Lenders / Banks passing the buck.

Well it’s 2012 and this year I promise, or at least one of my goals, is to update you all with the most recent financial and mortgage information with the Bear perspective. The first thing I’ll say is that, thank GOD 2011 is over. 2012 has to be and will be a much better year for all of us. I’m actually excited and encouraged about where the loan industry will go. I don’t think we’ll see to much of a growth or betterment of our economy but there are so many changes that are going on, I can’t help but think one or two might actually help the average consumer.

I can’t say that 2012 is starting off great as far as all you mortgage customers out there. Sure rates are low, and will continue to be low. But I’m going to show you the best example of “the banks will only do what the banks want to do”.

Attached is an actual email that is basically passing the buck to the consumer regarding fees for ALL mortgages. It’s funny that even though they say this increase to rates / fees are due to Fannie Mae and Freddie Mac new regulations, the lenders are continently applying this rate / rebate hike to ALL loans. I wonder who’ll pocket that money? HMMMMM?

The funny thing is that this email from Wells Fargo came out Monday and no other lender said anything. This led to may of my piers speculating that maybe this was just a Wells Fargo thing. Which very well could have been the case. But seeing how this is a copy cat business, I knew other lenders would follow suite. Especially since most “lenders” just sell their loans on money lines to Wells Fargo, Bank of America and Citibank (just to name some big ones). Sure enough today, Tuesday, I started to get the same emails from even the smallest lender that rates / fees would increase.

About two months ago Obama said in a speech that he was going to push for a loan program that would help everyone, even if they where upside down on what they owed, there would be a mortgage for you. I got call after call for about two weeks asking about the new “Obama” loans. Well, two months later and there still hasn’t been a new loan program that has come out yet.

See, Obama is a politician. Like him or hate him, he’s going to say what he wants to happen. All politicians do this and if a republican had said this, the result would be the same. No one will tell the banks what to do. Sure they’ll take our bailout money but they’re only going to do what they want and if by chance there is a regulation that they have to adhere to such as this increase in GFees, they’re just going to pass it along to the borrower. They’re not going to let something like this stop them from making the same money they’ve always made.