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elaineb: (March 25, 2010 11:15pm)

Relo, Get a freedom of information request going with the FDIC to find out who the actual owner of your promissory note is. It is most likely not B of A. If it is someone else, then B of A is illegally initiating foreclosure action against you. Go to 'livinglies weblog' and research info there. you need to fight. all the Shared Loss Agreements gave the new lenders incentive to foreclose since they are making more money by foreclosing (they purchased your loan for 70 cents on the dollar, when they foreclose they get the original loan amount, minus foreclosure value, plus interest, fines and penalties and other costs they incurred....So they make more than they originally spent. Many folks are filing lawsuits against these lenders. A Seattle class action was just filed against B of A. The Shared Loss Agreements have thrown house values abnormally lower--because lenders do not care what they sell the homes for at auctio, even if they could get more w/short sales--they foreclose

Relo: (March 25, 2010 7:11pm)

I am getting a feeling that some feel those in foreclosures are deserving of the pain. I didn't ask to have an ill husband and work reduction and my Real Estate business tank. I work hard with 3 jobs and I am now in foreclosure on a rental because of jerks that live and trash everything they move into. I would love to write a check each month but the job market isn't allowing it. Some good people get hurt everyday we aren't all losers in a bad loan. But when we call BOA for help they tells us we are preferred customers that have always been on time and they can't help good customers like us.

CLARK KENT: (March 25, 2010 5:32pm)

AND THEY'RE WORRIED ABOUT APPRAISERS BEING DISHONEST. WHAT A JOKE. OK, I'M DONE NOW.

CLARK KENT: (March 25, 2010 5:27pm)

ALSO, IF THE FEDS HAD NOT DONE THE TARP AND HANDLED IT THE WAY THE S & L'S WERE HANDLED IN THE 90'S, IF THEY WERE INSOLVENT, BREAK 'EM UP AND SELL THEM OFF. LET THE FORECLOSURES RUN THEIR COURSE. AND PROPERLY FUND THE FDIC WITH MORE THAN A PULTRY 54BIL SO THE DEPOSITERS CAN GO TO THE FAILED INSTITUTION AND GET THEIR MONEY. THE RUN ON THE BANK FEAR TALK WAS JUST BS SO THE FEDS WOULD HAVE A REASON TO NOT SHUT DOWN THEIR FRIENDS. IF THIS WOULD HAVE BEEN HANDLED IN THIS FASION, HARD WORKING, TAX PAYING CITIZENS LIKE US WOULD HAVE FELT THAT THE GOVERMENT WERE DOING THEIR JOB. WE COULD BE TALKING ABOUT HIRING, AND WE COULD BEING SEEING SOME LIGHT AT THE END OF THE TUNNEL BY NOW INSTEAD, THE GOVERMENT CHOSE TO PROTECT THEIR FRIEND INSTEAD OF THEIR EMPLOYERS.PAULSON AND GIETNER BOTH WORKED FOR GOLDMAN SACS. ONE IS AS CROOKED AS THE OTHER.

CLARK KENT: (March 25, 2010 5:15pm)

I MENT LOAN TO DEPOSIT RATIOS.

CLARK KENT: (March 25, 2010 5:08pm)

5PENCE AND ELAINEB, I AGREE WITH YOU BOTH. THIS CAN BE ALL TRACED BACK TO THE REPEAL OF THE GLASS STEGALL ACT. THEY WERE TALKING ABOUT THE REPEAL WHEN I WAS A LOAN OFFICER IN THE LATE EIGHTIES. I COULD NOT BELEAVE THEY WOULD ACTUALLY CONSIDER ALOWING COMMERCIAL AND INVESTMENT BANKING UNDER THE SAME ROOF. THEN THE NEWS STORIES WENT AWAY. 10 YEARS LATER I FIND THAT IT ALREADY HAPPENED. WHAT SANE PERSON THAT IS NOT A CROOK COULD POSIBLY THINK THAT GAMBLING THE DEPOSITERS MONEY ON CRAZY DIRVITIVES IS A GOOD IDEA, NOT TO MENTION 30 TO 1 DEPOSIT TO LOAN RATIOS. YET HERE WE ARE AND THEY ARE NOT DOING ANYTHING TO SOLVE THE REAL CAUSE, EXCEPT PROVIDING LIP SERVICE. THE REASON IS SIMPLE, FOLLOW THE CAMPAIN CONTRIBUTIONS.

5pence: (March 25, 2010 3:15pm)

elaineb: Those CDO's were sliced and diced MBS's that were sold and re-sold - the same ones over and over! Cut up and sliced and sold and then those were cut up sliced and sold. Unbelievable. Get this, the banks have gotten their way in keeping CDO's! How can they get away with selling pieces of a document that is basically indivisible, and that's the property owners rights? They shouldn't be able to, ever. I've heard more than 1 story where the foreclosure was challenged and in court the title had been sliced and sold so many times they couldn't produce it! And lost the foreclosure. Think of all the people that should have demanded to see the documents for the banks rights to a property. CDO's are Proprietary trading and that means "scam". We've got a proprietary Congress lol - funny but sad and true.

elaineb: (March 25, 2010 3:00pm)

Jim, Wallstreet and the Feds schemed up this entire situation many years ago. Did you know that your promissory note is sold more than once at the same time to different pools of investors? And those pools were insured by AIG against performance loss? And that because a borrower is only paying on ONE LOAN, the other pools that were sold the same loan, obviously didn't perform--and were never going to perform-- that is why the Federal government gave AIG $175 BILLION dollars? Yes, Pony up, but when they blatantly create situations where our values drop so much that we can't sell the house, tack foreclosure notices on the doors when they are "holding" payments and not applying them to the loan, so that the renters quit making payments to us, it puts us in a precarious position. They are only foreclosing because they make MORE money thru foreclosure. Do some research, or are you one of those investors that bought into a new bank like Onewest?

elaineb: (March 25, 2010 2:55pm)

Funny how Bank of America just announced that they are forgiving principal, after they were sued in a class action suit in Seattle by Hagens, Berman, etc....http://www.hbsslaw.com/ If you all file a freedom of information request with the FDIC to find out WHO OWNS YOUR PROMISSORY NOTE, maybe they would also get the picture that we are not a single person, but a MASS to be reconed with! All the foreclosures going on are drastically reducing house values, as the lenders that are participating in the "Shared Loss Agreements" with the FDIC don't care what they sell the home for at auction, if they are making more money to foreclose than negotiate. Haven't we all had GOOD short sale offers to lenders that got ignored and then the lender foreclosed and the home was sold for far less than the short sale price? The link to file a Freedom of information request to find out who owns your promissory note is http://www2.fdic.gov/efoiarequest/Index.asp they will answer in a week

5pence: (March 25, 2010 2:25pm)

This is going to sound crazy, but how about reducing all mortgage rates to 1-2% until the economy revives and jobs return. My guess is would only take a year or 2. The banks got all that money for free and I don't feel any trickle down - except for maybe getting pssd on.

GODLIKE: (March 25, 2010 2:22pm)

JIM IN ATLANTA spoken like a true Libertarian or Tea Bagger (and I don't mean that in a derrogatory way). Unfortunately what you said makes sense, that means it can't fly in Washington. I think I'm going to send them all copies of my Aynn Rand books. Nah, it'd be wasted, they can't read.

Jim in Atlanta: (March 25, 2010 2:01pm)

I think that you missed the best option for your poll question. How about people just pay their mortgages like they contracturally agreed to? Pay your debts? That is an interesting concept. It is blatantly unfair to lower how much somebody owes and not do something for people that are not under water or don't have a mortgage. Screw them. Either pay or get foreclosed upon. When you bought your home there were 3 possibilities. The value could go up, remain the same, or decrease. Most values have decreased in the last 3 years or so. Get over it!!! Cowboy up!!!

Clulessdad: (March 25, 2010 12:38pm)

Reducing principal is a moral hazard. Bailing out the banks was a moral hazard. Look what happened there. I am current with my mortgage-they should reduce my principal also. Let them foreclose. Get the pain over and start again. Mods don't work because usually the borrowers have lost their jobs. Jobs were, are, and will continue to be our problem. Create jobs and the workers can pay a mortgage.

crashdot: (March 25, 2010 12:36pm)

The whole HAMP program is a travesty. Lenders, who received bailout money to stay alive, are subverting it in every way imagineable. The 'delay/no response' tactic is the most common. BofA (via Countrywide) and OneWest (via IndyMac) are two of the worst offenders. The HAMP program dictates a waterfall calculation that MUST be used to qualify loan mods and determine the resulting loan. Principal reduction is the final step lenders must use, if lowering interest rate and extending term don't get the borrower under 31% DTI. BUT IT ISN'T A 'CHOICE'! They MUST use it. That, and the Loss Sharing Agreements the FDIC entered into with these lenders (there should be a special jail for the people who created these agreements) are the reasons lenders would rather foreclose than modify. Yeah, it is unfair to the people who aren't underwater, but at least it distributes some of the unconsionable gains the banks are making at our expense to some outside of their institutions...

sus92691: (March 25, 2010 11:06am)

5Pence....I available to help. I suggest monthly that we get together and hold Rallies, to get our message out. We need Press & we need to Body Count at Professional Rallies to show that we are serious. Appraiser have to work...so even if some are working thru the AMC's...they have working knowledge of how they operate....Until we Organize Together in Mass on a regular time schedule...we will continue to be "pushed under the bus" and the TAVMA/AMC's will continue to be in Control.

SYOH: (March 25, 2010 11:03am)

BoA declined a loan mod after the borrower had been placed on a trial period since aug 09. On 3-23-10 I was told they would rec new loan docs for the permenant loan modification...the very next day BoA declined the loan mod and told me to start over due to their new process. I could not get any information on the new process or any idea of how it would work. I was only told the loan mod trial period was over and the borrower would recieve a letter of default! Unbelievable what the bank can do in 24 hours and could NOT do in 8 months. And no one at BoA can give an answer to any of my questions.

sus92691: (March 25, 2010 11:01am)

F&B please fix your login....I cannot log in with the direct link from your daily e/mail... I have to go back out & come in directly from the internet, sign in & then back out to the daily show & log in again to be able to access the discussion bar thanks

5pence: (March 25, 2010 10:59am)

FRANK AND BRIAN - ARE YOU GOING TO DO ANYTHING ELSE WITH THE 120K SIGNATURES?! A RESPONSE WOULD BE APPRECIATED.

5pence: (March 25, 2010 10:31am)

Please Godlike, don't defend either party. It's comments like that that make me think there is no hope to stop this country from going off a cliff. They're all crooks and can't be trusted. There is no 2 party system - dems and repubs are the same and drink from the fount - bank and insurance company lobbyists. I'm not going to get into this with you trying to make it a dems vs repub thing. We are where we are because every one of our elected officials that put corporate interests before the interests of the people that elected them. It's time to clean house and sweep them all out. Lets get them all out, see how things change and THEN we can see more clearly where to lay the blame. Neither party deserves to be in office after selling us all out. This dems vs repub thing just stirs the pot as it's an endless debate that polarizes people and makes them defend defenseless positions. Don't be that way. We don't need polarization, we need elected officials that do the will of the people. Thx

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

ivydgray - it was an article from somewhere.. if you google it you'll find it.. it's everywhere right now... the article I read said they were going to start on June 1st, and you have to be 60 days behind as well...

GODLIKE: (March 25, 2010 9:59am)

5pence it really was a Dem vs. Rep. thing. The Dems have had complete and unfettered control since the election. (they've actually had control for most of 50 years) The Reps. had no hope at all of stopping what was coming. All they could do was pave the way for a CHANGE after November. The passing of the bill was a foregone conclusion.

CLARK KENT: (March 25, 2010 9:59am)

HERE IS A LINK EXPLAINING THE PRINC RED PROGRAM http://www.walletpop.com/blog/2010/03/24/how-bank-of-americas-principal-reduction-plan-will-work/

5pence: (March 25, 2010 9:56am)

jc -AMC's apparently have very good use of the english language and can manipulate meanings to their advantage. Fair and reasonable fees are limiting terms and limiting terms makes us employees. Our appraiser fees should NEVER have been the topic of discussion BY ANYONE! We are independent and our fees are independent OF ANY LIMITING TERMS! We should push "fair and reasonable" for AMC fees and set them at $25 for their efforts in state legislation. They can not escape their own "fair and reasonable" dictums and abuse of those terms. What are fair and reasonable AMC fees"? $25. Lets see how they like it.

Zach: (March 25, 2010 9:54am)

I own a small mortgage shop & have for about 5.5 years(at various levels of success and failure). I passed the NMLS tests back in December & they're NOT easy.They have nothing to do with the actual origination or even ethics. The majority of the tests are memorizing names of laws & regs. How does a consumer benefit from me memorizing that Reg X applies to RESPA? The national test is a complete joke. If a newbie in the biz MEMORIZED 2 chapters in the book...he would pass the test. However, if a seasoned 20 year veteran took the test w/o studying...he would easily fail. The tests are just busy work created by people who have NO CLUE about the industry. The banking commission still truly believes that Loan Officers caused this housing crisis! The analogy I have used w/ others is if Pfizer came out with a new drug. Dr's and Pharmacists then pushed the new drug to patients but then 3 years later, the drug was found to be deadly...who is to blame? Pfizer or the docs/pharms?

jc: (March 25, 2010 9:53am)

I actually had an AMC tell me that "They decide" what is fair and reasonable. And if I wouldn't do work at that price, I could submit my fee for FHA appraisals. I did and haven't had an order since. I reported then to FHA, FHA's response is that they expect the lenders to police themselves and to contact the lender and let them know. Good Luck with that!

5pence: (March 25, 2010 9:49am)

sus92691 : I like your attitude! Join your local groups (I'm in Washington State) and get your message out. Spring and summer is coming and that is not only the time for rejoicing but also the time for protest. I've been trying for a year to get appraisers to do something and where I've looked, they've been mostly a bunch of selfish deadheads that appear to not care about anything but themselves. That's the wrong way to be in these trying times. As the "Father" of the revolution, Samuel Adams said: "It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds." I'm glad to have run across an ever-increasing appraiser/broker/consumer populous that shares that sentiment. We can make a difference as long as we don't give up. Right is might and HVCC is wrong.

jc: (March 25, 2010 9:48am)

A fair and reasonable appraisal fee for any appraisal should be what is payed by the borrower on the HUD 1. And why is what was a fair and reasonable fee before Feb 15th not the same as after Feb 15th? Alamode is right as far as appraisers are paid, but what the borrower is charged is higher in many cases and the title companies HUD 1 statements should be polled!

tbws brian: (March 25, 2010 9:32am)

Hi Zach. First I've been a working lo for 13 years. I now do tbws but work out of mortgage shop. I have conversations with l/o's processors underwriters, a/e's and assistants everyday of the week. My heads very much in the origination game. Second we will push products if we believe they will benefit our viewers and it makes sense to us. We pass on more opportunities than we take. You only need to look at every other site. Last not an endorsement of Zillow. Just a mention of industry story with a link to the article. Thanks for the participation guys.

CLARK KENT: (March 25, 2010 9:22am)

AS REAL ESTATE BROKER, I THINK USING BPOS OVER APPRAISALS IS LOONY. WHAT IS NEXT, THEY WILL HAVE THE HOMEOWNER SELLING AND NEGOTIATING THE SHORT SALE? ALSO, THE AMCS ARE DESTOYING THE BUSSINES BY SLOWING THE LOAN PROCESS DOWN AND CAUSING MANY OF THE GOOD APPRAISERS TO LEAVE THEIR FIELD. LIKE THE OLD SAYING SAYS, YOU GET WHAT YOU PAY FOR.

Ill Appraiser: (March 25, 2010 9:19am)

IL Appraiser & all Illinois appraisers - Call your local state representatives, or better yet go to their local offices, and encourage them to vote "yes" for Bill HB5868. This bill will regulate AMC's in the state. For more info go to ICAPweb.com and you can also find out who your rep is to contact them at this website. We've got to start somewhere and at the state level is a good place to do that. Also, NAIHP is working on Washington. Their website has more info also at naihp.com.

5pence: (March 25, 2010 9:18am)

Godlike, don't make this a dem vs rep thing. It isn't. I was telling it as I saw it. I'm not with either party - they're all crooks and need to be voted out. I was just illustrating how these political posers play around instead of taking care of the people. Their only concerns are themselves and getting re-elected so they engineer circumstances to try to make themselves look good at a later date, like re-election time. They brick walled health reform just for that purpose imo. Again, they're all crooks, just pointing out suspicious happenings that CNBC and Bloomberg noted. *sus92691, I've got to take care of some things - it's truly crunch time for me (Ch 7) and I want make sure I'm free later to go to NY and protest Cuomo and get more seriously involved in action before summer.

CLARK KENT: (March 25, 2010 9:15am)

THANK YOU GODLIKE, YOU ARE EXACLTY RIGHT.

CLARK KENT: (March 25, 2010 9:13am)

REO JAMES, YOU ARE RIGHT ON THE MARK!!!!!IT IS A SHAME MOST PEOPLE INCLUDING BEN AND JER RUNNING THE WEBSITE HERE, DO NOT UNDERSTAND WHAT IS GOING ON.

GODLIKE: (March 25, 2010 9:12am)

YOU'RE DOING IT AGAIN! It is posting entries out of order based upon time zone? All I know is that my entries show up about 2 hours BEFORE I posted them according to the time stamps. Whereas others show at the right time. My posts are entered way down the list and not at the top.

GODLIKE: (March 25, 2010 9:09am)

So we give the guys a principle reduction today and property values continue to fall in those same 7 metropolitan areas that began the slide. Do we give them another principle reduction and then another? When does it stop? Like it or not places like California where housing prices have no relationship to value have to adjust and begin again. How does principle reduction help that - unless you just keep reducing principle till you see a rise in values.

ivydgray: (March 25, 2010 9:08am)

Thanks for the info on BOA principal reduction. Do you have a document somewhere stating that it will be rolled out in June? We are also really facing challenges with lenders suddenly creating new loop holes in HAMP regulations. Any ideas where we can turn to find help making lenders follow the regulations? For instance Flagstar just notified us that a homeowner MUST go through HARP review before they will be considered for HAMP and if they are approved for HARP and decline the refinance they will NOT review for HAMP. Nowhere that I read said they have to be reviewed for a refinance FIRST and a lender approving for a HARP may require booko bucks upfront to pay down the difference but it still technically qualified. SO any ideas where we can go to find out how to fight something like this?

5pence: (March 25, 2010 9:07am)

mdeery, maybe they're trying to spur sales to raise home values so they can make it up in taxing more? It doesn't make much sense to me. For those thinking about digging your way up (in my last post), you'd be risking collapse if you tried it. :^). I guess Frank and Brian don't want to talk to me about my post about the 120k signatures....?

GODLIKE: (March 25, 2010 9:06am)

WOW! TBWS has gone international or maybe even intergalactic. We don't know where 5pence is from, all we know is that he's not from around here. Republicans grandstanding so they can come back with a repeal & rewrite? All we know for sure about 5pence is that he's not seen the voting record on the Unhealthy reform. It was almost every Dems (yes a few who hope to remain in office after November) against ALL of the Republican. The Dems were busy loading the bill up with everything including the kitchen sink (non-healthcare I might add) because this was their last hoorah. Presently they can vote anything in they want, after November they won't be able to.

CLARK KENT: (March 25, 2010 9:05am)

ALSO, THINK ABOUT HTIS. WHEN ALL THE PEOPLE THAT DID GET LOAN MODS FIND OUT ABOUT THE PRINC REDS THEY WILL REDEFAULT IN HOPES OF HAVE THEIR RPICIPAL REDUCED AS WELL. WHAT A MESS THIS WILL BE. MARK MY WORDS.

REO_James: (March 25, 2010 9:02am)

Principal reduction is a good idea. But who would qualify? That is the problem with mods. It seems like you have to fit into a narrow financial doorway...Where you no longer qualify for current payment, but need a minimum rating to remain in the home with an acceptable payment. If the banks were never bailed out we would not be talking about this. We would be on the fastest track to recovery. The bailout, mods and principal reduction can only prolong our economic recovery. It is only because of the bailout that we need to look at mods and principal reduction. At this point we need to move real estate to recover. We need to expedite the forclusure process and blowout the shadow inventory. Real estate is the biggest sale in the world, it generates many incomes when sold. We need inventory (REOs) to sell, only then can we begin to recover.

5pence: (March 25, 2010 9:01am)

mdeery - you can't spend your way out of a hole. When you're really deep in the hole, digging up doesn't work.

GODLIKE: (March 25, 2010 8:59am)

The 30% that are flunking the NMLS test are all the newbies that now never needed to be licensed before, not the originators. It's all the other people in the industry who've never had to study or take a test to work.

CLARK KENT: (March 25, 2010 8:55am)

THANK YOU CY FOR YOUR INSIGHT.

mdeery: (March 25, 2010 8:40am)

Breaking News! State of CA Announces New $10k Home Buyer Credit! have you guys heard this? The State must be out of their minds as they are broke, but some buyers will be able to double dip the $8k and $10k if they get in contract by April 1st for the $8k and close after May 1st for the CA $10k. I guess all we can do is take advantage of the freebies. But the economic side of me says this is nuts because all it is is another band aid and will prolong the markets from healing again. What say you folks?

CY: (March 25, 2010 8:38am)

The BofA principal reduction deal is good except for 2 things: 1- you must miss two payments to qualify and 2- the forgiven balance will probably be taxed as income in California. I agree with Clark Kent - this does not serve a probably huge majority of folks who are making their payments and maintaining good credit, but who have given up all quality of life to this end.

riblah: (March 25, 2010 8:26am)

Clark Kent- please quit yelling.

5pence: (March 25, 2010 8:23am)

Frank and Brian : You guys still have that powerful weapon, the kill HVCC petition with over 120k signatures. Aren't you going to do anything else with it??!! Cuomo blows you off so you give up? Come on, get some plans together on where next to try to make an impact. Deliver them to Rep Miller in California, deliver them to Sen Kanjorski. DO SOMETHING!! I think those signatures are power in the right hands! I'll be glad to help with ideas and whatever else I can. Just do something with them - don't let them rot to the point they're useless.

CLARK KENT: (March 25, 2010 8:21am)

JUST TO GIVE YOU ALL AN IDEA, I MAKE 300K A YEAR, PAY 1/2 OF MY INCOME IN TAXES, HAVE 10 PAGES OF PERFECT CREDIT, AM 150K UPSIDE DOWN ON MY PRINC RES AND HAVE ONE KID LEFT THATIS MOSTLY DONE W/ COLLEGE. I OWN 3 RENTALS. THE PAYMENT ON ONE IS $400 PM AND ITS IN A DECENT AREA. IT IS TEMPTING TO JUST WALK AWAY FROM MY PRINC RES, DOWNSIZE, CUT MY WORK HOURS BY 70%, TRAVEL, AND SAY TO HELL WITH IT. IF THESE PEOPLE GET AWAY WITH REDUCING THEIR PRINCIPAL BY UP TO HALF OF THE ORIG LA, I WILL BE VERY DISGUSTED, AND WILL BE MUCH MORE LIKELY TO WALK AWAY. IF I FEEL THIS WAY MILLIONS OF OTHERS MUST FEEL THE SAME.

5pence: (March 25, 2010 8:19am)

Hi: Good show. However the Dave Biggers survey doesn't represent FHA fees, they represent conventional fees. FHA fees are about $50 higher due to added complexity. Caterina Platt blasted TAVMA darn good on their attack on Dave's posted unbiased average fees county by county. There really was no good reason for TAVMA to attack Dave when they should have attacked the poll if they really felt they had a point to make. They don't. They're just cornered rats so they attack anyone that gets close to taking their cheese. Worthless. I'm also busy getting affairs in order to change careers, like joecolorado. Anybody notice the Republicans are now talking about "repeal & rewrite" the health care bill? Their grandstanding on blocking reform was politically motivated-they screw up Democratic efforts so they can come back later & make it look like they're fixing things. Vote them all out. They're all scammers that want to keep their cushy jobs. None of them or their aides are under the new bill.

CLARK KENT: (March 25, 2010 8:02am)

WOW.....AFTER VOTING DOWN BELOW I AM AMAZED HOW MANY ARE SO CLUELESS. DO ACUTUALLY THINK THAT THE BANKS DOING PRINC REDS IS GOING TO HELP???? ONE ONLY HAS TO LOOK AT THE LOAN MODS TO SEE WHAT A STUPID MISTAKE THAT WOULD BE. THINK, AT LEAST FOR A MOMENT, WHAT PEOPLE WOULD DO WITH THAT? HMMM...LETS SEE...HOW ABOUT THIS? SOME PEOPLE ARE CURRENT BUT RESENTFUL OF THE PEOPLE NOT MAKING THEIR PAYMENTS AND GETTING FREE RENT WHILE THE BANKS PLAY TITTLIE WINKS WITH THEIR LOAN MODS. UPON DISCOVERING THE BANKS WILL DO PRINC RED THEY WILL DEFAULT IN DROVES TO TRY AND GET ON THE GRAVYTRAIN. KINDA LIKE WHAT LOAN MODS HAVE DONE BUT WORSE. I GET ASKED BY PEOPLE ALL THE TIME WHO ARE CURRENT AND EMPLOYED HOW THEY CAN GET ON THE GRAVYTRAIN. ALSO, THE SURVEY IS FLAWED, IT FAILED TO GIVE TO THE BEST ANSWER, WHICH WOULD BE NO, IT IS UNFAIR TO THE REST OF US. IF THE SYSTEM WERE ALOWED TO RUN ITS COURSE THE SYSTEM WOULD HAVE BEEN PURGED OF MOST OF THE FORECLOSURES BY NOW AND WE WOULD BE STARTING RECOVERY.

pazookie: (March 25, 2010 7:59am)

I miss chubby frank & brian without the elvis hair... what happened to those two?

Zach: (March 25, 2010 7:54am)

I like the videos but am getting sick of the pitch in every video for some service they recommend. I.e. Loan Officer School. How can they recommend something EVERY episode if they never even used the service? Pretty lame.

ILAppraiser: (March 25, 2010 7:29am)

First there was and still is H.V.C.C. and I would like an update on any new or proposed legislation if possible. Then the Realtors took away the appraisal business with BPO's and are supported by the NAR. and now people are promoting ZILLOW is there a conspiracy to wipe out appraisers? good thing I started Property preservation company I am now a lawn boy...lol

Meeker: (March 25, 2010 7:11am)

I love Zillow.

Meeker: (March 25, 2010 7:10am)

This discussion board appears to be toast.

Nuke 'em Until They Glow and Shoot them In the Dark: (March 25, 2010 7:07am)

Y'know I took and passed my NMLS test back in December and then got an additional Certification. A lot of LOs laughed at me for bothering and said oh you can wait until next year. Hmmm I don' see them laughing now. Especially the 30% who are funking the test!

Slick Willy: (March 25, 2010 6:59am)

FLAppraiser - we have a real problemm in our area with appraisers whoring themselves out. I know TWO trainees who have been doing reports for fees of $240-$260. Can you IMAGINE taking a split off $240??? We are literally talking about $8-$10 buck an hour! Appraising would actually be a pretty sucky job at $8/hour....

paul: (March 25, 2010 6:53am)

for those who care. The Fed is going to discuss the exit of purchasing MBS at 9am CST on CNBC,

Slick Willy: (March 25, 2010 6:50am)

Will there EVER be a time where we actually reward GOOD behavior? Can we PLEASE stop rewarding FAILURE and PUNISHING success? I am lucky enough to be current on my mortgage....can I please have a principle reduction, too?

frankgaray: (March 25, 2010 6:22am)

Promoting?

kwrepro: (March 25, 2010 6:13am)

Zillow?!!! are u guys promoting zillow??? really???

TD Hawk: (March 25, 2010 5:46am)

The Great Wash-Out is about to start. The Refi Gravy Train will be leaving, tougher UW guidelines, continued high unemployment and originators failing/forgetting the test. This will be a great time for true professionals as the weasels fold, and a long time coming for honest practitioners who care more about the borrower's interest over their own wallet.

FLappraiser: (March 25, 2010 5:18am)

If fair & reasonable fees are going to be analyzed the fee data SHOULD NOT be gathered from any appraisers invoice. The real appraisal fees are the fees the lender charges the borrower and should be accurately reported on the HUD1 form. AMC's require that NO INVOICE be sent by the apprasier (a very deceptive practice) to insure that the borrower (or lender) not know the amount the appraiser was paid. AMC's are nothing more than pimps and the appraisers that do their work are nothing more than cheap prostitutes.