mortgage mess: MAKE YOUR CHOICE, HOME EQUITY OR $$ MONEY IN THE BANK! - 11/18/09 08:02 AM
GIVE ME THE CASH! 
WHERE DID MY HOME EQUITY GO??
Inspired by Jim Crawford's thoughtful examination of budgets, down payments, and more, I can relate the the matter of larger down payments vs. cash in the bank. 
Tim Maitski says it best in his comment to Jim's post.  "Jim, I … (28 comments)

mortgage mess: THE "WIZARD OF OZ" AWARD. - 11/14/09 05:48 AM
THE "WIZARD OF OZ" AWARD.
Gene Wunderlich reports on the prognostications of Dr. Lawrence Yun, Chief Economist for the NAR.
At the NAR. Dr. Yun Prognosticates on Housing Recovery.
SO, Dr. Yun is one of the country's most "trusted" economists.  I have a more apt award for Dr. Yun.  If there were an award … (31 comments)

mortgage mess: NEWS FLASH ! ! ! ! UNEMPLOYMENT AND JUMBO LOANS STATS BODE ILL FOR THE FUTURE OF HOUSING! - 11/06/09 07:43 AM
NEWS FLASH ! ! ! !  
UNEMPLOYMENT FIGURES FOR OCTOBER JUST ANNOUNCED.  .  .  .  .  .  drum roll please. . . . . . .
10.2%
'Nuff said. 
What's the nexus between the just announced unemployment rate for October of 10.2% and Jumbo Loan Defaults?
Why do Jumbo … (20 comments)

mortgage mess: WE'RE FROM THE GOVERNMENT AND WE'RE HERE TO HELP - - ALL WE WANT IS YOUR MONEY AND YOUR HOME . . . . A RANT!! - 11/06/09 05:52 AM
WE'RE FROM THE GOVERNMENT AND WE'RE HERE TO HELP. . . 
ALL WE WANT IS YOUR MONEY AND YOUR HOME!! 
* * * * HARD CORE REAL ESTATE TALK * * * *
The new Fannie Mae program to "help" home owners in trouble is, IMO, the biggest fraud to come from … (59 comments)

mortgage mess: RAISING THE DOWN PAYMENT FOR FHA INSURED LOANS TO 5% IS O.K.????? - 10/08/09 06:20 AM
RAISING THE DOWN PAYMENT FOR FHA INSURED LOANS TO 5% IS O.K.????? 
Just wait until the folks on Capitol Hill proposing the down payment change rediscover another good source of money for income redistribution.  Since the American home owner has few, if any, protectors on Capitol Hill, sooner or later I predict that, a few … (36 comments)

mortgage mess: Mortgage Delinquencies - The Coming Storm - 09/30/09 05:13 PM
A few words are not going to begin to describe the value of this important and timely post. 
Jeff has outlined, with graphic example, the pernicious effect of negative equity, which I believe is causing our entire economy to tank.  Sadly, few in a position to know, with minor exceptions, … (24 comments)

mortgage mess: AGENTS MAY BE IN VIOLATION OF THE LAW WHEN MANAGING SHORT SALES OR MORTGAGE MODIFICATION - "Let's all be careful out there." - 08/21/09 03:01 PM
BE CAREFUL WHAT YOU SAY.  It could cost you your license. 
* * * *   HARD CORE REAL ESTATE TALK   * * * *
IF YOU ENGAGE IN LOSS MITIGATION CONSULTING, FORECLOSURE PREVENTION, MORTGAGE LOAN MODIFICATION. . . . . . 
Be afraid. . .  Be very afraid.  … (94 comments)

mortgage mess: ATTENTION REAL ESTATE LICENSEES: HOW TO LOSE YOUR LICENSE! - 08/09/09 07:33 AM
                                                * * * *  HARD CORE REAL ESTATE TALK  * * * *
WARNING!  THERE APPEARS TO BE A COTTAGE INDUSTRY DEVELOPING FOR REAL ESTATE AGENTS:
LOAN MODIFICATION ADVICE
Read on Inman this a.m. an article "Loan modifications: salvation or scam?" in which they describe and even recommend that … (230 comments)

mortgage mess: CIT ON VERGE OF BANKRUTPCY. HEY, DIDN'T THEY GET TARP MONEY??? - 07/16/09 03:39 PM
The word on the WALL STREET today is the CIT will file for bankrutpcy later today or Monday.
WAIT A MINUTE!
* * * * HARD CORE REAL ESTATE TALK * * * *
Didn't CIT receive TARP money???   YOU BET THEY DID.
I believe that CIT got about $2.33 Billion from TARP, … (61 comments)

mortgage mess: LADY JUSTICE IS OFTEN SLOW, BUT WHEN SHE ARRIVES, WATCH OUT. . . - 07/10/09 05:50 PM
                                                          * * * * HARD CORE REAL ESTATE TALK * * * *  
Beazer agrees to pay $50 million
Homebuilder admits mortgage firm bilked borrowers
Inman reports
Beazer and its subsidiary, Beazer Mortgage Corp., admitted to engaging in several fraudulent mortgage origination practices, MORE. . . .
WAIT A … (30 comments)

mortgage mess: COMMON SENSE SPOKEN FROM A GOVERNMENT REPRESENTATIVE! - 07/10/09 07:19 AM
ELIZABETH WARREN, CHAIR OF THE CONGRESSIONAL OVERSIGHT PANEL.
Professor Warren has been a voice of sanity among the purveyors of a preponderance of prepared, befuddled, concealing, deceiving, whitewashing and self serving statements from Congress and the Executive offices charged with representing the American home owners.  Or, do they really represent us?
… (32 comments)

mortgage mess: SKIN IN THE GAME? WHO? HOME BUYERS or WALL STREET? - 06/17/09 03:47 PM
FINANCIAL NEWS TODAY.  If one of the things that happened today was listening to the business news and hearing that the President's new plan to help stabilize the financial markets is to require that when Wall Street designs an investment product to sell to the public that they will have to keep … (45 comments)

mortgage mess: SENATOR PETER SCHIFF??? - 06/10/09 04:33 PM
I saw it on TV. 
It may have been Jon Stewart or Glenn Beck or some show, but Peter Schiff announced that he's considering a run for Sen. Dodd's seat in Connecticut. 
See more. . . .
Tony Toto is also on top of things with a video of the Jon Stewart show.  See … (8 comments)

mortgage mess: $TRILLIONS OF DOLLARS TO BANKS. SOUND BITES TO HOME BUYERS. CATCHY TITLES FOR HOME OWNERS. - 05/20/09 06:46 AM
FACT:  Banks are in trouble because home owners are going to foreclosure.
SECRETARY OF THE TREASURY:  Let's try to cure the economy by giving a few $Trillion Dollars to banks. 
CONGRESS:  Good idea.  I have a list of contribu. . . .  er um, ddistinguished banking institutions that could use a few … (90 comments)

mortgage mess: FRAUD ALERT - Advice on the $8,000 first time homebuyers Tax Credit - Do you chance it??? - 05/17/09 06:03 AM
Just spreading the word.  Jeff Belonger has a handle on this matter. 
Agents need to exercise caution when advertising benefits about which they have little to no knowledge.  Sure, I have a link on my web sites and have advertised the benefits of the $8,000 first time home buyers tax … (26 comments)

mortgage mess: CAN A FANNIE MAE PROGRAM BE AN OXYMORON!!! - 05/15/09 02:10 PM
HOW DOES THE GOVERNMENT SPELL RELIEF? 
RELIEF = Deed-In-Lieu
RELIEF = Short Sale
The government, through Fannie Mae is offering "relief" to home owners through their Make Homes Affordable ("MHA") program.   
"On May 14, Treasury expanded MHA foreclosure prevention alternatives to include the use of short sales and deeds-in-lieu of foreclosure. … (37 comments)

mortgage mess: MUST READ! GOLDMAN SACHS TO RESTRUCTURE SUBPRIME LOANS PURSUANT TO LAWSUIT SETTLEMENT IN MASSACHUSETTS. - 05/13/09 08:08 AM
GOLDMAN'S "BILLION BUCK BUCKET" just got a little lighter, thanks to the actions of the Attorney General of Massachusetts.  Granted $50,000,000 it will cost Goldman is a drop in that $50,000,000,000 bucket of bucks that Goldman got from TARP.  However, if 700 home owners, some already foreclosed and some who may … (28 comments)

mortgage mess: SPENCER RASCOFF, COO OF ZILLOW.COM UNDERSTANDS NEGATIVE EQUITY! - 05/06/09 11:22 AM
Spencer Rascoff was interviewed on Fox Business a few minutes ago. 
SPENCER RASCOFF WAS SPECTACULAR!
SPENCER UNDERSTANDS THE INSIDIOUS NATURE OF NEGATIVE EQUITY and what it's doing now and will be doing in the future to the housing industry for some years to come. 
I don't yet see the clip on the … (38 comments)

mortgage mess: NEGATIVE EQUITY - A FORMULA FOR ECONOMIC DISASTER - BUT NO RELIEF FROM CONGRESS! - 05/01/09 07:06 AM
THE BIG BANKS WIN AGAIN.  Through the lobbying efforts of Bank of America, J.P. Morgan Chase and Wells Fargo, the "people"'s representatives in Congress again exhibited their skill in:
Keeping home owners with negative equity safely imprisoned in their real property for the foreseeable future. 
SENDING THIS BILL FOR RELIEF FOR … (149 comments)

mortgage mess: FANNIE MAE ANNOUNCEMENT - APRIL 21, 2009 - HOME AFFORDABLE MODIFICATION. - 04/22/09 09:01 AM
JUST RECEIVED FROM FANNIE MAE. 
Don't guess.  Read it for yourself.  From the horse's mouth.
Announcement 09-05 R April 21, 2009
Amends these Guides: Servicing
Reissuance of the Introduction of the Home Affordable Modification
Program, HomeSaver ForbearanceTM, and New Workout Hierarchy
                       ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
This release is easy to read and is … (9 comments)

 


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