New 1004

[gregb]

we finally agree

Are you agreeing to other East Cleveland jobs?

 

[Tom D]

This thread is starting to go above my head. Like the insults are imbibed with some cosmic 5th dimension thinking.

Even my comments makes no sense, being infuenced by no sense posts here. Although, some of yous are very smart.

Liked it when some of yous described how the new minutia 1004 will work. Going to have a rubber mat on my desk so i don't hurt myself, banging my head on the desk, for the same fee.

Gotta practice my begging price increase speech.

 

[Fernando]

This thread is starting to go above my head. Like the insults are imbibed with some cosmic 5th dimension thinking.

Even my comments makes no sense, being infuenced by no sense posts here. Although, some of yous are very smart.

Liked it when some of yous described how the new minutia 1004 will work. Going to have a rubber mat on my desk so i don't hurt myself, banging my head on the desk, for the same fee.

Gotta practice my begging price increase speech.

And some say Fernando doesn't make sense.

 

[George Hatch]

yeah the gse's got a bailout...meaning their policies are losers but that is what happens when socialism takes over

Well, since you mention it Fannie Mae's history DOES trace back to FDR, and his communism-lite New Deal. Fannie started out being a social entitlement program.

"Originally chartered as the National Mortgage Association of Washington, the organization's explicit purpose was to provide local banks with federal money to finance home loans in an attempt to raise levels of home ownership and the availability of affordable housing.[10] Fannie Mae created a liquid secondary mortgage market and thereby made it possible for banks and other loan originators to issue more housing loans, primarily by buying Federal Housing Administration (FHA) insured mortgages."​

​

Not only that, but the requirement on lenders to get appraisals is an expression of socialism, too. If it wasn't for the hand of govt meddling in commerce the lenders would never have even used appraisals in many of their deals. I'm sure there are a lot of lenders who consider the requirements involving appraisals to be a parasitic drag on commerce, the same as applies to most forms of due diligence. Most of us (including me) wouldn't even be in the appraisal business if not for the heavy hand of government.

And you know what they say: that which was added by the hand of govt can just as easily be deleted by the govt on the same basis. Just look at what happened to the C&R elements of D-F. The legislative branch went one way and the executive branch went the other way.

 

[George Hatch]

We could even argue that the three most capitalistic evolutions that ever happened in the mortgage lending business was outsourcing the title function, the loan origination function and the appraisal function so that the banks would only have to buy what they used. Instead of carrying all those costs as fixed overhead through thick-n-thin.

 

[djd09]

...better forms aint fixing that hockey stick

 

[djd09]

Well, since you mention it Fannie Mae's history DOES trace back to FDR, and his communism-lite New Deal. Fannie started out being a social entitlement program.

"Originally chartered as the National Mortgage Association of Washington, the organization's explicit purpose was to provide local banks with federal money to finance home loans in an attempt to raise levels of home ownership and the availability of affordable housing.[10] Fannie Mae created a liquid secondary mortgage market and thereby made it possible for banks and other loan originators to issue more housing loans, primarily by buying Federal Housing Administration (FHA) insured mortgages."​

​

Not only that, but the requirement on lenders to get appraisals is an expression of socialism, too. If it wasn't for the hand of govt meddling in commerce the lenders would never have even used appraisals in many of their deals. I'm sure there are a lot of lenders who consider the requirements involving appraisals to be a parasitic drag on commerce, the same as applies to most forms of due diligence. Most of us (including me) wouldn't even be in the appraisal business if not for the heavy hand of government.

And you know what they say: that which was added by the hand of govt can just as easily be deleted by the govt on the same basis. Just look at what happened to the C&R elements of D-F. The legislative branch went one way and the executive branch went the other way.

do not cheat, lie, or steal...the gov hates competition

 

[George Hatch]

This is a tangent which leads us directly into a Chinese Finger Trap sort of dilemma. If the argument is that the regulation of the mortgage business is a necessary evil then that has us advocating for more regulation to further impede the lenders' proven ability and intent to cut corners. And/or use borrower-biased and overvalued appraisals.

Same with C&R. If the argument is that the only fix for how the appraisers get paid is for the govt to recast C&R into its original intent then that's another example of advocating for more govt intervention, specifically into the market for appraisal services.

OTOH, if we argue that govt regulation is getting in the way of commerce then that has us advocating for letting the lenders run wyld with all of their due diligence functions. Which from their wish list would include retiring the requirements to obtain appraisals.

 

[Fernando]

Well, since you mention it Fannie Mae's history DOES trace back to FDR, and his communism-lite New Deal. Fannie started out being a social entitlement program.

"Originally chartered as the National Mortgage Association of Washington, the organization's explicit purpose was to provide local banks with federal money to finance home loans in an attempt to raise levels of home ownership and the availability of affordable housing.[10] Fannie Mae created a liquid secondary mortgage market and thereby made it possible for banks and other loan originators to issue more housing loans, primarily by buying Federal Housing Administration (FHA) insured mortgages."​

​

Not only that, but the requirement on lenders to get appraisals is an expression of socialism, too. If it wasn't for the hand of govt meddling in commerce the lenders would never have even used appraisals in many of their deals. I'm sure there are a lot of lenders who consider the requirements involving appraisals to be a parasitic drag on commerce, the same as applies to most forms of due diligence. Most of us (including me) wouldn't even be in the appraisal business if not for the heavy hand of government.

And you know what they say: that which was added by the hand of govt can just as easily be deleted by the govt on the same basis. Just look at what happened to the C&R elements of D-F. The legislative branch went one way and the executive branch went the other way.

Appraisals allow lenders to lend as much as possible (remember the (90% LTV) in making money.
Back in the old days, lenders required larger down payment thus no need for appraisals.
Then came along FHA which allowed even less financial worthy applicants to qualify for mortgages.

 

[djd09]

This is a tangent which leads us directly into a Chinese Finger Trap sort of dilemma. If the argument is that the regulation of the mortgage business is a necessary evil then that has us advocating for more regulation to further impede the lenders' proven ability and intent to cut corners. And/or use borrower-biased and overvalued appraisals.

Same with C&R. If the argument is that the only fix for how the appraisers get paid is for the govt to recast C&R into its original intent then that's another example of advocating for more govt intervention, specifically into the market for appraisal services.

OTOH, if we argue that govt regulation is getting in the way of commerce then that has us advocating for letting the lenders run wyld with all of their due diligence functions. Which from their wish list would include retiring the requirements to obtain appraisals.

OH PLEASE… Hillary Clinton Claims Kamala Harris Will ‘Fight to Lower Costs for Hard-Working Families’ (VIDEO)​

https://twitter.com/x/status/1825715459397656595

i think they call t affordable housing...woke jokes