mortgage crisis: Lacking Passion for just one moment... - 07/25/08 12:20 AM
I'm guilty of it. I force myself to do things I don't want to do. To me, from what I've been taught, that's life. I never wanted to do my chores, but I did. I never wanted to go to Prom, but I did. I never wanted to attend College, but … (23 comments)
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mortgage crisis: Good news as House passes Housing Rescue Bill - 07/23/08 08:33 PM
We have some good news today. The bill passed the House today after President Bush dropped his opposition to the Bill that would allow trouble homeowners avoid foreclosure .
The measure, which includes a federal assistance plan for the ailing mortgage giants Fannie Mae and Freddie Mac, also calls for $3.9 … (6 comments)
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mortgage crisis: Even the President Said it.. - 07/23/08 10:26 AM
I have been keeping up with several recent posts about whos fault it is with the mortgage and financial mess were in. I came across an interesting piece on Yahoo video that was meant as a slam piece on our current president. Leaving politics out of it, I think what they … (2 comments)
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mortgage crisis: A Guide to Recessionary Success - 07/22/08 01:37 PM
As the economy continues to struggle, I want to take a few moments to give you perspective from my professional standpoint.
We are currently amidst one of the largest banking crises since the Great Depression of the 1929 era. As a result of that time period, the government sponsored two … (2 comments)
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mortgage crisis: Banking meltdown not as bad as it seems. - 07/20/08 07:46 PM
Like many things in life, there is perception and there is fact. Often times they get confused in the media, which likes to tout negativity not positivity.
On a recent interview by Paul Kangas of Nightly Business Report with Richard Bove, a banking analyst, I feel he gives a more … (0 comments)
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mortgage crisis: Mortgage and Economic Update 07/18/08 - 07/18/08 05:27 PM
Due to additional concerns over the inflationary news of the CPI report this week, we saw inflation tick up for the consumer to their worse levels since 1991. As a result, bonds sold off, investors put their money into the stock market, and interest rates moved up .25% overall.
FNMA … (0 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 … (70 comments)
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mortgage crisis: Why Does it Seem Mortgage Brokers are Suddenly Trying to Sell me Life Insurance!! - 07/17/08 12:28 PM
I cannot tell you how many mortgage brokers that I run into are getting their insurance certifications so they can sell me life insurance, and disability insurance. Do people seem that is a little wierd.
First they were:
stock brokers, and the stock market crashed
than they became mortgage brokers, … (8 comments)
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mortgage crisis: Lenn Harley is WRONG - 07/17/08 03:25 AM
(and yes I am "stirring it up" here)
I just read her featured post where she contends that Real Estate Agents are not responsible for the mortgage mess. I was going to comment there but with 230+ comments I'm afraid my mouse scroll wheel would wear out by the time I … (189 comments)
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mortgage crisis: Sorry folks, but there is enough blame to go around the room...twice!! - 07/16/08 05:58 PM
I've read alot lately about people pointing fingers at one another and deflecting the blame for the mortgage melt-down away from their own personal vocation. The fact is that we are all to blame and that it will take all of us to get out of it too.
So who is to … (7 comments)
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mortgage crisis: Real Estate Agents Are Partially Responsible for the Mortgage Mess! A Rebuttal - 07/16/08 03:44 PM
It is rare that I read another agent's blog post and feel the need to respond, but I can't let this one go. I read Lenn Harley's IT'S A MORTGAGE MESS, NOT A REAL ESTATE MESS. A DEFENSE OF REAL ESTATE AGENTS and I have to respond. Let me first say that … (3 comments)
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mortgage crisis: Mortgage Mess vs. Real Estate Mess - 07/16/08 03:28 PM
This blog entry was originated by Lenn Harley of Rockville, Maryland, and she gave me permission to post it here today. I thought it a worthwhile read. I am following shortly with my own reflections and take on the backing that Freddie Mac and Fannie Mae have been assured by their sponsor, the Federal … (0 comments)
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mortgage crisis: Indymac - an insiders view - 07/16/08 11:43 AM
After the most painful year of my 24 year mortgage banking career, I can now report that I am officially an employee of the Federal Government. As everyone knows, last Friday the Office of Thrif Supervision put Indymac Bank into receivership and tranfered most of the assets to a new company, … (3 comments)
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mortgage crisis: Fannie, Freddie and You...Oh, My! - 07/16/08 08:21 AM
It is looking more and more likely that the taxpayer will pick up the tab for the all-but-inevitable bailout of Fannie Mae and Freddie Mac. Is that a bad thing? And, just how much blame do these two institutional giants bear for the current crisis in the lending industry?
New … (2 comments)
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mortgage crisis: “Not My Job” – How to Point the Finger, Pass the Buck, and Avoid Taking Responsibility. A Real Estate Industry Primer. - 07/16/08 12:17 AM
What would you say if you were shopping at your local home center, looking to purchase a certain type of light bulb. You ask the first clerk you see where the light bulbs could be located and he replies "Not my department. I work in Plumbing". Maybe you are at a … (31 comments)
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mortgage crisis: FannieMae, FreddieMac, Federal Reserve - Mortgage lending changes coming? - 07/14/08 04:45 PM
Three separate events had significant impact on mortgage markets last week. The Home Protection bill is being debated. IndyMac Bank announced it was closing it wholesale operations. Then on Friday the bank was taken over by federal regulators. Finally Fannie Mae and Freddie Mae stock values dropped by nearly 50% amid concerns … (2 comments)
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mortgage crisis: The Good Market, bad mortgage climate paradox - 07/13/08 08:10 PM
MSN announced just last week that a study by Sperling's Best places said Wichita Kansas is the best place to own a home in the US. Good employment, low average cost of home, good appreciation.
#1 in the US, I think Dallas was 4th or 5th. We should be riding high … (2 comments)
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mortgage crisis: Who is Responsible for the Current Mortgage/Real Estate Crisis? - 07/09/08 12:02 PM
Your opinions please.
As we all know there is a current crisis in the mortgage and real estate industry. Foreclosures are on the rise, home prices are dropping and many people find themselves in loans that they cannot really afford. Who do you think is responsible for this … (4 comments)
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mortgage crisis: Another One Bites the Dust...IndyMac might be going bye-bye - 07/09/08 09:52 AM
IndyMac Bancorp, the ninth-largest U.S. mortgage lender last year in terms of loan volume, is following in the footsteps of it's parent company Countrywide according to a Wall Street Journal Article . IndyMac began dismantling most of its business amid heavy losses from mortgage defaults. Shares fell 38% to 44 cents. Matters weren't helped … (5 comments)
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mortgage crisis: Subprime Mortgage Meltdown Leaves Borrowers Facing Crisis - 07/07/08 11:04 PM
Subprime Mortgage Meltdown Leaves Borrowers Facing Crisis
With credit requirements tightening, borrowers have fewer choices in mortgage loans
Sacramento, CA, July 7, 2008-As record numbers of foreclosures pervade the subprime market, lenders are becoming more and more anxious, and as a result, they're tightening their mortgage loan guidelines. These more … (1 comments)
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mortgage crisis: Will Mortgage Brokers Be Shackled By New Legislation - 07/07/08 10:15 PM
With the ever so changing loan requirements, mortgage brokers have been turning down more borrowers than they would have 2 years ago. Bank and investors alike are getting more strict with their lending practices. Which I think they should. Aimed at trying to curb the increase in foreclosures, New York State Legislature … (0 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: Cell Phones For Domestic Violence Victims: A Community Call To Action - 07/01/08 03:55 PM
Recently, I was sad to learn of another domestic violence murder right in my own community, which is 11th murder of the year, two being children less than a year old. We had 15 murders in all of last year. To make matters worse, the Orange County Domestic Violence Court has been abandoned … (3 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: State of the Nation's Housing 2008: Harvard University Report - 06/27/08 07:21 AM
The Joint Center for Housing Studies of Harvard University recently released its "State of the Nation's Housing" report for 2008. This report offers valuable insight into the complex and challenging nature of the current real estate market.
Included in this report is an overview of the "mortgage meltdown" -- its origins and impact on the … (0 comments)
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mortgage crisis: Tough Day for Countrywide. - 06/25/08 05:55 PM
Countrywide is the nation's leader in home loan lending. It has been largely criticized for agitating the current mortgage crisis if not out right causing it. Today California and Illinois both filed suits against the company, claiming that Countrywide systematically engaged in the practice of tricking customers into signing up for mortgage … (13 comments)
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mortgage crisis: Are credit scores important? - 06/20/08 12:55 PM
Credit Scores - Important?
More than ever!
"What is the credit score?" That is one of the first questions I ask my Loan Officers when they bring a file for me to review. Why you ask? Because it is ALL about the credit scores, in fact it is all about the … (8 comments)
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mortgage crisis: Bear Sterns Mortgage Fraud Arrests - 06/19/08 11:36 AM
The heads may be starting to roll as a result of mortgage fraud probes. Generally the fraud arrests are focused on the local broker or appraiser. With this new development that was anticipated in the internet news yesterday, and just now announced.
I read the announcement in MSN.com .
This has more … (5 comments)
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mortgage crisis: Mortgage Meltdown: Who is to blame? - 06/18/08 12:03 AM
AJ Nisen wrote a blog entry about who was to blame for the mortgage crisis, and I had to comment... I thought the point was worth repeating, so I am placing the comment here as well.
I find it remarkable that we think we can actually assign blame for this... the … (43 comments)
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mortgage crisis: Anatomy of a Meltdown: The Credit Crisis - 06/15/08 09:38 AM
In case you've missed it, there is an outstanding series of articles currently running in the Washington Post--Anatomy of a Meltdown: The Credit Crisis
The articles help demysitfy our current credit crisis, from its history to what went wrong and why. There are some great links, too:
Interactive mapping tools: Enter a zip code to … (2 comments)
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mortgage crisis: No, You Can't Show My House at that time - 06/13/08 10:52 PM
"That showing time is too early for us. If you'll come at 12:30, that will work fine. Thank you!"
This was the message I got from a seller in our area tonight on my cell phone. I had called him earlier and had a left a message about showing his home tomorrow … (9 comments)
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mortgage crisis: 22 Helpful Links for real-estate and business professionals (Part 1 of 4) - 06/09/08 05:35 PM
Here is the first set of 22 links that you may find value in. Take your time and don't be overwhelmed. They all contain a good amount of information, free services, marketing ideas or other helpful ideas! Maybe tackle 3-5 a sitting and see if they can help you out. I … (11 comments)
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mortgage crisis: The Mortgage Mess! - 06/08/08 08:47 PM
Anybody with eyes and ears (and a TV, or internet connection) knows that the mortgage lending and housing industries are in the midst of some difficult days. An article written by A. Mechele Dickerson in the May 22, 2008 Austin American-Statesman summarized pretty well how we got into this dismal situation.
… (2 comments)
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mortgage crisis: Down Market? I think not, Atlanta Stats Tell a Different Tale - 06/02/08 01:19 PM
Over the past few months I keep hearing that Atlanta is feeling the same "Down Market" symptoms as the rest of the nation. While we are seeing homes take a little longer to sell, prices are dropping for homes actively listed versus what they originally listed for (note this doesn't mean … (6 comments)
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mortgage crisis: Short Sales...Go ahead and Dig In! - 06/02/08 10:08 AM
If you haven't guessed by now, foreclosures are getting WORSE!!!
Just as predicted, the rate of REO's lenders are carrying are up 33% from January to April of 2008. More than at any point during the current mortgage crisis, lenders are willing to drop prices significantly. But, Quite frankly.....
"It ain't … (11 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.
… (106 comments)
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mortgage crisis: More Mortgage Mess... - 05/28/08 12:48 PM
According to the article below it looks like Fannie and Freddie will begin to force Banks and Mortgage Companies to buy back their loans. This could spell major disaster to the Lending institutions that did great amounts of sub-prime lending and could lead to more doors closing and further job loss. Just … (4 comments)
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mortgage crisis: Economic Heavyweights on The Mortgage Mess - Summing It All Up - 05/28/08 01:31 AM
If you're intrigued with economics, especially the wider impact of the mortgage fiasco; rare powwows that include economic heavyweights like Peter Orszag (Director of the Congressional Budget Office), Zanny Minton Beddoes ("The Economist" magazine and former International Monetary Fund ‘IMF' economist), and Alan Blinder of Princeton (former Vice Chair at The … (7 comments)
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mortgage crisis: Control a client! It's a must! Short sale 101 - 05/26/08 02:53 PM
I just had a meeting with my staff Friday about controling our clients during our short sale process. I thought this might be good information for a fellow short sale experts out there!
The problem lately has been clients calling banks and speaking with the loss mitigator reps on the lenders … (5 comments)
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mortgage crisis: Senate panel passes housing rescue plan - 05/21/08 01:47 AM
One of the key problem faced by home owners facing foreclosures is inability to refinance. The House has just approved the rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers. The plan would let the Federal Housing Administration take on up to $300 billion in new mortgages.
… (6 comments)
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mortgage crisis: Power of Human Spirit, Honesty and Ingenuity - 05/21/08 01:19 AM
You possibly read my post on Credit Consequences of the Short Sale. I wanted to share with you another story. I decided to do it in a separate post as while it is sad story it is also a wonderful example of human spirit, honesty and ingenuity.
Yesterday, I received another … (0 comments)
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mortgage crisis: THE REAL ESTATE ROLLER COASTER - 05/20/08 04:20 PM
THE REAL ESTATE ROLLER COASTER
When to buy and when to sell: A real estate investor's guide to Market timing
Your grandfather always told you, "Location, location, location." I am here to tell you that it is all about timing in specific locations. Investors have always given a lot of … (0 comments)
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mortgage crisis: Short Sale Glossary Terms - 05/17/08 06:37 AM
… (2 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 … (38 comments)
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mortgage crisis: Four Things You Should Never Do If You Fall Behind On Your Mortgage - 05/15/08 02:36 PM
… (0 comments)
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mortgage crisis: Home Pricing Even More Crucial Now Than Ever - 05/14/08 10:04 PM
In my local market we had a rough Fall of 07 and a very slow Spring 08. Many buyers are still holding out, either waiting for the market to "bottom out", or waiting to sell their current home. Many sellers are still thinking they have the last home that will sell … (5 comments)
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mortgage crisis: Saving Your Credit - 05/13/08 07:45 AM
… (1 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: How John could help if you are upside down and can no longer make your mortage payment? - 05/07/08 11:26 PM
Our Short Sale Specialists Can Help You Achieve a Fresh StartHaving difficulty making your mortgage payments?Do you want lenders stop calling?Do you want to dispose your debt?Your mortgage adjusts soon and you cannot afford paying the new rate?Want to sell your house but there is not enough equity?Do you want a fresh … (0 comments)
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mortgage crisis: Do you qualify for a short sale ? - 05/06/08 08:17 PM
Do I qualify for a Short Sale? Do You....
Owe more on your property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc? Have difficulty covering your expenses each month? Not have money in the bank to cover the difference of what … (0 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 … (6 comments)
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mortgage crisis: What is a Short sale ? - 05/05/08 06:39 PM
Definition of a Short Sale:
The amount owed on a property is greater than the actual value and the lender agrees to forgive the difference to avoid foreclosure.
For all the homeowners who are upside down and can no longer make their mortgage payment, until now the only option was, well, letting … (0 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 … (61 comments)
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mortgage crisis: To Short Sale or Not...Just Let Go - 04/23/08 12:38 PM
Looking at the current housing market and the plight of so many people everywhere, many people and institutions have serious, potentially life-altering decisions they either have to make, or could be faced with soon enough. What I’m talking about is the possibility of people who have to sell and are … (8 comments)
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mortgage crisis: Mortgage crisis? HOW ABOUT THE FOOD CRISIS???? Did you know this? - 04/22/08 06:29 PM
Yes, we all know there is a mortgage crisis, but have you heard about the food crisis? There are 800 MILLION people who are hungry in our world! The World Food organization has seen a 100 million increase in the number of people they feed over the past eighteen months!! WHAT IS … (1 comments)
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mortgage crisis: Bank Of America: reports major decrease in profits today: anyone really surprised? - 04/21/08 09:41 PM
Ok, so, should Wall Street have been surprised by this? Bank of America has been a stellar performer until now. But "now" is the mortgage industry crisis. Who thought Bank of America was exempt from the crisis? They were financing at high LTV's and now they have purchased Countrywide's woes. Does … (1 comments)
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mortgage crisis: Mortgage Crisis: Please post your ideas to SAVE homeowners! - 04/18/08 09:44 PM
We all have ideas on what the government should do to save homeowners. Please comment on this blog and let's hear your ideas!
Here is an idea:
How many times do you have a client who had an adjustment to their mortgage and they are now paying a large increased amount. They are trying … (7 comments)
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mortgage crisis: WAMU is Out & What is the Fed Saying? - 04/15/08 07:11 PM
"If you believe in unlimited quality and act in all your business dealings with total integrity, the rest will take care of itself."~ Frank Perdue, Chicken Farmer, Executive Well, I don't know about you but, I certainly needed a bit of humor in my life considering what has been happening in … (2 comments)
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mortgage crisis: The Mortgage Crisis Strikes Again - 04/13/08 11:43 PM
Damn that mortgage crisis... Damn those greedy mortgage brokers!! Damn those awful underwriting practices!! Should we label it a natural disaster? Is George W. Bush going to show up in neighborhoods across America showing support?
The latest in mortgage crisis and foreclosureepidemic is the increase in tenants being evicted from their homes due … (4 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: The New Wave In Renting…..Lease to Own - 04/08/08 11:46 PM
A new breed of lease purchase home buying programs are springing up like daisies and they couldn't be sprouting at a better time.
With current mortgage forecasts being unfavorable it’s not surprising lease options today are gaining favor.
Lease Purchase Homes is a lease combined with an option to … (2 comments)
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mortgage crisis: The 'Cure' is in the 'Disease' - 04/08/08 05:53 PM
One of my favorite television programs of all-time was & is 'The Wonder Years.' It was nostalgic, poetic, unique, a tad humorous, & pretty darn identifiable....at least in my eyes. If memory serves me well, it also included a line that changed my wave of thinking, one that if practiced, may even … (68 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: ARMs, Interest Only, and the "Mortgage Crisis" - 04/07/08 04:53 PM
With all the talk of a potential government bailout for the current situation with the increase in foreclosures and short sales, I have some concerns.
First off I will say that I have true compassion for those who have had their incomes drop due to the current economic situation, and are trying … (3 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: The State of the Dream - 04/05/08 09:36 PM
Mortgage Meltdown Causing African Americans to Experience Greatest Loss in U.S. History
Knowledge is Power, Empower your Mind…
A new report has predicted the subprime mortgage crisis will cause African Americans to lose up to $213 billion, leading to the greatest loss of wealth in modern U.S. history. … (0 comments)
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mortgage crisis: You Can't Believe Everything You Hear: Now Is A Great Time To Buy A Home - 04/04/08 11:53 AM
Recently all of the negative media attention about the "mortgage meltdown" has many buyers second guessing their pursuit of homeownership. When actually, if you are thinking of buying a primary or even a secondary home and can afford it, now is a great time to buy. Mortgage rates remain very … (1 comments)
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mortgage crisis: Aloha Airlines Stops Flights, Mortgage Crisis to Blame? - 04/02/08 04:31 PM
While listening to the news the other morning I heard something that caught my attention.
But first a little background.
After flying between the Hawaiian Islands for more than 60 years Aloha Airlines filed bankruptcy for the second time in last few years. It flew its last passenger flight Monday. They shut … (24 comments)
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mortgage crisis: Did you know the market is bad? - 04/01/08 12:38 PM
That's what I'm reading in the Wall Street Journal, Bloomberg, and any form of media that exists. But I go to the source, a "Real Estate Network" site with 80,000 Members, and I hear otherwise. I read that it's not as bad as you think and the media is exacerbating the situation. … (4 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: Arizona home sales up....a farce - 03/28/08 07:22 PM
After reading the article, "After months of declines, homes sales up" in a recent edition of the Arizona Republic, I felt compelled to weigh in my thoughts.
Though well written, the article bounces on the notion that today's real estate crisis may soon turn itself around. This is a jest I find … (1 comments)
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mortgage crisis: This just in! - 03/28/08 09:22 AM
I received a phone call last night from a client of mine that I've done a few mortgages for- but most recently a HELOC through CITI. I have done a ton of business with CITI, and due to a few unethical things they have done, I refuse to do business with … (13 comments)
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mortgage crisis: Which presidential candidate has the best response to the Mortgage Crisis? - 03/27/08 10:10 PM
Who's your pick?
The candidates economic plan will obviously have an impact upon the notary industry as the government attempts to respond to the mortgage crisis. Whoever becomes the president may indicate how America feels the situation should be handled.
Here's a quick look at each candidates positions:
McCain urges cuts … (6 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: Is It Bottom Feeding Or The Marketplace Actually Working? - 03/25/08 12:47 PM
Morning Edition's coverage of the real estate market had another interesting item during this morning's broadcast. It seems that a group of former Countrywide executives, now out of work, have come up with an honorable way to make a living.
They are investing in "troubled" mortgages.
Here's how it works.
Let's say a … (14 comments)
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mortgage crisis: Foreclosure's coming to an end!? - 03/25/08 11:03 AM
This article from ColoradoBiz Magazine thinks that the foreclosure mess in Denver could be coming to an end. That is great news for everyone if it proves to be true!
http://www.cobizmag.com/articles.asp?id=2077
… (6 comments)
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mortgage crisis: Clinton Striving For Upper Hand On Mortgage Crisis - 03/25/08 07:55 AM
As Tampa Realtors, we know that the number of Tampa short sales and foreclosures has skyrocketed over the last few years. Hillary Clinton has released a plan to help the economy and get control over the mortgage crisis. The plan was submitted to the President and Ms. Clinton is calling for … (9 comments)
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mortgage crisis: Real Estate Prices Are On The Mend - 03/20/08 09:36 AM
Real Estate Prices Are On The Mend
The Real Estate market has been in the tank for the past 24 to 30 months. Last week, when the HUD announced the increase to FHA Loan Limits from $263,300 to $346,250 it was like a huge burden had been lifted from the back of … (4 comments)
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mortgage crisis: More Help for the Mortgage Markets ... Here comes Fannie and Freddie - 03/19/08 09:27 AM
The day after the FED cut interest rates by .75 basis points another key announcement was made. The office of Federal Housing Enterprise Oversight better known as OFHEO, Fannie Mae and Freddie Mac's regulator, unveiled a reduction of the capital the firms must hold to 20% from 30% previously. Ofheo said the … (1 comments)
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mortgage crisis: Secretary Paulson - Don't Forget The Consumer's Blame - 03/16/08 01:19 PM
Treasury Secretary Henry Paulson recently "blamed the current credit crisis on several factions in the market, including loan brokers, rating agencies, Wall Street securitizers, and even regulators. " (National Mortgage News 3/14/08). It appears to me that the secretary missed one of the biggest "blamees" in this situation - the mortgagee. … (0 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: Bernake on the Mortgage Help Plan - 03/14/08 02:17 PM
AP - Federal Reserve chairman Ben Bernanke outlined the central bank's proposal Friday to stem the subprime meltdown. In a speech at the National Community Reinvestment Coalition's annual meeting, Bernanke said that the Fed is working to curb unfair lending practices to protect borrowers of adjustable rate mortgages.
"The Federal Reserve is … (0 comments)
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mortgage crisis: When will the downturn end? - 03/13/08 06:29 PM
When will the downturn/decline end? That is the trillion dollar question isn't it? I hear it about everyday, as I am sure you do too. While there is no magic answer for this question, there are always those who claim to have it. Like with this video, Mark Fleming who is … (2 comments)
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mortgage crisis: VOTE FOR YOUR FAVORITE PROPOSAL TO TURN AROUND THE HOUSING MARKET - 03/10/08 04:27 PM
VOTE FOR YOUR FAVORITE PROPOSAL TO TURN AROUND THE HOUSING MARKET
Which proposal is your favorite solution for the housing crunch?
This article from the Associated Press offers several solutions from various members of our government:
Vote for your favorite.
I like...
Office of Thrift Supervision: Allow about 8 million home owners who owe more … (1 comments)
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mortgage crisis: Wake Up Mortgage Brokers, You're Losing Your Livelihood! - 03/10/08 11:53 AM
This is a MUST READ for MORTGAGE BROKERS...Nationwide!
THIS IS ALSO A CALL TO ACTION FOR ALL MORTGAGE BROKERS ACROSS THE US!
First off, DO NOT allow Politicians, The MEDIA and others to discount what we do as Mortgage Professionals. We bring value to the table for each of our clients on a daily basis. Many … (4 comments)
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mortgage crisis: Proposal to help the mortgage crisis - 03/07/08 07:54 PM
Many of the articles written about the mortgage crisis and solutions offered are bailouts, particularly bailouts for the lenders and at the expense of the taxpayers. Why reward poor choices?
Martin Feldstein proposed a solution in this morning's Wall St Journal that makes sense to me:
Loan Substitution Program: (optional at homeowner's choice)
Feds … (4 comments)
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mortgage crisis: ING cut my deal - 02/29/08 03:22 PM
I had a 1.1 million dollar loan with ING the cut my appraisal and dropped my loan amount to $930,000. This is the second time I have been nailed there. I had a 2.5 million dollar appraisal that got cut to 1.5 million. I'm curious if anyone else is running into … (2 comments)
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mortgage crisis: Foreclosure Map for US - year 2007 - 02/27/08 07:20 PM
At first glance you may think this is a flu epidemic map below, but no...
It appears from the Foreclosure Map below for 2007 that the coastal regions were hardest hit by the foreclosure epidemic...
The map speaks for itself...
Click Here For a Larger Map
giving you the advantage....®
Taunya Fagan Real Estate 406.579.9683 taunya.fagan@prumt.com
Bozeman Montana Real Estate … (10 comments)
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mortgage crisis: “There’s No Place Like Home, There’s No Place Like Home” Home Values vs. Perception - 02/26/08 06:46 PM
I don’t think we’re in Kansas anymore.
It shouldn’t be news to anyone who ever reads the newspaper, surfs the Internet, watches TV, listens to the radio, or generally communicates with the outside world in any way at all: the real estate market has been in a downturn.
Yet maybe … (1 comments)
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mortgage crisis: Am I Missing Something? Don't ARMS Have an Adjustment Limit? - 02/26/08 09:57 AM
It seems that everyday when I turn on the news, I hear more and more about the housing crisis in our country. Foreclosures continue to increase, home sales are decreasing. And somehow, ARM mortgages are the ones that are given the bad wrap.
ARMS have specific adjustments...at least the plain old vanilla … (3 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: Mortgage Crisis - 02/18/08 03:15 PM
Buyer's out there looking to purchase real estate these days have had incredible difficulties of late. Even buyer's with excellent credit have been stalled. Stated programs in the past where 100% financing was a cake walk with 700 credit scores are all but gone. Now lenders are asking for 10% down for … (0 comments)
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mortgage crisis: 2008: The Year of the Appropriate Mortgage - A Closer Look - 02/18/08 02:16 PM
2008:
The Year Of The Appropriate Mortgage:
A Closer Look
As I last wrote, 2008 is a new year with lots of new resolutions on the horizon. Aside from the personal goals we have all set individually, our government and economic ambassadors have hefty goals to meet as well.
For one, they must salvage and … (2 comments)
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mortgage crisis: Real Estate... What if 90% of the populationhas it backwards??? - 02/13/08 05:46 PM
… (3 comments)
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mortgage crisis: Will the Federal Tax Rebate Have an Impact? - 02/12/08 10:46 AM
I read the news today, oh boy... And with the dulcet tones of the boys from Liverpool serving as a backdrop, I'd like to draw your attention to the plan to stimulate the economy adopted yesterday by Congress and to be signed by President George Bush next week. Evidently 137 million … (2 comments)
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