IWETHEY v. 0.3.0 | TODO
1,095 registered users | 0 active users | 0 LpH | Statistics
Login | Create New User
IWETHEY Banner

Welcome to IWETHEY!

New interesting comment from a real estate advisory email
Also of note - Chase Home Loans has backed away from writing FHA loans. As the requirements continue to be reduced, they commented that they are essentially sub-prime now and "we don't do sub-prime loans". This as Washington continues the push to reduce requirements to bring buyers into the market. Sound familiar?
you can kill people for America at age 18 but need to be 21 to buy a beer
New Well, big banks backing away from sub-prime loans is new.
Small banks are more likely to know their clientele and less likely to bundle and sell off mortgages.
Alex

"There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "my ignorance is just as good as your knowledge."

-- Isaac Asimov
New Comment on a CNBC story about it.
http://www.cnbc.com/2015/09/21/chase-mortgage-ceo-red-flags-fha-loans.html

JONNYANGEL • 18 days ago

"FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5 percent down; that's subprime lending, and we're not in the subprime lending business," said Kevin Watters, CEO of Chase Mortgage Banking."

So what exactly is this clown trying to accomplish with this prevarication?

As CEO of Chase Mortgage Banking he should know that FHA does not insure loans for borrowers with lower than 580 FICO scores unless they have at least 10% down.

He also should be aware that FHA loans are far from subprime loans. In the most recent quarter 19% of all FHA endorsements had credit scores over 720, the average credit score for all endorsements was 681, scores below 620 make up only 5% of the total endorsements and 85% of all loans had credit scores above 640.

The average credit scores for FHA loans have been between 680 and 700 since 2009....the entire time that Mr. Watters has been in charge of originations or CEO of the mortgage division at Chase.

Maybe he is trying to divert attention away from the fact that he hasn't been able to properly manage the government lending segment at Chase.....?


Unpossible!!1

Cheers,
Scott.
     interesting comment from a real estate advisory email - (boxley) - (2)
         Well, big banks backing away from sub-prime loans is new. - (a6l6e6x)
         Comment on a CNBC story about it. - (Another Scott)

This is immediately dreadful.
60 ms