Posted by Shoshana/AZ on October 11, 2008, 6:16 pm, in reply to "Re: I am sorry but I don't get the point here."
207.200.116.138
Cheryl,
With all due respect World was the best of the lot. They did option arms for over 25 years. Their appraisals were extremely conservative and the loans could go to 125% of principal before being recast. The bigger issue is how the government forced lenders to meet racial quotas in loans. That fueled the subprime market and predatory lenders such as Ameriquest. The other issue is the xpeculators. They all forced housing values up as they flipped their houses several times ovee before the bubble burst. Rverything is cyclical.
The law of gravity has not yet been repealed.
Ultimately, the borrower has to take some responsibility, as well.
--Previous Message--
: I think this is pretty scary, given
: CWHL's horrible reputation, I would
: not give them power to sign loans for
: me...Don't forget that CWHL, Indymac,
: Downey, and World Savings loan
: products are the reason we're upside
: down right now.
:
: --Previous Message--
: I'm sorry. The point is that if the
: borrower has given CountryWide Power
: of Attorney, they could have signed
: all the documents as the attorney in
: fact for him and there would have been
: no need for a notary to come to his
: home to witness their signatures.
: --Previous Message--
: Please explain further.
:
: --Previous Message--
: I went to a signing today and the
: bowerers produced a limited power of
: attorney that the siging service had
: asked them to sign. This document
: would have given them the autority to
: sign their loan documents without a
: notary. Needless to say the borrowers
: refused to sign it. Any comments???
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