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follow Patrick 2018 May 26, 5:20pm
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In his corner of American finance, where hard selling meets hard luck, Angelo Christian is a star, and he looks the part. He’s wearing black caiman shoes and a Bordeaux-red silk shirt, tight and open wide at the chest. His dark widow’s peak is slicked high with gel. He has 180,000 Facebook followers and a budding YouTube network, where he shares original videos such as “How to Master Your Mind” and “How to Manage a $50 Million Pipeline.”Each time Christian sells a home loan, the company he works for, American Financial Network Inc., takes as much as 5 percent—$12,500 on a $250,000 loan, to be distributed among his staff, corporate headquarters, and, of course, himself. As he and his team chase more than 250 leads a week, they’re on pace to close 50 a month. Christian says he has a Lamborghini on order to go with his Mercedes. ...Christian can do this kind of deal because he is, in effect, making the loan on behalf of the federal government through its most important affordable housing program. It’s a sweet deal: He gets his nearly risk-free commission. Taylor puts no money down. If things go south, the government ultimately bears the risk. This kind of lending echoes the subprime mortgage boom that preceded the credit crisis of 2008. Then, as now, independent mortgage companies, the so-called nonbanks, dominated the business of making loans to people with blemished credit and low incomes.
Socialism never works and they are socializing the losses again so be prepared Stuff like that should be shut down, the Trump administration should do something about it.
Trump administration should do something about it.
mell saysTrump administration should do something about it.They are. They are rolling back banking regulations so banks can make loans more easily. To people with excellent credit only of course. .
that's what they should have done 2008. Instead W and Obummer together
mell says that's what they should have done 2008. Instead W and Obummer togetherSorry dude, obummer took office jan 2009. Bank bailouts were all on bush.
He could have stopped them instead he undermined the rule of law with the GM bailouts and more.
mell saysHe could have stopped them instead he undermined the rule of law with the GM bailouts and more.Bummer owns the gm bailout, but the banks were a done deal when he came into office When will trump be closing down government backed mortgages?
mell saysHe could have stopped them instead he undermined the rule of law with the GM bailouts and more.Bummer owns the gm bailout, but the banks were a done deal when he came into office
I'm not sure he will and I won't like it if he doesn't act.
The bankers ran both major parties
Be careful what you wish for, you may get it. You could kiss fixed rate and 30 year mortgages good bye, along with less than 20-25% down and getting a mortgage with less than sterling creditBest outcome for all, except realtors and banks.