Comments on: The Subprime Mortgage Crisis Explained http://rightvoices.com/2007/12/03/the-subprime-mortgage-crisis-explained/ in all matter of opinion, our adversaries are insane. Mon, 15 Mar 2010 22:16:07 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: FrmrArtyOffcr http://rightvoices.com/2007/12/03/the-subprime-mortgage-crisis-explained/comment-page-1/#comment-677755 FrmrArtyOffcr Tue, 04 Dec 2007 04:52:17 +0000 http://rightvoices.com/2007/12/03/the-subprime-mortgage-crisis-explained/#comment-677755 When you are being charged $300 per appraisal and the appraisal goes to the mortgage broker and not to you, you can get really screwed. It traps you into dealing with only one broker and they frequently only have their best interests in mind. I was told I could only get a subprime loan because I'm self employed, so I took it with the idea that I would refinance when I had more time being self employed. When I went to refi, one lender offered me a loan that was a joke. If I hadn't read through the good faith estimate and taken that loan, I'd have lost my house 6 months later. Of course the fact that Freddie Mac encouraged lenders to make loans to ILLEGAL ALIENS didn't help anything. Exactly why would ANYONE lend money to someone for a residence without a legal means to pay for it? Or for that matter a legal right to live in it? When you are being charged $300 per appraisal and the appraisal goes to the mortgage broker and not to you, you can get really screwed. It traps you into dealing with only one broker and they frequently only have their best interests in mind. I was told I could only get a subprime loan because I’m self employed, so I took it with the idea that I would refinance when I had more time being self employed. When I went to refi, one lender offered me a loan that was a joke. If I hadn’t read through the good faith estimate and taken that loan, I’d have lost my house 6 months later.

Of course the fact that Freddie Mac encouraged lenders to make loans to ILLEGAL ALIENS didn’t help anything. Exactly why would ANYONE lend money to someone for a residence without a legal means to pay for it? Or for that matter a legal right to live in it?

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