User talk:DaticaWemago

Mortgage Jobs

The funny thing is always that Bank of America finds itself in the same place as 1000s of small, mid-sized mortgage bankers who found themselves in similar positions and so are now bankrupt. Twenty-four months ago, investors, mortgage insurance providers and greater mortgage banks hired all of the recently unemployed underwriters with directions to discover "fraud" in the files, thus deny coverage and force the sellers to repurchase the loans under their reps and warranties with the contract. The efforts to find fraud were thinly veiled attempts to point the finger at someone else and escape liability.

Mortgage Jobs

This gives mind certainly one of the best scenes in Casablanca - Captain Renault, played by Claude Rains, tells Rick, played through the great Humphrey Bogart, that he's shocked to discover gambling in the café. No sooner has he finished the sentence when a waiter approaches Captain Renault using a wad of money and tells him, "Your winning Sir."

Mortgage Jobs

That phrase sums up the act of most of these mortgage players, investors, bankers, the federal government, mortgage insurers and bond rating agencies. They all knew about stated income loans; they all knew in regards to the substandard documentation; they new about inflated appraisals. What these players won't tell you is because they needed the supply of new mortgages to maintain coming, as being a junkie requires a new fix. The steady availability of new mortgages allowed all of these companies to book record profits. Now it's a race to determine who can stand up to the others.