Wikinvest Wire

Thank You Bryco!

Sunday, September 18, 2005

Well, it looks like all the home equity lending risk management guidelines are working wonders. As you'll recall, five federal agencies issued these guidelines back in May. At the time we likened this guidance to fitting a patient suffering from back pains with a back brace, while a cancerous tumor was growing inside, impinging upon his spinal cord.

It looks like the patient isn't even wearing the back brace.

Here's the transcript from a TV commercial that we stumbled across this morning. Fortunately, thanks to DVR (Digital Video Recorder) technology, the only time we watch commercials is by accident - this was just such an accident, however we did learn something.

We don't know if what Bryco Funding is offering the public is typical of others in the industry - our sample size of one is probably too small, but here it is:

If you are backed up against the wall financially, and you own a home and have a mortgage, there is a simple easy way to get fast cash.

Even if you've been in your home for six months, one month, or a day, Bryco Funding can use a new appraised value to get you cash instantly.

Credit scores as low as 500, bankruptcies, or foreclosures are not a problem. You don't even need proof of income or past tax records.

Call Bryco Funding now to pre-qualify, there's no obligation and there are no charges or fees for pre-approval. And since Bryco Funding lends their own money, they can make instant decisions and approvals.And, they can wrap up your loan in as little as ten to 14 days.

Stop worrying and screening phone calls from nagging creditors. Help Bryco help you today with a quick-cash loan. Just call the toll-free number on the screen. Our number one goal is to say yes.

At Bryco Funding we believe in loans, not limitations.
Yes, things are much better now that five federal agencies have weighed in on home equity lending, and Bryco must have some very cooperative appraisers to work with. While not stated in their advertisement, we can reasonably conclude that the minimum requirements for a home equity loan from Bryco are a home with equity and a pulse.

You have to wonder if the grand plan is to forestall as long as possible the inevitable outcome of the housing bubble. At least in California, as long as home prices remain elevated, with all the equity in California homes, we could probably go on for at least another five years borrowing against our homes even if everyone lost their jobs.

With a median income of around $50,000 and say, $250,000 equity in your home, that's an easy five years living off your house with no other source of income.

Maybe someone does have a plan.

28 comments:

Anonymous said...

When the cr*p hits the fan, a massive taxpayer-funded bailout of the GSE's (Fannie, Freddie et al) seems inevitable - a bailout that should dwarf the S&L bailout of the early 90's. If that bailout doesn't trigger a flight out of the US dollar, I wonder what possibly could.

Who other than the GSE's are buying these shaky housing loans? Are they getting paid enough in yield to compensate for the risk?

I can understand the Asian Governments taking a flyer on GSE bonds - given their agenda of propping up the dollar - since there is at least some chance of a Federal bailout there. But what about the "assets" even the GSE's won't buy?

Anonymous said...

I'd bet that Bryco is lending to desperate, naive folks who can't read the "fine print" and won't hire a lawyer to guide them. Most of them will default and Bryco will end up owning their homes.

Regardless, I fear you're right that eventually we taxpayers are going to be stuck with paying for another bailout that will make the S&L debacle seem mild.

Anonymous said...

I worked for these a**es. They do prey on the elderly and uneducated. They had no respect for their customers and routinely mocked them as they cashed in. I hope they crash and burn when the bubble bursts!

Anonymous said...

Bryco Funding is giving a second chance to people that otherwise might be in foreclosure or have their back against the wall. I think it is unfair to make generalizations about an industry you obviously don't know anything about.

Anonymous said...

I am a 62 year old grandmother and I almost lost my home when my husband died 2 years ago. I called Bryco and they saved my house and I am now able to make my payments. I don't know much about the Bryco but they were the only Bank that would give me a loan.

Anonymous said...

I have worked with Bryco and they were fantastic. They were the only people that could help save my house and help me get back on my feet.

Anonymous said...

If you don't like Bryco, they you lend me your money. No one else did. Have you ever been late on your mortgage? If not, don't make comments about a company helping others.

Anonymous said...

If you read the above comments...ALL of them are anonymous and perfectly written by employee's of Bryco. The 62 year old woman, yeah I am sure she is on the Internet looking for blogs about Bryco, good one guys. There is a reason you don't advertise online or even buy your own trademark through PPC...it is because that isn't where your audience is, but yet 4 of them found this--You are all a bunch of jokes and your phony testimonials are even more ridiculous.

Anonymous said...

One more thing...all posted on the same day; you all aren't even smart enough to make these look as though they came from clients.

Tim said...

I saw these comments when they came - very curious.
In this Forbes article from a week or so ago they talked about how some companies monitor what is said about them on blogs and take action.

Anonymous said...

62-year-old grandmother, eh? Yeah, right. And Bryco's Santa Claus--maybe the tooth fairy too.

Four posts within 30 minutes?? It would seem that the Bryco minions would realize this sort of thing doesn't do anything to enhance their credibility...

Anonymous said...

You guys act like you have never heard of a little company called Ameriquest...or a little something called Subprime loans. You need to pick up the Wall Street Journal. Bitter Renters...

Anonymous said...

Typical fake responses from these "JT Marlin want to be" punks who have only been in business for two years thinking they are anything close to Ameriquest.

Subprime? How about predatory lending? These guys are cashing in big driving around in there Ferraris and Benzes
on innocent homeowners who six months later can't make their mortgage payments because they were forced into a loan that they couldn't afford so that some unlicensed punk kid can cash in and get his "badge" which, by the way, is referring to the Rolex that is encouraged to be bought with their first paycheck...

Anonymous said...

FYI - our badges are Cartier not rolex

Anonymous said...

Listen, just because you can't fund jobless, useless, scumbag sub-prime stated morons, doesn't mean you should be denied a loan. And just because the people who finance you all drive S65 Benzes and wear Cartiers, doesn't mean there is a need for any animosity. Bitches.

Anonymous said...

Bryco Funding Employee:

Age: 20-24 Years Old (Avg.)
Avg. Production: 0.75 loans per month
Concern for well-being of borrowers: None
Knowledge of mortgage industry: minimal
Penis size: miniscule

Anonymous said...

If what you say about Bryco is true, then it's like the joke, "The Aristocrats". If you are familiar with the reference, then you know what I'm talking about.

Anonymous said...

"Start off by charging two or three points..." That is a direct quote from the "training" I got when I worked there. "This is sub-prime, don't expect any referral business" was another quote during my "training." In other words, screw over your client for the quick buck. I don't understand how they can sleep at night.

Anonymous said...

On a $10,000 bed!!!

Anonymous said...

Personally, I sleep with my bag of money underneath my pillow; it encourages good posture. And, believe it or not, it helps me sleep quite well at night.

Anonymous said...

When I found my way to your blog I was convinced that if I didn’t leverage myself to the hilt and buy a condo in downtown DC immediately I would be destitute and living in a box by early summer of ‘08. Stories on your blog, and links to other blogs, gave me the information I needed to make a series of informed decisions about handling my finances. So one thing you’ve taught me is that markets function most efficiently when information is symmetrical.

So then - if they have everyone’s best interest at heart, why should this company be so worried about a reasoned critique of their ad campaign? I say give them a chance to rebut you comments, not with an anonymous post, but something they submit. You post it, and get a chance to respond, people read it and make a decision. It's a huge break from the normal format, but I would be interested.

Anonymous said...

I contacted Bryco to get APR/ monthly payment rates. The next thing I know I've got a property appraiser at my door asking for $400 telling me he just did an appraisal on my house. I asked him why he was here, and he told me the rep. from Bryco sent him. The rep from Bryco told me to go ahead and pay him and I'll get it back. Before I knew it, the closing agent was here and doing the closing. Realizing they are crooks, I returned their money within a short amount of time. Now they are trying to keep my title insurance fees and costs. They know they are a large company and the little man can do nothing to them. Bryco is made of crooks that sucker you in, act like a friend, then take your money. I need a lawyer that doesn't want to just do car accidents.

Anonymous said...

The "Mess that Greenspan made" is finally coming unraveled. Subprime lenders are going under faster than you can keep track (www.lenderimplode.com).

Bryco is probably about to finally get what's been coming to them. For the last several years they have extorted and exploited uneducated homeowners with poor credit. In the meantime they've been lining they're pockets, and buying rolexes.

Well, the party is over Bryco. Time to either become legit and learn how to do some Alt-A or A Paper loans, or go back to Burger King. Subprime is dead. Good Riddance...

Anonymous said...

LOL if you guys only knew..these two hooligans John Aitken (President) and Bryce Angell (CEO) love to burn bridges as they sail along in their fancy cars, rolexes and 2000 dollar suits.

A few years ago they were hustling loans on their cell phones from John's apartment.

Try searching Craigslist/SF for their ads. Ever wonder why they float an ad for loan officers every couple of days!? because the turnover is so high they can't keep their staff. why because once an LO gets wind of the whats going on they blow out of there plus they actually make the managers pay for their new hires base pay (min. wage) if they don't produce! If the LO does not produce wsithin 30 days they get the screws put to them.. no wonder they'll do anything to get a deal. Call them up and ask for their hot shoe guy Jason..hes they fastest talker this side of a used car salesman (hustler) I got this guy on the phone and man he will not let me go..I finally had to change my phone number.


If you have any dealings with this company be sure to check and ask for references form existing customers. Ask the loan officer how long hes been there. If to go to their office in SF be prepared to be greeted by a sleezy guy in armani suit.

Anonymous said...

Nice work Andreas Nagy, you used to work for Bryco, didn't you?

Anonymous said...

I hear that the company is not doing so well. Half the loan guys have left and the remainder are not happy.

When you see a couple of their long term key "managers" leave what's that tell you. "Rats leave a sinking ship"

I'de say that they have no more than 6 months before they get shut down.

Anonymous said...

Word is that the VP and several key managers have left for places that treat their employees like employees instead of slave labor. The rats are swimming for better waters! Buh-bye Bryco!

Tim said...

New comments have been disabled - everyone has had plenty of time to say what they wanted to say.

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