There is talk of eliminating the sub-prime loans in California.  A stronger term is "out-law" sub-prime loans.

There is talk of having Lenders make monthly report of what and who have made loans to and all the details. This effort would hold loan officers and lenders accountable for taking advantage of the borrowers. Question:  Who would be in charge of monitoring and overseeing these reports?

Some are suggesting that Loan Officers should face the borrowers that are now having mortgage problems.  This is a way of holding the loan officers accountable for what they sell to the borrowers.

A suggestion is to have the requirements to become a loan officer changed to help eliminate the fly by nights and replace with serious caring officers.

Another suggestion is that Borrowers should get a warning that loan is going up and what the amount will be way in advance of the adjustment

About 50% of sub-prime loans could have been fixed loans if the loan officers had not taken the incentives. Some of the incentives that helped to raise the interest rate and switch to other loan options instead of doing a fixed rate loan:

1. Prepayment penalties
2. Yield spread offered by Lender to brokers/loan officers.
3. Other...

Locksmith business is booming in the San Joaquin Valley due to the rise in foreclosures.  HOWEVER ~ Banks are slow to pay these locksmiths.  So although Locksmith business sky- rocketed averaging about $5,000 a month, they are having a problem getting paid on time.

Asset Management Companies business is booming.  Plus REO real estate agents are getting more listings than the normal agents.  Business is good for these type companies with the foreclosure

2007 biggest drop in 27 years in home prices. Best time to buy a home.  Just be careful of who you are getting your loan from, what kind of loan and is the best option for you?

Latino population is the biggest hit with the foreclosures in California.  Workshops are being set up to help people understand their rights and hopefully help them save their home

30 year fixed down to 5.4%.  The biggest mistake that people with poor credit make is to start out by looking for the best-secured sub-prime loan they can find. Instead, they should search for the best loan rate that they qualify for.

This is the biggest decline in real estate since the depression