I went back and read your post, you did say debt, there do you feel better now?
You mean after you repeatedly lied? Um, no, it isn't about my feelings, it's about your integrity. Or lack thereof.
Joe I have always known you were a BLEEDING HEART LIBERAL, you have no understanding of the laws when it comes to buying and selling real estate. There's a little law called the Equal Housing Act, meaning you cannot tell a potential buyer not to use a FHA DPA loan ( Federal Housing Administration Down Payment Assistance) or what home they should buy, this is a federally secured loan, has nothing to do with private banking, but I almost forgot your socialist / communist agenda. This loan allowed a buyer to roll in their down payment and closing cost, effectively they had no equity at risk, buyers who have equity at risk tend to find a way to pay their mortgage on time so they don't lose their assets. Buyers who have $500 to $1,000 at risk do not seem to care as much. ...All of these high risk loans were signed off under the watchful eye of our US Congress, the Clinton administration created FHA DPA and was in office when Glass-Stegall was repealed, look it up...
Yes, yes, we all know that the realty and banking industries, after years of manipulating the housing market to make a quick buck to the point where housing has become unaffordable, tried to blame the fiasco of 2008 on "Fair housing laws", when in fact, the REAL problem was white people buying McMansions.
The problem was the Congress wasn't watching what the banksters were doing. The housing bubble of the Aughts created the illusion of prosperity while the country was bleeding manufacturing jobs. The banks misrepresented the value of their mortgages and sold them as investments. Bush patted himself on the back while economists were SCREAMING we were headed for a fall.
The underwriting guidelines didn't change for your VA loan during this time frame, the only things that have changed for the veteran is very minor, the Funding Fee has been adjusted maybe once in the last 30 years, it's the easiest loan to get for a veteran, high DTI and Zero MI, doesn't take a rocket scientist to figure this out. In Texas our legislatures voted to reduce their property taxes up to 100% depending on their disability. Same loan guidelines today, what Obama created was the CFPB, they changed the settlement statement or what was called the HUD-1 to what is used today, a CD. Todays CD (Closing Disclosure) is very easy to understand, spells it out for the disadvantaged. You have no real understanding of how the appraisal works, the lender / mortgage company has no direct contact with the appraiser, ZERO, there is a Appraisal Management firm between the 2 entities today, has been this way for over a decade. The appraiser is on their own and will evaluate a property differently than the next one, $300,000 is ridiculous, but this happens more than you have a clue. Loan Depot is in the business of refinancing or doing new loans, it does them no good for this to happen, but you would have to look at this objectively to have a clue...instead you want to find the racism in any and everything you possibly can, because you yourself are a bigot hiding behind your socialist / communist agenda...
Point was, they got an appraisal, the appraisal was absolute bullshit, and either they were fine with the racist appraiser lowballing a black family, or they were ignorant of the market they were working in, and in either case, completely deserve to take one up the poop chute as a warning to others.
In my own case, the documentation package was twice as thick as it was in 2004. I was asked questions about stuff I never had to answer about before, even though economically, I was in much better shape - making more money, less personal debt, a nearly pristine credit score of 803.
See above, you are the rumor monger, spread lies of hate, there are millions like you, everyone knows who you are...
Oh, come on, your side has been using hate to get stupid white people to vote against their own economic interests since Tricky Dick employed the Southern Strategy. Own up to it.
The real question is did they get to refinance their home? Yes they did, and benefited no matter what their ethnicity is, but you can't see this because you will always spread the rumor of hate, you can't help yourself...
A white person would have gotten a fair appraisal on the first go around. They wouldn't have had to remove family pictures and need to get a friend to show the house for them.
