MyRecst Blog is for consumers to view and post comments about what is happening to them and what can be done concerning the Mortgage Crisis. MyRecast brings you knowledge daily on the latest solutions. EXAMPLE: State Attorney Generals are now getting involved.
Bear Stearns what it means
2 comments:
Anonymous
said...
This company's one activity was to lend money to people who wanted a house; even though they set them up to fail. The trouble was, many of these supplicants could not afford a house, and any normal banker professional expert(as opposed to an "expert") would never, ever, EVER give those people loans after a quick investigation of their financial history. In effect, the borrowers were told bu their experts that they could afford it listened to the "experts" realtor, loan officer and of coarse Bear Stearn. Truth was they could not afford a house, and should have never been offered and given a loan.
But the people at Bear Stearns decided that they WILL give those people who cannot afford a house/business etc etc a loan at some very, very special loans, called subprime, and ARM loans .
The fantasies began to fade last June when Bear Stearns (BSC, Fortune 500) let two of its hedge funds collapse because of mortgage-backed-securities problems. Debt market - both here and abroad - went sour big-time. That, in turn, became a huge drag on the U.S. economy, bringing on the current economic slowdown. http://www.myrecast.com
MyRecast is a web-based system allowing consumers, non-profit attorneys and auditors to request and monitor the status of a consumers loan file during the auditing process. The Myrecast System allows the parties to better communicate during the mortgage file auditing process.
2 comments:
This company's one activity was to lend money to people who wanted a house; even though they set them up to fail. The trouble was, many of these supplicants could not afford a house, and any normal banker professional expert(as opposed to an "expert") would never, ever, EVER give those people loans after a quick investigation of their financial history. In effect, the borrowers were told bu their experts that they could afford it listened to the "experts" realtor, loan officer and of coarse Bear Stearn. Truth was they could not afford a house, and should have never been offered and given a loan.
But the people at Bear Stearns decided that they WILL give those people who cannot afford a house/business etc etc a loan at some very, very special loans, called subprime, and ARM loans .
The fantasies began to fade last June when Bear Stearns (BSC, Fortune 500) let two of its hedge funds collapse because of mortgage-backed-securities problems. Debt market - both here and abroad - went sour big-time. That, in turn, became a huge drag on the U.S. economy, bringing on the current economic slowdown. http://www.myrecast.com
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