Newsweek Link: The Predators Ball

[Bearslide]

Somebody in the media is finally getting it. Wonder how much Fannie and Freddie will like THIS publicity?

http://services.newsweek.com//searc...ite-search-submit.x=39&site-search-submit.y=8

 

[Mike Boyd]

I don't know if it is Fannie's or individual lender guidelines but when I was brokering loans, I had to sign a statement with each wholesale lender that I would buy back any loan that was based on misleading or fraudulent documentation. That might be why I could not compete with the "big guys," those that had the wherewithall to buy back loans.

 

[J in Florida]

Mike, what I saw at the wholesaler I worked at, was that the buy-backs were not enforced against the top producing correspondents.

 

[Hamlet]

It is plain disgusting how big business runs our government.

 

[Dee Dee]

I don't know if it is Fannie's or individual lender guidelines but when I was brokering loans, I had to sign a statement with each wholesale lender that I would buy back any loan that was based on misleading or fraudulent documentation. That might be why I could not compete with the "big guys," those that had the wherewithall to buy back loans.

Yeah....
I remember when the appraisers on this board used to believe that all it would take was a few greedy MB's having to buy back their dirty loans, then their cronies would shape up and get their ethics in order.
Ha! How naive we were!