US Financial Bailout Plan

[rednekkPH]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

[FunkHouse9]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

My response to that would be perhaps she had refinanced her home. Suppose she was 20 years in on a 30 year loan and refinanced the remaining $45,620 for another 30 years, she'd have more than $100 extra to live on per month. In that scenario, it might be predatory to give someone that old a 30 year loan, but it also might be discriminatory not to.

[ScarletB]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

Actually we are not allowed to discriminate due to age. If she made application and she qualified she cannot be turned down just because of her age. You can counsel them about the impact of a mortgage payment and hope they reconsider,but you can't just say "No you're too old"
Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

Personally I have done at least one loan for an 80 year old woman, but she had lots of reserves and only got a mortgage for tax purposes on a new home that she was treating herself to (her words) I actually spoke with her daughter to make sure that she was of sound mind to do so, even though she seemed really sharp when we met. It's not easy.

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

[Frank4]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

Actually we are not allowed to discriminate due to age. If she made application and she qualified she cannot be turned down just because of her age. You can counsel them about the impact of a mortgage payment and hope they reconsider,but you can't just say "No you're too old"
Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

Personally I have done at least one loan for an 80 year old woman, but she had lots of reserves and only got a mortgage for tax purposes on a new home that she was treating herself to (her words) I actually spoke with her daughter to make sure that she was of sound mind to do so, even though she seemed really sharp when we met. It's not easy.

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

Thanks for the insight. It's a bad time to be in your industry-hang in there

[rednekkPH]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

Actually we are not allowed to discriminate due to age. If she made application and she qualified she cannot be turned down just because of her age. You can counsel them about the impact of a mortgage payment and hope they reconsider,but you can't just say "No you're too old"
Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

Personally I have done at least one loan for an 80 year old woman, but she had lots of reserves and only got a mortgage for tax purposes on a new home that she was treating herself to (her words) I actually spoke with her daughter to make sure that she was of sound mind to do so, even though she seemed really sharp when we met. It's not easy.

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

How is it discriminatory to refuse a loan to someone who would have to live to be 116 years old to pay it back at the terms specified in the loan?

[ScarletB]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

Actually we are not allowed to discriminate due to age. If she made application and she qualified she cannot be turned down just because of her age. You can counsel them about the impact of a mortgage payment and hope they reconsider,but you can't just say "No you're too old"
Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

Personally I have done at least one loan for an 80 year old woman, but she had lots of reserves and only got a mortgage for tax purposes on a new home that she was treating herself to (her words) I actually spoke with her daughter to make sure that she was of sound mind to do so, even though she seemed really sharp when we met. It's not easy.

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

How is it discriminatory to refuse a loan to someone who would have to live to be 116 years old to pay it back at the terms specified in the loan?

Don't ask me, I don't make the rules I just have to live with em!
Now we can get into a discussion of who's to BLAME for that rule.

The other thing we ALL need to understand is that these examples that get shown on the news are sometimes extraordinary examples and if you knew the whole story it might look a lot different. AGAIN, NOT defending the loan decision, but I know for a fact that there are plenty of people I've said NO to and they just kept going til they found someone to say "Yes" and now they're upset that they're in trouble. Not saying it's the case with this poor woman but not everyone who gets foreclosed on is a victim.

[jackiesic]

Sort of stunned....

http://www.cnn.com/2008/US/10/03/evicti ... index.html

How the hell does an 86 year old woman get a 30-year mortgage???

Actually we are not allowed to discriminate due to age. If she made application and she qualified she cannot be turned down just because of her age. You can counsel them about the impact of a mortgage payment and hope they reconsider,but you can't just say "No you're too old"
Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

Personally I have done at least one loan for an 80 year old woman, but she had lots of reserves and only got a mortgage for tax purposes on a new home that she was treating herself to (her words) I actually spoke with her daughter to make sure that she was of sound mind to do so, even though she seemed really sharp when we met. It's not easy.

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

How is it discriminatory to refuse a loan to someone who would have to live to be 116 years old to pay it back at the terms specified in the loan?

The bank has no guarantees that any of us will live long enough to pay off our mortgages. If the woman had an assumed home valued at $125.000.00 and got an equity loan of $45,000 that just means that if the homeowner dies, the bank is in the first position to be paid once the house is sold by the heirs. If she otherwise qualifies for the loan, age really should not be a factor .

[rednekkPH]

...not everyone who gets foreclosed on is a victim.

Couldn't agree more. In fact, I'd venture to say that most foreclosures are the fault of the borrower

[rednekkPH]

The bank has no guarantees that any of us will live long enough to pay off our mortgages.

Absolutely. However, in this case, the bank knew - without any doubt whatsoever - that this woman would not live long enough to pay this loan.

[Frank4]

...not everyone who gets foreclosed on is a victim.

Couldn't agree more. In fact, I'd venture to say that most foreclosures are the fault of the borrower

I'd agree with you on that....some folks tend to overextend themselves...

[12vmanRick]

...not everyone who gets foreclosed on is a victim.

Couldn't agree more. In fact, I'd venture to say that most foreclosures are the fault of the borrower

I'd agree with you on that....some folks tend to overextend themselves...

Yea ain't that the truth. When we went to "qualify" for our current house they told us we could get one TWICE as much as we bought. We looked at each other and busted out laughing because we were smart enough to realize if we did that, we'd be S C R E W E D

[ScarletB]

I didn't really have a grasp on this either so this was interesting. And YES it was originally from the NY Times so a lot of you can disregard it if you want!


http://www.cnbc.com/id/27005436


BTW Rick - I don't agree with you on much politics wise but part of my "speech" as a loan officer is ALWAYS - just because I'm telling you you CAN doesn't mean you SHOULD! Most people get it. I try to get them - especially first time buyers - to think about the times they'd have to say no to going somewhere with their friends or what they won't be able to buy with a bigger mortgage. But then again, I work for an ethical bank not a Countrywide (of course no one works for them anymore either!)

[12vmanRick]

I didn't really have a grasp on this either so this was interesting. And YES it was originally from the NY Times so a lot of you can disregard it if you want!


http://www.cnbc.com/id/27005436


BTW Rick - I don't agree with you on much politics wise but part of my "speech" as a loan officer is ALWAYS - just because I'm telling you you CAN doesn't mean you SHOULD! Most people get it. I try to get them - especially first time buyers - to think about the times they'd have to say no to going somewhere with their friends or what they won't be able to buy with a bigger mortgage. But then again, I work for an ethical bank not a Countrywide (of course no one works for them anymore either!)

well at least you aren't rude to me about it but the funny thing is you judge me for one side that I am forced to post here because of the overwhelming liberal ideas here on this site. In reality, I am truly a libertarian (even vote that way) and I think both main parties are liars, cheats and stink!

That being said, the bailout package unfortunately passed and was signed by Pres Bush today and at the same time 3:141pm EST according both according to (CNN) -- California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns.

so when are the taxpayers of the USA going to finally stand up for themselves and say ENOUGH!!

[Frank4]

I didn't really have a grasp on this either so this was interesting. And YES it was originally from the NY Times so a lot of you can disregard it if you want!


http://www.cnbc.com/id/27005436


BTW Rick - I don't agree with you on much politics wise but part of my "speech" as a loan officer is ALWAYS - just because I'm telling you you CAN doesn't mean you SHOULD! Most people get it. I try to get them - especially first time buyers - to think about the times they'd have to say no to going somewhere with their friends or what they won't be able to buy with a bigger mortgage. But then again, I work for an ethical bank not a Countrywide (of course no one works for them anymore either!)

well at least you aren't rude to me about it but the funny thing is you judge me for one side that I am forced to post here because of the overwhelming liberal ideas here on this site. In reality, I am truly a libertarian (even vote that way) and I think both main parties are liars, cheats and stink!

That being said, the bailout package unfortunately passed and was signed by Pres Bush today and at the same time 3:141pm EST according both according to (CNN) -- California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns.

so when are the taxpayers of the USA going to finally stand up for themselves and say ENOUGH!!

I am sitting here just shaking my head....$7 Billion to bail out California...

ENOUGH!!!

[12vmanRick]

I didn't really have a grasp on this either so this was interesting. And YES it was originally from the NY Times so a lot of you can disregard it if you want!


http://www.cnbc.com/id/27005436


BTW Rick - I don't agree with you on much politics wise but part of my "speech" as a loan officer is ALWAYS - just because I'm telling you you CAN doesn't mean you SHOULD! Most people get it. I try to get them - especially first time buyers - to think about the times they'd have to say no to going somewhere with their friends or what they won't be able to buy with a bigger mortgage. But then again, I work for an ethical bank not a Countrywide (of course no one works for them anymore either!)

well at least you aren't rude to me about it but the funny thing is you judge me for one side that I am forced to post here because of the overwhelming liberal ideas here on this site. In reality, I am truly a libertarian (even vote that way) and I think both main parties are liars, cheats and stink!

That being said, the bailout package unfortunately passed and was signed by Pres Bush today and at the same time 3:141pm EST according both according to (CNN) -- California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns.

so when are the taxpayers of the USA going to finally stand up for themselves and say ENOUGH!!

I am sitting here just shaking my head....$7 Billion to bail out California...

ENOUGH!!!

I can now only hope that people (including any one in politics) that helped this financial crisis happen will be looking at fines, jail, loss of political jobs, etc. oh boy am I dreaming huh?

[weirdo0521]

I’m against the $85,000,000,000.00 bailout of AIG. I'm also against the $700,000,000,000++ bailout being proposed in Congress right now!

Instead, I’m in favor of giving $85,000,000,000 to America in a "We Deserve It" Dividend.

To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon -- that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a "We Deserve It" Dividend.

Of course, it would NOT be tax free. So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Pay off credit card debt.
Repay college loans – what a great boost to new grads
Put away money for college – It’ll be there for Junior.
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it...instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.

If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can “never work.”

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion "We Deserve It" Dividend more than I do the geniuses at AIG or in Washington DC.

And remember, This plan only really costs $59.5 Billion because $25.5 Billion is returned
instantly in taxes to Uncle Sam.

I WILL WRITE IN C-DAWG FOR PRESIDENT. YOU ARE BRILLIANT

You two must have been in the same math class.

[parrothead216]

This past Monday, my sister who an assistant to the Admistrator of a

Charter School here in Ohio, didn't get a pay check! She is her sole

support! They couldn't make payroll!

She works 60-70 hours a week! In to work at 5:30AM and leave for home

usually at 6PM. Some weeks , Saturday , too! She is old enough, that

moving to another job might be challenging.

Sure this Economic Crisis is only affecting the rich on WallStreet!

Isn't life great in this country, in 2008!!

Thank you Democratics and Republicans!!!!

[Dezdmona]

Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

[...]

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

Thanks SB...we've spent the last 12 years with Countrywide, and 25 years in the Mortgage business.

While Mozilo is a greedy scum (not unlike the CEO's of a lot of Companies) I'd hazard a guess that your spouting a lot of gossip and innuendo about the Company at large that you don't have personal knowledge about with that venom you posted.

[momsrule27]

This is a sad day in American history. Forget the blame - it's just sad.

[ScarletB]

Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye

[...]

But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag

Thanks SB...we've spent the last 12 years with Countrywide, and 25 years in the Mortgage business.

While Mozilo is a greedy scum (not unlike the CEO's of a lot of Companies) I'd hazard a guess that your spouting a lot of gossip and innuendo about the Company at large that you don't have personal knowledge about with that venom you posted.

My apologies, it's just that he got the most press based on what happened. I certainly didn't mean to impugn any honest employees. The leadership decided to get into a lot of dicey stuff that eventually brought the whole thing down and we all suffer now, including folks who had time and 401K money invested in it. My ire is truly directed at what he's done to the whole industry. Certainly not you personally. And I haven't heard any gossip, just what I read on CNBC and saw on the news.