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.
… (118 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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mortgage crisis: One Dead Goose and Another Loan Goes Belly Up: How Declining Value Restrictions Hurt Property Values - 05/01/08 12:52 AM
She leaned against the doorway of my office, this messenger of bad news, like so many before her had done. My consolation prize? A large Butterfinger, which had been placed on my desk before she retreated quickly back to the doorway. She didn't dare to sit in the chair (and consider herself a guest in … (66 comments)
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mortgage crisis: Bring Back The Stated Income Loan - 04/24/08 10:42 AM
The biggest docmentation challenge facing mortgage applicants in this brave new world of EXTREME DOCUMENTATION is (choose one):
A. Having enough assets
B. Having enough income
C. Having enough downpayment or equity in property
D. Having a mortgage broker smart enough to put together a puzzle with 1000 small pieces and no picture on the cover of the box
Okay, I threw … (62 comments)
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mortgage crisis: Zoom Zoom Cash and The Lifestyle We Couldn't Afford - 04/12/08 08:57 PM
For years, Californians thought it was pretty funny to lament about our zoom zoom real estate. With glass of wine in hand and proverbial balmy weather as a backdrop, friends would often whisper to each other: "We couldn't even afford to buy the house we live in".
Then they would laugh.
Well, no one is laughing anymore. That's because even though we … (20 comments)
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mortgage crisis: Dear Wonderful Bank Customer: You and Your Equityline Have Been Kicked to the Curb - 04/10/08 09:57 AM
If you never take any advice dished out in this blog, please make an exception today. If you have an equityline, YOU NEED TO TAKE ACTION TO PROTECT YOURSELF from a liquidity crisis. You have the opportunity to out maneuver the bank and protect your financial health in these trying times.
But … (14 comments)
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mortgage crisis: Breaking News: Wamu Is Exiting the Wholesale Mortgage Business! - 04/07/08 06:40 PM
Early details are still flowing in, but we have received an E-mail from our WAMU rep confirming that Wamu has exited the wholesale mortgage business. Any submission of a loan not received by Wednesday of this week will not be eligible to close with Wamu.
Done. Finished. Over.
This ranks up there as some of … (21 comments)
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mortgage crisis: Shattered Dreams, Wasted Time: The Demise of the 20-Something Mortgage Brokers - 04/07/08 03:33 AM
It would not be fair to say they were in it for the money. And yet, MONEY (or shall I say EASE of making money) was what drew so many in.
It was, the gold rush that caused many young people to forsake college. Worse, to sacrifice those twenty-something years for a career that … (81 comments)
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mortgage crisis: One McMortgage, Please, With A Side of Lies - 03/31/08 06:43 PM
Not too long ago, getting financing for real estate was a lot like ordering FAST FOOD.
"One McMortgage, please". Sure enough, when you got to the drive through window, there it was.
So easy you could keep the conversation going on your cell phone all the way to the drive through window. So easy, you barely looked … (90 comments)
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mortgage crisis: Throwing Gasoline on the Fire: Is There An Even Worse Subprime Disaster Around the Corner? - 03/26/08 10:20 AM
I couldn't help but wonder if we are throwing gasoline on the fire when a most intriguing comment by a newer member was placed on a recent post of mine about the housing/mortgage crisis. I guess with all the hip-hip-hooraying about FHA coming back on the scene here in California (with higher limits that supposedly will … (31 comments)
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mortgage crisis: Jumbo Mortgage Madness: Where is the Salvation Promised By Higher Conforming Loan Limits? - 03/26/08 10:08 AM
Way out West in the land of JUMBO MORTGAGES, we don't get a volume discount when we borrow a BIG CHUNK of CHANGE to buy our PRICY real estate. We get a VOLUME PENALTY, and let me tell you, these days that penalty is HUGE. Jumbo money, no matter how you look at it, is ridiculously … (47 comments)
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mortgage crisis: The Mortgage Crisis, As Explained to Car Geeks - 03/16/08 12:40 PM
I'm in beautiful Sedona, Arizona, with all my friends in the auto leasing business. They all own leasing companies in Arizona, California,and Oregon. Naturally, they have asked me, the one real estate person in the group, to explain the mortgage crisis to them.
They also asked me to explain blogging, but I … (13 comments)
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mortgage crisis: From Featured Post to Good Morning America: A Glimpse Into the Unleashed Power Of ActiveRain - 02/23/08 07:49 PM
So, RainerNation, what's a girl like me supposed to think when on a regular old Friday afternoon, amid all the normal mortgage madness, the phone rings and the caller identifies herself as one of the producers of ABC's "Good Morning America"?
Check the caller ID. Yep, area code 212 (New York). Oh my gosh, … (94 comments)
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mortgage crisis: Upside Down On Steroids: The Demise The Mega McMansions - 02/08/08 12:28 PM
Last night I watched with interest as ABC's Nightline did a feature on a neighborhood of McMansions in Southern California....or I should say: the demise of a neighborhood of McMansions? The mortgage crisis has TRAPPED the owners in their monster homes, unable to sell, and awash in negative equity.
Not only did … (14 comments)
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mortgage crisis: Sins (and Confessions) of An American Consumer - 01/23/08 11:10 AM
I am a consumer in America. Forgive me, for I have sinned. And excuse me if I am confused.
I have spent money I do not have to buy things, and charged it to my credit cards.
I have bought real estate that I cannot afford (now that I have to make the real payment).
… (7 comments)
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mortgage crisis: 2007's Most Memorable Mortgage: Escape From Adjustable Rate Hell (Part 1) - 12/28/07 10:50 AM
Looking back at the end of each year , there is always that one transaction that you remember. Most likely it is not the one that generated the most glory, or the most money, but the one where you generated the most good. Here is the story of my most memorable … (5 comments)
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mortgage crisis: Never Say Cockroach - 12/10/07 09:39 PM
During the mortgage crisis of 1982 (yes, this is NOT the first "mortgage crisis") we were forced to move when my husband was transferred to Dallas. We bought a grand old house sitting high on a hill in an elite neighborhood called Las Colinas (as Californians, we were real estate rich).
In spite of the home's regal appearance (dusty peach bricks, stately white columns, … (16 comments)
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mortgage crisis: Freezing Adjustable Rates is Like Rent Control: A Disaster Waiting to Happen - 12/03/07 01:51 PM
Hey, I have an idea. Let's freeze all those adjustable rate mortgages for seven years at those low rates we had 2 years ago. Don't you agree those people "deserve" to keep their lower payment? Don't you think the lending industry somehow stuck it to those poor souls and "deserves" to … (73 comments)
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mortgage crisis: Easy Rider: Will the Real Subprime Please Stand Up? - 11/25/07 10:05 AM
After attending my first round of holiday parties this week I realized it isn't just us real estate geeks that have the mortgage crisis on our minds. People used to run the other way when I said I was in the car business. Now they seek me out with the following question: "What about … (6 comments)
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mortgage crisis: Here's A Concept: Let's Just Do Nothing About the Mortgage Crisis - 11/24/07 01:15 PM
Inspired by the discussion taking place about the current mortgage/foreclosure crisis, I pose the following question: What if we just did nothing? That's right. Nada. Zip. Zilch.
No government intervention. Stop playing the blame game... (what does it matter?) What would happen if we just plain old sat back and let the market … (40 comments)
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mortgage crisis: Is The Mortgage Crisis OVER? Or Are the Buyers Just OVER IT? - 11/13/07 08:03 PM
Here come the buyers. They have lurked in the shadows all year while the headlines screamed "MORTGAGE CRISIS". Mind, you, they have no idea WHAT a mortgage crisis is, but this much is clear: Who wants to buy a house (which means getting a mortgage) in the middle of a crisis? Did "The Mortgage … (8 comments)
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mortgage crisis: The Future of Mortgage Brokers Is Questionable - 11/01/07 10:17 PM
As the year comes to a close, the mortgage crisis is taking on a different spin. Slowly, yet steadily, banks are closing their wholesale divisions. When this happens, a borrower must go into a bank and deal directly with a bank employee to get a mortgage. He will have no option to use his … (13 comments)
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mortgage crisis: A Mass Exodus From the Mortgage Business - 10/24/07 11:43 AM
We had heard the rumors. Their loan officers were knocking on our door, and in meetings with our owners. But today it became official: our biggest competitor is out of business. You might think it would be cause to jump for joy, but no. It is sad. It is scary. The mortgage crisis … (49 comments)
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