Sorry for the previous reply; should
have done a better proofreading job
(was "multitasking").
Here is the way the post should read:
It's mindbogglingly how my original
post (about the observation of homes)
has turned into a loan signing ordeal.
I thought the message was clear.
I do not know how anyone can mistake
the subject matter (homes and Sub-Prime
lending), with signing agent work. And
then comment about "whining. . .being
personally involved. . .and do your job"?
How in the world did anybody come to that
conclusion?
Goes to show you that when "certain"
*people have animosity toward someone
else, they read what they want to
(or how they want to) into a thread.
Very irritating. That's one of the
reasons why I curtailed my posting,
on that other notary forum.
*[I don't want to mention "her" name,
because it's like the "Bloody-Mary"
legend. Say the name three times
(in this case once) and "she" will appear!]
Anyway, glad you replied!
As always you are right on target.
I couldn't agree with you more.
You have very knowledgeable insight
into this maddening situation.
The community in question is comprised
of mainly blue-collar, working-class,
immigrant families. Very nice homes.
Yet, at one time, priced much too high
for the type of properties, size of lots
and location.
Because of this (and other reasons), I
suspect that many of these homeowners
had Sub-Prime loans o other types of
"Creative" financing.
Checking the MLS, these properties have
fallen drastically in price since 2005
(and continue to do so). Some of the
blocks look like advertisements for
a "red-tag" clearance sale.
In one of the other nearby communities,
(composed of mostly white-collar
professionals), I haven't (as of yet)
seen this type of "open" selling rush.
"Anyone, a signing agent or otherwise,
should be concerned about the borrower
understanding the ramifications of the
loan terms."
As HUMAN BEINGS we should all lookout
for our neighbors. However, the reality
is that, many people are in this business
only for themselves.
From what I gather, many of these
notaries made hundred-of-thousands-
of-dollars during the refinance and
Sub-Prime loan "Boom-period". That the
sky just literally opened-up with
signing opportunities and jobs.
However, from reading the various forums,
there appearers not to be not much
forethought as to when this "holiday"
period would end. That there is a type
of disbelief, that the sky has closed.
Also, when new signing agents (such as
myself) enter the field, some of these
long-time notaries get an attitude.
That they have worked long and hard
building their businesses and
therefore "do not want to share" their
loan signing "secrets".
(This is the only profession which I
know, where many of the "professionals"
are afraid of "newbies" stealing their
businesses; and are outright hostile.)
But what they fail to mention (due to
lack of insight), is that much of their
businesses (especially during this
period) was built upon the backs of other
working individuals (via the various
"Creative" financing loan programs.)
And now that many of these borrowers
may be in jeopardy of losing their homes,
these particular notaries couldn't care
less. These signing agents claim that it
is not their problem. Really?
These signing agents are among the first
to post about "slow" signings, reduced
fees and "newbies" (Yet on other threads,
they will loudly boast about their
"alledge" abundance of signings.). 
This lack of empathy and understanding
is very disturbing.
However, what is happening to these
borrowers will definitely having a
snowball effect.
And, yes, many of the parties in these
type of transactions are responsible
(to one degree or another).
However, there are also many borrowers
who through lack of knowledge did not
fully understand what they were getting
themselves into.
There are also documented court cases,
where there were out and out fraud.
And Yes Fran, as I've said before,
you're one smart lady! 
Pam
--Previous Message--
: Scary! All the "For Sale"
: signs you speak about...but also..the
: responder's to your post I am
: constantly amazed at how short-sighted
: and ignorant people can be. Anyone, a
: signing agent or otherwise, should be
: concerned about the borrower
: understanding the ramifications of the
: loan terms.
:
: WHEN THE BORROWER'S ACROSS THE NATION
: AGREE TO UNSTABLE LOANS IT AFFECTS OUR
: ECONOMY THERBY AFFECTING ALL OF US.
: Geez!! That is basic economics. But
: leave it to the ignorant to plod on
: through life, singing the whole way,
: "It's not my problem!".
:
: Bottom line...all of the experts
: predict we are "in for" a
: recession. And it's thanks to all of
: the wonderful lenders, appraisers,
: brokers, agents, borrowers and yes,
: signing agents, that made the faulty
: loans happen. ALL of us share in the
: responsibility.
:
: It's simple math. You cannot safely
: loan 200k on something that is
: actually only worth 150k. It's called
: the "Risk Factor". The
: industry overall left no
: "cushion" for a downward
: turn in property values. Here in
: Florida, this also happened in the
: 80's and many folks were left with
: mortgages that were higher than their
: actual property values.
:
: BUT THIS TIME, it's much more serious
: because it's happened nationwide.
: People have stopped buying houses.
: Their worried about the war. Their
: worried about the election. Their
: worried about global warming.
: Inflation is increasing faster than
: their paycheck.
:
: The lending industry took what worked
: here and went across the country
: handing out loan terms that were
: risky. Now we will ALL pay the price.
:
: As for the ARM at 11%, or whatever the
: hell Miss Becca B said...I hate to say
: this...truly I do! But, in a sense she
: is right.. it was lost in her usual
: "bulldog" delivery.
:
: In some scenario's a borrower may
: need/want those terms. If he is deep
: in debt but know's his income will
: double over the next several years.
: Young doctors do this alot. Also,
: interest only loans.
:
: The theory is that whatever the
: closing cost are for re-financing
: again in 3-4 years far outway the
: interest differential over a 30 year
: note when your sure you can get a
: better interest rate down the road.
: But, these terms are not for the
: blue-collar worker, someone who's
: income will not drastically increase
: soon.
:
: But, some lenders didn't care. The
: middle income borrower overspent. The
: broker came along and offered a
: friendly solution. The subprime lender
: gladly accepted the loan app at face
: value, then tweaked the property value
: and handed the borrower paper for 125%
: value with a payment amount he could
: never make three years from now.
:
: Now, we will all suffer because in
: reality they were playing with paper
: money. This is the real world. They
: drove THEMSELVES out of business. Now,
: the "real banks" will come
: along and clean-up the mess...making
: tons more money along the way. You
: gotta' love banks...they win..even
: when they loose.
:
: --Previous Message--
: I was in a particular city today
: (one of my service areas), and it
: was astonishing to see so VERY
: many "For Sale" signs. On
: one street
: alone I counted approximately twelve
: homes!
:
: I was in that area about ten days
: ago.
: Although there were the usual
: "For Sale"
: signs sprinkled about, it was nothing
: like I saw today.
:
: On just about every block, there were
: three or more signs. What makes this
: particularly interesting, is that
: many of
: these properties were also marked
: "just
: reduced" or "priced for
: quick sale".
:
: I know this area very well and
: remember
: a few years ago, when it was a
: seller's
: delight! During that time, many of
: these
: homes, (in my opinion) though very
: nice,
: were price Much too high.
:
: Now it seems as though these home
: can't
: even be given away!
:
: Though I do not have proof (without
: actually researching the county
: recorder's office), I suspect many of
: these homeowners are victims of the
: Sub-prime lending and/or
: "creative
: financing" fallout.
:
: I wonder how many of these Sub-Prime
: Lenders and Mortgage Brokers are
: having
: to face the same situation? Probably
: zero
: (if that much).
:
: [And yes, I know that many of these
: lenders etc. . .are
: "closing-shop", but
: I am very sure, that THEIR
: residential
: properties (for which they are
: actually
: living) are not facing foreclosure.]
:
: It is really a disheartening time for
: many.
:
:
: Pam
:
:
:
:
:
:
:
:
:
on March 28, 2007, 7:31 pm, in reply to "Hey Pam:) My take on the for sale signs.."