Correspondent lenders are small lenders who do have the right to extend loans on their own risk and have the necessary funds to do so. After a loan is closed a correspondent lender will rarely keep it in their portfolio, selling it to a larger wholesale lender.
Up until October 2004, my husband had steady employment as an aeronautical Engineer In early 2004 we refinanced with Beneficial Finance, a division of HSBC. Days after refinancing my husband was forced into early retirement. This also happened after hubby’s 401K plan through his employer lost 3/4 of its value. We lived carefully on a 401K plan that was on life support but in December 2007 we filed for a hardship case with Household Finance.
Did you see price gouging before and after hurricane Ike? Do you also think predatory mortgage lending is a form of price gouging or deceit? Regarding gas prices an intelligent statement was made. With regard to the lending crisis, no effort was made. “It’s critical that we go to the source. A number of gas stations are claiming that they are only passing on increases that they have had to pay, so it is vital to examine where these price increases originated.” Why not do the same with mortgages?
Whether you call him Senator John McCain or Presidential candidate John McCain, the man is correct regarding his assement of Wall Street and the subprime mortgage crisis. “Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on,” McCain said during a taped appearance on ABC’s “This Week” program. When you look at the ratings companies, insurers, reinsurers, collateralized debt obligations, speculators, and short sellers, Wall Street is so wrapped up in the crisis it is not funny.
My wife an I are retired, and yes – we belong to AARP. We are considered to be ‘baby boomers’ although we are both retired from the military. We know some (perhaps many) people have more money in the bank than do we. We are also realistic about not having the pressures of some families, as we do have our retirement checks. Consider, if you will, those who are not yet retired. Many families have been touched by the mortgage crisis, high gasoline costs, and pressure on the family budget. It is along those lines that AARP permits me to echo what they said: