Comments on: Foreclosure Crisis Will Linger, Aurora Residents Told http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/ Here are my thoughts; share yours Tue, 02 Dec 2008 07:01:26 +0000 http://wordpress.org/?v=2.1 By: goozer http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-389 goozer Fri, 21 Sep 2007 17:40:25 +0000 http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-389 Aren't borrowers at all responsible for their actions? For the past six years, I got four or five come-ons in my mail every week from companies like now defunct New Century. They offered loans of 125 Percent of my home's value. But it was an adjustable rate. I didn't bite. The thrust of this column's drumbeat seems to be poor innocent people abused by fast buck artists. Maybe half-true. If people are dumb enough to buy into stupid deals, they get what they deserve. That's biz, not Nanny Society. Aren’t borrowers at all responsible for their actions? For the past six years, I got four or five come-ons in my mail every week from companies like now defunct New Century. They offered loans of 125 Percent of my home’s value. But it was an adjustable rate. I didn’t bite.
The thrust of this column’s drumbeat seems to be poor innocent people abused by fast buck artists. Maybe half-true. If people are dumb enough to buy into stupid deals, they get what they deserve. That’s biz, not Nanny Society.

]]> By: dennis hammond http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-390 dennis hammond Fri, 21 Sep 2007 17:46:34 +0000 http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-390 WHAT A BUNCH OF BULL! (oops is that allowed Jim) I would say the number of foreclosure cases which involve fraud are less than ONE percent. Everyone is looking for someone to blame for poor financial planning by borrowers and poor predictions on the market by lenders. By the way, loan originators do NOT UNDERWITE OR APPROVE LOANS!!!!!!!!! LENDERS DO. Their underwriters approve them! Mortgages, across the board, have been much easier to qualify for over the last 10 years because the expectation was that real estate prices would continue to rise. As for government loans, it's political, a push for home ownership and the torpedos, or market conditions, be damned. Now politicians and office holders want to attribute the implosion of an industry to FRAUD? Sorry. Let the buyer beware. There's been gross misinformation in many sectors and even Jim's former employer the POST is responsible for violating ECOA and Truth in Lending regulations governing the advertising of mortgage products in print ads. We ALL read the ads offering ZERO percent interest. Where's THEIR accountability? They violated Federal law! I think there's plenty of blame to go around. And I bitched about it the whole time and the POST and NEWS wouldn't print my letters to the editor warning that consequences of all of it were coming. So stop bitching people (oops) WHAT A BUNCH OF BULL! (oops is that
allowed Jim) I would say the number
of foreclosure cases which involve fraud
are less than ONE percent. Everyone is
looking for someone to blame for poor
financial planning by borrowers and poor
predictions on the market by lenders.

By the way, loan originators do NOT
UNDERWITE OR APPROVE LOANS!!!!!!!!!

LENDERS DO. Their underwriters approve
them!

Mortgages, across the board, have been
much easier to qualify for over the last
10 years because the expectation was that
real estate prices would continue to rise.

As for government loans, it’s political,
a push for home ownership and the torpedos,
or market conditions, be damned.

Now politicians and office holders want
to attribute the implosion of an industry
to FRAUD? Sorry.

Let the buyer beware. There’s been gross
misinformation in many sectors and even
Jim’s former employer the POST is
responsible for violating ECOA and Truth
in Lending regulations governing the
advertising of mortgage products in print
ads. We ALL read the ads offering ZERO
percent interest. Where’s THEIR
accountability? They violated Federal
law!

I think there’s plenty of blame to go
around. And I bitched about it the whole
time and the POST and NEWS wouldn’t print
my letters to the editor warning that
consequences of all of it were coming.
So stop bitching people (oops)

]]> By: noidea http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-391 noidea Fri, 21 Sep 2007 22:56:31 +0000 http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-391 This whole mess is a travesty, caused mostly by homebuyers and homeowners stretching themselves beyond their means and hedgefund managers trying to cash in on appreciating markets. I am sure that there were unscrupulous people preying on the weak, but this collapse is far more complex than the easy out of creating a easy target villian. In addition, how simplistic it is to say that home values "typically" rise with "inflation". Home values are a function of many things, including location, supply and demand. Loan originators who commit fraud should be punished. But it is not their duty to make their customers payments for them. It is a massive oversimplification to blame this mess soley on loan originators. But that is the victim mentality.. Some people just should not own homes and it is hard to tell who these people are until they do own one. The secondary markets loosened to make homeownership more available and it failed. The market has learned a valuable lesson and many of these people will never, and should never, own again. This whole mess is a travesty, caused mostly by homebuyers and homeowners stretching themselves beyond their means and hedgefund managers trying to cash in on appreciating markets. I am sure that there were unscrupulous people preying on the weak, but this collapse is far more complex than the easy out of creating a easy target villian.

In addition, how simplistic it is to say that home values “typically” rise with “inflation”. Home values are a function of many things, including location, supply and demand.

Loan originators who commit fraud should be punished. But it is not their duty to make their customers payments for them. It is a massive oversimplification to blame this mess soley on loan originators. But that is the victim mentality.. Some people just should not own homes and it is hard to tell who these people are until they do own one. The secondary markets loosened to make homeownership more available and it failed. The market has learned a valuable lesson and many of these people will never, and should never, own again.

]]> By: noidea http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-392 noidea Fri, 21 Sep 2007 23:36:09 +0000 http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-392 Just google FHA foreclosure rates for Aurora Colorado and you will see all of the "victims" that got decent loans that are defaulting in extremely high numbers. As high as 11% early in the decade....and your buddies Maxine Waters and Barney Frank just made it easier for these people to buy with no "skin in the game". It is so easy to villify people (originators and lenders) rather that accept the fact that homeownership is about pride and prudence. Not a right. Just google FHA foreclosure rates for Aurora Colorado and you will see all of the “victims” that got decent loans that are defaulting in extremely high numbers. As high as 11% early in the decade….and your buddies Maxine Waters and Barney Frank just made it easier for these people to buy with no “skin in the game”. It is so easy to villify people (originators and lenders) rather that accept the fact that homeownership is about pride and prudence. Not a right.

]]> By: dennis hammond http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-393 dennis hammond Sat, 22 Sep 2007 02:03:53 +0000 http://spencerspeaks.com/2007/09/21/foreclosure-crisis-will-linger-aurora-residents-told/#comment-393 Bravo Noidea!!! FHA has become Subsidized housing for the poor and unqualified and now politicians want to BROADEN and deepen the American taxpayer's bad investment to bailout borrowers, currently in foreclosure who during the times of common sense mortgage underwriting never would have qualified. As usual, the taxpayer get's screwed and doesn't even know it. As for the few cases of fraud, the borrowers signed the loan documents, if they were a lie, they bare the responsibiltiy for fraud as well. I think everyone agees on this one, except for those who believe some deserve a free ride on housing and everything else. Bravo Noidea!!! FHA has become Subsidized
housing for the poor and unqualified and
now politicians want to BROADEN and deepen
the American taxpayer’s
bad investment to bailout borrowers,
currently in foreclosure who during the
times of common sense mortgage
underwriting never would have qualified.
As usual, the taxpayer get’s screwed and
doesn’t even know it.

As for the few cases of fraud, the borrowers
signed the loan documents, if they were a
lie, they bare the responsibiltiy for
fraud as well.

I think everyone agees on this one, except
for those who believe some deserve a free
ride on housing and everything else.

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