MarkB has it right. Places like lending tree are not a broker. They are paid a fee to do the advertising for brokers and lenders.
Brokers write a loan and then pass it of to a morgage co or bank. They get paid to write the loan (by the lendee, but not always, and usally make something on the other end "selling" the loan). However most never put out the money as it comes right from the actual lending instatution "buying" the note. They primarily make their money doing the leg work.
And yes brokers contribuited to the melt down. Just like stocks, they paid to sell. Brokers don't care who's buying, just that they are selling. If they can buy from another broker (write new loan) and make a buck they do. And just like stocks they sell to each other collecting fees each time. I went through three "sells" berfore landing on a reputable lending co.
A less than reputable broker could/would put anything down to "sell" the note. Thats how a janitor can buy a million dollar house with a monthly payment more than he brings home.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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