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OfflineJOEBIALEK
Stranger
Registered: 06/03/05
Posts: 21
Last seen: 7 years, 1 month
Mortgage Meltdown
    #7591945 - 11/03/07 06:01 PM (16 years, 2 months ago)

Until recently I was an underwriter for a sub-prime mortgage company that is about to close. It seems that most media outlets and government officials fain ignorance about the real underlying cause of the problem. There is either a tendency to blame the borrower or act as though no one in the industry {or outside of it} saw this coming. They fail to mention that those who gained the most financially got off scot free while leaving the mess behind for everyone else to clean up. In my former company, the sales managers and loan officers "held the keys to the safe" while deciding which guidelines to ignore sometimes going so far as to bribe fellow underwriters to "look the other way". Sales managers often overrode an underwriter's decision they did not agree with. Other times fellow underwriters would be threatened with their job for "impeding company growth and progress" just because they refused to go along with the flagrant disregard of guidelines . I complained to the sales managers about the bribing but all I got was a formal write-up for making "inappropriate comments".


There was absolutely no support from the owner of the company all the way to the human resource representative. This company is as corrupt as they come. I can't tell you the number of sexual affairs that occurred between married and unmarried people; primarily among the management staff {at the workplace itself}. Promotions were strictly political thus moving people "up the ladder" who never proved themselves worthy or were on a final written warning to be terminated {for poor performance}. As a result of the corrupt management of this company, I and several hundred others were laid off. I believe the federal government needs to investigate this company and bring to trial those corrupt individuals who broke the law. This would set an example for the rest of the mortgage industry that absolute corruption corrupts absolutely.


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Invisiblewps
Well-PaidScientist
Male

Registered: 09/22/07
Posts: 579
Re: Mortgage Meltdown [Re: JOEBIALEK]
    #7592018 - 11/03/07 06:27 PM (16 years, 2 months ago)

sounds like every large company I've ever worked for.


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"America touts itself as the land of the free, but the number one freedom that you and I have is the freedom to enter into a subservient role in the workplace. Once you exercise this freedom you've lost all control over what you do, what is produced, and how it is produced. And in the end, the product doesn't belong to you. The only way you can avoid bosses and jobs is if you don't care about making a living. Which leads to the second freedom: the freedom to starve."

- Tom Morello


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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
Re: Mortgage Meltdown [Re: JOEBIALEK]
    #7593697 - 11/04/07 08:00 AM (16 years, 2 months ago)

So, name the company.


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Offlinelonestar2004
Live to party,work to affordit.
 User Gallery

Registered: 10/03/04
Posts: 8,978
Loc: South Texas
Last seen: 12 years, 9 months
Re: Mortgage Meltdown [Re: zappaisgod]
    #7593803 - 11/04/07 08:55 AM (16 years, 2 months ago)

Quote:

zappaisgod said:
So, name the company.




The federal government.

The corruption starts from the top down. First from the government then these corporations...

It is difficult to sue the government so they go after the big scary corporations.......$$$$$$$$$$$$$$$$$$$$$$$$$

for example

I know many people losing their homes because of INSANE property taxes. The last time I was looking for  a new home the "corrupt" Realtor was showing me 350,000 dollar homes and only telling me what the current seller is paying on property taxes!!!! :wtf:

So many stupid ass people have no idea that the property tax will  probably double when they purchase the home....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama


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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
Re: Mortgage Meltdown [Re: lonestar2004]
    #7593855 - 11/04/07 09:19 AM (16 years, 2 months ago)

Quote:

lonestar2004 said:
Quote:

zappaisgod said:
So, name the company.




The federal government.




No.
Quote:



The corruption starts from the top down. First from the government then these corporations...

It is difficult to sue the government so they go after the big scary corporations.......$$$$$$$$$$$$$$$$$$$$$$$$$




Who's suing?
Quote:



for example

I know many people losing their homes because of INSANE property taxes. The last time I was looking for  a new home the "corrupt" Realtor was showing me 350,000 dollar homes and only telling me what the current seller is paying on property taxes!!!! :wtf:




"Corrupt"?  Firstly, the realtor works for the seller almost all of the time.  Secondly, that was all she could tell you.
Quote:



So many stupid ass people have no idea that the property tax will  probably double when they purchase the home....




Bullshit.  Unless substantial capital improvements have been made without permits there is no reason that a transfer of ownership will change the taxes.


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Offlinelonestar2004
Live to party,work to affordit.
 User Gallery

Registered: 10/03/04
Posts: 8,978
Loc: South Texas
Last seen: 12 years, 9 months
Re: Mortgage Meltdown [Re: zappaisgod]
    #7593892 - 11/04/07 09:32 AM (16 years, 2 months ago)

bought and sold about 20 homes, guess it just happens to me....

Also The sorry Corrupt Realtors show me many homes over 3 times my annual gross income. They say not to worry "they know a bank who will give us the loan......when i tell them i am not interested in homes that high in price range they make me feel like a cheap bastard!


BTW Ive sold some homes for sale by owner and its HELL! i understand the shit Realtors have to go through, I'm only pointing out that EVERYONE involved in real estate are SNAKES. (not just the corporations)


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama


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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
Re: Mortgage Meltdown [Re: lonestar2004]
    #7593926 - 11/04/07 09:47 AM (16 years, 2 months ago)

Quote:

lonestar2004 said:
bought and sold about 20 homes, guess it just happens to me....




It doesn't happen here. Tax assessments are based on an estimate of relative value. Current actual valuation is irrelevant. 20 houses? Are you a builder? And you can always grieve your taxes if you think they are unfairly high. It does work.
Quote:



Also The sorry Corrupt Realtors show me many homes over 3 times my annual gross income.



It is not their job to determine what you can afford. It is yours and yours alone. The bank offering the mortgage has a stake in it too, but NOT the realtor. The realtor's job is to get the highest price for the seller. You should know this. That is their obligation and they can lose their license if they don't. Buyer's agents have a different obligation but you have to ask for one (and they must disclose it to the seller) and not all states allow it since the seller is the one paying the realtor.
Quote:


They say not to worry "they know a bank who will give us the loan......when i tell them i am not interested in homes that high in price range they make me feel like a cheap bastard!




If they know a bank, they know a bank. Only YOU can decide what you can pay. As far as you "feeling like a cheap bastard" that's too bad. Don't be so sensitive. It's business and there are no "feelings" in business.
Quote:




BTW Ive sold some homes for sale by owner and its HELL! i understand the shit Realtors have to go through, I'm only pointing out that EVERYONE involved in real estate are SNAKES. (not just the corporations)




This is the path to understanding. Always assume everybody is not working for your interests and perform your own due diligence and you will usually be fine. Go into it like some wide-eyed dupe and you will get fucked. As you should.


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OfflineMrBump
Third prize is you're fired
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Registered: 10/01/02
Posts: 4,263
Loc: Denver, Colorado
Last seen: 4 years, 6 months
Re: Mortgage Meltdown [Re: zappaisgod]
    #7594122 - 11/04/07 10:48 AM (16 years, 2 months ago)

Quote:

zappaisgod said:
So, name the company.




CountryWide Loans, most likely.


--------------------
If it weren't for the bloody corpses, I wouldn't have any corpses at all.

There are two ways to get to the top of an oak tree: start climbing or sit on an acorn.

Are you a carrot, an egg, or a coffee bean?


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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
Re: Mortgage Meltdown [Re: MrBump]
    #7594357 - 11/04/07 12:10 PM (16 years, 2 months ago)

That was my guess, too, but there are a lot of them out there.


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OfflineBrAiN
Art Fag
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Registered: 03/01/01
Posts: 6,875
Loc: Chocolate City
Last seen: 2 years, 5 months
Re: Mortgage Meltdown [Re: zappaisgod]
    #7595059 - 11/04/07 03:48 PM (16 years, 2 months ago)

Quote:

zappaisgod said:
So, name the company.




Maybe, legally, he can't tell.


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InvisibleLuddite
I watch Fox News
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Registered: 03/23/06
Posts: 2,946
Re: Mortgage Meltdown [Re: BrAiN]
    #7595632 - 11/04/07 06:06 PM (16 years, 2 months ago)

I've lived at home since 1960 and still live at home. Most of my family moved out years ago and it was just me and my father living here up until he died from lung cancer in 1999. I'm the only one left living here. I take the subway into another state to work because houses and property taxes are higher there than in the county and state I'm in. I've never had a mortgage and pay no rent to anyone. I had to pay my brother and sister for there portion of the house after we each inherited a third of my father's assets. They were pissed off during the probate period because they thought I had it too good living with my father all this time. Actually, I was underemployed for years and couldn't get a job in my field for seven years after graduating from college in 1982. My brother and sister each had a house years before I had one. Oh well. We don't talk about it anymore and I hardly ever see them. I'm still worried about the price of oil going up further and causing inflation. So I still go to work while collecting dividends from my investments and think about early retirement. I got over $3,000 in dividends in the month of October outside of retirement.

This is basically my investment technique http://www.geocities.com/dividends4all/

Mortgage REITs aren't doing too good now. I owned some years ago, but gradually sold them all off after the mortgage problem started. Check out NFI's message board here for some laughs.
http://messages.finance.yahoo.com/mb/NFI


Edited by Luddite (11/04/07 06:10 PM)


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InvisibleLuddite
I watch Fox News
 User Gallery

Registered: 03/23/06
Posts: 2,946
Re: Mortgage Meltdown [Re: Luddite]
    #7595718 - 11/04/07 06:26 PM (16 years, 2 months ago)



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OfflineJOEBIALEK
Stranger
Registered: 06/03/05
Posts: 21
Last seen: 7 years, 1 month
Re: Mortgage Meltdown [Re: JOEBIALEK]
    #7786525 - 12/21/07 05:59 PM (16 years, 1 month ago)

same


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