Republican Party, Teabag Party and the Libertarian Party absolutely SUCK!

[me]

You should look up what it takes to qualify for a no-doc or low-doc mortgage.  The way you describe them and to whom they are available is inaccurate.

Too bad you don't know all you think you know.  They are also called stated income.  Like I said, I worked with them I know who could get them and what you had to have to obtain one.  Depending on ones credit nothing was asked for, not even source of income.  Sometimes a bank statement was required but not often.  Most of those loans were approved within days until around 2003 when things started to tighten up.  If you had bad credit you could still get the loan but it was at a higher rate and you had to have a letter of explanation as to what caused the bad credit.

[Exterminator]

If you had bad credit you could still get the loan but it was at a higher rate and you had to have a letter of explanation as to what caused the bad credit.

And that's all?  Aren't you leaving something out like a large deposit?

[me]

And that's all?  Aren't you leaving something out like a large deposit?

No money was required and most walked away from the closing with cash in their pockets.

They were written up as refinance from a contract which negated any cash down.

[Exterminator]

 

[The Troll]

No money was required and most walked away from the closing with cash in their pockets.

They were written up as refinance from a contract which negated any cash down.

  "ME"   The Bank

[me]

Like I said, you never worked with those types of loans so you have no clue.  How many mortgage brokers did you work with?  How many did you even know?  Loan officers and mortgage brokers are two different things and loan officers did not do those types of loans and they were not done in the commercial in property sales. 

[Bo D]

Has anybody seen the latest on ol' Newt? He wants to fire all the janitors and make the kids go to work cleaning their own schools? Yessiree! Now that's job creation for ya!

[Exterminator]

Like I said, you never worked with those types of loans so you have no clue.  How many mortgage brokers did you work with?  How many did you even know?  Loan officers and mortgage brokers are two different things and loan officers did not do those types of loans and they were not done in the commercial in property sales.

I wouldn't consider this an unusual situation for a simple re-fi in which the mortgage holder has not had a change in employment and has a good payment history with the lender.  You've been trying to make it sound as though these types of mortgages were common with first mortgages for people with no or bad credit and no down payment.

[me]

I wouldn't consider this an unusual situation for a simple re-fi in which the mortgage holder has not had a change in employment and has a good payment history with the lender.  You've been trying to make it sound as though these types of mortgages were common with first mortgages for people with no or bad credit and no down payment.

That was one of the types of loans that were created by Fannie and Freddie so people could own homes.  They were written up as re-fi's for both investors and those who were buying the homes to live in.  They weren't done like conventional mortgages.  Even the underwriters used a different set of rules and there was very little the loan processors had to do which is why in most cases they would close within a week or two of starting the loan process.  Approval would come within 2 or 3 days and the rest of the time was waiting on the title search to get done.  Occasionally something would come up with the title search which would slow the process down but there were never even any day or two checks before the closing to put a stop to the process like you find sometimes with conventional mortgages.  The only thing you had to show you had was a year paid insurance policy on the property.  Fees were deducted, including the brokers fees, and you got a check, if you chose to ask for more than the property sale price, and left the closing a proud home owner.  Heck if people asked for fix up cash because the property appraisal couldn't be stretched far enough they didn't even ask anything other than what you intended to do and didn't follow up to make sure the work was done they just gave you the extra cash and listed it fix up money as a credit to the buyer on the HUD-1.

[The Troll]

Has anybody seen the latest on ol' Newt? He wants to fire all the janitors and make the kids go to work cleaning their own schools? Yessiree! Now that's job creation for ya!

  If you remember that I said, I heard Newt and Norguist say they wanted to take the country back to the good old times.  The 1800s to the 1929s.

  I don't remember the depression because I was a kid.  But, from what I heard from my parents, grand parents, aunts uncles and the old people I grew up around.  I sure don't want to bring back the good old Republican days.     

[Exterminator]

Yeah, I think you're stretching the truth again.

Either way, Fanny and Freddie didn't invent the sub-prime market, they followed the private sector lenders into it.

[me]

Yeah, I think you're stretching the truth again.

Either way, Fanny and Freddie didn't invent the sub-prime market, they followed the private sector lenders into it.

What ever skippy.  You're the know-it-all who read about how it all worked and I just worked with it.

[The Troll]

What ever skippy.  You're the know-it-all who read about how it all worked and I just worked with it.

  The Freddie Mac deal is over.  Freddie Mac was a private corporation.  With the help of Wall Street Bankers and Newt Gingrich 1.6 dollar history lessons, bad loans were made until the corporation almost went under.  George W. took it in the government and you see what happen with free enterpise.  Where there is money you will find crooked Republicans. 

  "ME" why don't you STFU.   

[me]

  The Freddie Mac deal is over.  Freddie Mac was a private corporation.  With the help of Wall Street Bankers and Newt Gingrich 1.6 dollar history lessons, bad loans were made until the corporation almost went under.  George W. took it in the government and you see what happen with free enterpise.  Where there is money you will find crooked Republicans. 

  "ME" why don't you STFU.   

You really are dumber than you look aren't ya Troll.   

[Exterminator]

You really are dumber than you look aren't ya Troll.   

You've got a lot of room to talk.