I was wading through google searches today to see what I can dig up in terms of what the mortgage brokers are talking about in regards to CFC and I was a bit astounded to find out that CFC is predatory and mortgage brokers hate working with CFC. Additionally, a lot of the brokers seem to feel that pay option arms (ALT-A) are a scam. Rest assured, this will blow up. That is why Mozillo is selling!
"I got to attend a meeting with Angelo Mozillo (mister countrywide) today, that was entertaining.Yes the mortgage industry sucks and all of us in it are on shaky ground...good time to move into another sector at least until the market turns itself around.It still amazes me that busineses can be so succesful while making such horribly bad decisions...really says something about our society. Also payoption ARM loans are a blatant scam imho. The real estate equivelant to star craft map hax."
That was posted by Catatonic on February 2006 on http://www.notacult.com/forums/showthread.php?t=6899
There are many posts like this occurring all over the internet chat sites, blogs, and mortgage broker forums. The shoe will drop, question is when?
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