Re: Chexsystems - Everything I know 1*I don't know why but it seems that the more someone knows about a given subject, the more there is a tendency to "test his metal 2*Some day someone is gonna come along who can REALLY help us with a LOT of issues. I just hope the confrontational style doesn't scare them away too. BUTCH ************************* 1*like moron little green men space aliens tin foil hats,Etc. 2*The sad part is even if it doesn't drive them off it cast suspicion on what they have to say. This is very detrimental to the reader who needs the information. LB 59
Regarding the Home Mortgage disclosure act, that WAS the government website. (Did you notice the .gov part of the internet address?) BACKGROUND & PURPOSE The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1975 and is implemented by the Federal Reserve Board's Regulation C. This regulation provides the public loan data that can be used to assist: in determining whether financial institutions are serving the housing needs of their communities; public officials in distributing public-sector investments so as to attract private investment to areas where it is needed; and in identifying possible discriminatory lending patterns. This regulation applies to certain financial institutions, including banks, savings associations, credit unions, and other mortgage lending institutions. In 2002, there were approximately 28 million loan records for calendar year (CY) 2001 reported by 7,631 financial institutions. In 2001, 7,713 financial institutions reported approximately 19 million loan records for CY 2000. In 2000, 7,829 financial institutions reported approximately 23 million loan records for CY 1999. In 1999, 7,836 financial institutions reported approximately 24.7 million loan records for CY 1998. In 1998, 7,925 financial institutions reported approximately 16.4 million loan records for CY 1997. Using the loan data submitted by these financial institutions, the Federal Financial Institutions Examination Council (FFIEC) creates aggregate and disclosure reports for each metropolitan area (MA) that are available to the public at central data depositories located in each MA. The MA aggregate and disclosure reports for calendar years 1997 - 2001 are available on this web site. Furthermore, the FFIEC provides to the public various electronic, paper and magnetic media items available through the FFIEC's Web sites, data request order form, and fax back system. Greg, you want the statistics? I already gave you the website.
Re: Chexsystems - Everything I know Too busy at the branch today. I'll try again tomorrow. Sorry guys! David Kinder
You failed. I'll give you another chance: I said, "Please make a link to the part of the FEDERAL REGULATION (your words and emphasis by capitalization) that specifically requires that information be on the loan application form itself, and that it be seen by the underwriter. Please post the words here." But wait. I'm going to bend over backward to accomodate you. Let's take out the part about the link-- just post the words. So, just to clarify that, here's the task: Please post the words of the FEDERAL REGULATION that specifically requires that information be on the loan application form itself. I want to be sure that I'm answering all your questions. Yes, I saw the domain extension. It didn't direct me to the place where I would find what you were talking about. You might as well have told me that I'll find it in the library. Yes, I want the statistics. I understand that you want me to look them up myself. Here is one of the pages I found. http://www.ffiec.gov/hmcrpr/hm_fs00.htm Since you're so busy at the branch, here's a suggestion; it will take little time: Just walk up to (or call them, or leave it on their voice mail) the person who told you that "Wells Fargo is not the legal entity to disclose a customer's credit reports or chexsystem reports to them." Read the passage of the FCRA I quoted. Ask them what they were talking about. It only takes a moment.
