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I don't know where you were when the housing bubble burst based on millions of bad loans and the banks were bailed out.
The bank and the investors repossess the home.
The closing costs alone make a nice bundle.
I presume you know that financial firms can manipulate stock values based on unrealized gain.
It's a game that the mortgagee loses when the market tanks.
No; they invest in Lenders.
Either that or all those people on YouTube are lying.
You're not Blackrock and you're not bypassing software and Rubber Stamping 1M Mortgages.I "invest" in lenders.
Doesn't mean I'm magically getting repossessed homes if buyers default.
You're not Blackrock and you're not bypassing software and Rubber Stamping 1M Mortgages.
We had this discussion about a year or 2 ago.
I don't forgive the Lenders or the idiots who accepted their Rubber Stamped Loans.
I was personally Rubber Stamped many years ago but wouldn't take out more than 200K, which annoyed the guy with the phony mustache.
The Lender gave a Loan when the Software said "No".I'm not Blackrock. And Blackrock isn't going to foreclose on a mortgage they don't hold.
Liberals...Our Representatives have the right to pass any legislation they choose.ANOTHER CAMPAIGN TRICK by the corrupt Democrats is what this smells like to garner votes.
Plus, it will also allow ILLEGALS TO BUY A HOME. Biden let in 4.9 million in the last 18 months is what I read.
The Lender gave a Loan when the Software said "No".
No excuse.
The Lender is educated.
If the Lender can bypass the software, then we are in a dangerous loop.
Then why are the managers of Bank Branches allowing this to occur in such a multitude of cases.Yeah, and when the lender makes a stupid loan, the lender loses money.
No down payment home loans to low income families make it easy for them to walk away and leave creditors holding the bagThis is actually a damn good way to look at things. Someone that has paid a rent that is $500 more than the mortgage/taxes will be for the past 5 years but that is never taken into account on a credit report.
I thought that already happened. In 2008. History repeats itself. Deadbeat Loans get paid for by Taxpayers.I guess Bank of America is going to be begging for a taxpayer funded bailout after they give all these mortgages to people who can't afford to pay them back.
This article from CNN says they will be giving mortgages with no down payment and no minimum credit score.
Bank of America to offer zero-down payment mortgages in certain Black and Hispanic communities
Bank of America to offer zero-down payment mortgages in certain Black and Hispanic communities
September 1, 2022
Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market.
The new loan, launched this week, requires no minimum credit score nor mortgage insurance, which lenders typically charge when borrowers put less than 20% down.
Instead of a traditional credit score, first-time homebuyers will be evaluated based on their history of making timely payments for rent, utilities, phone service and auto insurance.
Bank of America said the new mortgage, known as the Community Affordable Loan Solution, is available in certain census-designated markets including Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.
The bank said borrowers do not need to be Black or Hispanic to qualify. Eligibility is based on borrower income and home location.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a statement. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families.”
Depends on their circumstance.
Maybe something on their credit report kept them from buying in the past so they were stuck renting.
Perhaps they choose to rent a lager house for 4 years while their child was in high school and now are ready to downsize so the house they are buying is smaller with a lower mortgage.
Perhaps they knew they were going to move in a set number of year (5 lets say) and did not want to risk buying and risking the market crashing so they rented till they moved.
Perhaps they were in the military and renting a house where they were stationed and are now ready to get out and buy a house.
The reasons are almost endless, but you keep on being you, a moron making moronic assumptions. You are so damn good at it
I happen to have money in BofA. FDIC insured money. So do millions of other Americans.Unless the government is guaranteeing the mortgage, how is the taxpayer on the hook?
Then why are the managers of Bank Branches allowing this to occur in such a multitude of cases.
Does the manager make money?
Something is wrong and the Board of Directors of Lending institutions don't seem to mind.
And THEY will set up Crack Houses.ANOTHER CAMPAIGN TRICK by the corrupt Democrats is what this smells like to garner votes.
Plus, it will also allow ILLEGALS TO BUY A HOME. Biden let in 4.9 million in the last 18 months is what I read.
HSBC Retail did it and HSBC closed down Retail several months ago.I guess they figure good PR has a price to it.
HSBC Retail did it and HSBC closed down Retail several months ago.
Why do other major firms allow this to continue?
Then why are the managers of Bank Branches allowing this to occur in such a multitude of cases.
Does the manager make money?
Something is wrong and the Board of Directors of Lending institutions don't seem to mind.
Deadbeat Loans get paid for by Taxpayers.
I happen to have money in BofA. FDIC insured money. So do millions of other Americans.
