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Foreclosures in California Will Be Reduced!

Happy Thanksgiving Good News for Real Estate is here! Finally there is hope for Homeowners with adjustable real estate loans...keep reading!

Happy Thanksgiving! There is some good news for those facing Foreclosure in Real Estate for the Sacramento area and all over California for that matter.

This week, Governor Schwarzenegger met with 4 of the largest loan servicers who are servicing subprime loans. The Governor asked these loan servicers to voluntarily agree to NOT adjust mortgage rates on their subprime loans which constitute 25% of their real estate loans. California rates twice the National Average in Forecosures. This is having quite an impact on our economy here in California.

The four lending loan servicers that Gov. Schwarzenegger met with are:

Countrywide Financial Corp.
GMAC Mortgage
Litton Loan Servicing
Home Eq Servicing

Sad to say that this does not come in time for many who have lost their homes. Governor Schwarzenegger had this to said, " with this type of cooperation from loan servicers, we can save tens of thousands of people from being added to the foreclosure lists."

In March 2008, it was predicted that the peak of Foreclousre was to hit California due to loans adjusting to a much higher rate, but now with Gov. Schwarnenegger stepping in, this may save many of those homeowners who have a subprime loan that will be adjusting. There have been 24,000 foreclosures in California alone, so far with Stockton being #1 in Foreclosures with 1 out of 31 homes foreclosed upon and Sacramento second, with 1 out of every 48 homes foreclosed.

There are a half million Californians who have subprime loans that will jump to higher interest rates. Our Governor, Gov. Schwarnenegger is the first to step up to the plate to protect the homeowners of California.

It's important not to simply wait and do nothing. The Governor has asked, " borrowers to do their part...meet the lenders half way." Homeowners facing foreclosure MUST contact the bank at the very 1^st sign of a problem. This is a horrendous time for a homeowner, but you need to put aside the emotions and solve the problem. Don't just walk away, step up, call the place that you pay your loan each month and talk to them. There is help but you need to be pro-active.

Help for homeowners losing their houses has been accomplished by the Federal Deposit Insurance Corporation Chair Sheila Blair where she encouraged the lenders to keep subprime mortgage borrowers at their initial interest rate if their are living in their home, making timely payments but can't afford the loan to "reset" to the higher interest rate.

Many have said that the homeowners in foreclosure should take responsibility and not receive any bail-out help Federally. It's time that everyone realize that this doesn't just effect those homeowners losing their homes, it effects ALL of US. New laws need to be enacted where this type of lending practice is not to be readily used for the masses. More regulation and protection for the home buyer needs to be established in the lending field.

I for one, am pleased that something is FINALLY being done to reverse this horror in real estate and with the American Dream of home ownership. This is truly a thankful, Thanksgiving...just wish it had come sooner for so many other homeowners.

What are your thoughts on Foreclosure and the effects of foreclosure on the homeowner as well as the country as a whole?

Here are some helpful websites for those homeowners in CA having difficulty or having questions about their mortgages:

CA Consumer Home Mortgage Information

Homeowners Facing Foreclosure

Look for ads on television and with your local city government offices for more help with Stopping Foreclosure and stopping your adjustable rate from going up. The Governor will be running ads soon...there is hope but you MUST act.

Happy Thanksgiving!

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Are Short Sales and Foreclosures A Good Deal?Fraud in Real Estate What Does Short Sale Mean?
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Posted by Gena Riede, Real Estate Broker Sacramento CA Real Estate (916) 417-2699 on 11/22/2007 04:26 PM

Comments (85)

real estate, sacramento, ca, foreclosure

Originally posted at: Elk Grove CA Real Estate : Foreclosures in California Will Be Reduced!

This post has been included in California Information

85 Comments on Foreclosures in California Will Be Reduced!

NOV

2007

I think this is much needed relief for owner occupied homes in our valley too. I wish our governor would act in the same way!

I like many others, am not much for a broad based bailout as many of the foreclosures are speculators who were looking for a get rich quick scheme. I really think those that need a roof over their head and need help should receive temporary relief!

Happy Thanksgiving Gena!

You and your governor or idiot's. Happy Thanksgiving..These loans should have never been underwritten, approved & funded. The people in these homes COULDN'T afford them to begin with. Idoit's like you and Arnold are endorsing a free ride. The investors should tell Arnold to pound salt. Real intelligent!! Again Happy Thanksgiving :)

I would like to respond to Mark (who may be deleted). The investors shouldn't tell Arnold to pound salt as they are probably huge winners in this deal. If they don't renegotiate notes (which is going on all over the US) they will face even larger losses through placing a distressed listing in a market already soaked with distressed listing inventory.

Holding off the inevitable may have them win in the long run.

Renee, this is a God send to our economy...foreclosures effect everyone and not in a good way. Bail out is not in the cards but renegotiating these loans is. Hope your Governor takes heed, as well.

Mark, I don't believe that I'm an idiot nor the Governor of California. You of course are welcome to your opinion, though. Granted these loans should NEVER have been written for 90% or more of the homeowners...that I agree with you on.

"idiots like you and Arnold are endorsing a free ride" not hardly. I don't think keeping the interest rate at the original rate is giving anyone a "free ride." It is the investor who will be in trouble since the Governor and the loan servicers will work with those that actually LIVE in the house, not the investor. I'm assuming that you don't think that all of these foreclosures effect you, is that correct?

If you can get off the name-calling and have a reasonable discussion here, I welcome your comments. Discussions are never one-sided and I welcome your opinion.

Renee, I believe that what the Governor has in mind is for the homeowner living in the house. The investors who thought they could get rich quick, I don't think are included in this proposition.

I am not deleting Mark. He has a right to his opinion. I hope he can ease up on his name-calling and have a reasonable adult discussion. It's always a good thing to hear both sides and why a person feels so passionate about a certain topic. I'm looking forward to Mark's further discussion.

Gena: That is why I felt compelled to respond, I know you are fair but it isn't fair to personally attack! Like I said, cutting a little loss on incoming receipts (by renegotiating a note) could for go larger losses such as a foreclosure, rehab and distressed sale! I don't think the investors, you or someone living in a distressed situation are exactly idiots as indicated in Mark's response. I think this is a win-win for everyone and a band-aid to stop some bleeding so an entire appendage won't need to be amputated later.

OOH I scared..Renee with a thing over your e...let them face their losses..you need to aquire a better understanding of the sub-prime market. The bankers were wagering just like the buyers. You ever been to a craps table. Bottom line is you (realtor's) and mortgage lending were pushing these people into homes they could not afford (and profiting from it). Betting on continued appreciation and lost. Boo Ho! I've worked in Vegas (realtor & lending) and watched the madness. You need to follow the paper trail!!

The lenders need to evaluate the process and understand that the cost of foreclosure and the benefit of the increased interest may not justify increasing the rates. To bad the people that are making the decisions on the adjustment can't be put in the position of having it happen to them they might rethink the process. Hope all of you have a great Thanksgiving and don't have an adjustable rater mortgage that is about to increase.

Mark (sorry Gena if I am hijacking), I got my license in 2005 so I missed most of the madness that drove it to this place but yes, I understand there was fraud going on. It is on a very large & diverse scale and needs to be prosecuted. We can't say that every buyer, realtor, lender, builder, funding investor is a party to it but the frenzy that led up to it certainly created the atmosphere.

What I am saying (yes it's a craps table) that if every distressed home goes into foreclosure there will be even more money lost if notes are not renegotiated. When a home goes "back to the bank" there are lawyer costs, rehab costs, carrying costs and if there is an abundance of inventory you are riding a market downwards so what the value is today, may not be what it is in several months after the foreclosure process, rehab process and listing process. What's wrong with a renegotiated note to prolong what may be the inevitable or get someone back on track and the investors will keep cash flow coming in and avoid soaking a market with more distressed inventory? It's a brilliant strategy if you ask me!

You are more than welcome to hop over to my blog and I wrote several posts in regards to all the DIFFERENT fraud that has gone on and IS going on still in October 2007.

Vanessa, I have emailed you off-line and will be more than happy to answer your real estate questions.

Mark, it seems that you want the homeowners to pay the ultimate price. I don't think you have answered my original question...

do you think all of the foreclosures are having ANY impact on you and other homeowners?
What do you think the solution is?
Do you think this effects the economy?
Do you think this has an impact on the taxes in each County that help pay for streets, police, fire, etc.
What is your solution?

Mark, in your statements I think it's important not to generalize about every Realtor, lender etc. Not everyone pushed anyone into a home they can't afford or a loan they couldn't pay for. So, let's be careful when accusing, ok?

Renee, no problem feel free to add to the discussion. We all are welcome to our own opinions.

Terry, very good point. California is now beginning to see the light and what effect this is having on the neighborhoods but more to the point the economy in CA. In my opinion, it's about time that we stop the bleeding. I have always thought responsibility for your actions is essential...however, in this situation where it the actions of many are indeed effecting everyone else...I say stop, meet half-way, and let's not continue to hurt everyone. In the meantime...start legislating the mortgage industry, don't let this happen again.

Happy Thanksgiving to you and yours Terry.

Gena,

This is not going to "reverse this horror in real estate" as you put it. It might help a small percentage but a reversal - not even close. Good post and I also feel the hope of seeing the lenders and government working together in California to help with the problem of people losing their homes. It's noble and needed. I think it's just a finger in the dike and much of it for show. I have too many clients with short sales and banks looming over their shoulders with the threat of foreclosure to think that the calvary's coming. For many it's just too late. Many homeowners have used their savings, 401k's and borrowed to keep their heads above water so far - they have nothing left. We'll watch and see and hope for the best - and time will tell the outcome. Good thought provoking post. Happy Thanksgiving.

Mike Lewis

I suspect that there's more to this than is known at this time. For instance, what's the price tag on this proposal.

I'm sure that if Arnold had his way, I love the guy, he'd just sit down and write a check, but I don't think Arnold and Maria together have that much money.

Great post Gena. However, my brain keeps thinking ahead and I see great inequities for folks who are not included in the planned bail-out.

I'll have to think about this. Perhaps the "Contrarian" will visit.

I'm flagging this. It should be featured.

Mike, it's certainly not going to help those already in the throws of short sale and foreclosure. As the article indicated this is for the homeowner living in their home and requires them to be proactive with the bank in talking to them, resetting their loans to the original interest rate BEFORE the it adjusts.

I don't know if you are aware but in CA at least, we were scheduled to reach the PEAK of Foreclosures...what we have now, is nothing compared to what is to come. So, yes I do think this will make a monumental difference for the homeowner living in their house.

Do I wish that it was retroactive? Sure, but at least it's starting...a little late but it will help thousands that will peak over the upcoming year. We need to do something besides have 1 in every 48 homes in Sacramento in foreclosure with the odds only increasing without some help.

Happy Thanksgiving to you and yours, too.

Lenn, if Arnold could, I'm sure he would. However, he does see the bigger picture and the impact that this is having on Sacramento along with the deficit in the budget due to property taxes decreased and not being paid as well as empty houses in neighborhoods, the homeless population increasing and the peak of the foreclosures not having even occurred yet. I salute Gov. Schwarzenegger for meeting with the sub-prime servicers and compromising with a freeze on the interest rate. We don't need any further foreclosures, here.

The only people as far as I know that it does not include are those who have already lost their homes, and investors who do not live in the houses.

I sure think this is one solution rather than burying our heads in the sand and thinking that it doesn't effect us. Does anyone have a better solution?

Thanks for the flag. I guess Bob didn't like it...

Happy Thanksgiving!

Gena, good for your great governor! What a nice holiday gift for many people! Have a great Thanksgiving Gena!

Gena- Nice post on this subject.. I'm not sure this will be the panacea it is touted.. I'm betting there are lots of strings tied to the program.... the biggest one is a lot of people are already behind in their payments and I don't think you can get help from this program if you are not current..

ALL of our leaders should have done this much sooner. But anything now could help others down the line. We need to find more ways to stem the tide of foreclosures everywhere

Mary, yes I think it gives some hope to some families especially since we will have an incredible amount of them soon to hit. Happy Thanksgiving to you and your family, too. Hope it's a good for you.

Kaye, thanks. As it states, this program is there mainly for the onslaught of subprime adjustable loans that will soon plague CA by the boat loud. I believe, what the Gov. intended when he met with the loan servicers was to get to the homeowners prior to them missing payments and having their loans readjust. At least that's how I am reading this. It requires the homeowner and the loan servicers to work together prior to missing or walking away from a property and before their loans readjust...not for those who are not making their payments or in the throws of foreclosure, now.

Happy Thanksgiving.

Robert, I couldn't agree more. All of those that have lost their homes, which are many will be out of the market for many years to come as well as having an impact on our economy. It's in our best interest to figure out a way to ease the bleed where there has been an overwhelming lake of blood. This does effect all of us and not just now, but for a very long time. Happy Thanksgiving to you and yours.

Sometimes, some folks have a hard time being empathetic unless they actually experience the situation and for those, I can only suggest that you look at the bigger picture and see how this definitely has an impact on every single person, including yourself. Just my opinion but then again...I'm very opinionated on this subject.

This sounds like good news for many. Thanks for sharing.

==== > IMPORTANT: Don't read this unless you've read Mark's comments first.

************** MISSING THE MARK....................LA BOMBA!! ********************

GENA, Sorry if I intrude and still your thunder. I would like to address the comments made by Mark if you don't mind. I find his comment quite repulsive. Please excuse me as I would like to address a couple points brought up by our little Magnificent Mark here.

MARK, why is there a need for you to make personal attacks on people like Gena? What she mentioned here would be good for CA as this will put a "plug" to the avalanche that might occur if it werenot done. This is a good thing. You have much to learn, my dear (meeaaahhhh, that's lamb chops for you). Don't sit on your laurels and bench-press as you've got no muscles. You proudly presented yourself as having "worked in Vegas (realtor & lending) and watched the madness". Okay, Mr. Hotshot! What's the matter now? Boohoo baby? Are you crying now that you are not getting any more business like before? Is this the reason why you go on a tirade because you've got nothing to do? Furthermore, why do you need to be anonymous with your comment? Don't you have the b*lls to come out and show what kind of man you've made of or are you a tiny boy who's afraid of being scold at by mommy? Here's a lollipop for you sweety. Ugghhh...that just sounds sick coming out of my mouth as you don't deserve such tender words.

Gena is merely pointing out the fact that this announcement by the governor is news most welcoming. Yes, there were loans made that were not supposed to. I give you that. These homeowners should never have been qualified to be placed on these loans. I'm not arguing with you one bit about that. The fact lies in that if this new request by the governor to the banks are not done, we could be in a deeper hole. Now, do you want the economy to go even more, is that why you're opposed to this? I don't understand your reasoning. Get real and face reality dude!

You mentioned to Renee that she needs a better "understanding of the subprime markets". Well, look who's talking? It's 2 and 1/2 men! What do you mean by this? Frankly, honey (ehhhh again!), I know more about the subprime and prime markets than you will ever learn in your lifetime. Have you ever thought that the banks knew this was coming? When times are good and money is rolling in, banks are happy. When things turn sour, the same banks start pointing fingers and find someone to blame. The glass is not always half empty and you need to get that in your head. What does having experience with the craps table have to do with this conversation? Did you lose all you dough at the table while sipping your margaritas? Also, what's with your grammar? "OOH I scared". Bad grammar and bad syntax. Bad boy, sit booboo sit!

Hey Mark, no pun intended but maybe you missed the mark?? In closing, I want to you wish you and your family a wonderful Thanksgiving! I hope you won't as grumpy at the dinner table as your are here.

If you have the guts to comment back. don't worry because I have a mirror in front of me. If you need further explanations as what this entails, it means that anything you say will bounce back at you 10-fold so good luck! Cheers!

Hi Gena - AWESOME news for those homeowners facing foreclosure in your state! And good for your governor for taking the bull by the horns to see what he could do to help out.

Happy Thanksgiving!
Ann

Mark,

I intentionally made some grammar errors in the above comment to see if you can find them. Day 1, Lesson #1. Peace.

Gena,

This is great news! Hopefully this will be a good sign for those homeowners who might have loans adjusting.

Gena, I wouldn't pay attention to semi-anonymous comments from people that "worked" in the mortgage and real estate industry. The past year has weeded out those that worked in the industry part-time or that weren't really committed to the integrity of the industry. Not surprising consider the poor grammar and lack of coherent thought in the comment. There were loans given that should not have been done, granted. But to make such a broad and ignorant statement just shows a true lack of understanding of how big this problem really is and how it effects the national economy. -Charles

I attended a seminar last March teaching Realtors how to handle Short Sales. The instructor made the comment that no lender would allow Realtors to do a Short Sale on their own property because we are in the business and know too much about Short Sales that they just won't extend Realtors that service. Guess he was saying that Realtors would take advantage of the system to unload their personal residence. I can't ask if any of you Realtors have used Short Sale for your own property so I guess the question would be: Do any of you know if this is true? Do you know any Realtors that have done a Short Sale on their own primary residence? This is strictly a yes or no response that I am looking for. Don't tell any names. It is such a touchy subject. We have plenty of Realtors in our market that have their homes in the MLS right now that I am just wondering if they are getting rate adjustments. Since we are all self employed and sporadically paid, it makes it difficult to get loans. We have a lot of Realtors getting out of the business or taking second jobs. And a lot of them are just plain grumpy about the business like MARK.

Also, being that I was a title searcher before a Realtor, I am supplementing my income by selling leads to lenders for noteholders that are about to adjust. I trained my sister and husband to do in the early 90's when the interest rates went down and noteholders would be adjusting higher than the current rate. They made a lot of money for a while. This is truly a cyclic industry. We will weather it all together. And, what happens in CA eventually comes around to all of us. Hopefully, other governors around the nation will step up to the plate like Arnold. Happy Thanksgiving.

I'm glad to hear the Governor is taking a proactive stance on this horrendous problem.

Bob & Carolin, I think so and the more that can be helped the better for all of us.

Elizabeth, although Mark was a little off beat with his use of everyone being to blame, he still gets to have an opinion even if it's not the same as ours. I have asked Mark certain questions that might help explain his point of view...perhaps he will give us an answer or maybe he just needed somewhere to vent and chose this article. Either way...it's Thanksgiving and we'll just give him a break this time.

Thank you for your comment. I think that what you have to say is indeed coming from a thoughtful position and one of knowledge and integrity. We just need to remember not to push people's buttons when we are trying to get our points across...otherwise it downgrades what we are trying to get people to listen to.

Ann, Happy Thanksgiving to you, too! I hope more of the Gov. will step up and help their communities. California, Nevada and Florida lead in Foreclosures so I'm hoping to hear others following suit.

Ajppreciated your info on foreclosures in CA and the links!

Dave, we can only hope. This is having and will continue to have quite an impact on us and the Governor has seen the handwriting on the wall so it's time to step in and get this to stop. It's great news and although it sad that so many have already lost their homes, I hope that it helps the many that we would have seen in 2008.

Charles, yes it certainly does effect the economy and if it continues along with all the other aspects than recession is not far behind. I hope your Gov steps up since you too, are one of the 3 leading states in foreclosure. Thanks for popping in and having a few words to say. Happy Thanksgiving.

Donna, can't say that I know of any Realtors that are selling their own properties in Short Sale. I'm sure it happens since there are all sorts of people out there in all types of industries and professions. Glad that you had something to supplement with. There are Realtors here that have committed suicide and others that have left the field all together with more to come. I hope that other Governor's will take a stand and act as a liaison just as our CA Governor did with the loan servicers.

Diane, ME TOO!@!! Happy Thanksgiving.

Debbie, you're welcome. Many of the city's and of course the county will have additional help on foreclosures as well. I couldn't find those links but hopefully they'll get them up, soon.

Mark,

What gives man? This is a day which has been set aside for us to be thankful. It is obvious you're thankful for your right to speak your mind. Are you currently writing for a major newspaper or are you a Robert Allen real estate school graduate who hasn't been able to buy that fabled home for 50% below market value?

No matter what your story is, it is obvious you want to place blame on someone. True, there were mortgage consultants and real estate agents who placed their own greed and needs above those of the clients they represented. Believe it or not Mark, there are people in this world, some of those real estate agents and mortgage consultants, who do their best to service the needs of others before thinking of their own needs.

Homeowners don't deserve a FREE pass either. Some of the people in distress took equity out their home to buy new boats, cars, vacations, etc... Those decisions were made purely on greed and the ever-present need to have more than the people next door. OK, you still have the nice couple who just wanted to realize the benefit of home ownership, AT ANY COST! People, WAKE UP! If you're considering buying a home you need to consider a lot more than just your mortgage payment. What about Taxes, HOAs, insurance, utilities, maintenance, etc...How bout car payments, insurance, maintenance, groceries, medical expenses, etc...

Some people are so anxious to have what someone else has that they don't consider all of the variables involved. As a Realtor I take pride in speaking to my potential homebuyers about all of these expense. It is our job to help clients make a good decision, not just to get them into a home because we need a paycheck. There are a number of excellent Realtors and mortgage consultants in the business today who have this belief and value system. That is why they are still in the business. The predatory lenders and Realtors who were never in it for anything than the EASY MONEY are on their way out if they haven't left already.

It is sad what has happened to some. There are people who have fell victim to greedy Realtors and predatory lenders. My heart goes out to them. The good news is changes will be and already are being made. I find comfort in putting deals together in this market. Most of the homebuyers are well-qualified, educated and realistic. Most of the lenders and Realtors are seasoned professionals who are looking out for the needs of the client first. What we have is TRUE professionals and we're systematically weeding out those who just wanted to make a quick buck.

I would love to see stronger standards for Realtors and Mortgage Consultants. I think it is far too easy for someone to get a real estate license or to be a lender. Many of us make more than lawyers and doctors who have to spend years of their life in school before being able to practice their profession.

Mike, thanks for your complaints....errr....comments. Next time, take the edge off a little. Look at all the issues and help us with the solutions instead of merely restating the problems.

Daniel,thanks for chiming in. We seem to constantly need to reinforce that not all Realtor and Lenders are the same. The greed of some helped cause the demise of others plus on top of everything that you have already said above is the added element of Fraud which we certainly had and still do have as evidenced by my recent post entitled Real Estate Fraud in Sacramento. So there you have it...and I for one am very glad that the Gov. is pushing for changes in the mortgage industry, protection for the home buyer and negotiating with the sub prime servicers.

Thanks for your detailed comment and Happy Thanksgiving!

That really seems like good news Gena. I hope it really does work and stems the rate of foreclosures.

Mark's comment was rude and aggressive. I don't know why someone would write something so obnoxious and expect to be taken seriously.

But, he is far from alone in his opinion.

Many, many responsible people, who take on only as much debt as they can handle, and pay their bills like adults, are not happy about the prospect of any governmental interference in this market correction. That includes homeowners and renters who hope to some day purchase a home.

I'm a homeowner with plenty of equity and a payment I can comfortably manage. Do not penalize me by rewarding someone else's bad financial choices.

The real estate market and many businesses that depend on it are in a mess. The country will get through it. When subprime lenders figure out that there will be no bailout they will evaluate the losses from resetting existing loans against losses from foreclosures. That should be a business decision, not a government mandate. At least Governor S is only asking for voluntary participation, not mandated.

HOME PRICES NEED TO COME DOWN to fundamentals in line with incomes. I don't want any bailouts. I don't want interest rates to be dropped artificially low. That's what started this mess. I understand that my home has and will continue to lose perceived value for some unknown number of years. I've accepted that. If I ever sell it, the home I purchase will be priced proportionate to the one I sell. And every fee and commission that is percentage based will be lower as a result. That's actually to my benefit. I also want the next generation of homebuyers to be able to afford a home. Let the market do what it needs to do and that will happen.

It is sad that areas of the country are turning blighted because of vacant properties. I understand that people are losing their jobs, businesses are closing and the municipal and state governments that are losing tax revenue will have to make it up with increases somewhere else. We will all have to adjust. We're in for tough times. Maybe part of the result will be people will stop relying on debt to finance things they can't afford.

Mark sounds more like a disgruntled renter who was counting on a HUGE crash to steal a house than anyone who was ever involved in any facet of the industry. Renters who have been "waiting for the crash" for the last six years are a bitter group. Either that or he tried to "flip" and "flopped" - and now wants everyone to share in the suffering. But if he was a Realtor - it helps to explain why our field is held in such low regard. I'm not the mystical type (former scientist) but I would call it "bad - negative energy."

As for Arnold - HE ROCKS!!! He's about the ONLY republican that I would ever vote for...too bad he can't run for president.

While there is enough blame to go around for this financial mess, I would like to hear how Congress thinks allowing bankruptcy judges to arbitrarily re-set one's mortgage terms, interest rate or principal reduction can help the overall situation. I would think that could cause investors to charge higher interest rates in the future. What do you think?

The Governor asked these loan servicers to voluntarily agree to NOT adjust mortgage rates on their subprime loans which constitute 25% of their real estate loans. California rates twice the National Average in Forecosures. This is having quite an impact on our economy here in California.

Keeping underwater borrowers underwater doesn't help them, it helps the lenders.

The only way to help a family cracking under the stress of a $400K mortgage on a $300K home is to honestly reappraise the home and to forgive some or all of the overvaluation. Enticing them to keep paying the $400K mortgage is a sick joke.

The lenders are laughing all the way to the "bargaining table."

Smart borrowers will mail in the keys and walk away until the lenders begin offering real relief.

NOV

2007

It seems like this only happens in CA. I moved to CA form TN 3.5 years ago and this would not have happened there. I am saying this because I feel that if the bidding war had not gone on 2-2.5 years ago and people would not have paid 10,000-100,000+ more for the homes than they were worth. They ended up purchasing because they had to have that particular house just because someone was bidding against them. They had to win. They could and should have waited. I think that is what drove the market up, thus creating a reason for the lenders to do the loans they did. Which of course has caused the trouble now. That infamous supply & demand. I think that the lenders should have been better informed to not do 2nds. Also inform the client of what could happen if the market shifts/adjusts. That is one of the reasons people are upside down. They took 2nd and even 3rds, bought a lot of toys like cars, boats etc...Now the homes are not worth as much yet the owners still have all the benefits, toys etc... So should all of us in this industry maybe learn from this and instead of jumping on the next sale whether it's the Real Estate transaction or the Loan and make sure that in the long run it's good for our client. I realize that none of us can foresee the future, however maybe we need to educate ourselves a bit to help our clients make an informed decision. Ultimately it is the clients decision, let us just not be the one they blame.They are the ones who signed on the dotted line.

This person, VANESSA KONE, appears to be phishing (see above comment from 'her'). I received the exact same message from 'her' via email. Use caution.

This is indeed good news. Many people don't realize the huge slice of our economy that the housing market comprises. Many economists estimate that the housing market accounts for as much as 40% of our overall GDP. When you think about all the ancilary industries that depend upon housing, ie. furniture and appliance stores, pool builders, countertop manufacturers/installers, flooring manufactures/installers, realtors, title companies, inspectors, lenders, etc. it is huge. And of course there is the trickle down effect. For every lender/title company/realtor that closes up shop and cuts jobs many other people are affected, dry cleaners, restaurants, apparrel stores, storage facilities and so on.

I've always believed in a free market system whereby the government is as much hands off as possible. However, I do believe there are three major industries in which the goverment should maintain some type of involvement because of their enormity and impact on our economic system. The are the housing sector, the automobile industry, and the airline industry. Back in 2001 and 2002 when the airlines were hurting badly due to 9/11 and mismanagement many people took the stance of "oh well let them go under, it's their own damn fault." But could you imagine the impact that would have had on our economy and way of living if United Airlines and American Airlines were allowed to close up shop? There would have been chaos.

So in closing this is good news for Californians. We do not want a full fledge housing melt down. That would not be good for anyone.

Gena, looks like you've touched a nerve for some readers. Clearly some people don't want to see a government bail-out and it sounds like it's not a bail-out if it is a request for 'voluntarily' not resetting loans. Any word on whether they will 'volunteer'? If no volunteers then we won't actually see any results or is the Governor planning on something a little more forceful?

Let me get this right: Buy a home I can't afford with 100% financing and zero out of pocket expense. Stop making payments when it becomes to expensive. Live in the home another year for free and now have the government bail me out because I decided not to honor my debts. I'll take that deal all day long!

This new initiative is at best a wait and see propositon. Some of these lenders/servicers, Countrywide and Litton, have already begun offering loan modification terms to those in default. The problem is that 90% of these borrowers NEVER repsond to the contact from the lender when they go into default. How can these problems resolve themselves if the borrowers continue to bury their head in the sand and ignore the situation? Not being able to afford a home with a loan you never should have gotten, regardless of who is at fault for the loan is one thing. Ignoring the problem completely is another. The other issue is that the borrowers still cannot afford to make the payments based on the new terms that are offered. And they still have to make good on any arrears, so that gets added to the loan balance. I'm fearful that this will just prolong the inevitable and make a bad situation even worse.

At this juncture it is critical that possible solutions are discussed, and the cause of the issues are looked at. It may be better in the long run to get people into these homes that A, want them, and B, can afford them. We can't point fingers only at the lenders simply because they are an easy target. They certainly should and will shoulder some blame, but don't think for a minute that all of these borrowers were "hoodwinked" into these loans. They knew what they could afford and what they could not and many are now sufferiung the consequences they brought on themselves. And now for them to ignore the problem and walk away? What does that say about their character? Not much in my book.

Gena, this story needs an update: it turns out this was a non-story (according to the lenders) and that Arnold was just blowing smoke:

"Those four lenders, however, told The Bee on Wednesday that their lending policies haven't changed and the governor didn't get them to agree to anything new."

http://www.modbee.com/local/story/131542.html

John, don't underestimate the Governor. He has this state's economy to maintain and with all the foreclosures, reduction in property taxes and the peak of foreclosures yet to come...I would imagine that there is something on the horizon. We talk about recession and in my estimation, although I'm certainly not an economist depression is looming. So, I would assume that all of us haven't heard the last of this.

I realize I have taken this out of sequence, and for that I apologize. Some have not read the entire post as it is obvious by what I have written that this does NOT and Would NOT have included those who have failed to pay their house payment. It's important to read all of the words so that you have a better understanding of what this is all about and who it is for.

I will continue to respond to everyone, later. This is a very touchy subject and one that CA really needs to think seriously about in the form of the "big picture" and how if nothing is down what effect this will have on every single human being here in CA.

Monika, I do too, since it is effecting our economy in many ways. The Governor is trying to head off a recession and possibly a depression if this is left unchecked.

Joyce, very thoughtful and genuine comment. You failed mention those who were victims of fraud which there are plenty of and those who relied on professionals that unfortunately lied and didn't know or at least didn't inform their clients. I'm glad that you are willing to accept all of the repercussions that will result in this devastation, as there will be plenty to go around. I don't feel the same. I'm assuming that you are a CA resident and with that assumption, if we just continue with the status quo, I'm not sure that everyone realizes the implications that we will all have to endure. But, I do thank you for your sincere comment and views as we are all welcome to our own opinions.

Ruthmarie, well I think Gov. S. has his hands full. The budget deficit is and will be tremendous and the CA residents will be screaming bloody murder before too long...probably the same ones that don't want him or the government to do anything about this devastation. I think they call that, "I want my cake and eat it, too" syndrome.

Dan, not sure that Congress is doing that?

Robert, sounds great but the lenders who loaned those disgusting loans are long gone. The servicers never loaned on those and are now stuck with them. Not sure your're theory would work but good thought.

Ilona, one of the things I think is important to realize is that the client is not a lender. When you go to the Doctor, you rely on his/her expertise...these homebuyers relied on the "professionals" to advise them and get them in the best loan. At no time did any of these lenders say, "NO, YOU CAN'T AFFORD THIS HOUSE." So, yes, I believe that there is blame and the blame is with the lending institution and Realtors who DABBLE in loans (that in my opinion, should NEVER happen).

Tim and Susan, don't see her comment. AR must have taken care of it before I logged on. Thanks for the warning.

Jerry, I think you have a good head on your shoulders and can see beyond your face. I hope more can begin to realize that what you have said bears witnessing. Putting our heads in the sand is not going to solve the problem nor any of the resulting issues that will follow. Thank you for your comment and I'm with you 100%.

Michael, it seems that there is not a consensus on the voluntary appeal to the loan servicers. However, don't count on the Governor shying away, there is much too much at stake. John left a link that I have not had a chance to read yet about this http://www.modbee.com/local/story/131542.html

Jason, first of all this is not for anyone that is late or not paying their loan payments. Secondly, as I have said many, many times...the LENDERS knew if the homebuyer couldn't afford the house. All they had to do was say, "NO, YOU CAN"T HAVE A LOAN." But, unfortunately they wanted their money. So, I'm afraid I don't agree with you. We rely on professionals to steer us in the right direction and this was a travesty! No one is going to get a free ride but I for one don't want to go down with them and I don't think that the rest of the CA population want to either. So, we need to figure out the best solution without simply burning all of us.

John S. thanks for the update...I'm sure there will be future updates. I can't imagine "ARNOLD" letting CA go into a recession or better yet a depression.

I did not read all of the comments, but did find Mark's to be rude. This topic is a great discussion. It is definitely topical with all that is happening in our industry. I am convinced of one thing there needs to be higher standards fro loan officers and lenders. I have written on the topic in the past and will post another one in the morning, linking your great post if that is OK.

Randy, feel free...seems like this has caused quite a raucus and maybe you might be able to lend some sensibility to it.

NOV

2007

Gena - This ia a very interesting post and thread of comments. If nothing else, the govenors actions have touched a nerve. I understand that allowing mortages to go into foreclosure will impact everyone. I believe that is what a correction in the market does, it impacts everyone. Home prices were driven to artificial highs in part because the process allowed it to happen. People that are in homes that they can not afford, should have to move. If the house sells for less, that should be the penalty. The lender suffers and prices adjust downward to more favorable levels.

Having to assist people that are living beyond their means, due to poor decisions that they are ultimately responsible for making is not something that most americans will support. You need only harken back to the comments made about residents of the ninth ward in New Orleans. Many have said, they never should have built there. We punish everyone of them that is denied assistance. There is little outcry to help them today.

People losing homes will continue as part of the overall correction. Homes will be lost, money will be lost and government interference will only hinder the natural correction that must take place.

Gena,

I think the comment Tim and Susan was referring to is the one above. It is the one right before Mark's second comment. The name is Vanessa Kone and she had written in bold face font with her email address in the comment. If you check her profile, you can see why this may be suspicious of spam.

Jake M

Jake, thanks.

John, unfortunately if that is allowed to occur we will be effected with more than just "lowering the cost of homes," but I respect your opinion and those that follow suit.

I don't want to hijack, Gena, but I have to jump in here with John's comment about the 9th Ward in New Orleans. He is correct that people have little sympathy for those that appear to put themselves in harm's way. That was not the case for these folks...Hurricane Katrina did not flood their homes, the levees breaking DID. People throughout this city who never experienced flooding were wiped out due to the inadequacy of the levee "protection" system. Point the finger of blame where it belongs...at the people who were responsible for the maintenance and upkeep of the very system we rely upon to protect us from the lake, canals and river. Sorry for the mini rant, Gena, but it just makes me so angry when I think that the public does not want to help someone due to a false impression about how they got where they are.

Lisa, no problem. We seem to have a lot of that running ramped. We want to blame the New Orleans folks for their problem and we want to blame the home buyer for the Foreclosure problem and tell them all to eat coal.

I tend to see a little deeper than the surface that so many seem to be grabbing onto.

I loved it this morning when I heard how Realtors should get themselves involved in the Lending mortgage field. Sometimes, it baffles me when we don't recognize the fact that we need to be careful what road we go down especially considering that Realtor are not lenders nor tax consultants nor lawyers. There are those individuals who are or should be quite educated in those fields and laws to protect the home buyer from predators who are not up-to-speed.

Does this mean that a Realtor blindly leads their client into the home buying arena? NO, not hardly, it means that the Realtor works WITH (key word), the professional lender and provides the best for their client.

Realtors who want to pretend that they are experts in mortgage loans, taxes and law need to be VERY careful...not sure your E & O will cover you.

Sorry Lisa, read something over on Lenn's post that touched a nerve and felt the need to expound.

Gena...You have class. You are a real credit to AR and to other REALTORS.

Thank you.

Kathleen

Kathleen, thank you.

one of the things I think is important to realize is that the client is not a lender. When you go to the Doctor, you rely on his/her expertise...these homebuyers relied on the "professionals" to advise them and get them in the best loan. At no time did any of these lenders say, "NO, YOU CAN'T AFFORD THIS HOUSE." So, yes, I believe that there is blame and the blame is with the lending institution and Realtors who DABBLE in loans (that in my opinion, should NEVER happen). Gina's comment

Gina- I can appreciate the comment on the client not being the lender however, even when you go the Doctor there are times that you get a 2nd opinion. As the saying goes "If it sounds too good to be true, maybe it is." What about the Realtors out there who are wanting the loans to close, did any of the Realtors ask any questions ? Or did they just call the lenders and say things like "why hasn't this closed yet , or we need to hurry up and get this closed etc..."Do you think any of the Realtors ever put any pressure on people. Do you think that since a lot of the Realtors out there have relationships with certain lenders, that the lenders want to perform so to not risk them loosing the Realtors business. Which , if the lenders ultimately realized that they are the ones actually with most of the power ,because without the lenders most of us could not close a transaction, unless we have a lot of people out there paying in cash.

So you see I do think there should be a little more accountability on all parties and as I have mentioned before that all of us should work together to make the deal happen but ultimately make it happen for the client and stop looking at how much money can be made. The money will come if we put the client first.

In my opinion the client has some responsibility as well. We cannot blame the entire problem on the Lenders & Realtors.

You are right about Realtors Dabbling in Loans, they should not. If however they have become experts in the field then why not. I do however think that if a Realtor does a loan it should not be for the particular property they are selling.I know I will have lots people disagree, but that transaction could be looked at as a conflict of interest. In my opinion.I realize that there are" The Disclosures", but when that loan goes bad the entire file gets looked at to include who was the Realtor. So I think that is why the two should not be done by the same person.You can always share with another licensed professional in your office.

My apologies the correct name is GENA.

Ilona, I couldn't agree more. One of the things that I always let my home buyers know right up front is that no matter what the Lender indicates they are qualified to purchase, if they need to make sure that they are not house poor and then I ask them to tell me what they feel comfortable spending per month.

I never presume that I know all of their financial business nor know about every single loan program available. And I do see doing both sides as a conflict of interest just as I see representing the seller and the buyer as a conflict of interest. I think you are right, there will be those that totally disagree and are money hungry, especially now more than ever with the lean times.

Our clients put their trust in us and they also unfortunately put their trust in lenders who with some did not explain and that fraudulently changed their income level. I do hope that those that managed to add to this devastation are sought and are never allowed to be in a position of trust with the consumer again.

Thank you for your insightful comment.

GENA-I could not agree with you more about the people who fraudulent changed peoples income or any other information, they should be sought , and then prosecuted. For those people who fall into that category check this site out : www.jeromemayne.com you might find it quite interesting. He committed fraud and was prosecuted . Because if you committed fraud and it comes out(which it will sooner or later) you will be prosecuted. This is what separates the professional from the non-professionals.

Have a great day Gena!!!

Ilona, thanks for providing the link. I took a peak and it seems that is what many of those that are caught seem to do...speak. There is so much fraud going on that I'm sure that the FBI has their hands full. Just when I think it might be under control, lo and behold the DA's office starts sending out letters to those where their Deeds of Trust have been changed indicating that SOMEONE may have refinanced your home. It just never ceases to amaze me how these people that commit fraud appear to have no conscience. I wonder where and when it will all end...

Gena,

Finally some good news that bears repeating! Where's the national news media?

Lucky :)

Hi Gena,

I've read most of the comments that have come in. I agree, that most of the buyers should have been more careful about the type of loan they got, but, now with what the State of California is trying to do, hopefully will be of some assistance to the homeowners.

I was wondering, I live in Tennessee and we have a lot of foreclosures coming about as well because of the same horribly structured loans and I was wondering where a good starting point would be to maybe assist some of these homeowners here. I mean, if it can be done in California, maybe it can be done here as well. Got any pointers.

On another point, I just finished a short sale with Countrywide. I have been selling real estate for over 20 years and it was absolutely the worst experience I have ever had. The communication with Countrywide, to say the least, was all most impossible. It took us over 2 months to get it closed out. Don't misunderstand me, I've done short sales before, but the one with Countrywide, organization and customer relations was not their motto.

I want to commend you on sharing the information that will hopefully help some of the homeowners with their loan issues.

Again, if you have any pointers that might assist any of the homeowners here, I am all ears.

Also, if you have anyone wanting to come to the Nashville, Tennessee area, let me know.

Kindest Regards,

Brenda White, Broker

The Realty Association

Nashville, Tenn.

http://www.brendajwhite.com

Lucky, there may be a hiccup to this but then we need to wait and see since many times things in the BEE are reported incorrectly. I took my information directly from the State website. If the loan servicers do not come aboard with the Governor's plan, I'm sure it won't be the last we hear from him. He as a lot a stake. So, it's a wait and see right now.

Brenda, I wish I had some wonderful pointers for you. Other than laws to protect the home buyer so we don't endure this again and making it more difficult to get a real estate license and laws in place that lenders must comply with as well as going after those that committed fraud and prosecuting...I don't have much else to offer. I just know that hiding our heads in the sand will not help to resolve this now or in the future. Much work needs to be done.

The biggest advice that I could possibly give is to instruct those that may be readjusting to contact their lender before they miss any payments and try to work out a plan for payment that is affordable. Some will listen and others have deaf ears until they own way too many properties and home owners have lost their homes in droves.

Hopefully, it wont' devastate your state like it has here.

Gena- this was a very informative, easy to read post- thank you for sharing! It will certainly be interesting to see how it all plays out...

Sandi, yes it will. I don't have the answers and I don't begin to assume I do but I'm not going to bash those that try nor assume that it is ONLY the home buyers fault. So, we'll take a wait and see...

Gena, whether it is NEWS or PR by Arnold doesn't really matter. The only beneficiary of holding back on resetting would be the lenders. The interest will still accrue. If they can't re-fi out of their mess, these homeowners will probably still lose their homes.

What we (Realtors) need to do is convince buyers that this is a good time to buy. Maybe we can "create" a market bottom and start to climb up the other side. Then and only then will everybody win.

A rising tide lifts all boats.

Bill Roberts

Bill- I agree with you, we should let buyers know this is a good time to buy. Some people say that they want to wait until the market hits bottom, the only issue with that is when do you know bottom has hit?The only way you know , is when it goes back up. So tell the people, by that time the market will be climbing again and they could have saved money. So the right time is now.

NOV

2007

COME On people!!!!

Whats up with the last 2 comments.. Are you people so highly uneducated.. I can't believe you had a whole discussion about how we got into this mess only to leave with a shinning example of how we got into this mess.. Bill and Ilona.. I beg you .. Please put in the same 7 years to get your MBA in Finance that I did and then become a Realtor. For the LOVE of "GOD.. Stop the insanity.. I have to tell you.. Mark has a very valid point and "idiot" pretty much describe it.. Instead of fighting it accept it and try to become a better person. How do you argue with Goldman Sachs... Please spend more time educating yourself on the new "financial" Real Estate market and really make yourself useful this time around..

http://www.irvinehousingblog.com/wp-content/uploads/2007/10/california-valuations.pdf

Well Annon,

You really have no clue what education anyone has. So do not assume. You know what that makes! If you are calling people idiots on the tail of someone else's comment then I really do not see a benefit to your MBA if that's all you've got. Of course the report is pretty accurate based on loans already in place. Numbers do not lie and when they adjust is also known. I do not need am MBA for that.You and I both know that the Mortgage industry took advantage of the housing market and the people.So where was God in all that, where was your wisdom then? So what do you do besides want to put peoples knowledge or lack of knowledge down?

Saturday, September 1, 2007

Schwarzenegger gives big pay raises to key advisers

Chief of staff receives $32,000 raise, making her the highest paid among governor's inner circle.

SACRAMENTO - Gov. Arnold Schwarzenegger on Friday handed out hefty pay raises to 11 of his closest advisers, including a $32,000 boost to Chief of Staff Susan Kennedy.

Kennedy remains the highest paid member of the governor's inner circle, although some of his cabinet secretaries make more. With the latest raise, Kennedy's taxpayer-funded salary will be $175,000 a year.

The other 10, including Deputy Chief of Staff Adam Mendelsohn and Daniel Zingale, chief of staff to first lady Maria Shriver, will see their salaries increase 11 percent to $147,900.

The pay raises come a week after Schwarzenegger signed a $145.5 billion state budget for the current fiscal year - temporarily balancing it by cutting $703 million from mental health programs for the homeless, state parks and medical services for the poor.

California also faces a projected $5 billion deficit for next fiscal year and falling tax revenue, caused in part by the depressed housing market.

Schwarzenegger spokesman Aaron McLear said the higher compensation is critical if the governor's office is to attract and retain the best and brightest.

McLear stressed that the raises are not an effort to compete with private-sector wages but rather a way to give important state workers comparable pay to what some cities and counties in the state can offer.

"It's tough to compare California to other states; it's expensive," McLear said. "These raises are going to valuable employees to the governor who work all hours of the day, nights and weekends, and do a great service to the state of California."

The pay boosts, however, give Schwarzenegger one of the highest-paid political entourages in the country. Kennedy's 23 percent raise gives her a salary higher than President Bush's chief of staff or any other White House adviser.

In addition to Mendelsohn and Zingale, others receiving the raises are Schwarzenegger's deputy chiefs of staff, Will Fox, Ross LaJeunesse, Chris Kahn, Dan Dunmoyer and Cynthia Bryant, Legal Affairs Secretary Andrea Hoch, Appointments Secretary John Cruz and Judicial Appointments Secretary Sharon Majors-Lewis.

Under the spending plan Schwarzenegger signed last week, his office will spend nearly $19.7 million during the 2007-08 fiscal year. Most of that - $16.3 million - will go for salaries and benefits.

For comparison, Davis spent $3.5 million on governor's office salaries and benefits the last year he was in office in 2003.

Bill, it's not hard to convince buyers that this is a great time to buy with home prices down and interest rates in check. In fact, I just put some new home buyers in with 8% below asking price (appraisal came in higher), 3% for buyer's non-recurring/recurring costs and money for replacing carpets. It is definitely a time when the buyer is in the driver's seat.

I am not an economist, nor has the government hired my expertise to figure out this whole mess...my guess is there is more than one good way to get through this with as little blood shed as possible and I certainly hope that we see one of those ways enacted.

Sorry for the delay in getting back to your comment...had some other details to take care of. I appreciate your comment and point of view.

Ilona, right on...it is the very best of times for the buyer as long as they are not tangled up in a short sale..banks are just not responding here like they should. But, the sellers are eager and waiting to negotiate.

Annon, Interesting site...haden't been there before and only quickly scanned but 35-40% seems a bit outrageous. Of course if one was to look at that percentage over the past say 3 years it would make sense but from today's date...I'm not sure I buy into that. I can definitely see another 8% over the next year. No, I don't have an MBA in Finance but my educated opinion is that it won't go down that far. Could be wrong and certainly have been wrong in my life, a time or two.

One of the things that goes along with it being a great time for a buyer are several different caveats as I'm sure you know...interest rates and the eagerness and negotiability of the sellers. If prices go down even more than 8% but interest rates go up and sellers not being cooperative, then it isn't quite worth it. As I stated above, I recently helped a buyer pay 8% less than the asking price (which really wasn't off much and it actually appraised for what the seller was asking), also got the buyer 3% for non-recurring/recurring closing costs and points buy-down along with new carpet allowance...so that why these buyers and most buyers buying right now that have someone negotiating for them, feel that this is a GREAT time to buy.

Thanks for the website and I will indeed take time to read what others have to say about finance.

Ilona, it seems that this topic has certainly touched on some nerves with everyone. I think that we all feel very passionate about this subject and many times what I have learned over the years is that the fear of it all is what we really end up hearing. We can't change how others perceive things nor how they react in a stressful or fearful position. I know that you care about your clients and do the best for them and in the end that 's really all that counts. And I know that you and Bill aren't idiots...and so should Annon...just got a bit carried away with his passion, I think.

Mark, well it sounds like the Governor is trying to keep key staff in their positions. Is he still not taking a salary himself?

BOY, DO I EVER WISH I HAD A CRYSTAL BALL!!!!

GENA-I appreciate you Positive comments. I understand we are all here to make comments or express our opinions. I also feel that it would be a lot kinder if people did not attack people personally. I generally don't try to do that , however if someone opens the door I will defend what I believe. I think it's ok to generalize but not individualize. There should be some type of etiquette when people write/speak to each other.

NOV

2007

Ilona, I agree with you and don't fault you for standing up for yourself. It's never in good taste for anyone to name call. I hope that our friend has picked up on that ... we all have to learn and each day is a new day and a new subject to learn about.

So, let me just take this opportunity to apologize for him.

If you keep this up I will start to call you MOM, (Smile....)

Have a great rest of the day!!!!!!!!!!!

The last comment was meant for Gena. Thanks.

I am not certain why, but the last two comments did not show who left the comments. So here it is.

Ilona, I figured it was you. My site has some problems including points which is somewhat maddening. You can call me MOM, anytime.

NOV

2007

Gena,

"+"

Lucky :)

This blog does not allow anonymous comments