Mortgage Meltdown

[JOEBIALEK]

Until recently I was an underwriter for a sub-prime mortgage company that is about to close. It seems that most media outlets and government officials fain ignorance about the real underlying cause of the problem. There is either a tendency to blame the borrower or act as though no one in the industry {or outside of it} saw this coming. They fail to mention that those who gained the most financially got off scot free while leaving the mess behind for everyone else to clean up. In my former company, the sales managers and loan officers "held the keys to the safe" while deciding which guidelines to ignore sometimes going so far as to bribe fellow underwriters to "look the other way". Sales managers often overrode an underwriter's decision they did not agree with. Other times fellow underwriters would be threatened with their job for "impeding company growth and progress" just because they refused to go along with the flagrant disregard of guidelines . I complained to the sales managers about the bribing but all I got was a formal write-up for making "inappropriate comments".


There was absolutely no support from the owner of the company all the way to the human resource representative. This company is as corrupt as they come. I can't tell you the number of sexual affairs that occurred between married and unmarried people; primarily among the management staff {at the workplace itself}. Promotions were strictly political thus moving people "up the ladder" who never proved themselves worthy or were on a final written warning to be terminated {for poor performance}. As a result of the corrupt management of this company, I and several hundred others were laid off. I believe the federal government needs to investigate this company and bring to trial those corrupt individuals who broke the law. This would set an example for the rest of the mortgage industry that absolute corruption corrupts absolutely.

[drumaboy]

Until recently I was an underwriter for a sub-prime mortgage company that is about to close. It seems that most media outlets and government officials fain ignorance about the real underlying cause of the problem. There is either a tendency to blame the borrower or act as though no one in the industry {or outside of it} saw this coming. They fail to mention that those who gained the most financially got off scot free while leaving the mess behind for everyone else to clean up. In my former company, the sales managers and loan officers "held the keys to the safe" while deciding which guidelines to ignore sometimes going so far as to bribe fellow underwriters to "look the other way". Sales managers often overrode an underwriter's decision they did not agree with. Other times fellow underwriters would be threatened with their job for "impeding company growth and progress" just because they refused to go along with the flagrant disregard of guidelines . I complained to the sales managers about the bribing but all I got was a formal write-up for making "inappropriate comments".


There was absolutely no support from the owner of the company all the way to the human resource representative. This company is as corrupt as they come. I can't tell you the number of sexual affairs that occurred between married and unmarried people; primarily among the management staff {at the workplace itself}. Promotions were strictly political thus moving people "up the ladder" who never proved themselves worthy or were on a final written warning to be terminated {for poor performance}. As a result of the corrupt management of this company, I and several hundred others were laid off. I believe the federal government needs to investigate this company and bring to trial those corrupt individuals who broke the law. This would set an example for the rest of the mortgage industry that absolute corruption corrupts absolutely.

not sure if you worked in legit companies before this one, but, the deal is very simple.....there are businesses built on shaaaaaaaade, i equate it with the bullshit, hype/crackhead stuff in the house scene......thats exactly what happened, and still happens, you have a bunch of nimrods with no skill set, no education going for the quick dollar in a time period when interest rates went south, and basically a monkey could have re-financed a mortgage, very similar to the late 90's when the stock market was just soaring everyday, and anyone with a pulse hit buy then sell on their computer made money, there were, and still are, chop shops galore......but then, the correction came, separating the men from the boys.........i saw 16 year olds cold calling homes for re-fi's with a manager straight out of boiler room........what the fuck do you expect?.......i learned about all the bullshit, my boy knows an appraiser in Georgia, ming i gotta an aunt who has perfect credit , lets put da house in her name, add 30k to the mortgage, we pocket that type of deals all around.....and now, guess what, value drops, renters come and go, hence the melt down, this market needed a correction, im so glad it happened, people need to realize that yes, theres a dollar to be made, but a slow nickel is better than a fast dollar............sorry for your loss, i have one simple motto of advice, when youre interviewing, meeting someone who can be a potential boss, etc, ask yourself one simple question.....is this person an absolute jerkoff or a real worker/businessman......is this office a refuge for all the fuck-ups or not....dont fool yourself, good luck

[ghostnyc]

we had this discussion a while back on this god foresaken BBS. i kept arguing the fact that the suckers who got roped into BS mortage deals werent at blame..but rather the unscrupulous brokers should be held accountable.

unfortunately u have momo's like benny b on this bbs..that dont use credit cards..and pay everything by cash...who like to think that the borrower is at fault because they took these mortgages.

these scumbag shithole brokers are exactly how the person above me described them..no skill-set..no education..no licensing..

im so psyched that this little bubble finally burst..so all these "brokers" can go back to doing construction and serving me my pasta faggioli

[ShaE]

im so psyched that this little bubble finally burst..so all these "brokers" can go back to doing construction and serving me my pasta faggioli

damn lol

[woo]

im so psyched that this little bubble finally burst..so all these "brokers" can go back to doing construction and serving me my pasta faggioli

me too. nothing but a racket.

thing is interest rates are being lowered to help clean up the mess and in the meantime the dollar every other american owns is losing value.

i saved my ass in commodities. i THINK im making a profit but rather im beating the odds of inflation.

[James Maxx]

about 10 years ago I was working for one of these chop-shop mortgage companies. they gave me my own office with a locked door and a buzzer on the second floor of the office with my own brand new computer and color scanner.

I was basically scanning important documents like paystubs, credit reports and deeds, then altering them in order for the underwriters to accept the mortgage.

You could've walked in the office with poor credit making $24,000 a year owning nothing but a 15 year old car, but you would have walked out making $65,000 a year, owning 2 properties collecting rent checks from one, good credit score, and an approved $650,000 mortgage.

That was my job. To make the paperwork look good. I stopped after detectives came to my mother's house and the Banking Department made a few visits to the office, of course my boss wouldn't be there (he had a back door leading straight to his car in his office, along with a buzzer and camera).

My boss left the country with $8 million bucks of mortgage money that was never sent to the applicants.

Talk about a fucked up industry.

[fifi~dee]

about 10 years ago I was working for one of these chop-shop mortgage companies. they gave me my own office with a locked door and a buzzer on the second floor of the office with my own brand new computer and color scanner.

I was basically scanning important documents like paystubs, credit reports and deeds, then altering them in order for the underwriters to accept the mortgage.

You could've walked in the office with poor credit making $24,000 a year owning nothing but a 15 year old car, but you would have walked out making $65,000 a year, owning 2 properties collecting rent checks from one, good credit score, and an approved $650,000 mortgage.

That was my job. To make the paperwork look good. I stopped after detectives came to my mother's house and the Banking Department made a few visits to the office, of course my boss wouldn't be there (he had a back door leading straight to his car in his office, along with a buzzer and camera).

My boss left the country with $8 million bucks of mortgage money that was never sent to the applicants.

Talk about a fucked up industry.



did you work for LaMattina and Associates by any chance :suspicion

[italianchris11]

about 10 years ago I was working for one of these chop-shop mortgage companies. they gave me my own office with a locked door and a buzzer on the second floor of the office with my own brand new computer and color scanner.

I was basically scanning important documents like paystubs, credit reports and deeds, then altering them in order for the underwriters to accept the mortgage.

You could've walked in the office with poor credit making $24,000 a year owning nothing but a 15 year old car, but you would have walked out making $65,000 a year, owning 2 properties collecting rent checks from one, good credit score, and an approved $650,000 mortgage.

That was my job. To make the paperwork look good. I stopped after detectives came to my mother's house and the Banking Department made a few visits to the office, of course my boss wouldn't be there (he had a back door leading straight to his car in his office, along with a buzzer and camera).

My boss left the country with $8 million bucks of mortgage money that was never sent to the applicants.

Talk about a fucked up industry.


Didnt the bank underwriters verify their credit scores or any of the other docs?

[James Maxx]

did you work for LaMattina and Associates by any chance :suspicion

Nope

I don't remember the name but it definitely wasn't with an "Associates" in it.

[James Maxx]

Didnt the bank underwriters verify their credit scores or any of the other docs?


The documents were faxed over and looked very legit so they wouldn't bother. If they did verify and "gave us trouble" then we look for another underwriter.

I guess they didn't figure we had the balls or the technical knowledge to alter paystubs, W2s, rent checks, credit reports etc.

[ghostnyc]

i hope benny b is reading this..cause according to him..it's all the borrowers fault

[woo]

i hope benny b is reading this..cause according to him..it's all the borrowers fault

they are stupid for sure lol. no reason to blow up ur money like that either. collect interest, don't pay it.

[JOEBIALEK]

good points

[tribaljunkee]

it was needed with the amount of credit floating around.