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1. Big down payments never made loans any safer. It boils down to the Character, Job and credit status, period.
2. Appraisals: Do you tell your Plumber “when” you want something done, or does he “tell you” ?
And do you hire the most qualified plumber for the job or do you send out a mass email indicating the maximum amount you will pay under any circumstances and when you want it done, with very little job description, to find the cheapest available plumber you can find in a 100 mile radius. Would you like it done right the first time or if the plumber has to come numerous times to get the job done is that OK ?
Ridiculous state of affairs. One bank controls the majority of the lending market and they hire the cheapest people they can find to process (globally). Then they intend on gaining an even bigger market share according to recent press release. Yes, they own their own appraisers too. Kick back on that is a little over half. Come on ! We need some real changes with these TBTF banks and the way they operate.
Understaffing is the reason the banks aren’t lending??? They are paying their CEOs enormous bonuses and salary, and they cannot hire a few more loan processors and underwriters? Really?
Sounds like they prefer to invest in derivatives and make the big returns.
Bring back Glass-Steagall and bring back sanity to the banking environment.
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