Do u trust your bank?
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Laughing Gas
Joined: Mar 2002
Posts: 1,060
Likes: 12
From: arizona
Do u trust your bank?
I was told that my banks ceo's, agents etc told the home buyers to LIE on their mortgage applications and state that they were making more money than they really were making.
This way the bank would get rich and those home buyers would default on their payments, lose their house and the banks would get even richer.
Now,
would I ever trust my bank ever again??
In order to gain confidence in the banks again shouldn't these people come forward and admitt that they lied and they told buyers to lie?
Shouldn't they be fired for what they did?
This way the bank would get rich and those home buyers would default on their payments, lose their house and the banks would get even richer.
Now,
would I ever trust my bank ever again??
In order to gain confidence in the banks again shouldn't these people come forward and admitt that they lied and they told buyers to lie?
Shouldn't they be fired for what they did?
Logistics Pro
Joined: Nov 2004
Posts: 4,562
Likes: 2
From: Southern MD
I was told that my banks ceo's, agents etc told the home buyers to LIE on their mortgage applications and state that they were making more money than they really were making.
This way the bank would get rich and those home buyers would default on their payments, lose their house and the banks would get even richer.
Now,
would I ever trust my bank ever again??
In order to gain confidence in the banks again shouldn't these people come forward and admitt that they lied and they told buyers to lie?
Shouldn't they be fired for what they did?
This way the bank would get rich and those home buyers would default on their payments, lose their house and the banks would get even richer.
Now,
would I ever trust my bank ever again??
In order to gain confidence in the banks again shouldn't these people come forward and admitt that they lied and they told buyers to lie?
Shouldn't they be fired for what they did?
Ever see a "Truth in Lending Statement" ????
IF what you are saying is true. . . get it in writing, from your bank.
Have it signed by the highest ranking officer of the bank.
Accept no substitutes.
Post Fiend
Joined: Oct 2007
Posts: 10,501
Likes: 5
From: Faibanks Ak.
A lot of the time when a bank forcloses they sell at a loss this is what has been killing the banks (they don't want you to default).
The laws are probably different from state to state but it is my understanding that in NM. forclosed property can only be on the books for 180 days then has to be sold to the highest bidder.
The biggest fraud here that I see is I get to help pay for houses nicer and more expensive than mine and don't get any equity or benifit from them.
The laws are probably different from state to state but it is my understanding that in NM. forclosed property can only be on the books for 180 days then has to be sold to the highest bidder.
The biggest fraud here that I see is I get to help pay for houses nicer and more expensive than mine and don't get any equity or benifit from them.
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Elder User
Joined: Oct 2006
Posts: 553
Likes: 0
The banks want to make the loan so that they can sell it some other numbskull that's unaware the loan is so crappy.
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Senior User
Joined: Apr 2005
Posts: 318
Likes: 0
From: Kansas City, MO
Most banks will sell off the loan to another company in a bulk sale. After they have been paid for all those risky loans, they made their money and no longer are holding a handfull of high risk loans.
Hotshot
Joined: Apr 2004
Posts: 13,589
Likes: 2
From: NW burbs of chicago
it's a good thing the bank didn;t tell em to jump off a bridge.........
Logistics Pro
Joined: Apr 2005
Posts: 4,447
Likes: 0
From: Georgia
Not trying to get political but a couple administrations ago the banks were strong armed by the federal government to do subprime mortgages in the name of helping the poor and minorities. The government made them get in the spot they are in. Now the government owns a big portion of the banks. Since the government has so much control of the banks I can never trust them.
Moderator
Joined: May 2007
Posts: 158,354
Likes: 11,969
From: Greenfield, MA
Answering the question posed in the threads title...yes...I do trust my bank...unconditionally. They are a small local bank that is conservative in their lending and investment practices. They get burned once in a while...but not very often!!!
As far as banks encouraging folks to lie on credit aps...I believe that the folks who applied for these loans were as complicit in any wrong doing as the loan officer or mortgage underwriter. Many cases you hear about involve folks taking out mortgages in which the payment exceeded their gross income. How in the world did they ever expect to make the payments...indeed...did they have any intention of making the payments???
I have to stop now...I'm starting to get pi**ed off..and...it's not good for my blood pressure!!!
As far as banks encouraging folks to lie on credit aps...I believe that the folks who applied for these loans were as complicit in any wrong doing as the loan officer or mortgage underwriter. Many cases you hear about involve folks taking out mortgages in which the payment exceeded their gross income. How in the world did they ever expect to make the payments...indeed...did they have any intention of making the payments???
I have to stop now...I'm starting to get pi**ed off..and...it's not good for my blood pressure!!!
Posting Guru
Joined: Jul 2004
Posts: 1,627
Likes: 0
From: West Valley Utah
I don't see how just lying on an application would help get financing. Don't lending institutions still require a couple years tax returns, pay stubs, employment verification? Check any of those and the lie on the app is a moot point!
Didn't most of the people qualify only because of the A.R.M. and when the rate adjusted is when the crap flew. No they should not have been given the loan to begin with. I don't know exactly how it started, who/how many are to blame but I sure know where it's going and have been telling people for the last 3 years that this was going to happen.
Didn't most of the people qualify only because of the A.R.M. and when the rate adjusted is when the crap flew. No they should not have been given the loan to begin with. I don't know exactly how it started, who/how many are to blame but I sure know where it's going and have been telling people for the last 3 years that this was going to happen.