Some Signs Your Mortgage Broker Was Not On The Up and Up
June 22nd, 2008 • Related • Filed Under
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One of my favorite writers is James Lileks. He is a brilliant and warped individual who shares my sense of humor.
Well James has come up with his analysis on how to tell if your mortgage broker was not on the up and up during the lending madness of the past few years.
Enjoy!
- Accepted Monopoly money and gold-foil-covered chocolates at closing for the down payment.
- Would leave the closing every 10 minutes to wipe off the tanning beds in the next room.
- Used air quotes when asking if you had a “job.”
- Let you use a stuffed animal to co-sign the loan.
- Gave you a loan below market interest rates based on nothing more than a phone call from the lender’s CEO and concluded the closing by saying, “Nice to meet you, Senator.”
- Asked if you would be interested in buying six other houses now, as long as we’re here and we have the pens out and everything.
- Most telling sign your mortgage may not have been on the up and up: They lent you more money than you could ever pay back to buy a house you could not possibly afford. via the Star Tribune.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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