tucson: Countrywide's Portfolio of Loans is the Ugly Duckling...
- 03/03/08 12:52 PM
...with little hope of becoming a beautiful swan. While companies like AmNet (American Mortgage Network) were busy originating 100% loans in the form of 80/20s and Pick-a-Pays, it was Countrywide who was buying and servicing the loans.
That portfolio, a beautiful swan in 2005, has become the industry's biggest ugly duckling. Late payments on option ARMs, according to today's Wall Street Journal, are increasing in the lender's portfolio, as are mortgage lates in conventional A-paper loans and subprime loans in the portfolio.
According to it's annual filing with the SEC, Countrywide said that 71% of it's borrowers with Option ARM mortgages were making the minimal (less … (24 comments)
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tucson: Tucson Arizona Relocation Package
- 02/29/08 06:45 AM
Please think of me as your preferred mortgage lender and Relocation Consultant. I'll work closely with you and your real estate agent or REALTOR. Not many people have the privelege of knowing a town like I know Tucson.
You see, in a previous life as National Sales Manager for an international manufacturing company based in Moorestown, NJ, I was given the following marching orders:
We want you to move out west when you take this position. Where you move is up to you. Choose a city west of the Mississippi in North America, with access to a major airport, and we'll pay … (23 comments)
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tucson: Pool Safety for Infants and Toddlers: Infant Swimming Resource
- 02/28/08 07:21 AM
Some time ago, I attended a funeral for a 5 year old who drowned while visiting family in Manahawkin, NJ. It was one of the most difficult things I've ever experienced, and the tragedy is that it didn't have to happen. Look at this amazing video of 11 month old Miles, and you may want to rethink the closing gift you'll give to your next client who buys a house with a pool.
The infant you just saw, little Miles, was trained by an ISR certified instructor. He's now four years old. Click here to see the rest of his story.
If you're relocating … (11 comments)
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tucson: If You're Walking Through Hell, Don't Stop.
- 02/23/08 08:46 PM
From a distance of only ten feet, entrance to the courtyard beyond seemed a formidable task. Impossible.A fools errand, this. The high sunwashed adobe wall and the great iron throw-bolt seemed to say "go away."
I almost did just that. No one, after all, was expecting me, and see? The gate is barred, padlocked. I nearly turned away.
The journey had been long, the day hot, and I was tired. Now I was discouraged as well. Yet I took another step forward, toward the locked gate, and saw that it was not locked at all. With ease, I slid the bolt and entered my intended destination, thankful … (38 comments)
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tucson: Inside NAR Political Contributions: A Major Shift From Right to Left?
- 02/17/08 04:08 PM
The 3rd largest contributor to political campaigns (per http://www.opensecrets.org/) is the National Association of REALTORS®. Since the 1996 election cycle, NAR contributions to Democrat candidates have increased in every cycle. This cycle, it's exponential. For the first time in a long time, giving to Dems will surpass 50%.
Here are the numbers.
Granted, we are still relatively early in this cycle, and the numbers could even out, but I'll bet they don't.
I wonder if it has something to do with the real estate bust?
I don't have an answer, but contributions/NAR support seems to be on hold until we have a clear choice of candidates. … (32 comments)
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tucson: "Daddy, Make Him Stop!" Why Uncle Sam Isn't the Answer in a Free Market
- 02/15/08 04:55 AM
Where is uncle Sam? Why isn't he watching this [short sales] and have control on it? Why allow the lending institution to do whatever they feel like giving crazy mortgages or short sales why is it up to them?
This question was posted by a young woman (a real estate agent) bemoaning the effect of short sales on property values in her neck of the woods. Since liberty is a lot higher on my flagpole than property values, I'd like to answer her question.
Uncle Sam doesn't have control because we don't want him to be our Daddy. He's not any smarter than Uncle Kim in North Korea, … (85 comments)
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tucson: Yes I Can! Inspiration from Patrick Henry Hughes
- 02/15/08 04:22 AM
I get discouraged from time to time. Don't you? A client's home underappraised last week, and the loan was denied. I let discouragement creep in. I didn't stop at the denial, however, and found a way to get it done. I was pretty proud of myself.
And then I met Patrick Henry Hughes and his extraordinary Dad by way of an email. How blessed I am to have made his acquaintance. It puts my little problems in a different perspective. Are you discouraged with some part of your real estate life? Is your mortgage business running in the red from month to month like mine?
Then please … (7 comments)
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tucson: For Newbies and AR Veterans Alike: Installing StatCounter on Your AR Blog
- 02/12/08 07:35 AM
"I do what I say I'm going to do!" That's part of my motto, and I'm making good on a promise I made last week in my post For Newbies Only: Find Out Who's Visiting Your Blog with StatCounter.
You can view a live demo of StatCounter first, if you wish. Click here to check it out. (The page will open in another window.) If you like it, come back for the tutorial. It's so easy to install, even I can do it!
Tutorial:
1. Open Active Rain to your Home Page.
2. Click on My Settings.
3. In a new tab (Internet Explorer) or a new … (160 comments)
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tucson: 2500 Home Development in Tucson May Revert to Original Owners
- 02/07/08 10:59 PM
Word has it that the development known as Saguaro Springs, a 2,500 home development in Marana, AZ (near Tucson) may have tanked, and will revert to the original sellers for the original sales price of $30,000,000., resulting in a loss of approximately $70,000,000 for a national developer who has invested that amount in roads and infrastructure.
Situated to the north of West Twin Peaks Rd in Marana, and west of Interstate 10, the project is an anchor of Marana's spectacular growth. The setback may hold up the planned construction of the Twin Peaks interchange at I-10, the cost of which will be paid not … (26 comments)
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tucson: Shuffled? Mixed Up! My AR Groups Have a Life of Their Own.
- 02/06/08 02:28 PM
I just added an Associate from the great state of Minnesota. Here's the drill: comment on Joyce's blog, click on More About Me, click on Add As Associate. I've done it more than a hundred times.There's my list of groups, over on your right. I had decided to add Joyce to two of them: Associates, and Future Tucson Snowbirds. I add all of my associates to the group Associates, and often add the same person to a second group.Future Tucson Snowbirds used to be right up at the top of the list, near Associates. Not this time.This time, I thought at first … (19 comments)
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tucson: Tucson Being Considered as an Inland Port of Entry
- 01/30/08 12:05 PM
The Old Pueblo used to be considered a quiet, dusty sort of town, known more for climate than for commerce.
That hasn't been the case for quite a while, now. Ranked by population, the city of Tucson, Arizona now tops
Atlanta, GA, Sacramento, CA Cleveland, OH Kansas City, MO Miami, FL Minneapolis, MN and many more That's for only the city of Tucson, with a 2005 population estimate of 515,526. (I'm that last digit. It used to be 515,525.)
Greater Tucson, an area of more than 900 square miles, has one million residents as of May, 2007.
Interstate 10 comes across from … (12 comments)
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tucson: Late Night Rain: Who's Minding the Store?
- 01/29/08 08:28 PM
2:30 a.m. on Wednesday, January 30, 2008: While 68,657 of you are asleep in your beds, 25 of us are cruising your blogs, looking for inspiration, encouragement, insight, and laughs. 12 are insane enough to have clicked the little button that lets others see when we're online. (For Newbies, it's under Settings on your home page.)
Here's what I found: (and if you can't read a post from my list, it's Members Only. Active Rain is free. Just join up!)
Inspiration: Judi Barrett, (OK) wrote The Way That We Treat People Has Nothing … (32 comments)
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tucson: Birding In Tucson, AZ? Visit the Sweetwater Wetlands, 10 minutes from Downtown
- 01/28/08 10:52 PM
Locals know it's here. Birders, anyhow. It's called the Sweetwater Wetlands, and it's just west of the interstate (I-10) off the west frontage road.
The Sweetwater Wetlands ecosystem has 11 ponds lined with cottonwood trees, and surrounded by cattails, stands of saltbush and bullrushes.
Sweetwater's trails (both paved and unpaved) are level, and provide easy wheelchair access to some of Tucson's best birding.
Tucson's Audubon Society has created a detailed website to introduce you to the Sweetwater Wetlands, home to some relatively rare (for Tucson) birds, including the secretive little Sora Rail. I saw one making his way through the edge of the rushes, little … (21 comments)
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tucson: For My Newbie Friend, Kevin Wood, Listing Agent and Active Rain Member
- 01/21/08 03:15 PM
This is for Kevin Wood, (Active Rain Newbie,) and Jeff Turner, two people who need to do business together. The listing in the Real Estate Show I've created below is Kevin's; I lifted his photos off MLS and created it for him, with his permission.
IMHO, Real Estate Shows is just fantastic. Active Rain's Jeff Turner (respres) is the genius behind it. Jeff gives Active Rain members a $25. discount. I'm trying to get Kevin to do two things:
Get serious about Active Rain blogging, (since I'm the guy who invited him, LOL) andSign up for Real Estate Shows. Central Tucson w / … (22 comments)
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tucson: Broken Priority: When "Free and Clear" Isn't Good Enough for the Bank
- 01/19/08 10:55 PM
The retired couple sitting in my office were incredulous. They had:
photos, architect drawn plans, and a loan denial letter from a local bank. "We own the property free and clear," said the husband. "We bought it as is, and we also bought the rights to the plans."
He was a builder from out of state who knew a good deal when he saw one. The couple had paid $95,000 for one acre of property with a partially built home.
The work that had been completed to date was sound. (My photo illustrates the situation; this is not their home.)
"I don't understand … (33 comments)
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tucson: Sign of the Times: Plead My Case for Fraud
- 01/18/08 10:34 PM
High visibility, low cost per view. Intersections are a great place to advertise.
The usual fare is a cardboard box advertising a yard sale. This wasn't your usual sign. This one got my attention.
Target market: A good lawyer. Incentive to call? Up to half a million dollars if you win the case.
What will you bet that the lawsuit advertised in this busy Tucson, AZ intersection involves real estate? I didn't call, so I don't know.
But if it does, the list of defendentants likely includes a realty company, a real estate agent, a mortgage company, and a loan officer. More than ever, the real estate … (37 comments)
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tucson: Central Tucson Real Estate: Affordably Priced Home Near Alvernon & Columbus
- 01/15/08 11:21 PM
In 2004, my friends from Europe bought their first home in the United States. They had been renting for several years when I asked why they hadn't bought a home. The answer? They were here on a work visa, and didn't have a green card. They believed they couldn't qualify for a mortgage.
When I explained that they certainly could qualify, the excitement was visible on their faces. We prequalified them and turned them loose to shop for a home of their own. Within two months, they bought their first home in the United States.
Four years later, they're ready to buy a larger home to meet the needs of … (19 comments)
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tucson: Rent! You Can Always Buy Later for Less!
- 01/14/08 02:19 AM
I'm going out on a limb here. I was just watching NBC's Today show, and the talking head was being interviewed about the wisdom of renting versus buying.
"Much better to rent right now than to buy," he said. "The price of housing is still going down. It will cost you less to rent the same house than to buy it, and you'll be able to buy it in the future for less than today's price." He's dead wrong!
As a buyer, please know that there are problems with the talking head's assessment.
You can't rent from month to month, waiting for just … (39 comments)
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tucson: It's called the Raptor Free Flight Program, at the Arizona Sonoran Desert Museum
- 01/13/08 02:51 PM
Thanks for visiting Localism.com for Tucson, Arizona! This website is especially for you out-of-towners who want to get to know Tucson a little better. I couldn't think of a better way to introduce you than to create this video show just for you. After you enjoy it, you'll be able to click on it and email it to your friends.
Didn't you enjoy that? You can visit Localism.com for your own community, and for the special places you'd like to visit. If you come to Tucson, Arizona, look me up. We'll tell you the best places to visit while you're here. The Arizona … (27 comments)
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tucson: Tucson Real Estate Caution: Busier Than a One-Armed Paperhanger!
- 01/11/08 03:50 PM
If you have one of these signs stashed in your basement, I want to buy it from you. Today, it would have been hanging on my office door, 3131 N Country Club Rd, Suite 111, Tucson, AZ 85716.
I have not had a day like this in the last 18 months!
First appointment: 7:00 a.m. Thank you, LinkedIn!Second appointment: 9:00 a.m. Business partner referral. Thank you, CPA Debbie Elver!Third appointment: 11:00 a.m. Thank you, Active Rain!Fourth appointment: 1:00 p.m. Thank you, BNI!Fifth appointment: 2:00 p.m. Business partner referral. Thank you, Financial Planner Dave Bowen! Sixth appointment: 4:00 p.m. Realtor referral. Thank you, … (26 comments)
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...with little hope of becoming a beautiful swan. While companies like AmNet (American Mortgage Network) were busy originating 100% loans in the form of 80/20s and Pick-a-Pays, it was Countrywide who was buying and servicing the loans.
;)
;)
;)
