Comments on: Nobody Read the Truth-in-Lending Disclosure http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/ Mon, 20 Jun 2011 00:09:25 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Bob Holy http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/comment-page-1/#comment-737 Bob Holy Sat, 06 Oct 2007 10:26:17 +0000 http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/#comment-737 Who cares? Who cares?

]]> By: MG http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/comment-page-1/#comment-572 MG Wed, 22 Aug 2007 19:44:31 +0000 http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/#comment-572 Sad truth is that I don't think they cared enough to bother. At least that was the case with Great Southwest Mortgage: http://www.arizonahousingbubble.com/2007/still-think-that-the-housing-bubble-is-the-fault-of-the-buyers-and-not-the-lenders/ Here's the Magnus PDF: http://azdfi.gov/Final/Forms/First_Magnus_Financial_Corp.pdf And the GSWM PDF: http://azdfi.gov/Final/Forms/First_Magnus_Financial_Corporation.pdf These two items on the 2nd pdf secured my thoughts: "Allowed borrowers to sign regulated documents containing blank spaces" and "A branch manager made false promises and misrepresentations or concealed an essential or material fact in the course of the mortgage banker business" They got nailed pretty hard though. While buyer's can definitely be to blame in many scenarios, I'm sure you've come face to face with buyers who had the means and picked a decent purchase, but used a bad loan product to finance it with. Sad truth is that I don’t think they cared enough to bother. At least that was the case with Great Southwest Mortgage:

http://www.arizonahousingbubble.com/2007/still-think-that-the-housing-bubble-is-the-fault-of-the-buyers-and-not-the-lenders/

Here’s the Magnus PDF:
http://azdfi.gov/Final/Forms/First_Magnus_Financial_Corp.pdf

And the GSWM PDF:
http://azdfi.gov/Final/Forms/First_Magnus_Financial_Corporation.pdf

These two items on the 2nd pdf secured my thoughts:

“Allowed borrowers to sign regulated documents containing blank spaces”

and

“A branch manager made false promises and misrepresentations or concealed an essential or material fact in the course of the mortgage banker business”

They got nailed pretty hard though. While buyer’s can definitely be to blame in many scenarios, I’m sure you’ve come face to face with buyers who had the means and picked a decent purchase, but used a bad loan product to finance it with.

]]> By: Barry Ritholtz http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/comment-page-1/#comment-571 Barry Ritholtz Wed, 22 Aug 2007 18:38:31 +0000 http://www.azmortgageguru.com/nobody-read-the-truth-in-lending-disclosure/#comment-571 Note that the borrower does not get to walk away, but the lender does lose their priority as a lien holder. Note that the borrower does not get to walk away, but the lender does lose their priority as a lien holder.

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