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#1217864 - 07/16/09 01:38 AM Mortgage Loan offer - Have we learned nothing?
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
So I get home and take out a stack of papers from the mailbox, most of which go right into my recycle bin, and what do I see? A letter from Union Bank. Hmmm., I don't have an account at Union Bank, what could this be?

I open the letter to find that Union Bank is SERIOUSLY OFFERING/ENCOURAGING me to apply for their Interest Only 10/1 Adjustable Rate Mortgage?!?!?!?!

Why? Seriously, why?
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#1217866 - 07/16/09 02:43 AM Re: Mortgage Loan offer - Have we learned nothing? Princess Romeo
buggs Offline
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Joined: May 2005
Posts: 8,487
Haven't you heard? Mortgage lending is profitable again.

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#1217900 - 07/16/09 12:36 PM Re: Mortgage Loan offer - Have we learned nothing? buggs
TB 12 Offline
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TB 12
Joined: Feb 2005
Posts: 6,559
Foxboro
I am suprised anyone is offering that garbage anymore.
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#1217905 - 07/16/09 12:40 PM Re: Mortgage Loan offer - Have we learned nothing? TB 12
HappyGilmore Offline
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Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
I had an offer yesterday that I was pre-qualified for an interest only mortgage for $1,000,000. I thought it was a typo, but as I read through it, it was clearly for $1,000,000.
Last edited by Pale Rider; 07/16/09 01:43 PM. Reason: objectivity
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#1217907 - 07/16/09 12:44 PM Re: Mortgage Loan offer - Have we learned nothing? HappyGilmore
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
Grab that deal, Happy. Just imagine what you can do with $1,000,000. Oh, the possibilities.
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#1217909 - 07/16/09 12:45 PM Re: Mortgage Loan offer - Have we learned nothing? HappyGilmore
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
A million????

How you do'in?
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#1217964 - 07/16/09 02:07 PM Re: Mortgage Loan offer - Have we learned nothing? #Just Jay
MB Guy Offline
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Joined: May 2004
Posts: 10,124
Way, way south.
A friend of mine just refi'ed her house, and they approved it with a 55% DTI.

That's a pre-tax gross income figure and not counting RE Taxes, mind you.

Isn't that what got us into this mess????
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#1217974 - 07/16/09 02:27 PM Re: Mortgage Loan offer - Have we learned nothing? MB Guy
pjs Offline
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pjs
Joined: Aug 2004
Posts: 10,321
oHiO
Well I just reviewed one this week that had a 71 d/i ratio. I'm like not liking this at all. I don't care if they are Amish or not.

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#1218467 - 07/17/09 01:33 PM Re: Mortgage Loan offer - Have we learned nothing? pjs
Sinatra Fan Offline
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Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
We US citizens have a seemingly limitless capacity for self-delusion. Exhibit A: Congressional recidivism--oops, I mean reelection--rates.
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#1218985 - 07/19/09 02:04 AM Re: Mortgage Loan offer - Have we learned nothing? MB Guy
WildTurkey Offline
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WildTurkey
Joined: Jan 2003
Posts: 921
Down South, USA
Originally Posted By: I'm ah Superman
..... Isn't that what got us into this mess????

Go tell that to the Federal government!
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#1220253 - 07/21/09 10:27 PM Re: Mortgage Loan offer - Have we learned nothing? Sinatra Fan
BurntSienna Offline
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Joined: Aug 2006
Posts: 2,407
Midwest
Originally Posted By: Sinatra Fan
We US citizens have a seemingly limitless capacity for self-delusion. Exhibit A: Congressional recidivism--oops, I mean reelection--rates.


I nominate this as post of the month.
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