A good Read
Date: Wed, 03/07/2007 - 22:10
I hope you enjoy.
After dealing with the only Two PDLs I had I have
become suspicious of all lenders,banks,etc. My
Wife and I have managed to get rid of our Credit
Cards. The only debts we have is our house and two
automobiles. Once the autos are paid off that is it
for auto loans as well!
Although I detest lenders of any description,my
Wife does not share the same sentiment. She would
like to apply for a "HELOC." After doing much searching She found a lender.
Being distrusting of the lending industry I decided
I would do the research before signing anything.
I scraped and scoured every inch of the industry I could find. What I found was disturbing.
The company She had in mind was involved in ripping
off Bear and Stearns investments of 7 Million dollars
in 1999. B&S took the company over and eventually shuttered it. The "New" company opened under another
name with most of the same employees including the company founder,who eventually plead guilty and paid restitution to Bears and Sterns.
The hypocrisy of it all is that the founder eventually filed bankruptcy!
Under the new company the founder is listed as an "Advisor"
This Mortgage company is a "Legit" lender!
So my suspicions of the industry is correct.
We examined the HELOC deal and decided that we would
be trading in a short term problem for a long term one. We decided against it!
when the vehicles are paid off that will be it for auto loans. Only 20 more years for the mortgage!
After dealing with the only Two PDLs I had I have
become suspicious of all lenders,banks,etc. My
Wife and I have managed to get rid of our Credit
Cards. The only debts we have is our house and two
automobiles. Once the autos are paid off that is it
for auto loans as well!
Although I detest lenders of any description,my
Wife does not share the same sentiment. She would
like to apply for a "HELOC." After doing much searching She found a lender.
Being distrusting of the lending industry I decided
I would do the research before signing anything.
I scraped and scoured every inch of the industry I could find. What I found was disturbing.
The company She had in mind was involved in ripping
off Bear and Stearns investments of 7 Million dollars
in 1999. B&S took the company over and eventually shuttered it. The "New" company opened under another
name with most of the same employees including the company founder,who eventually plead guilty and paid restitution to Bears and Sterns.
The hypocrisy of it all is that the founder eventually filed bankruptcy!
Under the new company the founder is listed as an "Advisor"
This Mortgage company is a "Legit" lender!
So my suspicions of the industry is correct.
We examined the HELOC deal and decided that we would
be trading in a short term problem for a long term one. We decided against it!
when the vehicles are paid off that will be it for auto loans. Only 20 more years for the mortgage!
Roadwarrior: I really sounds like you did your homework. Goo
Roadwarrior:
I really sounds like you did your homework. Good for you! And I'm glad you both decided against it. You're on the right track. Think how great it'll be when the auto loans are paid off. That money will be yours to do with as you wish. You don't want another debt hanging over your head. Thumbs up to both of you!
