Webb on the Web

The bail out of the banking industry did not end with TARP.   Enactment of the S.A.F.E act along with the registration of independent brokers with the NMLS  (Nationwide Mortgage Licensing System) is going to have a major impact on the real estate business.   I am in 100% agreement with having a N...

This Capital Tax Code change caught me by surprise as I just learned about it.  I had not heard anything about it and perhaps other real estate professionals are in the same situation.  In the past I have had numerous clients that have used this section of the IRS code and several that are curren...

I had a borrower come to our office on Monday afternoon and drove 30 miles without an appointment.  They were emotionally devastated  looking for a loan and were referred to me from a past client.   The reason they were here is that they had applied to a bank who will not be directly named but so...

Let’s first get to the Elephant sitting in the room regarding the DST™ and the controversy regarding whether the DST™ is simply a Private Annuity Trust with a different name. Under the U.S. tax law, U.S. Citizens and residents must declare their income by filing tax returns and must pay tax on th...

It may just seem like the sky is falling with Friday's failure and take over of Indy-Mac along with both Freddie-Mac and Fannie-Mae being on extremely thin ice.  Rumors of other institutions failing as well boded fairly negative news for the real estate and mortgage industry. Nothing seems to be ...

This is an interesting lesson in history and what happened to the men  thatsigned the Declaration of Independence. THE 4TH OF JULY Five signers were captured by the British as traitors, and tortured  beforethey died. Twelve had their homes ransacked and burned. > >>>> > >>>> Two lost their sons s...

I am very frustrated this evening.  I submitted a purchase money loan needing a Jumbo Conforming Loan of 80% LTV and debt ratios of 24/36%.  Buyers are W-2 salaried, 20+ years on the same job, have $150K in the bank plus $250,000 in retirement assets, zero debt, 781 Middle FICO scores and have li...

I presume most of us have heard that Wachovia has suspended their Pick-A-Pay Program.  Sort of like locking the barn door after the horse left the barn, corral, and the County. However, they also announced that they will no longer have early payment penalties and will waive the prepayment penalty...

Recently I originated a loan referred to me from a long term past client.  I reviewed their w-2 forms, recent pay check stubs and bank statements.  Then I pulled a three bureau credit report and then ran a FNMA DU approval to provide him and his agent a pre-qualification letter for the purpose of...

That the was headline of a published article I wrote in June of 2005 when the real estate market was surging with sales activity enabled by loan programs with ridiculous terms enhanced with the most liberal of underwriting consideration and little thought to the future consequences. At the time ...