Thread: Chase mortgage memo pushes 'Cheats & Tricks'

It is a primer on how to get risky mortgage loans approved by Zippy, Chase's in-house automated loan underwriting system. The secret to approval?

Inflate the borrowers' income or otherwise falsify their loan application.

Article here......

Now who is at fault for the mortgage meltdown? Still want to blame it on millions of idiots??

very good Mike.

I just read this one too.

It seems they can ignore all the investigations into the preditory lending by the industry but cant seem to forgive the guy down the street who lost half his income because hi wife got laid off and now cant afford his mortgage. Funny how some peopel are.

Originally Posted by truthmatters

very good Mike.

I just read this one too.

It seems they can ignore all the investigations into the preditory lending by the industry but cant seem to forgive the guy down the street who lost half his income because hi wife got laid off and now cant afford his mortgage. Funny how some peopel are.

What sickens me is the lack of compassion. I worked for an outfit here in WA, the sales team did this same thing. Everyones home that I worked on got foreclosed, and I lost that contract. Hell the homeowners at first thought I may have had something to do with it, of course that didn't last long as I had to sue the company for unpaid services. Needles to say they filed bankruptcy and I went on my way and built a few homes and a park in Spokane. It only takes a few to fuck things up.

Money is our God. Thats what the TV tells us. If you cant continually buy
more stuff your just not going to be fulfilled as a person.

It's so important that wealth itself is becoming a moral justification.

Originally Posted by michaelr

What sickens me is the lack of compassion. I worked for an outfit here in WA, the sales team did this same thing. Everyones home that I worked on got foreclosed, and I lost that contract. Hell the homeowners at first thought I may have had something to do with it, of course that didn't last long as I had to sue the company for unpaid services. Needles to say they filed bankruptcy and I went on my way and built a few homes and a park in Spokane. It only takes a few to fuck things up.

That is why we need the regulations to protect everyone from the assholes who will rip people off for money.

I think most people are mostly good but a few are just rotten through and through.


The only thing I have seen deregulation bring is pain and suffering for most and wads of cash for a few.

The cabbage is rotting from the head down. I think the people who got jumbo loans for overpriced jumbo houses should walk away. Let 'em foreclose. Who wants that shit anyway?

Originally Posted by Blueneck

The cabbage is rotting from the head down. I think the people who got jumbo loans for overpriced jumbo houses should walk away. Let 'em foreclose. Who wants that shit anyway?

Thats what is happening in CA where foreclosures are up another 21%. The problem with that is we get to bail them out, no congressional oversight or anything. Poof the Federal Reserve will handle it and we all get to pay..This shit is getting oh so old and frustrating.

Treasury’s Plan Would Give Fed Wide New Power

Read the above article and weep, these bastards created a weak economy based on lies and deception, now they gt to fix it at whim, as if they were elected or some damn thing. Talk about an incentive to continue fucking up the economy, hell this is a classic no brainier.

I bought a home two years ago. When we were given our options, our First agent explained how popular the "Interest Only" Loans were. He couldn't stop talking about them, until he explained how they worked. When he was finished, I politely said "That's the stupidest idea I've ever heard".

He laughed, then agreed with me. We never went back to that guy, because it was obvious he was trying to Rape people. This housing bubble was contrived from the top on down, no doubt..

The facts are, and I suspect Mike can give more recent and detailed examples than me:

When annual appreciation exceeds foreclosure, holding and closing costs underqualified buyers are more valuable than qualified buyers. Until about a year ago this was true in most major real estate markets. Selling the same mortgage twice plus some appreciation more than doubles profits.
Better yet prequalifying buyers for the FSBO market usually involves a seller's note that cushions the risk for the mortgage company for upto 20% of Fair Market Value. With that big of a cushion foreclosure is desirable even in a slightly down markets.

Buyers, sellers and lenders like to talk about the deals they have cut and foreclosures are usually great deals for lenders.

Originally Posted by michaelr

Article here......

Now who is at fault for the mortgage meltdown? Still want to blame it on millions of idiots??

Yes.

Eventually someone comes back to the idiot and says, you have to make five years of payment only on the interest at a rate you can barely afford, and then we're going to boost your payments to Arcturus and you'll lose your house.

The actual words will be..."Yo, dude, you got a loan! You're taking home $4,000 dollars, you just have to make the $3,000 monthly payment, forever, and you can be a homeowner".

And the idiot signs on the dotted line.

Of course you have to blame the idiot.