How Do I Contact My Mortgage Underwriter?
I’m being sued by my mortgage broker. The contract I signed says that if he got Loan Commitment under the same terms I signed for, that I have to pay his origination charges. The terms of the loan changed several times, and I was sent notification emails. If I could get in touch with the underwriter, I could find out if the loan actually got commitment, or get proof that the commitment was not for the same terms I originally agreed to. My broker was my only link to the underwriter, and they won’t help me since they are suing me.
Also, if there are any laws that require them to close on the loan to get paid, I’d love to know about it.
I’ve posted my story here http://baytobaylending.us/
Any help would be appreciated.
Look who they they are going to have running for Senate in NY: David Malpass.
For those of you who don’t know, Malpass is a supply side economist [sic] that was a deputy secretary of the treasury under Ronald Reagan.
More recently, Malpass was the Chief Economist at Bear Sterns, and under his guidance and influence, Bear Sterns decided to bet the firm on mortgage backed securities specializing in subprime loans. I am sure that Malpass can do for America what he did for Bear Sterns.
As recently as 4/16/2007, Malpass was saying the biggest threat to the US economy was the Bush Tax Cuts expiring in 2011 (and specifically the capital gains tax cut).
“The next recession–probably a ways off–is more likely to be caused by the normal government-directed growth-killers, taxes and inflation, than by a business cycle. Washington has already put into law history’s biggest tax increase, which goes into effect Jan. 1, 2011”, David Malpass, 4/16/2007.
You see, bad loan origination practices, what Warren Buffet called “economic weapons of mass destruction” (the unregulated derivatives market), and an unsustainable real estate bubble were not problems. Problems weren’t going to happen until the Bush tax cuts expired.
So you see, Republicans have new ideas: cut taxes (especially if they favor the wealthy), government is never the solution (it’s always the problem), and deregulate, deregulate, deregulate.
OK, so they are not NEW ideas, but they are ideas. They aren’t even neccessarily great ideas, but they are ideas.