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Elaine: (March 02, 2010 11:23am)

Has anyone heard of the attorney in CA that supposedly stopped the homeowner's foreclosure in court, got the promissory note declared invalid, and made a deal with homeowner to split sale proceeds of home 50/50?

ssfranny: (March 01, 2010 7:33pm)

Ill Appraiser: yes HR 4173 that Dood has stalled in the Senate has the HR 3044 attached which is the "sunsetting of HVCC" I had heard there are 3 diff bills that talk of eliminating the HVCC. Cuomo is a crook and shoule be investigated for being on the board of a AMC in 2004. Also, can someone explain to me how Fannie/Freddie lost $15 billion in 4Q when their default rate is less than half of of FHA loans??

Valuequestor: (March 01, 2010 7:30pm)

HR 4137 is still languishing in the Senate. HR 3126 (Consumer Financial Protection Agency Act) calls for the sunsetting of HVCC can't even get out of the House and is related to HR 4137 (Wall Street Reform Act). Who knows if we will ever see either become law. It doesn't really matter. The effects are here and the banks are not going to let go of the results. We need to support regulation of the AMCs. Most states have done this (passed a bill) or are in the process. If enough states start passing separate bills to regulate the AMCs, the banks and AMCs will beg for a Federal Reg to simplify everything. Maybe we can strangle the AMCs with regulations!...... Poetic Justice.

spiderman: (March 01, 2010 6:03pm)

Ohio L.O. I'm glad to hear it's not your bank. There is a bank in Ohio that does violate the HVCC and still has the processors order the appraisals. Yes, I said it right.

loanlady: (March 01, 2010 4:02pm)

A little humor on HVCC. http://www.youtube.com/watch?v=lDUpXwoj5Ck

ILL Appraiser: (March 01, 2010 3:27pm)

Anyone - Is the YSP bill that is stuck in the Senate the same bill as the one that has the elimination of HVCC stuck to it? I am confused....What is the number of the HVCC bill?

NORTHERN CALIFORNIA APPRAISER: (March 01, 2010 3:23pm)

Hi Loan Officers & Others - Remember, don't just complain about bad appraisals from AMC's. Turn in bad appraisals to the various State Boards to get licenses of bad appraisers suspended or revoked. If they get buried with complaints & more bad AMC appraisers start losing their licenses, it will attract more attention to the HVCC/AMC problem. This site gives you name & contact info for all 50 States - appraiserusa.com/stateboards/index

G-appraiser: (March 01, 2010 3:12pm)

Banks should NOT be able to own thier own appraisal management companies.If HVCC stays than Banks cannot own their own AMC's.

Valuequestor: (March 01, 2010 3:05pm)

Welcome Home Frank and Brian. We missed you guys. Keep up the great work and report all relevant findings. I'm not sure which place is stranger Brian, DC or living close to Santa Cruz.

5pence: (March 01, 2010 2:20pm)

LO : It's easy to criticize- not so easy to offer solutions. I've got a call into the FBI to find out what percentage of appraisal fraud was committed by AMC appraisers as opposed to independent appraisers. The whole claim of the HVCC and the pre-dominant use of AMC's is predicated on rampant widespread appraiser fraud during the bubble. The info I'm searching would blow that AMC/Cuomo bs out of the water. Did you even know that your bank could be HVCC complaint without using an AMC? My guess is not. Want me to explain it to you? Just keep ordering the appraisal separate from origination. Simple ehh? But the AMC's have everyone so scared they won't do it. Are you scared not to use AMC's Mr LO?

5pence: (March 01, 2010 2:06pm)

To LO in Ohio: I'm laying out facts that others may not be aware of and offering solutions. I don't call that bitchin. As for your ideas, too late - the appraisers that lost their licenses for fraud are now running AMC's. I would never join their ilk anyway. You use streetlinks??!! Hahahahaaaaaaaa! Watch your ass. They use bottom of the barrel appraisers and have a bad rep in most arenas outside their own propaganda. I think it's funny that an LO wouldn't want to be enlightened - I guess ignorance is bliss for some. Another one of those "I got mine so screw the rest of you" pundits. So, what's the matter with your bank? They can't run an in-house HVCC compliant operation so that the appraiser that the customer pays top dollar for is the top dollar appraisers they get? Does your bank even know they can do it all in-house?

appraiserman: (March 01, 2010 1:59pm)

hey LO in Ohio, you are right in your assumption about starting our own AMC. i and many other appraisers have thought about it, no doubt. the only thing is, just because you have an AMC doesn't mean you'll get business. many of the banks are already in bed with thier own AMC's. banks only work with rels, eappraiseit, streetlinks, etc because they have stake in those companies.

Jackrabbit: (March 01, 2010 1:50pm)

ATTENTION FRANK AND BRIAN?!?!!?!?!?: Lets ruffle the feathers a little more. I was in a recent appraisal forum and notice something that really got my attention. Someone was trying to figure out if Cuomo had interest in an AMC called "Dwellworks". If so, don't you think that is kind of stupid for someone who has a law degree? If this is true, it must be easier to get a law degree than an certified appraisers' license. Hey, I got an Idea!!! Let's start our own AMC, you know, an Attorney Management Company and start the LCC, Litigation Code of Conduct. The 60/40 split on the fees would be spectacular! We could have court dates set in 3 days, trials in less than 2 days. Not to mention, we could pay them 90 days after the service is provided.

Chris: (March 01, 2010 1:41pm)

L.O. - Typical. And yes I am an idiot for having a discussion with someone like yourself.

LO in Ohio: (March 01, 2010 1:14pm)

Chris, Can you not read? I stated the appraisers should start their own AMC to bypass the bank-owned ones. That way they can compete & get their deserved fees. Is that lying down to die, or are you just an idiot?

Miller 2 Ill lAppraiser: (March 01, 2010 1:13pm)

Lets unite about HVCC. Call Richard Durban 202-224-2152 Even if you are not in IL, Let him know how this affecting our business and how it hurts brokers, realtors, appraisers, buyers sellers builders supplies and housing industries. He is close to the president and the chief of staff

Chris: (March 01, 2010 1:10pm)

L.O. in Ohio: (March 01, 2010 12:49pm) I check this site out about once a week & always see rants by '5Pence'. Hey 5Pence, maybe if you spent more time prospecting for business & less time bitching on a blog about how everything is wrong with mortgage lending, you might be making a buck. I am a loan officer with a small bank. If I were an appraiser, I would form my own AMC & call on old clients to earn their business (pretty much zero states require much to start an AMC). If you can't beat them, join 'em & beat 'em at their own game. Just thought it was funny that this guy bitches every day instead of actually doing something. Just my thought. RESPONSE: L.O. we should all just shut up? That would include you. Every blog I go to I see a guy like you there. Complaining about people who have passion and a belief. If it were up to people like yourself, we should all lay down and die.

LO in Ohio: (March 01, 2010 1:05pm)

We use StreetLinks. Sorry spiderman, we don't violate HVCC. Nice try though.

spiderman: (March 01, 2010 1:00pm)

Hey L.O. in Ohio I bet you work for the bank that violates HVCC?? 5pence - you should follow up on this one.

John: (March 01, 2010 1:00pm)

Charlie, I hear where you are coming from. I will happily share the cost of my NDC membership. Email me for details and we can work something out.

L.O. in Ohio: (March 01, 2010 12:49pm)

I check this site out about once a week & always see rants by '5Pence'. Hey 5Pence, maybe if you spent more time prospecting for business & less time bitching on a blog about how everything is wrong with mortgage lending, you might be making a buck. I am a loan officer with a small bank. If I were an appraiser, I would form my own AMC & call on old clients to earn their business (pretty much zero states require much to start an AMC). If you can't beat them, join 'em & beat 'em at their own game. Just thought it was funny that this guy bitches every day instead of actually doing something. Just my thought.

L.O. in Ohio: (March 01, 2010 12:48pm)

I check this site out about once a week & always see rants by '5Pence'. Hey 5Pence, maybe if you spent more time prospecting for business & less time bitching on a blog about everything is wrong with mortgage lending, you might be making a buck. I am a loan officer with a small bank. If I were an appraiser, I would form my own AMC & call on old clients to earn their business (pretty much zero states require much to start an AMC). If you can't beat them, join 'em & beat 'em at their own game. Just thought it was funny that this guy bitches every day instead of actually doing something. Just my thought.

5pence: (March 01, 2010 12:44pm)

One more thing, the banks have done a great deal of good in the past, but as that saying goes, absolute power corrupts absolutely. They are too big and getting bigger daily and it takes immoral and possibly criminal activity to keep them that bloated. They've realized their absolute control. It's pretty obvious when they pay nothing for their crimes and get bailed out with taxpayer money. Nevermind the insane bonuses for failing.

EJ2: (March 01, 2010 12:26pm)

....and be careful....fried foods killed Elvis

United we Stand, Divided we Fall: (March 01, 2010 12:25pm)

The wolf Coumo, was investigaing WAMU and E-ppraisalit for unethical valuation, and in turn received a settlement to make that the ethical way of correcting his investigation. That's wrong, now the correct settlement, banks are no longer allowed to own amc's. HVCC should look like this the banks AMC's is used for the review of licensed appraisers appraisals. Brokers are required to submit certified appraisals to the lender. This was a colaboration to monopolize lending. It's time to correct this wrong and do what's right. It's time to boycott, it's time to join with NAMB, NAR, and not support what's been taken from us, our businesses, they have us paying to received to income from our services that we offer. How do you feel, is the phone ringing, are there orders in you fax machine, do you really know the direction your business is going.It is time to take our livelyhoods back. Boycott the Appraisal institute, we need to contact Dave Biggers (alamode) for there support.

Eric J: (March 01, 2010 12:24pm)

I was thinking about Elvis as I watched you Brian....and then I saw the other post. I think I am psychic...OR you may make a great impersonator. Find some glasses for one of the shows soon :) Great content and thank you for being educational AND entertaining.

Jarhead: (March 01, 2010 12:01pm)

Brian needs a haircut; that is unless he's working on his Elvis doo

appraiserman: (March 01, 2010 12:00pm)

hey charlie, yeah NDC is high! i pooled in with a couple of other appraisers in my area. we have 2 accts that we share for less than half the price. ill see if they would want to add another person, i have your #.

appraiserman: (March 01, 2010 11:56am)

HEY! TB & W, aka(security one) sent me a 1009 too! they not only bounced my last check but still owed me over 2k for appraisal services. they really want me to claim this? this is worse than dealing with non paying brokers. iv'e talked with several other appraisers that did work for them and i find the same sad story. i smell a class action brewing!

brian tbws: (March 01, 2010 11:49am)

Hi Miller, I'm working on email & have just been bogged down. My understanding is... the appraisal ordering process for fha.... is just like hvcc. Hopefully it will change.

spiderman: (March 01, 2010 11:43am)

How is it a bank who received tarp money still violates the HVCC and still gets away with it??? True story.

CHARLIE: (March 01, 2010 11:43am)

PLEASE CALL ME..909-947-0217

CHARLIE: (March 01, 2010 11:40am)

TO MY FELLOW APPRAISERS...NDC CHARGES $1650 PER YEAR...I CANNOT AFFORD IT ANY MORE...DOES SOMEONE HAVE A CHEAPER RESOURCE OR MAYBE SHARE THE COSTS ON THIS ONE....I NEED HELP.

5pence: (March 01, 2010 11:36am)

Sorry for my rants this morning - I'm out of here. Have a great week!!

5pence: (March 01, 2010 11:10am)

It's looking like Fannie and Freddie will be in bankruptcy conservatorship forever so they can keep running the HVCC scam. How many companies stay in bankruptcy conservatorship for years and years?! I hate the whole fkn banking system

oldeconomist9999: (March 01, 2010 11:10am)

CAN YOU SPELL MONOPOLY? YES, FANS, ANTI-TRUST LIVES!! Time to get rid of the BIG 4...they run the country...Chase, Wells Fargo, Citi, and of course Bank of A...(no longer America...now an unsavory part of the human anatomy).. as well as their 5th silent partner, Goldman Sachs, where they dump and reinvest in their own non-performing assets, at 50% or more off. YES, THEY DO! Tell your friends: Cut up your credit cards if they come from one of these institutions. Bank at your local bank, or credit union. First of course,

5pence: (March 01, 2010 11:04am)

Fannie and Freddie saw how much money was being made by the investment banks and they wanted a piece. Thing is, they were too late! The investment banks already saw default problems with the CDO's and were pulling out when the GSE's jumped in with both feet. Not greedy crooks? Why are they bailed out and not allowed to fail? Did they know the taxpayer would be bailing them out so they took those risks? Sure did imo. $6 million dollar bonuses to the head of the GSE's for running them into the ground? What kind of conscience accepts that? They made things less bad than they should have been? A monkey could have done that. Look at the policy they endorse - HVCC. A banksters dream. They're crooks in league with crooks and we're paying their ransom to put ourselves out of business. They are a bottomless pit through their own bad choices

SUPERMAN: (March 01, 2010 10:54am)

CLARK KENT Fannie and Freddie weren't run by theives. The attack by the party out of power led to a loss of private sector money and a loss of stock value which also required a leaner method of operation. Fannie & Freddie for good reason have been the gold standard of the world.

5pence: (March 01, 2010 10:33am)

Also: Government also struggles with money, but the struggle centers on how to get more of your money into government coffers. Rather than expanding the Federal budget in the face of economic downturn, we should be focusing on eliminating waste and being the very best stewards of public funds that we can possibly be. Most businesses have had to streamline and cut back in order to survive, and so it is only fair for our government to do the same. Instead, the State Department is building a $1 billion embassy in London, the most expensive ever built. The plans even include surrounding it with a moat! I asked the Secretary of State about this massive expenditure, and she claimed the funds for this were coming from the sale of other properties. If money can be saved, then save it! Don’t spend it on such an extravagant structure overseas when people back home can’t find jobs or pay bills. Not only that, but the administration has committed to doubling foreign aid.

Utah Mortgage & Real Estate Guy: (March 01, 2010 10:30am)

JOHNNY: Interest Credit Back Explanation: If your lender/broker sets your loan up for an interest credit back scenario. You will have a negative number (credit) in the interest section of approximately 8 days worth. Your first payment would then be due on April 1, 2010, which will cover 30 days worth of interest. The April payment covers 30 days worth of interest because the lender credited you the 8 lost days (assuming a signing date of 03/02/2010 and a funding date of 03/08/2010). I hope I misunderstood your post in regards to you not making your February payment. Any other question please post them: there are many educated people on this blog, and if I don't get a chance to answer your question, I know someone will.

Miller 2 Ill lAppraiser: (March 01, 2010 10:27am)

Frank and Brian I emailed you and put in the blog about how brokers orders FHA appraisals and did not get a response. Does anyone know the new way to order appraisal?

5pence: (March 01, 2010 10:27am)

Frank & Brian: Ron Paul has addressed that "bizarre" comment from Bubble Ben. "Perhaps most sinister are the revelations in Robert Auerbach’s book “Deception and Abuse at the Fed” that $5.5 billion was sent to Saddam Hussein in the 80’s-money that allowed Iraq to build up its military machine to fight Iran prior to the first Gulf War, the very machine turned against our brave men and women within just a few years! I agree with Bernanke’s characterization of this– it is indeed “bizarre” to think that Americans at the Federal Reserve could engage in this type of behavior, which a some have called “criminal”. However, Professor Auerbach served as a banking committee investigator, and as an economist at the Treasury Department and at the Federal Reserve. His claims are hardly without merit. In fact, they are solidly backed by court rulings and other evidence." http://www.house.gov/htbin/blog_inc?BLOG,tx14_paul,blog,999,All,Item%20not%20found,ID=100301_3656,TEMPLATE=postingdetail.shtml

SimpleSolution: (March 01, 2010 10:25am)

Idle Appraier & 5pence-This is a small step to a large war but how can we get the AMC's to collect their fees independent of ours? Why can't they collect their own fees from the consumer? Does this need to be regulated through the states do either of you know?

Utah Mortgage & Real Estate Guy: (March 01, 2010 10:23am)

JOHHNY: If you close your loan on the 03/02/2010, your loan will not fund until the 4th business day after the signing: 03/06/2010-a saturday. Depending on where you live, the county recorder is probably not open on Satruday, therfore the actual funding date is 03/08/2010. Assuming, the lender does not do interest credit back (longer explanation, see 2nd post for interest credit back explanation), you will pay for 23 days of interest at closing, (for the month of March), your interest will start accruing April 1, and your first payment due in May pays for April's accrued interest, and what is left over after escrow funds, late fees, are paid, the balance will be aplied to May Principal Reduction. However you mentioned that you did not make your February Payment, if that is so, it is possible that you will not be able to refi, being that you are currently 30 days late on your mortgage. There are very few, if any lenders, that will allow you to refinance being deliquent.

loannetter: (March 01, 2010 10:13am)

Loan mod scams are rife in states where there are no laws to prevent them. In Washington State you have to be a licensed loan officer or attorney to act on behalf of a borrower. Our loan mod colleagues do an admirable arduous job and get better results than consumers themselves can. I have ssen amazing results. The fact is our gubermint is paying HUD counseling agencies gazillions to advertise their MHA and HAMP programs (loosest guidelines in the lending world) The HUD CC's only advise and head pat while then send you to your bank to fend for yourself. It's a tragedy.

5pence: (March 01, 2010 10:13am)

Nice job idle appraiser, that'll get you by till someone beats your fees in a month or so. Then what will you do? Maybe you should consider doing whatever you'd be doing in a month or so, now. JMHO

Idle Appraiser: (March 01, 2010 10:08am)

I recently and reluctantly agreed to become a preferred platinum appraiser for 1st American/E appraiseit. I was told not to worry about the lower fees and that I would only receive the $220 to $235 fees since I work in San Diego. I accepted because I had no work and needed money. They take 45% of the fee paid - ridiculus! I got 4 orders from BofA this Saturday for $176 each and I told them to shove it - I can't believe that anyone would work for that - I was removed from the panel because of it. We can't keep doing this for low fees.

Toby: (March 01, 2010 10:00am)

I don't think the guy is sleeping dudes. The CSPAN tape shows him texting on his BlackBerry. Maybe just as bad.

SimpleSolution: (March 01, 2010 9:58am)

5pence-As stated before I agree with you. I have temp. changed professions and now work in communications until I can go back to doing appraisals with some dignity.

5pence: (March 01, 2010 9:52am)

Unemployed appraiser: Noble thoughts but the ignoble in our industry are doing $100 1004's & $55 desktops. BPO & alternative valuations are being promoted & taking over. This quiet revolution that many appraisers seem to be fond of will not work. We need to discredit the AMC's and the HVCC continuously to those that matter and speak up or we will not be heard. I really want to do a full page in the NY Times spelling out how the consumer is being screwed and how banksters are controlling the industry in a too big to fail anti-american way. Warn investors the world over that the AMC's are hiring by cheapest and fastest with no concern over quality due to the unlimited taxpayer bailouts of the GSE's. Putting us front and center is all we have left imo. There will be some sacrifice & most won't be there if there is. In the meantime find something else to do till sanity returns. I'm heading to employment office next week but won't lose sight of the goal-ending HVCC to get our careers back

Vonsky: (March 01, 2010 9:48am)

I attended a campaign event Friday night for Congressman Stephen Lynch here in Massachusetts. I spoke with him directly about HVCC. He seemed fairly unaware of the consequences of this regulation. Please send all HVCC complaints and commnets to [email protected] The congressman is a Democrat but far more conservative than Barney Frank. I will also note that when discussing the Health Care Bill. He said he would not vote for it if the Senate passed it through Reconciliation. I was told there was 100 other Democrat Congressman that would also not vote for it.

brian tbws: (March 01, 2010 9:44am)

hi real value give me a call. 707-330-1272

Vonsky: (March 01, 2010 9:39am)

I also received a 1099 for all the appraisal reports I did for Taylor, Bean and Whitaker. They also included the five reports that they bounced all the checks on. This is foolish where di the oney go that they collected at the time of Application? Why are they trying to hide the fact that they actually didn't pay us? And infact the bounced checks ended up costing me a lot more then just the lost income.

Unemployed Appraiser: (March 01, 2010 9:39am)

As someone who's been putting up with over regulation in the Appraisal Industry for over 22 years, I now find myself essentially 'unemployed.' I say that tongue in cheek since it's my option to work for less while an AMC puts my money in their pocket but I've chosen NOT to & alot of other appraisers ought to be considering that as well. I know we all have obligations to pay & not to sound naive but what if we all stopped appraising for say, a week. Every deal would be on hold & we could make our voices heard as one. So I'm suggesting a 'sick out' for 1 week at a time when consensus would be reached. Am I nuts for expecting to be able to provide for my family & trying to come up with ANY solution that puts us front & center? Time is yours.

SimpleSolution: (March 01, 2010 9:28am)

Realvalu-I am all for it. Let me know where and how...

5pence: (March 01, 2010 9:27am)

Realvalue: Can you elaborate a little more? Sounds like you're saying appraisers can be included on votes on issues in State and Fed regulators and the Appraisal Sub-committee? Appraiser Voter Registration? I've never heard of this. Any link or what's going on? Thanks

5pence: (March 01, 2010 9:22am)

Amy: I tried to find the 20/20 facebook group for AMC comments and I can't find it. Do you have more specific directions? Did I sign up for nothing?

Mike Mortgage PA : (March 01, 2010 9:17am)

to Johnny, If your did not pay your feb payment and refi in early march your credit rep[ort will take a hit because by the time your payoff reaches your current mortgage company it will be greater than 30 days late. they should have told you to make your February payment. Other than that what you wrote is correct so long as you paid the interest for March at settlement.

TheFyouSay: (March 01, 2010 9:15am)

F Barney Frank

Realvalu: (March 01, 2010 9:14am)

Well I have not heard if TBWS is willing to form a section for Appraisers to get State and National News that affects them . To get appraisers to belong for 1$ a month and have their license with state Initials as their Appraisal Voter Registration so they can vote on issues and their vote submitted to their State and the Federal Regulators and to the Appraisal Sub Committee. Appraisers with or without professional affiliations need a place to Register their vote and their numbers to get a voice and a choice. Peter Carissimo - Past Chief Appraiser FDIC

James the Appraiser: (March 01, 2010 9:09am)

idle appraiser - the AMC can tell you not to include your invoice as they will be sending you the check, but they can no longer keep you from making a statement in your report about the fee. My report has a line in it that states that the Appraiser's Fee for this report is $375, and that the Appraiser's Fee may or may not be the full cost to the Borrower for the Appraisal from the Lender

CLARK KENT: (March 01, 2010 9:01am)

THE OBAMA ADMINISTRATION HAS SAID THEY WILL GIVE UNLIMITED BAILOUT DOLLARS TO FANNIE MAE AND FREDDIE MAC (AS YOU REMEMBER, THE INSTITUTIONS THAT WERE RUN BY CROOKS). SOME ECONOMISTS ESTIMATE THAT AMOUNT WILL END UP BEING ONE TRILLION DOLLARS. FANNIE MAE AND FREDDIE MAC HAVE ALREADY SURPASSED AIG IN BAILOUT MONEY. IT IS CLEAR TO MOST ECONOMISTS THIS PATH IS UNSUSTAINABLE, YET IT CONTINUES. BUSH AND CLINTON TRIED TO STOP THE CONGRESS AT THAT TIME BUT COULD NOT. REGARDLESS OF YOUR POLITICS, YOU SHOULD LOOK AT THIS VIDEO AND FORWARD THIS EMAIL TO AS MANY PEOPLE AS YOU CAN. YOU NEED TO HIT CTRL + CLICK TO WATCH THE VIDEOS http://www.youtube.com/watch?v=_MGT_cSi7Rs http://www.youtube.com/watch?v=cMnSp4qEXNM

Johnny: (March 01, 2010 9:01am)

QUESTION - If I sign my REFI on Tuesday (3/2/2010) then if I understand my loan will close on Friday (3/5/2010). As I was told not to pay my Feb payment and I will not have a March payment I was also told that I will miss an April payment too. I WAS TOLD that my first new payment could not be in less than 30 day, makeing my first payment in MAY. Can any Lender or Underwriter tell me if this is true or false?

idle appraiser: (March 01, 2010 8:59am)

I just was told that I can't include my invoice on an FHA appraisal by an AMC. This seems like a violation of the new FHA guidlines to me. What recourse do we have - I was told that I was the 1st appraiser to do this! Every appraiser should be including their invoices on FHA appraisals we should be united on this - it is the only thing we have to stand on right now.

brian tbws: (March 01, 2010 8:49am)

Hi GA Broker. We said it passed your senate but not your house. we also did not push for an action plan per our conversation with the president of the GAMB. I dont know if thats stirring up. If you have anything to add to any of our stories please blog your input or if you feel so compelled, pick up the phone. Its great to be back & we appreciate everyones input. By the way, who's the sleeping guy.

Yorkshire Tyke: (March 01, 2010 8:47am)

For those who haven't read "The Creature From Jekyll Island" by G Edward Griffin about how the Federal Reserve was set up and it's motives it will explain just exactly how ALL banks are set up to be self serving and mostly corrupt. The other key book is " The True Story of the Bilderberger Group" by Daniel Estulin which is a MUST if you want to understand the how many of our representatives are clueless except of course the elite who are the servants of the Bilderberger Group. You will be shocked and dismayed but more enlightened at how these two factions create the wars, the depressions and housing crises to ensure they continue to prosper. If you haven't read these books you really don't know what's going on. For the skeptics amongst you there is plenty of documented evidence in BOTH books which leave the reader in no doubt about the truth behind our institutions and who is the real power.

CornerstoneKathy: (March 01, 2010 8:46am)

SecurityOne for TBW sent me a 1099 for the deals that they bounced checks on me for..

billybob: (March 01, 2010 8:39am)

Why are you guys not saying a thing about the HVCC and they wasy AMc are sticking it to the appraisers what can be done someone I know did abot 10-12 appraisals for one amc got stuck the money then the AMC opened up under a different name

5pence: (March 01, 2010 8:37am)

Someone asked who would replace the Fed - have the Treasury replace the Fed. Doing so we wouldn't have to pay the Fed interest on the fiat currency they print. It's what the Constitution wanted to keep our money out of the hands of monopolistic banksters that inflate and deflate the money supply so that their cut of interest on the money borrowed continually grows. Do you guys realize that the Fed and the Income tax were instituted in the same year - 1913? Do you know why? Because the Fed needed to be sure they'd be paid back from Government through taxpayers. Get rid of the Fed and you'd eventually get rid of Income tax (when the interest owed to the Fed gets paid off). After 2019 the debt rises due to interest payments alone with no ceiling in sight. "In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value." - Alan Greenspan - 1966

MortgageAngel: (March 01, 2010 8:36am)

Joe: I'm in this business for altruistic reasons. So, you know, just an FYI

billybob: (March 01, 2010 8:35am)

What to hear about SCAMS how about the AMC

Broker in RIC: (March 01, 2010 8:30am)

I agree with Joe -- To "Direct": do yourself a favor and compare your par rate to a broker's par rate. Is it about 0.25% higher in rate? Yes it is. As a former retailer, now broker, I can secure the same interest rate as the bank while making more money on each deal, all the while providing better hands-on service because I don't need to do as many deals per month to make the same living (and my clients love me for it, and I get a strong referral stream because of it). Do your research -- both have their advantages and disadvantages...

Joe: (March 01, 2010 8:29am)

GODLIKE - Well said, except that brokers aren't lenders.

GODLIKE: (March 01, 2010 8:25am)

DIRECT is a fine example of why our fearless leaders have put into place the systems they have. The Bankers get to hide their profits and therefore even their employees don't understand the system and think they are better than the brokers. The brokers are the only honest lenders out there.

GODLIKE: (March 01, 2010 8:22am)

Totally off subject here, but my mother-in-law just sent me a link to a video of the national anthem being sung as God intended (by a combined choir from the armed forces), not butchered as so many of the pop stars have done. It's worth a watch. WARNING, it's put goosebumps on the back of your neck and a tear to your eye. http://www.youtube.com/watch?v=9ETrr-XHBjE&fmt=18

Joe: (March 01, 2010 8:20am)

Direct - You are misguided. The only difference between you and the broker is that your bosses are making the profit instead of you. If you think for a second that anyone is in this business for altruitstic reason you are deluded.

GODLIKE: (March 01, 2010 8:19am)

And Suntrust is the investor who is using First American.

5pence: (March 01, 2010 8:19am)

This was posted late by Amy and thought it was worth reposting for those of us, most of us, who haven't seen it : amy'sfrustrated: (February 28, 2010 10:45pm) Please have your brokers and appraisers get a facebook page if they don't already have one...search for ABC 20/20 facebook page..once there goto discussions tab at top of page...click on investigate AMC's and put ur 2 cents in...20/20 IS LISTENING!!! Their consumer reporters are reviewing what we r sending and dear mr cuomos brother chris works for 20/20....I intend to have this unjust reality we have been forced to swallow abolished! I say let's take back out livlihoods!! So get on board n tell them we won't take this from the AMC any more!!

GODLIKE: (March 01, 2010 8:18am)

I'm located as close to heaven as you can get and still be here on earth - North Texas

5pence: (March 01, 2010 8:17am)

That was the great Goldman Sachs. Never would they have countenanced the duplicitous trading where, in some cases, Goldman has used derivatives to destabilize major institutions such as AIG. Or in the housing market by shorting derivatives that exacerbated the collapse of house values, by speculating against the debt of many states including New Jersey, California, Wisconsin, Florida etc., many whose municipal bonds were originally underwritten by Goldman. Then to helping Greece deflect perception of its steeply mounting budget imbalances by encouraging it to position itself into a massive program of credit default swaps and then actively & on a proprietary (for their own account) basis, speculating against those very instruments thereby making a bad situation much worse. And on to speculating in such as oil futures in a way that intensified the distortion & steep rise in prices bringing bountiful profits to Goldman and freezing homes in Maine. TERRORISTS!http://www.huffingtonpost.com

justfrank101: (March 01, 2010 8:15am)

GODLIKE? WHERE ARE YOU LOCATED?

Direct: (March 01, 2010 8:14am)

Well, I have many associates that are brokers and they all think opposite of what the two of you say - they use YSP to make more money and are in debt to TBWS for legitamizing their ability to rip off their clients... They are proud of the fact that they have this great tool to make more money than I do as a direct lender... Sad you guys are helping these guys keep up ripping of the general public.

5pence: (March 01, 2010 8:14am)

Godlike: 1st American is really bad. They outsource everything to India including underwriting. They have no concern for the consumer - 4 appraisals??!! That's outrageous. She should contact consumer affairs, the AG and her government reps. Banksters have no conscience. Your customer is getting ripped and they have no concerns on her financial status about whether she can afford it or not. You're getting ripped too and need to report this crap. I'm so sick of these freaking big banks spending OUR money on wasting legitimite customers time and money. Financial terrorists that have our country and free open competitive markets hostage

CHARLIE: (March 01, 2010 8:05am)

TO FRANK AND BRIAN....GET YOUR STAFF TO RESEARCH ALL THE E-MAIL ADDRESS AND POST IT SO EACH STATE CAN RATTLE THE CAGES OF THEIR REPS....

Jackrabbits Dad: (March 01, 2010 7:59am)

Jackrabbit that is a great idea i could start a LCC Company and get half of an attorneys fee. But I do promise for this 50/50 split I will get the attorneys more business and get findings of facts, depositions, and opening arguments to the Judge within 2 to 3 business days. Dont worry about that student debt you are still working off from law school! WE ARE GETTING YOU BETTER AND MORE LEGAL WORK! We charge a Minimum $2,500 retainer of that the attorney will receive $1,250 but we do pay within 45 to 60 days. I bet this would produce quality results.

DAG: (March 01, 2010 7:59am)

Actually I believe Fannie needs a little more money because of the volume of loans that jumped to FHA because of HVCC and all the fees for credit score, ltv., etc. Maybe with FHA going the HVCC route, they will recoup some market share and need less of our $$. Loved the doonsbury cartoon. Someone wrote in my local paper yesterday "public service was never intended to be a career". Maybe if we as voters accepted that theory we'd dump the dudes who've been in Washington or on the state level for a career.

GODLIKE: (March 01, 2010 7:50am)

I really hate to bring up HVCC cause that's all anyone seems to talk about here, but we have a First American AMC issue going on right now. We are on the 3rd appraiser they have assigned to a rural property. The only appraisers who want to go out there don't know the area. Our customer just got a call from INDIA and a person who was totally unintelligible who we think was trying to explain that they'd need to assign a 4th appraiser. When our customer asked her where First American was she was told "in America" and the lady from INDIA had no clue of a city or how to reach them. This is a long time customer of ours who has been fully briefed by us in advance and even she is thinking of not doing the loan.

Nathan: (March 01, 2010 7:15am)

Is there a way to automatically put a feed on my website that would bring your videos over to it automatically each time there is a new one. This is great content and I would like to be sure to help further your message...

john: (March 01, 2010 7:09am)

I am willing to sent the videos to my reps but only if they do not do any dancing or have sexy this and that contests. It needs to be straight forward to get those uninformeds to watch. Great show though!

Joe: (March 01, 2010 7:05am)

Been There is right - The threat for YSP comes from the man you heard speaking, Ben Bernanke. The proposed changes to Reg Z include banning any compensation that is dervied from rate and program, namely YSP. It didn't help that 18 Senators wrote a letter to Mr Bernanke encouraging him to specificly pass that part of the proposed changes.

Nuke 'em 'til they Glow and shoot them in the Dark!: (March 01, 2010 6:57am)

Dump Freddie and Fannie. I'd only lose about 10% of my business that takes 90% of my time and 5% of my money. Good Riddance

Rita in Virginia: (March 01, 2010 6:51am)

sleeping doesn't surprise me at all. The testimony is released prior to the hearing which brings new meaning to the dog and pony shows that are a constant on capital hill

Love Think BIG work SMALL: (March 01, 2010 6:46am)

i love this show, i cant go a day not watching it.

Wisconsin Guy: (March 01, 2010 6:36am)

Was anyone else hoping to hear about the changes doing away with the FHA audits today?? From the TBWS daily last week, I was really hoping I could save the cost of the audit. Anyone have any news??

Leslie in Denver: (March 01, 2010 6:18am)

Sleeping through a committee meeting? Hell, I'd sleep through some of those meetings, too. It's the same old rhetoric anyway. Do you know how much those sitting congressman drink? Way, way too much. No wonder he was asleep.

Reedman: (March 01, 2010 6:09am)

Has anyone heard that BOA is not issuing GFE's as per the new regs? I had a client jump to BOA based on a verbal conversation with them on what they would charge them to do a loan and it is way off.

GA broker: (March 01, 2010 6:00am)

Nice that Frank and Brian were able to scare a lot of GA brokers with yet more mis-information.

weelest: (March 01, 2010 5:41am)

The Georgia proposed bill never made it out of committee. They were informed about GFE 2010.

Jackrabbit: (March 01, 2010 5:34am)

ATTENTION FRANK AND BRIAN?!?!!?!?!?: Lets ruffle the feathers a little more. I was in a recent appraisal forum and notice something that really got my attention. Someone was trying to figure out if Cuomo had interest in an AMC called "Dwellworks". If so, don't you think that is kind of stupid for someone who has a law degree? If this is true, it must be easier to get a law degree than an certified appraisers' license. Hey, I got an Idea!!! Let's start our own AMC, you know, an Attorney Management Company and start the LCC, Litigation Code of Conduct.

Ken: (March 01, 2010 4:49am)

Ok. The YSP bill has stalled in the Senate but what about on the State level. Georgia has already banned YSP according to your vidoe on 2/18/2009 http://www.thinkbigworksmall.com/mypage/archive/1/33207 ban on YSP. Should we not be concerned that this will spread like a cancer from state to state as other States may see this as setting aa precedence?

Been there: (March 01, 2010 3:32am)

It's not the senate or congress you have to worry about in reference to YSP. It's the FRB that is making this change.

Ezradams: (March 01, 2010 12:32am)

This is the link for Doonesbury.......http://www.gocomics.com/doonesbury/2010/02/28/

Ezradams: (March 01, 2010 12:18am)

Did anybody read Doonesbury this Sunday...if not check it out on the Web...pretty funny.