Bank Venting Thread

[boomer35]

You know what pisses me off the most, and there is plenty out there through this crisis that pisses me off, for one buying a decent but affordable 150k house in charlotte NC, locked for 30 years at 6.5% 4 years ago with 10% down while friends and neighbors bought 200k+ houses with ZERO down, on 3 yr arms thinking 3 yrs from now their house would be worth 250k and they'd be set..........

No, what pisses me off the most is these scumbag mortgage brokers who were making 4-10k per loan, selling loans they KNEW they should not be selling, to people the KNEW couldnt afford them...... Brokers sold to people they knew would be in trouble and knew they couldnt afford the house, and made HUGE bucks doing it...........

Here is what chaps me, now these same scumbag brokers are getting bail out money and great rates to REFI their original BAD notes and they are making closing money all over again....... i think i hate shady realitors and scumbag mortgage guys worse than any working person in the country right now... yea yea yea i know there are some good ones etc......

 

[stecz20]

now your getting it.....

 

[Ratickle]

You know what pisses me off the most, and there is plenty out there through this crisis that pisses me off, for one buying a decent but affordable 150k house in charlotte NC, locked for 30 years at 6.5% 4 years ago with 10% down while friends and neighbors bought 200k+ houses with ZERO down, on 3 yr arms thinking 3 yrs from now their house would be worth 250k and they'd be set..........

No, what pisses me off the most is these scumbag mortgage brokers who were making 4-10k per loan, selling loans they KNEW they should not be selling, to people the KNEW couldnt afford them...... Brokers sold to people they knew would be in trouble and knew they couldnt afford the house, and made HUGE bucks doing it...........

Here is what chaps me, now these same scumbag brokers are getting bail out money and great rates to REFI their original BAD notes and they are making closing money all over again....... i think i hate shady realitors and scumbag mortgage guys worse than any working person in the country right now... yea yea yea i know there are some good ones etc......

100% agree. They should be put in jail for fraud and all their assets seized to pay off the taxpayers who are helping the economy with the bailouts.:boxing_smiley:

 

[MarylandMark]

and those $^%& appraisers.....

 

[Audiofn]

and those $^%& appraisers.....

Now the problem is that the apraisers are moving to far in the other direction. Our neighbor just sold their house for good money. Our house is in much better shape then theirs and they apraised our house at 100K less then what they just got in a sale. So it is making it almost impossible for us to get refinanced even with a ton of equity in the house.

 

[clayinaustin]

You know what I hate? I hate it when people create threads about banks in the "boating only" forum!

 

[stecz20]

You know what I hate? I hate it when people create threads about banks in the "boating only" forum!

dont worry mods will move it to the bar...:26::26:

 

[boomer35]

You know what I hate? I hate it when people create threads about banks in the "boating only" forum!

i got confused with all the "on the dock", "the bar" stuff, i thought they were both heavily related to boating?

 

[Sea-Dated]

You know what I hate? I hate it when people create threads about banks in the "boating only" forum!

:iagree:

But the mods moved it.

 

[Rush]

You know what I hate? I hate it when people create threads about banks in the "boating only" forum!

You know what I don't like. I don't like it when members come on to someones else's thread and bash them for no reason.

 

[clayinaustin]

You know what I don't like. I don't like it when members come on to someones else's thread and bash them for no reason.

hee hee! :sifone:

 

[MarylandMark]

Now the problem is that the apraisers are moving to far in the other direction. Our neighbor just sold their house for good money. Our house is in much better shape then theirs and they apraised our house at 100K less then what they just got in a sale. So it is making it almost impossible for us to get refinanced even with a ton of equity in the house.

I do 3-4 "comp checks" a day and am lucky to get one deal done.

Homeowners- if you don't have to sell why would you even try in this market

Buyers- looking for bargains; foreclosures or short sales.

We put in 2 active listings, 1 under contract and 3 settled sales per appraisal. It use to be if there was one distressed sale I could "skip" over that one because it didn't set the market; now that is all the market is (speaking in general of course). So- most if not all of my settled sales are the bargains which brings the value much lower than the 2005 highs.

I did a house the other day I did back in 2006 for in the $900K's. It's under $600K now and even though the data supports the value I'm not so sure she could sell it for that..

I wish everyone had 50% equity in their house- business was GREAT then- but I have to use what's out there- the data is there; I just gather it.

 

[JupiterSunsation]

Charlotte is taking a hit in the once red hot real estate market because of the bank consolidations going on right now. Two of the biggest employers in Charlotte are Wachovia and Bank of America. They are having layoffs/ transfers to other areas so it is throwing another anchor on the local real estate market.