Comments on: The Fed Endorses Plan to Curb Shady Mortgages http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/ Helping a unique generation achieve financial independence. Thu, 09 Feb 2012 03:12:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Cheri Davis http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/comment-page-1/#comment-59725 Cheri Davis Sun, 24 Feb 2008 00:38:48 +0000 http://genxfinance.com/2007/12/19/the-fed-endorses-plan-to-curb-shady-mortgages/#comment-59725 I am in a upside mortgage situation, by about $75,000. My rate is going to go up from 7% to 10.7 in 2 months. I was told my rate was not adjustable, but it is. I have owned my home for 2 years. Is there any programs out there that might benefit me. I have put so much work into my home I really want to keep it. Thanks for any help you can give me. I am in a upside mortgage situation, by about $75,000. My rate is going to go up from 7% to 10.7 in 2 months. I was told my rate was not adjustable, but it is. I have owned my home for 2 years. Is there any programs out there that might benefit me. I have put so much work into my home I really want to keep it.

Thanks for any help you can give me.

]]> By: Glen Cunningham http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/comment-page-1/#comment-52322 Glen Cunningham Fri, 18 Jan 2008 05:36:51 +0000 http://genxfinance.com/2007/12/19/the-fed-endorses-plan-to-curb-shady-mortgages/#comment-52322 I don't think it is too late actually. Better late than never, that's for sure. I don’t think it is too late actually. Better late than never, that’s for sure.

]]> By: Rick http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/comment-page-1/#comment-48384 Rick Mon, 31 Dec 2007 05:13:47 +0000 http://genxfinance.com/2007/12/19/the-fed-endorses-plan-to-curb-shady-mortgages/#comment-48384 These new measures are good and is a step in the right direction. What should be curbed is the over aggressive marketing on mortgages. These new measures are good and is a step in the right direction. What should be curbed is the over aggressive marketing on mortgages.

]]> By: bluntmoney http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/comment-page-1/#comment-46615 bluntmoney Fri, 21 Dec 2007 20:14:46 +0000 http://genxfinance.com/2007/12/19/the-fed-endorses-plan-to-curb-shady-mortgages/#comment-46615 "Bar lenders from making loans without proof of a borrower’s income." As someone who was strictly self-employed for several years (and who got two no-doc loans) I'd say this one makes sense IF "proof of a borrower's income" includes things like your previous year's tax return and bank statements from the current year. Those weren't considered enough "proof" of income according to the people I talked to when I tried to get a documented loan instead. (Because who wants to pay no-doc interest rates if you don't have to?) “Bar lenders from making loans without proof of a borrower’s income.” As someone who was strictly self-employed for several years (and who got two no-doc loans) I’d say this one makes sense IF “proof of a borrower’s income” includes things like your previous year’s tax return and bank statements from the current year. Those weren’t considered enough “proof” of income according to the people I talked to when I tried to get a documented loan instead. (Because who wants to pay no-doc interest rates if you don’t have to?)

]]> By: Jeremy http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/comment-page-1/#comment-46610 Jeremy Fri, 21 Dec 2007 20:02:48 +0000 http://genxfinance.com/2007/12/19/the-fed-endorses-plan-to-curb-shady-mortgages/#comment-46610 I know, for a mortgage the prepayment penalty doesn't make much sense. From a business standpoint, yes, the bank needs to make money, but since mortgages are front-loaded with the bulk of interest payments in the early years of the loan, they are still making some money. Maybe not as much compared to if someone kept the loan in its entirety, but it still isn't a very consumer-friendly practice. I know, for a mortgage the prepayment penalty doesn’t make much sense. From a business standpoint, yes, the bank needs to make money, but since mortgages are front-loaded with the bulk of interest payments in the early years of the loan, they are still making some money. Maybe not as much compared to if someone kept the loan in its entirety, but it still isn’t a very consumer-friendly practice.

]]> By: Mrs. Mciah http://genxfinance.com/the-fed-endorses-plan-to-curb-shady-mortgages/comment-page-1/#comment-46599 Mrs. Mciah Fri, 21 Dec 2007 18:52:50 +0000 http://genxfinance.com/2007/12/19/the-fed-endorses-plan-to-curb-shady-mortgages/#comment-46599 I hadn't heard of the prepayment penalty either. Penalizing people for being responsible...that's a recipe for disaster. The other ones are dumb, too, but someone the penalty seems even worse. I hadn’t heard of the prepayment penalty either. Penalizing people for being responsible…that’s a recipe for disaster. The other ones are dumb, too, but someone the penalty seems even worse.

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