Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

Foreclosure Hamlet: (March 30, 2010 5:03pm)

America! Defend your homes against fraudulent, unfounded, illegal, immoral, unethical foreclosures. 4closurefraud.org ForeclosureHamlet.org

About had it: (March 30, 2010 7:09am)

They say the only people who made serious money in the gold rush were those who sold picks and shovels to the miners. I think the only people making money in RE are the ones like those on the right who are selling us "picks and shovels."

Carlos Sutter: (March 30, 2010 12:07am)

Loanbiz, wake up! People who lied about their income are long gone, foreclosed 3 years ago; they are able to buy again, in fact. Those of us stuck now bought 10 years ago, underwater and foreclosing right and left. The problem to fix is the recession. I agree that throwing money down a pit is not the solution. It's our money. So, I want to have a say as to how it should be spent. I am arguing that this particular Writedown is not a solution not because it throws money stupidly, but because it does nothing. Solution: if the bank is going to loose by foreclosing or Shor Selling anyway, well, why not keeping an existing good paying borrower at the same lower Principal they were willing to Short Sale? It does 2 good things. 1) Happy, equity hopeful again borrowers will go back to spending. 2. Less Foreclosed/short sale homes will shrink the inventory faster, finally putting NEW homes up front, the fuel of this Recovery. Any effcient incentive to keep good borrowers home is key.

scratchinmahed: (March 29, 2010 8:46pm)

somone had made a comment on the home owners giving false information to the lenders and the banks loaning the money. Imagine that? If they will lend money to an aboriginal tribe in Austrailia via skype with no paper work? I'm in!! where do I sign? Perhaps I can do it while I drop off Obama and the fam at the white house after I have that first cup of coffe and get my colon rollin.

Big Red: (March 29, 2010 8:05pm)

FYI, now some of the bank loan officers are calling and telling the appraisers of upcoming orders directed to them....so banks don't have to abide by the rules, as always! The only thing that has changed is that the AMC company takes their cut, which, of course is owned by the bank.

loanbiz: (March 29, 2010 7:22pm)

So Carlos....what do you think "fix the problem means"? the way the fix the problem is for the government to quit trying to throw taxpayer dollars at it to put an artificial floor to r.e. values by "keeping people in their homes"....people who lied about their incomes, were serial refi-ers, who thought it would never end. This administration wants to exercise selective law enforcement by helping people who committed mortgage fraud. Like Rick Santelli says "they want to rip the bandaide off a millimeter at a time instead of getting the pain over with and letting the free market system work."

Carlos Sutter: (March 29, 2010 6:50pm)

I read the WRITEDOWN pdf doc. It is a VOLUNTARY program, so WTF? Who is the imbecile that thinks a bank will write down Principal when he doesn't HAVE to? What do we know about banks when it is left up to them to do anything good for the borrower? I mean you either force them or give them an incentive for pete's sake! Voluntary? Who are these people? Do they think that they will fix a problem just by writing wishful thinking programs?

SouthlandAppraisersUnion.com: (March 29, 2010 4:31pm)

But, understand this, this is not about money and you are going to need to be recommended to join this when it become full scale, and also we will be able to group rates on E & O, insurance etc.

SouthlandAppraisersUnion.com: (March 29, 2010 4:29pm)

Well I am serious about this SouthlandAppraisersUnion.com, tell others to take a look. It is not politically correct, and tha tis how I want it in the beginning. DO the math roughly 50,000 appraisers all know at least 10 centers of influence and those top 10 all have 10 centers of influence so 50,000 x 10 = 500,000 x 10 =5,000,000 votes minimally probably by the end of the chain is it going to be around 10,000,000 votes. NOW you can not scream about the x bank BUT as a union rep I can. I will tell the world what is going on and it is not AN appraiser screaming sour grapes and the guy who is guilty already. It would be from an association. Think it over spread the word, tell your story, no name, no location

James the Appraiser: (March 29, 2010 4:16pm)

John - You got that right, I am in California too

John: (March 29, 2010 4:15pm)

Charges the Appraiser for hiring a Trainee? If that was the case in California NO TRAINEE would ever of gotten the hours to upgrade to a full license. With the rules in place now no one will get into the feild, so in 4 years after the renewals all pass by very few of us will be left out west any way

SouthlandAppraisersUnion.com: (March 29, 2010 4:12pm)

ALL WE KNOW IS JEFF SESSIONS HAS GOT TO GO. I apologize for the Alabama senator in charge of the financing committee that trashed us.

SouthlandAppraisersUnion.com: (March 29, 2010 4:10pm)

Alabama here ,what about ya'll? Our governor has got no respect for appraisers and appointed totally imcompetent people. ALABAMA CHARGES AN APPRAISER $200 TO HIRE A TRAINEE AND CHARGES THE TRAINEE $200 TO GO TO WORK.. THE ONLY STATE IN THE UNION. Bingo Bob is too busy tackling grandmothers who are playing bingo

James the Appraiser: (March 29, 2010 4:05pm)

PART MANUFACTURED, lol, we have an area called Johnson Park in the mountains with junk like that. they cut a hole into the side of the MFH and biuld an addon from wood. No lenders will touch them, but the owners always find some way to get hard money loans on this crap.

SouthlandAppraisersUnion.com: (March 29, 2010 3:59pm)

Of course I told him that as the appraiser for the firm, I make 60% of the fee, and at $24 for the report and less the $5 in gas, $19 and then the time for this dump and finding dump comps, PART MANUFACTURED .lol I told him that if he wanted it it would $250 . He ordered it... go figure

SouthlandAppraisersUnion.com: (March 29, 2010 3:56pm)

under News and Blues

James the Appraiser: (March 29, 2010 3:53pm)

gee, I am working on a report for a home on 97.55 acres and getting $300, was going to ask for $400, but if you know guys doing them for $40 I will just keep my mouth shut and take the $300

James the Appraiser: (March 29, 2010 3:49pm)

ok, got your page up, where do I see this $40 appraisal?

James the Appraiser: (March 29, 2010 3:46pm)

$40, you ordered it, are you a broker? Your name made me think you were an appraiser at first. $40, amd you found an appraiser that would do it? No, tell me it can't be true.

SouthlandAppraisersUnion.com: (March 29, 2010 3:41pm)

wwww.SouthlandAppraisersUnion.com be a critic, be a fan, BE SOMETHING. We are being lead to slaughter and the banks are laughing because they have basically hired us. They are paying less than 1/2 of what they charge and want the appraiser to be thankful. I had an order for a driveby with 3 comps and 2 listings for $40 I put a copy on the southlandappraisersunion.com website

loanbiz: (March 29, 2010 3:33pm)

Financial crisis? Moral crisis? Anyone who hasn't seem the "fannie mae" video on youtube should. Seach fannie mae, the one that is about 8 1/2 mins. long, and has about 3,500,000 views.

5pence: (March 29, 2010 3:33pm)

Huh, it appears my article is in the new Niche Report - I just got a thanks by e-mail. Maybe a new career is calling? Yeah, right, I wish lol

Common Sense: (March 29, 2010 3:18pm)

Wow 5pence got it right. It's a moral crisis driven by the two people with the most power over the financial industry who also happen to be no. 1 & 2 recipients of campaign contributions from the financial industry. Barney Frank and Chris Dodd, both bleeding heart liberals who only want to help the little guy. Makes you glad you're not a little guy, doesn't it?

James the Appraiser: (March 29, 2010 3:12pm)

HO HO - Started getting some work over the past 2 weeks, are any of you Brokers seeing work picking up at all, or is this just a move by the Big Banks?

James the Appraiser: (March 29, 2010 3:05pm)

Hello All, I think I need some coffee too, can you send some to me too guys

5pence: (March 29, 2010 2:44pm)

Absolutely right joe, this isn't an economic crisis that turned into a financial crisis - It has been in total - A MORAL CRISIS.

joecolorado: (March 29, 2010 2:29pm)

Here is the address for the venue Upper Senate Park 200 New Jersey Ave Washington DC, 20001 Now I need to know where there are less expensive hotels around this area? anybody know?How far is it from the airport?I am coming from Colorado which may as well be on the moon as I have absolutely no idea about Washington so I need some input/help here guys.

joecolorado: (March 29, 2010 2:21pm)

ssfranny-cant just blame Obama,there have been a load of jockeys steering this dead horse and ALL are to blame.This didnt just happen from the 21st january last year,this has been plunging downwards like a rocket propelled dart for some time and there is no one person to point a finger at,but we can ALL point to POLS with certainty as all of them have perpetrated this fiasco,from BOTH parties.We need to get these wahoos OUT.No more benefits for life,no more special "people in power" health care,they get what we get.If you are a POL,you dont get to sit on ANY board of directors, no additional income is allowed,you are a politician,THATS your job,do it well or get out.If it doesnt make enough money for you,then leave,do something else.You are there because you represent US, not an insurance company or a bank, but your constituents.Im sick of these money grubbing weasels,putting the populace behind a banker.The tail needs to go back to its subservient position,not the wagger but the wagee

Yvonne: (March 29, 2010 2:12pm)

Totally off subject, but....Not only did you have The Cure playing in the background, but you are wearing a Bob Marley t-shirt.....You are awesome!

ssfranny: (March 29, 2010 2:05pm)

Sorry meant to say late on mtg

ssfranny: (March 29, 2010 2:04pm)

Well read the FHA refi details....so if the borrower is not on mtg what incentive goes bank or servicer have to do a principal writedown?? Its really becoming evident that this Obama WH may be the most inept on economic matters than anyone in at least the last 50 years

Ill Appraiser: (March 29, 2010 2:04pm)

It is my understanding that the 120,000 hvccpetition signatures are going also.

Ill Appraiser: (March 29, 2010 2:03pm)

joecolorado-more info at naihp.com. Everyone is supposed to meet at 10am at Upper Senate Park, Capitol Hill according to NAIHP. Wherever that is.

ssfranny: (March 29, 2010 1:52pm)

Beth MO: this won't break FHA I'm sure very few will even qualify let alone if someone does I bet the UFMIP is going to be huge. This will work as effectively as FHA Secure.

ssfranny: (March 29, 2010 1:49pm)

happy Days: Yeah the problem is EQUITY but upon reading on the www.makinghomeaffordable.com website you have to have NO LATES on mortgages yet show a "financial hardship" Moreover, what mortgage lender is going to just write down $30,000 or $50,000 if borrower is not late on mortgage??? This is just like FHA Secure program a good idea but executed abysmally. In my state of Nebraska I think my Met Life lender rep said they did overall 2 FHA Secure refis haha

joecolorado: (March 29, 2010 1:48pm)

BOO HOO-I didnt get the $225 appraisal!someone beat me to it,thank goodness,I know I am an appraisal courtesan, but I am not a HO-even I have my limits as to how low I will go.Where is the rallying point/hotel in Washington?I would like to go, Ive never been to Washington DC and I have heard its a brilliant place to visit,I will try and get some work in to pay for the trip,but may have to rely on plastic.

Ill Appraiser: (March 29, 2010 1:30pm)

Who's going to Washington on April 14th?

Anonymous: (March 29, 2010 1:28pm)

AMC's are just a parasite on an industry that is to sick to heal itself. They don't help the industry they are a useless determint

5pence: (March 29, 2010 1:22pm)

Those broadcast orders are sooo degrading. A big problem with the appraisal profession today is state licensing. It let in all the inexperienced masses of appraisers that the amc's leeches depend on so much for their lifeblood.

joecolorado: (March 29, 2010 1:14pm)

I gotta go..and amc has just offered another URAR appraisal on a $3,000,000+/- purchase for $225 and I want to make sure I get the job before someone else does.

joecolorado: (March 29, 2010 1:11pm)

Their business hired & trained the U/Writers to ensure that their lending policies were upheld to THEIR standards,aiding THEM to ensure the money THEY invested was relatively safe,to produce the return.THEY dropped the standard to lure in more borrowers,BUT increased the rate% to accommodate the additional risk,standard operating procedure.NOW when their standards were not unpheld by THEIR people,and their risky venture does not produce the desired return,THEY tell US that WE need to bail,them out! AND WE DID...now they are telling us that the bailout wasnt enough !!!MAN those people have brass cajones.and their incompetent execs are demanding their bonuses.I want a job like THAT as I can fail for a lot less bonus, that for sure will save us all some money....

loanbiz: (March 29, 2010 1:10pm)

New bumper sticker...."Honk once if you're paying my mortgage payments...honk twice if you're paying down what I owe."

CLARK KENT: (March 29, 2010 1:10pm)

BETTER YET, LET CAPITALISM FIX IT SELF.

CLARK KENT: (March 29, 2010 1:07pm)

WELL, WELL. HERE WE HAVE YET ANOTHER PROGRAM DOOMED TO FAIL. FIRST THEY HAD REDUCED FICOS THEN THEY RAISED THE LOAN LIMIT TO $750K, AND NOW THEY WILL PUT ANOTHER NAIL IN FHA'S COFFIN. WHAT A SHAME, FHA HAS HELPED MANY DESERVING BUYERS INTO HOMES THEY COULD NOT OTHERWISE AFFORD BECAUSE OF THE LIBERAL RATIOS. WHY COULDN'T THEY CREATE ANOTHER PROGRAM FOR ALL THIS JUNK AND LEAVE FHA AS IT WAS.

joecolorado: (March 29, 2010 1:02pm)

sratchin-banks are a BUSINESS-the stockholders can't sue amyone if their investment doesnt hit a value as stock values are NOT guaranteed to make a specific profit,they go up AND down.buying stock is like buying a spin on a one armed bandit,most times you dont win,but sometimes you do.NOTHING where money is concerned is guaranteed,if it were we would all be fighting for a space on a sunny beach with a drink with one of those umbrellas in it. Buying stock is just legalized gambling,& I dont see why bankers can get our money to help their stockholders(gamblers) feel safe byguaranteeing their investment from loss.They gambled and they lost.The market went down.oops!kick the stockbroker where it hurts,but it was THEIR decision as to where he suggests they put their money,not his decision.He just skims off the top like all good shills.

WestWezley: (March 29, 2010 12:21pm)

Brian nice shirt, them crazy baldheads

RnchoMtgChck: (March 29, 2010 12:04pm)

Oh Yahhhh! Another bullsh*t program that is supposed to help homeowners and it's so common sense (not) i am sure all the lenders are going to offer it. Hey does anybody know if any lenders really do the 125% Obama refi - none of the lenders i deal with do. thx

5pence: (March 29, 2010 11:33am)

Loan junkie, click on related videos on the right upper window. That's enough doom and gloom for me to post for today. Reality is hard to face for many

5pence: (March 29, 2010 11:30am)

Personally, I care less about the terrorists in Afghanistan and Iraq than I do about our own terrorists on Wall Street. We have the worst kind of fanatical terrorists that have ever existed on this earth and it's a fanaticism that has led to more crimes, war and blood being spilled than any other ideology in history - those that worship money and the "power" it bestows over their fellow human beings. "For the love of money is the root of all evil". JMHO

Loan Junkie: (March 29, 2010 11:26am)

Links to previous shows?? Anyone? Looking for the short sale video where Indymac/OneWest is exposed..

5pence: (March 29, 2010 10:41am)

MrTN: they bought into the scam propaganda from the banksters that home values would always go up & of course the ratings agencies said what they were told, Junk=AAA. People set aside their own logic because the banks were supposed to know better than all of us. Little did the little people (us) realize it was a scam that the banksters were running, knowing that the taxpayer would have to bail them out. So they went as far as offering loans on PO Boxes & to those without jobs with the goal of getting everyone in debt. With the use of "proprietary trading", in otherwords, criminal/immoral activity, they were able to actually lose more money than there is in the whole world. Ahh, but did they really lose? Not the way it's been laid out & looks to me. GS was shorting so they HAD to have made money on the bust. If GS was shorting then they all were. Financial terrorists exploded a financial bomb that has bankrupted the world. It's not our fault-banks were smarter than us mere mortals.

OrangeAppraiser: (March 29, 2010 10:17am)

I have been watching you videos alomst everyday for the past year and I have learned so much about the industry as a whole that I never knew before. I have had some appraisers tell me that they like you videos but there is too much that does not relate specifically to appraisal news. I feel these people are absolute morons. Whether you are an appraiser, LO, MB, RE Agent or Investor, this information is critical for us to know, it gives us a better overall knowledge of the indistry and where things are going. On top of that you guys are the perfect two guys to deliver this news, you make it fun to watch. I just wnated to give you guys my opinion. I hope more of my appraiser buddies will come around and start watching religiously. I send about 30 mins after watching your videos researching the news I found in your program and reposting similar things in my own blog. You guys keep me up to date and I appreciate eveything you guys do and stand for.THANKS BRIAN & FRANK YOU GUYS KILL IT!

scratchinmahed: (March 29, 2010 10:13am)

Banks have a fiduciary responsibility to their stock holders. if they write down the loans, the stock holders will sue. I doubt they will use this program efficiently

JDSullivanGroup_com: (March 29, 2010 10:04am)

How come no one is talking about AB 183. California is now giving $10,000 tax credit for first time homebutyers.

MrTN: (March 29, 2010 10:03am)

I see many commissioned agents of the Loan Originator brand who are underwater on their personal and investment properties, not especially here but all over. Haven't they ever heard of the "Business Cycle", or did they think they could get in on the RE boom, many using their commissions to get the loans? Were thet mislead by their own lack of knowlege?

lupe: (March 29, 2010 9:54am)

i just have one question... my home loan was modified a year ago (2009) and the lender forgave 20% if the loan balance. That was $60,000. Do I have to claim that as income when i do my taxes? Im told yes, and no. Is california part of the program that you DONT have to claim it, (Forgiveness Act) Im not sure about this. can you explain

Cat: (March 29, 2010 9:53am)

to 5pence I concur on the rotten peaches. I also believe the only hope for stabilizing the housing market, in Ca at least, is principle reduction. We need help and don't know where the $$ are being spent.!!

5pence: (March 29, 2010 9:38am)

Since they got the money for free from the Fed, our money, if they really want to avoid foreclosures and still make a profit, lower rates to 1-2% for 5-10 years. That way those that are underwater will still have hope values will rise and not walk away since the new payments are much more affordable and those that are current can receive a reward for being responsible. Home values will stabilize. The banksters just will not take any drastic action that, as long as they're being rewarded for foreclosures and are able to increase their balance sheets by not marking down shadow inventory, will cut into the profits they're making with OUR money. They aren't risk adverse, they're no-risk, safe and sane adverse. I'm just throwing that out there. It's almost like no one has ever thought of it!? **What are Marc's plans with the HVCC? That 4/14 meet in Wa. sounds interesting and would be worth it if the points to be made by all concur and are in the best interests of all.

5pence: (March 29, 2010 9:23am)

Lower rates for all at 1-2% for 5 yrs and reward those that were negligent and those that borrowed responsibly. Principle write-downs because you're underwater but no help for those that are current & struggling to stay that way! The banks get OUR money for free but they will not go below 4.5-5% as there's not enough profit for them at that rate. The head of Well's said that if the GSE's weren't buying we wouldn't be making loans at 5%. Give them our money with absolutely no strings attached-who came up with that brilliant idea??!!! Very funny opening with coffee for the partying congressman that can't bother staying awake when the countries future is at stake. If they're not asleep, they're dreaming of endless bounty from their lobbyists for ruining the american dream and taking this country to the edge and over all the while complicating things to the extent that no one can understand wtf they're doing. You'll know them by their fruits and all I see is an orchard of rotten peaches.

Il miller: (March 29, 2010 9:18am)

Brian & Frank I see that the there is to be a rally in Washington on April 14th the link is naihp.com and please promote it. The appraisers in the country should attend. Even though I am almost penniless I will go to save my business

cpappraisals: (March 29, 2010 8:48am)

Southland-I agree with you. I had a conversation with the OREA recently in regards to our issues. AMC's and fees mainly. They basically told me there is nothing that they can do and we don't have a national association for appraisers such as NAR to stand up for us so until that happens NOTHING will change. They suggest and this is what I have been doing is that we all continue to harass our state legistature as that and a national association will be the only routes to make a change.

Happy Days: (March 29, 2010 8:44am)

BETH MO, There are finally attacking the real problem. EQUITY. The LM did not work because it just helped with the payment. I think they should just buy the loans themselves and cut them down to size and then equityshare with the homeowner. Solves the real problem and then GOV. could actually make money and lower our taxes. Any thoughts out there????

Southland: (March 29, 2010 8:40am)

As an an appraiser of 20 plus years I have an idea for appraisers SouthlandAppraisersUnion.com we have to stand up, or just lay down...

Common Sense: (March 29, 2010 8:38am)

sellsparadise: I'm from God's country (Texas). Joecolorado (summer retreat from God's country!): If the bank's had done a better job of protecting their own income stream, we wouldn't be in this mess. If the government KEEPS interfering in the market, it WILL all crumble,a dn we all be standing in soup lines, liberals and conservatives alike.

realtorsue: (March 29, 2010 8:37am)

I disagree with Chi Realtor. There is a double standard out there. Major corporations write down losses all the time and use the legal bankruptcy laws to reorganize. But when an individual chooses to do that it is immoral. Doesn't make any sense to me. At the height in "06 we owned three investment properties and we had just built our dream home. Making mid 6 figures a year we could well afford it. When the commission faucet turned off we were left with huge mortgage debt and properties that were underwater. We looked at our assets and capital and made the business decision to walk away from them all. We tried to give the keys back on our primary residence but Countrywide didn't want them, instead they foreclosed and sold the home. I paid $780K they sold it for a whopping $350K. I would have been dead before that house came back to it's original purchase price! It would have been stupid to stay. In my opinion more people should walk away, that would be a bank wake up call!!!

donogrp: (March 29, 2010 8:27am)

Hey guys ... what happened to the link to previous Daily Shows? I missed a couple last week and wanted to catch up.

Beth in MO: (March 29, 2010 8:26am)

This is just a way to set us up for round 2 of a housing crisis. More than 50% of loan modifications (which this is nothing more) go back into delinquency within 18 months. The FHA will be bankrupt and the last vehicle for low to mod income will be gone. Wait and see what our housing market is like then!

South Fla Appraiser: (March 29, 2010 8:24am)

Sergi has interesting comments. I always wondered what was wrong with them. Just a little happy weed.

RealityCheck: (March 29, 2010 8:13am)

Here's a thought - The borrower is servant to the lender. When did we all forget that timeless bit of wisdom?

joecolorado: (March 29, 2010 7:45am)

The balances they are talking about are undoubtedly for the entire loan, the reduction of which is probably not the principal but the interest, and the deficit will be tacked on to the loan in another hidden way. Bankers dont give ANY money away, thats why they HAVE the money. It doesn't matter who created this mess,dem or rep or indep or whomever, THEY ALL get paid to create confusion to the masses,that way, we think they are actually there to help the people!Horsepucky....They are protecting their own income stream FIRST,then they will do something which appears to help the people,but they ALL are protecting their own bank balances and their sponsors FIRST.

Loan Junkie: (March 29, 2010 7:24am)

Does anyone have the link to the TBWS Daily that exposed the Indymac/OneWest Short Sale profit machine?

sellsparadise: (March 29, 2010 7:23am)

I agree with you 100% Common Sence! Where are you from?

unable to close loans in flood zones: (March 29, 2010 7:11am)

Just a heads-up if you are trying to close loans in designated Flood Zones....National Flood Insurance Program is set to lapse on March 28 with reauthorization likely April 12, 2010. No new policies will be issued. Bad news for us coastal and flood prone areas.

Common Sense: (March 29, 2010 6:47am)

The new "write-down" program is a joke. Does anyone really think the banks are going to willingly reduce the balances on loans that are current? What's their motivation? This program is designed to make you think that Obama is doing something, when in fact all of his policies are designed to DECREASE private property ownership, an increase reliance on federal programs.

Ill Appraiser: (March 29, 2010 6:24am)

The date for the rally in Washington DC is set. April 14th. Go to naihp.com for more info.

Sergei Sanchez: (March 29, 2010 6:19am)

PartII Welcome to the peoples republic of Amerika where the servants of the elite bankers abuse the people night and day for ever more – Amen. He causeth the grass to grow for the cattle, and herb for the service of man: that he may bring forth food out of the earth; (Psalm 104:14) Sergei Sanchez

Sergei Sanchez: (March 29, 2010 6:16am)

Brian: Very good of you to honor the Great Marley. Everything in Washington sounds “Promising.” To all who really think that, I say “Get A Grip Sheeple!” Who comes up with all this $%*T from middle ‘fha land!?’ I’ll tell you – some politicos in the back room who want to look good and who confuse activity with accomplishment. It was they who were in the back room smoking up the Mary Jane, the Ganja, the Green…when they dreamed up this brilliant bit of non-sense. And THAT, my friends, is a contumely abuse of the Holy Herb. Their little bit of DC (District of Criminals) Logic does sound good on the surface – to the uninitiated and those whose experience has not been forged on the front lines of retail origination …and it’s pure hogwash just like the very FIRST FHA ‘help program’ that cost rolls & rolls of your toilet paper federal reserve notes to develop (because they had a whole building full of people smoking to develop that one – and they only get the BEST Ganja in DC!) only to help…..1 person. (And we never heard about the poor sap of a DE that got canned for that mishap; But trust me – it happened!)

frankgaray: (March 29, 2010 6:15am)

I have put the pdf file as a download in the links and doc's section underneath the mortgage revolution banner. you can right click on it and download it to review all the details for yourselves. It would appear that it is a way to write down the debt of the GSE's using an FHA refi.

Chi Realtor: (March 29, 2010 6:01am)

While I am all for helping people who really need assistance, I am very concerned about the ramifications of folks who just don't want to put more money in a house that isn't worth what they paid for it. The media is highlighting this as "fallout." Let's call it what it is: IRRESPONSIBLE. These properties become REO's, suck up taxpayer money in essence and reduce values for those who continue to honor their debts. The thinking is: So what if it dings my credit? There should be vocal denouncement of this behavior. What are we teaching/preaching by condoning walking away?

EddieinAB: (March 29, 2010 5:52am)

Like with everything else the Gov't offers up, will any of this work? Well, I have seen, 7 local Loan Mods work and that is a plus, our office has done 3 125% DU Refi's and helped, but where are the major numbers!?!? Does every really think that all these homes should just go back to foreclosure and flood the market? Is that the real answer?

mike: (March 29, 2010 5:29am)

31/50 Is the 50 the second lien or back end?

South Fl Mtg Broker: (March 29, 2010 5:17am)

My house in Florida is down 40%, so that means I am 30 % upside as I put 10% down. Doesn't look like it would help me or as said before by the appraiser anyone in Florida. I get a lot of calls from people who want to refinance but can't because they are so far under water. Condos are even worse. Memeber of Congress are all asleep, only many are with their eyes wide open

realtorsue: (March 29, 2010 5:13am)

This new program will not help in my area of Florida. It would need to be 50% to help!

cashman517: (March 29, 2010 5:12am)

About 2 years ago FHA came out with a program to Help homeowners (H4H) and write off most of the lost equity to 90% of today's current value and they would be your partner in future appreciation of your property.Most all lenders would not buy this loan so though a promising solution to "Underwater homeowners " it never got off the ground. FNMA, FHLMC and FHA can come out with programs and guidelines to help the housing market,i.e. the waiving of the 90 day flip rule, 10 properties with loans for Investors, etc, but if the lenders do not want to follow those guidelines and use their own or decide not to buy those loans such as H4H, then homeowners with FHA or Conventional mortgages who need help have no hope. The Banks need to be taught a lesson.

South Fla Appraiser: (March 29, 2010 4:33am)

Most of us are a lot more upside down than that in Southern Florida. What I have noticed is they only one to help people that pulled second and third mortgages. They don't care about people that did a normal 80% loan and thought they were being responsible. Many using second and third mortgages were just using their house for a piggy bank. There is no help for responsible people caught up in the ups and downs of an insane market.

DossBucks: (March 29, 2010 4:21am)

How do you contact the current lender(s) so they can approve the write-down?

Lflores: (March 29, 2010 4:12am)

Sure hope this will work sounds promising.

ssfranny: (March 29, 2010 1:15am)

So with new principal writedown program do you have to have a Fannie/Freddie loan oe can it be anyone??

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