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Predatory Sub-Prime Loans

Started by Terri, March 29, 2007, 10:51:39 AM

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P-PANTHER a/k/a La Pantera

#40
April 17, 2007, 01:06:14 PM
George,

I'm not sure its the realtors job to qualify a buyer for loan purposes. Nor am I aware of REALTORS doing credit checks, being obligated to do so, or being qualified to do so. As Tony indicated, how can the realtor tell a buyer NO when the lender providing the funds says YES?

And as Jake alluded to, the padding and deception by brokers is where a significant protion of the blame lies.

I can't understand how a realtor, who is qualified in marketing homes, is responsible for and/or qualified to conduct financial analysis'.

If the realtor made material misrepresentations about the condition of the home or the market value of a piece of property, then I can see where he/she should be liable. but when your talking finances, that's the mortgage brokers field of concern and expertise.
"I am interested in the PAST and do not really understand the obsession around here about burying it."-Crunchie.

"La Pantera..He's one of the few people on this board that CUTS THROUGH THE BSers on this board - myself included." -Ted

Bonster

#41
April 17, 2007, 01:31:25 PM
Quote from: P-PANTHER on April 17, 2007, 01:06:14 PM
If the realtor made material misrepresentations about the condition of the home or the market value of a piece of property, then I can see where he/she should be liable. but when your talking finances, that's the mortgage brokers field of concern and expertise.

True...buyers should know what the hell they can afford.  We're not talking used cars here!

The buyer throws out a ballpark dollar amount, and the realtor shows their seedy side based upon that (j/k tony, lol...).
Only the "stupid buyer" is requesting financial advice of the realtor.
   ... "Shit ton of beer being served here soon!"

delbowz

#42
April 17, 2007, 02:20:46 PM
The ONLY ONLY ONLY thing I can see relators being responsible for is letting the homes that they are selling also disply the "THis home available with $0 down" signs on the lawn.  I know that the ultimate deciison lies with the homeowner, I would just hope that the realator strongly suggests that the signs not be placed.

I will need to do a drive-around in the next few days, but I think it was one or two realators that had all the $0 down signs (I might be wrong)

Denise
Life is too important to be taken seriously. - Oscar Wilde

Count DMC

#43
April 17, 2007, 03:26:33 PM
Quote from: tony la on April 17, 2007, 11:17:08 AM
If the agent sends a buyer to a lender..  the person or persons who usually have to sell that mortgage on the secondary market, and who  has the most risk, and who is making the final decision on who gets a loan.  They approve the buyer and the home.   So how does a realtor, regardless of who they work for, have to power to say.  You can't buy a home even though the lenders who are fronting their money say it is OK.


Come on, why is it everytime you are pressed you come with theese milqtoast answers. I never said the Realtor has the power to say anything to the buyer or seller or lender, but when you know that the person is not qualified and yet you send them to "one of your " mortgage guys you are just as guilty. do not try to pass the buck, you know it goes on, or wait are you the only ethical realtor out there?

Morals, ethics, personal honor. These are not applicable to the Realtor I suppose. Money, money money. These definately are.
Words offer the means to meaning, and for those who will listen, the enunciation of truth. And the truth is, there is something terribly wrong with this CITY isn't there?

You will never find a more wretched hive of scum and villany than the Berwyn City Council.

tony la

#44
April 17, 2007, 03:38:52 PM

It does not matter whose mortgage guy it is.  They have to follow the law.  And most importantly they have to be able to sell that mortgage on the secondary market.  Take a look at the disciplines that were levied by the Department of Banks and Real Estate.  Don't think they are not monitored, they are. 

http://www.obre.state.il.us/RESFIN/Discipline/EnforcementMain.htm
Tony LaMonica  Broker 1998 Hall Of Fame
Prudential RUBLOFF 708-795-5000
Director Chicago Association of Realtors
WWW.TONYLA.NET

Count DMC

#45
April 17, 2007, 04:59:13 PM
Quote from: tony la on April 17, 2007, 03:38:52 PM

It does not matter whose mortgage guy it is.  They have to follow the law.  And most importantly they have to be able to sell that mortgage on the secondary market.  Take a look at the disciplines that were levied by the Department of Banks and Real Estate.  Don't think they are not monitored, they are. 

http://www.obre.state.il.us/RESFIN/Discipline/EnforcementMain.htm

I know you have been around here forever, so it's no surprise you learned the Berwyn Two step so well.
Words offer the means to meaning, and for those who will listen, the enunciation of truth. And the truth is, there is something terribly wrong with this CITY isn't there?

You will never find a more wretched hive of scum and villany than the Berwyn City Council.

tony la

#46
April 17, 2007, 05:14:25 PM
Count,

You just keep going until you hear the answer you want to hear. 

It's nice to converse with you. Sorry I don't have the answers you want to hear.
Tony LaMonica  Broker 1998 Hall Of Fame
Prudential RUBLOFF 708-795-5000
Director Chicago Association of Realtors
WWW.TONYLA.NET

Count DMC

#47
April 17, 2007, 05:32:23 PM
Quote from: tony la on April 17, 2007, 05:14:25 PM
Count,

You just keep going until you hear the answer you want to hear. 

It's nice to converse with you. Sorry I don't have the answers you want to hear.

Its not that you don't have answers that I want to hear, you just don't have answers. Plausible deniability, that's all, I get it. I wish you continued success!
Words offer the means to meaning, and for those who will listen, the enunciation of truth. And the truth is, there is something terribly wrong with this CITY isn't there?

You will never find a more wretched hive of scum and villany than the Berwyn City Council.

Boris

#48
April 17, 2007, 06:07:10 PM
Quote from: Count DMC on April 17, 2007, 05:32:23 PM
Quote from: tony la on April 17, 2007, 05:14:25 PM
Count,

You just keep going until you hear the answer you want to hear. 

It's nice to converse with you. Sorry I don't have the answers you want to hear.

Its not that you don't have answers that I want to hear, you just don't have answers. Plausible deniability, that's all, I get it. I wish you continued success!

Count, your arguments sound like you're a personal injury or BK lawyer...nuff said.

Tony, I wouldn't even bother...no matter what you say, he'll use the EST technique of repeating his opinion until he's satisfied that he's made his point. There's a reason that The Forum is a dead "religion"...
Only the impossible always happens.
- - R. Buckminster Fuller

tony la

#49
April 17, 2007, 06:28:08 PM
Thanks Boris
Tony LaMonica  Broker 1998 Hall Of Fame
Prudential RUBLOFF 708-795-5000
Director Chicago Association of Realtors
WWW.TONYLA.NET

~LL~

#50
April 17, 2007, 06:34:19 PM
Quote from: Boris on April 17, 2007, 06:07:10 PM
Tony, I wouldn't even bother...no matter what you say, he'll use the EST technique of repeating his opinion until he's satisfied that he's made his point. There's a reason that The Forum is a dead "religion"...

Far out, Boris!  I've not heard EST referred to since I moved from California -- where we called 'them' "EST-holes"...
If you are not part of the solution -- you are part of the problem.

Boris

#51
April 17, 2007, 07:16:49 PM
Quote from: LL-Schmidt on April 17, 2007, 06:34:19 PM
Quote from: Boris on April 17, 2007, 06:07:10 PM
Tony, I wouldn't even bother...no matter what you say, he'll use the EST technique of repeating his opinion until he's satisfied that he's made his point. There's a reason that The Forum is a dead "religion"...

Far out, Boris!  I've not heard EST referred to since I moved from California -- where we called 'them' "EST-holes"...

heh, I worked for a small retail chain who's GM was an EST-hole...I got to know it pretty good...still can't believe I lasted 7 years.
Only the impossible always happens.
- - R. Buckminster Fuller

Bonster

#52
April 17, 2007, 07:24:15 PM
ot: Boris, do you "got" a larger version of that pic from inside the Tap?
   ... "Shit ton of beer being served here soon!"

Count DMC

#53
April 17, 2007, 07:25:02 PM
Quote from: Boris on April 17, 2007, 06:07:10 PM
Quote from: Count DMC on April 17, 2007, 05:32:23 PM
Quote from: tony la on April 17, 2007, 05:14:25 PM
Count,

You just keep going until you hear the answer you want to hear. 

It's nice to converse with you. Sorry I don't have the answers you want to hear.

Its not that you don't have answers that I want to hear, you just don't have answers. Plausible deniability, that's all, I get it. I wish you continued success!

Count, your arguments sound like you're a personal injury or BK lawyer...nuff said.

Tony, I wouldn't even bother...no matter what you say, he'll use the EST technique of repeating his opinion until he's satisfied that he's made his point. There's a reason that The Forum is a dead "religion"...

Yet again another insightful comment from the resident board expert on everything banal and superfluous. I am beginning to think that you and the other expert Bear are one and the same, or at least sharing the same bed. EST, that is funny coming from someone who probably followed it, lacked the discipline and failed in that adventure as well. Now back to your Northside hovel!

And why is it that you quote Stan Lee in your idiocy? Do you think it lends some measure of credence to your otherwise stupid remarks?
Words offer the means to meaning, and for those who will listen, the enunciation of truth. And the truth is, there is something terribly wrong with this CITY isn't there?

You will never find a more wretched hive of scum and villany than the Berwyn City Council.

Boris

#54
April 17, 2007, 07:27:20 PM
Quote from: Count DMC on April 17, 2007, 07:25:02 PM
Quote from: Boris on April 17, 2007, 06:07:10 PM
Quote from: Count DMC on April 17, 2007, 05:32:23 PM
Quote from: tony la on April 17, 2007, 05:14:25 PM
Count,

You just keep going until you hear the answer you want to hear. 

It's nice to converse with you. Sorry I don't have the answers you want to hear.

Its not that you don't have answers that I want to hear, you just don't have answers. Plausible deniability, that's all, I get it. I wish you continued success!

Count, your arguments sound like you're a personal injury or BK lawyer...nuff said.

Tony, I wouldn't even bother...no matter what you say, he'll use the EST technique of repeating his opinion until he's satisfied that he's made his point. There's a reason that The Forum is a dead "religion"...

Yet again another insightful comment from the resident board expert on everything banal and superfluous. I am beginning to think that you and the other expert Bear are one and the same, or at least sharing the same bed. EST, that is funny coming from someone who probably followed it, lacked the discipline and failed in that adventure as well. Now back to your Northside hovel!

And why is it that you quote Stan Lee in your idiocy? Do you think it lends some measure of credence to your otherwise stupid remarks?

tee hee...poke poke.
Only the impossible always happens.
- - R. Buckminster Fuller

OakParkSpartan

#55
April 17, 2007, 07:31:01 PM
Boris the Bear.
"One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors." -- Plato

Boris

#56
April 17, 2007, 07:35:22 PM
Only the impossible always happens.
- - R. Buckminster Fuller

Bear

#57
April 17, 2007, 07:59:58 PM
Speaking of Stan, here is a 7 minute preview of 3,
MJ floats my boat.
http://www.brightcove.com/title.jsp?title=627011240
...What else can we do now except roll down the window and let the wind blow back your hair...

Bonster

#58
August 06, 2007, 09:15:38 PM
Quote from: delbowz on April 16, 2007, 01:53:14 PM
Back on topic - has anyone else seen the "Buy this house with $0 down" signs that have been popping up on lawns of homes for sale in the area?  I noticed 3 of them yesterday without really even looking for them.  I really wish there were someway to get those signs taken down.  It seems that they are marketing these homes to people who don't have a down payment - and who would potentially be subject to foreclosure down the road.  Not good for our economy. 

Denise

Saw this today @ 2724 Clarence


sorry 'bout the quality, my camera's takin' a dump on me lately...
   ... "Shit ton of beer being served here soon!"

Boris

#59
August 16, 2007, 11:11:47 AM
Only the impossible always happens.
- - R. Buckminster Fuller
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