It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

page: 5
10
<< 2  3  4    6  7  8 >>

log in

join
share:

posted on Jun, 8 2017 @ 10:10 PM
link   
I work in the mortgage industry. Dodd-Frank has been a disaster in the amount of red tape it has created. Most of you would throw up if you knew how much extra you are paying hidden in your mortgage rates because of this poorly thought out legislation.

Dodd-Frank has made it nearly impossible for small banks to compete and has resulted in the large mega banks continuing to take over the market.




posted on Jun, 8 2017 @ 10:34 PM
link   
a reply to: 3NL1GHT3N3D1

That's not what happened. The homeowners who applied for the loans knew they couldn't pay the bill but they thought they could get rich quick and flip it.



posted on Jun, 8 2017 @ 10:38 PM
link   

originally posted by: toysforadults


House lawmakers approved the legislation in a 233-to-186 vote. But the bill -- called the Financial Choice Act -- has little chance of passing the Senate in its current form.

The legislation is part of the deregulatory agenda that has swept through Washington since Trump’s election win. In the coming days, the Treasury Department is expected to release a report that will add to the push by laying out recommendations for cutting back what Republicans see as red tape that was wrapped around banks after the 2008 crash.

House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

Good stop regulating everything out of existence and allow the free market to dictate our path.

If you make bad choices or bad investments then you pay for them. Daddy government does not need to regulate ever aspect of our lives. I hope this is part of the agenda that leads America to fresh growth and enable our younger generations to actually start working for themselves instead of forcing them to work for someone else.


As long as presidents stuff their cabinets with banksters and banking lobbyists infest DC, there is no Free Market.



posted on Jun, 8 2017 @ 10:47 PM
link   
a reply to: Edumakated

Small banks that will just "bundle" and sell off those mortgages to Wells Fargo anyway ...?



posted on Jun, 8 2017 @ 10:50 PM
link   

originally posted by: toysforadults
a reply to: 3NL1GHT3N3D1

That's not what happened. The homeowners who applied for the loans knew they couldn't pay the bill but they thought they could get rich quick and flip it.


Are you sure about that? Have you met a bunch of these people or something? You seem to sound like you have personal, in-depth knowledge of the entire mortgage meltdown.

There were also a lot of people that were convinced by loan originators (who they thought they could trust) that they could afford those homes.

There's plenty of proof that it was a free-for-all, with the top dogs knowing it would eventually collapse and implode.



posted on Jun, 8 2017 @ 10:56 PM
link   
a reply to: Kettu

Are you saying normal people can't do basic math?



posted on Jun, 8 2017 @ 11:02 PM
link   

originally posted by: Kettu

originally posted by: toysforadults
a reply to: 3NL1GHT3N3D1

That's not what happened. The homeowners who applied for the loans knew they couldn't pay the bill but they thought they could get rich quick and flip it.


Are you sure about that? Have you met a bunch of these people or something? You seem to sound like you have personal, in-depth knowledge of the entire mortgage meltdown.

There were also a lot of people that were convinced by loan originators (who they thought they could trust) that they could afford those homes.

There's plenty of proof that it was a free-for-all, with the top dogs knowing it would eventually collapse and implode.


Loan originators don't tell you what you can "afford". They can only tell you what you can qualify for... The two are not the same. Most people qualify for more than they can afford because underwriting guidelines can't possibly know all the things you spend money on like day care, eating out, clothes, etc.

Anyone who can't do a basic budget to know how much of a monthly nut they can reasonably pay each month on a house isn't smart enough to be a homeowner.

The housing market crashed because of all the speculation and fraud that resulted from lax underwriting. The vast majority of the foreclosures initially were INVESTORS. They were in such large numbers that they eventually brought down the regular homeowners as property values started to fall.



posted on Jun, 8 2017 @ 11:03 PM
link   

originally posted by: toysforadults
a reply to: Kettu

Are you saying normal people can't do basic math?


Are you saying normal people should know everything an escrow officer or a mortgage underwriter knows?

If so, then why do we need these people? Why don't individuals just show up at banks and ask to be given hundreds of thousands of dollars directly?

There's more than basic math that goes into getting just the 80/20 letter. If there wasn't, none of the people in the mortgage and title agency world would exist.

I suppose we should just all exchange sacks of gold for hand-written bills of sale for land though, right



posted on Jun, 8 2017 @ 11:05 PM
link   
a reply to: Kettu

I make $5000 a month and if the mortgage is $5200 then that equals -$200 a month and I can't afford that.

Wow.



posted on Jun, 8 2017 @ 11:07 PM
link   
a reply to: Edumakated


And all of that may be 100% correct, but average people were being pressured and told they're OK taking on a larger mortgage they were "approved" for. Foolishly, people placed their trust into a corrupted industry with the so-called "lax underwriters" as you put it.

I can research the hell out of a heart transplant. I can know tons of things about them, but I'd still take the advice of the professionals who do them over my own research.



posted on Jun, 8 2017 @ 11:08 PM
link   

originally posted by: toysforadults
a reply to: Kettu

I make $5000 a month and if the mortgage is $5200 then that equals -$200 a month and I can't afford that.

Wow.


And do you have proof that is what people were being shown/told when they met with loan originators for these mortgages?

You make it sound like these people were total morons, and that the banks and lending institutions were totally harmless and actually the victims of stupid people.
edit on 8-6-2017 by Kettu because: (no reason given)



posted on Jun, 8 2017 @ 11:10 PM
link   
a reply to: Kettu

I R homeowner math not good.

House do cost 5 billion over 30 years derp. I afford dat herp.

I no highschool. I do good work. I buy house. No maf skills.



posted on Jun, 8 2017 @ 11:17 PM
link   

originally posted by: toysforadults
a reply to: Kettu

I R homeowner math not good.

House do cost 5 billion over 30 years derp. I afford dat herp.

I no highschool. I do good work. I buy house. No maf skills.


Yeah. I'm done.

You probably don't even know what a quit claim deed is, let alone a statutory warranty deed or a deed or conveyance.



posted on Jun, 8 2017 @ 11:18 PM
link   
a reply to: Kettu

People aren't that stupid give me a break it only takes a basic level of common sense to figure out if you can afford a house payment.



posted on Jun, 8 2017 @ 11:18 PM
link   

originally posted by: Kettu
a reply to: Edumakated


And all of that may be 100% correct, but average people were being pressured and told they're OK taking on a larger mortgage they were "approved" for. Foolishly, people placed their trust into a corrupted industry with the so-called "lax underwriters" as you put it.

I can research the hell out of a heart transplant. I can know tons of things about them, but I'd still take the advice of the professionals who do them over my own research.





They weren't pressured. They wanted to live a lifestyle they couldn't afford. They wanted to get rich quick specuvesting in real estate.

I've been in the industry 15 years and experienced the crash first first hand. Yes, there were some unscrupulous lenders. However, the borrowers were just as bad.

Lenders are often in a no win situation. There are plenty of times I've seen borrowers who I know shouldn't be getting a mortgage. However, they qualify based on the guidelines. I can't say "you don't need this loan" because I then I could be accused of discriminating.



posted on Jun, 8 2017 @ 11:20 PM
link   
a reply to: Edumakated

Is this under current guidelines?

If so, what happened to the claim of red tape?



posted on Jun, 8 2017 @ 11:32 PM
link   

originally posted by: daskakik
a reply to: Edumakated

Is this under current guidelines?

If so, what happened to the claim of red tape?


Mortgage guidelines are actually quite relaxed. Not as relaxed when we had stated, NINA, and NINJA products but for the most part if you have a decent FICO score and stable job, you can qualify for a mortgage.

The red tape is throughout the entire process. Those who don't work in the industry really have no clue. It is way too complicated to explain to casual observers. However, to demonstrate, the company I work for had to literally hire a staff of about 10 just to oversee compliance with Dodd-Frank regulations affecting our company.



posted on Jun, 8 2017 @ 11:39 PM
link   
a reply to: Edumakated

So it doesn't really apply to the people seeking a loan, it is just more work for the lender and they are passing the price of that off to the borrower. I'm not sure what the problem is?



posted on Jun, 9 2017 @ 12:45 AM
link   
a reply to: toysforadults

Oh ok, so the ones who lost everything are to blame, not the ones who became richer after the bailouts and put "AAA" status on garbage loans for years just to make a quick buck.

You are obviously extremely ignorant to the events that led up to the recession. I'd suggest you do some research on what caused the housing bubble to burst.

Here's a good place to start your research.



posted on Jun, 9 2017 @ 01:37 AM
link   
The scam was the ARM (Adjustable Rate Mortgage).

I was coaxed into the refinance game and sat in a office on a telephone telling people about how an adjustable rate mortgage could open up some room for house repairs or remodeling through a home equity loan or consolidation (HELOC).

I NEVER CLOSED ONE "DEAL" BECAUSE ME KNOW MATH AND I SAW THE COMPLETE FINANCIAL DECIMATION to the homeowner in less than a year just looking at their portfolio.

I'm not geared that way. I quit within a week.

We were told that the homeowner would be able to refinance again before the loan payments adjusted higher than they could handle. BS.

That NEVER happened, and folks lost their ass....EVERYTHING they worked hard for was gone practically overnight.

Predatory lending and sociopathic financial advisors took advantage of millions.

Dodd-Frank is a Trojan horse....a bandaid meant to stave off infection, but it merely hid the wound and never healed it..

Most had credit ratings that were spectacular but are now completely garbage. Banks are flush with reserves they will not lend and so the money velocity is f#ked.


edit on E30America/ChicagoFri, 09 Jun 2017 01:40:18 -05006amFridayth01am by EternalShadow because: a correction



new topics

top topics



 
10
<< 2  3  4    6  7  8 >>

log in

join