Comments on: Ability-to-Repay Rule for Mortgages Nears CFPB Approval

By: Bobbi Swann

Bobbi Swann — Wed, 02 May 2012 16:13:34 +0000

To Tell…. – she was bullied off this site! Liken to your title (To Tell The Truth) she was doing just that! Some posters just could not handle the truth being told……I miss her as well.

By: Bobbi Swann

Bobbi Swann — Wed, 02 May 2012 16:11:24 +0000

In reply to Vicki Nader.

Vicki – it would be done that way if we had a tax base that was EQUAL for every citizen. However, not all states have income tax or state tax and the federal tax program as it stands is not uniform. Therefore, it could hinge on discrimination if a person in one state could qualify to buy a home and in another state with the same circumstances could not! It is common knowledge that the majority of taxes paid in this country are paid by the middle & lower class. They don’t have the advantages or loopholes that are provided to the elite wealthy. Why do you think Occupy came about???? Besides, each state has the authority to raise/lower their state tax base. I, for one, who lives in Florida do not have or pay state taxes. Using “gross” income is a more uniform means of providing the so-called American Dream to each and every citizen. And, just to make matters more complicated the IRS is not even a legal entity; a collection agency that legally has NO POWER to tax the people!!! Just check your constitutional ammendments.

By: To Tell The Truth

To Tell The Truth — Wed, 02 May 2012 00:19:24 +0000

Whatever happened to I vent? I miss her inputs.

By: readdocs

readdocs — Tue, 01 May 2012 21:36:41 +0000

Well wow. There’s lots of shovels being used to dig holes to bury the evidence, and lots of covering
your ass going on, in the banking area as well as in the government.

By: Sal

Sal — Tue, 01 May 2012 19:26:07 +0000

Largest International Money Laundering Network in History Formed During Obama Administration; U.S. Banks’ Theft of Home Owners’ Money Laundered Through Cayman Islands, Isle of Man and Numerous Offshore-Based Affiliates. alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole hundreds of millions of dollars of home owners’ money during the last decade and then laundered it through offshore companies.

http://www.marketwatch.com/story/home-owners-across-the-nation-sue-all-bank-servicers-and-their-offshore-havens-spire-law-officially-announces-filing-of-landmark-lawsuit-2012-04-23

By: Louis Bruno

Louis Bruno — Tue, 01 May 2012 19:23:04 +0000

Can anyone tell me why this is being treated as news? For years, each of the regulatory agencies (state and federal) have had this regulation and simply ignored it! In the event the agencies do not have applicable Unfair and Deceptive Acts and Practices (UDAP) provisions of their own, the FTC Act does provide coverage, as do most states, both as actionable claims and as contract defenses.

My concern with the CFPB was that relying on government to take action is often far riskier than having the ability to manage your own defense under the “private attorney general” provisions such as Truth In Lending Act and Real Estate Settlement Procedures Act.

Please explain to me why we are pretending that the wheel is only now approaching the point where it can be released for use instead of buying an existing set of wheels and getting things moving.

Lou Bruno

By: Sal

Sal — Tue, 01 May 2012 19:15:48 +0000

In reply to Sal.

The loans were underwriter/loan origination fraud.
Failure to require indemnification of every loan is the accessory before the fact to mortgage fraud, a defacto prima fascia admission of guilt to conspiracy to commit mortgage fraud.Waiving the requirement for indemnification is a defacto prima fascia admission of guilt to conspiracy to commit mortgage fraud. Indemnification is no issue, to a
non criminal loan originator/lender/underwriter. Waiver of indemnification only aides abets mortgage fraud conspirators who ‘claim’ to be abiding by the rules, versus those who are abiding by the rules. Investigate!

By: Sal

Sal — Tue, 01 May 2012 19:02:28 +0000

Somewhere it was written that a loan that is given where there is no reasonable expectation that the loan can be repaid is null and void, unenforceable, a fraud. So why all this re writing of history? To make us forget that society has already dealt with this crap before and rendered its decision? It is the loan underwriters fault and problem, by law. The loans were fraud. Thus, there are no ‘liars loans’ because the the underwriters are liable. IMHO.

By: John

John — Tue, 01 May 2012 17:36:04 +0000

The banks and mortgage companies should put the borrowers in an adjustable rate as before.
Then when the borrower is on the hook, raise the interest rate so all the financial information needed to get the loan is obsolete and the homeowner bankrupts and is foreclosed on.

now, that is good business.

(for the banks)

By: Vicki Nader

Vicki Nader — Tue, 01 May 2012 16:56:43 +0000

Could someone please explain to me why lenders use “gross” income for figuring out how much money someone can borrow/repay on a mortgage versus using “net” income (after taxes). Anyone with common sense knows that if gross income is used and then taxes are raised, it puts borrowers into a tigher bind to try and meet monthly expenses?