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singpraisetojesus: (March 24, 2010 11:26am)

I agree with Valley17. Before you go inferring that that Salvation Army has purchased properties with donated monies, you need to check the facts. Many, many of their properties were donated outright by people who wanted to bless the organization with such a gift. Check your facts first, please. ♥

321Value: (March 23, 2010 8:21pm)

First time poster long time listener/watcher! i love what you guys are doing and I pass your videos onto everyone I know!

5pence: (March 23, 2010 7:25pm)

Thanks clulessdad. Where are the mortgage brokers that were complaining about appraisers taking over the board?? lol. I'm sure some people have urgent questions for mortgage brokers and bankers. We're all getting screwed on this. I wish I could help Deedie. BTW guys, great energy in the last couple shows. You must have got inspired at those meetings in Washington State - booyah!

Clulessdad: (March 23, 2010 6:49pm)

5pence-I am still bugging Miller's office for a meeting. Will let everyone know if/when I get it.

Deedie: (March 23, 2010 4:10pm)

Someone please advise! I have a listed short sale since 01/2007. Contract date 08/2009 denied borrower must sign unsecured note for $25,000. No way both unemployed. Resubmitted 11/2009/ same buyer, same seller , Mi company filed bankruptcy , new MI company same results, unsecured note (My Property$25,000). What was the change to go in effect on the 15th of April ( have 30 day extension)?

Valley17: (March 23, 2010 3:11pm)

Many of these properties have been donated to the Salvation Army. They do not need to pay property taxes because of the 501c3 status. The officers of the Salvation Army are like any pastor of a church. Many churches provide housing for the pastor and his family in a variety of homes from humble to eloquent. If a pastor can tend to his flock better, knowing that his needs for housing and food have been taken care of. A perk, yes. And in Los Angeles, where the median cost of housing is four times that of rest of the country (729,750 times that of Detroit), what else would you expect to hear that a home costs so much. How would you underwrite a person who earns $1,000 a month and to minister to the needy in LA? Boys, this piece was just sound bite rhetoric. You can do better.

Ill Appraiser: (March 23, 2010 1:25pm)

miller1-Illinois

miller1: (March 23, 2010 12:55pm)

7to Ill appraiser is the bill 5868 in Illinois or in Washington

5pence: (March 23, 2010 12:50pm)

Clulessdad : we're all out celebrating free health care that isn't free. As far as the Salvation Army, there's good and bad in every outfit - I'm just thankful that the good they do far outweights the bad. Cluless: When is that meeting with Rep Miller? I'm really curious what Bubble Ben said to him. They were on CPSN last year and Rep Miller brought up the HVCC and appraisers and Bernake absolutely didn't want to talk about it on TV or in front of the Senators. He want Miller to contact him privately about it. I'm seriously suprised that nothing has been done yet, so I'm wondering what excuses Bernacke used when he talked with Miller. I hope no threats from Ben were involved but I wouldn't put it beyond him. He's against appraisers like Summers and Geithner are, you know, the ones that said that derivatives would never be regulated and helped immensely in the melt-down.

MarkE: (March 23, 2010 12:43pm)

So sad I missed Atlanta, but I am very happy to say that I will not miss San Francisco. Sharing and rubbing elbows with fellow originators is always a great thing...can't wait to see you guys there.

Ill Appraiser: (March 23, 2010 12:29pm)

There's something I've never done in 55 years. Spell Illinoians. Could be wrong.....Is it Illini? Or is that just for the Indian tribe and the Fighting Illini?

Ill Appraiser: (March 23, 2010 12:27pm)

Cluless-I think everyone in Illinois is burning up the phone lines to our state reps to pass Bill 5868 in our House to regulate AMC's. Am I right, Illinoians?

Clulessdad: (March 23, 2010 12:07pm)

Where did everyone go? 23 posts by noon? I remember only a few weeks ago that there were 200+ a day. Can't exchange views, or anything else if there is no one is here.

Clulessdad: (March 23, 2010 11:31am)

Frank-thx for all you guys are doing!

sus92691: (March 23, 2010 11:04am)

So if Fannie/Freddie go bye-bye....does that mean HVCC is null & void... BUT how can they go away.....Big Ben will never allow it to happen ....then who will buy back all the loans...& didn't Fannie/Freddie just announce the other day...if your loan rate is over 6.5% & you are past due.... They want to buy your loan.... Now I'm from far the "Sharpest Pencil"...but.....why do I see another road to disaster..... I also heard about a 10yr Interest Only Loan....

5pence: (March 23, 2010 10:31am)

The want to take the GSE's private with private investors buying the mortgages. I don't think that's going to work - no one wants to buy those mortgages, the housing market is still the taxpayer. If they succeed in taking them private I would expect HAVOC to remain - private company private rules. That doesn't answer how they can justify public policy of administrative agenices of the Fed government allowing HVCC to stand. They are going to have to address it. I think they're letting it stand up till now because of the Fed governments role in the melt-down. Illegal/illegal. Update on octo-mom. I just heard on the radio that an adult film studio will take care of her payments if she acts in films for them.

frankgaray: (March 23, 2010 9:53am)

Clueless.. no real update on HVCC. If you go to Savitt's site there may be more there. www.NAIHP.org. And there is still no update from HUD on the status of the "mini-eagles" out there as well. We check on it every day bro...

Clulessdad: (March 23, 2010 9:51am)

Frank, any updates on HVCC, Stevens on audits and broker approvals? Is anyone else disturbed by all the loan applications being rejected by the lenders nowadays? Three years ago, I remember there would be 20-30 dealbreakers in every loan. Last year it seemed like 50. Since January it seems to have ballooned to 250. And you can't find out if it is a good loan until you spend days on RESPA and TIL compliance, getting 3 inches of paperwork together, then waiting days in UW, only to find out that loan doesn't fit the overlays. Then if you get an approval, not a suspense that you get a condition "Please provide a 2 year verification that the co-borrower has been a housewife." Time to send the UW a dirty diaper.LOL Something tells me that with the demise of Fannie, they are making the box really small.

frankgaray: (March 23, 2010 9:41am)

Hey Guys. We saw fha commish in washington d.c. not washington state. The rebar stuff in washington state was very i opening. technology is going to redefine our industry.

ACOWStan: (March 23, 2010 8:53am)

You should not be commenting on anyone's mental capacity unless you know how to SPELL "capacity"....ironic, eh?

miller1: (March 23, 2010 8:48am)

Frank and Gary I thought you were to see the head of the FHA in Seattle. Did you or was I wrong. If so did you get any information about any changed to the FHA appraisal ordering regulations?

charles.nielsen: (March 23, 2010 8:46am)

Bashing the Salvation Army, with all the great charity work they do has the same mental capasity as an ANDREW CUOMO.

AskGene: (March 23, 2010 8:41am)

About the Salvation Army. In that area a Million Dollar home does not always mean Luxury. Do they each have their own large home or is it a communal situation?

Joebob: (March 23, 2010 8:37am)

Freddy & Fanny doing a lousy job? No doubt. Evidence is there. But...for Barney & the Beltway boys to reform it? Haven't seen anything out of Washington lately that gives me confidence that this administration can manage anything but to screw it up even more. HVCC, SAFE, HAMP, TARP, and a host more. Now the HEALTHCARE debacle. I believe that absolutely anything this administration will do will only worsen the situation. That is not limited to new programs...but even extends to modifying existing. Democrat/Republican, makes no difference. Frank & Brian have it right in their suggestions that we'll only have power when we band together as an industry and stand up; telling government that perhaps the people INSIDE the industry have legitimate input as well.

rphitch: (March 23, 2010 7:51am)

One more thing... if Freddy and Fanny die, what becomes of the mortgages they own?

rphitch: (March 23, 2010 7:50am)

One more thing.. if Freddy and Fanny die, what happens to the mortgages they own?

rphitch: (March 23, 2010 7:47am)

Oh, Love your informative video's, although I must now refill my blood pressure medicine.

frankgaray: (March 23, 2010 7:46am)

Link to Salvation Army Story: http://www.latimes.com/business/la-fi-cover-salvation14-2010mar14,0,970540.story

rphitch: (March 23, 2010 7:44am)

So if Fanny May buys my over 6.5% (4-months in the rears) loan, what modification terms might they set so I can keep my home?

FinanceLogic: (March 23, 2010 7:39am)

Brad, a BK could be a problem for LO licensing depending on the state. You need to check your specific state requirements for originator licensing.

GODLIKE: (March 23, 2010 7:02am)

Can you please give us a link to the Salvation Army story? I'm not questioning the story, but I want to pass it along. This just fits everything I've learned about charity work and workers. I don't ever feel guilty about passing by the worker and his bucket. Actually I get pretty mad when they set up at about Halloween and harass me for months on end.

GODLIKE: (March 23, 2010 6:58am)

And what do we propose to put into place to replace Fannie and Freddie since they have been the gold standard worldwide for decades?

LOANBRUTHA: (March 23, 2010 6:38am)

Salvation Army is doing pretty good !Hopefully they have to bunk a few to each Mansion... LOANBRUTHA

linda-joey: (March 23, 2010 5:37am)

mortgagebrad: bad information. The SAFE ACT MLO licensing is state by state. A recent BK will not prevent you from being licensed, provided you explain it in a letter when submitting your paperwork to get your license, the felony will get in your way, My state is Arizona

Chris: (March 23, 2010 5:13am)

Frank - Brian, first of all I am stoked to have been a part of the MRev since the beginning and am glad that you guys are going to be our local host in San Fran. The cool thing about MRev, is it is not about numbers [though they seem to be growing], it is about leadership. In the time where LOs need to hear from their fellow originators about what is working -LOs, just like you and me, are stepping in to fill the void. I LOVE THIS BUSINESS! Chris the Implementer

mortgagebrad: (March 23, 2010 5:03am)

True or false. In the Safe Act and effective 1/1/2011, if you have a bankruptcy that is less than 10 years old and/or a felony that is less than 7 years old, your license will be pulled. A wholesale rep was told this by a couple of different LO's who took a Safe Act course.