Doesn't this reaffirm everything we've been saying about the REIC and who's took over these crappy jobs?
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17 comments:
When the FDIC isssues their new guidance later this year these guys will be out of business.
Isn't it funny that the mortgage brokers will end up just as broke as what they're making their clients.
Carma. Gangster. Carma.
it's funny the scum of the earth found their way to real estate mortgage slamming. these guys look just like the boiler room guys from the dotcom bubble. probably nice degrees from places like arizona state, or worse yet university of phoenix, or worse yet GEDs
I wonder where they'll go now - the foreclosure business? going after the same people they screwed on the mortgage?
I hope they see our comments.
Don't they realize that most "Gangsters" eventually die.
The die from the same things that give them pleasure.
man i need a shower after watching that
yuck!!!
With any luck the person on the other end of the line is the wife of a marine who is now in Iraq. When he gets home and finds his wife and children living in a shelter maybe he will do a little "closing" himself. Sorry, just a fantasy.
This is so sick -- I grw up with clowns like these, the IROC Camaro crowd, and even knew a couple who worked for THE boiler room operation that was used as the template for the giovanni Ribisi/Vin Diesel flick, Boiler Room.
That's it, Gina, I know how we get to keep the Escalade! I'll write a f@cking movie about my flipping years!
It was akin to watching pornography. It made me that sick to see. The victims bieng taken advatage of by scumbags who can justify anything. I need a shower excuse me.
out of curiosity, if the mortgage being negotiated in that clip was for 200,000 dollars (probably someone could back out the actual par amount judging by some of the other numbers) what would the "vig" for these scumbag brokers be?
I am just curious why they would be so damn excited over a single closing.
I know a broker on a loan like this that would charge 3-5 points on the front and 1.5 points on the back.
So they are probably making $12,000 on this loan.
" DNA found on JonBenet Ramsey's body does not match sample DNA from suspect John Mark Karr, Denver, Colorado's KUSA television station reports. "
*** i think the denver housing market is heading down $100K on tues? ***
Most of these assholes have no degrees. I know several of them. 2 years ago showing off their bling and rides. Yesterday at a BARBQ, one asked me if I knew anyone interested in buying his rims and a used Rolex. No joking. He didnt look to good either. Hole in the shirt and looked like hadnt shaved for 2 weeks. Probably got canned, slow sales. SUCK IT AND SUCK IT GOOD. HAHAHAHAHA!!!
There was one blogger who said that he/she was afraid that houses might get burned down or the safety of some real estate agents may be at risk.Their actions on the video is an invitation such that desperate and turning nuts homeowners might just pay them a visit. Scares the hell out of me.
here's an exercise:
picture a single mother on the end of that line...
... and now try not to smile with glee at the thought of that scumbag sucking someone's d*ck for cash in an alleyway in 3 months.
When they pass mortgage reform, they should consider making these guys pay the banks back for all the money the banks will lose when the homes get foreclosed on and the banks can only sell them for less than what is still owed on the mortgage.
I found this information posted on
Free Republic There is a war going on over there. Most people believe real estate lending is out of control. A few mortgage shills attack anybody who posts the truth.
About this Mortgage Gangster video:
There are many people who find this kind of sales pitch objectionable. It was confusing to me because the salesman never quoted a specific interest rate for a specific term of years. It was vague because the mortgage brokers did not reveal their fees and commissions. I would demand everything in writing before signing on the dotted line. Apparently, the FDIC is issuing new regulations that will further regulate what mortgage brokers must explain in detail.
For example, what if the loan fees on the proposed deal exceeded average fees in that community by $ 5,000? Would this be a great bargain for the borrower? Alternatively, there was no discussion of what the initial rate of interest would be for the ARM period. Petronski admitted the proposal was for an ARM loan. So what will the rate be when it re-sets at a fixed rate? 8.75% perhaps? Higher?
The mortgage brokers called themselves "Mortgage Gangsters." Their own words. Not mine. They seemed to be having a lot of fun making the video. Like I said before, "They are just a bunch of happy guys . . ."
In the example, the borrower is paying 7.75%. Assume that the ARM would begin at about 6.25% for three years. Assume that some of the derogatory credit was cleaned up and negotiated away by paying off credit cards. I'm suggesting that it would be most likely that the loan would reset at about 8.9% - 9% (or higher).
The mortgage salesman was pitching an interest only scenario. With the prospect taking out $ 25,000 and the brokers taking $ 10,000 out in loan fees - that would add about $ 37,000 to the loan balance (perhaps more). The original payment was stated to be $ 2,700 /mo. That mean the original loan would have been for about $ 350,000.
Which would mean the total loan amount would be for about $ 388,000. An interest only loan would make the new payment about $ 2,050.
The difference between the interest only amount and the normal amount would be added to the unpaid principal. In three years, how much would that be in total? I would guess about $ 35,000 over three years (not including penalties).
I'm guessing the payment would reset at about $ 3,200.
Under this proposal, the borrower would extract a total of $ 73,000 out of his home. In effect, he is paying about 18% for the use of that money over three years. Then his payment goes up another $ 1,200 for 27 years.
Please explain how that is a good
deal? * * *
The previous poster was mostly correct
in his assessment of the video. But there is one small error. When the ARM loan resets after three years, the rate resets at an adjustable rate Therefore, it may be higher than 9% or lower according to prevailing rates of interest. ARM loans adjust according to the terms of the loan contract. LIBOR rates apply.
For more graphs and charts about the housing bubble,
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