What's Worse Than a Predatory Lender? A Predatory Broker - NYTimes.com - Loan Modification Forum

Social Apocalypse · 11-02-2009, 10:05 PM

Mortgage brokers are supposed to be impartial advocates who search out the best possible deal for prospective homeowners seeking a loan. The mortgage crisis has revealed a different truth. Too many brokers were far more interested in earning fat fees for steering their clients to ruinously priced loans that the borrowers could never hope to repay.

Great Article in NYTimes: Read it here: http://www.nytimes.com/2009/04/10/opinion/10fri1.html

Social Apocalypse · 11-06-2009, 09:43 AM

Even though both of our loans are predatory, it is the mortgage broker who made the big kill. I cannot believe there isn't more activity with regard to regulating and accountability for their role in the housing crisis: Forged docs, exaggerated incomes, inflated appraisals... this is all the work of the BROKER. Ours was Paramount Equity Mortgage, and they are one of the WORST.

11-02-2009, 10:05 PM	#1 (permalink)
Social Apocalypse Senior Member Join Date: Mar 2009 Location: Washington State Posts: 270 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What's Worse Than a Predatory Lender? A Predatory Broker - NYTimes.com Mortgage brokers are supposed to be impartial advocates who search out the best possible deal for prospective homeowners seeking a loan. The mortgage crisis has revealed a different truth. Too many brokers were far more interested in earning fat fees for steering their clients to ruinously priced loans that the borrowers could never hope to repay. Great Article in NYTimes: Read it here: http://www.nytimes.com/2009/04/10/opinion/10fri1.html __________________ (formerly TB98629) *Moe Bedard is going to save this country!* URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps

11-06-2009, 09:43 AM	#2 (permalink)
Social Apocalypse Senior Member Join Date: Mar 2009 Location: Washington State Posts: 270 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What's Worse Than a Predatory Lender? A Predatory Broker - NYTimes.com Even though both of our loans are predatory, it is the mortgage broker who made the big kill. I cannot believe there isn't more activity with regard to regulating and accountability for their role in the housing crisis: Forged docs, exaggerated incomes, inflated appraisals... this is all the work of the BROKER. Ours was Paramount Equity Mortgage, and they are one of the WORST. __________________ (formerly TB98629) *Moe Bedard is going to save this country!* URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps

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