[quote]angry chicken wrote:
Basically they passed a bunch of poorly thought out regulation that will only make things more confusing for the consumer, not simpler.[/quote]
And so it goes for most federal legislation implemented in response to a crisis. The shit they’re doing with condominium certification for FHA backed loans is ridiculous. I’m having more clients say “fuck this, we’re not going to pursue FHA certification” because the new regulations are impossible. End result? Less $ available for entry-level housing.
[quote]angry chicken wrote:
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
Houstonguy- Just admit it. The policies enforcing evidence of what’s said on a loan application is a sound idea. [/quote]
In principle, fine!!!
But how would you suggest these policies are enforced?
Without going NSA of course as we both agree big gov’t is a bad idea…[/quote]
In today’s lending environment, these things ARE “policed” it’s called a full-documentation loan. The loans that caused the issues at hand were not Full Doc. All income, asset and credit is verified now. The part that’s fucking it up is that they are now meddling with the WAY mortgages are done creating an environment unfavorable to brokers and giving banks the advantage with disclosure laws that are simple retarded. Basically they passed a bunch of poorly thought out regulation that will only make things more confusing for the consumer, not simpler.[/quote]
Which was my initial concern. Which evil is greatest? Tie in the stop sign analogy. The laws were already in place. The real question should have been enforcement, not more policy, right?
[quote]HoustonGuy wrote:
[quote]angry chicken wrote:
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
Houstonguy- Just admit it. The policies enforcing evidence of what’s said on a loan application is a sound idea. [/quote]
In principle, fine!!!
But how would you suggest these policies are enforced?
Without going NSA of course as we both agree big gov’t is a bad idea…[/quote]
In today’s lending environment, these things ARE “policed” it’s called a full-documentation loan. The loans that caused the issues at hand were not Full Doc. All income, asset and credit is verified now. The part that’s fucking it up is that they are now meddling with the WAY mortgages are done creating an environment unfavorable to brokers and giving banks the advantage with disclosure laws that are simple retarded. Basically they passed a bunch of poorly thought out regulation that will only make things more confusing for the consumer, not simpler.[/quote]
Which was my initial concern. Which evil is greatest? Tie in the stop sign analogy. The laws were already in place. The real question should have been enforcement, not more policy, right?[/quote]
The laws requiring full documentation were not in place.
Angry Chicken (lol at your name! Where did you come up with that?!), what exactly are the new laws? I’ve heard from friends that it’s ridiculously hard to get a loan approved now so I know for sure they tightened up in some way, but I’m not sure what that specifically entails.
[quote]angry chicken wrote:
Several of the guys in my office and I used to gripe about this after hours when we’d stay and drink obscenely priced bottles of scotch. The common consensus was that if we were a pretty girl with a nice rack, we’d have closed TEN times as many loans this month! LOL Seriously, ALL of the account executives were hot chicks, and they’d come to the office and bat their pretty little eyes and get you to give your loans to THEIR lender. If they didn’t sleep with you, they’d make a phone call and get you another quarter point in YSP (well, for me, I got BOTH! LOL)
It was a fucked up industry for several years there.[/quote]
lol. I’m taking it you weren’t always out drinking with just the guys given environment. The ones I worked with got me into just about every bar in town and ended up spreading all sorts of rumors about me. The interesting thing about it, to me at least, was that they were good guys when it came down to it. When I was completely vulnerable, they never took advantage. Instead they’d just say that they did.
It was an interesting growing up experience to say the least.
[quote]ironcross wrote:
[quote]angry chicken wrote:
Several of the guys in my office and I used to gripe about this after hours when we’d stay and drink obscenely priced bottles of scotch. The common consensus was that if we were a pretty girl with a nice rack, we’d have closed TEN times as many loans this month! LOL Seriously, ALL of the account executives were hot chicks, and they’d come to the office and bat their pretty little eyes and get you to give your loans to THEIR lender. If they didn’t sleep with you, they’d make a phone call and get you another quarter point in YSP (well, for me, I got BOTH! LOL)
It was a fucked up industry for several years there.[/quote]
lol. I’m taking it you weren’t always out drinking with just the guys given environment. The ones I worked with got me into just about every bar in town and ended up spreading all sorts of rumors about me. The interesting thing about it, to me at least, was that they were good guys when it came down to it. When I was completely vulnerable, they never took advantage. Instead they’d just say that they did.
It was an interesting growing up experience to say the least.[/quote]
Assholes
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
It was an interesting growing up experience to say the least.[/quote]
Assholes[/quote]
I dunno. I count myself lucky that it was them and not some other group of constantly drunk guys hanging out with a 19 year old, relatively innocent girl who’s getting drunk regularly for the first time in her life. It could have turned out worse.
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
Houstonguy- Just admit it. The policies enforcing evidence of what’s said on a loan application is a sound idea. [/quote]
In principle, fine!!!
But how would you suggest these policies are enforced?
Without going NSA of course as we both agree big gov’t is a bad idea…[/quote]
Companies that don’t follow them are fined and/or lose their license.
[quote]ironcross wrote:
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
It was an interesting growing up experience to say the least.[/quote]
Assholes[/quote]
I dunno. I count myself lucky that it was them and not some other group of constantly drunk guys hanging out with a 19 year old, relatively innocent girl who’s getting drunk regularly for the first time in her life. It could have turned out worse.[/quote]
True. I think most guys are genuinly good however. Most guys with a mom or sister anyways. Rumors suck though… Methinks you like to argue 
[quote]ironcross wrote:
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
Houstonguy- Just admit it. The policies enforcing evidence of what’s said on a loan application is a sound idea. [/quote]
In principle, fine!!!
But how would you suggest these policies are enforced?
Without going NSA of course as we both agree big gov’t is a bad idea…[/quote]
Companies that don’t follow them are fined and/or lose their license.[/quote]
Im not asking what the consequences would be…
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
Houstonguy- Just admit it. The policies enforcing evidence of what’s said on a loan application is a sound idea. [/quote]
In principle, fine!!!
But how would you suggest these policies are enforced?
Without going NSA of course as we both agree big gov’t is a bad idea…[/quote]
Companies that don’t follow them are fined and/or lose their license.[/quote]
Im not asking what the consequences would be…[/quote]
One easy way would be technology. If you can tell when and who is checking a credit score, I’m sure the system could figure out a way of identifying who is checking tax returns, bank accounts, verifying income… pretty much all of these are related to tax documents anyway.
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
[quote]HoustonGuy wrote:
[quote]ironcross wrote:
It was an interesting growing up experience to say the least.[/quote]
Assholes[/quote]
I dunno. I count myself lucky that it was them and not some other group of constantly drunk guys hanging out with a 19 year old, relatively innocent girl who’s getting drunk regularly for the first time in her life. It could have turned out worse.[/quote]
True. I think most guys are genuinly good however. Most guys with a mom or sister anyways. Rumors suck though… Methinks you like to argue :)[/quote]
I’d agree. These guys went out of their way to do nice things for me at different points in time and didn’t pressure me in any way. Of course the gossip was disappointing, but live and learn.
I can’t argue with your second point 
but I’d wager I’m not the only one.