mortgage mess: And Who's Protecting Your Industry?
- 06/10/14 05:18 AM
Announcement such as that have little to no meaning. Rob. My comment below is in no way critical of what you wrote. I know who protects our industry. It's the millions of agents, loan officers, home inspectors, appraisers, etc. who work in our industry daily. The government merely regulates. It doesn't protect. So the CFPB gets 4300 complaints a day. What does that mean?? Relative to what??? How many mortgages are there out there?? I tire of the CRPB making repeated attempts to justify it's budget. The mortgage mess was over years ago. The government is merely milking the system … (10 comments)
mortgage mess: Will A Few Ignorant Congressmen Succeed in Burying Fannie Mae? A RANT!
- 07/16/13 11:29 PM
WILL A FEW IGNORANT CONGRESSMEN SUCCEED IN BURYING FANNIE MAE?? FANNIE MAE: "Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America." The "do something" branch of government (Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.)) is determined to completely destroy the housing industry. See: What's the Fate of "Freddie and Fannie"? CRONY GOVERNMENT. Why can't they just admit that Fannie Mae worked just fine until it was put … (7 comments)
mortgage mess: Only GovernmentSpeak Would Attempt To Put Lipstick On This Pig! A RANT
- 07/09/13 09:51 PM
With about 11,000,000 home owners in distress, it's hard to process a claim of success when there were only 130,000 foreclosures prevented due to the actions of HAMP. Evidence of these "successes" include the following: "According to the report, there were 130,100 completed actions in an effort to prevent foreclosure. Of these, about 63,600 were permanent loan modifications, and 30,300 short sales and deeds-in-lieu. Of the modifications, 14,800 of were accomplished through HAMP and the other 77 percent through commercial proprietary modification programs. Of course, these numbers alone don’t tell the whole story. To be impressed, we need to account for … (63 comments)
mortgage mess: The Spirit of Home Ownership is Indomitable. Thank Goodness!!
- 07/08/13 08:47 PM
DON'T FORGET THE MILLIONS WHO LOST EVERYTHING!! Go anywhere and, if folks know you're in the real estate business, the inevitable question will be, "HOW'S THE MARKET?" It's always an interesting question. "What is the present condition of the real estate market?" The answer is often, "DEPENDS on where you live." There IS good news in some areas. No doubt better in some areas than others. If the reports of multiple offers are accurate, some sellers are finally able to sell and at least break even. THAT alone will reduce the number of foreclosures and short sales. The preservation of … (56 comments)
mortgage mess: EXPOSED!! - BIG BANKS' PRACTICES REVEALED BY SHORT SALE DEBACLE.
- 05/10/13 06:58 AM
EXPOSED - BIG BANKS' PRACTICES REVEALED BY SHORT SALE DEBACLE. Do you recall the time when "the big banks" were highly respected by consumers? It wasn't that long ago. I remember a time in real estate agents avoided selling REOs because, as we advised home buyers, the transaction might take about 45-60 days to close. That was when a normal standard listing took an average 30-45 days. Those bank owned properties took an extra 2 weeks. The process was simple. We presented the offer. 1. The listing agent would advise within 3-4 days that the offer was accepted or … (15 comments)
mortgage mess: Whatever and Wherever Home Sale Plan, and don't forget WHENEVER!!
- 04/23/13 09:01 PM
AND, THIS, GOOD FRIENDS, IS WHERE THE MOVE-UP REAL ESTATE MARKET WENT!! Ginny has artfully articulated what we all see in the real estate market every single day. The impact of NEGATIVE EQUITY on the "MOVE-UP" real estate market. "If they can't sell, they can't buy." I recall writing about the loss of the move-up market several times. Just a few months ago, in fact. See: When Will Home Prices Get Back To the "Normal" High?? Depends on what the meaning of "normal" is. The national "experts" hype a 5-7% increase in market value and right away the national real … (13 comments)
mortgage mess: “Projections Show Fannie/Freddie Paying Off ALL Debt to Fed by 2023”
- 04/22/13 10:50 PM
HOLD YOUR BREATH FOLKS. We'll know in 2023. When I see a 10 year projection all I can think is "that presumes that all contributing factors will remain as they are today". When I hear a politician present a budget item and they end it with "over 10 years", all I can say is, "Hey guy, what about next year and the year after?" This is so often a slight of the hand projection because the cuts are never front loaded, always at the end of the 10 years after the public has lost track of what they're doing. That's not … (10 comments)
mortgage mess: Rising Wealth Among Homeowners According to Fed Meeting Minutes
- 04/11/13 02:23 AM
I don't know how much of the below is introduction, how much is comment and how much is reprint. One thing for sure, after reading these minutes of the fed meeting, WE SHOULD ALL BE VERY HAPPY CAMPERS!! I must live on another planet. When I see a home owner whose home lost 30% of the market value and then, once home values began to increase, if a home has increased 5% in market value (that's my area), does that represent increased wealth???? I don't get it. Does the fed not yet understand that millions of home owners are … (6 comments)
mortgage mess: Obama Pushes Banks to Approve Mortgages to Buyers with Weaker Credit. And A Few More Hairbrained Schemes!!
- 04/04/13 12:11 AM
FHA LOANS FOR BUYERS WITH A 500 CREDIT SCORE??? HA! Not in my area. It's hard to find a lender here who will go below 640. DON'T FORGET ABOUT LENDER OVERLAYS. For more than you ever wanted to know about the MORTGAGE MESS, take a ride on the posts included HERE. Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~` What can possibly be added to this story? The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say … (16 comments)
mortgage mess: THE FORECLOSURE WARS - About the Mortgage Mess!
- 04/03/13 11:58 PM
THE MORTGAGE MESS - JUST LIKE BEING THERE!! Richie Nagger has penned a saga of a home owner caught in THE MORTGAGE MESS. This is a good read and for those who haven't followed the mortgage mess, a must read.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Parts 1 & 2 led us to this point where foreclosed individuals were visited up close and personal by agents all over the Unite States. I remember the injustice of this particular foreclosure at the time. My clients called the bank AHEAD of time to work something out. The bank thought they were … (2 comments)
mortgage mess: Equity Skimming? Don't Blame The Home Owner!!
- 04/02/13 09:25 PM
A VIVID DEMONSTRATION OF THE LEVEL OF UNDERSTANDING OF THE MORTGAGE MARKET OF CONSUMERS. AND YET, many still believe that "the mortgage mess" was caused by consumers who "bought homes they couldn't afford." Why is the below so hard for home owners to understand?? This simply reinforces my belief that we cannot give consumers credit for any knowledge of the real estate market. In fact, after reading the description of this scam, how can anyone hold consumers responsible for the mortgage mess? "Deeding the property to the Scammer gives the Scammer ownership of the property without any of the finacial obligation." … (13 comments)
mortgage mess: CLEANING OUT BOOKMARKS and A BLAST OUT OF THE PAST!!! RePost from 8/11/2007.
- 01/02/13 09:23 PM
You're just not going to believe this!! While cleaning out ActiveRain BOOKMARKS this morning I ran across the below article posted on August 11, 2007. Little did we know then what was to come - - - the total collapse of the entire housin industry leading to the inevitable collapse of the U.S. economy. (Yes. I do believe that our economy is fueled [or not] by the housing industry. If you have an interest in . . . . HA! a lot of things housing, you'll find the below uncanny. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ HEY MOM, WHERE'S FANNIE MAE? "FANNIE MAE IS OUT IN … (9 comments)
mortgage mess: Generation X Caused the Housing Crisis? When Regulators and the Regulated Cohabit. . . A RANT!!!
- 01/02/13 08:12 PM
A paper published by the St. Louis Fed, titled: “The Foreclosure Crisis in 2008: Predatory Lending or Household Overreaching?” is a classic and sadly a "blame the victim" piece. SEE: The Foreclosure Crisis in 2008: Predatory Lending or Household Overreaching? By William R. Emmons, Kathy Fogel, Wayne Y. Lee, Deena Rorie, Liping Ma and Timothy J. Yeager EXAMPLE: Watching southern Florida home prices spiral out of reach, Mr. Briar decided to take the plunge in 2004 and buy his first home. The mortgage broker he worked with encouraged him to enter into a 2/28 contract, in which the interest rate is … (5 comments)
mortgage mess: Short Sales Priced At Market Value - Lenders Have Always Believed They Should.
- 12/14/12 07:06 AM
February 23, 2010 was the day following the day I received the first of many sessions of training with SHORT SALES as the topic. I was reminded of that day when reading an interesting post by Mary and Dick Greenburg, see: Short Sales - Market Value, Time & Uncertainty By the time I attended the Short Sale class moderated by Bank of America, Wells Fargo, Campbell Surveys and Freddie Mac, agents and brokers in my Network and I had completed/closed several short sale transaction. We had also previewed a huge number of Short Sale listings, spoken with a number of listing … (9 comments)
mortgage mess: Short Sales - Market Value, Time & Uncertainty - Are they worth market value???
- 12/14/12 06:47 AM
SHORT SALES PRICED AT MARKET VALUE??? Sir, have you taken leave of your senses??? Mary and Dick Greenburg have posted about Short Sales. It is clear that this, management of a short sale contract, is murkey waters for listing agents and buyer's agents. Clearly Mary and Dick have a good handle on marketing short sales and they find it quite unrealistic that a short sale should or would be priced for sale at market value. I agree completely. That said, I have heard that very opinion by Wells Fargo and Bank of America. On Febuary, 2010 I write a post to my … (0 comments)
mortgage mess: I DIDN'T KNOW SO MANY AGENTS WERE FORTUNE TELLERS!! ABOUT RISKY BEHAVIOR.
- 11/26/12 09:21 PM
I'm seeing a large number of blog posts on ActiveRain about Real Estate ValuesReal Estate Pricing TrendsReal Estate Investment ValuesFuture Value of Real EstatePredictions for Future ValuePricing Real Estate . . . . . . . . .and much more relative to the agents' duties to their buyer or seller clients/customers with respect to future value or equity. WHAT IS YOUR JOB?? Agents/brokers believe that it's their responsibility to predict the future prices of homes for buyer/clients.Agents/brokers believe that it's their responsibility to determine whether or not a seller should sell now or wait for a time when the home can … (105 comments)
mortgage mess: Just What Is An Agent's Responsibility To Consumers Today?? A Counterpoint.
- 11/25/12 08:24 PM
I read with great interest the article posted last evening by Paula Hathaway, "BUSINESS TRENDS" for 2013: How Do You See It??? A COUNTERPOINT. I see things forward quite differently. Possibly because, while I may read, understand and observe changes in real estate practices today, I go back to the basics of. . . . "What is our duty under real estate license law?" and "What is our duty under the REALTOR Code of Ethics (for NAR members only)." The article speaks about agents' "Response to "BUSINESS TRENDS" for 2013." Two points: Agents' responsibility and real estate company downsizing. Further, "It … (47 comments)
mortgage mess: Where Is The Real Story??? Is It A Short Sale Success? Or, A Loan Modification Failure? A Rant!!
- 11/22/12 07:43 PM
ANOTHER LOAN MODIFICATION DENIED. THAT, to me, is the real message in Kathleen Daniel's post. See: San Jose HAFA Short Sale Approved - Happy Thanksgiving ANOTHER HOME LOST. Another home owner will lose their home because of arbitrary decisions of a mortgage company who succeeds in adding to the Short Sale statistics. Why is a Short Sale considered a success??? Why is a loan modification and principle reduction NOT considered a success?? There's something very wrong with this picture. All this shows is another home lost to the fall-out of the mortgage mess. That mortgage mess that was caused … (35 comments)
"According to Corelogic only 10.8 million (22.3%) of all residential properties with a mortgage were actually in negative equity at the end of the second quarter of 2012."
ONLY 10.8 Milliom in negative equity???? ONLY 10.8 Million???
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ When I am talking to sellers or homeowners who are trying to sell their house, I always ask this one question: " Is your house overpriced or underpriced ?" I am always amazed at the answers that I get. About 17% of homeowners believe that their home is worth less than the amount they … (13 comments)
mortgage mess: A Look At Loss By Way Of A Twinkie Funeral, or Perhaps A Home. (Reblog)
- 11/17/12 04:28 AM
Death of the Twinkie is quite passive. Death of the ownership of a home is anything BUT passive. The house doesn't simply go away passively. It's the folks that live in what was their home that must go away. The Twinkie and the home will be missed. I suspect that the home will be missed more and longer.
Oh dear. Looks like the Smiths have lost their home. That's the third one on this block.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Friday of this past week the management of Hostess Brands, makers of Twinkies, Ding Dongs, Wonder Bread etc. … (11 comments)
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