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"Deal with the Devil"
- Thread starter elgordoboy
- Start date
seacrestkristi
Beach Fanatic
Livin' on the edge 
Mango
SoWal Insider
"Sadek defends charging those fees by saying he took more of a risk by lending to people with such lousy credit. If legislators want to limit fees, they ought to pass laws against them, he says."
Made me ill reading that because there were so many of these boiler room subprimate shops where they'd pick up these sneaker salesmen from bars and stick them behind a desk the next day. I've seen them, and the owners walking around berating people who didn't write a deal or two a day. Sadeks comment is ridiculous because there are laws limiting fees called HOEPA. Who gave this turd a license? HOEPA restricts refinancing of a high cost mortgage when there is no tangible benefit to a Borrower, so in the case of the Aultman who paid $10K to borrow 20K with a prepayment penalty, refinancing would not have provided a net tangible benefit.
Guys like Sadek should face charges just on a loan like that in of itself and the Bank that funded it. Unfortunately for Aultman, he too should have read his High Cost Mortgage Disclosure as well as the note showing a prepayment penalty.
Made me ill reading that because there were so many of these boiler room subprimate shops where they'd pick up these sneaker salesmen from bars and stick them behind a desk the next day. I've seen them, and the owners walking around berating people who didn't write a deal or two a day. Sadeks comment is ridiculous because there are laws limiting fees called HOEPA. Who gave this turd a license? HOEPA restricts refinancing of a high cost mortgage when there is no tangible benefit to a Borrower, so in the case of the Aultman who paid $10K to borrow 20K with a prepayment penalty, refinancing would not have provided a net tangible benefit.
Guys like Sadek should face charges just on a loan like that in of itself and the Bank that funded it. Unfortunately for Aultman, he too should have read his High Cost Mortgage Disclosure as well as the note showing a prepayment penalty.
scooterbug44
SoWal Expert
How odd, I am feeling no sympathy for this arsehole. 
I have heard of a couple of these types of shops in Atlanta. In one, a guy with no background at all was taking customer calls within a day or two of signing on. This company, I believe, is now toast.
In the other, a friend was called on the carpet and asked what his closure rate on leads was after approximately TEN DAYS on the job.
In the other, a friend was called on the carpet and asked what his closure rate on leads was after approximately TEN DAYS on the job.
SHELLY
SoWal Insider
Hopefully, if some regulations are put in place, we can rid the world of those slimeballs.
.