No I am hating bankers and banks

[Assasin]

The are singlehandedly killing the economy. Imagine people with good credit can't get home loan approval in the states. There are people who have contract pending since March and the banks are giving them cock and bull stories and checking everything you do to give you a loan.
How is it the economy in America is going to improve if they don't give qualified people loans? Obama and the rest of government better start talking or do something because they are going to kill the economic recover with the amount of foreclosure as they fail to give loan, hope price drop and people just get fed up and walk away as they can't sell.

In Jamaica you see their power as they raise rates and spread as they wish and talk crap. All that matter to them is their quarterly and yearly statement. All the people who depend on them to make a living bwoy mi sorry fi unnu.

[Islandman]

It is so funny because when the demand was high and them should have been checking people credit them was giving people who don't have job nor income loans.

Now when things crash and demand for loans is down , them giving the few people with good credit a difficult time.Set a eediats.

Anyway the real estate prices them look so attractive down inna Florida now me might decide fe go tangle wid de bank dem next year. Some 5 year old townhouse near me dat was selling fe all 200k+ a few years ago a sell fe 75-80K now to rhatid.

I wonder if people will accept reality and realise say the best thing for them is to walk away. If they hold on they will not have any equity in those houses for a decade if not more. I see a real estate fire sale coming in the next year or two.

[Assasin]

bwoy mi get caught up inna the rush but mi a try free up miself fi take advantage because we might never see this again. Next year going to be vital and I hope I can ketch a grand giveaway. Talk to somebody today who told me the underwriters actually approved her after months and Fannie mae turned it down. Mi never hear them kinda thing deh yet.

[Jangle]

that don't make no sense

[Assasin]

Well a dat them tell me and the woman work with a bank. All mi know they under contract for 7 months. They thought they would be approved long time

[Jangle]

she's not telling you the full story, that much I am sure of

[Assasin]

I know I experience a ruff one recently with someone close to me getting approved. with 700 credit score and decent salary you think it would be easy and it took 8 months to get approval. There was a lot of stumbling block and checks by the bank. 3 years ago with that credit score and and first time homebuyer it would be 2 months at most.

She may not tell me the full story but I know everything about the second case.

[Me]

bwoy mi get caught up inna the rush but mi a try free up miself fi take advantage because we might never see this again. Next year going to be vital and I hope I can ketch a grand giveaway. Talk to somebody today who told me the underwriters actually approved her after months and Fannie mae turned it down. Mi never hear them kinda thing deh yet.

Fannie Mae has a set of standard products that they buy from lenders and the products have set criteria. If they weren't willing to buy one of those mortgages from the lender that mean the lender didn't really do any "underwriting". If it is not a typical fannie mae product and fannie mae simply didn't want to buy the product, that means the lender didn't have the capacity to lend in the first place and were just dragging her along hoping they could convince Fannie Mae to buy the mortgage from them.

Suh either she telling lie or the bank telling her lie.

[Karl]

Fannie Mae has a set of standard products that they buy from lenders and the products have set criteria. If they weren't willing to buy one of those mortgages from the lender that mean the lender didn't really do any "underwriting". If it is not a typical fannie mae product and fannie mae simply didn't want to buy the product, that means the lender didn't have the capacity to lend in the first place and were just dragging her along hoping they could convince Fannie Mae to buy the mortgage from them.

Suh either she telling lie or the bank telling her lie.

You and Jangle on point!
If the bank approved her...she would be in her home long ago. Her bank's underwriters knew the guidelines of the various sectors of the secondary market loooooooog before she even though of applying for a loan.

Her bank knows to which of these guidelines the mortgage loan products it offers adhere. That is, her bank knows exactly where it is going to sell the loans it funds...whether to the Government Sponsored Enterprises or other private investor.

Even loans the bank intends to keep in its own portfolio for sometime is underwritten with thought on an eventual buyer. How her bank plans to it sell its mortgage loans and to which segment of the secondary determines the loan products they offer.

So if as she says her bank had approved her...then her loan would have already been adhering to the underwriting guidelines of (some segment) the secondary market.

As the pervious posters said - something is wrong with the story she told.

[Assasin]

One thing I forget to say is the house she was buying was currently in foreclosure so I don't know if that change anything but a so mi get it.

[Jangle]

One thing I forget to say is the house she was buying was currently in foreclosure so I don't know if that change anything but a so mi get it.

ok, now that will muddy the water....too many variables