Comments on: Huh?

by: Phil

Tue, 04 Sep 2007 16:29:53 +0000

Heh, I just barely closed on a refinance on my house last Thursday. It was a damn joke, took nearly six weeks to find a lender that would do it. My FICO (750-ish)is nearly as good as it gets and my new payment was actually going to be lower than my previous (combining my 1st and 2nd into one considering my equity). I can’t fathom why they had such a hard time wanting to decrease my payment considering my income and credit score. Oh well, at least it’s done.

by: Flahute

Sat, 01 Sep 2007 00:45:07 +0000

Ah … misread.

Although, the credit standards are getting so tight it’s making my life difficult. I know I don’t have the highest FICO in the world, but shit … I make decent money, all the negs in my report are from 6+ years ago, and I’m only trying to borrow 60% of what I was pre-approved for.

Stupid underwriters just won’t sign the damned paper so the title company can draw docs.

by: Art

Fri, 31 Aug 2007 22:15:54 +0000

That is ecxactly what I mean, loan to the peopl who can make payments. The Fed ’s seem to want to perpetuate the bad lending practices of banks by keeping liquidity high and interest rates low. I am saying they should be tightening credit standards.

by: Flahute

Fri, 31 Aug 2007 21:22:10 +0000

I’m not sure how you think that the tightening of credit standards means that it’s a bad idea to make loans to those of us who CAN pay the mortgage payments …

I take it to mean that it’s a bad idea to sell to people who CAN’T make their payments, even though it may cause problems in the housing market for a while longer.

I’ve got no problems providing documentation … I just want them to fuckin’ release the docs so I can sign them!