mortgage crisis: Is It Time to Kick Our Addiction to 30 Year Mortgages? How 15 Year Mortgages Could Save The Day - 08/25/09 09:57 AM
Is it time to kick our addiction to 30 year mortgages? Could it be that 30 year mortgages are harming our industry by contributing to negative equity situations faced by so many homeowners?
To answer these questions, we only need to look at the auto industry, a place where no one … (26 comments)
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mortgage crisis: How Aggressive and Questionable Tactics of Lender Sellers Torture Buyers & Cost Our Industry - 03/25/09 10:48 AM
When a bank sells a foreclosed property do they try to replace one bad loan with one good loan?
If the main agenda is to dump the house, is the hidden agenda to seize a golden opportunity to gain a new loan customer (far less risky because the "dumped" price was … (11 comments)
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mortgage crisis: Jumpin' Through Those Jumbo Hoops and How It Holds Down the Economy - 02/25/09 04:38 PM
Imagine my surprise when an article in the Wall Street Journal featured:
A client of our family's auto leasing company who was also...
A client of my former mortgage company who was also...
Complaining bitterly about lack of jumbo loans to refinance his house in ALAMO, CALIFORNIA (median home price, 1.3 million). Alamo is where … (6 comments)
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mortgage crisis: A Millionaire Buyer, A Low Appraisal and the Realtor Who Fell Apart: Can This Deal Be Saved? - 02/12/09 12:33 PM
THE MILLIONAIRE FINDS HIS DREAM HOUSE
When a 30-something California millionaire had his offer accepted on an exquisite lake view property, he was beyond thrilled.
The listing agent, who would be selling another home to the seller, was overjoyed. The selling agent, (more accustomed to selling $200k foreclosures to first time FHA buyers), could not … (30 comments)
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mortgage crisis: If Your Assets Are Gone With the Wind....Can You Still Go Home to Tara? - 12/20/08 01:01 PM
The retirement account statement sits on the counter, unopened. You're too afraid to look.
The house across the street goes up for sale with a "lender owned" sign dangling below. You look away. You'd rather NOT know the price.
And when you try to trade in your wheels for something newer … (55 comments)
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mortgage crisis: The Top Ten Worms That Crawled Out of the "Debt Forgiveness" Can - 11/24/08 10:02 AM
Please study the headline of this post carefully.
Since "WE" are funding a bailout of toxic mortgages, "WE" (taxpayers) should be very careful in demanding a solution that wipes out debt (forgives principal) instead of restructuring the loan (lengthening loan, reducing the rate, etc).
I agree with Lenn Harley's premise that … (10 comments)
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mortgage crisis: Are Some "Victims" of the Foreclosure Crisis Really Just Opportunists? - 11/22/08 09:43 AM
Today, I am going to ask those politically incorrect questions that no one else has dared to ask. I'm going to ask because these questions are at the very core of what is wrong with our economy.
Someone has to ask if we ever hope to have a prayer of getting … (30 comments)
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mortgage crisis: Is Loan Restructure Disaster Relief? Or Disaster Times Two? - 10/08/08 12:55 PM
And so...this novel entitled "Mortgage Crisis" is at the beginning of a new chapter. We have yet another new phrase we must banter around. That phrase: LOAN RESTRUCTURE.
You know you have a new phrase when your clients call you and use these words. The nightly news has 3 different … (64 comments)
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mortgage crisis: You Can Sleep in Your Car, But You Can't Drive Your House: Should We Bailout The Car Companies, Too? - 10/02/08 09:27 AM
The mortgage crisis has finally hit the car business. Yep. dealerships are closing and car sales have plunged by about 35%. And while the temptation may be to think of "gas prices" as the reason, the real reason is "mortgage crisis".
Fast becoming known as CREDIT CATASTROPHE.
Did you … (17 comments)
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mortgage crisis: How We Kicked Self Employed Borrowers to the Curb Along With Stated Income Loans - 09/11/08 12:32 PM
They are the ones that were not satisfied to be corporate hacks, allowing some huge company to dictate where and how they live their lives. They refused to carry a lunch bucket and lay cable for the phone company for 30 years.
Instead, they went after that other American Dream. The … (45 comments)
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mortgage crisis: Is Freddie and Fannie Bailout a Magic Pill? Or a Bitter Pill? (Gulp, Swallow....) - 09/09/08 10:22 AM
As mortgage madness dawned yesterday, it became apparent that our lenders had swallowed 2 giant aspirins over the weekend: The Freddie aspirin and the Fannie aspirin.
They woke up feeling much better.
Now, some might argue any government bailout is a bitter pill to swallow. So please excuse my short term … (7 comments)
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mortgage crisis: Why The Mortgage Ship Sank and The Realtor Ship Sailed On - 07/17/08 12:42 PM
A few years ago, the sun was bright and the wind was strong. And while we were never the perfect partners, we still understood that both the Reator Ship (the SS CrazyMarket) and the mortgage ship (the SS LooseLending) needed to make it to shore for a real estate transaction to … (75 comments)
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mortgage crisis: PASS vs PLAY: Why This Mortgage Broker Would Rather Be RUTHLESS Than PERSISTENT - 07/02/08 10:50 AM
IS BEING PERISTENT REALLY A GOOD THING?
Yesterday, when I FINALLY got approval for a silly little loan that had been sent to no less than 3 banks in 3 months, I got a compliment of the highest kind from the head processor in our office. "WOW. I would like … (18 comments)
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mortgage crisis: Insider Info: Wachovia to Eliminate Neg-Am Loans & Pre-Pay Penalties on Existing Loans - 06/30/08 04:36 PM
Our office has learned from a reliable source that Wachovia (formerly World Savings) has decided to stop doing neg am loans completely.
In conjuction with this news, they will also announce the closure of approximately 100 offices nation wide.
It has also been reported that for all Wachovia loan customers that … (22 comments)
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mortgage crisis: Freshly Killed Mortgages and Jungle Economics - 06/29/08 11:44 PM
Here in California, its a jungle out there. Buyers have stopped waiting for houses to "GO LOWER". They are not wondering if buying real estate is a "good idea". And they sure aren't thinking about the potential for appreciation.
They have only one thing on their mind: Get in while you can. … (46 comments)
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mortgage crisis: Why I Think Realtors Are Missing A Great Opportunity to Connect With Mortgage Brokers - 05/28/08 05:48 PM
In the real estate world, Realtors are higher on the food chain than mortgage brokers. Always have been. Always will be. Which, as Lola pointed out in her well written featured post, means mortgage brokers seek out Realtor relationships, with results that are not always successful, and tactics that are not always welcome.
… (123 comments)
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mortgage crisis: Has The American Dream Been Poisoned? - 05/16/08 11:40 PM
The FORECLOSURE EPIDEMIC and the MORTGAGE CRISIS that has rocked our economy to its very core, will be discussed and debated for years to come. Historically, it will forever define this decade, and, along with 9-11, leave an imprint on an entire generation.
Will we remember this as the decade when the American Dream became poisoned? Maybe … (39 comments)
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mortgage crisis: Romancing the Loan: Learn or Burn, Baby. Its A Different World Now - 05/08/08 05:49 PM
I have an idea for a new soap opera. Please, Brad Andersohn, bring on the flip cam, and be my producer. The name of the new soap is "Romancing the Loan".
Stock is rising for mortgage brokers who KNOW HOW TO ROMANCE THE LOAN. In the past, very little emphasis was placed on these … (43 comments)
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mortgage crisis: Rent Your Upside Down House and Buy a Cheap REO: Not Gonna Happen - 05/06/08 03:26 PM
Here's a heads up: This happened in our office 3 times recently. Mortgage applicants owned and occupied upside down houses (upside down = owe more than the house is worth). Their intent was to buy REOs which were superior in quality and/or location to their existing homes . They would then RENT their upside down house … (28 comments)
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mortgage crisis: Ben Bernanke and The Rotten Eggs - 05/06/08 11:28 AM
Earlier this year, as Mr. Bernanke continued to drop rates, I came out with the following statement: It isn't about rates. Its about guidelines. Rates could go to 2% and real estate can be cheap, but it doesn't matter if no one can qualify for a mortgage.
Those of us in the mortgage business could easily … (8 comments)
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