run prices up.This is simply the greater fool theory at work.
VERY few ppl are buying second homes today.The real question is whether the pool of qualified buyers disappears before the supply of available homes does. The govt cannot control the price of homes. They CAN control the availability of financing, tax credits and incentives which only artificially manipulates the market.
For every qualified buyer who buys a house today, that is one less in the pool. I think that pool is shrinking faster than most people realize.
ParticipantThere is plenty of money floating around ONLY because of govt programs. FNMA FHA etc. Did you see the recent multi billion dollar quarterly loss reported by FNMA ? How long will this be allowed to go on ??
Inflated housing is a ponzi scheme that will come to an UGLY end if the govt intervention stops.
Barney Frank, Up-Chuck Schumer, Carolyn Baloney, Christopher Dodd, Maxine Muddy-Waters all have blood on their hands in the housing bubble yet nobody confronts them.As far as turning people away, they just don’t qualify, the rate doesn’t matter.
When subprime was around, if someone didn’t qualify for a 6% loan, there was an 8%+ available.
Today if you don’t qualify, there really is no alternative, other than hard money.FHA wasn’t needed a few years ago when 100% financing was available via subprime OR 80/20 loans. It is the new subprime. It allows people to buy houses with a low down. It artificially supports the market for now.
I think that it is fair to say that the vast majority of people who want a house already have one OR they cannot qualify to buy one.
Because a few people are chasing houses at the moment doesn’t create a hot market like 2002-2005. The market is not as hot as it was during the boom when you realize that the availability of financing is 180 degrees different than it was during the bubble. The current demand is thin.
It only takes 2 fools bidding against each other to run prices up.This is simply the greater fool theory at work.
VERY few ppl are buying second homes today.The real question is whether the pool of qualified buyers disappears before the supply of available homes does. The govt cannot control the price of homes. They CAN control the availability of financing, tax credits and incentives which only artificially manipulates the market.
For every qualified buyer who buys a house today, that is one less in the pool. I think that pool is shrinking faster than most people realize.
ParticipantThere is plenty of money floating around ONLY because of govt programs. FNMA FHA etc. Did you see the recent multi billion dollar quarterly loss reported by FNMA ? How long will this be allowed to go on ??
Inflated housing is a ponzi scheme that will come to an UGLY end if the govt intervention stops.
Barney Frank, Up-Chuck Schumer, Carolyn Baloney, Christopher Dodd, Maxine Muddy-Waters all have blood on their hands in the housing bubble yet nobody confronts them.As far as turning people away, they just don’t qualify, the rate doesn’t matter.
When subprime was around, if someone didn’t qualify for a 6% loan, there was an 8%+ available.
Today if you don’t qualify, there really is no alternative, other than hard money.FHA wasn’t needed a few years ago when 100% financing was available via subprime OR 80/20 loans. It is the new subprime. It allows people to buy houses with a low down. It artificially supports the market for now.
I think that it is fair to say that the vast majority of people who want a house already have one OR they cannot qualify to buy one.
Because a few people are chasing houses at the moment doesn’t create a hot market like 2002-2005. The market is not as hot as it was during the boom when you realize that the availability of financing is 180 degrees different than it was during the bubble. The current demand is thin.
It only takes 2 fools bidding against each other to run prices up.This is simply the greater fool theory at work.
VERY few ppl are buying second homes today.The real question is whether the pool of qualified buyers disappears before the supply of available homes does. The govt cannot control the price of homes. They CAN control the availability of financing, tax credits and incentives which only artificially manipulates the market.
For every qualified buyer who buys a house today, that is one less in the pool. I think that pool is shrinking faster than most people realize.
ParticipantThere is plenty of money floating around ONLY because of govt programs. FNMA FHA etc. Did you see the recent multi billion dollar quarterly loss reported by FNMA ? How long will this be allowed to go on ??
Inflated housing is a ponzi scheme that will come to an UGLY end if the govt intervention stops.
Barney Frank, Up-Chuck Schumer, Carolyn Baloney, Christopher Dodd, Maxine Muddy-Waters all have blood on their hands in the housing bubble yet nobody confronts them.As far as turning people away, they just don’t qualify, the rate doesn’t matter.
When subprime was around, if someone didn’t qualify for a 6% loan, there was an 8%+ available.
Today if you don’t qualify, there really is no alternative, other than hard money.FHA wasn’t needed a few years ago when 100% financing was available via subprime OR 80/20 loans. It is the new subprime. It allows people to buy houses with a low down. It artificially supports the market for now.
I think that it is fair to say that the vast majority of people who want a house already have one OR they cannot qualify to buy one.
Because a few people are chasing houses at the moment doesn’t create a hot market like 2002-2005. The market is not as hot as it was during the boom when you realize that the availability of financing is 180 degrees different than it was during the bubble. The current demand is thin.
It only takes 2 fools bidding against each other to run prices up.This is simply the greater fool theory at work.
VERY few ppl are buying second homes today.The real question is whether the pool of qualified buyers disappears before the supply of available homes does. The govt cannot control the price of homes. They CAN control the availability of financing, tax credits and incentives which only artificially manipulates the market.
For every qualified buyer who buys a house today, that is one less in the pool. I think that pool is shrinking faster than most people realize.
Participant[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]
UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.Participant[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]
UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make.Participant[quote=UCGal] Obviously you can make more commissions if more people qualify [/quote]
UCG…
For the record, I don’t get a commission for what I do. I charge a fee for my service and offer wholesale rates. There’s a HUGE difference.
I don’t get a penny from the lender unless the borrower decides they want a higher rate and higher monthly payment for the life of the loan instead of paying a fee.This week, the national average rates are about 5.50%… I have 5.00% rate that comes with a fee.
At 5.50% I could get a commission but it’s not in the borrower’s best interest if they plan on staying in the loan for a few years..People falling for no cost loans at higher rates will result in thousands of dollars of wasted money over time, through foolishness.
It’s a decision that most people never get to make. -
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