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    • Wed Aug 6th 10:37 AM | Rating: 0 0
      Commented on:
      WaMu Borrower Purposely Defaults, Gets Foreclosed On, Sues
      If the conjecture from Dead, John, and user are somewhat directed my way, it's funny, nowhere did I say I was
      1) Delinquent
      2) Seeking below market interest.

      It's meant as a perspective on the industry/bank in relation to the Matt Stichnoth article.

      In a lot of cases, borrowers qualified for more conventional products but were 'guided' into these products. If borrowers were leveraging the low teaser rate/payment for a property they could not ultimately afford, shame on them, the banks and you for investing in businesses with sly underwriting guidelines.

      The point was borrowers were steered into sub-optimal products at that time for the benefit of the banks/brokers. If you are mis-informed about this, in retrospect, you need to do your research. Similarly, do you really know if the business is being well run. If you speak to someone in customer service who barely knows how to read from a script, do you think they are addressing the real issues? Years ago we invested based on business fundamentals, today a lot of investors do so based upon greed.

      Until the banks step up and come clean, it's going to be a long haul to recovery.

      Addressing the financial responsibility comment, perhaps directed in my 'pick up the keys' comment, as in all investments, sometimes we take the loss and walk away.
      View article »
    • Wed Aug 6th 09:13 AM | Rating: 0 0
      Commented on:
      WaMu Borrower Purposely Defaults, Gets Foreclosed On, Sues
      I've had the pleasure of being current on an option arm mortgage and attempted to contact wamu to restructure. After 6 or 7 months of endless roadblocks with people who had no clue on their own products, and less of a clue on their own operation, I finally got a take it or leave it offer that basically amortized the existing balance over the balance of the term at twice the payment, so I turned it down. I qualified for a conventional product at the time, but this was a 'better fit'. To top it off, they have my mailing address but overnight the 'offer' to the property address...it's upside down in a market that's down at least 35%. When the reset comes, they can pick up the keys.
      View article »
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