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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Greenpoint and FNBA
are done. I'm still waiting for Accredited to go down.
Soon only the "real" banks are going to be left.
Greenpoint
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Posted 8/21/07 2:20 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Greenpoint and FNBA
WOW! Seems every lender is in financial ruin!
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| Posted 8/21/07 2:22 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Greenpoint and FNBA
How awful... So many people are losing their jobs
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| Posted 8/21/07 2:24 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Greenpoint and FNBA
And here I am sitting with a stack of GreenPoint disclosures and a GFE for my refi. My broker just told me last night to keep the docs since he had not heard back from anyone about the stipulations to close. I guess I can trash all this paperwork.
Good thing I locked in with my current mortgage company, Chase, last week.
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| Posted 8/21/07 2:33 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Greenpoint and FNBA
If you currently have a commitment with Greenpoint, as of now, they are still supposed to fund those loans.
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| Posted 8/21/07 2:36 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Greenpoint and FNBA
That's what I was told with American Home Mortgage but it never funded. We closed in early July but a document was not original and had to be redrafted. We closed again in late July, prior to them shutting down, and it did not fund.
I decided to go with Chase (my current mortgage company) after the two incidents with American Home but my broker insisted on trying to get me into a program with a much lower payment. That turned out to be GreenPoint.
I'm just doing a traditional 30 year fixed with Chase.
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| Posted 8/21/07 2:48 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Greenpoint and FNBA
That svcks - they were such a pleasure to work with.
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| Posted 8/21/07 3:04 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Greenpoint and FNBA
Posted by PotofLuck06
WOW! Seems every lender is in financial ruin!
Only the ones making stupid loans!!! (which apparenly is most of them)
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| Posted 8/21/07 3:21 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Greenpoint and FNBA
Posted by Meaghan729
Posted by PotofLuck06
WOW! Seems every lender is in financial ruin!
Only the ones making stupid loans!!! (which apparenly is most of them)
I cannot agree that the loans were stupid. Much of this is due to stated income loans but the stated income loan does have a place. Self employed borrowers have issues with documentation from Audited Financials (thousands to an accountant for that), business taxes, 3 years personal and corporate tax returns explanation for high and low income years.
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| Posted 8/21/07 7:09 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Greenpoint and FNBA
i feel sorry for all of unemployed people, good luck getting a new job in the mortgage industry right now.
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| Posted 8/22/07 9:21 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Greenpoint and FNBA
Posted by MrsT
Posted by Meaghan729
Posted by PotofLuck06
WOW! Seems every lender is in financial ruin!
Only the ones making stupid loans!!! (which apparenly is most of them)
I cannot agree that the loans were stupid. Much of this is due to stated income loans but the stated income loan does have a place. Self employed borrowers have issues with documentation from Audited Financials (thousands to an accountant for that), business taxes, 3 years personal and corporate tax returns explanation for high and low income years.
im not talking just about stated income - which I disagree much of this is NOT due to stated income - usually with stated income you at least have a good FICO- im talking about interest only ARMs for people who make $50K a year buying a $500K house!
eta: "The real estate market nationwide has contracted and investors have shunned mortgage-backed securities since defaults on loans to home buyers with poor credit rose to a record earlier this year."
Theres the key - buyers with POOR credit.
Message edited 8/22/2007 9:40:58 AM.
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| Posted 8/22/07 9:39 AM |
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