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I was honored when Jeff Belonger asked me to write this review, until I realized that I was also following Tom Burris, and Sarah Eubanks, who did an excellent job on their insight into the mortgage industry for their respective weeks! I will begin by saying that there is so much talent on this website alone, that we could probably solve the current real estate environment a lot faster, and a lot cleaner than our politicians on both sides of the aisle can. At the very least, if they merely listened, we'd have a soft landing, not an all out crash and burn!

It has been an interesting week that has extended an olive branch to many borrowers across the United States who have been waiting to hear the news. I am fortunate to have access to so many great stories this week, that I hope and pray that I'm not leaving anyone out. Also, since I'm the one doing the review, I purposely chose NOT to write anything about the current week as I gathered my thoughts...expect to see something from me next week, as this week its all about YOU!

YOU ARE THE TALENT THAT DRIVES THIS MACHINE! Knowing that you are in this industry, I believe that your voices will make a difference in the world.

Janet's article talks about the potential danger of turning our real estate market into one big scrap heap of metal by regulating and controlling it through government intervention and the freezing of interest rates. You MUST read it.

http://activerain.com/blogsview/292799/Freezing-Adjustable-Rates-is

Another supporter comes to the same conclusion as Janet, but Rich really shows some of the statistical and research data that Bank of America Investments did. I've seen this same study, and think that you need to really understand it. The reasons for these defaults are not what you think they are! Leave it to Rich to go there!

http://activerain.com/blogsview/297805/WHY-THE-RATE-FREEZE

Cheryl Hale from Florida points out several reasons why it does make sense to buy now. Her facts are right on. Take a look at her article.

http://activerain.com/blogsview/300941/Borrowers-Don-t-Wait

SPECIAL MENTION: While this story falls outside of the parameters of our coverage dates, I think it is appropriate to use, since cockroaches seem to keep making their way back as part of the survival process. Jason Sardi cuts to the chase in the creativity that is Sardi. His words were so powerful to me, that I used them in a major presentation this week as part of my speaking and consulting business to the industry. I'm a far better speaker than I am a writer, but Jason shows me the talent the other side brings to the table!

http://activerain.com/blogsview/289108/Apocalypse-How-Becoming-a

Jeff writes another great article about how deeply rooted the current issues really are. Is it really just the subprime borrowers that are to blame? Or is is possible that this will continue to spread through other sectors of the economy? My opinion is we've only started, but Jeff puts out a great case.

http://activerain.com/blogsview/299658/Will-Conventional-loans-be

It seems to be that the common consensus is to leave things alone, and let the markets solve this issue, sort of let the chips fall where they may. Bob Mitchell from St. Louis wrote an excellent piece arguing for government support. To me the value of this site, is being able to recognize the arguments that are being presented so you can understand the differences across America.

http://activerain.com/blogsview/295910/I-m-From-The

Then Ken Cook comes along and says that he doesn't really care what anyone has to say....ok, he didn't really say that, but I like his message. REGARDLESS of what might be happening, here are some great reasons to buy now! Without further ado, take a look at his article.

http://activerain.com/blogsview/295297/Why-To-Buy-NOW

Rey Gallegos comes along and tells us what is already happening with the cost and risk factors in current and future lending, as a result of the current defaults and delinquencies in the mortgage markets.

http://activerain.com/blogsview/298322/I-blame-you-for

Michael Tarraboto probably has the easiest, most understandable explanation of the impact of Fannie Mae, Freddie Mac, and the future of real estate values....because after all, who really cares about the cost of funds, and any other possible real estate or mortgage related story, if property values make it nearly impossible to borrow money? Its somewhat high level, but again, Michael does the best job I've seen of explaining this to consumers and industry experts alike.

http://activerain.com/blogsview/281272/Fannie-Freddie-and-the

Andrew Lenza comes along from Joysey, and throws Scrooge's interpretation into the mix. It makes you think how life imitates art! Or is it the other way around? Either way, Andrew figures it out...............go read it!

http://activerain.com/blogsview/294379/If-Scrooge-s-Jacob

Summing it up, while I do not believe that ANY of the talent I've mentioned will NOT be around in 2008 and beyond, Brian's analysis at the future speaks to the industry. Half of the people on this site, and in the industry will not be able to survive through the current downturn. You never know if Brian is on your side, or just writing a great counterargument to get you to think and define your position. Either way, he is a well thought out, and interesting read.

http://activerain.com/blogsview/293705/The-Active-Rain-Community

And with his analysis, I revert back to Jason Sardi's insightful and impactful post that gets you thinking that if you're around in a year because you were able to focus on the basics, adapt, survive, and then thrive.....that maybe being a cockroach isn't so bad after all?

I know the coming weeks will be thoroughly exciting when you see the talent we have lined up! Our Christmas gift to you is to bring you the best and brightest talent through the end of the year....so look who we have coming..............

1.       Mike Mueller       12/10/07 through 12/16/07

2.       Cheryl Hale           12/17/07 through 12/23/07

3.       Jeff Belonger         12/24/07 to 12/30/07

Bill Nazur has an extensive background in finance & mortgage lending who gets to serve as an author, speaker, and consultant to the real estate industry, as well as a featured regular guest on FoxBusiness, MSNBC, and Univision. Bill also hosts a new radio show at www.realcoachingradio.com, along with a thriving (yes, its thriving, not just surviving!) mortgage business, powered at Bank of America Mortgage. If one of the many talented professionals on this site cannot help you, please feel free to contact me as I can also lend in all 50 states. While Real Estate is local, knowledge is universal. I hope to help you soon.

Also, since Elizabeth Nieves just MeMe'd me, I hope you'll take a look at that post regarding my current reading materials. http://activerain.com/blogsview/298916/MeMeMeME-How-Elizabeth-Nieves

Now don't you DARE think that you couldn't be involved......

Mortgage blogs by loan officers   Here is a list of Loan Officers.  If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!

MORTGAGE PRO Week in Review    A repository for the Mortgage Week in Review.  Please don't hesitate in joining this group.

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder- Copyright 2007©

 

 
Post is included in group: MORTGAGE PRO Week in Review

31 Comments on Mortgage PRO Week in Review -- 12/03/07 through 12/09/07

Very thorough, my friend. This is why I love ActiveRain. Where else can you find ALL of this information in one place. We have some of the most brilliant minds in the business right here in one place. I LOVE it!! Great job!! I'm bookmarking this one!

12/09/2007 06:13 PM by Elizabeth Nieves - Bilingual Raleigh - Durham North Carolina Real Estate Team (The Elizabeth Nieves Realty Group @ Keller Williams)


Elizabeth

It makes you realize that those that really care, all share the philosophy of giving back to the industry as well as to the greater community.....could that right there be a reason the business for each of these individuals is still doing well, given the current environment?

Thanks for stopping by!

12/09/2007 06:19 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


I'm willing to bet a Dollar to a Donut that the readers of ActiveRain have a better grasp on the "mortgage mess" man to man than the members of Congress. 

I've heard them.

Good job.  I've got more reading to do.

12/09/2007 06:33 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Lenn

I definitely don't take losing bets, but you're absolutely right.

I'll just donate some extra money to my favorite charity.

Enjoy reading, and thank you for stopping by!

12/09/2007 06:38 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Bill....  great job... thanks for doing this. It helps me because there are a few that I have missed. And thanks for the kind mention....

jeff belonger

12/09/2007 07:29 PM by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages (Infinity Home Mortgage Company, Inc)


Jeff

This has great value for the consumer and the professional!

You've earned any and all kudos we could possibly bestow upon you.

12/09/2007 09:03 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Bill,

Thanks again for the wonderful mention and a terrific synopsis of my post. I echo Elizabeth's statement that there are some great minds on this site and feel privileged to have made the acquaintance of so many professionals. I really look forward to seeing you soon.

12/10/2007 02:15 AM by Michael Tarabotto (Certified Appraiser) Santa Clarita, San Fernando, Westside (California Appraisal Solutions Corp.)


Bill ~  Good morning.  You did a great job and should be proud!  Thank you for all of yoir hours on our behalf!  :)  Many blessings to you...

12/10/2007 09:07 AM by Sarah Eubanks ~ Preferred Oregon Loan Consultant & Notary Public (Hill Valley Financial Services)


Mike

Thanks again....you are one of those professionals that makes up this great site.

Sarah

And many blessings right back! It was fun summarizing the week. I hope I didn't let anyone down..........:)

12/10/2007 09:09 AM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Hi Bill, thanks for the reference to my "why the freeze won't work post."  By the way, your post on "how to succeed during the writers strike" was hilarious...passed it around the office.

Regarding the "unwinding," my greatest fear is that the government intervention and tinkering is going to leave us in an economic malaise like we had following Carter.  We already know that it is a bad situation, we got a big ol' German Shepherd BM out there in the front yard, but what the government is doing is akin to walking out to the BM and poking a stick in it and smooshing it around thinking that it well end up either disappearing or changing into daisies!

We have the most inflationary news we've seen coming out at the end of the week and next, and the FED is going to cut rates anyway.  By the way, even though I disagree with it, I'm going to be ready to capitalize on a 24hour window to lock a couple of rates after the Fed cut.  The bond traders/investors usually take about 24 hours to remember that a Fed cut is a bad thing for mortgage backed securities.

12/10/2007 09:27 AM by Rich Sweum (Homestead Mortgage)


Bill ~  No, you chose many I enjoyed!  Besides, you highlighted Sardi again...my number one pick from last week.  That is great validation!  Truly, you did a great job, Bill.  Be proud!

12/10/2007 09:42 AM by Sarah Eubanks ~ Preferred Oregon Loan Consultant & Notary Public (Hill Valley Financial Services)


Sarah

Thank you....it was fun but challenging.....

Rich

You had one of the best analyses out there on this topic. Some days I'm serious, and pay attention, and others, I'm just a clown! Glad you enjoyed that one.....

No doubt that this market allows for benefiting from the many changes if you can see through the smoke and mirrors. From what I've seen though, I think the rates are already priced for the added discount, except in very rare circumstances, so I don't know how much we'll see towards the end of the week. Then again, you can expect to hear more bad news on write downs which will push bond yields down further.

12/10/2007 11:02 AM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Bill,

Great job!  I missed a few and I'm going to go back to read them. So much valuable information.  My turn is coming up soon..I have some big shoes to fill!!  And thanks for the mention.

P.S. Wonder why this didn't get featured outside of the group?  Did I miss something?

12/10/2007 03:34 PM by Cheryl Hale - South Florida Mortgage Lady (Boca Raton Mortgage Broker)


Bill - Good work outlining some very important reads.  Thanks for the mention amigo, the check is in the mail:-)

12/10/2007 04:12 PM by Jason Sardi, Pennsylvania Mortgage Broker (First Choice Equity Group Inc.)


Sardi

You earned it.....I'll be waiting for my referral fee, ya cockroach!

12/10/2007 05:05 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Bill,

I spoke too soon..I see this got featured..great job

12/10/2007 06:36 PM by Cheryl Hale - South Florida Mortgage Lady (Boca Raton Mortgage Broker)


You guys just like Jason's post because who else other than our very own Jason could come up with a mortgage post about cockroaches?

Just for recognizing him twice for the same cockroach post,  I have decided to write my own post about cockroaches. So there.

Bill: Fabulous job, and one of the most intesting mortgage weeks I remember.

12/10/2007 06:58 PM by Janet Guilbault, California Mortgage Expert (Peregrine Lending Company)


Hi Bill - this is a nice summary of some good reading that I missed.  I caught Jason's stuff but missed the others, so will use this to catch up on them.

Thanks for putting this together for those of us who missed these posts!
Ann

12/10/2007 07:08 PM by Portsmouth NH Real Estate ~ Ann Cummings (RE/MAX Coast to Coast - Portsmouth New Hampshire)


Cheryl....

Wewh....I was starting to sweat......

Janet

Thanks...I tried to keep it interesting, and take a different spin...I cannot wait to hear your take on cockroaches.....what have we started here?

12/10/2007 07:16 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Ann

Didn't see your comments sneak in there......

thanks for noticing.....there is some very powerful information with the posts that we just aggregated. I'm fortunate to have so much occur during that specific week.

 

12/10/2007 07:17 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Oh Bill, I was raised in New Orleans and lived in Dallas before moving to California. I have cockroach stories. I just need to figure out how they relate to the mortgage world.

 We could have a cockroach meme. LOL

12/10/2007 07:34 PM by Janet Guilbault, California Mortgage Expert (Peregrine Lending Company)


Bill, thanks for the mention in your post. I think Sardi was going to send both his check and mine in the same envelope! :)

12/10/2007 11:14 PM by Blogger To Be Named Later


Janet

I'm afraid.......very afraid......

If someone can pull this off, my vote is in your court as a finalist already....

Andrew

You very much earned it. I'm starting to see a trend here with people from the east coast promising funds and not delivering. Might have to send some of my boyz out your way to collect ....:)

12/11/2007 01:16 AM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Nice work, Bill.

If it helps, I'm always on the side of critical thought. 

12/11/2007 02:14 AM by America's #1 Mortgage Broker


Brian

Thanks...

I always enjoy your thought processes.....I thought you fell off your rocker with the Brady plan the other day as I started to read it, and I thought you'd gone socialist on me. :)

12/11/2007 10:38 AM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


I thought you'd gone socialist on me.

Haha...nope. If everybody reads through to the end, they'll see it's a satirical post.   This too shall pass...in about 2 years.  

I'm a fan, Bill 

12/11/2007 06:03 PM by America's #1 Mortgage Broker


Brian

It was a great post.

Great minds think alike, or have we just become jaded?

12/11/2007 07:25 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Bill .. Thanks.. I've missed a number of these posts.. I really don't think the pweres that be get what is actually happening or how angry those who don't get a bailout will be at those who do.. although I suspect that number is going to be significantly smaller the the hype leads people to believe..

12/13/2007 01:11 AM by Manhattan Beach CA/ e-PRO..... Kaye Thomas... (Real Estate West)


Kaye

It is a tangled web indeed......the raw numbers of people in trouble is staggering, and in many ways reflects our societal beliefs of demanding what they want now! Also, there are so many innocent people caught up in this mess, that was never envisioned. The number of people that will receive help are tiny. Sadly, I have access to many of these numbers as part of my consultancy.

12/13/2007 10:19 AM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


Wow, Bill, this was very informative indeed, keep doing this, I am going to subscribe to your blog, great stuff. - Lance

12/26/2007 04:33 PM by Lance Winslow (The Car Wash Guy)


Lance

Thanks for stopping by...this was a particularly fun week to summarize.

Look forward to your continued participation!

12/26/2007 05:27 PM by Bill Nazur (Nazur Enterprises, Inc. & BAMG)


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Real Estate - Other: Bill Nazur (Nazur Enterprises, Inc. & BAMG)
Bill Nazur
Corona, CA
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Nazur Enterprises, Inc. & BAMG

Office Phone: (949) 274-8950
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All Real Estate....all the time....how Real Estate can help you achieve your goals, as well as what is wrong with the industry. Pure, unabashed honesty. Critical to my mission is to help underserved families and communities improve their position to create a legacy for their children.


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