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The Voice of Experience April 13, 2008

Posted by davidzweig in economics, financial crisis.
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The following post appeared earlier this month at www.mortagedailynews.com. As the three presidential candidates debate over who is more “out of touch,” it’s worthwhile to hear from someone who is in touch. And, listening to the political drivel being pumped out about people in trouble, the honesty is touching

I’m a mortgage broker located in GA. and I do not feel like Hope Now  [the mortgage workout program] is the answer. I feel bad for these families but I am just as guilty for writing those loans you want to help people get into a home but I never understood why charge such a high interest rate when its apparent they already had credit issues, we use to crack joke among fellow workers that if you had a pulse bear sterns would give you a loan the only way I believe hope now will work is for everyone to turn the cheek the other way put everyone in this situation on a 6-6.5 % interest rate fixed for 30 years and forgive the lates and behinds if the wall street investors don’t want to loose all there money then put the lates on the back of the loan in long term they will make money still and not loose there investment even on a 200 thousand dollar house doing this they will still make$255085.82 on there money we need to swallow it and start over before any more people from construction, to builders and plumber and electricians and financial career people continue to loose there jobs and in turn loose there house. It does not have to be this difficult.

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