Local Lender

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    • ON: Sat Mar 29th 03:21 AM
      Commented on:
      Wells Fargo Seeking Fed Shotgun Marriage
      Wells Fargo has the liquidity to pick and choose, so why not... The upper management team is strong, and has been for a long time. Wells chose not to offer the Option ARM when many did. I can tell you someone at the top of Wells house while in the employ of WAMU was a huge promoter of the Option ARM, and If I'm not mistaken Wells bought quite a chunk of WAMU's servicing portfolio not all that long ago, I can only imagine that pool included a few Option ARMS. It is also good to see that a few here have noted that the "Brokers" were selling a HUGE amount of the Option ARMS to the public, and while the regulators may hold some responsibilty, at some point the end user, AND the investors have to take a look closer to home. Big gains typically go hand in hand with big risk. During the "Option ARM period"... with huge home appreciation borrowers didn't look past the lowest rate, lowest down, and/or the lowest fee, and would shotgun their info to several "lenders" at once.. GREED set in. With this said, in their thirst to BUY, they chose to conduct business with whomever told them what they wanted to hear, and forgot to find out if the loan officer knew there was a T in mortgage. The borrowers, the loan officers, the real estate agents, and the investors... they all flocked to the land of good and plenty. Today... those "professionals&qu... who remain in the buisiness have the daunting task of dodging the stones cast by the very people who contributed to this mess.... I am one of those professionals.
      The Option ARM, "build it, and they will come"... I thought reading, and understanding documents was a pre-requisite to signing. "Regulators can't fix stupid"
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