they will loan to anyone. The question to Hispanic Home Owners is very really simple. I have a neighbor that brokers home loans. The broker doesn't care whom he makes a loan to or at what interest rate the individual qualifies for and if he can pay it off. He wants to make the sale to make the commission. Mortgage companies have been very liberal over the last couple of years because they did not care due to the aggressive increase of value. How could they lose, if you have to foreclose, they keep the profit!

The following is a real life example (Fairfax County), he was not sure if the individuals were Iraqi or Agan, but they were a taxi driver and the W-2 showed they made only $ 15,000 for the year. He has a program where if the individual can demonstrate they make more than there W-2, they can qualify for the loan. This particuliar person qualified for a $ 360,000 loan!!!!! Sure his interest rate was higher, but he got the loan!!

Does anyone see a problem with this, I do and will tell you why!

1. As most people know, a taxi driver is mostly a cash business.
2. If you declare $ 15,000 and can qualify for a $ 360,000 loan, you have lied not only to the IRS, but to the rest of America.
3. You qualify for earned income tax credit. In essence, he stole money from every American in the country.
4. You qualify for welfare, to include MEDICADE!!
5. You wonder why I demand the stop to immigration!

No they dont keep the profit you idiot. They sell the house and the bank gets what's owed to them with the balance going to the homeowner. Get your fucking facts straight before you spout off your ignorant claims.

you wanta be two bit tattoed loser. You need to get your facts straight idiot. If a house is forclosed, the homeowner gets nothing FOOOLLLL!!!

SO GO SUCK YOUR FUCKING DICK ASS HOLE!!

The mortgage brokers flip the mortgages as soon as they close on them. They don't hold the mortgage, some dumbass bank does. The banks go around selling and re-selling mortgages to other banks in the hope they aren't the ones left standing when the musical chairs stop. It is the same kind of irresponsible mindset that was behind the Dot-Com build up and bust. I think the housing market is due for an historic fall when all of those interest-only and negative amoratization loans start to shoot up in cost.

He was saying that the mortgage owner keeps the profit dumbass.. learn to read


FB said

you wanta be two bit tattoed loser. You need to get your facts straight idiot. If a house is forclosed, the homeowner gets nothing FOOOLLLL!!!


And the mortgage company wants to avoid foreclosure in 95% of cases. Foreclosure often results in a loss for the title holder. Most mortgages that are foreclosed upon are in poor shape. The amount of money to recover the investment often exceeds the initial investment.

JD is on his soapbox again. Funny how he attempted to approach his frenzied anti-immigration softly but at the slightest provocation blew up. The US as we know it was founded on illegal immigration - Natives had no written laws to speak of but it was still their land. The fact that we came along later and wrote laws to suit us doesn't change the fact that we raped and pillaged our way to power. Feel free to argue my version of the facts.

PaperPusher Wrote:
-------------------------------------------------------
> JD is on his soapbox again. Funny how he
> attempted to approach his frenzied
> anti-immigration softly but at the slightest
> provocation blew up. The US as we know it was
> founded on illegal immigration - Natives had no
> written laws to speak of but it was still their
> land. The fact that we came along later and wrote
> laws to suit us doesn't change the fact that we
> raped and pillaged our way to power. Feel free to
> argue my version of the facts.


As if the Native Americans never raped and pillaged each other. The Europeans were just better at it.

So if you're in your 29th year of paying your mortgage and lose your job and it's foreclosed, you get nothing from what you've paid in? No, unless there's some sort of damages clause in the contract you will not give them more than what you owe.

FB again is spouting random bullshit. He's angry that someone that isn't white - AND white collar - could evade the tax system. WTF does this have to do with immigration? It's predatory lending, you dumbshit. A lender's ability to manipulate the loan applicant based upon, say, their lack of English skills or poor knowledge of our tax structure is a pretty poor arguement to stop immigration. I bet on the other hand you could defend Bush & Co. for not strengthening our borders in the 5 years they have had.

Stinky, get a life - do you have anything better to do?

Cornell, why the attack on stinkypoon? obviously you have equally nothing better to do or you would be out doing it.

PP, read Poopystink's entries - then ask.

I did and again I ask why? I don't know stinkypoop anymore than I know anyone on this board but don't see the reason for singling one person out over another. Many people have strong opinions about various things and voice them here. FB is also very strong (BULL) headed and always goes off in slanderous directions. Single that person out.

Our troll is just unhappy because it lives under a bridge and has really bad hair. Due to its great dislike of people (as a child, the troll was ridiculed for its horrid appearance), it has never learned maturity or social skills.

Luckily, it is currently troll hunting season on Fairfax Underground. So grab your pitchforks and ban that IP!

I am incarcerated, so yes I have a life, and, yes, I don't get out a lot. I read all this stuff and, I am sorry, but Stinky is not a nice guy - there is a difference between being slanderous and hurting others that haven't hurt you - I learned that in here - in my bible study. That entry after mine is right on. In case you want to know, I didn't do it.

I meant, I didn't do what I'm in here for.

The Shawshank Redemption

Red: You're gonna fit right in. Everyone in here is innocent.

zzzzactly.

I go to 123Loan.com or some stuff.