This can happen to you and probably already has. Great video!
08/08/2007
Great stuff on this subpime mess!! Click the link below the graphic and the video is on the right. SUBPRIME LOANS WITH LARRY WILMORE.http://www.comedycentral.com/motherload/?ml_video=90948
08/08/2007
I hear the complaint everyday. Real estate agents are having difficulty getting sellers to realize the real value of their home in today's market. Many sellers believe their home is still worth what it was last year or the year before. They think its worth what the one across the street is li
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08/07/2007
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 is what I will tell them....What
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08/06/2007
Please excuse the self promotion. However, it's been a tough week. Banks changed even more guidelines and increased ALT-A rates to ridiculous numbers. A great bank, American Home Mortgage, with amazing products, is gone. There have been endless media reports that the "sky is falling" and "wh
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08/03/2007
Posted - 08/02/2007 : 4:47 PM Jim Cramer's of CNBC's "Mad Money" says the following...."I think that 50% of ALL loans made in 2006 are going to go bust. Not (just) prime, not (just) subprime ... 50% ... it makes too much sense to walk away from your home. Walking away from your home that
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08/02/2007
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 t
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08/01/2007
The headlines today read "American Home Mortgage facing bankruptcy."http://www.usatoday.com/money/industries/banking/2007-07-31-american-home-mortgage_N.htm?csp=34What does this mean to you and me? Agents and their lenders?The first wave saw the subprime lenders go out of business. This next w
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07/31/2007
When I first started in the mortgage business, at least one in four of all of my buyers got an FHA loan. The rates were fantastic, the down payment requirements minimal, and the credit requirements were close to meaningless. Most first-time home buyers got an FHA loan.In the last three years
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07/30/2007
In recent years, most new buyers wanted to buy a new home from a homebuilder. Today, nearly every buyer I pre-qualify today says the same thing. "I want to buy a bank-owned property." In some counties around the country, foreclosures are at all-time highs. As a result, in today's market, the b
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07/25/2007
