mortgage mess: N E W S YOU CAN USE - MAY 17, 2008 - 05/17/08 05:53 AM
N E W S F L A S H
Fannie Mae Announces Single National Down Payment Policy; Replaces Policy Regarding Markets Where Home Prices are Declining
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or … (17 comments)
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mortgage mess: BERNANKE SPEAKS SIMPLE ENGLISH. PROBLEM IS WHAT HE SAYS. - 05/15/08 04:59 PM
JUXTAPOSE THE FED ACTION TO HELP THE FINANCIAL MARKET AND THE AMERICAN CONSUMER.Goodness, there is just no good news from the fed today. Chairman Bernanke speaks simple English, which is refreshing after years of Greenspan DoubleSpeakTalk. However, when you don't have to ponder what the Chairman of the Board of Governors … (32 comments)
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mortgage mess: THE HOUSING CRISES IS OVER??? ONLY IF ONE LIVES IN A CAVE. - 05/07/08 01:53 PM
* * * * WARNING - HARD CORE REAL ESTATE TALK AHEAD * * * *
"The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. … (52 comments)
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mortgage mess: The Scapegoat of The Mortgage Crisis : The Dastardly Stated Income Loan - 05/02/08 01:15 PM
There have been many scapegoats in history.
Steve Bartman, the Chicago Cub fan who many believe cost the Cubs a trip to the World Series for the first time in nearly 60 years.
Bill Buckner, who made an error at first base that Red Sox fans believe cost them the 1986 World … (24 comments)
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mortgage mess: THIS "DECLINING MARKET" PRETEXT IS JUST SO MUCH BLATHER. - 05/02/08 01:10 PM
* * * * WARNING, HARD CORE REAL ESTATE TALK AHEAD * * * *
WE HEAR SO MUCH THESE DAYS ABOUT THE LENDERS MORE STRINGENT QUALIFYING REQUIRMENTS FOR HOMES IN "DECLINING MARKETS". This post was inspired by Janet Guilbault's post today relating an experience involving a mortgage rejection by an underwriter … (58 comments)
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mortgage mess: What is the Home Ownership Accelerator 7 Year Loan? - 05/02/08 11:09 AM
Is the HOME OWNERSHIP ACCELERATOR Loan the best loan in the United States today - and should you consider using it - to buy or refinance your home?There is a new mortgage loan available in Denver Colorado (and 41 other states) that combines the effectiveness of a 15 year mortgage loan … (1 comments)
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mortgage mess: Recommended Changes As A Result of the Mortgage Mess - 04/27/08 12:28 PM
A few ideas on how to fix the problem from Robert Shiller, Yale School economics professor:Time is ripe for making broad changes likeReform the kind of mortgages that are available like the European model of a variable rate but a fixed mortgage payment. This changes the term of the loan as rates … (1 comments)
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mortgage mess: Back to the Future - Tighter Underwriting and What Home Buyers can Do to Help Themselves in Spite of the Changes - 04/11/08 07:39 AM
In the mortgage industry, the present is looking more and more like the past. Back in 1992 when I first got into the mortgage business, George Bush was finishing his last year in office (though he didn't know it at the time), a Clinton was running to take his spot and … (0 comments)
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mortgage mess: Private mortgage insurers lose ratings required by Fannie, Freddie - 04/09/08 04:20 PM
IMPORTANT NEWS ON INMAN TODAY. Worries about rising unemployment and falling home prices prompted Standard and Poor's analysts to downgrade the financial strength ratings of three companies that provide most of the private mortgage insurance for loans purchased by Fannie Mae and Freddie Mac.Go to Inman for the rest of the story. … (6 comments)
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mortgage mess: LENN HAD AN EPIPHANY TODAY - 04/09/08 01:22 PM
* * * * WARNING. HARD CORE REAL ESTATE TALK AHEAD * * * *IN A CONVERSATION ABOUT FORECLOSURES AND SHORT SALE BUYERS TODAY, A GOOD FRIEND AN I CAME TO SOME INTERESTING CONCLUSIONS ABOUT THE STATE OF THE REAL ESTATE MARKET AND SELLING THESE PROPERTIES. No question about it, … (88 comments)
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mortgage mess: WASHINGTON MUTUAL HAS AN IDENTITY CRISIS - THEY THINK THEY ARE A HOME OWNER with EQUITY - 04/08/08 09:25 AM
N E W S F L A S HWASHINGTON MUTUAL SELLS $7 BILLION IN SECURITIES WaMu Raising Capital by Sale of Equity StockListen to the financial news this a.m. and you will not be able to help yourself from laughing out loud. Washington Mutual is raising $7 Billion through the sale … (12 comments)
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mortgage mess: Breaking News....WAMU to shut down all RETAIL AND WHOLESALE lending offices at the end of this month - 04/07/08 06:31 PM
I always knew that the company was in some trouble, given all of the recent changes recently, but it seems like the deferred interest (neg am) loan has become the nail in their coffin.
A friend of mine on Wall Street just informed me that a huge conference call just occurred … (41 comments)
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mortgage mess: HOME BUYERS! DON'T LET THE SCARE MONGER HEAD LINE SEEKING MEDIA SCARE YOU AWAY!!! BUY THAT HOME. THE COUNTRY IS NOT GOING DOWN THE FORECLOSURE HOLE. - 04/01/08 07:42 AM
SCARE MONGERS IN THE MEDIA are distorting foreclosure numbers to get headlines.
Consumers and the real estate industry need to get a handle on the FACTS. Stop reading the SCARE HEADLINES and look at the real numbers, although they are often hard to find in news reports about foreclosures throughout the country. … (28 comments)
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mortgage mess: GENIUS Idea To Fix Denver Real Estate and US Housing Problems! - 03/31/08 10:57 AM
What's the #1 Problem stopping Denver real estate and the other national real estate markets from booming again? The answer is - there are no more good Investor Loans!Currently there are not enough buyers in the United States or in the Denver real estate market specifically, to purchase the entire outstanding extra … (0 comments)
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mortgage mess: Is the govt plan adding to the delinquencies? - 03/29/08 01:48 AM
I keep reading of the plans that the government wants to give assistance to those homeowners having trouble with paying their mortgage. Now I read that the guy over at the FHA is trying to propose a plan to give a principal reduction to these Americans in need also. What is … (6 comments)
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mortgage mess: PMI companies pulling the plug on some areas? - 03/21/08 10:24 AM
PMI insurance companies, whose backing is required for borrowers that don't have the traditional 20% down payment requirement, have already cut off 25% of nation's zipcodes. They are refusing to insure home loans in a wide variety of areas. See if your area is listed below for areas that are blackballed on … (18 comments)
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mortgage mess: Another Fed Rate Cut - 03/18/08 11:28 AM
Why don't they just make it zero and get it over with. The economy cannot be bailed out by the fed alone. Additional measures need to be taken. It could be time for the government to step in and start taking write downs on some of these mortgages....
GetPrequalified.com
ConsumerDave.blogspot.com
… (2 comments)
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mortgage mess: N E W S F L A S H = = = JP MORGAN CHASE JUST PURCHASED BEAR STEARNS - 03/16/08 07:20 PM
SUCH A DEAL!!!$2 A SHARE!NEW YORK (AP) -- JPMorgan Chase said Sunday it will acquire rival Bear Stearns in a deal valued at $236.2 million -- or $2 a share -- a stunning collapse for one of the world's largest and most venerable investment banks.This looks like a better deal than … (23 comments)
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mortgage mess: The Incredible Shrinking Mortgage Market - 03/12/08 03:39 PM
Not so long ago the mortgage market was a lot like Baskin Robins 31 Flavors Ice Cream - a flavor for every need or taste. You wanted Rocky Road or Lemon Custard? No problem. A 5 year fixed payment Jumbo option ARM or a 30 year fixed rate with interest only … (0 comments)
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mortgage mess: CAN THE GOVERNMENT FIX THE MORTGAGE MESS?? - 03/09/08 02:47 PM
THE MORTGAGE MESS AND THE GOVERNMENT FIXES.Fellow ActiveRain member Ken Montville speculates on the likelihood of significant losses in market value for home owners. Of course, it's all speculation. We can't see into the future. We can, however, speculate and the 30% decline in market value doesn't seem out of range to me. … (64 comments)
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mortgage mess: THE "MORTGAGE MESS", A COMPENDIUM, and HOW ACTIVERAIN HELPS ORGANIZE BY TOPIC, THE "TAG" - 03/03/08 08:23 AM
Gene Wunderlich, Group Founder for Mortgage, Forclosure & Elder Abuse Housing Fraud Group, requested that I post previous articles about the mortgage mess. Below are articles tagged with "mortgage mess". The "mortgage mess" tag was started when I posted about the Franklin Raines outrage in November 2006. ActiveRain offers a wonderful tool for organizing topical posts. These … (15 comments)
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mortgage mess: IN SEARCH OF INDIANA JONES - What The Real Estate Industry Needs Is A Few Heros! - 03/02/08 03:03 PM
* * * * DANGER: HARD CORE REAL ESTATE TALK * * * *What would the real estate market look like today if agents and brokers and lenders said what they mean and meant what they say and gave the consumer accurate and worthwhile information that was in the best interest of the consumer? What … (59 comments)
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mortgage mess: 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 mess: HOMEOWNERS, IF YOU CAN'T SELL, EITHER RENT OR STAY WHERE YOU ARE. You can't "just walk away". - 02/22/08 11:59 AM
INSPIRED BY A POST by Janet Guilbault, it appears that the consumer is capable of making one bad financial decision after another, and then even another. It isn't going to get any better for a while and you can't "just walk away". Janet describes her experience with a buyer who purchased … (54 comments)
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mortgage mess: Remember Real Estate is a Local Market!! - 02/16/08 10:37 PM
I cannot stand constantly listening to national media saying real estate investing is over and the market is doomed. The problem with that picture is that where will people go. People have to have a place to live and that will never change. Populations have not shifted causing a huge over … (3 comments)
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mortgage mess: WHERE WAS THE FEDERAL TRADE COMMISSION WHILE MORTGAGE FRAUD WAS RAMPANT? - 02/15/08 09:18 AM
* * * * DANGER! HARD CORE REAL ESTATE TALK * * * * MORTGAGE FRAUD? THE LAW WAS THERE ALL ALONG!! THE ANSWER LIES IN THE MISSION OF THE FEDERAL TRADE COMMISSION! WHY DIDN'T WE THINK OF THAT??We've all been looking in the wrong places. We've been looking to Fannie Mae who … (44 comments)
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mortgage mess: DO AMERICANS WANT A MARKET ECONOMY OR DO WE WANT A MANAGED ECONOMY? - 01/29/08 09:08 AM
Inspired by Mike Jones of Arizona who writes about Uncle Sam and the free market, a few observations about the so called "stimulus" the government have cut and pasted together to cure our economic ills. THE AMERICAN PROMISE - life, liberty and the pursuit of happiness. Happiness is extremely difficult without financial … (52 comments)
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mortgage mess: Time for Action From Washington: Why the Sub-prime Mess is ALL of Our Problems and the Case for Intervention - 01/22/08 09:20 PM
Why is the sub-prime mess, all of our problems? Each and every one of us?"I've got good credit, I'll be able to buy anytime," said a buyer recently. Well yes and no. The video below demonstrates powerfully how this mess affects us all, good credit, ok credit, not so good credit, … (0 comments)
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mortgage mess: SHORT SALES ARE NOT NEW - NOR HAVE THEY EVER BEEN "FREE". - 01/16/08 05:21 PM
Ken Cook writes today about Short Sales. Ken knows full well what he's talking about. Seems there are mortgage companies that are making a short sale acceptance conditioned on the seller agreeing to sign a promissory note for the deficiency. Either the promissory note or the seller receives a 1099 for … (26 comments)
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mortgage mess: RELOCATING HOME OWNERS ARE FACED WITH A SIGNIFICANT LOSS OF FINANCIAL CAPITAL - 12/22/07 05:08 PM
WHEN BUSINESSES CONSOLIDATE TODAY, EMPLOYEES ARE AT THE MERCY OF THE MARKET. * * * * HARD CORE REAL ESTATE TALK * * * * TRUE STORY OF A LOCAL HOME OWNER FRIENDYou don't want to relocate. You had no intention of relocating. Goodness, you just purchased yourhome in September of … (19 comments)
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mortgage mess: A Funny World (15): Bonuses or Bearshit? - 12/22/07 11:19 AM
Bonuses on Wall Street surge 14 percent : Four of the biggest U.S. investment banks - Goldman Sachs Group Inc., Morgan Stanley, Lehman Brothers Holdings Inc. and Bear Stearns Cos. - will pay out about $49.6 billion in compensation this year. Thain won't get a year-end bonus since he took the job on … (0 comments)
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mortgage mess: Do you want that ultimate pill to relieve all mortgage related problems? - 12/20/07 07:43 AM
The ultimate pill to relieve the real estate and the mortgage problems doesn't exist. What's up with the media and all the negativity? Isn't that how they sell the news? What about the government that keeps coming out with solutions with several lenders making promises. Don't forget, we are in an … (11 comments)
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mortgage mess: A Funny World (12): Action with Result or Inaction to Nothing? - 12/16/07 12:02 AM
A Funny World (11): Housing Price Down Or NOT?4 days ago, Warren Buffett attended Hillary's presidential fund-raiser party in San Francisco. They made some very funny statements that gave me a lot of laugh all day long. But here I will share you guys just one argument. When Warren talked about "US … (1 comments)
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mortgage mess: Say it Ain’t So, Roger, and Barry and Miguel and … Major League Baseball and the Mortgage Mess - 12/13/07 07:34 PM
It's no surprise that some Major League Baseball players used performance enhancing drugs. Anyone who saw the way that Barry Bonds looked when he first came into the league, and then saw the cartoon character he became later, knows he was juicing. The same thing goes for Sammy Sosa and a … (3 comments)
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mortgage mess: NEWS FLASH ! ! ! OHIO ATTORNEY GENERAL GOING AFTER APPRAISERS AND LENDERS - 12/12/07 03:51 PM
H E A R D I N T H E N E W S
4:18 P.M. Eastern Time
MARC DANN, Attorney General for Ohio was just interviewed by Fox News Channel and he states with passion:
"We're going after appraisers and lenders" stated Mr. Dann.
"If an appraisers says your house is worth $300,000 and … (29 comments)
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mortgage mess: FANNIE AND FREDDIE REDEFINING THE MEANING OF "SUBPRIME". - 12/10/07 03:44 PM
SO YOU THOUGHT YOUR HOME BUYER WAS A GOOD RISK? THINK AGAIN. * * * * WARNING, HARD CORE REAL ESTATE TALK * * * *If your home buyer has a FICO Score of less than 680 and a down payment of less than 30%, the cost of mortgage money … (64 comments)
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mortgage mess: MORTGAGE FRAUD, THE FBI TO THE RESCUE - 12/07/07 06:40 PM
I heard an interview today of an FBI Officer responding to the FBI's stepped up efforts to investigate mortgage fraud. They are particularly concentrating on cases where the perps manage a transaction where they take cash out of the transaction and then move on. They are not focusing on home buyer … (24 comments)
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mortgage mess: BUSH RIDES TO THE RESCUE - 12/06/07 07:40 AM
BUSH UNVAILS PLAN TO RESCUE SOME HOME OWNERS.The group that will benefit are those homeowners with subprime mortgages obtained between January 1, 2005 and July 31, 2007 whose rate is set to rise. The rate would be frozen for 5 years. The plan provides that home owners will be "fast-tracked" to … (20 comments)
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mortgage mess: FREEZING THE RATES ON ARMs. WHAT WILL IT DO? - 12/05/07 07:27 PM
TWO INTERESTING MOVEMENTS FROM OUR LEADERS TODAY.An apparent agreement to permit lenders, mortgage service companies, etc. to freeze the payments for some home buyers who received an adjustable rate loan between January 1, 2005 and June 30th of this year. The rates would be frozen until July 2010.SUCH A DEAL! ! ! The idea … (34 comments)
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mortgage mess: BARNEY FRANK - FOLLOW THE MONEY - MUST READ FOR MORTGAGE BROKERS - 11/02/07 05:49 PM
POLITICAL CONTRIBUTIONS TO BARNEY FRANK
WHO'S THE BIG BAD WOLF?
What the numbers below show is that the dog and pony show that Mr. Frank put on in the hearings for legislations for protecting the little guy against the big bad mortgage brokers was all payback for the contributions he's received from the big banks.
The … (22 comments)
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mortgage mess: COUNTRYWIDE AND MERRILL LYNCH - WHAT A DIFFERENCE A SMILE MAKES - IT'S THE GEORGE HAMILTON SYNDROME - 10/29/07 02:21 PM
COUNTRYWIDE FINANCIAL CORP. - Market Cap. 9.8Billion, 3rd Quarter Loss - $1.2Billion.MERRILL LYNCH & CO. - Market Cap. $57.23 Billion, 3rd Quarter Loss - $2.24Billion.Angelo Mozila, Chairman of the Board and Chief Executive Officer of Countrywidehas been seen around town, smiling broadly, granting interviews to the Financial TV network shows, projecting a … (21 comments)
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mortgage mess: THE SUPER FUND, REFERRED TO BY ANALYSTS AS "THE FRANKEN FUND" - 10/15/07 08:56 AM
FINANCIAL INSTITUTIONS HELPING FINANCIAL INSTITUTIONS. WILL IT HELP THE REAL ESTATE MARKET?It appears that a few major banks have decided to take that old bull by the horns and pool some resources for the stated purpose of buying non-performing mortgage securities and other assets. The unstated purpose of the fund would … (6 comments)
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mortgage mess: Washington Mutual Reports 8:30 a.m. October 5, 2007 - 10/05/07 08:16 AM
HEARD ON THE NEWS:WASHINGTON MUTUAL reports third quarter profit down 75%.The good news is that WaMu has good liquidity and capital.The bad news is the current dividend will be $2.24The good news is the yield will be 6.3%The bad news is $975,000,000 loan losses.Cause of the negative report? "Market and credit environment". … (13 comments)
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mortgage mess: The Mortgage Mess: Mortgage Brokers...aka....Mortgage Monsters - 10/04/07 06:16 AM
The title of this post is connected to a recent article/link posted on the Mortgage Lender Implode-O-Meter website. Many real estate industry professionals are aware of this website. It is probably one on the hottest websites on the Internet right now. I visit it daily as it great resource for articles and … (14 comments)
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mortgage mess: Note Modification is a Compromise - It's Not For Everyone and Won't Save Every Home - 09/26/07 10:23 PM
I have been blogging on note modification a lot lately. As a result I have gotten a lot of calls from distressed borrowers looking for some free advice, which I am happy to provide.This morning I got a call from a woman named Alice in Florida. She wanted me to help … (12 comments)
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mortgage mess: A Comment from Diana: A Real Life Story of Today's Mortgage Mess and Why All Lenders Need To Get Involved - 09/26/07 10:10 AM
Last week, I wrote Calling on All Mortgage Lenders on Active Rain! Be a Hero - Give FREE Time To A Distressed Borrower and Help Them Save Their Home thru Note Modification. I told about how I have been helping families get their mortgages notes re-done by simply spending time with them and … (2 comments)
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mortgage mess: Calling on All Mortgage Lenders on Active Rain! Be a Hero - Give FREE Time To A Distressed Borrower and Help Them Save Their Home thru Note Modification - 09/20/07 01:41 AM
In the past two weeks, I have had no less than five desperate homeowners, with negative equity, mortgage lates, and resetting ARMs call me to help them refinance their mortgage to save them from foreclosure.In all five cases, a refinance was not possible. I still made appointments for each of the borrowers to come to my office and bring their … (36 comments)
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mortgage mess: The Lessons of 2007: At What Point Would You Decline A Loan For Someone Headed For A Train Wreck?? - 09/15/07 01:23 AM
I recently had a featured blog called, Be Truthful With Your Lender from Day One - Desperate Acts and Lies Can Kill Deals. In the post I wrote about some very dishonest borrowers I had recently dealt with.Konnie McKee, an agent from Prince William County, Virginia made this comment:"I had a … (5 comments)
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mortgage mess: The Mortgage Mess: Honest Broker??....Fesses Up! - 09/14/07 02:09 PM
I just finished watching a video on Yahoo Video which was from an ABC news airing. http://cosmos.bcst.yahoo.com/ver/223/popup/index.php?cl=4093666
This video involving a younger gentleman that had worked for some period of time as a mortgage broker somewhere in Virginia now admits the errors of his ways. This video got my blood boiling just … (17 comments)
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mortgage mess: A FINAL WORD ON SUB-PRIME LOANS AND CREDIT ANALYSES By Dallas Realtor Bill Cherry - 09/13/07 11:23 PM
Tonight I reread two answers I posted on Active Rain a week or so ago about the sub-prime lending mess. I have combined them here as a Blog because I feel so strongly about the poor lending practices of some that are now coming back to haunt us all.My graduate education is … (4 comments)
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mortgage mess: USDA Rural Housing Loans Update: It's Still Under-Ultilized! - 09/13/07 12:58 PM
On 02-27-2007 I made a post on this subject matter here on ActiveRain. USDA Rural Housing Loans....The Most Under-Utilized Mortgage Program In America! As of this posting date the story has not really changed.....it is still the most under-utilized mortgage product in the United States!
I just received a product update memo from one … (30 comments)
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mortgage mess: THE FHA INITIATIVE - WITH FRIENDS LIKE THIS, WHO NEEDS ENEMIES - A RANT - 09/08/07 12:01 PM
Thank you Ron Withers.Everyone with an interest in the FHASecure program should read this post by Ron Withers. Ron's post is the most thoughtful analysis of this matter I have read. WHO'S IDEA IS THIS THING ANYWAY? I do not believe that the staff that came up and the officials that approved this rinky-dink plan … (21 comments)
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mortgage mess: FHASecure Initiative: Is There Room For Improvement? - 09/08/07 11:04 AM
Background: A couple of days ago I had the pleasure of speaking with Bryant Tutas (Broker Bryant) about HUD's new initative...FHASecure. Broker Bryant wanted to know what my thoughts were on this effort by HUD to implement a program that would help homeowners deal with this so-called "mortgage mess" as it ties to … (22 comments)
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mortgage mess: George W Comes to the Aid of The Mortgage Mess - Are The Tides Finally Turning?? - 08/31/07 02:29 PM
A few days ago I blogged about the Fed Chief's ideas to help out the mortgage mess. The Fed Chief Chimes in On A Cure For the Mortgage Mess - Higher FHA Loan Limits is a Great Place to Start
Today, the Commander in Chief has chimed in. George W came out … (9 comments)
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mortgage mess: President Bush: Mortgage Market Speech - 08/31/07 12:01 PM
Our fearless leader, President George W. gave a speech this morning on reforming the mortgage market. First, his aides need to sit down with him and tell to stick to what they write and not try to add on or ad lib where he sees fit. He alluded that some people … (2 comments)
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mortgage mess: THE PRESIDENT, THE FED AND THE PUNDITS HAVE IT ALL WRONG, FOR A CHANGE - VIEWS OF A CONTRAIAN - CHAPTER 3 - 08/31/07 09:46 AM
Chapter 1 - WHAT'S THE MATTER WITH THE MORTGAGE MARKET? - 8/22/2007THE TROUBLE STARTS WITH REAL ESTATE AGENTS
Chapter 2 - WHO'S RESPONSIBLE FOR OVERSIGHT OF THE MORTGAGE MARKET? - 8/26/2007THE TROUBLE IS "MONITORED" BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVETHE FEDERAL RESERVE FAILED IN IT'S MISSION TO SUPERVISE FINANCIAL … (22 comments)
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mortgage mess: The Fed Chief Chimes in On A Cure For the Mortgage Mess - Higher FHA Loan Limits is a Great Place to Start - 08/30/07 12:58 PM
The Federal Reserve chairman, Ben Bernanke, came out today and offered his opinion on the cure for the mortgage mess. If the powers that be listen, I believe its the first step on the lengthy road to recovery.
Bernanke suggested a wider range of mortgage products for low income and other borrowers who have … (31 comments)
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mortgage mess: The Mortgage Mess: Stop the Blame Game and Fingerpoint Pointing-Let's Work to Solve the Problem! - 08/30/07 11:55 AM
This is a straight forwward post and plea to all that have a concern.....and now this is all most everyone! No frills, no fancy graphics, no links for reference! News and information abounds so no need.
STOP THE BLAME GAME and FINGER POINTING as this will only impede our collective efforts to … (6 comments)
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mortgage mess: CBS-- Trying to Drive a Nail in The Coffin? - 08/27/07 05:24 AM
CBS News reported on the state of Jumbo loans last night. They were explaining the credit crunch in Sub-Prime, Alt-A, and Jumbo loans. Here is a link to their story it will open in a new window.
http://www.cbsnews.com/sections/i_video/main500251.shtml?id=3205112n
What is not included in the story is the editorial comment after this … (16 comments)
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mortgage mess: WHAT'S THE PROBLEM WITH THE REAL ESTATE MARKET? VIEWS OF A CONTRARIAN - Chapter 2 - 08/26/07 02:51 PM
Chapter 1 - WHAT'S THE MATTER WITH THE MORTGAGE MARKET? - 8/22/2007THE TROUBLE STARTS WITH REAL ESTATE AGENTS
Chapter 2 - WHO'S RESPONSIBLE FOR OVERSIGHT OF THE MORTGAGE MARKET? - 8/26/2007THE TROUBLE IS "MONITORED" BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVETHE FEDERAL RESERVE FAILED IN IT'S MISSION TO SUPERVISE FINANCIAL … (35 comments)
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mortgage mess: WHAT'S THE PROBLEM WITH THE REAL ESTATE MARKET? VIEWS OF A CONTRARIAN - 08/22/07 08:36 PM
WHAT'S THE MATTER WITH THE MORTGAGE MARKET? From what I see, NOTHING. FHA, Conventional Conforming and VA loans are still being approved at about the same rate as before the Sub-Prime meltdown. THE TROUBLE STARTS WITH REAL ESTATE AGENTSReal estate practitioners are often not sufficiently familiar with qualifying borrowers. It's become … (69 comments)
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mortgage mess: The Countrywide Mortgage Credit Crunch and What It Really Means To You - 08/16/07 11:00 AM
Countrywide announced today that they had to borrow $11.5 billion from a group of 40 banks to fund loans.This clearly shows us just how deep the lending crisis has become and shows you clearly why the smaller companies are closing. They don't have access to this kind of capital.But what does this … (20 comments)
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mortgage mess: Countrywide Changes Guidelines for Phoenix, Miami, and Las Vegas. - 08/13/07 05:56 PM
From an email I got from Countrywide 30 minutes ago. More great news in our market and in Phoenix and Miami. For agents in PHX, MIA and Vegas you may wan to make sure Countrywide is not your only referral option. Your clients have to pay 5% more than any other … (6 comments)
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mortgage mess: This Will Help You Understand What Your Lender is REALLY Dealing With - 08/10/07 04:42 PM
There is a tremendous amount of frustration between agents, clients and the lenders today as the mortgage mess gets worse and worse. This will give you some insight to what your lender is dealing with today. When you log-on to the Countrywide website today, August 10, 2007, to check on a loan guideline or to … (9 comments)
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mortgage mess: FHA Loan Limits - The Fed and other thoughts. - 08/07/07 01:21 PM
The fed is holding at 5.25%.
Cramer is quite angry.
The market is down.
There is no news.
Fact is, the fed has never acted in the best interest of the consumer or the housing industry. They didn't in 1980. They didn't in 1990. They didn't in 2007.
The credit squeeze is affecting consumers and … (13 comments)
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mortgage mess: WHAT ABOUT THOSE DIRECTORIES THAT RECOMMEND "THE BEST"? - 08/06/07 12:19 PM
Sometimes you just have to sit back and chuckle.
I was renewing my subscription to a Public School Ranking service this a.m. when I ran across a web site lead generator that recommended the best real estate services for home buyers and sellers. The site is a well known lead generator that … (27 comments)
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mortgage mess: “What in the Heck is Going on With Lending and How Do We Adjust Our Business?” - 08/06/07 11:31 AM
Last week, a real estate broker I have tremendous respect for, sent me an email that said, "What in the heck is going on with the lending business and how do we adjust our business?" He asked me to come speak with the agents in his office about it tomorrow. Here … (12 comments)
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mortgage mess: Mortgage Mess Hits the Stock Market - 08/03/07 05:16 PM
Today, American Home Mortgage closed its doors and released 7000 employees. They are out of business.
We will see more fall out, especially as many hedge funds lent money to lenders to underwrite these mortgages.
We have buyers who got loans in the past few years with 100% NO MONEY DOWN as the … (7 comments)
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mortgage mess: My Solution to the Lending Mess---An Open Letter to The Nation's Top Banks - 08/02/07 01:56 AM
Dear Top 25 Residential Lending Banks---As you know, we are in a mess. A downright mess. Foreclosures are at an all-time high in many areas. Most housing markets are depreciating. Millions of homeowners are facing the recast of their adjustable rate mortgages. They cannot refinance out of them so they will watch their payment skyrocket … (13 comments)
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mortgage mess: WALL STREET WANTS TO BUY LOANS LIKE CHICKEN PARTS - 06/13/07 11:11 AM
Inspired by Brian Brady today, I can't get this picture out of my head. The secondary mortgage market is selling off like chickens, mostly in parts. I'd like $20,000,000 of "interest only, please".I'd like $130,000,000 of principal only, pleaseI have a few over for Happy Hour Friday, give me a package of … (5 comments)
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mortgage mess: WHAT THE FED SAID TO ME ON JUNE 5, 2007 - 06/05/07 09:49 AM
PREPARE FOR A VERY, VERY SLOW RECOVERY IN THE HOUSING MARKET.I found it unfortunate that Chairman Bernanke included "Subprime Lending" in this his report on the housing market this morning. The subprime lending market effects real estate sales to a degree but I don't believe that the subprime lending market controls … (9 comments)
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mortgage mess: WHAT DOES THE CHAIRMAN OF THE MORTGAGE BANKERS ASSOCIATION have to say? - 05/23/07 05:48 PM
MUST READ for any real estate agents, brokers, lenders, loan officers and mortgage company owners. Yesterday, Tuesday, May 22, 2007, while driving to show a new home site to a buyer, I was fortunate to hear a speech presented by John M. Robbins, CMB, Chairman of the Mortgage Bankers Association today … (45 comments)
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mortgage mess: WHO IS BEING HARMED BY THE REAL ESTATE SLOW DOWN? JUST ABOUT EVERYONE. - 04/17/07 12:51 PM
IT'S THE MARKET. IT'S ALWAYS ALL ABOUT THE MARKETEcomonics 101: As demand for corn goes up, the price of corn goes up. If pigs stopped eating corn, the price of corn should go down. Oops, I forgot Ethanol. The price of corn will stay high because there is now another demand. … (27 comments)
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mortgage mess: OUTRAGE OF THE YEAR !!!! - 11/18/06 06:48 PM
Fannie Mae will settle an arbitrated employment dispute with Franklin Raines for a mere $2.6 Million. Franklin Raines was paid more than $90,000,000 while the head of Fannie Mae which included more than $52,000,000 in bonuses which were tied to earnings - EARNINGS WHICH WERE OVERSTATED BY MORE THAN $10,000,000,000, THAT … (1 comments)
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