It's ashamed, but the complete system is corrupt here in the USA here when it comes to this mortgage stuff, from the goverment on down to the buyer/seller. Not everyone, and every company, but there is plenty of blame going around - and its probably only going to get worse. Some of us had a feeling it was all going to crash down, as we could see it as a bubble just like the tulip bubble a few hundred years ago, or the 2000 tech bubble. We could see it happening a year before it happened.

After the crash took place, if you go back and follow this closely at first some said the "Mortgage Broker" was the problem. Ok, the goverment this year ( 2010) decided to fix that - so basically every mortgage broker in the USA has lost their license and now has to be re-licensed by a federal test (now that really breeds confidence) instead of by their home state. Its about a $1,000 to $2,000 test to maintain their license depending which state they live in. At this point, many are failing the test, as the test was being taken before the educational companies had really good time to prepare their students. Just not enough time to deal with this. But here is the glitch - the banks were pretty much exempt (you know, the person at the bank who actually takes the loan fromt he consumer). When questioned why this was so (note: both are meeting the consumer) the banks have a much more powerful lobby so they were able to exempt themselves through their better lobbying. Just corrupt. By the way, the test is stupid and want help either.

My neighbor a few streets over made less than ten bucks an hour, and her husband made less than 12 bucks an hour back in the mid 2005/2006 time - yet they were able to buy 4 homes. Now they all going to go in foreclosure soon, or at least 3 ot them most likely. They lied on the app about their income and their primary residence, guy who took the app lied as he knew what they made, company who accepted the app lied, goverment encouraged this type of loan and accepted the loan. Just corrupt.

We could go on and on.... but.. ole well...

Side note: speaking of Band of America, several years back when I refinanced I was asked by the loan officer to send a certain segment of the population in to apply for loans, as they goverment pretty much checks to see "who" they are lending to - and cross segment of the population needs to be included. I asked what segment, and was told pretty much any people group that is not "white or asian." Loans were being made to people who could not afford them, as they met a "segment of the population" criteria. Just corrupt, and this is coming from the goverment.

Sorry for the rant and rave... but lots of blame to go around here on this one. Side note, I don't like banks either... lol.


>Ain't that related to the foreclosuregate (a countrywide-centric issue)?
>http://www.zerohedge.com/article/bank-america-complete-denial-over-foreclosureputback-gate
>
>When the documentation has disappeared (bad luck, a lot of it was fraudulent...) and plain fraudulent affidavits do the job, nobody cares. Suddenly the judicial institution is waking up. The banksters are having a bad dream... And their affiliated mortgage servicers start recruiting.
>
>Should that be a countrywide job, this is most certainly a great position! Possibly one of the most money-critical in the current IT area - but a company and a business sector with extremely poor ethics. And a dreadful admin track record.
>
>Good luck to the incumbent!