Business as usual

[lamboguy]

i take abuse from people because i bet on horses to pay my bills. i applied for a mortgage and got turned down with impeccable credit and more assets than i was borrowing because my occupation is a horse bettor.

but those lovely banks got no problem giving a large corporation, Alcoa, no matter what they need.

Alcoa gets caught and they agree to pay a fine of $384 million. and go on their way, next week it will be business as usual for them. for me, the bank wants to kick me out of my house.

there is something wrong in this world!

http://www.reuters.com/article/2014/01/09/us-alcoa-settlement-idUSBREA080PN20140109

[TJDave]

i applied for a mortgage and got turned down with impeccable credit and more assets than i was borrowing because my occupation is a horse bettor.


There's got to be a better description than 'horse bettor'.

Maybe you should consider taking the loan officer to the track.

[FantasticDan]

There's got to be a better description than 'horse bettor'Self-employed statistician. :ThmbUp:

2nd choice: Professional equine mutuel prognosticator :p

[Ocala Mike]

Too many issues/questions on this, and none of them are my business unless I was considering you for a mortgage loan:

1. Do you file a Schedule C reporting your gambling profits to the IRS and paying taxes on them?

2. Is your operation incorporated? If so, you could provide your P/L statements and Balance Sheet.

3. Do you have a Federal Gambling Stamp, having registered as a professional gambler.

Quite frankly, I am not at all surprised that you were turned down for a mortgage loan as a ganbler; now, if you went in telling them you were a pimp, that would be a different story (guaranteed stream of income!).

;)

[Jay Trotter]

Equine Arbitrage Capitalist

[thaskalos]

About a year ago, I tried to get financing from a bank for a 4-unit apartment building that I wanted to buy. I told the loan officer that I was prepared to put 33% down in order to get the deal done...and he still turned me down. He told me that my income -- although adequate for the deal -- was too "unreliable". :)

When I told him that they could always repossess the building if I defaulted...he told me that the bank had enough repossessed buildings already -- and didn't need any more.

[lamboguy]

About a year ago, I tried to get financing from a bank for a 4-unit residential building that I wanted to buy. I told the loan officer that I was prepared to put 33% down in order to get the deal done...and he still turned me down. He told me that my income -- although adequate for the deal -- was too "unreliable". :)

When I told him that they could always repossess the building if I defaulted...he told me that the bank had enough repossessed buildings already -- and didn't need any more.i don't care if they don't refinance me, i am going to sue them. i had an interest only loan for the last 10 years, starting in April i have to pay interest and principal. the loan was based on the libor rate, and they rigged the rates. the original lender was Morgan Stanley, they had to pay a $700 million fine for rigging the rates. Morgan Stanley in turn sold my loan to Ocwen at a discount. i had offered to buy my loan prior to the sale to Ocwen for more than Ocwen paid and they turned me down. i was paying $125,000 more than Ocwen wound up paying.

[Ocala Mike]

the loan was based on the libor rate, and they rigged the rates



Now you're talking; sue the bastards! I think I read about that big LIBOR scandal a while back, and you may have an excellent case. In fact, there may be a class action suit on this already. Get a good lawyer, though! Good luck!!