This morning, I got caught up on the latest upheavals on the mortgage side. I can't deny it was not something that I really wanted to start off my day with, but it is what it is.  What could I do is what I asked myself.  Well I didn't come up with a list of new ideas that I can share, but I did decide to keep a positive view instead falling on the floor crying and giving up.  I have a duty to do my part in helping and that is to keep on doing what I have been doing in trying to help others, get listings, keep listings and making sales.  Also offering my comfort and loyality to sellers that are in pre-foreclosure by offering them education on their options and my services. 

After all this market - no matter how uncertain is what I rely on for food, clothing and a life style -- so I not only owe it to my real estate profession, I owe it to myself. 

So that is what I am doing.  I know I am a winner and I know that this too shall pass.  But the reality is still there. So as some of the agents get discouraged and can't stand the strain..... we strong ones have to keep a positive attitude and deal with the reality.  

Well lets face it, if we as agents plan to survive - we have to realize that we are all in some sort of pre-foreclosure situation until this market gets better.  This market is touching us all in some way.  We cannot deny that. Some of the ways of surving is by getting the correct word out on what is actually happening and collectively coming up with positive ways to beat it up and therefore resulting in this market taking a turn for the better and coming back to somethng we can all live with.

We here at AR and agents all over the land are knowledgeable and a strong body of professionals -- we are winners!  Winning is the ability to fight and stand tall, with the knowledge that we have especially here on AR we can unite and fight back.  So lets keep our heads up and keep on pushing - can't stop now. 

So do what I did, take the reality check, remove the denial and talk about the upheavals and inform others.  Then take the positive stand and stand tall because we are winners. Stand up to it. This is not a time for agents, buyers, sellers, investors or anyone to be in the dark.  This is why I am posting the information that I read this morning.   

We have just lived through the greatest upheaval the mortgage market has ever seen!

• · American Home Mortgage, the 5^th largest bank in the US for mortgage lending, is gone.
• · Wells Fargo closed its sub prime lending division, halted Alt-A wholesale and discontinues stated income 95% and 100% loans
• · National City, SunTrust and IMPAC stopped their Alt-A products;
• · IndyMac and Deutsche Bank discontinued their MTA adjustable programs;
• · Indy and UBS discontinued all doc types below SIVA;
• · Saxon closed its correspondent division
• · Greenpoint Mortgage discontinues a large portion of their product line. Even if you are locked and approved you either have to have a higher credit score or go somewhere else.
• · Wells Fargo discontinues stated verified/stated asset 100% loans.
• · Washington Mutual discontinues a large part of their product line.
• · Aegis Wholesale closed their doors early this week.
  

1. · Interest only loans can only qualify at a fully amortized payment; therefore making it more difficult to qualify
2. · Majority of lenders are now requiring higher credit scores and more money down.

Agents and loan officers keep a positive state of mind and remember that WE ARE WINNERS!