anna wrote on November 06, 2007 04:12 PM: I really think that we have to look at the whole picture on this whole mess. Credit reporting agencies hurt the consumer. We need the subprime market back.There are hard working Americans that are very honest that do pay their mortgage that don't have very good credit due to the way their credit is reported. This leaves those people no other alternative but to get high interest rates and ajustable rate loans. It's a vicious cycle that has no real way of fixing itself.

ANDYG wrote on September 24, 2007 10:35 AM: 35yearsinrealestate thanks for helping clarify things a little more. Unfortunately, people like VegasBob and his friends don't care about the facts. They just believe that everyone in my industry should go to jail because there are some unethical people out there and because LENDERS made it so you could get a loan just by walking in the door. All brokers did was submit loans. The LENDERS have underwriters to go over the files and decide if everything works. No one wants to blame the lenders for creating these programs and guidelines they just want to attack the middle man. Just an FYI VegasBob, I don't need someone like you to type slower. I could run circles around you on your best day! And you should try to spell things correctly whether it's a Blog or your Senior Thesis Final Exam. Cutting corners is part of the decline of Western Civilization! And one other thing Bob, obviously you don't know any Mortgage People personally or one put you in a bad loan because your examples of what we do in our free time are more on pace for other professions. Most of us are small business owners just trying to make a living. Are you aware of the fact that I have to deal with issues like predatory lending, regulation Z, ECOA, HOEPA and so on? These loans don't go bad because of excessive charges. They go bad because people could get 100% financing with a 580 FICO score. They couldn't make the payments in the first place, and by not having any money tied into the home, they would rather walk away and let the bank sell it.

35yearsinrealestate wrote on September 23, 2007 04:35 PM: I am sorry to tell you but, ARM loans have been around since the early 1980's. The IRS allows business deductions!! So bottom line can be legitamely reduced. Even Doctors, Dentists, Business Owners and anyone filing long form 1040's attempt to reduce the bottom line for income tax purposes. Are they all frauds? The majority of the problem in the real estate market is a result of greed and supply and demand NOT ARM loans gone bad. Also, the large majority of foreclosed homes are investor or second homes.

KickAssTakeNames wrote on September 22, 2007 02:17 PM: Oh wow, AndyG and the other shylocks are getting a good ass kicking in the Blog and elsewhere I am reading. Couldnt happen to a better bunch of Lowlifes. Recent Nevada law changes have got all these financial whizkids panties in a knot, boy are they puckered up! And why? Well, participate in loan fraud, go to jail and get your ass sued! Hookus Pookus and flim flam the buying public with unintellible loans that come back to bite, go right to jail and get your ass sued! Look the other way in loan processing and dump the problems off on the taxpayers, got to jail and get your ass sued! These boys wont be driving anything but maybe a KIA or Yugo by the time the law and market pressures catch up to them! Too many of these vermin took a powder with their ill gotten gains before the meltdown. But maybe the Government will tighten Broker licensing and bonding requirements to eliminate the fly by nighters and hotshot in and out burger boys before that can even print a loan document, let alone fill one out.

VegasBob wrote on September 21, 2007 06:52 PM: AndyG: Well my man, you at least read the king's english. But I hope you realize that Blog writing isnt like we are doing our Senior Thesis Final Exam!Having siad that I will write real slow so you can see the words coming off my fingertips! You are undoubtably a lender. One of the fine financial professionals who participated, aided and abetted this market crisis. In the example you have given regardin this business person you note that they could buy a $160K home using piggy back loans! That's great. But unfortunately, the rest of your asshole buddies "qualified" these morons for $500k, $600K. $800K plus loans. Many for the sole purpose to "flip" the property onto the next schmuck who you and your financial genius friends also got approved for "stated income loans" and other exotic instruments. You know its true and so now does the rest of the country that is living thru this Housing Bubble mess. Of course good old AndyG and his lender buds, well they got their fees and oh yea got to lease their "BEEMERS" (LOL),yea and got to sip some rare vintage wines and to smoke them good old "SEEGARS" while the rest of the mortgage market went into the toilet along with any equity left for homebuyers not nutty enough to use their home as an ATM or get "REFIed" with the help of good old AndyG and Co. The trouble with all the BS the lending industry is trying to put out now that the curtain has been torn back and we can all see who the Wizard of OZ really was, it just doesnt compute no more fellow! It was a POZI scheme, built on lies, greed,fraud and corruption at every level of the real estate industry.

ANDYG wrote on September 21, 2007 05:39 PM: WOW! Here I am trying to point out why Stated Income Loans are necessary in this area and all the better you can do is personally attack me? Quite frankly, I come from the Midwest and am used to doing full documentation loans. I think you should have to document all your income and come in with some money so you have more of a personal stake in the property and are less likely to walk away just because you don't want to make the payment. I didn't feel the need to make personal insults at someone just because they are not knowledgeable about the situation. VegasBob your rants would have a little more crediblitity if you could actually spell the words you were trying to use. Try spellcheck. TeepeeCreepee check what I wrote for VegasBob, it applies to you too! Your last sentence alone is a mess. It's lose not loose, Beemer not Bimmer, and local not locale. Since the tipped employee scenario didn't work for any of you, you probably weren't ever in this situation. Let's try the person who owns their own company. They brought in $200,000 of income this year. They then had to pay bills, buy inventory, keep a staff, rent a building, etc. They bring in their paperwork and sit down and get their taxes done. After expenses, they made $45,000. That's $3750 per month. On a normal loan you are allowed approximately 45% DTi max which would be about $1687.50. Let's say they have $500 in revolving debt. Now their home payment can't be more than $1187.50. That person can now buy a $160,000 home with 10% down, full doc, 6.375% on the first and 9% on the second. No PMI. I know that there are a ton of those in this town.

LV for SD wrote on September 20, 2007 08:13 PM: Vegas Radar hit the nail on the head. Just pay your taxes like the rest of us folks that don't get tips and there should be no problem documenting the income.

AndyG, why isn't a completed income tax form considered full documentation of income?

Vegas Radar wrote on September 20, 2007 05:52 PM: "This is a city filled with tipped employees i.e. waitresses, waiters, valets, 21 dealers, etc. that can't prove all of their income in full documentation but can still afford a nice house due to the cash tips that they make."

UHHHH, isn't that tax fraud?
Looks like they'll have to start reporting their tips as income and paying taxes on them- like they are suposed to do. THEN they will be able to prove how much they really make. - Simple really

TeepeeCreepee wrote on September 20, 2007 03:19 PM: Now lets me see if I get this right! Your old lender pal AndyG is just going to let us folks waltz right in and heck just say anyold thing about what we earn and then give us a$500,00 loan on one of these cookie cutter homes! There in lay the problem with the current housing loan and sales meltdown! That lowlife AndyG and his pals just looked the other way and ofcourse took the loan fees and other"processing costs" needed to help old you and me out! Ha! That dog wont hunt nomore! Everyone who is honest files a income tax return. Us that to verify or dont make the loan idiot! Oh, so that dont report that cash transaction, too bad hasta la vista! Either the lending industry gets right and straight with the consuming public or they go to jail for participating in loan fraud! Got you puckered up there AndyG? Hope so, that's why the law was passed, especially for those cast of characters who opened quick loan shops and mortage factories at the height of the feeding frenzy when flippers were all the rage and I dont mean the ones working at Mcdonald's. Now if you dont qualify and have some skin in the game, no can buy! If you used a liar loan to get your home and good old AndyG put you into an adjustable that is resetting upward, so sad, too bad. You loose your house, but until the new law good old AndyG walks away scott free to drive his Bimmer off to the locale watering hole laughing all the way!

VegasBob wrote on September 20, 2007 02:35 PM: ANDYG: Now here's the deal bub, all these casio dealers, hookers, waiters, busboys and et al have filed an Income TAX Returns, havent they...oh I forgot they undereport for Uncle SAM but for the shyocks its OK to just state your income, $50,000, $100,000, no problemo Bro!...just step right up we got the deal for you, no troubles, we just repackage it and flip it off to the Hedge fund suckers or whoever will buy this dreck! We "professional" loan brokers just will take it at face value! Yea Right. Along with your fees, points and costs of doing business. Sorry Charlie, the curtasins have been torn away from the mortgage market nonsense and fraud of the last dozen years. Now its payback time for you SOB's, get ready for some sorry ass kicking in the criminal courts and you better pay up your liability insurance, because a whole world of ass whopping is coming your way!

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