Comments on: CFPA can’t arrive fast enough for the elderly http://blogs.reuters.com/rolfe-winkler/2010/01/09/cfpa-cant-arrive-fast-enough-for-baby-boom/ Option ARMageddon Thu, 09 Aug 2012 01:58:02 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Carolina Bagnarol http://blogs.reuters.com/rolfe-winkler/2010/01/09/cfpa-cant-arrive-fast-enough-for-baby-boom/comment-page-1/#comment-4625 Carolina Bagnarol Mon, 11 Jan 2010 21:41:42 +0000 http://blogs.reuters.com/rolfe-winkler/?p=4918#comment-4625 You are 100% correct in calling the ARM loans sold to many by World Savings as FILTHY Mortgage products. Not to sure that I agree with you that the brokers selling these loans for/with the bank didn't understand them, although I will agree that most probably didn't care. They were making money hand over fist,from the front end to the back. Why would the majority of them concern themselves with quality or integrity when they could line their pockets so easily? You are 100% correct in calling the ARM loans sold to many by World Savings as FILTHY Mortgage products. Not to sure that I agree with you that the brokers selling these loans for/with the bank didn’t understand them, although I will agree that most probably didn’t care. They were making money hand over fist,from the front end to the back. Why would the majority of them concern themselves with quality or integrity when they could line their pockets so easily?

]]> By: ann seymour http://blogs.reuters.com/rolfe-winkler/2010/01/09/cfpa-cant-arrive-fast-enough-for-baby-boom/comment-page-1/#comment-4611 ann seymour Sun, 10 Jan 2010 19:38:37 +0000 http://blogs.reuters.com/rolfe-winkler/?p=4918#comment-4611 One of SF's most prestigeous banks brokered reverse mortgages for seniors, the reps noting that they weren't the actual lenders, just the facilitators. However, all documents were emblazoned with the prestigeous bank's nmae. The actual lender: Indy Mac. When IM went under, much was made of the FDIC's quick response in reimbursing depositors. However, most scribes neglected to mention that seniors now living in bank-owned homes were not receiving their expected monthly income checks. The proposed soluntion, they were told? Talk to your lawyer. One of SF’s most prestigeous banks brokered reverse mortgages for seniors, the reps noting that they weren’t the actual lenders, just the facilitators. However, all documents were emblazoned with the prestigeous bank’s nmae. The actual lender: Indy Mac. When IM went under, much was made of the FDIC’s quick response in reimbursing depositors. However, most scribes neglected to mention that seniors now living in bank-owned homes were not receiving their expected monthly income checks. The proposed soluntion, they were told? Talk to your lawyer.

]]> By: Lim Boon Chuan http://blogs.reuters.com/rolfe-winkler/2010/01/09/cfpa-cant-arrive-fast-enough-for-baby-boom/comment-page-1/#comment-4606 Lim Boon Chuan Sun, 10 Jan 2010 09:20:50 +0000 http://blogs.reuters.com/rolfe-winkler/?p=4918#comment-4606 It is true that CFPA can't arrive fast enough, but at least it did arrive. Just open your email inbox every morning, you will find that 97% (a conservative estimate) are spam and scams. I am definitely not doubting the capabilities of our seniors. Most have 20/20 visions indeed! But it is good that the CFPA protects those that may be too busy to notice the scammers' acts. It is true that CFPA can’t arrive fast enough, but at least it did arrive. Just open your email inbox every morning, you will find that 97% (a conservative estimate) are spam and scams.

I am definitely not doubting the capabilities of our seniors. Most have 20/20 visions indeed! But it is good that the CFPA protects those that may be too busy to notice the scammers’ acts.

]]> By: Dorothy Hunt http://blogs.reuters.com/rolfe-winkler/2010/01/09/cfpa-cant-arrive-fast-enough-for-baby-boom/comment-page-1/#comment-4602 Dorothy Hunt Sun, 10 Jan 2010 01:13:16 +0000 http://blogs.reuters.com/rolfe-winkler/?p=4918#comment-4602 The baby boom is traditionally dated 1946-1964. That makes the oldest boomers turning 65, and the youngest are under 50. Hate to tell you, Rolfe, but we aren't in the grips of creeping dementia just yet. Baby boomers aren't synonymous with 'seniors' or the 'elderly', and using the terms interchangeably just show you up for the young whippersnapper you are ;-) The baby boom is traditionally dated 1946-1964. That makes the oldest boomers turning 65, and the youngest are under 50. Hate to tell you, Rolfe, but we aren’t in the grips of creeping dementia just yet. Baby boomers aren’t synonymous with ‘seniors’ or the ‘elderly’, and using the terms interchangeably just show you up for the young whippersnapper you are ;-)

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