mortgage money man

http://www.illinoislender.com

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Thu Mar 6th 18:31 PM | Rating: 0 0
Commented on:
Are FICO Credit Scores Still Relevant to Mortgage Originators?

stated common sense... = oxymoron

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Thu Mar 6th 14:45 PM | Rating: 0 0
Commented on:
Are FICO Credit Scores Still Relevant to Mortgage Originators?

Everything in a vaccuum will behave in a manner differently than in the real world. This article does the very thing it cautions us not to do... concentrate on one thing.

Lenders took a solid predictor ...the fico score and matched it up with a very poor loan product "the option arm" (pickapayment) and then allowed it to be used on investment property loans with no income verification with little or nothing down....

Gee if i take a match and light this fuse will it blow up???? DUH.

Washington Mutual and Countrywide blew themselves up by playing with matches. Lack of oversight by the government allowed this mess to continue.

THE ONLY way this mess gets fixed is to throw out the following loan types... Stated, light doc, no doc, nina, siva and of course option loans....

Investors who buy mortgage bonds want to buy them even now. The problem is they dont know how to value them in today's world because companies like WAMU and C-Wide lied to them....

Here it is ... Are you Ready? FULL DOC LOANS!

If we dont do this now then, the investors will continue to shun mortgage bonds, rates will continue to go up, mortgages will get harder to obtain, house prices will fall due to lack of demand (due to lack of qualified buyers) mortgages will continue to default ..... downward spiral....

would love to hear your comments
processingloan@comcast...
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