Text 5704, 73 rader
Skriven 2007-12-11 16:28:24 av Richard Webb (1:116/901.0)
   Kommentar till text 5703 av Dan Ceppa (1:138/666.0)
Ärende: U R dead  F**king right on!
===================================
Dan Ceppa wrote in a message to John Massey:

 JM> Bull, Years ago people were bitching about how there was inequity in
 JM> the mortgage industry. Complaints that "not enough poor people are
 JM> able to own a house" because they didn't qualify. The government came
<snip>
DC> No, John, it's the goddamned mortgage industru's own fault.  They
DC> are the ones who created the program.  They are the ones that  made
DC> the loans.  Now, they want the gvt to bail them out.  


IN the process, doing whatever they can to sell more loans.  YEs, sell them.
YOu can't get a guy to take out a loan unless you get him in the door and get
him to window shop.  That's sales, and like any kind of sales, making it
attractive is what you're about.

SO you take Joe COnsumer, in his mid-thirties, been renting all these years.
Got his wife, 2.5 kids, driving a late model car but not new. hIS job's rather
stable, she's working too.  Still home ownership's a leap for him.  HE's not
sure he's ready.

Joe Consumer's also unhappy with his current situation.  Landlord not
maintaining things as he'd like REnt's going up, quality of neighborhood life
going down.

the glossy brochure arrives in MR. COnsumer's mailbox.  HEy JOe!  You too can
own a home!  Now's the time to get in, interest rates at all time lows, a
buyer's market.  Sign here!!!  LIve the american dream!!!

NOw if you're JOe Consumer the rosy picture painted by the brochure and the
fast talking salesman gets you thinking. "Gee I could have a piece of ground
that's mine, all mine!  SUre I'll have to paint it, fix the plumbing, hire a
roofer. What the hey, it's great! Home ownership was dad's big thing.  My dad
will think I've finally arrived.  THere's that nice bungalow out there in the
burbs we looked at when we drove home from the mall.  Maybe we should go look
again."

SO now put the other hat on and take Joe COnsumer's off for a moment.  YOu're
in the business of selling this paper.  Your investors want that money working
for them, and the way that money works is by lending it out. YOu're in a can't
lose situation.  THe debtor defaults on the mortgage you repossess the house.
YOu roll the dice, make a few loans that if you were playing your hand
conservative you wouldn't make.  BUt, you tell yourself, you can always
foreclose.

YEt, as you just told JOe COnsumer in the nice glossy brochure, it's a buyer's
market out there.  YOu could lose your behind!!!

SO too many debtors are defaulting because the factory shipped all the jobs to
THailand.  What to do?

SEll the paper!!! Yah buddy, just sell that paper.

NOw for the big guns buyin' the paper it's crunch time, and now we want a
federal bailout.

<hrrumph>.

Btw know this first hand.  WE just settled out a family estate of my lady's
aunt. A relative thought he'd take advantage of that buyers' market and twist
our arms to get a brother-in-law price on this house and then some. Well, it
backfired on him and we all dug in our heels.  WE held out, took a little less
than we'd like, but still got more than he was offering.

Btw we're not carrying the paper either, we got our cash money and out from
under it.


Regards,
           Richard
... Pre production planning prevents poor Performance!
--- timEd 1.10.y2k+
 * Origin: Radio REscue net operations BBS       (1:116/901)