Hope For Homeowners - What, Who & How - 09/30/08 08:31 PM
Here we go again.
Starting October 1, 2008 (that would be tomorrow if you are a timely subscriber) a major portion of HR3221 and other changes to FHA and other types of lender will go into effect. Now remember, FHA does not actually buy loans as do the GSEs Fannie Mae and Freddie Mac. In fact we have been taught that the FHA is the only government corporation that runs in the black using only funds generated by its own business. In other words it is not funded by tax payer dollars. We haven't heard a lot said about the liquidity, … (7 comments)

How To Own Real Estate In Your Retirement Account - 09/29/08 11:38 AM
It was June 18th and Europe was at war. The French army had marched through the region and wrecked havoc on many cities. The year was 1815. Under the leadership of Napolean they army marched against the "aggressor nations" as they were attempting to mobilize for an assault on Paris. In a town called Waterloo they found a great surprise: the liberators may have appeared unprepared but they delivered the final blow to Napolean's army.
The British suffered huge losses in the battle.
A financial market panic caused a liquidity problem.
Baron von Rothschild saw an opportunity and uttered his now … (0 comments)

I've Got Gas! (Fair Housing Act 1988 Ammendment - Get Under The Bus!) - 09/29/08 10:35 AM
Last night we had a "not-a-birthday-party" party for my wife's birthday. We made home-made pizza right there with everyone at the party and it was a blast! I found out my favorite girl-buddy is going to be a mommy and then we all did fireworks, which Lane Bailey will tell you is a household favorite trick. We ate and ate and ate and ate and this morning, thank God, I have gas.
Yes, my tank is full. You see we haven't had much gas since Ike knocked down production. By Federal law we have to use a special "Summer Blend" of … (7 comments)

Loan Officers vs. Real Estate Agents - The Battle - 09/27/08 01:06 AM
Because I have so much respect for so many of you here I had a difficult time writing this - but it's a huge background noise among lenders and brokers. I mean it, seriously, I respect you guys very much and admire the majority of you more than you know. I guess you know I'm prefacing something not so pleasant. Let me say this is a time for us all to work together and I truly want whoever reads this to have an incredible weekend!
Let me also preface with this: These words were very difficult for me to write and … (96 comments)

Creative Finance for 2009 - 09/24/08 01:41 PM
When some people say "creative finance" they mean "mortgage fraud". You do it and I catch you and you pay. When I say "creative finance" I mean getting financing by thinking outside of the box but within the law. To help you get focused let's first give some examples of mortgage fraud that some people would class, wrongly, as creative finance:
1. Making a false statement on your mortgage application. This would include saying you occupy or intend to occupy the property as your primary. It would also include overstating your income, assets or employment. A very common piece of mortgage … (5 comments)

How Do "Approved" Loans Get Denied? - 09/23/08 09:45 PM
It happens. And if you don't have a very firm grasp of the onion like layers of the loan process it is very difficult to understand why. Therefore to begin let's look at the steps in the process of a loan:
1. Loan Officer accepts an application from the borrower. In the case of a local broker the LO is the person who will be your liaison for the duration of your file. For the national behemoths the LO is more like an operator who just accepts your order.
2. Your credit history is examined and a preliminary credit decision is … (7 comments)

Four Major Positives About Today's Market - 09/22/08 11:20 AM
The majority of news "sounds" bad at first hearing, reading or seeing. There is alot of truth to the fact that there is bad news today - scary news.
But take some joy because here are FOUR absolutely wonderful POSITIVES about today's economic situation:
1. Housing prices are lowered in the vast majority of markets.
For all the people who could not afford the home they wanted 24 months ago the news is great. With 20% down they can get a home with fixed rates in the high 5% range. (Our rate today in Georgia with no bait and switch misleading … (9 comments)

Correction, Dave Ramsey, The Banks and the FDIC Are NOT Okay - 09/22/08 10:06 AM
I have respect for Dave Ramsey. His plan for everyone to be debt free is a good one. Although he and many of his disciples are like hard core vegetarians who believe their way is the only way and anything variant is highly foolish I do believe that the non-mega investor can live and should live debt-free.
But this is not my point - and I'm not here to shoot at Dave Ramsey. I am writing to put the situation into perspective and to demonstrate that people, like Dave, should not be on national television speaking out of their class.
This … (5 comments)

Why Did My Loan Officer Stop Answering My Calls and Emails? - 09/20/08 03:46 AM
It happens. All too often if you ask me. A borrower believes they are doing the right thing by shopping around. They call one of the big guys who advertise on TV. They call a local bank. They call a local lender.
There are generally 5 reasons why a loan officer stops answering calls and emails:
1. They are dead. This is an acceptable excuse.2. They quit or were fired. In this case someone else should have contacted you.3. You are impossible to work with. In this case their "me" should have called you. That's my lovely job.4. They lied to … (16 comments)

Congressional Word of the Day: "Illiquidity" (Or: Here Citizens, Your Bill For Wall Street's Bail) - 09/19/08 02:39 PM
If you are a sick individual, as I must be, you have all 3 C-SPAN cable channels going all day, Bloomberg on Satellite and your web browser pointed toward the WSJ. Just typing that makes me want to go wash my hands.
Today's action word is illiquidity. It is not, by any means a new word, just that the market has increased the use of the word over the last several months until today. Today it is in the mouths of even congressmen who have poor control of the English language. One "gentleman" from Massachusetts is bringing me a slight chuckle … (5 comments)

How Capitalism Sold Us To Socialism (And How To Thrive In It) - 09/18/08 10:18 AM
It is most likely the minority of you already know this short story. My early digressions from the central point will be how true the statement that the market runs itself. This is the first time in our history that Capitalism "ran itself" into a more "centrally planned economy" than usually occurs on the brink of bloodshed. America, the great capitalist nation where for centuries it has been proven that a free market society can flourish and dominate. Except for that thing back in 1837. For those of you not old enough to remember Google Specie Circular.
We the People, of … (5 comments)

HR 5679 And Real Estate Values (and Down Payment Assistance) - 09/17/08 02:38 PM
The joke starts out like this: Two Law Professors, two Politicians and one Salesman walk into a committee meeting about foreclosures ... You don't want the punchline.
I am so glad they invited someone from the actual finance industry with an economics background to their party. Still, other than the fact that Ron Phipps (1st VP of the National Association of Realtors) over-calculated servicing fees by 10 times (said $2500 when it should be $250 .. per YEAR on a $100,000 loan) the input and feedback was acceptable considering most of the sources. Two law professors do not a viable advisory … (5 comments)

Why I'm Not Blogging Right Now - 09/16/08 03:05 PM
Simple: I have grown weary of meetings, scurrying to try and find money, and water cooler talk about the one thing that impacts us all so much which was brought upon us by a multi-tiered attack of (1) Ignorance (2) Greed and (3) Politics.
Now Chris Dodd is the self-appointed god of the American economy:
"Senate Banking Committee Chairman Christopher Dodd warned the Fed and Treasury against a rescue of AIG without checking with him first, expressing anger about past incidents where he was only informed afterwards."
Get in line according to pecking order Chris.
Take whatever stance you like. J … (9 comments)

Jeff Belonger Mentioned to Audience of 9750 !!! Congrats Jeff on your DPA Efforts (Video too!) - 09/11/08 08:23 PM
 
Today during our conference call with Scott Syphax, president of Nehemiah, he mentioned our Jeff Belonger in a very good company. Jeff helped very much with the organization of the rally in Washington DC which made other headlines as well.
Here is Jeff speaking with the Capitol in the background:

… (6 comments)

Useful Thingies for Bloggers - 09/11/08 12:58 PM
Occasionally I will post some tools or tips for bloggers. It is not my main passion but I do find many things worth sharing. One thing I want to interject is "more blogs usually equals more hits". Just ask Scott Shank about his success at Blog X3: The 24 (free for you guys, too, buy the way).
Posting your email link in the text of a website is always a problem. Posting it in HTML is almost as dangerous but using an image in the text without a link in HTML is much safer. So you can fire up your favorite … (7 comments)

The Skies Were Empty - Our Hearts Were Heavy 9/11/01 - We Remember - 09/10/08 11:02 PM

The morning started with the usual rush. I was under the gun to finish the process I was working on. My friend Jonathan Singh was visiting from India and we had eaten habanero peppers with grilled porkchops the night before. Anusha, my assistant, was running late - not normal for her. She came in just after 9A and said, "a plane crashed into the World Trade Center." We went into the conference room and rigged an antenna to pick up the broadcast channel, Fox5 Atlanta, on the non-connected set. The picture came in and a crowd began to gather as … (6 comments)

World's Biggest Dollar Scam? The Proof of Funds Racket, Perhaps - 09/10/08 04:12 PM
It started years ago and it still continues. An agent comes to me with a client who has a POF letter from a "real bank". Usually a foreign bank and usually $10,000,000 to $100,000,000 is mentioned.
Their real value? Not even tissue paper - and that's putting it nicely.
If you are reading this and you know me and you have been offended by my response - too bad. I make no apologies for my treatment of people who waste my time by approaching me with a POF letter or even a Letter of Credit drawn on a bank in which … (5 comments)

Mortgage Companies and Banks Do Not Run The Mortgage Industry - 09/05/08 11:05 AM
Neither do the investors.
Neither does the government.
A couple of weeks ago I was on a conference call for wholesale lenders and mortgage brokers with HUD Deputy Secretary Jim Beavers who is in charge of FHA's Single Family Housing Products. Jim "fussed" at the wholesale lenders for writing their own rules above and beyond what FHA's guidelines allow for. He gave them/us an earful about how FHA Secure has been treated by the lenders.
I agreed with him. Lenders have treated FHA Secure like the piece of garbage it is. Designed to help homeowners (originally) who were behind in their … (9 comments)

Not HUD Appoved Not to worry!Earn 5K or more per deal! - 09/04/08 01:36 PM
I think I have made my position perfectly clear on this. I absolutely DETEST rule breakers. Not only that but I gather all the evidence I can and send it all to HUD. From the mouth of Jim Beavers to my ears, "We will no longer tolerate lenders accepting applications and paying fees to unapproved brokers, consultants, originators, advisors, or by whatever name they are called. I am personally making it a priority to shut down these operations immediately."
So, do me a favor loan officers, brokers and lenders. When you receive an email like the one I just recieved by … (2 comments)

Number One! TOP AGENT! Best Lender! Cheapest Rates! America's Best! - 09/02/08 11:36 AM
Really?
A few years ago my office received an invitation to attend a conference given by "Georgia's Number One Short Sale Expert". We all had a good laugh because the lady doing the conference had just attended my workshop about 2 months earlier. A few months before that we received an invitation to attend a seminar at "the nations' largest real estate investor's association" where the speaker would be talking on "how to acquire single family bank owned properties". The speaker? One of our clients who we know factually has purchased exactly two properties and neither bank owned.
Even I have … (7 comments)

 
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Ken "Yes You Can" Cook

Marietta, GA

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Ken Cook, Brand Strategist

Address: Marietta, GA, 30062

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