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lquadland10 (< 20)

Housing and Loans.

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October 08, 2009 – Comments (4) | RELATED TICKERS: GS , AUY

I just saw a comceral about Quicken Loans for Homes. Hardly any documention. Get qualidfied in 5 minutes. Oh yea. The other day with a news caster on MSNBC refied her house and Bac  got her the gov. money and hardly any  documentation and I think they closed in 3 days. YEP here we go again.

4 Comments – Post Your Own

#1) On October 08, 2009 at 3:46 PM, brickcityman (< 20) wrote:

Awesome... so by historical standards we've got what... 3 - 4- 5 years of "bull" market (pun intended) to ride on.

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#2) On October 08, 2009 at 5:01 PM, lquadland10 (< 20) wrote:

YEP!!!!

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#3) On October 09, 2009 at 8:53 PM, RandolphFL (20.87) wrote:

you wrote: >>>> '...Hardly any documention. Get qualidfied in 5 minutes. Oh yea. The other day with a news caster on MSNBC refied her house and Bac  got her the gov. money and hardly any  documentation and I think they closed in 3 days. YEP here we go again...'<<<<

 

Speaking as someone with up to the minute insight into the type, quality and volume of residential and commercial mortgages currently being funded across the country; current conditions are a far cry from warranting 'YEP, here we go again..' 

 Regadless of whether one is for or against the way in which interest rates are being handled, and the number of homeowner intervention programs, the fact remains that the volumes funded today are miniscule compared to two years ago, the type of loans are far more conservative, and the quality is much higher.....

 

Lets review the 'hardly any documentation' programs available.....

FHA streamline.......  If you have an FHA loan (not one going in to forclosure....) ...... and you wish to keep the balance essentially the same, i.e. no cash out, and just lower the rate,  this is available with very little documentation.  The kicker is that it can be arranged so that current value is not a factor....

But that really isn't so outrageous, the borrowers are just reducing their payment, payments they already have been making on time, not taking out cash.. where is the harm?

VA Streamline... much like the FHA Streamline... no cash out, so essentially the same loan amount, can't be excessively delinquent, just looking to lower the rate.  Veterans are also just looking to take advantage of lower rates and payments..... These go up to 100% LTV of current value.

 

FANNIE and FREDDIE 'STREAMLINE'  OK I am lumping a few different programs in here, and just calling it 'streamline'... but essentially If you already have a Fannie or Freddie loan  and you have been paying on time, you could qualify to do a no cashout refinance, with limited income documentation (typicaly a recent paystub), with values up to 125% of current value.

Once again these are conforming customers who have been payiing their mortgage and are refinancing to reduce the payment..... this is certainly not increasing risk, it is lowering risk.

 

In contrast to the semi-recomendation of quick closing, low hassel stated above concerning QuickenLoans.... I am providing some links that are much less happy with Quicken:

http://www.ripoffreport.com/Loans/Quicken-Loans/quicken-loans-fraud-dishonest-7b2cb.htm

 

http://www.thriftyfun.com/tf24614448.tip.html

 

http://www.consumeraffairs.com/finance/quicken_loans_mortgage_p3.html

http://quicken-loans.pissedconsumer.com/the-truth-about-quicken-loans-3a-be-smart-20080912135224.html

While BAC does not go unaccused for nefarious acts, BAC seems to do its dirty deeds in large lump sums, such as purchasing Countrywide, or the Merril transaction, and less focusing on individual homeowners....

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#4) On October 09, 2009 at 11:53 PM, lquadland10 (< 20) wrote:

It soon won't matter because by Christmas the Whole System will be down. IMO They are now doing it with the Gold Buying.

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