Delta Financial was seen as doomed

Delta Financial was seen as doomed

There are 53 comments on the Newsday story from Dec 7, 2007, titled Delta Financial was seen as doomed. In it, Newsday reports that:

Delta Financial Corp., the Woodbury-based subprime lender that announced plans to file for bankruptcy Thursday, was a near-inevitable casualty of the current market for mortgage-related debt, a mortgage ...

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fred

Kapolei, HI

#44 Dec 9, 2007
I hope they all get a job at taco bell or burger king. Thats what the crooks deserve.
cat lover

Astoria, NY

#45 Dec 9, 2007
Years gone by wrote:
<quoted text>
Yes that was DFC, good old Steamboat rd was many moons ago. However the gentelmans name you mentioned was a far cry from the guy who ran the company.
He was a bit of a Neanderthal who ran the collections department around 15 years ago when they were servicing their loans. Let's just say professionalism and tact were not two of his strong points. They replaced him when they moved to Woodbury.
there where a few nuts at steamboat road. they terminated them with the move when they began to grow into a public company.

delta was fun. the built employee loyalty. they gave me a chance to grow with them,

to this day i wish them luck.. i am sure the family will find a way to reinvent the business.
Hard Workers

Huntington Station, NY

#46 Dec 9, 2007
fred wrote:
I hope they all get a job at taco bell or burger king. Thats what the crooks deserve.
Sorry Fred, I think that "maybe" you will only see them as customers....the Delta employees know the importance of hard work, dedication & what it means to have good credit...if you don't know what "good credit" means...well it means paying your bills on time rather then sitting around throwing yourself a "Pity Party" crying that it's everyone else's fault your in the situation that your in. Everyone has a choice in life....my choice has always been to live my life to the fullest, work hard & pay my bills on time...maybe if you tried it then you wouldn't be so bitter!!
JJJ77

Syosset, NY

#47 Dec 9, 2007
Here it is from the times (5/7/2):
In 1999 and 2000, several federal and New York State agencies filed lawsuits accusing Delta of predatory lending practices involving loans to thousands of homeowners in poor and minority neighborhoods in more than 20 states, most often in New York, as well as to homeowners with poor credit ratings. The company pressured them to take loans that they could not afford, and that carried exorbitant and illegal fees and interest rates, the agencies said.
To all the creeps who are gonna razz me for using easy credit - I don't. I just don't like to see people make their living ruining other peoples lives... no matter how dedicated and "nice" you think you are.
dave

Bronx, NY

#48 Dec 10, 2007
1 yr audiors straight from college earn $59k + $5k signing bonus...
Voice of Reason

Yonkers, NY

#49 Dec 10, 2007
JJJ77 wrote:
Here it is from the times (5/7/2):
In 1999 and 2000, several federal and New York State agencies filed lawsuits accusing Delta of predatory lending practices involving loans to thousands of homeowners in poor and minority neighborhoods in more than 20 states, most often in New York, as well as to homeowners with poor credit ratings. The company pressured them to take loans that they could not afford, and that carried exorbitant and illegal fees and interest rates, the agencies said.
To all the creeps who are gonna razz me for using easy credit - I don't. I just don't like to see people make their living ruining other peoples lives... no matter how dedicated and "nice" you think you are.
You seem to forget that Delta (in 99/00) was primarily a wholesale lender...meaning Delta relied mostly on brokers to bring in loans. Delta did not pressure anyone to take a loan...they never dealt with the borrowers! The outside brokers did! Funny how nobody went after the brokers (b/c they could not afford a nice settlement with the AG)...they went after the third party: Delta (ie. a single entity to take the fall for all the unscrupulous brokers and make Spitzer look like a hero). Get your facts straight and don't rely on Google to make an argument.
B from boston

Revere, MA

#50 Dec 10, 2007
It disheartens me to see DFC get such a bum wrap. Delta was a company that was there during the beginning of sub-prime lending. Delta was and has always written loans based on what sub-prime lending really means; to give borrowers a second chance, not to take advantage, but to offer support and create programs that could help people gain homeownerhip, while also cleaning up their credit. Issue that are going on in the mortgage industry do not stem from DFC, but from the new age companies that saw an avenue to exploit borrowers, and make quick cash. Please look to the programs that Delta offered, then look at the programs of new cnetury and the other sub-prime lenders that have vanished. People can complain, and people can argue, but facts are facts, delta did not offer 100% NOO's, and they did not offer 100% stated. Sure some people have fallen threw the gaps, but do not point fingers, if you dont have the truth. Sub prime lending as a theory was a great idea, however other lenders warped it into something that was evil.
xmas

Deer Park, NY

#51 Dec 10, 2007
JJJ77 wrote:
Here it is from the times (5/7/2):
In 1999 and 2000, several federal and New York State agencies filed lawsuits accusing Delta of predatory lending practices involving loans to thousands of homeowners in poor and minority neighborhoods in more than 20 states, most often in New York, as well as to homeowners with poor credit ratings. The company pressured them to take loans that they could not afford, and that carried exorbitant and illegal fees and interest rates, the agencies said.
To all the creeps who are gonna razz me for using easy credit - I don't. I just don't like to see people make their living ruining other peoples lives... no matter how dedicated and "nice" you think you are.
That story is old news. Give us something with in the last few years at least.
JJJ77

United States

#52 Dec 10, 2007
Voice of Reason wrote:
<quoted text>
You seem to forget that Delta (in 99/00) was primarily a wholesale lender...meaning Delta relied mostly on brokers to bring in loans. Delta did not pressure anyone to take a loan...they never dealt with the borrowers! The outside brokers did! Funny how nobody went after the brokers (b/c they could not afford a nice settlement with the AG)...they went after the third party: Delta (ie. a single entity to take the fall for all the unscrupulous brokers and make Spitzer look like a hero). Get your facts straight and don't rely on Google to make an argument.
Give me a break - that's like saying Nicky Barnes was a innocent cause he was just a wholesaler. Giving people a second chance - NOT! They could only afford the loan if the real estate bubble protected them against a rate reset that they couldn't afford. Helping to inflate a bubble adds risk to the economy that hurts everyone.
Appraiser

Garnerville, NY

#53 Dec 10, 2007
Voice of Reason wrote:
<quoted text>
You seem to forget that Delta (in 99/00) was primarily a wholesale lender...meaning Delta relied mostly on brokers to bring in loans. Delta did not pressure anyone to take a loan...they never dealt with the borrowers! The outside brokers did! Funny how nobody went after the brokers (b/c they could not afford a nice settlement with the AG)...they went after the third party: Delta (ie. a single entity to take the fall for all the unscrupulous brokers and make Spitzer look like a hero). Get your facts straight and don't rely on Google to make an argument.
Delta is ultimately responsible for closing deals brought in by brokers. Where was underwriting at Delta? Anytime I got a call to complete an appraisal for a Delta deal, I ran as fast as possible. I was always pressured to "look past" property issues and push value. No thanks!! See ya Delta!!
ilikereylestate

Chicago, IL

#54 Dec 11, 2007
they can still reorganize under chapter 11 but they need an infusion of cash. i would tell the ceo to go to Qatar or Saudi Arabia to meet with the ministers of finance to suggest a cooperative venture to relaunch delta with future stock and bonds to be issued in 4 year term to pay them off as primary creditor. the market will readjust within 4 years, everyone needs housing its that simple. however if they are not so open and detail orientated in how they micromanage the origination portion of their business plan and point out with exhibits the amount of loans they have funded since there existence the middle east bankers will not fund them. they look at past history, actions that occurred, as indicitive to plausible future earnings from this company. they have a shot because they have been in business for so long and have funded and closed many loans
Larry in Houston

United States

#55 Dec 11, 2007
I worked for Delta in Houston TX and I can tell you the company was very employee friendly with strong business ethics. I trully regret seeing so many good people losing their jobs so close to the holidays. Hugh and Randy will find a way to bounce back, unfortunately, I feel the housing & credit markets will remain challenging through early 2010. I know Hugh Miller gave all he had to save his family's business. My heart goes out to him and the "cult" which is what we called ourselves jokingly because we were so close with each other.
Evans Opinion

Englishtown, NJ

#56 Dec 15, 2007
Larry in Houston wrote:
Hugh and Randy will find a way to bounce back, My heart goes out to him and the "cult" which is what we called ourselves jokingly because we were so close with each other.
How do you feel now? Accounts worth millions have been discovered in the Cayman Islands. The sexual relationship with male/female secretaries has yet to be made public.

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