No Bailout for FHA, The Audit is Here. - 11.13.09 | Personal Finance For Life / Jeff Underwood TV and Coaching

Allison Appraiser: (November 16, 2009 12:54pm)

I truly believe that maybe up to 20% of the voters admire and believe like Palin, and maybe up to 20% that actually like Pelosi. But that leaves 60% of us in the middle who are fiscally conservative and socially liberal. We've got to find someone to support as an independent and throw them all out! Look at the horibble choices they've given us over the years. Anyone have any ideas? Ron Paul is great, but he's too old (have you seen his son, though?)

Rush (Gore really sucks) : (November 16, 2009 4:35am)

Looks like The Repair Department not only can't spell, but he can't read either. No one said anything about anyone dying, just about offering up prayers for the annointed one. As Valuequestor just said, I will reiterate - I too will pull for Party members that will stand by their beliefs and work for us-the people. Just as Bush helped make his oil buddies and defense contracting brothers very wealthy, Omama is now paying back his debts to those who got him into office - Big Union, gays and many various forms of extremists. He is not looking out for you or me, he is simply working on a much bigger agenda which happens to involve selling out the USA for his own personal motives. Read the books he claims to have written - get smart and try to see what is really going on in the name of helping us. You grew up with Mama giving you everything and now you want Omama to keep giving(entitlement).Remember, even if 51% of the country agreed with a bad idea, it's still a bad idea. Time for change

Valuequestor: (November 16, 2009 1:14am)

Repair Dept: Please pound sand. I will not vote for ANYBODY that is just going to pull for the "Party" line, Dem or Repub. I want smart, independent thinkers. You are just a party wonk. I don't like Rush or you.

The Repair Department: (November 15, 2009 11:22am)

Rush,Limbaugh that why we call it wacko,funeral, what ae you talking about, fate has a way with things. As much as Bush and the republicans screwed this nation up, We the people never wanted to see Bush and Cheney and you right wing wacko's nuts, extremist, terrorist, die. You're sick.

Rush: (November 15, 2009 4:52am)

Looks like The Repair Department got his head stuck in that toilet of Kool-aid. The only prayers for the President of the World-wannabe will be at his funeral. Oh this just in *** "Obama wins Heisman Trophy for watching a college football game this weekend."***

The Repair Department: (November 14, 2009 5:39pm)

Dog, it's not cool aid IT'S THE TRUTH. Admit it, we're in this mess together and it a shame. Don't blame the sh_t on our President. He needs our prayers and support for our sake.

Dog: (November 14, 2009 3:49pm)

The Repair Department needs to get off the cool-aid.

The Repair Department: (November 13, 2009 7:59pm)

Right wing nuts, you just don't get it, Bush lies, 2 wars, broken economy, blowing a 5 trillion dollar surplus left by a democrat president, hated throughout the world (you're either ith us or against us)rhetoric. Have our millitary fighting a family fued. Rush Limbaugh and the republicans doing everything the can to see america President fail, no ideas other than business as usual.Taxpayers paying politicians to support the best interest on insurance companies and not support the best interest of the people. After Bush who in thier right mind would want the job of president. Bush amd Republicans left nothing but a big mess. The conservative recession is responsible for this mess and there answer is more of the same. McCain and Palin lost, so if you don't want to into game to fix this mess shut up and let us at least try to fix the Conservative mess. Sitting on the sidelines critisizing will not get 20% republicans elected in 4 years. The american voter is not stupid.

Realist 1: (November 13, 2009 6:16pm)

The economic crisis including the foreclosure problem that exists is un-fixable. The natural economic forces will eventually solve the problem and it will be a rough ride in between. Eventually large amounts of our population will be impoverished.

Realist 1: (November 13, 2009 6:15pm)

The economic crisis including the foreclosure problem that exists is un-fixable. The natural economic forces will eventually solve the problem and it will be a rough ride in between. Eventually large amounts of our population will be impoverished.

IMOUTAHERE: (November 13, 2009 4:14pm)

Anyone seen the new Fiduciary obligation. Sounds as if we all need attorneys on retainer to battle the "litigators" waiting to offer you settlements for not getting the best rate.

Bono Vox: (November 13, 2009 3:44pm)

I think we should have a Katie/Kim show once a week. Enjoy the weekend!

caltex: (November 13, 2009 3:15pm)

My audio stops and starts on these videos. I have Vista. Started few days ago. rosalie@bak.rr.com

James the Appraiser: (November 13, 2009 2:56pm)

BIG AL - Great to find some one else that voted for Ross, I saw the hope back then too. Do you know of any way I can get a copy of the infomersals he made back then?

BIG AL: (November 13, 2009 2:50pm)

You all should have voted for Ross Perot back in the day. We wouldn't be in this situation. He heard that sucking sound. Its Govt. sucking our freedom right out of us. I've been voting independent all my life. We need a real change for freedom.

James the Appraiser: (November 13, 2009 2:45pm)

App - My dad is an appraiser and he has more than 25 years in banking before that, between the two of us we are driving underwriters nuts, we know much more than they do. My dad could write the underwriters work instructions, he was a VP in charge of Loans for two banks and the COE of one bank. I even got RELS to pay $375 for a Drive-By as I claimed it was rural. Had to pass it on the was to take my little girl to school, lol

App: (November 13, 2009 2:39pm)

LOL james on your 2 posts. And they're managing us? omg lol

James the Appraiser: (November 13, 2009 2:27pm)

HO HO - I got away with doing an appraisasl on a MANUFACTURED HOME and not having to do the COST SECTION. I told the AMC that I could do the report on the remote property, but that they needed to get it cleared with the LENDER that the COST SECTION was NOT REQUIRED for this report. It was clear to me that the AMC did not know that the 1004MC requires it, but they came back and said "please complete the report - Lender does not require the cost section". Got to love it.

TRL: (November 13, 2009 2:21pm)

TRL Hey guys when are we going to Albany? I have a group of appraiser's who are excited about joining you. Last we haerd it was going to be before Thanksgiving.

No Spin: Just the Facts: (November 13, 2009 2:03pm)

In my earlier post, I provided the wrong link to the excess reserves the federal government was forcing banks to withhold from loan to consumers and small businesses. Here is correct link at Federal Reserve: http://research.stlouisfed.org/fred2/series/EXCRESNS The reason banks did not have any excess reserves other than that small blip after 9/11/01 when planes were not flying, they lose money on their excess reserves. This is the money banks are not earning money on as it is not loaned out. For the first time in our country's history, the Federal Reserve is paying banks interest not to loan their deposits to consumers and small businesses. While Wall Street issues a record $903 billion dollars of debt to large corporations during the 1st months of 2009 and already in excess of $1 trillion dollars year to date. Here is your link for that information: http://www.bloomberg.com/apps/news?pid=20601087&sid=a0Ko46DhE.FI Please educate our fellow citizens on the facts.

James the Appraiser: (November 13, 2009 1:56pm)

One more thing - KIM, you can contact me too, james@prattsappraisals.biz. I love that color on you. Looking forward to your e-mail

James the Apprasier: (November 13, 2009 1:54pm)

OOO - can any one help underwriters? I just completed an appraisal on a REO in a rural area. Only 3 sales over the past year. Sales were $142,000 & $156,000 & $126,500. I placed a value of $140,000 and the UNDERWRITER went NUTS. He claims his AVM brings the property in at $120,000, but he will not provide me with the sales he claims the AVM uses. I explained that the first 2 sales are FULL-ARMS-LENGTH-DEALS and the last one ($126,500) was an REO. The subject is an REO too, but an appraisal is for MARKET VALUE, the UNDERWRITER can not understand that.

No Spin: Just the Facts: (November 13, 2009 1:43pm)

Vlauequestor: This can be achieved by simply limiting the power of government. America is exactly where the American people have asked it to be. We are a Republic and have elected the politicians that over the past 47 years, have expanded the federal government into a Central Planning government. Just look at all the new regulations rolling out just in the mortgage profession. These power hungry cats just love a crisis; and thus create them to expand their power. They created the housing crisis with abuse of regulations through ECOA & CRA. Wall Street never could have created those bogus loans without the assistance from DC politicians. Unless the citizens start believing in themselves, they will continue to seek dependency upon the Central Planning government, like Park City Mortgage Guy. I believe the citizens are the brilliance and Hope to brighter days, not the politicians and bureaucrats of a Central Planning government. Power to the People!! Not the government.

App: (November 13, 2009 1:34pm)

I used to be a democrat but now I'm a Libertarian and that's the way I'm voting from now on. Ron Paul for President! Get rid of the Fed. The Fed is as much a part of the government as Federal Express.

Valuequestor: (November 13, 2009 12:56pm)

The truest signs of intelligence are the ability to learn from past mistakes, keeping what works well and changing or adapting that which did not. There is never just one path to a goal. We have to stop letting this failed two party ideology run this country. We need more choices. Vote out all long term incumbants on a regular basis. Term limits would be great but are not necessary. Get rid of (severely limit) special interest money in politics. Stop listening to polls. This would mean you have to elect people that are capable of understanding the problem and you trust to do the right thing whether its popular or not. We start by electing more independents.

joecolorado: (November 13, 2009 12:13pm)

Damn Frank you're getting your proverbial whupped in that video poll....see what happens when you dont wear the frangipani and makeup....

No Spin; Just the Facts: (November 13, 2009 11:59am)

Park City Mortgage Guy: Buffet is the largest American investor in China. Soros has been investing massively outside the US his entire career. I look at private owned roads & private owned schools, they are in much better condition than the socialist controlled entities you espouse. I suspect you maybe one of those that believe the federal government back in the 1970's when they claimed pollution was going to block the sun and cause "Global Freezing". In the 1990's, you probably did not learn your lesson; bought into pollution was going to make a hole that was going to cause "Global Warming". Their 2 failed attempts now lead them to espouse "Climate Change". I am from Michigan where our Great Lakes are the bi-product of Melted Glaciers. At a time when there were none of those nasty automobiles, airplanes, factories,farting cows etc.. Get a hint?? Please do not rely on government; citizens are the brilliance and solutions to life challenges. Believe in yourself. Yes you can.

No Spin; Just the Facts: (November 13, 2009 11:37am)

IL Appraiser. It is the federal government that is eliminating the competition to the Big 4 banks, not capitalism. They are doing it through Fannie, Freddie, HVCC, Federal Reserve, FDIC, etc... The community banks & regional banks have their hands tied by the regulators; as they force these banks to cut off consumers and small businesses from access to capital. Take a look at the excess reserves the federal government has forced the banks to withhold from consumers and small businesses. For the first time in our country's history, the Federal Reserve is paying banks interest not to loan money. The chart will blow you away!! http://research.stlouisfed.org/fred2/series/WRESBAL Meanwhile, Wall Street has issued a record busting $903 billion in debt to large corporations during the 1st 6 months of 2009. http://www.bloomberg.com/apps/news?pid=20601087&sid=a0Ko46DhE.FI It is deregulation that opens the market to entrepreneurs to compete against massive corporations, not more.

Ordinary American: (November 13, 2009 11:19am)

MortgageBlues It is easy just convince everyone to vote against the Incumbents. In six years we turn over both the House and the Senate. They will never vote for term limits because its job security so we the people need to unite and as Larry says, "Git r dun".

Ordinary American: (November 13, 2009 11:09am)

Sorry, IL Appraiser, Couldn't disagree more, big Government causes monopolies far quicker than capitolism. Capitolism is designed to reward the self innovative individual, but when government gets in the way they stiffle pure capitolism. A good inventor can bypass those who hold monopolies but they can't bypass poor legislation.

MortgageBlues: (November 13, 2009 10:59am)

IL Appraiser- What is more frightening, the potential power of big business created out of a free capitalistic society or a dysfunctional federal government talking over independent businesses and private enterprise and creating what is effectively a monopoly?

e-homeappraiser: (November 13, 2009 10:58am)

Those who opined the government should have stayed out of real estate and the mortgage mess are,"Right On".37yrs a broker,33yrs an appraiser, I've never seen DC(district of corruption)so involved in all areas of the private sector, making it worse.I've seen the market recover 4 times before in my career,when government stays out of the way.Some purging is necessary.What we,the USA,need for the first time in our history is a Conservative Female President(a Margaret Thatcher type).Aren't many businesses and most households are run by women?I believe you'd see some REAL CHANGE.

ranmel: (November 13, 2009 10:42am)

I have degrees in history, economics and finance. Sometimes I wonder if I any longer know anything about either subject. Does history really repeat itself or do we just have short memories. Twice in history we have allowed stock brokerage to become unregulated banks. Once in the late seventies and again in the early nineties. Both times for about six years and both time with disasterious results. Between them and the major banks they defrauded the world and almost ruined the mortgage, housing and financial system. Not only did the government let them do it but encourged them. Now the whole nation must pay the price. Those of you not old enought to to remember the Carter administration, get ready for history lesson. You simply can't print trillions in funny money and not get massive inflation and buy the way, inflation is just another way of saying TAX. The demos and repubs are both to blame.

IL Appraiser: (November 13, 2009 10:31am)

Park City - you have it exactly right and everything you say can be backed up by facts. I love it when so many around here basically state in their opinions "I don't need facts, I have an IDEOLOGY!" Which is what most on the far right do. Once again, we have folks who confuse democracy with capitalism. One is a political system and one is an economic system and often times, they are at odds. Brokers who espouse a blind adherence to capitalism are cutting their own throats. The ultimate end of capitalism is monopoly. BOA and the big banks driving you out of business? (They do have a huge share of the market) Tough luck, that's capitalism at work...and money talks big time up on Capital Hill.

Bigg in Colorado: (November 13, 2009 10:17am)

MortgageBlues, Newt had it right back in '94 with the Contract with America.

MortgageBlues: (November 13, 2009 10:15am)

Regarding HVCC and mortgage reform: Our lawmakers are over regulating appraisers and mortgage brokers because they assume we are all a bunch of crooks. The reason they think this is because, for the most part, our lawmakers are a bunch of crooks so they assume we are just like them. Senators and congressional representatives should be allowed only two consecutive four year terms just like the president. This way we could weed out some of the good old boys who vote simply to promote their own party even when they know their vote is harmful for our country. Only problem is getting them to pass a bill that restricts their own term in office.

Rich: (November 13, 2009 9:36am)

What are the FHA changes going to be in January I hear that HUD approval is not required to become an FHA Broker Will we be able to 1099 our agents in California the same way we do with all other types of loans? I have been a DRE office for years and we sell real estate and broker loans. Will FHA allow us to do both next year. They presently do not Thanks!

Bigg in Colorado: (November 13, 2009 9:33am)

MortgageBrokerGal I want to date you. I love the way you think.

App: (November 13, 2009 9:32am)

Sorry, it almost seems like I'm a buzz kill lol. Not my intent. We now resume your regularly scheduled programming..... BTW Any update on the HVCC petition delivery? Thanks Brian and Frank

App: (November 13, 2009 9:01am)

They've now extended buying of the banksters MBS's to 3/10. Why do you think they did that? Because no one is interested in the MBS's being written now? Poor appraisals due to cheapest & fastest & a lack of liability retention by the originator. Anybody think Bubble Ben (Banana Republic Ben) is going to extend that even further? Of course he will. Rates will not go up for years & a dollar collapse seems almost inevitable. Printing & spending has to be reigned in. This illusion of prosperity can't last. Think of it this way (inflation wise). Your house is worth $100k but due to an excess of money in the market your home is now worth $80k. Where did that $20k go? It went back to the government, the ones printing the money. It's their way of collecting taxes without your permission. Stop the spending & make the banks liable for the loans they write & value the toxic assets so they can be back in the market & end this bleed. Ohh, wait-that's too easy, not enough money solving the problem.

loanshark: (November 13, 2009 8:59am)

Can I have KLim Castro for the Holidays?

SIMPLETON: (November 13, 2009 8:51am)

Binog Bo. Term limits and a line item veto to prevent the effect of pork in passing legislation. That would be helpful. I might add eliminating the big money in political contributions might be helpful, but then the left wing media would have all the power to promote their type of candidate. Last time they had both the big money and the promotion of an endearing media.

BoKnowsClosings: (November 13, 2009 8:45am)

Politics in general is a tough subject. There is a lot of blame to be placed on both parties, which is the reason why I keep talking about Term Limits (and since we're all about recommending books today, try reading Vince Flynn's book Term Limits!). Power, prestige, OPM; I guess it's easy to forget why people elected you in the first place (+ the ability to vote for your own paycheck, what's not to love?)

Mad1218: (November 13, 2009 8:40am)

I agree. Sorry about the 'nutcase' comment, I got a little carried away.....

MortgageBrokerGal: (November 13, 2009 8:39am)

Mad1218: Yes, our Military is our shining star, and run very well, albeit by a Pentagon that spends $2800 on a set of wrenches that are no doubt Made in China. If the rest of our government was as tightly run as our Military, we wouldn't be in such dire straits. I used to think very highly of Colin Powell, but when I read his statements the other day regarding sending more troops to Afghanistan, I knew he had gone over to the dark side. We need some real leadership in this country. Not some candya** who wants to talk things over with the enemy - - see if he can win them over with his charissma.

bubs45: (November 13, 2009 8:39am)

I would personally like to thank Bill Clinton and NAFTA for giving me, my co-workers, friends and family more time to hang out around the house. Thanks bill. MAD 1218, tell your one-termer obama, thanks but no thanks, and change is just around the corner.

BoKnows: (November 13, 2009 8:38am)

Yes, this "nutcase" will agree that the military is run well. As an aside, I wish the government would allow the military to do their job and stay out of the way.

Mad1218: (November 13, 2009 8:18am)

First, to all of you deficit hawks out there I guess my question is 'Where have you been?'. Why didn't we hear from you for the past decade when our nation was moved from a budget surplus to record deficits? What's the message? That overspending is OK but only if it's for killing people instead of helping them? And another thing. If you're truly a fiscal conservative, then your hero should be Bill Clinton who held the line on spending better than any president in the past 50 years. And if Obama had taken your advice and done 'nothing' as you recommend, you'd be screaming bloody murder about how he's doing nothing while the economy is tanking.... And to the nutcase that asked to name one thing that government does well, my reply is the US Military. The strongest and most disciplined fighting force in the history of the world. Run by the government.

Mortgage Girl: (November 13, 2009 8:14am)

Sorry - didn't look like it was posting. But I guess I don't mind saying that 3 times. :-)

Mortgage Girl: (November 13, 2009 8:13am)

I want to know why it is that everytime someone says something rational or uses their brain, someone has to blame it on Rush or Beck or Hannity. There are people out there that don't listen to them but actually have the same views. WOW! What a concept. People who actually think...

Rob in AZ: (November 13, 2009 7:58am)

Frank: all due respect, what evidence do you have that things would be "worse" if we had done nothing? We have heard this yarn from both of the last 2 Presidents, without evidence. There IS, however, evidence to the contrary. Ever heard of the Great Depression of 1920? No? That's because after WWI when the US went through a contraction, Pres. Harding did NOTHING. We then moved directly into the boom-boom 1920s after only 18 months. The Hoover/Roosevelt Administration, like the Bush/Obama Administration, did the opposite of Harding and we have years and years of massive unemployment and economic pain for the little guy while the big guys get richer. Sorry, Brian's got you on this one.

App: (November 13, 2009 7:53am)

Bush did so many things that have cost us dearly. How many things were we rushed into? How were our rights diminshed under Bush's reign? Hurry, we must fight Iraq, they have weapons of mass destruction. No time to think about it, do it now!! Nevermind that was all lies. Sure did enrichen him and his VP, Cheney and his corp Haliburton (still does). Bush should be taken to court for war crimes. At the end of his reign there was another rush job-we need to bail out the banks and it will cost trillions. Do it now or else! Don't analyse the situation, just vote it in. Fkn crook used fear to get his way. All policies going on now are from Bush-era cronies, and for some unknown/unfathomable reason, Obama kept them. Truly dissapointed in that. Nothings changed, it's more of the same crap multiplied by 10. Dollar is falling to new lows, foreign nations are trading dollars for Euros due to a lack of confidence. What happens when the world no longer buys our debt? 3rd world status here we come.

MortgageBankerC: (November 13, 2009 7:48am)

Park City - is this the type of investing in the US you mean from Soros with ties to Obama? <br> http://gatewaypundit.firstthings.com/2009/08/team-obama-funds-oil-drilling-project-in-brazil-nixes-offshore-drilling-in-us-update-soros-invested-heavily-in-petrobras/ <br> Really? I guess I missed something.

Bigg in Colorado: (November 13, 2009 7:40am)

Like I said, the purple Koolaid is flowing freely in Park City these days.

MortgageBankerC: (November 13, 2009 7:35am)

I can name one organization that has reaped billions and been successful in what their job has been created to do. Its the only agency that year after year bring in more than they spend. Can you guess, its a Dept. of the Treasury Agency......Its the IRS - screwing taxpayers from now til they die and with the death tax coming back, Pelosi and the Congress refuse to extend the exculsions from the tax code which put a halt on the Death tax, claiming they won't raise taxes by doing this. Once again, BS double talk. Let's get them all out and start new, none are worth a dam. If you can't balance a checkbook, you can't run for Congress - plain and simple. If you spend more than you make, you can't run for Congress. The people should vote for their pay increases not them, ever wondered why they pay increases ALWAYS pass. No Congressional tax exemptions and they all have to be made for public record for everyone to see.

GODLIKE: (November 13, 2009 7:34am)

PARK CITY MORTGAGE GUY- what rock have you been hiding under or have you conveniently forgotten the multiple TRILLION DOLLAR Dem spending package earlier this year? They've won the spending contest hands down and we can now declare the game over cause no one else will ever top that record!

BoKnowsAyn: (November 13, 2009 7:29am)

God Bless Simpleton for stating the truth! As for Park City, the super-rich are the ones paying the vast majority of the taxes. As you haven't read Atlas Shrugged, Bigg is alluding to the fact that these super-rich may get fed-up and get out of here, leaving the government with no one to tax but us little people (which is coming soon, by the way)

The hard men: (November 13, 2009 7:28am)

Good morning guys, the Park city mortgage guy, who said that the Republicans have spent more than the Democrat. Obviously is taking his history from the ne Oprah Winfrey history boo. And unfortunatel, he is not familiar with th word trillion. I hope for his sak, someone else is keeping his book.

SIMPLETON: (November 13, 2009 7:26am)

The "us vs. them" stuff between Repubs and Dems is something that is a distraction while BOTH parties destroy our country by spending us broke. We are all up in arms fighting among ourselves while we should work together to get rid of all of these representatives and elect people that are fiscally conservative despite our Social views. It should not be up to the government to rule on social norms. They only need to lower taxes and spend less and get out of the way for the most part. Our industry is a shining example of what happens when the government gets too much control.

Park City Mortgage Guy: (November 13, 2009 7:25am)

You folks can keep waiting for the "super rich" to save our economy, but the truth is that most of those folks are investing in China, India, etc. Just take a look at where capital is flowing! Only a few like Buffet and Soros are investing in U.S. If you want to believe that the super-rich are trying to save the middle class then yuou can wait for the Wall Street guys to save our economy. And all of you should quit doing FHA loans! Don't let that big government more of the mortgage market! And quit driving on our socialist roads, sign over your parents rights to socialist Social Security and Medicare, and quit drinking that water that comes from a socialist water system. And stay away from any of the national parks!

Flying Frank: (November 13, 2009 7:16am)

That was a bit I did for an Inspirational Quote Tuesday show we used to do. I was jumping out of the plane to kill the pirates in Somalia.

jim the drummer: (November 13, 2009 7:12am)

more drums! double pedal rocks animal is the best!

BoKnows: (November 13, 2009 7:11am)

I'll keep Reagan, you can keep Carter.

Bigg in Colorado: (November 13, 2009 7:11am)

Park, So the "Stimulus" package and the resulting record deficit under Obama is right wing propaganda as well. You are sipping, no chugging the Koolaid.

BoKnowsGalt: (November 13, 2009 7:10am)

I keep asking about the background for Frank's 'flying ninja' and I've never gotten a good description/explanation of what it's all about. I too love that bit, though the Muppets 'drum battle' from a Buddy Rich visit was a great memory. Happy Friday the 13th!

Park City Mortgage Guy: (November 13, 2009 7:08am)

Bigg, et al. I know you guys hate facts, but your statement that the democrats spend more than republicans is a fiction that has been repeated by right-wingers so much that those who don't do research just blindly believe. The percentage of deficit spending are: Nixon 14%,Reagan 25%, Bush One 28%, Bush Two 47%. Carter 13%, Kennedy/Johnson 6% and Clinton 6%. And Reagan increased taxes on 98% of us more than Clinton, Carter or anythiong proposed by Obama. Hate to confuse you with facts when most folks find it easier to listen to "slogan politics" like "tax and spend liberals" etc instead of doing research.

Bigg in Colorado: (November 13, 2009 7:07am)

Obviously Park City never read the book!

leothedog: (November 13, 2009 7:02am)

What happened to Frank falling out of the airplane at the end of your show? That needs to come back.

Bigg in Colorado: (November 13, 2009 6:58am)

Boknows, A proud resident.

MortgageBrokerGal: (November 13, 2009 6:57am)

To Mortgage This,Bigg and Mortgage Girl: You are all right on every account. We need to stop all of this big government spending and let all of the markets recover naturally. It is human nature to find a way out of trouble. Why does anyone believe that the government can 'spend it's way' out of a recession? These government 'giveaways' are a joke! It cost the American taxpayer $23,000 PER CAR to fun the $4500 Cash for Clunkers program. Why not just give everyone that wanted a new car a new Chevy? Same difference. I agree that we are definitely headed for Round Two of this recession, and it's going to be worse - not better.

BoKnowsClosings: (November 13, 2009 6:57am)

I have never listened to Beck, I think Rush is a blowhard egotist (ditto for Hannity). I do listen to Neal Boortz from time to time, mainly due to his Libertarian views. With that being said, however, I think for myself. Likewise, spending this country into the depths of disaster won't help anyone. Why are we focusing on health care when it's ALL about the economy (and by the way, our collective industry is the root of the entire mess and resolution. If we can't get housing back on track, we are doomed).

Bigg in Colorado: (November 13, 2009 6:54am)

Boknows, I agree that the Republicans "spent like drunken sailors" and that it was a shameful repudiation of their core beliefs, but the Democrats have spent more money than the Republicans could ever dream of spending. As Rahm Immanuel put, "a crisis is a terrible thing to waste". In other words let's spend because we have a blank check and we can get away with it.

Park City Mortgage Guy: (November 13, 2009 6:51am)

We don't need a revolution - that is what our constitution is all about. A way to change our government with an election instead of a revolution. Last November the people decided they had enough of government "of the corporations, by the corporations and for the corporations". Even Bush et al had to finally admit they had screwed our economy up so bad that drastic measures of governnment intervention were required to try to avoid the complete meltdown that was coming as the result of their failed unregulated market policies. During their reign the top 2% got MUCH, MUCH wealthier and the other 98% of us had out incomes go down! All of the productivity gains brough about by innovation went to the top 2% and the workers who were being more productive got nothing but job losses to foreign countries because all that innovation made our jobs able to be done overseas. Quit listening to crazy mormon Beck and be part of the solution.

BoKnowsClosings: (November 13, 2009 6:51am)

Bigg, so do you live in Galt's Gulch? :)

Bigg in Colorado: (November 13, 2009 6:50am)

Just in case you were wondering Park City, the USA has always operated under Free Market Capitalism. Nothing new philosophically was implemented during the Bush years. There may have been de-regulation of the banking industry which led to some of our present day problems, but you don't throw the system out as a result. Have you ever read Atlas Shrugged?

Frank@TBWS: (November 13, 2009 6:49am)

Just wait till I get my Realtor pin..

Nuke 'em 'til they Glow: (November 13, 2009 6:46am)

Frank is smoking Realtor Dope. Now that he's gone to the dark side his mind has been weakened by the dark-side of the Force! Mindless emotional claptrap the leftists in spout all the time. I'm waiting for him to say lets do it for the Children! Sheesh! Rip that band-aid off and let that wound heal! Yeh Brian.!

BoKnowsClosings: (November 13, 2009 6:46am)

Gee, Park City, if "Free Market" has failed, I guess we're supposed to flock like sheep to socialism? No thanks. I'm sure that you are lily white as it relates to how you've earned money, etc. like the "free market" folks you're bashing? I would love to glance through your files; I'm sure I'd see that you've NEVER earned a monster YSP off an unsuspecting client? Or are you just the same as the Wall Streeters and 'get what you can when you can'? Final shots: 1) name anything the government actually does well 2) BOTH parties suck; yes, the Republicans spent like drunken sailers when they were in charge and Dems likewise have done the same for as long as I've been paying attention. OPM is a dangerous toy--perhaps it's finally the right time for TERM LIMITS!

Mortgage This: (November 13, 2009 6:44am)

Park City, you're an idiot. Big gov't is what will put this country down for the count. Have you learned nothing from history. We didn't become the most prosperous country in the world because we are socialists. And you did say we are in the worst recession, at least you didn't say depression, because this is nothing compared to 1929. but give Obama another year or two and we'll make 1929 look like a boom.

Bigg in Colorado: (November 13, 2009 6:30am)

More government spending is not the answer. An environment that encourages the velocity of capital in the private sector, is the answer. Government needs to get out of the way and stop the draconian measures. Let us dig our way out and we will be fine. The uncertainty in the market is due to all the huge spending initiatives, stimulus, Cap and Trade and Healthcare bills that are looming on the horizon. Each of these programs when they come due are going to require massive tax increases which every American knows will be levied on the backs of "evil business" and the "evil Rich", who just happen to create most of the jobs in this country. Uncertainty leads to a lack of capital investment and therefore a lack of business growth and JOBS!!!!

Mortgage Girl: (November 13, 2009 6:27am)

Don't fool yourselves, guys. The FTHB credit is just more "big government" at work. It is costing us all. I don't like it one bit. False sense of security.

Park City Mortgage Guy: (November 13, 2009 6:21am)

Guys - the Free Market theories FAILED and that is why we are in this mess!! The "fre market folks" had the presidencey for 8 years and the congress for 12 years and "set the markets free" and the worst recession in history is the result. Why can't you get that!! It sounds nice to stupid people, but every market, just like every society, needs rules so that they are FAIR. We have de-regulated the banks, wall street, the insurance industry and the pharmaceutical industry and we have all been screwed by them! We live in a global economy if you haven't noticed (and thanks to "free market" folks) have also de-regulated these in the name of "free trade" so that our economy and workers are at a disadvantage to other countries in the world. It seems like if we stick the word free in front of anything there is a segment of our citizenry that blindly supports it without really thinking about the reality of the world and of human nature. Corporations exist to maximize profit for themselves.

SteveC: (November 13, 2009 5:40am)

Frank is right, the stimulus was too small, it needs to double. Start with massive Public Works programs to get employment running, they're still trying to tinker. Tinker time is over.

takebackdc: (November 13, 2009 5:08am)

AMEN! Return to a free market and get government out of our lives. Remember this when you vote - and ACORN voters? Will you limit yourself to one vote? Thank you

JohnTheHeckler: (November 13, 2009 5:04am)

Frank and Brian,Who is responsible for the Jaw Harp? If I know that info I can form a more unbiased opinion.Your Blog is the best.Post a link to the scan of your Medical Marijuana Cards.You need them for this business.Rock On!

GaryP: (November 13, 2009 5:01am)

Personally, I think most of the stimulus was just an excuse to get a lot of pent up pork projects approved for most Congressmen. Some was pretty much worthless and will create no jobs at all. On the other hand, I will say that, at least in my market, the FTHB credit was a huge success. It is at least one example of something that they did right. However, in the overall scheme of things it is a drop in the bucket compared to the stream of money coming out of DC. I can't help but wonder how many laid off biochemical research scientists from Pfizer, IT guys Adobe, or loan officers for that matter, are going to be lining up for all those road & bridge construction jobs? Let's see, how are we going to qualify them for a mortgage on a construction job that may only last 2 years. The last time I checked, we had to prove income 3 years in the future, right? I don't see any long term stimulus in that, much less higher taxes and medical costs for employers.

Matt: (November 13, 2009 4:40am)

Frank, some people share your opinion...they say I know it's a "lot of money", I don't feel they have a realistic idea of how much money this is. It's an overwhelming amount...how are we going to pay for all this, devalue the dollar? Where are we then? Is that helping us? How much government is too much? I say take our medicine. Lets not forget we still don't even know where the bailout money has gone!!!! Billions and billions of dollars. What if we would have just taken all the money spent so far and handed it out to US citizens or bought down peoples mortgages...

Big Mike: (November 13, 2009 4:38am)

Oh and in case you were busy and did not hear our Past President Clint call the tea party citizens tea baggers, well he did. I would love to knock his butt out and tea bag him.

Big Mike: (November 13, 2009 4:31am)

TD Hawk is most likely correct. Get ready for the second part of this "Depression". When the Obama "stimulus" has been proven to be a failure it will be to late. Oh and California is leading the way, they are taxing an additional 10% of withholding in November and December. The Sacramento ass-clowns that run this state just don't get it. So they are removing 10% of the incomes and did not considered what will happend to the Christmas Shopping Season. Oh, I am sorry, it was the christmas shopping season for them. Now the sales tax revenues will drop even further, because they already have the money. I hope, no pray this wakes up the people of this state and we start a revolution. It might when even the 2 largest unions in this state (teachers & state employees)members see that their checks are 10% short on December first. Hold on to your assess it's going to be a wild ride.

Steve: (November 13, 2009 4:06am)

Are the folks who say FHA isn't broke or has enough to cover losses the same folks who said Fannie and Freddie were OK? Just wondering.

GaryP: (November 13, 2009 4:03am)

Rather than look back at "what should have been," why don't we look at what is going on in this industry in the near future? HUD has already put the final nail in the coffin for most traditional brokers with RESPA. The Fed is trying to do the same with Bankers and Correspondents with the upcoming rule on SRP. Barnei and Frank are trying to propose that mortgage bankers be required to retain 10% of all MBS. How is that going to work? Wouldn't that mean that they would have to grow their warehouse lines by 10% every month. At a time when most are doing good to have any warehouse lending at all, that seems pretty improbable to me. And oh by the way, you can basically forget about the HVCC moratorium coming about anytime soon. That has been delegated to an agency that doesn't even officially exist yet (CFPA). I know, I am just a ray of sunshine this AM, but I'm not burying my head in the sand either.

Steve-KC: (November 13, 2009 3:53am)

To fix the high foreclosure rate Fed should have just set up a program like the RTC. The money they paid the Wall Street guys should have been .50 on the dollar if they had bad paper.Made Fannie/Freddie put a pool at a good rate and let people work set up a FHA insured loan at a fixed rate.Drop the 2/28-3/27. The 2 and 3 year churning plan by the wall street guys is what got us here.Wait-churning is illegal isn't it? Or is that only if you are a Mortgage Broker.

TD Hawk: (November 13, 2009 3:51am)

Hold onto your seats, listen to me now and believe me later, double-dip recession to begin in March. Sorry, I'm not hop'in, just say'in you better prepare. I can site a dozen reasons why but you probably already know them just from seeing the world around you. The market improvement is a mirage, based on bottom line cost cutting and not top line revenue growth. Just wait till after the X-mas shopping season!

GaryP: (November 13, 2009 3:49am)

As if Barnie and Chris would let FHA go bankrupt anyway? I don't know about the rest of you, but without FHA in my market, there would essentially be little or no real estate or mortgage industry. That would have basically created the total collapse that you discussed. Even repeat buyers are being forced into FHA loans due to the lack of viable alternatives. I've heard rumors from the MI companies saying that FNMA is planning to make a return to the FTHB market in "two to three" years. I find that kind of funny because it was the MI companies, and not the agencies, that shut down these products for all practical putposes. I am referring to MCM and HP here. Its going to take a healthy MI industry to bring them back. Besides, I think now that everyone has moved to FHA, why would we go back, in the majority of cases? The whole reason these products existed in the first place was because of non-FHA approved brokers. I doubt that are very many such brokers in existence now.

SteveH-KC: (November 13, 2009 3:44am)

You are right. They are just playing with the numbers.All these programs. DPA-The only program that did provide a down payment and didn't cost Tax payers anything.HUD story is they had higher foreclosure rate? It's jobs!Loose your job at Sprint!You've lost your job. Good luck getting an Equity loan or refi to help you through the hard times.DPA or no DPA nothing to do with it.Sad politicians don't understand the mortgage industry but they are in charge of the money?

Mtg Mastaaa: (November 13, 2009 3:39am)

We have not talked about hvcc much in the past couple days so I just figured I would remind everyone that it SUCKS........Man are these appraisers rotten..