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Scrappy Doo
of Portland, ME
Jan 19, 2008 12:48 PM
it does mention foreclosure in the article so i made an assumption; however i agree with you that 7k is a lot of money, of course it depends what you are comparing the $7k toreport abuseXportlander
of Scarborough, ME
Jan 19, 2008 8:37 AM
It doesn't say anything in this article about the house being foreclosed on. 7k is a lot to have a reserves in order to qualify someone.report abuseScrappy Doo
of Portland, ME
Jan 18, 2008 11:29 PM
The amount in question is immaterial! How does an extra $7,000 in "assets" cause someone to foreclose on their house? I'm not sure what happened or who is right, but it sure seems like a lot of details are missing....report abusegary
of lewiston, ME
Jan 18, 2008 3:57 PM
The problem is that mortgage brokers are generally commission compensated salespersons, and like anyone else on commission, if the deal doesn't happen, they don't get paid. While it's true that the borrower is also part of the problem here, there are rules in place that the mortgage broker has to follow. Much of the sub-prime and not sub-prime mortgage mess we have today was created by shoddy lending practices. After this mess shakes out I would expect some stricter regulations and better enforcement of rules governing federally insured loans to be enacted, and that will help some, until the next real estate boom, then everyone forgets, because there's big bucks to be made.report abuseYou must be a registered user of MaineToday.com to post a comment. Register or log in.
