Mike ashley trouble? (2 Viewers)

[Dennis]

You know what? "Lost their homes" what a load of shi*t. I'll be a bit less diplomatic than my other post above. I show no sympathy for those people.

It's also called "predatory lending" for a reason. "Those people" were lead to believe that they qualified for a mortgage, despite their circumstances. I agree, loans should have never have been given to some of those people, but to victim blame here is outright wrong. Ashley knew what he was doing all along, and then ratted out people like him to get a reduced sentence. That is the story people should be concerned about here.

"Ashley’s case was kept under seal until 2014 and was then postponed 14 times — 12 of those made at the request of prosecutors while Ashley cooperated with authorities in providing assistance against others accused of federal crimes."

The fact that he's out here involved with another scheme (1800cashout) going after low income people says enough for me.

 

[Jer]

It's also called "predatory lending" for a reason. "Those people" were lead to believe that they qualified for a mortgage, despite their circumstances. I agree, loans should have never have been given to some of those people, but to victim blame here is outright wrong. Ashley knew what he was doing all along, and then ratted out people like him to get a reduced sentence. That is the story people should be concerned about here.

"Ashley’s case was kept under seal until 2014 and was then postponed 14 times — 12 of those made at the request of prosecutors while Ashley cooperated with authorities in providing assistance against others accused of federal crimes."

The fact that he's out here involved with another scheme (1800cashout) going after low income people says enough for me.

Once a crook always a crook.

 

[Pete]

You know what? "Lost their homes" what a load of shi*t. I'll be a bit less diplomatic than my other post above. I show no sympathy for those people. Let's say you're working as a cashier at a retail store, or a newbie at a contact center, or some other job that isn't very high paying and your credit is not so good from past issues. A regular bank won't approve you for a mortgage for obvious reason. So you find some obscure lender - in this case "Lend America" - that is willing to give you a mortgage knowing your actual income and credit score. If you fail to see that something is extremely fishy about this, then you're either blind, stupid or have such a delusion about "living the American dream" that you just don't care.

At one point in my life I was borderline on whether I could afford a mortgage, but a bank gave me an opportunity and I was naive enough (maybe irresponsible) to believe I was ready for that commitment. I trusted the bank knew what they were doing and signed. Luckily, I was prepared and fiscally responsible.
One time, we got a call to refinance and get cash out....I played the game and told my wife "lets see how far they are willing to go"...they somehow had an approved loan, without credit check or financial verification. They overstated the appraisal by easily 60%, then was trying to give me 125% of the value...talk about BS.

Don't try to say its the borrowers fault, many don't have a clue how any of this works and those that do, make the right choices. Theres a reason its called "Predatory Lending"

 

[M Jones]

Don’t know all the facts but would not be surprised if there aren’t big tax breaks for the poor predator lenders when the mortgage holders surprise them with not being able to pay

 

[mikebcurve]

Biggest mistake is doing a 30 yr mortgage. If you can't afford payments on a 15 yr you can't afford it. At least with a 15 yr you can build equity faster if you need to refinance or take out a loan. Unfortunately most lenders would prefer you go with the max term to get the most interest out of you and most people oblige because the monthly payment is lower.

I payed off a 30 yr in 19 yrs because I payed extra every month from the first payment even if it was rounding up to the nearest hundred. The more extra you pay early in the loan the better. When you get toward the end of the loan it doesn't save you much in interest. I wish customers were better informed before they take out a loan. In my mind they are all predatory lenders.

 

[Polish Hammer]

Same as the people taking out 84 month car loans when it used to be 48 or even 60 months. Nothing like getting the usual car salesmen pitch and asking you how much you’re willing to spend per month with no mention of how many months. “You can go $400/month? Ok, we have a nice car for you, 90 months and you’ll own it.” Or the buyer that’s happy trading in their vehicle, getting fleeced and walking away they now got a nice car for only an extra $300/month...yeah for for 7 mor3 years, How about you tell me the bottom line out the door price and I’ll figure out my financing! People just don’t do their homework.

 

[mikebcurve]

Same as the people taking out 84 month car loans when it used to be 48 or even 60 months. Nothing like getting the usual car salesmen pitch and asking you how much you’re willing to spend per month with no mention of how many months. “You can go $400/month? Ok, we have a nice car for you, 90 months and you’ll own it.” Or the buyer that’s happy trading in their vehicle, getting fleeced and walking away they now got a nice car for only an extra $300/month...yeah for for 7 mor3 years, How about you tell me the bottom line out the door price and I’ll figure out my financing! People just don’t do their homework.

A few years ago I was interested in a car. I asked the lady 3 or 4 times what the cost of the car was. She responded every time with “what kind of monthly payment are you looking for?” Knowing what her motives were as she went in to supposedly check the price I just left. I may have bought it had I not felt she was trying to play me.

 

[HEMI6point1]

A few years ago I was interested in a car. I asked the lady 3 or 4 times what the cost of the car was. She responded every time with “what kind of monthly payment are you looking for?” Knowing what her motives were as she went in to supposedly check the price I just left. I may have bought it had I not felt she was trying to play me.

Well dealers make more money when someone finances a car rather than if someone comes in with a suitcase full of cash. So there's that....

 

[ironpony]

Well dealers make more money when someone finances a car rather than if someone comes in with a suitcase full of cash. So there's that....

this is why I play the finance game and then go home and promptly pay it off.

 

[Jimbo]

I was an real estate appraiser for many years and I know many appraisal companies that did work for Lend America and all never got paid and went bankrupt!
In some ways it was their own fault for ever getting in bed with Lend America in the first place.

Lend America was not a company I would ever deal with even when I had no work for a while.
I do not feel sorry in any way for Mike because he knew what he was doing was criminal so he deserves whatever sentence he gets.

Many of the appraisers he hired he hired for one reason and that was all he had to do was to tell them the value of the home he was looking for to make the loan and they made sure their appraisal hit that number.

The guy who ran Country Wide Mortgages out of CA. paid a 62 million dollar fine to stay out of prison.

A short time after paying the fine he was made a ambassador to a county which I forgot the name of my George Bush Jr.
I remember thinking why would you name him after knowing what he did and then paying a fine walked a way a free man. The answer is he was a major campaign contributor for his election.

All the BS about the fault of the mortgage crisis people caused by the people who received loans was wrong!!!

Jim

www.nostalgicracingdecals.com

 

[Jer]

Well dealers make more money when someone finances a car rather than if someone comes in with a suitcase full of cash. So there's that....

They dont call them stealerships for nothing.

 

[ironpony]

All the BS about the fault of the mortgage crisis people caused by the people who received loans was wrong!!!

Jim

www.nostalgicracingdecals.com

there were a lot of people that accepted loans knowing what they were doing, it is the I am entitled to it mentality.
in one development around here the home prices were solid 150's the banks were loaning 230 on them, people would refi, cash out and walk a way from them.
Did they know what they were doing? exactly knew. Greed.

 

[Randy]

And now for a word of brilliance from our esteemed colleague...

 

[mikebcurve]

Well dealers make more money when someone finances a car rather than if someone comes in with a suitcase full of cash. So there's that....

How would the dealer make more if you finance? Because you are more likely to accept extra warranties? I don’t know

 

[Jer]

How would the dealer make more if you finance? Because you are more likely to accept extra warranties? I don’t know

Finance charges,kick back from the banks

 

[ironpony]

This, the dealer I use gets $1000 back from the one bank. He gives it to customer, in my case I pay it off so it is like a little discount. Last truck was a little over $2000 less if I financed.

 

[Dragracer]

Just bought a new Subaru and financed it, 0% financing for 48 months. A person would be nuts to pay cash if you can finance for 0%.

 

[Con]

Many years ago I was looking for a used FJ-40 Landcruiser.

Dealer on "car dealer row" had one. Test drove it. Sat at salesman's desk in operation area.

He started what can I do to get you to buy today game. I asked the price he kept talking but no price. He daid need to check with manager. Came back I asked again what is the price.

Finally in the middle of the showroom. With other customers near I stood up and yelled "What's the damn price". Customers were staring. Headed for the door. Salesman caught up to me at front door and finally gave me a price. I said I will think about it and left.

 

[NitroRichFire]

And now for a word of brilliance from our esteemed colleague...

 

[Jimbo]

My appraiser friend who got burned doing appraisals for Lend America to the tune of over one hundred thousand dollars should never have gone to work for Lend America.

I had lunch with him back in those day's and when he told me what they were being asked to do in order to do the Lend America appraisals I told them you will be lucky if you ever receive your money and you are not implicated in what they are doing.

My friend lost everything he had including his home, business, and a few hundred thousand dollars by getting involved with people like that,

They were all big boy's who knew what they were doing was wrong!

Jim Hill
www.nostalgicracingdecals.com