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HEADLINE: Not-so-warm welcome at mortgage leaders’ meeting
CAPTION: More than two thousand mortgage bankers gathered in San Francisco to discuss the future of the mortgage industry and how it’s weathering the financial crisis. Meanwhile, about 50 protesters jeered the bankers as they showed up for the convention. (Oct. 20)
NB. THIS IS A VOICEOVER TRANSCRIPT, NOT A FULL SHOT LIST.
John Courson, CEO, Mortgage Bankers Association, says: “I’ve never ever seen a tornado like this.”
(locator – San Francisco, CA)
OMINOUS WORDS TO START THE ANNUAL MORTGAGE BANKERS CONVENTION IN SAN FRANCISCO, AS LEADERS FROM FANNIE MAE, FREDDIE MAC AND OTHERS RESPONSIBLE FOR THE FINANCIAL MELTDOWN WORK ON WAYS TO TURN AROUND THE LENDING INDUSTRY.
Kieran Quinn, Chairman, Mortgage Bankers Association, says: “Originate good solid loans, loans that homeowners, regulators and our investors can embrace with unbridled confidence once again.”
ATTENDEES SAY THEY’RE CAUTIOUSLY OPTIMISTIC THE MORTGAGE INDUSTRY CAN GET BACK ON TRACK.
Craig Hyman, New York Mortgage Broker, says: “Now people have gotten used to the new dynamic so it’s now how much worse is it going to get and how can we turn it around.”
Annette Alonso, Idaho Mortgage Broker, says: “We’ve gotten rid of all that craziness we went through and gotten back to the basics of underwriting, making sure people buying houses have the wherewithal to buy them and have the ability to pay their mortgages.”
ON HAND TO GIVE THE VISITING BANKERS A NOT-SO-WARM WELCOME, PROTESTORS OUTRAGED OVER THE GOVERNMENT BAILOUT THEY SAY IGNORES VICTIMS OF PREDATORY LENDING.
Protestors yell: “Fannie Mae! Freddy Mac! Give us our houses back!”
Richard Becker, Protest Organizer, says: “The bankers inside here are responsible for the crisis. They’re getting rewarded while the people who are the victims of this crisis are being punished by losing the places they have to live.”
THE MORTGAGE BANKERS ASSOCIATION SAYS IT’S WORKING ON PLAN TO HELP PASS A NATIONAL LAW PROHIBITING PREDATORY LENDING TO PREVENT FUTURE FORECLOSURES. HAVEN DALEY, THE ASSOCIATED PRESS, SAN FRANCISCO.
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The first thing I did was to speak with the bank my initial loan is through. I ‘d check out lots of people who have actually gotten great results doing this, however I found that my bank has actually really tightened up its funding and was not offering loans. My next relocation was to call the credit union that I’m a part of. While they did provide me a refinance alternative, the rates of interest wasn’t as low as I was trying to find. I have actually taken pleasure in banking with them for several years and would have liked to re-finance through them – however not at the expenditure of paying thousands of dollars in additional interest.
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