User talk:DasureJuhexo

Mortgage Jobs

The funny thing is always that Bank of America finds itself in the same place as a large number of small, mid-sized mortgage bankers who found themselves in similar positions and are now out of business. Twenty-four months ago, investors, mortgage insurance firms and larger mortgage banks hired all of the recently unemployed underwriters with directions to find "fraud" inside the files, thus deny coverage and force the sellers to repurchase the loans under their reps and warranties with the contract. The attempts to find fraud were thinly veiled attempts to point the finger at a person else and escape liability.

Mortgage Jobs

This gives mind one of my favorite scenes in Casablanca - Captain Renault, played by Claude Rains, tells Rick, played through the great Humphrey Bogart, that he is shocked to discover gambling in his café. No sooner has he finished the sentence when a waiter approaches Captain Renault using a wad of income and tells him, "Your winning Sir."

Mortgage Jobs

That phrase covers the act of many of these mortgage players, investors, bankers, the federal government, mortgage insurers and bond rating agencies. They all knew about stated income loans; all of them knew in regards to the substandard documentation; they new about inflated appraisals. What these players won't inform you is because they needed the supply of new mortgages to keep coming, as being a junkie wants a new fix. The steady availability of new mortgages allowed many of these companies to book record profits. Now it's a race to determine who can stand up to the mediocre ones.