with your constant blathering. Take it to email, please. It's really unflattering seeing you so far up FlaskMac's butt.
--Previous Message-- : : 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 : : : : : : : : : : :