mortgagebankingpro

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    • Tue Jan 1st 17:15 PM | Rating: 0 0
      Commented on:
      Countrywide's Call For Increased Mortgage Limits Must Be Ignored
      I must add to my previous comments above. In addition to agreeing with "jomo" and "climb1212". Take a moment; think and look beyond your nose! We spend so much time, money and resources looking compiling HMDA and other reports for government so they can try and try to paint a picture of lenders redlining or worse "predatory lending". All for political gain and notoriety, don't we. I feel the Government's lending limits on Fannie Mae, FHA, VA and Freddie loans clearly is "reverse redlining" by restricting loan amounts as they do. Find me a average home outside the Midwest or Metro ghetto! where the heme's value falls within current limits. NOT! "Reverse Discrimination"? Perhaps" "Reverse Redlining" against the middle class in New York, California, Illinois ? I think so. Not in Texas where they forgot to teach Mortgage 101.
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    • Tue Jan 1st 14:58 PM | Rating: 0 0
      Commented on:
      Countrywide's Call For Increased Mortgage Limits Must Be Ignored
      " Disclosure none" appears to do well throwing numbers statistics and percentages around but apparently knows little about the Mortgage Industry. I assure you I have no loyalty or love for either Countrywide or Mozillo and have never worked for either during my 35 years working in the industry. In fact I have worked for nearly every other major lender in the country (Wells Fargo, Wachovia/1st Union/The Money Store, Washington Mutual, Long Beach Mortgage, Clayton Holdings and many others consulting on every part of the business from underwriting to foreclosure and asset management including risk management. Fannie Mae, Freddie and FHA all set their own underwriting guidelines which must be adhered to by all private sector lenders. An increase in lending limits would only improve current market conditions and make better quality loans available to responsible borrowers. In all the years I've been in the business I've never seen a lender hold a gun to any so called "innocent borrower" and tell them to fabricate their income or commit fraud or agree to buy a home they realistically knew they could not afford.
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