Comments on: As Subprime Mortgages Crumbled, Mass. Regulators Stood By http://www.wbur.org/2009/09/14/regulating-mortgage-brokers WBUR is Boston's NPR News Station, featuring NPR news and programs such as Car Talk, On Point, Here & Now, Only A Game and Radio Boston. Fri, 10 Feb 2012 05:31:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: donald gotshalk http://www.wbur.org/2009/09/14/regulating-mortgage-brokers/comment-page-1#comment-1614 donald gotshalk Tue, 15 Sep 2009 14:03:32 +0000 http://www.wbur.org/?p=6338#comment-1614 Preceding the credit crises I was reconstructing a mortgage. At that time a bank I was negotiating with was the primary lender to the largest housing development in the country. A substantial % ( 30 to 50%) of the Mortages were issued at 100% appraised value plus 10%. When I questioned the ethics of this scenario, the lender replied " Who cares, the mortgage is sold out of our hands the next day" Preceding the credit crises I was reconstructing a mortgage.
At that time a bank I was negotiating with was the primary lender to the largest housing development in the country. A substantial % ( 30 to 50%) of the Mortages were issued at 100% appraised value plus 10%. When I questioned the ethics of this scenario, the lender replied ” Who cares, the mortgage is sold out of our hands the next day”

]]> By: Robert Reis http://www.wbur.org/2009/09/14/regulating-mortgage-brokers/comment-page-1#comment-1606 Robert Reis Tue, 15 Sep 2009 03:51:42 +0000 http://www.wbur.org/?p=6338#comment-1606 "Our investigation found that Massachusetts has more than double the number of investigators compared to all of the other states we surveyed, but it might not be enough." It might not be enough?! Our experience as watchdogs of government in MA teaches us that the competency and levels of service are not always a function of the number of public employees. What about the performance and competency of the large number of personnel already in place and that of the banking chief, David Cotney? Is it possible getting a job with the Division of Banks is like so many other public jobs in Massachusetts state government, not WHAT you know, but WHO you know? Is the Division of Banks a patronage haven, and, if so, at what cost? How could the banking chief, in the face of these facts be not the least bit circumspect in his interview with Joe Bergantino? “Our investigation found that Massachusetts has more than double the number of investigators compared to all of the other states we surveyed, but it might not be enough.”

It might not be enough?! Our experience as watchdogs of government in MA teaches us that the competency and levels of service are not always a function of the number of public employees. What about the performance and competency of the large number of personnel already in place and that of the banking chief, David Cotney? Is it possible getting a job with the Division of Banks is like so many other public jobs in Massachusetts state government, not WHAT you know, but WHO you know? Is the Division of Banks a patronage haven, and, if so, at what cost? How could the banking chief, in the face of these facts be not the least bit circumspect in his interview with Joe Bergantino?

]]> By: Tom Shea http://www.wbur.org/2009/09/14/regulating-mortgage-brokers/comment-page-1#comment-1602 Tom Shea Mon, 14 Sep 2009 22:59:45 +0000 http://www.wbur.org/?p=6338#comment-1602 An important story tnat needs to be heard in important places. I hope the Center can support such pursuits in an era of shrinking investigative reporting on important topics such as this. The consquences of this mortgage problem was very real to buyers, and needs to be just as real and clear to those charged with a public trust. Tom Shea An important story tnat needs to be heard in important places. I hope the Center can support such pursuits in an era of shrinking investigative reporting on important topics such as this. The consquences of this mortgage problem was very real to buyers, and needs to be just as real and clear to those charged with a public trust.
Tom Shea

]]> By: A. Nonymous http://www.wbur.org/2009/09/14/regulating-mortgage-brokers/comment-page-1#comment-1601 A. Nonymous Mon, 14 Sep 2009 22:59:01 +0000 http://www.wbur.org/?p=6338#comment-1601 A man in my neighborhood was a mortgage broker, operating out of his home. Before he was a mortgage broker he entered a no contest plea to a charge of insurance fraud in late 1999 or early 2000, in Westborough District Court. According to the tv report I saw by Mr. Bergantino, persons 'convicted' of fraud cannot be mortgage brokers. How was he allowed to be a mortgage broker? Coincidentally, his wife was convicted of embezzlement and served eight months at MCI Framingham. She started serving her sentence on Feb. 5, 2001 and was out by Halloween, though her sentence was for 16 months. I don't think she has made the required restitution. If you want to know more, email me at the address above. A man in my neighborhood was a mortgage broker, operating out of his home. Before he was a mortgage broker he entered a no contest plea to a charge of insurance fraud in late 1999 or early 2000, in Westborough District Court. According to the tv report I saw by Mr. Bergantino, persons ‘convicted’ of fraud cannot be mortgage brokers. How was he allowed to be a mortgage broker? Coincidentally, his wife was convicted of embezzlement and served eight months at MCI Framingham. She started serving her sentence on Feb. 5, 2001 and was out by Halloween, though her sentence was for 16 months. I don’t think she has made the required restitution. If you want to know more, email me at the address above.

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