Jack M. Guttentag The Mortgage Professor

Yahoo! Finance User - Tuesday, December 9, 2008, 11:33AM ET  Report Abuse

• Overall: 2/5

in this day and age an ARM isnt a good idea....i mean its just common cents

spinaltap58 - Tuesday, December 9, 2008, 10:16AM ET  Report Abuse

• Overall: 2/5

Looks like the Market has finally found Bottom and the recession won't last as long as we all thought. Its time to get back into investing while the prices are at an all time Low. We will have a V shaped chart for the dow and S&P by next summer. Housing should begin making a comeback by then also. But the markets are always forward looking so that means the time to buy is now especially since the auto bailout has been approved.It will be the easiest way to double your money within 6 to 8 months

Joe Cap - Monday, December 8, 2008, 10:12AM ET  Report Abuse

• Overall: 4/5

I am in the mortgage business and see some value to the web sites that allow comparison shopping. Lending tree etc. Making every source the same so that one can comparison shop makes sense. The regulators really need to look into how this is all presented to the public. The disclosure of fees and the true price of the mortgage continues to be a challenge to find and UNDERSTAND no matter how one shops for a mortgage. Are broker's trust worthy? many are. Many are NOT. Just like carpenters, insurance people and any other service industry, one should research and understand what they are getting into. Bank's loan officers can be just as bad as the bad brokers. The new loan officer licensing should help some, but the real estate brokers and agents are licensed and that certainly didn't insure scrupulous behavior from that group. Disclosure is great, but in the infinite wisdom of our regulators, instead of educating the public about the current disclosures they are adding disclosures so people that sign the documents are even more confused. The good faith estimate and truth in lending documents could be a bit simpler, but they do tell the story. APR, is a single number that should be defined and understood. We quote it but no one has a clue what it means. Maybe we all just need a third party to explain to the customers. Oh, that is the closing agent.....I forgot, they too are in on the money machine. The third party needs to be arms length from the transaction with no financial interest. Here is one thing that is difficult to manage in this mess, most people only get maybe 3 or 4 mortgages in a lifetime, even folks that are quite aware don't have a clue at times. My wife was in the industry for 15 years and almost had me sign a loan with a pre pay penalty!!! I read the documents and said no thank you. Here is the real deal, when someone signs a contract (mortgage note or credit card receipt or any other debt obligation) that person should be held responsible for fulfilling their obligation. Bankruptcy and attitude have made this country a bunch of dumbos and entitlement addicts. Wah wah wah, my arm payments went up, You signed on for that option arm negative amortizing peice of crap........now pay the piper! I am sick and tired of the level of ineptitude throughout our US industries. Banks and finance companies are only one place to find this. If everyone took on personal responsibility for their decisions we would be all set. Oh by the way, that includes the CEO's. They actually have themselves get a reward for getting fired.......I suggest jail time, 1 yr for every employee that they put on the street due to their bad decisions. Or maybe they could opt to just having moral values. How can we expect that, when we have leadership in our country that actually claims and uses the moral value line for their political gain and are actually the most unscrupulous ever!!!! I learned long ago to watch the one pointing the finger, they are usually the one you need to trust the least. Wow does FOX news point the finger a lot! Well, the pendulum has swung and swung hard, I just hope the other side of this pendulum can find the combination of leadership and thoughtful influence to make things work again, Let's all pray that it does work again and let's all make a personal commitment to doing the right thing everyday in every aspect of our life.

dennis hand - Sunday, December 7, 2008, 5:38PM ET  Report Abuse

• Overall: 3/5

my message is to slong.vader, you really must be kidding to add a scathing generalization, based on your parochial view of the world. I am a mortgage broker now going on 20 years and my entire business is based on personal referrals. Success doesn't come except thru righteous principles.

__A_YAHOO_USER__ - Sunday, December 7, 2008, 2:39AM ET  Report Abuse

• Overall: 1/5

All brokers are crooks, lets get that straight. They add no value to the economy whatsoever. It is in their best interest to sell the property at the highest price. Why do I need some middle aged wife showing me around a house im about to purchase and telling me how good the area is? Brokers are uselss. You ever notice how almost every realtor is a woman. They are pathetic and offer no service to this industry. Im so glad they are all out of a job now. People, you dont need a broker. Ive been saying this for a decade. As for all these bailouts. Why are we bailing out these banks but not getting rid of all the ceo's and all their stock options and bonuses? How are the same idiots who destroyed these companies and the wealth of the world able to stay at the helm only to do it again in another 15 years. This is insanity!! I love capitalism because the chickens always come home to roost. Like warren buffet says, : "Its not until the tide goes out that you see who is swimming naked!"