Maxine Waters vs Ben Bernanke - 03.03.10 | Personal Finance For Life / Jeff Underwood TV and Coaching

james Donovan: (March 07, 2010 5:53am)

John Smith: Wells Fargo lied to you. The HAMP guidelines specifically do not include retirement assets as cash reserves. This is the problem most have with these lenders. It also seems like most final modifications through HAMP are produced when the Freddie Index is over 5%. Hmmnn, whom is in charge of watching over these folks.

James Donovan: (March 07, 2010 5:49am)

Obama is right, the banks should not be allowed to foreclose until they run the files properly for HAMP. We are introducing and independant model that will allow homeowners to determine if a benefit exists to modify their loan and take their lenders to task. It is only right, if not for many of these same homeowners who are paying for the TARP money, the FRC monies of 6 trillion and the fact that none o these banks would be open today to decide who stays or who leaves if not for the taxpayer is right. Frankly, it forces banks like HSBC, that claim they are not a part of HAMP but receive the benefits of the FED Window along with the ease of the Mark to Market rule for asset reserves, while giving short-term crap. These banks constantly lie to homeowners about program eligibility and the folks are TOO BIG TO FAIL ALSO. CASE CLOSED!

James Donovan: (March 07, 2010 5:41am)

As frightening as it may sound, Maxine Waters actually knows more about the monetary system tham most other Representatives. In fact, the increase in the overnight windows is the first step the FED will issue in draining the trillions from the money supply. Additionally, each quarter percent hike will cause the dissolution of an additional 27 regional banks. This will cause reduced competition to the larger lenders, and in turn, higher rates from the Federal Reserve Banks. This is another 1929 concolidation and they will achieve it through dollar deflation. This will run its course and the Freddie Index jumped .25 basis points right after. The ten year note is no longer the mortgage peg since subsidizing the industry. 200 basis points not enough for private money to take s shot on residential loans and they all know it.

Scooter: (March 05, 2010 8:03am)

I say no to foreclosures getting added time thru HAMP except all of the homeowners who have INDY MAC as there lender .

cwomack: (March 05, 2010 7:16am)

Are there any lenders underwriting FHA or VA loans with lates after BK?

Steve: (March 05, 2010 7:08am)

Seems like all politicians fit into one of two categories: 1) morons, such as Ms. Waters, or 2)liars and theives. Not really any inbetween anymore is there?

Rufus Jones: (March 05, 2010 4:18am)

Has there ever been a dumber congressperson than Maxine Waters? And, I don't just mean because of this interview of Bernanke.

Paul H: (March 04, 2010 5:28pm)

@Mtgldr -- I agree that this discussion should be about "facts, the industry and where we're all headed." So, I shall stick to the topic, and hope others do likewise. Thanks for clarifying what this thread should be about. Likewise, you take care.

Mtgldr: (March 04, 2010 4:42pm)

Paul H, I wasn't raeaching but then again I haven't watched SNL since Belushi died so that's the era I'm speaking of. Saying she's black or a woman and using that as some kind of negative point is not called for, I agree. I don't think Bernanke is a hero either. I just wish the discussion was about facts, the industry and where we're all headed. Somewhere along the line race got thrown in and from that point on, the discussion took a downward spiral. I think the fact that the daily show made sure we "got" how unprepared she was set a certain tone, right or wrong. Based on the current GFE2010 and the outdated classes we took for the Fed & State tests I'm sure there are many equally if not more unprepared representatives steering the ship in Washington. Take it easy

Paul H: (March 04, 2010 4:42pm)

Just for the record, me throwing out the words "racist" or "racism" is not an attempt to control or silence the dialogue, it's just an observation and my opinion. I personally don't care who likes blacks or not, my only point is we should be directing most of our energies at the real issues instead of focusing on one Congresswoman. You can like or dislike her, respect or disrespect her, that's your right. My only point (again) is RACE is what the elites use race to divide and conquer the population -- because it works. If we want to save our economic lives, we better learn how to focus on our real enemies, stop getting sidetracked by the Congressional lightweights who lack any real power - OR get a comfortable pair of shoes, because standing in those bread lines can take an awfully long time...

Paul H: (March 04, 2010 4:21pm)

@Mtgldr The POINT is all this "sympathetic" musing about poor Bernanke when he is certainly a bigger problem than Rep Waters. No one is defending her, but the comments about her "watching too much Oprah" sounds sexist & racist, as well as some other comments, that HINT that her being black and female is a BIGGER deal (problem) than losing our jobs and standard of living to the crooks Bernanke represents. That's the point. The EASE by which the masses (on this point) can be distracted by their insipid and barely disguised racist mentalities. By the way, what the H does SNL have to do with this discussion? SNL has made fun of Obama. Sounds like you're reaching... everyone would be in agreement that she didn't have a clue, since she's black it must be about race.

Mtgldr: (March 04, 2010 3:55pm)

The rest of my post: White, black, Chinese, male female, it doesn't matter. Stupid is as stupid does, period. Oh, and yes I am white but you would never catch me at a Sales presentation unprepared, none-the-less a meeting like this. I've also work with many black mortgage professionals and I can assure you, they would be prepared as well. Life is what you make it and people are what they choose to be, plan and simple. Accountability is what's needed, not excuses or blame shifting, is that too much to expect?

Mtgldr: (March 04, 2010 3:54pm)

Is this honestly the best dialog available from professional people in this industry? Ms. Waters obviously doesn't understand her own questions. She stated there are a lot of ARM's out there with a 3.0 margin, well lets see, how does the Fed Funds rate affect the T Bill, hmmm... oh yeah it doesn't. If she were white everyone would be in agreement that she didn't have a clue, since she's black it must be about race. I seem to remember SNL intentionally making fun of white presidents every weekend for years, I don't remember anyone crying racism then and all we're saying is that she got 1 shot and she didn't do her homework. When someone is obviously out of their element it doesn't have to be about anything more than that. Bernanke isn't a hero but he couldn't answer her question without first explaining to her that her question was not related to any answer he could possibly give. His vagueness saved her from an embarrassing situation.

Paul H: (March 04, 2010 3:10pm)

@Skiper: Do I think she should have done her homework? Absolutely. And I think John McCain should have done his homework (after he admitted he knew NOTHING about the economy) BUT thought he was FIT to run for president of the US. And now, McCain is running his mouth, and Waters is running her mouth and frankly, I have NO respect for ANY politician, regardless of race or sex. I have no problem with anyone criticizing Waters; my point is Bernanke is MORE responsible for the impending collapse of our way of life, so it's irritating to read people SYMPATHIZING with Bernanke as though he was saddled with answering the questions of this inferior black female. Definitely had the stink of racism -- in my humble opinion... Don't be embarrassed for Maxine Waters; she's got a guaranteed, lifetime PENSION and health care. Be embarrassed for all of US, John and Jane Q Public, who stood by and let them steal the country right from under us...

FURIOUS APPRAISER: (March 04, 2010 2:26pm)

Check out "Exposing and Defeating HVCC" on 20/20 (TV PROGRAM) Facebook Wall - It is 73 pages long - worth reading - It blew me away. WHAT'S GOING ON!!! ALL APPRAISERS HAVE TO READ THIS - IT'S HARD GETTING STARTED, BUT ONCE YOU READ THIS YOU WILL KNOW WHAT IS REALLY GOING ON WITH OUR PROFESSION AND HOW WE CAN GET IT BACK. I AM NUMB AFTER READING IT.

Skiper: (March 04, 2010 1:58pm)

But Paul H: Don't you think she should have done SOME homework before she went to work? I'm embarrased for her. And I don't think the Fed or Breneke are the only ones at fault here. The spiral started quite a while ago

Wow!: (March 04, 2010 9:51am)

Jay=LOSER

RobertR: (March 04, 2010 9:47am)

WTF This is scary tell her to stop watching Oprah and start playing like she is a Senator to think these people are making major decisions on the future of or country amazing!! It's like Ben is giving her a lesson on monetary policy next time do some research before you open your mouth.

ThePhoenix: (March 04, 2010 8:57am)

Jay... My life is complete that you have come on here and posted your point of view. I can now ignore any comments by anyone else, you have the lock on what is right. Sarcasm aside, what makes you sound ignorant is the fact that you believe that only your opinion is the right one and anyone else's opinion is stupid. Be a little respectful of others opinions and life would be better. ssfranny... your posting is offensive. No one call tell what race someone is by words they type or a voice over a phone. Putting that aside, who cares, any race is entitled to their opinion as anyone else and you should not have made the statements you did. I do not support Jay's comments but I do not support yours either. Personally, I am interested in anyone's opinion, regardless of race, as I can learn something from what is said as I am open to the opinion.

Paul H: (March 04, 2010 8:36am)

@Jay Thanks for pointing out the obvious. Here you have Bernanke and his crew ripping off the American taxpayers to the tune of TRILLIONS of dollars, and some people are more upset by Rep Waters confusing two terms than they are about losing everything they own. I don't have a problem with anyone disliking Rep Waters, but to sympathize with Bernanke is very telling... Which explains why America is in this sad condition. Divide and conquer among racial lines. The elites understand how the masses think because they programmed the masses to be Pavlov's dogs (brainless), and it appears the elite are right to underestimate the American public, because some folks would rather scapegoat the least powerful people than acknowledge the truth: that someone who looks JUST LIKE THEM is responsible for the looming collapse of the American economy. Here's a tip. When you're starving, racism and sexism tastes best with a cracker and a tiny sip of beer.

John Smith: (March 04, 2010 5:01am)

As a real estate broker, I've seen my income and home value drop substantially since 2005. I attempted to get a HAMP for my loan for 13 months before discovering that I didn't qualify because I have "more than 3 months cash in reserve". This 3 month figure INCLUDES RETIREMENT ACCOUNTS!! So the short and long of HAMP is that if you have at least 3 months of mortgage payments in your retirement accounts,checking,stocks,etc YOU WILL BE DENIED. Fore some reason, Wells Fargo neglected to discuss this with me for over a year. I would have gladly skipped my H.A.M.P. efforts if I knew that I'd have to trade in my retirement to make it happen. It's a shame. The program looks good in the press and for the politicians, but in the end it's just smoke and mirrors.

NCBROKER: (March 04, 2010 4:48am)

How can we hold off on the audit when it has to be completed within 90 days of the end of the fiscal year and we are already in March when most company's fiscal year ends 12/31?

expgaappraiser: (March 04, 2010 2:32am)

ill- putting your head in the sand doesn't really stand up in court - and report them to the board/governing body in your state - fraud is fraud--especially if you have proof - send it to your congressional reps too - half of these amcs are owned by banks - they have everything to win - the larger the case we can prove against them -

expgaappraiser: (March 04, 2010 2:29am)

ill app- at the least - somewhere in your report you need to bury a statement-code that contains the value;something to protect yourself - especially when you KNOW your reports are being compromized- it's your license. and your livelihood - it's up to you to protect yourself.

Jay: (March 04, 2010 2:17am)

@SSFanny... Really? I have to be black to point out the fact that Waters wants to keep pressure on Bernanke so he won't raise rates? (Are you a racist or something?) Raising the discount rate has a ripple effect in the economy. Many people are on the verge of losing their homes and their employment so anything that could cause an employer to lay off people or a bank to raise fees or rates on people (have you been following the credit card rates genius?) is something to be concerned about. She is simply watching out for her constituents. Bernanke didn't sound sure himself that the rate hike would effect their rates. That's why she asked him for assurances. His response? Vague and non-committal. Just what Waters' constituents don't want to hear. Judging by your response, and the pulling of the race card, I'm sure if a white male had said the things she said you would have given him the benefit of the doubt. Par for the course in America. Pathetic.

ssfranny: (March 04, 2010 1:44am)

Jay: so let me guess are you black? There is no other justification for you to defend Waters any Congressperson with a IQ above 50 would know the Feds discount rate is not tied to mortgage rates. Wait maybe you work for ACORN housing?

ILL Appraiser: (March 03, 2010 8:36pm)

Expgaappraiser-how can I be violating USPAP if they are the ones removing my signature? And yes I did report them but I was told that as long as AMC's aren't regulated there was nothing to be done.

expgaappraiser: (March 03, 2010 7:49pm)

Ill appraiser - if they can take off your signature you need to find a new firm as you're violating uspap and you need to report them to whomever their "watchdog" department is - if you can't protect your report - you can't certify anything - including the value you thought you put on there...bad news -

jay: (March 03, 2010 7:17pm)

Rhino, It is pretty entertaining to watch these people flail blindly in the dark in their response to anything THEIR govt tries to do to help people who have been screwed by the previous administration. I knew it wouldn't be long before the whiners who lost the last election would start blaming the new President for the gargantuan failures of the last one. Anyone with half a brain knows that Ms. Waters is trying to keep the pressure on Bernanke to not raise rates because that's what her constituents want. He is totally trying to bulldoodoo everyone into thinking that raising the discount rate is not passed on to consumers. In fact this is the go-to argument for Repubs whenever anyone talks about raising costs to banks or corps. These Faux News style infotainment sources really have people in our industry convinced that Repubs have our best interests in mind. It's pretty pathetic.

Jay: (March 03, 2010 7:07pm)

@ Hans and gugguy, Anyone who has taken a Logic 101 class can see right through the thinly veiled political agenda that Fred and Barney are pushing here. I feel like I'm witnessing a couple of ignorant barefoot rednecks sittin on a porch somewhere in the south confirming each others ill-informed opinions. It's truly laughable. The idiots fault the govt for trying to fix a mess that the previous govt made, and in the same breath they find fault with the govt for not helping enough people. It's ridiculous. It's pretty obvious they are still whining about losing the last election.

Jay: (March 03, 2010 6:23pm)

Are you guys still at it? You totally discredited yourselves with that FDIC/OneWest video yet here you are once again trying to tell us what we are seeing in these videos. As someone who has worked in mortgages for 18 years I know it is not just one index that effects rates. Her constituents loans may be tied to one of any number of indexes. So to pretend that YOU know the answer to this question and Ms. Waters does not is disingenuous to say the least. Also, to the "CRA caused the crash" conspiracists. Stop watching Faux News! In reality, lenders who did CRA loans were much more conservative and thus have much lower default rates. Most lenders who were being encouraged to make loans in these areas had already been found guilty of redlining in these same areas. When they DID make loans in these areas they were purposely seeking out minority borrowers and gouging them with rates much higher than those given to other borrowers. Most banks simply ignored CRA requirements.

5pence: (March 03, 2010 5:52pm)

Godlike - "the wholesaler says that if comps aren't in MLS Fannie and Freddie won't buy the loan anyway. Any truth to that rumour?" No. AMC's have been forcing appraisers (and i use the term loosely) to include REO's and foreclosures. They wouldn't be doing that if the GSE's weren't buying it. Also, contract sales sometimes have to be used if there are no sales. As long as the contract sale is investigated and adjusted for, it's a good comp and acceptable. Not all markets have enough MLS listed sales to fill the form.

5pence: (March 03, 2010 5:46pm)

You are truly mis-informed in most or your posts jay. CRA was the incentive the banks needed to get greedy. They must have thought they were in nirvana - you mean we can sell all these loans and not worry about retaining any liability? You need to get your facts straight - The guys are more on target than you suspect

Paul H: (March 03, 2010 5:33pm)

come on, the average viewer doesn't know whether she sounded smart or foolish. Most who are "embarrassed" are merely parroting the lead-in to this video "expose" Sure, she got two terms confused, but I won't go so far as to say she sounded stupid. I don't have any use for any politician -- black or white, male or female, NOR am impressed by gross exaggerations, such as this one...

Sher: (March 03, 2010 5:24pm)

Banks rarely even borrow at the discount rate and as we all know there are many factors that go into rates, However i believe they will use it to start increasing rates for profits. Let's face it ... it's a business not a charity. And they like to make money wherever and whenever they can. And the banks are mad right now, mad about TARP and for one thing and much,much more.

HansBruhner: (March 03, 2010 5:23pm)

Jay - It wasn't political, it was like pointing and laughing at the clown. Again...pathetic, why watch? I can't believe I have responded twice now. Have a nice life.

A NON MOUSE: (March 03, 2010 5:10pm)

maxine has and is doing more for the homeowner and consumer than most in D.C. and especially you guys who totally bailed on any HVCC or SAFE act counter activities. get off her she does more than you for more people than you.

HansBruhner: (March 03, 2010 4:54pm)

Jay, They did not totally discredit themselves on the OneWest piece. They updated the video they did to clear up some irrelevant issues and the numbers and the heart of the story remained the same. This woman comes across as an intelligent woman who is completely clueless about what she is talking about on this issue and does not even listen to the answers to her questions. She does seem passionate about her issue which has nothing to do with what she is asking. Brian and Frank tell it like it is and will be the first ones to admit they screwed up when they do. If they have totally discredited themselves why are you watching still? Banks rarely even borrow at the discount rate so it should not have any effect as seen by interest rates getting better after the event.

guvguy: (March 03, 2010 4:52pm)

Jay, do you work for Ms Waters? She is never informed on the issues. All she wants is more government goodies for her "underprivileged" consituents. As for CRA, the only people that got those loans were highly qualified people looking for a below market rate. They made up such a small portion of the market the government's lofty homeownership goals would never have been met. CRAs were just a bone to keep people like Ms Waters off banks' backs. As for the FDIC... their rebuttal was smoke and mirrors without substance. Nothing like the truth to get someone worried.

GODLIKE: (March 03, 2010 4:48pm)

We've been having huge issues with an HVCC appraisal and after 4 appraisers the wholesaler says that if comps aren't in MLS Fannie and Freddie won't buy the loan anyway. Any truth to that rumour?

Rhino: (March 03, 2010 4:41pm)

@Ray. Thank you for an intelligent comment. I expressed similar thoughts, at 10:03 am and at 11:36 am, and I am disappointed that the broker industry has drunk the Faux "News" kool-aid. To Brian and Frank: The congressional representatives are just that: They represent us in Washington. The professionals who run the departments report to us via our representatives who then do their best to glean information from oft-times reluctant witnesses. No one, except you guys, expects them to be experts in every facet of government. After eight years of rampant idiocy it's good to find a majority that at least cares a little about the ordinary citizens who are suffering from an economy devastated by a trillion-dollar, unfunded, unnecessary war.

ILL Appraiser: (March 03, 2010 4:01pm)

Has anyone here had to download HotSpot2009? I just uploaded an appraisal after downloading this HotSpot and they reviewed my appraisal online and asked for changes on the appraisal that appeared on my screen in its entirety with changes they had already and minus my signature. So essentially this AMC can make any change they want to my appraisal because they have the ability to remove my signature and unlock the report.

sloride21: (March 03, 2010 3:34pm)

Its so funny that people are picking on Waters. Sure she's lacking ill informed but it wasn't like George W. Bush new any better. Our country was run by a moron for 8 years so what's new? Too bad you all didn't speak up four years ago. Maybe we wouldn't be in this mess we have now.

MIMortgageDude: (March 03, 2010 3:23pm)

It is scary how uninformed Maxine Waters is. She has no frigging clue as too what she is actually asking.

Mr. Gerth: (March 03, 2010 3:22pm)

I was embarrased to even watch that clip... completely embarassed! And Ben's replys were so patient as if trying to explain to a child why she can't fly a plane to the moon. "You don't understand, so stop asking questions...... no, you still don't understand..... nope, not yet, uh.... nope..... still don't... would you please stop asking questions now? Thank you!..... TV????? LOL"

Lynn: (March 03, 2010 2:55pm)

Perhaps he should focus on JOBS, so that people can pay their mortgages!

AsiaTravler: (March 03, 2010 2:20pm)

HARP is great in concept, but we broker for more than 15 investors and none will accept a loan with greater than 106% LTV. So much for the whole 125% threshold. Lenders look at it as too much risk because homeowners, statistically are more willing to walk away if they are too far underwater. So if all parties are willing they would rather modify, short sale or flat out foreclose. Another thing is Lenders need to be careful because some law firms are also looking at their client’s mortgages to make sure lenders disclosed properly and see if there are right of rescissions still at play. There are a lot of legal scenarios for all parties that can get everyone in trouble so everyone is tight rope walking and nothing is getting done. Borrowers are afraid their fraud will be exposed and lenders and afraid their lack of judgment and oversight might hurt them in case of an informed borrower or lawyer. So no help from HARP, so why the extension, reallocate funds for better use.

MortgageBlues: (March 03, 2010 2:08pm)

Besides going to the 20/20 Facebook site and flooding them with requests to investigate the HVCC story, maybe appraisers and brokers need to go to Dateline, 60 minutes, and Fox news too. The more you get the message out there about how bad HVCC is the more likely some news reporter will want to do a full story on HVCC and all the problems it is causing.

CornerstoneKathy: (March 03, 2010 1:43pm)

Where has David Shermeyer been? I miss the ole guy..

justsayin: (March 03, 2010 1:37pm)

Godlike - I believe they are referring to the de-regulation of the lending industry - unfortunately, now, we have the exact opposite of that and its gonna kill it if we don't take action. Everyone should give their 2 cents on the 20/20 page and any other discussion site. Can't hurt.

DoIT: (March 03, 2010 1:36pm)

Like the 20/20 forum. If everyone would post there, maybe the would do an expose'.

GODLIKE: (March 03, 2010 1:33pm)

Aha, THAT CRA. I thought of the CRA as the banks needing to invest money (make loans) back in the neighborhoods they were located in and hadn't connected it to mortgage loans and the Gramm-Leach-Bliley Act. I hadn't realized that and other acts were part of the CRA. BTW that video was hilarious! "THEY tried to BAN this video!"

Elaine B: (March 03, 2010 1:21pm)

GET THE WORD OUT! Please go to this web site and post a comment if you have a stalemate loan mod or foreclosure problem....this gal is trying to get as many letters to NBC by Friday as she can. www.bofamhaloanmod.com

Elaine B: (March 03, 2010 1:21pm)

GET THE WORD OUT! Please go to this web site and post a comment if you have a stalemate loan mod or foreclosure problem....this gal is trying to get as many letters to NBC by Friday as she can. www.bofamhaloanmod.com

Elaine B: (March 03, 2010 1:20pm)

GET THE WORD OUT! Please go to this web site and post a comment if you have a stalemate loan mod or foreclosure problem....this gal is trying to get as many letters to NBC by Friday as she can. www.bofamhaloanmod.com

Rob in AZ: (March 03, 2010 1:17pm)

@GODLIKE: "Never argue with an idiot. You can't win and onlookers can't tell the difference."--Mark Twain. (JK--couldn't resist). Seriously, the CRA update signed by Pres. Clinton accelerated the process by requiring more "outreach" by Fan and Fred. But it isn't the whole story. A big part of the problem was the Gov't granting an exception on Reserve Requirements on the 5 major Investment Banks: Merrill Lynch, Lehman Brothers, Goldman Sachs, JP Morgan Chase, and Morgan Stanley. When their Reserve Requirement went to zero, their maximum leverage became infinite (a number divided by zero is undefined but approaches infinity). There are many factors but I think that was the straw that broke the camel's back.

5pence: (March 03, 2010 1:16pm)

The CRA was a big cause of the problems. Go to this link and a little less than half-way down is a video that explains it very well inclduing all the players roles. It was put up before or during the election in 2008, but the facts are the facts even if the video is dated. It's called "No Money" with a title: Burning Down the House: What Caused our Eco... http://www.babylontoday.com/national_debt_clock.htm

GODLIKE: (March 03, 2010 1:08pm)

Let me pose this question to the afternoon crowd. How has the Community Reinvestment Act caused much of the financial issues we have now? I had 2 guys in a meeting last night spouting that was the root of our problem and I didn't have a clue what they were talking about. Am I the idiot or are they?

DAG: (March 03, 2010 12:51pm)

I'd like Lazio's video more if he did not lead with "democrats". It is not a partisan problem. I can answer that with Abramoff, Haliburton, Enron, Cheney/Libby, Bob Ney, Tom DeLay, Duke Cunningham, Mark Foley, Trent Lott, and let's not forget Bush. And, I could go on. Most of them are bad on both sides. It would be sweet if we could be one of those "special interest" groups Lazio refers to that helped him get elected. I'm in. Back in 2004 it was ABB (anyone but Bush). Now for New York the call should be ABC (anyone but Cuomo)

ILL Appraiser: (March 03, 2010 12:45pm)

For those not familiar with facebook, go to facebook, join if you must, search abc 20/20. When their page comes up hit the discussion tab and it'll redirect you to a discussion board. The top entry is about AMC's but there are only 50 comments. C'mon guys. We can do better than that.....

Jeff in San Diego: (March 03, 2010 12:44pm)

Is that Richard Pryor the comedian below Maxine Waters? Does he work for the Government now?

trichards45@verizon.net: (March 03, 2010 12:31pm)

Maxine Waters has never had a clue about any subject that I have ever seen her discuss. Now it seems that even her staff has also achieved the incredibly low level of intelligence and understanding that Congresswoman Waters has always demonstrated.

brian tbws: (March 03, 2010 12:29pm)

I just gotta say. I love our tbws bloggers! You guys just "get it" Thanks a bunch.

FURIOUS APPRAISER: (March 03, 2010 12:28pm)

CHECK OUT 20/20 (TV PROGRAM) DISCUSSION BOARD ON THEIR FACEBOOK PAGE. THERE IS A LOT OF NOISE ABOUT AMC, ANDREW COUMO'S QUESTIONABLE RELATIONSHIPS WITH BANKS AND AMC, HVCC CORRUPTION. WE NEED TO EXPOSE THE CORRUPTION OF HVCC ON NATIONAL TV - ALL APPRAISERS GET ON BOARD WITH THIS - CHECK OUT 20/20 FACEBOOK

Rob in AZ: (March 03, 2010 12:28pm)

@Rhino: I was under the impression Congress was involved in running the country. Not her all alone, no. But I stand by the comment that she was "one of the people" running the country. Until/unless the US becomes a Dictatorship, yes, Congressmen/Congresswomen are part of the problem if something is amiss in Washington. Specifically about her: one of the (few) things the last Administration did I agreed with was to try to rein in Fannie and Freddie. Ms. Waters and Mr. Frank were among the strongest supporters of those two entities, even going so far as puching for an expansion of their role into the "Alt-A" market. Sorry, she doesn't get a free pass.

Ezradams: (March 03, 2010 12:25pm)

Miller 1: I wish NJ had a solution to the HVCC! We're working on regulating AMC's, BPO issues, and some other stuff up our sleeves. We are involved with some discussion at high levels that may affect the HVCC, but nothing solid so far. There has been talk on this blog lately about forming an organization of state coalitions....we need to talk more about this.

Rhino: (March 03, 2010 12:20pm)

@Rob in AZ: Settle down. I don't believe you really believe Maxine Waters was running this country the previous eight years.

ILL Appraiser: (March 03, 2010 12:15pm)

Attention all appraisers - There's a new group on facebook called "I am a real estate appraiser". Maybe we can get something going there...

Rob in AZ: (March 03, 2010 12:13pm)

@Rhino: Yikes! This is a black issue now? FYI Ms. Waters was a Congresswoman during the "last 8 years" so she was and still is one of the people you describe as an "imbecile".

5pence: (March 03, 2010 11:57am)

I should have added this to the last post: Friend, Alan Hevesi, Eliot Spitzer, David Paterson, Charlie Rangel, and Andrew Cuomo. What do they have in common? Watch our new web video "Democrats' Hall of Shame" to find out. Then forward it to a friend and let them know we can do better than life-long Albany politicians like Andrew Cuomo. Sincerely, Rick Lazio

DrT: (March 03, 2010 11:57am)

after HART and HARP I Need HEMP!! She is a MORON

5pence: (March 03, 2010 11:54am)

Rick Lazio, Cuomo's opponent for Governor (if Cuomo comes out of hiding to announce it) just sent me another video, lol. He wants to see Cuomo burn as much as we do. http://www.youtube.com/watch?v=Xwth7-NlIFc

Rhino: (March 03, 2010 11:36am)

Read my post at 10:03 am. We just spent eight years with a government run by imbeciles, and now suddenly we're having trouble with representatives who are actually concerned with common people instead of banks. Funny how when black Democrats speak up we get all warm and fuzzy toward our banker friends.

Incredible: (March 03, 2010 11:17am)

The continuing under reported story in this mortgage debacle continues to be the fact that 10's of thousands of mortgages were made to illegal aliens who were given loans with just a driver's licence and an FID obtained online from the IRS website.

Mook Hunter: (March 03, 2010 11:16am)

Maxine, Maxine, Maxine. If we could understand her when she talks, someone might listen.

mrtn: (March 03, 2010 11:12am)

I believe Waters was IDed as corrupt on some poll - now maybe she can take Charley Rangel's place on Ways and Means, now that he has stepped down because of the "stain of corruption". OK, like Marion Berry, she's out. BTW, all "Stated Income" loan apps should be subpoenaed by federal law enforcement, and see who lied, signed the app under penalty of purgery.

Anonymous: (March 03, 2010 10:55am)

BB - I don't think this clip has anything to do with her skin color. She doesn't know what she's talking about. Funny how you try to turn this into a race thing. Not surprised, I knew someone would.

Idiot Alert: (March 03, 2010 10:53am)

Another idiot alert...Jeff Merkley, US Senator from Oregon, is still blaming the financial crisis on mortgage brokers and subprime loans. That is why he wants ysp outlawed. Hopefully he can pick up a newspaper at some time during this year and get educated. I don't know what is more stupid - Merkley wanting ysp banned or Waters wanting Ebonics taught in schools.

Mortgage Broker: (March 03, 2010 10:47am)

The government handed out money to the TARP participants and asked them nicely to help out households. They haven't because there aren't requirements in place for such a thing. It's obvious that begging isn't getting anywhere and force needs to be used. I'm a proponent of forced modifications. It's the only way that I can get my taxpayer money back. We gave it to the banks and they hoarded it. If we give it to the consumer they will spend it and the economy will get back on track quicker. If we continue our current ways most cities and counties will be bankrupt due to dwindling revenues (less property tax collection and a smaller tax base)as people continue to walk away from their homes because they are underwater.

Shelter Island Capital SD: (March 03, 2010 10:46am)

It is sad that Bernanke had to waste his time talking to her

1HonestLO: (March 03, 2010 10:45am)

WoW! - make it stop! If you're looking for a future Elected official - who KNOWS what their talking about when it comes to both the Economy and the incredible GREED that created the Housing Crisis - check out US Senate Candidate for Connecticut, PETER SCHIFF, this guy is the real deal

RACE CARD: (March 03, 2010 10:41am)

HAHAHAHAHA. Typical. Maxine Waters is a moron and made a fool of herself. Now someone wants to play the race card while talking about the discount rate. Typical Dem. Next time just put up a blog that says that was really George Bush in a mask acting like her.

MardiGrasMadam: (March 03, 2010 10:40am)

I just watched the Maxine Waters clip. It's scary to think this is what we have running the country!!

Typical Congress Moron: (March 03, 2010 10:37am)

Maxine Waters...HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA. SHUT UP and Go Home. MORON!!!! I thought Helicopter Ben was going to burst out laughing. HAHAHAHAHAHAHA. This is all that needs to be said. http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1

BB: (March 03, 2010 10:35am)

Maxine Waters comes across as an ill-informed Democrat, black woman. Unfortunately, there are ever so many Republican, white men who are just as ill-informed. Why didn't you feature one of those?

sick of Govt. : (March 03, 2010 10:27am)

Democracy can't work with an uninformed electorate, especially one that continually reelects idiots like waters, pelosi, frank, obama, etc. etc. etc. We're sunk as a nation, plain and simple. Viva la Revolucion!!

ThePhoenix: (March 03, 2010 10:25am)

Careful on the HAMP and HARP or any loan modification recommendation as borrowers who took out a stated income loan and their income was exaggerated must see an attorney first to ensure they do not have a fraud issue that must be addressed. It is extremely negligent to give financial information with a loan mod or even a short sale if there is a potential fraud claim. Do not set up a client for a SAR filing.

DAN THE MORTGAGE MAN: (March 03, 2010 10:24am)

I WANT TO KNOW WHY RICHARD PRIOR WAS STANDING IN FRONT OF MAXINE

Rhino: (March 03, 2010 10:21am)

Right now it is 10:20 am. Why do Mortgage Broker and Idiot Alert show up as 10:47 am and 10:53 am respectively? Your system is screwed up.

AsiaTravler: (March 03, 2010 10:20am)

I agree that we have too many elected officials that are idiots. However, their posts also having them making policy on a broad range of topics and they can’t be experts at everything. This is why they surround themselves with staff members that do the research, read bills and then regurgitate it back to them to help them act more intelligent. Some do a better job at it than others. Just like any other position in any other industry. Nothing personal, just business! As for the change in discount point, banks will likely not pass it down to consumers. My father is a bank CFO. We have discussed this topic before. Discount point is really nothing because it is low and there are other sources for funds. Fed Funds Rate on the other hand impacts “Prime”. But most prime based loans have a floor rate and we might need to see a Fed Funds Rate move of 1.5-2% higher from where we are now before most consumers feel a pinch in their consumer loans. Now mortgages will move sooner!

Dante: (March 03, 2010 10:19am)

Funny that this woman wants to tell Bernanke how to do his job....OH MY GOD HELP US!

Dante: (March 03, 2010 10:18am)

Is that Richard Pryor in front of her? LOL!!

Dante: (March 03, 2010 10:16am)

That guy in front of her looks like Richard Pryor!!

BC: (March 03, 2010 10:15am)

Idot Alert: The worst part of Merkley is that we lost a fantastic Senator in Gordon Smith when Merkley won. Merkley basically took the Obama wave of '08 and won with it. I can't wait until we can vote him out.

5pence: (March 03, 2010 10:12am)

Mortgage broker: They NEVER should had handed out that money without a strict mandate that the money be used right away and told at what interest rate. The banks were getting less than 0% interest on the money and they couldn't loan at 2-3% and put the economy back on track??! They got free money to do the right thing and all they could think of was themselves! The banks horded and still horde while the economy sinks. It took crimes and immoral conduct to get them that big and now that they're bigger, it's going to take even more risk and secret actions to keep them that big. Obama - you are wrong. This is not a fiscal crisis that turned into an economic crisis - it's a moral crisis, and the problems starts with those with the money and those they bought in government. AIG 100% on their losses??!! We got a real problem growing and Obama seems oblivious. I mean, keeping Geithner, Summers and Bubble Ben? Huge, I mean huge, mistake. It just might cost you your 2nd term Mr President.

Vote NO for stupid incumbents: (March 03, 2010 10:10am)

To the voters that elected Maxine Waters, what the hell??? She is an absolute goof, not qualified to be in office and an disgrace to represent any part of our state. Get her the heck out of office.

joecolordo: (March 03, 2010 10:07am)

unfortunately the people that vote waters into power probably wont see that video and wont honestly understand what she is trying to say to bernanke,as she doesnt seem to understand what she is trying to ask and although I am not a great fan of bernanke,he showed a great deal of class in not embarassing her any more than she already had,it would've been so easy.

Rhino: (March 03, 2010 10:03am)

Gentlemen: The reason for hearings is so that the Congress can become more informed from the experts. During the course of a day a Congresscritter has to be involved in health care, two wars, criminal laws, employment issues, constituent relationships, deficits, committee hearings, floor votes, civil rights, state rights, education, ceremonial duties, banking regulations, the mortgage crisis, and many more. Maxine asked a simple question: If we raise the cost of money for the banks, will the banks pass the cost on to the consumer? Bernanke would not answer directly because -- of course they'll pass it on. What are we? Stupid? Banks always pass on their costs. She wanted to hear the answer from the expert, and he wisely maneuvered out of the situation. "It's just a teeny weeny cost increase." Fine, then they'll pass on a teeny weeny cost to the borrower. This is not rocket science, and Maxine knew exactly what she was asking, and so did Bernanke.

Frustrated appraiser: (March 03, 2010 10:02am)

Sus Socal Appraiser; I am also in Southern California and I would like to protest with you on 04/01/2010 however I am going to school to upgrade my license (I am unsure on why I even bother at this point) If you do the protest close enough I me I will fit in a couple of hours to protest. Also to all of the appraisers out there start calling you local attorneys to see if we can fight this whole HVCC thing. The state of California is a right to work state and the HVCC took that right away from all of the appraiser. I have phone calls in to several attorney just waiting for a phone call back.

Oregonian: (March 03, 2010 9:59am)

Re: Sen. Merkley. Idiot doesn't go far enough..... as leader of the Oregon senate he called a special session of the legislature to introduce a bill that would make mortgage brokers and loan officers responsible for the loans they write for the LIFE of the loan. If the borrower defaulted the loan officer would have to make restitution. I wanna get one of those loans! The bill was resoundingly defeated.

Alabama Country Boy: (March 03, 2010 9:58am)

You folks ever been to a closing and had to explain the loan documents to your clients, again, because the lawyer doing the closing did not know how to? It is the same picture that Maxine presented. Mr. Bernanke should be congratulated for restraining himself and not embarrassing a member of the Senate any more than she had already done on her own. I think that I will start shoeing horses for a living instead of just doing my own. All of those folks are at least as well informed as this Senator.

UpgradeForNothing: (March 03, 2010 9:47am)

I wish the industry would push for all appraisals to have standard fees. AMC's call you and say "we will give you more business if you can lower your rate", OK, why not I need the money. Then when you start doing at lower rate, jobs come in for a month, still didn't make enough to pay typical bills. Then a month later they start getting sparatic, but they still keep lower rate. Then a month later you don't get anything because someone has just undercut you $5 and the AMC's greed kicks in and they pick lowest rate. Then you find your out. 11 years on FHA roster to find out, this is going to be the system. I'm out of work and trying my hardest to find a real paying job. Good luck to all appraisers. Your a good bunch. Banks are in control of our fate. They run the government. 8 lobbyist for each senator and congressman. Maxine is a joke and I am embarrased she represents me. Sorry everyone, but the people who keep voting her in are the ones to blame.

Tried it all: (March 03, 2010 9:47am)

I happen to own two condo's in FL that I bought in 07 the value has droped.. I have tried HAMP, HARP, loan mod, short sale(no lender will lend on them so they have to be bought with cash) So I'm so glad to see they are stoping the foreclosures...so I can't do that either.. any one want a water front condo in FL???I have 2

Mike Tyson with a wig!: (March 03, 2010 9:46am)

Jesus christ that congress woman looks like Mike Tyson with a wig, go back to KFC you dumb wench!

Miller 1: (March 03, 2010 9:46am)

I have read many times in the blog that New Jersey has solved the problem with HVCC. What have they done?

Tishman: (March 03, 2010 9:44am)

How could anyone vote for Maxine Waters after viewing this video?

Dave: (March 03, 2010 9:43am)

GDog you couldn't vbe more correct. We have to educate ourselves and our clients that FHA MIP, MI, and USDA/VA guarantees are the absolute life blood of a 1st time buyer intensive market. These folks would be my tenants not my borrowers if not for these items. And when folks call me or bump into me and say that thank goodness for the MI provider when they fell behind, MGIC or XYZ MI company helped them stay out of foreclosure by remitting real payments to there mortgage servicer.

Dave: (March 03, 2010 9:40am)

Stomach turning, I don't mind teaching my borrower's this. But, I am thinking even with all of the industries these folks have to be wise to, they should really know 101 level topics for the committees they take charge of.

Mortgage Man: (March 03, 2010 9:39am)

What exactly are Brian and Frank talking about holding off on the audit for HUD approval. Does that mean we don't have to go thru the rigors of getting our mini eagle?

CV Broker: (March 03, 2010 9:32am)

Commenting on the poll question - HAMP screening is subcontracted to minimum wage paper collectors who ask for documentation and living expenses. My experience is, when asked, "How much do you spend on food monthly?" as an example, I answered and was told, the national average is xyz - I have to use that! Three different times, California expenses didn't measure up to the national average (big surprise) and using the national averages, plugged into the software which spit out, "you don't make enough money for the HAMP program". Even reducing expenses, never eating out, forgoing all extraneous activities, there is still a minimum national average that is used by these companies. There is just no solution. This is after over a year, sending documents five different times, multiple bank absorptions and saintly patience.

AH: (March 03, 2010 9:28am)

Hello Idiot Alert- I support you 100% on Jeff Merkley. I have a personal email from him on this same issue and he has NO idea what is going on! Happy to share...

5pence: (March 03, 2010 9:23am)

It appears we have posters from the future here. What happens when our time catches up with theirs?!! Will the universe blow apart or will we find ourselves suddenly with twice the population we have now? Will worlds collide? Will everyone's twin from another dimension appear? Will it be the end of time itself? Patiently waiting. I just hope my other dimension twin isn't my evil twin. I just hope it's a more enlightened universe. Tell us oh time travelers, will Ron Paul win the 2012 election? One can hope...

CLARK KENT: (March 03, 2010 9:10am)

OMG. REALIST ONE, I JUST READ YOUR COMMENT. SO TRUE AND FUNNY AT THE SAME TIME. WELL, NOW THAT I THINK ABOUT IT IS A SAD AS IT IS FUNNY.

5pence: (March 03, 2010 9:04am)

It's the unenlightened like Merkley that need to be voted out. These life-time Senators think they've got it so made they don't have to think for themselves, just listen to their lobbyists. Actually, vote all the fat cat politicians out that don't have a clue. Bring back the Constitution!

CLARK KENT: (March 03, 2010 9:02am)

I DO NOT LIKE BEN BERNANKE, BUT I HAVE A NEW RESPECT FOR HIM. ANY PERSON OF HIS INTELLIGENCE WHO CAN SIT THERE SO CALMLY LISTENING TO A MORAN LIKE MAXINE WATERS FOR MORE THAN 30 SECONDS IS SOMEONE THAT HAS WAY MORE PATIENCE THAN I. THE REASON SHE STAYS IN OFFICE IS SIMPLE. SHE TAKES ADVANTAGE OF A LARGELY IGNORANT ELECTORATE BY CONNING THEM WITH CLASS WARFARE, "US AGAINST THEM". UNFORTUNATELY PEOPLE WHO THINK JUST BECAUSE SOMEONE'S SKIN COLOR OR SOCIAL STATUS IS THE SAME AS THEIR'S, THEY ARE ON THIER SIDE MORE THAN SOMEONE ELSE, ARE SADLY MISTAKEN. SORRY FOR THE BROKEN GRAMMER.

Enough already: (March 03, 2010 9:02am)

Seriously, I'm sure you're right. That was Richard Prior

Anonymous: (March 03, 2010 8:54am)

POTUS is yet again interfering with the free market, contract law, and private property rights. If a lender cannot foreclose on the collateral for a defaulted loan, then that lender's right to due process is violated. The property that is legally due to the lender is effectively seized by the government without due process, without equal protection, and in violation of contract law. Who would accept any real property as collateral for a loan knowing that the socialist government will simply set aside the contract and leave the lender with nothing? (Think about seller financing, wrap-arounds, etc. Some sellers depend on that income stream and need to foreclose to recover their equity.) VOTE AGAINST THE INCUMBENT! VOTE FOR FREEDOM! VOTE TO PROTECT THE U.S. CONSTITUTION!

5pence: (March 03, 2010 8:52am)

The Federal Reserve's increase in the discount rate on Thursday, charging banks for emergency loans, is a minor move & should not be overstated, a US economist said Friday in Chicago. "The Fed (Federal Reserve) only raised that rate by a .25 percentage point to 0.75 percent. The increase is really minor. And the significance, if there is any, is that it is simply an indication the Federal Reserve will increase interest rate if there is an inflation," David Mirza, an associate professor with the Department of Economics at Loyola University in Chicago, told Xinhua. "Actually the price of long-term bonds went up today. That is actually an indication of no higher interest rate but rather lower interest rate," he said. He predicted that the long-term interest rate will not shoot up in 2010. "The long-term interest rate this year probably will not go up substantially, because if it does, it is going to be detrimental to the real estate market in the United States." jobs, exports et

Christopher: (March 03, 2010 8:48am)

I think there should be a moratorium on all foreclosures.

RealCzar: (March 03, 2010 8:44am)

Maxine Waters is an idiot. It is amazing that she "represents" us.

5pence: (March 03, 2010 8:35am)

Maxine Waters = fear and ignorance. The kind that gets this country into all kinds of trouble and it's that fear that allows banksters to control the markets and the Pres to declare wars because someone looks suspicious and then takes our rights to protect us. Anybody notice how the market crashed because of the inconsequential Fed raise in bank rates? Speculators. Same kind that ran oil up to $150/barrel. There's no room for fear here. HAMP would work a lot better if they could make it work for the 20% of the nations workforce that are out of a job thanks to financial terrorists and inane government poilicies. For you brokers that haven't been keeping up with the news - the Fed left $4 trillion with the Treasury and the caps on the GSE's were lifted to unlimited so the Treasury can keep buying MBS's.

Tim Allen, CMB: (March 03, 2010 8:33am)

Ben Bernanke was not being totally honest and to say borrowers will not be paying higher rates for loans if the Fed raises the Federal Discount Rate. Maxine Waters was correct when she corrected herself and stated that when the “Federal Discount Rate” increases the “Prime Rate” increases so borrowers will be paying more money every month to mortgages tied to prime such as HELOCs.

sus socal appraiser: (March 03, 2010 8:17am)

TBWS is always so educational.....watching should be part of all our Rep's Daily Briefing.... Today we learned (re-inforced) that our Rep's have no more of an idea of what they are doing, than the average non-involved citizen. Appraiser's...if you really want to make a difference...We have to get our Message Heard... Are you ready to get up & have a National Rally... all across the country....We don't all have to go to Washington....Can we Orgainize ourselves by county/state to acheive this on 4/1/10??? Every state/county has several HUNDRED Appraisers, not to mention brokers, re agents, dis-satisfied consumers.... A Professional Peaceful Informative Rally...is the way to get our message out.... Surely TBWS has more than 100 viewers (100 is all their server will allow on their live cast) If we Truly want change & not just something to complain about....now is the time...Everyone needs to be involved....make some signs, fliers,write editorials, show up as an United Group.....

Colorado Broker: (March 03, 2010 8:15am)

It is really a scary thought that these are the people who have caused all the mess our industry is in and they continue. They have pretty much without much forethought destroyed our business and have been a major cause of the foreclosures in our country. We have know for years that most politicians(most being democrat) don't have a clue as to running the smallest of entities let alone an entire country. It is time for a change and November is coming so don't let the opportunity slip by. Take advantage and vote these people out of power.

Miller 1: (March 03, 2010 8:11am)

I have read many times in the blog that New Jersey has solved the problem with HVCC. What have they done?

GDog: (March 03, 2010 8:09am)

Mooch, you have to get yourself a better understanding of how mortgage insurance works before you start refering to it as a scam. On conventional loans, depending on a number of factors, the lender is insured for only a portion of the loss by the mortgage insurance company paid by the borrwer. (Check out any rate guide from MGIC, Radian, etc) Ever work on a short sale before? Takes a long time, doesn't it? That because the banks have to have thorough conversations and negotiations with the PMI company before they just 'agree' to the loss. The two parties (PMI companies and Lenders) work out something that is agreeable to both of them before a short sale goes through. As far as the MIP on FHA, that goes in to a pool to help the FHA cover their losses when an FHA 'goes down'.

TheFyouSay: (March 03, 2010 8:09am)

All this HAMP and HARP talk is maing my head hurt. I think Im going to take the day off and have some HEMP!

ratherbeinmaui: (March 03, 2010 8:09am)

Maxine... I appreciate your desire to protect the homeowner, but wake up!! Re: HARP... as a broker, I have searched long and hard for ANYONE that will go as high as 125% and I have yet to find anyone (for loans outside their current servicing portfolio) that will go above 100%... perhaps one of the reasons why there are so few participants.

Il & IN appraiser: (March 03, 2010 8:08am)

Frank and Brian you seem to have forgotten appraisers because you do not give information the HVCC and FHA. What is happing to the HR3044. What can we do to push that along

Seriously: (March 03, 2010 8:04am)

Is it me or does the guy in front of the douchebag look a lot like Richard Pryor???

Ancient Appraiser: (March 03, 2010 8:03am)

Is anyone out there collecting funds for something that will aide in the defeat of Cuomo's election hopes? Let me know! Finally have enough to make a contribution and willing to put out a few dollars towards his demise!!

GDog: (March 03, 2010 8:02am)

Wow she is a moron!!

DO FHA AUDIT : (March 03, 2010 8:01am)

Thank you for contacting the FHA Resource Center, a response to your inquiry is provided below. If you have additional questions you can submit them via email to info@fhaoutreach.com or contact us at 1-800-225-5342. Please do not respond to this email unless you need further clarification or wish to initiate a new service request. FAQ : Is HUD eliminating audited financial statements for FHA loan correspondent mortgage brokers? Solution Details : No, there has been no change in FHA?s current requirement for a mortgage broker to submit a CPA audit of their financial records to become a FHA nonsupervised loan correspondent. In addition, there has not been any change to the current annual renewal requirements for nonsupervised loan correspondents.

FHA AUDIT YES: (March 03, 2010 7:59am)

Thank you for contacting the FHA Resource Center, a response to your inquiry is provided below. If you have additional questions you can submit them via email to info@fhaoutreach.com or contact us at 1-800-225-5342. Please do not respond to this email unless you need further clarification or wish to initiate a new service request. FAQ : Is HUD eliminating audited financial statements for FHA loan correspondent mortgage brokers? Solution Details : No, there has been no change in FHA?s current requirement for a mortgage broker to submit a CPA audit of their financial records to become a FHA nonsupervised loan correspondent. In addition, there has not been any change to the current annual renewal requirements for nonsupervised loan correspondents.

Tim Allen, CMB: (March 03, 2010 7:58am)

Further clarification of the Federal Funds Rate verses Federal Discount Rate. The Federal Funds Rate is the interest rate that banks charge other banks when lending money to them. One of the consequences of having a reserve limit is that sometimes banks, in trying to stay as close to that limit as possible, may go under it and thus need to borrow some money to boost their reserves. This rate is set by the Federal Reserve. The Federal Discount Rate is the interest rate that the Fed charges banks when it lends the bank money. This amount is higher than the Federal Funds Rate so it’s used as a last resort for banks needing some cash to boost their reserves. The prime rate always adjusts according to how the Fed changes the discount rate. The Prime Rate is the interest rate offered by commercial banks to it is most valued corporate customers. The prime rate is also the basis for many mortgage programs, including HELOC’s (Home Equity Line of Credit), banks offer to homeowners at prime plus X amount, prime minus X amount, or simply prime plus zero.

YES! FHA audit is required: (March 03, 2010 7:56am)

Thank you for contacting the FHA Resource Center, a response to your inquiry is provided below. If you have additional questions you can submit them via email to info@fhaoutreach.com or contact us at 1-800-225-5342. Please do not respond to this email unless you need further clarification or wish to initiate a new service request. FAQ : Is HUD eliminating audited financial statements for FHA loan correspondent mortgage brokers? Solution Details : No, there has been no change in FHA?s current requirement for a mortgage broker to submit a CPA audit of their financial records to become a FHA nonsupervised loan correspondent. In addition, there has not been any change to the current annual renewal requirements for nonsupervised loan correspondents.

Max: (March 03, 2010 7:48am)

Maxine is not a moron, she is a politician.

BrokeBroker: (March 03, 2010 7:47am)

Maxine, you rock! Way to go, tell that evil Ben guy to stop foreclosures! No more increases in the overnight rate!! Have no concern that Goldman, Morgan, both newly sanctioned too big to fail banks and the old dogs Citi, BoA, Chase have been borrowing at ZERO and lending at 3 to make billions off the public's dime in the past year to keep them in business and hand out undeserved bonuses. Keep them 20-20 eyes closed to the real story because the BANKS ARE ROBBING YOU BLIND.

Realist 1: (March 03, 2010 7:46am)

Maxine Waters is just one example of how our elected officials have no clue how things work. Only a handful of them like Ron Paul do understand how it works. The Federal Reserve which is not Federal, but is in fact a private bank in coohutz with the government is effectively a legalized counterfeiting operation.

loaner55: (March 03, 2010 7:38am)

Duh? Wuh? How did she get elected? Don't they have to pass some sort of mental competency test before they can serve office? Oh, wait, what am I saying ;-),,,,, if they did, we'd have a bunch of new faces in Washington. Throw that in with an Ethics requirement and they'd all be gone ! Does she also get her news from Rush Limburger? I'm losing faith ! Nice one Maxine !

DAG: (March 03, 2010 7:33am)

HARP is a good think. Most of the refi's I'm doing are HARP because values dropped and not having this would put the borrower into PMI without it. Even the mark ups for ltv and credit score are lower in some situations on HARP loans.

pipette: (March 03, 2010 7:24am)

I saw this Maxine clip, I thought it was the smartest dialogue from her I have ever heard, At least she knew what a margin is.

Rbarber: (March 03, 2010 7:23am)

Yes in Indiana it is already law. Cut out bad companies taken advantage of people in flase mods.

LivingInDC: (March 03, 2010 7:17am)

Rumor has it that a few months ago when asked about the status of Warehouse Lines of Credit, Bernanke didn't know what they were... combine that with the rest of our elected idiots lack of knowledge and we have some serious issues. Our elected officials who regulate our industry don't know anything about it. We need to CLEAN HOUSE, BOTH PARTIES and start from scratch but this time with term limits. Politics was never meant to be a career or make you wealthy. Serve your country and then go back to your cobbler shop like the founding fathers did. These idiots who get their own healthcare (not the one they want to vote on for us), retirement for life and free parking at airports after serving ONE TERM. PLEASE VOTE... and not for any that are currently serving, we need representation BY THE PEOPLE FOR THE PEOPLE and not from someone that has been corrupted by being in power too long. Living in the DC area I get to hear more than my fair share of how these idiots operate.

Scott in Arizona: (March 03, 2010 7:14am)

What kind of a knee jerk reaction will the powers that be come up with once they realize or "woops"- we now have a shortage of appraisers? I am amazed at how just one person alone, Cuomo, could single handedly take down and ruin a great profession. Way to go! Great job!

CW: (March 03, 2010 7:08am)

I'm not defending Waters because she had no clue but why is anyone surprised? She was no different than most Americans when it comes to money and rates and wanting to hear what pleases their ears. The sad part is she doesn't and won't ever know how ignorant she sounded. As well as the people she represents. They will think she did a great job by pressing Big Ben. The whole govt needs cont. ed if they are going try and ask Big Ben any more questions.

Common Sense: (March 03, 2010 7:04am)

Maxine Waters also said she wants "socialize" (her word)the oil companies. I was wondering how she keeps getting elcted and then I noticed all of my staff gathered in the hall discussing American Idol. Maybe they'll find politics more interesting when gas is $7.00(cap and trade) and their grandmother has to wait five years for a hip replacement(Healthcare Reform).

Doug Digger Eberhardt: (March 03, 2010 7:04am)

A little info on what Maxine Waters actually does for us citizens. She serves on the Financial Services Committee: She is: * Chairwoman, Subcommittee on Housing and Community Opportunity * Subcommittee on Financial Institutions and Consumer Credit * Subcommittee on International Monetary Policy, Trade and Technology She knew she was embarrassed by Bernanke after he explained how she was confused about the Discount Rate and the Fed Funds Rate. So she subsequently dug herself a deeper hole trying to push Bernanke to admitting the Discount Rate would effect the adjustable mortgage rates of homeowners when it doesn't. She should be recalled and anyone who votes for her to stay beyond her current term deserves what they get. Of course we all deserve what we get by electing the same spenders to office. How about not voting for those who vote for a rise in the debt level?

GODLIKE: (March 03, 2010 7:03am)

Well I'm doing my share. Last night I became a delegate to the state for the Republican party. I will be discussing HVCC, GFE, et al at the state convention on March 20th. There was too many facets to the issue to make it a simple motion to be added to the state's platform, but I will get it out and in front of the whole group. This means you will see some very basic questions from me till then as I fill in some gaps and refresh my memories.

lindsay4loans@aol.com: (March 03, 2010 6:59am)

The only thing Maxine Waters made clear was that she is totally clueless. She has been an embarassment to the state of California for years, along with Nancy Pelosi and Barbara Boxer. Now, with legislators as stupid as Maxine Waters, I guess I can understand why Congress is hell-bent on making every decision in our lives for us. they must believe that everyone in this country is a uninformed moron like her. As another poster said, she will just keep getting re-elected from her district. She is the poster child for term limits!!!!

Edward: (March 03, 2010 6:53am)

I had a personal run in with Maxine Waters in 1983, before the fool became a US Senator. I'm totally amazed people put this fool in the Senate. She is dumber than a box of rocks and is a bonified racist. I challenged her at one of her silly azz speeches back then when she started staying that the President (at the time) was sexually abusing his children and beats his wife and that it was typical for "white people" to do that. I was there as part of a military color guard and was one of the only two white people in the place. Thought I was going to get killed when her goons came after me for calling bulldoodoo on her lies.

GODLIKE: (March 03, 2010 6:52am)

Tell me what the CRA has to do with the mortgage issues. A couple of guys at a meeting last night were just adament that the CRA was one of the root causes, but we never got to talk.

txmoto: (March 03, 2010 6:48am)

She’s the same idiot that praised “the honorable Mr. Franklin Raines” with Fannie Mae when the Republicans were calling for investigations and safeguards in 2003. SEVEN YEARS AGO PEOPLE! She’s been elected twice again since then. In 2009, Citizens for Responsibility and Ethics in Washington (CREW) named Waters one of the 15 most corrupt members of Congress. She was also included in their 2005 and 2006 reports. In May 2008, Waters told Shell Oil President John Hofmeister "Guess what this liberal will be all about, this liberal will be all about socializing... taking over and the government running all of your companies” During the Los Angeles riots of 1992, Waters appeared on television as a commentator. Waters said "If you call it a riot it sounds like it was just a bunch of crazy people who went out and did bad things for no reason. I maintain it was SOMEWHAT UNDERSTANDABLE, if not ACCEPTABLE. So I call it a rebellion.” So what? Riot? ok I guess....

Bigg in Colorado: (March 03, 2010 6:46am)

Her line of questioning would have been better spent being briefed by one of her 25 year old advisors, rather than the chairman of the Fed. Our Congress not only wastes time, but huge sums of money. Human ignorance on parade by a Senior member of Congress is nothing new, especially from Maxine Waters who will never be challenged in her district.

Wall Mart Greeter: (March 03, 2010 6:45am)

I am another appraiser that is going out of business, since FHA jump on board with the HVCC I have received 1 appraisal request, as for being a Real Estate Broker, that's not much better, I have 2 short sales under contract and it just doesn't look like its going to happen.

Arghhhhh: (March 03, 2010 6:38am)

Wow, that was amazing! Miss. Waters has no clue how stupid she is.

Frank: (March 03, 2010 6:27am)

Ed. Cool man. In your area it looks like it's working. But overall... 220k helped? Supposed to help 4 to 5 Million? Not such a good record. But heck, you got another year with it so tear it up brother!

Ed Conarchy: (March 03, 2010 6:24am)

Frank & Brian I have to take exception with your HARP bashing. I have helped alot of my clients using HARP. It is valueable. www.EdConarchy.com

Mark Madsen: (March 03, 2010 6:23am)

The scary thing is that Maxine Waters supports a big government socialized system. Here is a video of Maxine threatening to "take over" the oil industry: http://www.youtube.com/watch?v=OrA9zj94NuU

NinjaMax: (March 03, 2010 6:20am)

So, what is the solution to the financial crises? Should people who can't pay the mortgage lose their houses to foreclosure and allow the free market economy self correct? Think this through...what would be the consequences and benefits of no intervention by "the Government?"

dsgrntld: (March 03, 2010 6:16am)

Just to add a few facts to make the Congresswoman's ignorance a bit more embarrasing for us all: #1 she is in her 10th term in congress, #2 she actually sits on the House Financial Services Committee. Perhaps someone needs some continuing education, huh?

A Hahn: (March 03, 2010 6:16am)

Yep and that's one of our elected officials. You all need to watch this stuff more often. this was just a taste of what goes on

mooch: (March 03, 2010 5:59am)

Anybody ever wonder what happened to the money paid by homeowners for the mortgage insurance premium (MIP)to protect the lenders in case of default? Where did it go? Was it a scam by the lenders to COLLECT more money? I've never heard this money addressed by anyone, EVER!!!!! Wasn't it basically an insurance policy where the premium was paid by the borrower and the lender was the beneficiary? This was on loans, from what I remember, that the borrower paid less than 20% down. Just curious? Anyone?

Whistling Dixie: (March 03, 2010 5:57am)

H.A.M.P., H.A.R.P., I dunno, I think smoking some HEMP will solve peoples troubles, temporarily. LOL

Hammer: (March 03, 2010 5:55am)

This woman can't be for real..................oh my goodness. Ben, get up and slap that chick, PULEEEEZ!!

billybob: (March 03, 2010 5:54am)

nothing again about the HVCC and most all appraisers going out of business WHAT CAN BE DONE Guess we have to hope 20/20 listens

Nuke 'em 'til they Glow and shoot them in the Dark!: (March 03, 2010 5:45am)

You said an oxymoron. Hussein Obama and Good Decision. Best example of an Oxymoron I've ever seen. Right next to Maxine Waters and intelligence! 978 Days until OTP! onetermpresident.net

RonDon: (March 03, 2010 5:40am)

The only thing Maxine Waters cares about is trapping Bernanke... finding someone else to blame for the failures of this administration. The discussion has deteriorated to such a low level. Asking him for a guaranty? Ben Bernanke did very well refraining from busting a gut and schooling her even more than he did...

BC: (March 03, 2010 5:34am)

It is easy to see how we have HVCC, RESPA and all the licensing crap we go thru now. These people are not real bright and they are destroying a country and our industry.

Just Saying: (March 03, 2010 5:32am)

@Jimmy in the D. . . HARP only benefits those whom did not have MI to begin with but may be at a higher LTV due to loss in value. A borrower cannot go from having MI to not having MI with HARP.

Just Saying: (March 03, 2010 5:30am)

My mother once told me, "don't argue with an idiot. Eventually, those around you will forget who the idiot is." just saying...

Mortgage NY: (March 03, 2010 5:29am)

Frank and Brian, One of the byproducts of your girlfriend's Sarah's crusade against the word ret#$#d is that when the term fits someone such as Maxine, we can't use it at it was intended...

Sukey: (March 03, 2010 5:27am)

I was there. That IS EXACTLY what Commissioner Stevens said.

SusanBroker: (March 03, 2010 5:25am)

O M G. If this weren't so truly frightening it would be funny.

PT: (March 03, 2010 5:13am)

Isn't Maxine Waters the same person that told OFHAO several years ago when they were audited and told there were significant problems in FHLMC & FNMA, that they needed to go back and figure out a way that the audit would not negatively affect the Affordable Housing Program???? She is still just as ignorant as she was then. And still there.

BC: (March 03, 2010 5:08am)

I believe Maxine Waters is on the House Finance Committee and from now on you should be able to pass a test to get on the commitee. Questions: such as 2 + 2 = ? the opposite of up is ? How many states in the US ? That would weed out people like Maxine Waters.

Jimmy in the D: (March 03, 2010 4:57am)

HARP is actually a great solution for the people who want to refi, but their LTV is between 80% and 95% or less, since they are not under water, but now have the opportunity to refi without having to pay Mortgage Insurance. I have been using the HARP program, to save many refinance deals, that otherwise would not happen, due to the fact that the Mortgage Insurance would eat up most of the benefits of the refi. Also when subordinating a second on a HARP Refi, many 2nd lien holders, waive the subordination fee and allow the CLTV to go over 100%, which also helps. So HARP is helpful, and I happy to see it continue, plus, as long as you are not exceeding 105% LTV, they are rather easy to get approved.

TD Hawk: (March 03, 2010 4:54am)

Maxine Waters embarrassed herself before her own members and whomever views that exchange, and she doesn't even realize it! Her uninformed, simply ignorant, questioning and grand standing made her look like a complete imbecile. My only hope for her constituents, Lord help them, is that she has some competence or expertise in SOMETHING. Kudos to Bernanke for showing restraint in not humiliating her more than she accomplished on her own. As she continued, I prayed for a long hooked cane to come from stage left and tug her off the screen. She made herself look like a clown and I hope this video goes viral on social media and her opponents use it against her.

San Antonio loan lady: (March 03, 2010 4:50am)

There are simply too many delicious Maxine Waters clips to view. She is right on par with Barney Frank in my book. Dumb, dangerous and powerful. She was firmly in the CRA corner. Here is just one link with good summaries: http://hotair.com/archives/2008/09/29/video-democrats-insist-nothing-wrong-at-fannie-mae-freddie-mac-in-2004/

GaryP: (March 03, 2010 4:28am)

Here's the good news on the MBS markets. The Fed has said that they are going to hold the $1.25 trillion in MBS that they have purchased for some period of time. What I was afraid of was that they would start selling. The combination of the reduction in demand that resulted from them stopping purchases, plus the increased supply from them selling, would have been terrible. However, we're just delaying the inevitable here. Eventually, they will sell and however slowly, the additional supply of MBS is going to have to have some degree of negative impact on rates. This is simple Economics 101. The only question is how slowly they will liquidate their MBS holding, and thus how small the impact will be on rates.

Gary P: (March 03, 2010 4:20am)

Tejas Jimmy: You hit the nail on the head. Who is going to be buying MBS now? The Chinese? The Fed has been buying 80% of the MBS supply and its going to take new buyers to come back to the market. I saw an interview with one of the big players in the MBS market and he said that rates would have to come up 0.5% before they would be willing to get back into that market again. I keep holding my breath, waiting to see that kind of jump on my rate sheets. I've been urging all of my buyers and agents to hurry up and finalize contracts so that I can lock them. My giess is that we are going to see a large jump in rates and it's going to take a while for "normal" functions to be restored to that market. I know that the Fed is gradually slowing their buying to ease this transition and I am hoping that is taking place now and its actually smoother than I fear.

Joe_King: (March 03, 2010 4:12am)

YSP has not left the Industry--it has only been renamed to terms like Buyer Credit, Service Premium and it is reflected in Box 2 of your GFE as a credit that reduces your Origination Charges, TexasJimmy. Ms. Waters is a fool and a tool. Hopefully, her lack of understanding this financial matter will be her ticket out of Public Office--her Constituents should be ashamed. Americans, for the most part, need to learn to live within their means.

joecolorado: (March 03, 2010 4:10am)

HARP.....HAMP....more like HEMP.....do the powers that be REALLY need to open up their mouths and confirm to listeners how uninformed they actually are....god bless her little cotton socks.I should have thought that pols should have more sense.

brian tbws: (March 03, 2010 4:08am)

Hey Tejas. Thats great about your refi. Its the first I've heard. Also, there's not an appetite for mbs's outside of the gov. we'll see. Stevens from fha said he expects a raise in rate between .25 to .75 as a result. anything more would be unhealthy.

candace: (March 03, 2010 4:04am)

I'm quite embarrassed for this woman. How could she NOT know what she is talking about in this type of forum?? You finally get ONE minute with one of the great leaders of the WORLD and you are NOT prepared. He did a fantastic job in handling her without humiliating her....which he sure could have.

MSS: (March 03, 2010 3:59am)

Maxine Waters is the reason we have the expression, "You can't fix stupid."

TejasJimmy: (March 03, 2010 3:28am)

Bye the way, the HAMP process was scarily painless. I got to a loan officer with minimal automated frustration Loan app over the phone, close in a few weeks. The big banks are mean competition now and their costs are low and rates competitive. Frank and Brian please have a TBSD regarding how the pending TILA reg is going to eliminate the originators compensation from being influenced by loan terms. Ie no more ysp for a higher rate. Barry Habib and Sue Woodard had a scary conference call recently with a Federal Reserve administartive lawyer drafting the new regs and it was scary. His basic gist was that we are all going to a flat fee compensation model with compensation determined via contract by the "banks" or "WholeS" with originators not able to adjust their own compensation up or down for competitive purposes.Bye brokers and banker hybrids and hello flat fee bank clerks.The big banks are really gonna be in charge This is the last calender year of old school pricing/earning potential

real estate Joe: (March 03, 2010 3:11am)

Anyone who has a mortgage and is having difficulty with payments due to an arm product or loss of income should get some sort of common sense help from the government to reduce the mortgage payments. Mortgage companies are not doing anything right now but pretending to work with homeowners that are under water.

TejasJimmy: (March 03, 2010 3:10am)

I am closing on a HAMP refi for myself through BOFA this am. Its truly a no doc refi, they pulled my credit(which is still good), ran an AVM(under 80%),and did a VOE. 5.25% crediting me back $1800.00 in ysp toward costs which are incredibly low. $1200.00 total lender fees. No orig/disc. Does anybody know who is buying MBS's now that the tresury is cutting off the juice. Where is the money going to come from for us to lend?

Simplemind: (March 03, 2010 3:05am)

Another thing.. Rates are going to go up.. I believe the interest on our National Debt rises with the discount rate. We can probably only sustain a 2 or 3% increase before the amount of interest overpowers the GDP. The option of running the discount rate to 21.5% as we did in 1980 to stop the Dollar from collapse is not an option this time..

Simplemind: (March 03, 2010 2:53am)

Thanks for the Maxine Waters laugh. I know many homes are still under water. But, I also think many people had options to get out of ARMs and into fixed rates and didn't take advantage of it. I am surprised home buyers still bought homes with ARMS and are still buying homes under ARMS today. What are some of these people thinking? Rates are only going to go up.. The only thing that's going to go down tonight is the Sun.