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loan mod man: (April 19, 2010 6:17am)

This is for jac from 4/16/10. Its not the Obama plan that is so great in your situation. What you got was a 6 month trial modification. Alot of lenders are doing this now to sort of hold off the foreclosure and get more money coming in the door. Do you know what happends at the end of the six months? You might be lucky enough to get a permanent modification or they will keep stringing you along so you keep making some sort of payment (read your paperwork very carefully there is no guarantee of a modification), or they will simply foreclose and you have to move. What you got was a band aid for your foreclosure. Indy Mac/One West has been charged with fraud for doing this very thing. In fact, their pooling and servicing agreements do not allow them to do a loan mod unless they buy back they loan (which ain't gonna happen)so they set homeowners up with these trial mods to get money coming in knowing full well they were not able to complete the modification, hence the fraud!

5pence: (April 16, 2010 7:40pm)

Kathy - Great advice! I'm glad you're doing well.

5pence: (April 16, 2010 7:38pm)

Wow! Good news. Just got this e-mail. How did they know? "ATTENTION: VICTIM. JP Morgan Chase Bank Plc/UNITED NATIONS SCAM VICTIMS COMPENSATION PROGRAM. This is to bring to your notice that we delegate from the World Bank in conjunction with the UN is to pay 150 scam victims $500k (FIVE HUNDRED THOUSAND US DOLLAR) each. You are listed and approved for this payment as one of the scammed victims to be paid this amount, get back to us as soon as possible for the immediate payments of your $500k compensations fund. On this faithful recommendations, we want you to know that during the last U.N. meetings held at United State of America, it was alarmed so much by the world in the meetings on the lose of funds by various individuals to the Nigerian scams artists operating in syndicates all over the world today. In other to compensate victims, the U.N Body in conjunction with the World Bank Delegate is now paying 150 victims of this operators $500,000." At least they got the scammer right LOL!!

CornerstoneKathy: (April 16, 2010 1:51pm)

You guys dont have to go out tomorrow and start reinventing the wheel. On the next report you are working call every agent to verify the sales.. both sides. I say hi I am Kathy at Cornerstone I would like to use the listing you just sold at 123 Main Street as a comparable in my report. I just want to confirm that it closed on March 1st for $250k. How was the condition? Was the seller in any distress to sell? Great thanks for your time alot of agents never bother to call me back so I really appreciate it. Listen if theres ever anything I can do for you please dont hesitate to call me. We do appraisals for bankruptcy, divorces or on those sellers that you have been trying to tell them that even if I sold your house at that listing price ..it will never appraise!! Oh whats that you dont have an appraiser you work with? Can I mail you out some of my cards?

Stan The Man: (April 16, 2010 1:29pm)

CornerstoneKathy; Thanks for the kick in the ass Ihave been getting so pulled out of shape that I forgot what I was here for. Those are good ideas you posted. I'll try them and them post it. I still stick to any AMC given the chance.

Broke Appraiser: (April 16, 2010 1:27pm)

CornerstoneKathy - THANK YOU! I printed your reply out and I am off to talk to agents and attorneys. You just saved my bacon and I want to thank you with all my heart.

real appraiser: (April 16, 2010 1:26pm)

Stan The Man: I get it, but cornerstonekat is right-you got to expand. she sounds like she knows how to market herself. most of us are not that gifted in that aspect, we relied solely on our work to keep getting referals, thats no shot at Kathy, I admire her and wish I could do it, ive tried with little succes. I have my share of realtor and tax work because i live in a nondisclosure state. have a full fee for a FSBO on monday, but it is real hard to suddenly try to market yourself when you never had too. I wont judge, some are too harsh- And i understand where they are coming from too-Try your best to hang on, dont bite for the low fee and ALWAYS KEEP SEARCHING for better or any supplement work. There is no good advice, but dropping your fee will just encourage some 20 yr old newbie living at home with no family to drop his price to make his car payment and buy beer. Whish I had better advice, like kathys, if you can follow her lead, do it. corner kat, more power to you

CornerstoneKathy: (April 16, 2010 1:11pm)

Hey Broke..I am not bragging believe me..but I have been averaging 6 non lender jobs a week. Full fee, COD, no MC form, no HVCC. 4 months ago I started going out to every lawyer and realtor in town. We have been getting orders for tax appeals, prelisting appraisals,listing price reduction, bankruptcy, divorce and estates. I speak at the realtors office meetings about getting your listing ready for an FHA appraisal and answer their questions about appraisals. I ask them for referrals. Most agents I knew in town from doing the mortgage work said wow I didnt know you appraisals for divorces etc..WHAT!! of course I can. I realized that I stopped networking and looking for referrals years ago when I was busy and then I just got lazy. You can do it too. Dont get me wrong I am pretty pissed that I spent 15 years building a business and watched it crumble in 1 day but I am stronger and more humble now. So get out there and kick some ass!!

Stan The Man: (April 16, 2010 12:59pm)

real appraiser: I love what I do and I am not the type to give up. For over 60 years I have been quiet and never called a representive or Senator. But that has all changed now. Thanks to sites like TBWS and ICAP in my state of Illinois. we have some where to let them know how we feel. I will not give up and given the chance I will send an invoice to the next lender or AMC that screws with me. My next step is to make appraisal so cheap that no one will want to do them. They want $55 appraisals then fine with me. I'll take them all. GIGO.

Broke Appraiser: (April 16, 2010 12:52pm)

I would LOVE to go get some more appraisals....I just dont know how to do it!!!!!!

real appraiser: (April 16, 2010 12:27pm)

Stan The Man:SHOCKING, huh?.turn down assignment, so they can give it to the next crooked appraiser. report the action to the lender?????. the lender asked to violate USPAP and then used their own thugs, the amc's, to enforce it. What is an acceptable turnaround time for one appraiser may be unacceptable to another appraiser. WTF---still geared to lowest appraiser, cranking out fastest/poorest report. Dont worry, if your not happy with the appraisal, the AMC will be happy to order another one for another $ 550, Hell they will keep ordering them until you hit the jackpot. like the one arm bandits, instead of 1 or 5 bucks, you keep putting in $550. however, this one never pays out. appraisers are screwed, i write letters, call and at best i get a form letter thanking me for the input. I appreciate cluless dad and his continued contact with his guy. But I do not see a light at the end of the tunnel unless its the death of this industry. This is me being as positive as I can!

jac: (April 16, 2010 12:04pm)

Hey try the new "obama" loan modification out there. Done over the phone, no docs...you must be absolutely broke---First numbers I turned in showing $1000 left over after expenses, not including PITI...was too much to qualify for the hardship modification. I am talking a condo, CA, $470K---I changed the numbers, claiming error, and got it down to where without the house payment etc. I was 1000 in the negative each month. That was it!! No verification, changed my $2700 house payments to $1423 each mo for 6 months. No ratios as income to payments.....just say you will pay $1423 and your house is out of foreclosure and off the auction block...just did it. Obama's hardship modif. Obviously the govt's plan is to keep these homes off the auction block to make the economy look better than it is right now. Got me 6 more months in my home....alittle freaky how the govt manipulates the economic environment...must be worst than we can imagine!!!!! My auction date was April 19th

Stan The Man: (April 16, 2010 11:56am)

Do I understand the FHA FAQs that I should notify the lender about unfair fees. I think we should send them a invoice at 45 days for our true normal fee and then see what happens. Last time we'll hear from that AMC or lender.

5pence: (April 16, 2010 11:23am)

Our profession has devolved into a joke used by Ally insurance in a commercial. "Egg management fee"

karenC: (April 16, 2010 11:03am)

I just love these guys! Thanks for making hot issues more palatable!!

5pence: (April 16, 2010 10:49am)

I'm telling you, they are out to do in this profession and they have the full power of the banks lobbyists to do it. Look at that RESPA change so the amc's don't have to separate fees like they were supposed to. We've got a lot of money brokers that want to end this profession and we're the only ones that can allow that to happen. The only ones. Stop, think and see what we're up against and how things are evolving. We have the power - But only if we use it.

5pence: (April 16, 2010 10:45am)

FHA idiots, What is the matter with them?!!? Adopting the limiting terms of the AMC's! From that link I posted "The lender is responsible for ensuring that all FHA policies are followed and therefore has the responsibility to ensure that appraisers are paid a reasonable and customary fee. An appraiser who feels that the fee offered or paid for the appraisal is not reasonable and customary should file notice with the lender. Appraisers should not accept an assignment if they believe that the terms of the appraisal service being requested, including fees, are not reasonable." Well it does say call the lender and not the AMC. As far as separating appraisal fees on the HUD-1, RESPA rules were changed so that they don't have to be separate. How convenient for the amc's in not having to hear RESPA violation anymore.

Appraiser in the Bay Area: (April 16, 2010 10:43am)

5pence- I hear what you are saying, starting May 1st last year, I didn't accept any discounted business. That lasted until about December, then I found that all the remaining correspondents who formerly ordered appraisals with their own processing departments went to an AMC route. AppraisalPort charges appraisers for their website orders, as does MercuryNetwork if the fee is at my published fee or higher. There is no full price business anymore, I've looked. Landsafe has dried up and not often available in the "automatically advertised" section anymore. Even borrowers who call for estate appraisals are shopping appraisers.

5pence: (April 16, 2010 10:34am)

Appraisers - think realistically. AMC's are out to do this profession in. Will you contribute to it's demise or not? I choose not to and am doing everything and anything else I can to make a living. I don't believe in excuses. In my mind there is no good excuse to work for amc slave wages and help those trying to kill this profession. Use your heads. Think logically. I know the amc's have your heads spinning with their turn times and low fees - think outside their box. What will you do when there is no profession? You're getting milked for every last ounce of your knowledge and expertise for slave wages and when you're completely drained you'll be tossed on to the reject pile. Think, stop and think what you're doing. There must be better choices out there for everyone involved. There has to be. No excuses. My concern is saving this profession and that's where I'm coming from. Like it or not, it's the truth.

Appraiser in the Bay Area: (April 16, 2010 10:33am)

HVCC doesn't solve fee collection issues vs COD. I have one AMC that I have to follow up with every month on various appraisal orders to collect my fee. At the 30 day mark, I write to them and send an invoice warning of an upcoming late fee if not paid by a certain date. Most AMC's don't allow an invoice attached through their system because they don't want the client to see my discounted fee. At the 45 day mark, I resend the invoice again with the late fee of $25. I eventually receive a check for the original fee without the courtesy late charge. Once in awhile, I spot the client credit card processing information in the order, and I see how much clients are being charged. $450 - $500 almost every time. When I accept an order, some AMCs don't show what they are offering as the fee until accepted, then I ask for a fee increase. $210 initially, I ask for $300 because my normal fee is $350, then they give me $275 which gets paid about at the 50 day mark after I send the report.

5pence: (April 16, 2010 10:27am)

I don't know if you appraisers have seen this - it's new about FHA appraisers fees. Looks like same ol' same ol' , http://www.hud.gov/offices/hsg/sfh/appr/faqs_fees-time.pdf

real appraiser: (April 16, 2010 10:25am)

may or may not be negotiated---"FHA believes that the marketplace best determines what is reasonable and customary in terms of fees. The fee is result of a business decision, which may or may not be negotiated, between the appraiser and the client". ITS A FRACKING JOKE, FHA is up cuomos rear and wont take a fair stand. They are the govt, Who gave the power to the AMC's?, THE GOVT. its BS.- JOE COLORADO: the NAR is looking out for themselves because the closings are taking to long and the sales prices are not keeping up with recent contracts(thanks to the end of the buyers tax credit coming to an end). I believe they want to have the IVPI instituted to put pressure on AMC'S who will put even more pressure on appraisers, faster turn around, even lower fees- you think the AMC is gonna stop the quick turn around and eat the lower fees, NO they pass the pressure and fee cut to the appraiser. HOPE that we dont look at the days as the good old days. You dont know who to trust

Fritz Boy: (April 16, 2010 10:18am)

5spence, everytime an appraiser says he works for an AMC you bash them. If I don't take the $200 per, I lose my house. I like were I live. So does my 7 year old son. We walk to elem. school. I'm not rich, but saved money when things were good. I know what its like to be in a recession and not make any money as in the mid 90's. This is the same thing but worse. My plan is to stay an appraiser even though I don't like the current system. I'm not going to turn down $ to save the industry otherwise no one would be left. It's your dream we all stop working for AMC's, but that will never happen. I dream the same dream, but am realistic about it. Sure if we just stop for one week, that would show them, but it aint going to happen. We lost 7 thousand appraisers in California in the last 3 years. I still want to be standing when the dust settles. I do all I can to get rid of HVCC, I write to Coumo, State reps, whoever I can. I know you'll find something to bash me with. I'll check later. Addios

Stan The Man: (April 16, 2010 10:16am)

5pence & Fritz boy:) You guys are right on the money with your comments. I have never, NEVER faced the pressure that I am now getting because of AMCs. Plus the lower fees that may or may not get paid. Just today I was told by one of the AMCs (Who I would loved to name) that they were 60 to 120 days out on their payments to appraisers. WHY? They told me that it was because they had not been paid by their clients. They don't get paid so we don't get paid. This is even more pressure than I got before HVCC & AMCs. Well GOOD. I'm glad. If I go under I want to take those M_Fs with me.

real appraiser: (April 16, 2010 10:15am)

stan: please go to http://portal.hud.gov/portal/page/portal/HUD/groups/appraisers top right hand corner says FAQS appraiser fees

RnchoMtgChck: (April 16, 2010 9:54am)

Well i am throwing in the towel I am going to be a Mtg. Banker. Have been a hardcore dedicated MORTGAGE BROKER for years and i am really pissed that these A-Holes are puttin' the sqeeze on us - it is soooo hard to be a Broker, I thought I could stick it out, but i can't. By making it so hard to be a Broker they have eliminated competition, (there are hardly any brokers in my area), thereby hurting the consumer, but what do i know. I am sad today. Hopefully i can now do more volume. My profession has hit the sh*tter cause I would have never thought I would be an F'ing Banker. Wish me luck. Good luck my fellow Brokers.

Rafta1: (April 16, 2010 9:37am)

Here is one for you. I stopped my mortgage payments on my neg-am loan of 1m back in 8/2007. Property posted with sale date twice that I was able to postpone. Have not heard from the lender since Oct 2008. Have received papers for mod twice that I did not sign and send and still no foreclosure sale in sight. I wonder how much longer this can go, may possibly be a record?

5pence: (April 16, 2010 9:34am)

Fritzboy: are you in the lending business & so rich that you can extend the amc's credit? That's what you're doing. They're using your money & at least collecting interest on it for those 90 days. What if they go out of business? It happens all the time. All these appraisers that do amc work are helping them kill this profession. They can only kill it with your help. Why do you think they keep lowering fees? Keep working for amc's and it's a race to the bottom and the end of this profession. Your choice is work for the amc's and ensure you don't have a profession in a year or 2 or don't work for them and ensure this profession survives. The bottom feeders will eventually figure out, as the fees get lower & lower, that it's a zero sum game, and will get out. When the amc's run out of appraisers, thats when they'll have to start paying our fees. If you keep supporting their business model till this profession is gone-you'll have killed it. I can at least look in the mirror & say I tried.

Joecolorado: (April 16, 2010 9:32am)

Source1dan-way to go,hope that he follows through, good for you.

Joecolorado: (April 16, 2010 9:31am)

just read the NAR has sent a letter to Federal Housing Finance Agency (FHFA) Interim Director Edward J. DeMarco to try and get the IVPI started. Seems like the NAR are in a way advocating the hvcc(?)by this action.Cant see why they would promote the IVPI as it is just another tier of government which we will all pay for in one way or another in the end and it doesnt get rid of the problems of the amcs or hvcc.It does give appraisers an opportunity to complain,but lets be realistic about this, no compaining to the government which we have done to date has apparently made a blind bit of difference,why would a government office,relying on appraiser complaints be willing to cut its own throat by getting rid of the problem it was created to get rid of.Catch-22

Source1dan: (April 16, 2010 9:30am)

I somehow got connected (I'm sure quite by accident)to David Steven's personal secretary. She stated he will return my call concerning the audited financials. I will post his response as soon as I hear back. Not really expecting a call, but you never know.

[email protected]: (April 16, 2010 9:27am)

I agree with the shop therapy concept happening but what's really wrong is the fact that IF you get any money - they won't take it anyway. That's a shame. So peeps are spending it elsewhere.

[email protected]: (April 16, 2010 9:27am)

I agree with the shop therapy concept happening but what's really wrong is the fact that IF you get any money - they won't take it anyway. That's a shame. So peeps are spending it elsewhere.

Fritz Boy: (April 16, 2010 9:18am)

5pence, I agree with you. FHA is blind if they think the appraiser sets the fees. Come on. With no authority over AMC's who do you think is setting the fees. I've had AMC's call me to lower my fees to what is customary so I can get repeat business. Thats the same as if a broker would ask me to lower my fees or they will go with someone else. I've never felt more pressure in my life. They hold your money for month or two. I want my money at the door. The pole is getting lower and lower and most of us can't squeeze under it anymore.

bomber: (April 16, 2010 9:13am)

Is this the same Bob Parker that was involved in the Credit Suisse investments in Enron?

5pence: (April 16, 2010 9:13am)

I'm going to post this everyday on all the real estate blogs I can find. If you can't get out of your seat to help - make a call. Here's a toll free # where you can call directly to your own Senators office in Washington. They're in session so you will be heard. Let them know what your needs are. I've called at least 3 times and they've always been helpful. Spread this information to anyone and everyone you know so that our voices will be heard. Thanks! (866)544-7573 Office of Senate Toll Free (please call between 9am & 5pm) Talking Points: 1) Crack down on irresponsible and reckless behavior by big Wall Street banks and hold them accountable; 2) Protect consumers by policing unfair and deceptive practices by credit card companies, mortgage companies, and predatory lenders; 3) Close loopholes that allow secret and risky "shadow market" deals... http://capwiz.com/affil/callalert/index.tt?action=results&ca_type=callalert&alertid=14700841&content_dir=&external_id=&alert_active_taf=1

Fritz Boy: (April 16, 2010 9:08am)

I know how AMC's work. If you don't except the order because the fee is to low, you will never get another job from them. You talk about pressure. There's no pressure greater than not making any money for your household. You say to yourself, well $200 is better than nothing. My family will starve if I don't bring in anything. We all have lots of payments. Its a slow death and they are pulling it off. Get mad, get angry and take it out on the right people. Write, write, write to those in charge until we right the wrong.

5pence: (April 16, 2010 9:06am)

Fritzboy - it's the terms everyone is caught up in - an AMC invention that our fees should be talked about and they should be talked about in limiting terms like "typical and usual" or "reasonable and customary". Employment under limiting terms turns independent contractors into employees without the benefits. I can't believe Stevens is that stupid to buy into it - but with government backing of the GSE's I'm thinking he figured he'd better hop onto the gravy train with the bankrupt butt buddies the GSE's and maybe he can enjoy multi-million dollar bonuses for running FHA into the ground like the GSE CEO's. Imagine getting paid large bonuses for failing, not because you failed but because you tried. Our money too! Fkn crazy. Government needs to get out of the markets so they can self-correct. The Gov can only screw things up.

Fritz Boy: (April 16, 2010 9:00am)

"real appraiser", I read the hud letter on Appraisal Fees, even though I'm not FHA approved anymore. I was on roster for 11 years before getting the boot, but still read the crap they're putting out. What I get from it is they have no power over the AMC and are not standing up for the appraiser to receive a decent fee. They just say what is reasonable and customary. That leaves the door wide open. 1st they said you need to upgrade to keep doing FHA at full fees. OK, that only lasted 3 months until FHA went with HVCC. Coumo started this whole mess when he was head of HUD without any real estate background, thanks to Clinton. No one with any power is standing up for the Appraiser. HUD says it has no authority over AMC's. Well who in the hell does. The banks will fight with there billions to keep it that way. Nothings going to happen for the Appraiser, until we vote everyone out of office and stop the lobbyist. AMC's pay the same for Conv as they do for FHA. Lowest possible is reasonable.

5pence: (April 16, 2010 8:55am)

I can't believe the SEC is actually doing something. I think this Goldman Sachs thing is hilarious. Criminal charges could be filed by a number of entities. So much for "We're doing God's work" hahahaaaaahaha

Stan The Man: (April 16, 2010 8:48am)

Real Appraiser:) where did you see that FAQS letter. I just told an AMC that enough was enough. There 60 90 & 120 days out to get invoices paid. Boy would I like to have a AMC performance to put them on. By the way I'm statring a new marketing program from what I have learned from this site. Never give up.

FHA Steve: (April 16, 2010 8:48am)

Please to ALL who signed the TBWS HVCC petition, please also sign the KILL_HVCC petition!! We need to get it going Viral. http://www.ipetitions.com/petition/kill_hvcc/ Please see the links for entertainment and the blog for the latest news. Sorry it has been so long since my last post.... Please contact your legislators over and over in writing...

5pence: (April 16, 2010 8:46am)

The SEC and Goldman thing is a civil suit for fraud. Guess who can file criminal charges .... Cuomo. He said he's too busy this morning to look into it. Think he'll file criminal charges? My bet is yes - he's a gloryhound

frankgaray: (April 16, 2010 8:45am)

TX201 - Thanks you.

SoCal Mortgage Broker: (April 16, 2010 8:42am)

I have emailed and called Lender Activities in Washington about the audits and they aren't responding.

TX201: (April 16, 2010 8:42am)

I spoke with a LASS analyst about the final rule coming out and the keys are in the wording. If you were approved in '09, you will be able to continue to do loans throught Dec 31 '10. You have to re-cert, re-new which were due by March 31st. However, your approval for '09 was based on submission of your '08 financials. So, if you were approved for '09 and that is being extended til the end of '10, then there is no need to file the '09 financials. You can call HUD to verify 202 755 7400, press 4 leave a message and they will call you back. Any other contact with HUD will refer you to information that is dated prior to the release of the rule and is outdated.

Source1dan: (April 16, 2010 8:40am)

The FHA resource center is stating that we are still required to get the audit completed by April 30th.

frankgaray: (April 16, 2010 8:17am)

Jan - I know what you mean. Why doesn't Stevens just come out and plainly say "you don't need to do an audit". I don't get it. It's so vague.....

Jan: (April 16, 2010 8:14am)

Based on the FHA rule of 4/5, I can't find verbage specifically stating that brokers do NOT have to submit the audit by 4/30. Also emailed Lass and they confirmed the need for the audit. Anyone have more specific information on this???

5pence: (April 16, 2010 8:09am)

The banks were telling everyone that house prices would never go down, and they were supposed to know better than any of us simple folk - so the home-owners leveraged and bought things they didn't need because they believed those in power in the financial markets. So did the unemployed that they could put in debt in a new home. All the while the banks were shorting their own BS CDO's and MBS's. Amazing that the banks can sell debt and then re-sell debt by cutting it up into many pieces, And then cut them up again so that they end up with at least double the money of their original investment - my guess is much more. Making money from debt instead of producing. It should be illegal.

St Pauly Girl: (April 16, 2010 8:04am)

Sorry for the mis-read GodLike & Cal Dude! I mistook your sarcasm/humor. And Ditto Jersey Girl.

5pence: (April 16, 2010 8:00am)

Blankfein blew it before the Senate committee when he said that GS was shorting the CDO's they were creating and selling LOL!! Mr "We're doing Gods work" Blankfein hahhaaaa. GS down $18 right now. Financial terrorists

Jersey Girl: (April 16, 2010 7:56am)

St Pauly Girl: My heart goes out to homeowners who work hard to pay their bills but are now in a short sale or foreclosure due to job loss, etc. but I cannot feel sorry for people who are drowning in debt because they "wanted" a pool and a new kitchen, etc. I know a lot of us tend to live a bit beyond our means but I think this situation I mentioned is a bit much. I feel sorry for their 2 young kids and what they must be going through now. :(

GODLIKE: (April 16, 2010 7:54am)

St. Pauly Girl, you were misreading our posts. We were talking about NOT DOING the loan for the wife of the person about to default. I may have confused the issue when I joked about doing the loan so I could eat next month and then mentioned I was sympathetic with a totally different situation where a couple that was taking it in the shorts due to an ex-wife who was in BK and letting the old house go back. I felt like that since they'd been divorced multiple years, had started a new life and now suddenly the debris from the old life was causing them grief with a new home purchase. The old house hadn't been under control of the husband for multiple years and yet now he was being hurt by something he had no control over.

Rotgirl: (April 16, 2010 7:53am)

You guys are SO right about home owners spending WAY too much on "stuff" and not paying their mortgages! When I'm at an eviction or securing an abandoned home, I'm thoroughly amazed at the amount of "stuff" these people have and leave behind. I always think to myself, "If these people had spent less on "things" and just paid their mortgage, they wouldn't have been foreclosed on." You really would not believe the amount of Christmas "stuff" that's left in 90% of the houses. It's like the common denominator. Christmas stuff and kids toys/stuff. People spend WAY too much on both. And since when is it ok to NOT pay your debt? Secured or unsecured debt - you got/bought something and promised to pay for it? How is it ok not to pay for what you bought? NO ONE is so "entitled" that they should get to basically rob a business of either the item or the money owed. Sorry if your house is not worth what you paid for it but no one forced you to buy that house.....

5pence: (April 16, 2010 7:49am)

Here's a toll free # where you can call directly to your own Senators office in Washington. They're in session so you will be heard. Let them know what your needs are. I've called at least 3 times and they've always been helpful. Spread this information to anyone and everyone you know so that our voices will be heard. Thanks! (866)544-7573 Office of Senate Toll Free (please call between 9am & 5pm) Talking Points: 1) Crack down on irresponsible and reckless behavior by big Wall Street banks and hold them accountable; 2) Protect consumers by policing unfair and deceptive practices by credit card companies, mortgage companies, and predatory lenders; 3) Close loopholes that allow secret and risky "shadow market" deals... http://capwiz.com/affil/callalert/index.tt?action=results&ca_type=callalert&alertid=14700841&content_dir=&external_id=&alert_active_taf=1

St Pauly Girl: (April 16, 2010 7:46am)

Correct Jersey Girl. Cal Dude & GodLike- REALLY!? You must really enjoy higher taxes & paying for govt bail outs! Or maybe you've stock piled the cash needed for buying back that loan from the lender. Perhaps, I misunderstood your posts. Your providing financing for home purchase to current homeowner that plans to default on their existing mortgage? or are you using a special program?

Texas: (April 16, 2010 7:46am)

here is the story from the SEC http://www.sec.gov/news/press/2010/2010-59.htm

Texas: (April 16, 2010 7:40am)

SEC charges Goldman Sachs with Fraud on SUBPRIME Mortgages

Sand State LO: (April 16, 2010 7:40am)

Jersey Girl, I see your point now...to be honest we ALL drank the Kool Aid 5-6 years ago...do you know anyone in the mortgage, real estate or related industry that didnt over spend? or think that it wouldnt end?

Bubba: (April 16, 2010 7:37am)

This is exactly the case - consumer spending is getting a lift because mortgage payments arent being made. If you are a landlord, the tenants will pay car payment, credit cards and beer money before paying rent. As one of my tennants told me " I cant pay you rent this month cause Christmas was expensinve this year"....

real appraiser: (April 16, 2010 7:37am)

Did any appraisers out there read the new "FAQS abouts appraiser fees". Sure looks like they are following their old friend cuomo. Any issues of pressure to violate USPAP, low fees, turn-a-round pressure--should be taken up with the lender (who by the way is using the AMC they own to put the pressure on appraisers). I did not want to believe it, but FHA is as bad as cuomo. Makes sense they do not want to cross their old boss or old friend. They just were handed the baton and are now running with it. Anyone else read the new letter, any other opinions, hope I am wrong- but it looks like any pressure by the AMC, your only choice is to NOT accept assignment. Lets see, ethical appraiser says "no", only handful of AMC's to work for, eventually put out of business. Unethical appraiser says "OK" to pressure, low fees, etc, more business than s/he can handle. Its a joke, and they know it! the worse the appraiser, the more money, the better the appraiser, most likely out of the profession.

Jersey Girl: (April 16, 2010 7:31am)

Sand State LO: What I was saying is why someone would put $100K on credit cards to remodel their entire house and install an IG pool...seriously?

mainestrem: (April 16, 2010 7:27am)

nice shirt very professional

Outdoor84 : (April 16, 2010 7:23am)

Did "BOB' of Credit Suisse go to the HARVARD BUSINESS SCHOOL...the same school that brought us that little BOOK which teaches how to destroy the greatest economy in the World...

Calif Dude: (April 16, 2010 7:19am)

DUDE - Hey, what was the house worth with the 250K loan? Maybe $150?? Normally, they would have been smart enough to buy the much nicer 275K house first, then bailed on the upside down one. In Calif, we call this a "buy and bail". The $275K loan would have been a great loan. This is the only way we've been able to get lenders to write down principal. The lenders caused the bubble in prices and reaped huge profits while putting us into this mess. Now, they deserve to take it in the shorts. As long as Geitner is just a tool of the banks, the govt is just prolonging the crisis. Stop trying to protect and prop up their assets. To keep banks from failing while their assets get written down to actual value, prop them up by giving them capital in exchange for stock. Then fire the bastards running them - and that would solve the huge bonus problem too. Do unto the banks as they have done unto us.

GODLIKE: (April 16, 2010 6:59am)

THE DUDE I just got those people as a customer and I'm doing their loan so I can eat next month. Actually I can't tell you how many times I've seen the same scenario and done basically the same thing. But there are scenarios where that might make sense. One I have right now the ex-wife of multiple years has gone into BK so the old house is going into foreclosure just as he and his new wife of several years are trying to buy a new home. While it's the same thing, it's also different and I feel sympathetic towards the new couple

St Pauly Girl: (April 16, 2010 6:46am)

Way to go The Dude! We need more like you out there!

Old School Mortgage Banker: (April 16, 2010 6:45am)

Thanks for bringing back the Guinness guys!

St Pauly Girl: (April 16, 2010 6:43am)

Tbone- I think that would depend on the lender you are working with. It will be totally up to them to allow it. I've already had 1 lender I work with send out notification that they will be putting forth requirements shortly. They also state that any broker (currently FHA approved) will automatically be allowed into their TPO arrangement.

The Dude: (April 16, 2010 6:38am)

Sand State LO I think Jersey Girl is talking about the blurred lines between "need" and "want". No one needs a pool. Prime example: I just denied a loan with one of my borrowers because the wife was trying to buy a 275K house house while her new husband was getting forclosed on a 250K house. Of course I could have done the loan and gotten the commision but sometimes you just have to stop stupid.

frankgaray: (April 16, 2010 6:36am)

Thone - If you're asking if a non-FHA approved broker can start doing FHA loans, I believe the answer is "not yet". Not until the Rule is finalized. Once finalized, you'll have to get an approved FHA lender to "sponsor" you. The approved FHA lender will determine what criteria you have to meet in order for that to happen.

Tbone: (April 16, 2010 6:27am)

So, does anyone know if non-FHA approved brokers can start supervised FHA loans?

VooDoo: (April 16, 2010 6:26am)

Sandy- It looks like there short selling their house and continuing to pay there CC payments. Paying unsecured debt instead of secured debt. I am seeing a lot of this. I think this is what Jgirl is trying to say.

frankgaray: (April 16, 2010 6:26am)

St. Pauly - I know! I guess it's supposed to be "implied". Call you local HOC and see what they say.. let us know in the blog.

LetsGoFishing: (April 16, 2010 6:21am)

Mortgage Guru - As a Realtor, I think we will be better off if the crooks in DC leave it alone. The more they tinker, the longer this bear market will last. Would I make more money with an extension? You bet. Would it be good for the country? I don't think so. I my humble opinion, I will be better off learning to work the market without the help of the Washington insiders. Think about it. They can't purchase a reasonably price toilet seat, nor can we trust them with our money. Why should we trust them to "fix" the housing market?

St Pauly Girl: (April 16, 2010 6:16am)

Brian & Frank- Scary, but I've read HUDs final rule 3 times looking for confirmation that NO AUDIT is required (only recert + fee payment) for brokers currently FHA approved. I've also check with HUD directly, LASS, & FHA Outreach with no further confirmation. Approval still consists of 1- Audited financial submission, 2- annual recert, and 3- payment of fee. I'd really like to skip the expense of the audit; but want to have some written confirmation from HUD that no FHA approval lapse will occur without the audit submission. Maybe I mis-read the final rule; or there's been updated verbiage...Can anyone point out page# & paragraph that can confirm not audit? Thanks for the help.

Sand State LO: (April 16, 2010 6:15am)

Jersey Girl - What does short saleing their house have to do with having priorities screwed up?

mortgageguru: (April 16, 2010 5:12am)

Does anyone else think we lobby to extend the tax credit?

Jersey Girl: (April 16, 2010 4:59am)

Speaking of dilinquent mortgage payments...I did an appraisal 3 yrs ago for a family who went ON and ON to me while I was at their house, about how they were trying to refinance to pay down their $100K in credit card debt...which they used to remodel their entire house and install an inground pool, etc. I had an appointment recently in that same development and saw that their house is now listed for short sale. It's a shame but I can't understand how people can get their priorities that screwed up.

MusakMortgo: (April 16, 2010 1:38am)

Does anyone recognize the background music today? Thanks

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