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E-Mail from MB -- Looks like new sub-prime market open up today

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Received a couple of these in the last two days from different MB's are we starting to see a run on FHA? If so will there be a melt down later on?? Who will clean up that mess if it happens?

Red is from my email

The documents accompanying this email transmission contains information, which is intended only for the use of the individual or entity named on this email. If yoou are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or the taking of any action in reliance on the contents of this email information is strictly prohibited and that the documents should be returned to this office immediately. In this regard, if yhou have received this email in error, please notify us by email or telephone immediately so that we can arrange for the return of the documents to us at no cost ot you. Long distance callers may call
1-877-521-2579

Has FHA turned into the new subprime lender?????? Should FHA be on guard or are they like other lenders all they see is profit in their pockets up front. By the way who is guarding the FHA (Farm Henhouse Agency)?


-----Original Message-----
From: The New FHA [
mailto:[email protected]]
Sent: Monday, February 25, 2008 11:33 AM
To: [email protected]
Subject: FHA HOMEOWNERS ONLY:New Product: FHA mortgage reduction packages
Rates are at an all time LOW, and may not be here for long

-NO INCOME DOCS
-NO BANK STATEMENTS
-NO APPRAISAL
-NO POINTS
-NO HEADACHES

CLOSE IN AS LITTLE AS TWO WEEKS

SAVE THOUSANDS A YEAR
http://www.kidpeepaw.com/fha_leads
 

bschmidt

Sophomore Member
Joined
Jun 4, 2007
Professional Status
Certified Residential Appraiser
State
California
Wonder if the disclamer in red is an attempt to keep appraisers from sending possible bogus orders to www.MortgageFraudWatchList.org or other entitys. Hmmm
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Received a couple of these in the last two days from different MB's are we starting to see a run on FHA? If so will there be a melt down later on?? Who will clean up that mess if it happens?

Red is from my email

The documents accompanying this email transmission contains information, which is intended only for the use of the individual or entity named on this email. If yoou are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or the taking of any action in reliance on the contents of this email information is strictly prohibited and that the documents should be returned to this office immediately. In this regard, if yhou have received this email in error, please notify us by email or telephone immediately so that we can arrange for the return of the documents to us at no cost ot you. Long distance callers may call
1-877-521-2579

Has FHA turned into the new subprime lender?????? Should FHA be on guard or are they like other lenders all they see is profit in their pockets up front. By the way who is guarding the FHA (Farm Henhouse Agency)?


-----Original Message-----
From: The New FHA [
mailto:[email protected]]
Sent: Monday, February 25, 2008 11:33 AM
To: [email protected]
Subject: FHA HOMEOWNERS ONLY:New Product: FHA mortgage reduction packages
Rates are at an all time LOW, and may not be here for long

-NO INCOME DOCS
-NO BANK STATEMENTS
-NO APPRAISAL
-NO POINTS
-NO HEADACHES

CLOSE IN AS LITTLE AS TWO WEEKS

SAVE THOUSANDS A YEAR
http://www.kidpeepaw.com/fha_leads

There are mortgage brokers involved with these loans, yes?

Thus, yes, FHA should have reason for concern.
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just got another one read on. They must be doing mass email mailings. This is from a different person. What would FHA say if they knew about this type of marketing?

=============================


YOU MUST HAVE a FHA Mortgage to qualify for a STREAMLINE RATE REDUCTION
Rates are at an all time LOW, and may not be here for long

-NO INCOME DOCS
-NO BANK STATEMENTS
-NO APPRAISAL
-NO POINTS
-NO HEADACHES

CLOSE IN AS LITTLE AS TWO WEEKS

SAVE THOUSANDS A YEAR
http://www.saylas.com/fha_leads



You already own a home, so you're at least somewhat familiar with the = mortgage process. If you've never refinanced through FHA you might think = that it's more complicated because you're involved with a government = agency. Well, you'll be pleasantly surprised to learn that refinancing = with an FHA loan is really no different than than the process of = refinancing with any other loan. Of course, you have many more protections = and it will be easier to get qualified with FHA.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
This sounds similar to the initiatives being taken by the banks to reach out to their own at risk borrowers who are in danger of defaulting.

I wonder if this outfit sorts them out to their own banks for processing or is just using existing FHA borrowers as a mailing list for their own outfit.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Classic Bait and switch and exploitation of people under duress.

Appraisers use extreme caution if you are completing work for scum bags like this.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Classic Bait and switch and exploitation of people under duress.

Appraisers use extreme caution if you are completing work for scum bags like this.

I kinda agree with Carnivore. I haven't seen anything like this in my area but if I do, I will call an FHA underwriter I know and ask her about it.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
FHA was the original subprime lender with a bit more requirements regarding both the buyer and the property. It seems to me we have come full circle .. and perhaps ... can now get back to the basics of good business. They need to close the approved appraiser list again, tighten restrictions on properties again, and perhaps on borrowers within reason.

But HUD being a subprime lender is nothing new ... they were the original.
 
Joined
Jun 3, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
FHA streamline refi's have been around for a long time -- the logic is that if the new loan benefits the existing FHA borrower, it can be done with no docs -- and no appraisal.

The borrower has to be current and in good standing on their existing FHA mortgage, and "benefit" means less money per month into their mortgage payment. Benefit can also include going from an ARM to a fixed rate.

One of my best clients does a ton of these -- there are a number of proposals in Congress to help sub prime borrowers move into FHA loans, but these are not FHA streamlines.

How it will all play out is anyones guess -- except that Wall Street has once again privatized profit, and socialized risk. A great deal for the uber rich -- not so good for everyone else.
 
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