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bongosdad: (April 23, 2010 12:53pm)

did you say that there is a mortgage revolution coming to charlotte? it's not on the MR website

real appraiser: (April 21, 2010 5:35pm)

I know its late and I will post this again tomorrow, unless someone wants to cut and paste it. Appraisers must goto http://www.workingre.com/workingre/ and answer the survey, THIS IS HUGE FOR US. ADD questions like-Will the implementaion of the INSTITUTE or IVPI make a difference? pass it forward to everyone you know in the field

5pence: (April 21, 2010 5:00pm)

Ok TMB777, maybe that was unfair. Elect reps to change the laws. Screw Hud and the banks. The laws of the land are enacted by Congress and no entity is above the law. Out with the old and in with the new.

5pence: (April 21, 2010 4:56pm)

tmb777 - you're a defeatist. You're already beat. No sale.

5pence: (April 21, 2010 4:55pm)

It almost reads like FHFA will not acknowledge a sunset policy on the HVCC. Thing is, if the HVCC is sunsetted it's because it's illegal and that is an admittance of that fact. And sunsetting is not a policy - it will be law. I don't think they can get away with keeping a blatantly illegal policy with them being an administrative arm of the Government. In other words, If they don't abide by the sunsetting and requisite legal review of the HVCC, they'll be in violation of the law. As it stands with the HVCC now, without the required due process of law, it's neither legal nor illegal. But, since it didn't go through due process that automatically means it's illegal. I think the reason it's in play is because of Bubble Ben and quantitative easing - you know, where the criminals get rewarded with tons of cash and everything goes their way because they screwed up big time. We shall see. Brian, don't forget to share heheeh

sue first, ask for discovery later: (April 21, 2010 4:48pm)

Simple solution I learned from any COP shows. Threaten the LO's with jail time, have them pinch on their bosses, who rat out their bosses, who squeal on their bosses... eventually, You take down the kingpins and their regulator bagmen and fences and congressional getaway drivers... very simple and very American!

real appraiser: (April 21, 2010 4:12pm)

brian, can you delete the message post by brian if it was not you. If it was you, can you clarify where you got this info. The way it reads, seems like it is not you or your hitting the bottle (hard)again. frank any input from you would be great too, thanks.

D-Appraiser: (April 21, 2010 3:47pm)

Hey Brian, can you clarify "from HFA that there will not be acknowledge a sunset policy on hvcc", please.

tmb777: (April 21, 2010 3:45pm)

And, if you are really serious... put YOUR name on a ballot. How many of our industry even turn out to vote? Home many bother to volunteer for someone decent? Get a mitt and get in the game or you get the government you deserve.

tmb777: (April 21, 2010 3:43pm)

Then don't re-elect them! But certainly don't push for term limits that restrict those who may be worth keeping. The BLOB WANTS limits...then they are in control! Imagine HUD in more control!

5pence: (April 21, 2010 3:38pm)

Term limits. This Great American Drama is playing out with the same actors and actresses that have been the long standing stalwarts of a good performance on stage while neglecting serving the people that put them there. They're all dirty and worse - they're all bad actors. Time to start up the Great New American Drama with all new players that will change back the rules of the game to what was Constitutionally laid out. Too many actors with no substance. Fattened and grown lazy and out of touch by their gravy train ride through life. IMHO. A Consumer Protection Agency is the best they can come up with? Pitiful and does not address the problems the American people face. New actors that are grateful to be able to be able to serve the people are what we need. Term limits so they don't think it's a career, it's a call to PUBLIC service and nothing more. No fat retirements, no turning into lobbyists if you're not re-elected, no big money buying legislation. The whole system is crooked.

TMB777: (April 21, 2010 3:14pm)

Be careful with the term limits effort. Unelected politicians are way worse than ELECTED ones! The BLOB that is the DC bureaucracy is already powerful (i.e. HUD; Dept. of ED; EPA; etc. etc.) We need strong elected reps to counter the BLOB!! Term limits are NOT the answer--unless you want it worse!

D-Appraiser: (April 21, 2010 3:09pm)

"we've heard from fhfa that there will not be acknowledge a sunset policy on hvcc" I don't get it.....

Big Daddy: (April 21, 2010 3:04pm)

"we've heard from fhfa that there will not be acknowledge a sunset policy on hvcc" . Brian, what does this mean? Seems to me, if the "Childers/Miller" amendment is included in Dodds Consumer Protection Bill, then that becomes the law of the land. It's the terminology & phrases that matter. This act would supercede any desires that FHFA would have or am I incorrect??

D-Appraiser: (April 21, 2010 3:02pm)

So, HVCC is here to stay no matter what? Why FHFA like HVCC?

5pence: (April 21, 2010 3:01pm)

Huh? There will not be acknowledge? I don't think this is brian

brian tbws: (April 21, 2010 2:39pm)

we've heard from fhfa that there will not be acknowledge a sunset policy on hvcc.

5pence: (April 21, 2010 2:15pm)

Yeah, D-Appraiser. It's sickening. Believe me, I'm there with you. Thanks for calling. "All it takes for evil to triumph is for good men and women to do nothing".

5pence: (April 21, 2010 2:13pm)

Totally agree valuequestor - they're all bad actors in a bad play. They all need to go and the play with them. Term limits. No more career politicians! Here's a toll free # where you can call directly to your own Senators office in Washington. I've called at least 6 times. Spread this info around. (866)544-7573 Office of Senate Toll Free (call between 9am & 5pm).

D-Appraiser: (April 21, 2010 2:09pm)

5pence - Already called. Hopefully they will listen to us. My business right now is zero.Will Cuomo pay my bills???

5pence: (April 21, 2010 2:04pm)

D-Appraiser : I called my Senator and also mentioned that the sunset HVCC absolutely needs to be in the Senate bill. It took all of 5 minutes to call and be heard. I strongly, robustly, stringently, vigorously recommend that all call and express their opinions (nicely of course).

James the Appraiser: (April 21, 2010 2:00pm)

HOOO - I just completed an appraisl for a single gal that has $50,000 outstanding on her Visa and makes $45,000 a year. She is doing a purchase on her first home as a USDA loan and gets the credit. Now the house only cost her $98,000, but even with this Visa outstanding amount being more than 1/2 of the value of the house and a 100% loan she got approved - WHAT ?????

D-Appraiser: (April 21, 2010 1:43pm)

5pence - What about the sunset of HVCC? Or we need to live with this pest forever...?

5pence: (April 21, 2010 1:40pm)

Ok, that number I posted still works like a charm. I encourage all to call to your senators to end too big to fail. I thank you, my family thanks you and a grateful nation will thank you for doing your part.

5pence: (April 21, 2010 1:28pm)

A group of Senators including Senator Kaufman are introducing an amendment to the cosumer protection bill. Senator Kaufman has read 13 Kings and all the other books about the meltdown causes and knows the different reasons why it happened and he and his colleagues are introducing an amendment to break up the too big to fails into $100 billion banks to end their anti-competitive status, increase competition with the smaller banks and end too big to fail. I'm calling my Senators right now with the number in my previous post to have them support this amendment. Now, finally, someone is making sense.

valuequestor: (April 21, 2010 1:07pm)

5pence: I worked in NoVA / Wash.DC most of my life. The only solution is to vote them out. If you spend more than a few years there you get infected with "Inside the Beltway Syndrome" or IBS. Once a regular person has been there for a few years....they'll do almost anything to stay. We must have term limits....and don't fall for that garbage about needing to be there for years to become an effective legislator and get things done. There are other ways to keep experienced senators and congressmen around for advice and counsel. Throw the bums out!

V is for Valuequestor: (April 21, 2010 12:56pm)

Hey Chip! Hey Robbie! Go grab Ernie and Uncle Charlie out of the bath and check out TBWS! They're playing our song!

5pence: (April 21, 2010 12:54pm)

I'm watching CSPAN and they're arguing the consumer protection agency on the floor. Why don't they understand we don't need a dog and pony show to believe they're doing something - just friggin do it! 2 years later - arrg. Forget this wholly acted out play with the well fed and paid actors - just reward the regulators well for actually doing their jobs, save a trillion dollars and solve the problem. Don't add more layers of consumer protection over layers that are inefficient and call that fixed! I agree that all the worlds a stage - but fix the stage before you put on more shows like this sham! Is this the best we as a country can do? Geez. Vote them all out. They're all bad actors in a 2 bit play.

5pence: (April 21, 2010 12:35pm)

This new Consumer Protection Agency is a sham. All you need to do is enforce existing regulations & make enforcement rewarding for the regulators. Creating & spending trillions on a new regulatory agency is all for show-to try to appease the seething masses. I'm not soothed. Enforce exiting regulations & $ reward those that enforce those regulations! This thing is ridiculous imho & a huge waste of taxpayer money. What always happens to new regulators? They get owned by those they're regulating. Always. Stop this foolishness & pay enough to enforce existing regulations so that those officials that are supposed to be protecting the consumer can do their jobs without the temptations of being bought out. You know that's what the banks are going to do. A huge exercise in futility in my very honest opinion. Stop wasting my money in this huge & expensive stage play, put on for the benefit of constituents and the banks, that pretends to actually help the consumer with policies that won't last.

GODLIKE: (April 21, 2010 12:33pm)

THANX for the google info Tom B, but that shows a large low res button for every foreclosure out there instead a map like the Housing Wire map that shows trouble spots. You can find a foreclosure in just about every part of the country, the question is which areas have foreclosure problems with numbers much above norms. Unless I'm remembering wrong norms are 3-6% (3% for conventional loans and 6% for FHA)

Big Daddy: (April 21, 2010 12:06pm)

5pence; I've been waiting for your post. That's correct. They don't want to hear about fees. You can mention however about the increased appraisal costs to the consumer though since the inception of HVCC and how the large AMC's, which are primarily owned by the "Too big to fail" Banks, control 75-85% of the nations appraisal market. Write your letter & then copy/paste to your Senators in a email. Start with "Most Honorable Senator xxxx" as this is how they prefer to be addressed. So easy a caveman can do it.

Tim: (April 21, 2010 11:52am)

How can I add this link to my Fan Page on Face Book, not my profile?

5pence: (April 21, 2010 11:47am)

Here's a toll free # where you can call directly to your own Senators office in Washington. I've called at least 4 times. Spread this info around. (866)544-7573 Office of Senate Toll Free (call between 9am & 5pm). Appraisers: I'd talk about how HVCC is costing the consumer and is not cutting down on fraud or lender pressure when the banks own the amc's! It's exactly like having the fox guarding the henhouse or putting a pedophile in charge of a day care center. It's a bank monopoly of the mortgage industry. It's hurting small business and local economies. It's illegal as it didn't go through due process for administrative agencies of the Federal Gov & it hurts the consumer. We have over 120k signatures with written complaints to illustrate that. As long as the banks absolutely control the process there will be easy money corruption. It hurts the consumer with the lack of appraisal portability & they're being overcharged and there is no IVPI. Don't talk about fees. They don't care.

Old Real Estate Fart: (April 21, 2010 11:40am)

Utah Mortgage Guy. You must be smoking crack if you think you could have gotten a better loan the Angelo. Give me a break. Branch operations had local marketing dollars to throw at borrowers who were in with wholesale brokers. If branch had it don't you think Angelo had it. They're trying to make Angelo the poster boy. If he did something illegal, he should go to jail, but so should everyone who did the same thing or took advantage of it being done.

loanlady: (April 21, 2010 11:37am)

Throw their asses in jail!

Ill Appraiser: (April 21, 2010 11:26am)

If you didn't see this earlier....Illinois appraisers, call all the senators on the financial committee and encourage them to vote yes on HB5868 - the ICAP version that regulates AMC's. Idfpr is trying to get a version in that only has AMC's register. Not enough! by a long shot! Here is the link for their names and numbers-http://www.ilga.gov/senate/committees/members.asp?committeeID=614

UtahsMortgageGuy: (April 21, 2010 11:25am)

FHA email about renewals copied this from my email fomr them today (1) To FHA-approved Loan Correspondents (with a FYE of December 2009) who have NOT completed the online certification and/or electronically submitted the annual renewal fee. Dear FHA-approved Loan Correspondent: Effective immediately, if you have not received any notice (e.g., Notice of Violation, Notice of Administrative Action, etc.) from the Department’s Mortgagee Review Board Secretary, and you wish to continue participating in FHA’s programs, you must complete the online certification and electronically submit the annual renewal fee. You are not required to submit the annual audited financial statement. However, failure to complete the online certification and electronically submit the annual renewal fee within 90 days of your institution’s fiscal year end may result in your institution being referred to the Mortgagee Review Board for administrative action, which may include termination. GREAT NEWS

objective1: (April 21, 2010 11:20am)

To luroo - Your frustration is understood but you have to see the other side. I have watched too many valid short sales fall out of escrow due to the lender dragging its feet. The buyers know it is a buyers market and have a limit with their patience and are not going to put up with an extraneous process laced with uncertainty caused by indifferent, if not arrogant, lenders.

The Puncher: (April 21, 2010 11:10am)

I swear to God if I seen Chris Dodd in public I would smash the bastards face with my fist. He is a fuc*(&g disgrace and how can someone like him be given the authority to rewrite the financial rules of our country that we will have to live with. Did you know his dad got busted previously for racketeering as a senator decades ago. (WASHINGTON, Sept. 23 — On June 23, 1967, Senator Thomas J. Dodd, Democrat of Connecticut, was censured by the United States Senate for diverting $116,000 in campaign funds for his personal use. The vote was 92 to 5. As they say the apple does not fall far from the tree!

Mook Hunter: (April 21, 2010 11:03am)

Utah Mortgage Guy: You're full of it. Every retail manager in the CFC system had latitude to price accordingly. And (I know this will shock you) Angelo was well liked and respected by thousands of people, famous and not, that could call him for a "special deal". If you knew the secondary market (sounds like you don't) there's room in EVERY loan for a special deal. Was there FOA loans done, absolutely. But there were also loans done to a lot of people with special pricing. AND LET'S NOT FORGET THE LOANS DONE AT ANGELO'S INSISTENCE TO INNER CITY BORROWERS LONG FORGOTTEN BY THE MAINSTREAM BANKS. It's time everyone got off Angelo's back and started looking further down the food chain.

Utah Mortgage & Real Estate guy: (April 21, 2010 10:59am)

"Friends of Angelo" Cont... Assuming the borrowers credit was pulled, and that their credit would conform to program guidelines (I have not been able to find information stating credit was pulled or not). Getting a Sweetheart Deal from a Retail bank doesn't mean anything. Furhtermore, 3 of these individuals faced discinplary hearings because of their involvement. It just goes to show how OUT OF TOUCH Washington, DC is to the actual Mortgage business, especially regarding Wholesale/Retail Lending. These individuals faced losing their jobs becuase they didn't do their research like an informed consumer would and realize they could receive a better overall loan by Originating with a Wholesale Mortgage broker instead of getting a Good Retail bank loan. Of the 6 loans, I was able to obtain interest rates,and fees that these individuals obtained for (4): If I could have Originated these loans, I could have given them a cheaper loan scenario then their Sweetheart Deal from RETAIL Countrywid

Utah Mortgage & Real Estate Guy: (April 21, 2010 10:49am)

I wanted to address the loans obtained by our leaders from the 'Friends of Angelo' program. I will conceded that they received the loans with little to No documentation that all other borrowers need to provide. However, after doing much research on the subject, here is what I found. Reports were that these individuals(there were 3 other Washington, DC politicians that received loans through the program, 6 total that I could find) received better rate/fee structures than the average consumer could obtain through Countrywide Retail. The funny thing is; that NONE of these people got the best deal. If they (the 'Friends of Angelo' recipients) would have called a mortgage broker, they probably could of got a better deal. Countrywide Retail charges the average consumer more than DOUBLE the fees for the same rate that any Wholesale Mortgage broker could obtain through Countrywide Wholesale. Long story short, everybody got their panties in a bunch over nothing. cont....

Pugsy77: (April 21, 2010 10:39am)

I disagree with some of the earlier comments that the loan officers were without blame. In Marin and Sonoma counties there were loan officers of both WAMU and Countrywide striving to make their respective "President's Club" soire. They would do anything to make a loan and it was widely known that they were experts in the field of document manipulation. In many cases the real estate agents were complicit in such schemes in addition to taking overages and tacking on a prepay to increase that overage as well as doing multiple simultaneous transactions and simply switching the order of borrower names. It was money for the taking where a majority of the borrowers were English 2nd language. They know who they are and there will be a day of reckoning and the punishment will not be enough but will be JUSTIFIED. Bring on the DOJ. It seems the FDIC can't get their act together.

ALL CAPS: (April 21, 2010 10:38am)

JOE COLORADO, YOU'RE CORRECT..... WHEN THE FORMER OWNER STOPS MAKING THE HOUSE PAYMENT, ALL OTHER PAYMENTS SUCH AS TAXES, INSURANCE AND MAINTENACE ASLO STOP MOST EVERY TIME. ALSO, THE MAJORITY OF THE TIME, THE LONGER THEY STAY IN THE PROPERTY THE MORE RUN DOWN IT GETS. I KNOW THIS FIRST HAND. THERE MANY VACANT HOMES "IN LIMBO" THAT ARE BECOMING CODE ENFORCE NIGHTMARES THAT WILL HAVE TO ADDRESSED WHEN THE BANKS FINALLY FORECLOSE AND START THEIR MARKETING PLAN. SOME OWNERS DO KEEP UP THE PROPERTY AND THE BILLS. THEY ARE THE EXCEPTION AND SHOULD BE COMMENDED. LIKE I SAID EARIER, SOME FOLKS JUST GOT CAUGHT UP IN THE MESS.

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Still Fighting the Good Fight: (April 21, 2010 10:04am)

I can hear the 'washing of the hands' at nearly every lender across the country. The unbelievable apathy from them, the inability for anyone to make a logical decision when there IS actually someone who wants to stay in their home but needs their help to weather the storm has become epidemic and Brian, it's just not that easy or even the right thing to do. Just like HVCC, you bow to the pressure of the "big boys" - easy, peazy. The banks are getting away with murder and we don't know how to stop it. Congressional hearings for programs sold (and bought) five years ago is counter-productive and frankly, grandstanding in an election year. Absolutely useless.

Joecolorado: (April 21, 2010 10:03am)

Unfortunately if they are not paying the mortgage payment they are not paying the insurance as its typically tied with the m'gage payment.I agree that the property is probably better off occupied,however the banks using creative accountants & yellow accounting practices is where and how we got into this mess in the first place,by hiding the real problem.Let the banks declare their actual"Real" loss,the shareholders will react directly on that loss instead of being told what the bank's reported position actually is.The public has no obligation to shareholders in a private venture and they should shoulder the loss not us,but to hide it from them is just plain wrong.If the bank hides the real situation from the government to get public funds,it is a fraud and should be treated as such.The real situation is known by the muckymucks,who only want to ensure their shareholders make a profit,to make them look good & to protect their bonuses.They should all be madoffed.

Alabama Country Boy: (April 21, 2010 9:43am)

Foreclosure is a last resort for any lender and, I agree, that is where we are in many markets. It should be noted that the "shadow inventory" can also be tax management and image preservation for banks. As long as they can call it a performing loan, they can keep it as an asset on their balance sheet even if it is not an earning asset at this time. Once it is foreclosed, the balance has to be written down to what the bank anticipates being able to sell it for plus the property is now an expense item for maintenance, taxes, insurance, etc. It really is cheaper and makes more sense for the bank/lender to keep folks in that house as long as possible. If they are paying the insurance, cutting the grass and keeping the property secure from burglars, this saves the bank money and helps the neighborhood stay free of empty houses. This also helps preserve the value of the homes while this person and others are trying to short sell or do whatever to save themselves financially.

fatladyissingin: (April 21, 2010 9:36am)

Gents love your show. My question is where is Wells F'ing Fargo's name in this mess. I starte with them and was a "SubPrime" specialist but quickly found the loans could go FHA or Conventional so I did very few true SubPrime. Why aren't they all over the place in the horrific debacle. Borrowers were nothing but numbers to those people. I have been cursing Warren Buffet's name for years now for allowing those nasty b'tards to operate the way they did and the way they continue to treating their "Team Members" and customers like shizen. When will they be called to the mat??

ALL CAPS: (April 21, 2010 9:13am)

FRANK YOU ARE RIGHT...THANKS FOR BEING SO CANDID ABOUT YOUR OWN CIRCUMSTANCES....THERE IS AN ANALITIC COMPANY THAT IS SAYING THAT THE AVERAGE TIME BETWEEN WHEN THE BORROWER MADE THE LAST PAYMENT AND WHEN THE NOTICE OF DEFAULT FILED, IS 407 DAYS. THAT IS CRAZY. THERE ARE PLENTY OF GOOD HONORABLE PEOPLE THAT ARE STUCK IN THIS MESS. THERE ARE ALSO THE LEACHES. I DRIVE A 2006 F150 I PAID 18K FOR NEW. WHEN I MEET A FORMER (FORECLOSED) OWNER THAT IS DRIVING A TUNDRA WORTH MORE THAN TWICE WHAT I PAID FOR MINE, BOUGHT WITH HIS HOME EQUITY, IT TENDS TO MAKE ME NOT FEEL NOT TOO SORRY FOR HIM. THEN THERE ARE THE ONES WHO DON'T MAKE A PAYMENT FOR A YEAR THEN MAKE THE BANK EVICT THEM. THAT CAN TAKE AN EXTRA 6 MONTHS IF THEY CONSULT AN ATTORNEY, KEEP LYING ABOUT THEIR IDENITY AND WHETHER THEY ARE A TENANT OR THE FORMER OWNER. THIS ALL COST THE BANKS MORE MONEY AND PROLONGS THE CRISES. WHICH OF COUSE, WILL HURT US ALL IN THE LONG RUN.

Joecolorado: (April 21, 2010 9:09am)

Tom B-Thanks for the map tip,Didnt know googlemaps did that but will use it in future appraisal processes to see the immediate neighborhood quickly.Thanks for helping me get data quicker and so readily illustrated. I am horrified of the amount of Pre/foreclosures in my area that came up on this map.

brian tbws: (April 21, 2010 9:03am)

thats funny and im not gonna delete it! i actually never closed a loan with wamu. i worked with world saving over the years. truthfully the word was wamu was so difficult to work with i never tried. thats funny though. thanks for the laugh.

Joecolorado: (April 21, 2010 9:01am)

Wamu number 1-You knew it was ethically and morally wrong and yet you still did it,isnt that the pot calling the kettle black?Judas Iscariot.

Wamu Number 1: (April 21, 2010 8:56am)

I used to work for Wamu wholesale and Frank and Brian sold more option arms with 3 year prepays than any one I know. They used to call me and laugh and say this borrower just got screwed LOL.

Tom B: (April 21, 2010 8:55am)

Frank, the problem with foreclosing all at once is supply if he banks were forced to sell those homes. The banks are manipulating supply by holding back the homes for sale which has helped prices stabilize and in fact go up. Remember back in July 09 when we were all waiting for the next foreclosures to hit the market and then never did...they were dribbled out here and there. I have charts that show prices rising from July through the end of the year where we are in SoCal. I'd love to see the banks out of the real estate sales business, but I'm betting that the banks have to hold their foreclosures for 5-10 years (that's what a legislator to me) so they can keep the prices from going in the basement any more. The losses to everyone that owns a home and to the lenders or holder of paper would be massive if it all hit at once.

qtrhrse: (April 21, 2010 8:55am)

Never brokered loans to WAMU or Countrywide.

NorthIdahoMtgBrkr : (April 21, 2010 8:53am)

I have the AX, LET'S DO IT!!!!!

Wamu Number 1: (April 21, 2010 8:49am)

I used to work for Wamu wholesale and Frank and Brian sold more option arms with 3 year prepays than any one I know. They used to call me a laugh and say this borrower just got screwed LOL.

Micah: (April 21, 2010 8:49am)

Here's a case for Frank and Brian's video marketing. Was on a call yesterday and moderator said that 65% of ALL bandwith on the internet last month was VIDEO!!! Keep up the good work guys

Tom B: (April 21, 2010 8:45am)

Godlike...here's a map of foreclosures on a real time basis...go to googlemaps.com, put in you address or any address for that matter. On the right upper screen you will see a white box labeled "more" put your cursor on that box and it will give a drop down, click on "real estate", now a section on the left side of your screen opens opens that gives you options to see homes for rent, fore sale, and foreclosures! Unclick "for sale" click "foreclosure". Then zoom in an out and yes on the map...the seven major metro areas are pretty saturated, but when you see the map, if you're like me you will choke. This is a huge problem that is effecting every area of the country that has any population.

Big Daddy: (April 21, 2010 8:37am)

Ok people and appraisers in particular. Now's pretty much your last opportunity to voice your opinion on HVCC and its bad affect. Senator Dodd will be placing SB3217 up for a vote. Email him & your U.S. Senators. Tell them in your email to support the Miller/Childers amendment from HR 4173. You can also cite a brief example the ill affect of the HVCC. Buzzwords are "cost the consumer more", "hurts competition", "rewards to-big to fail banks",,,etc. That fact that your making less due to AMC's cut will not help your case. You can also email your House Representative as it may come back to them for reconciliation.. Do it today.

lurooo: (April 21, 2010 8:05am)

Amen! I do modification visits to default homeowners for various banks...I visit,arrange mod ...two months later visit same people and arrange another mod...two months later...another visit...most are just playing the system.living large for years and not paying a dime.It is time to end the free rides and short sale these homes at market value less 20% and let the healing begin!

frankgaray: (April 21, 2010 7:52am)

Google Campbell Surveys and you'll find it.

mortgage_lifter: (April 21, 2010 7:50am)

I don't think you guys are talking about the people who are trying to stay in the homes and trying to keep their obligations. I think they are talking about the group out there that haven't made their payments for 12 months, who are doing everything they can to stay in a house, including being a non-compliant Short Sale Seller (any of you got those listed?) they are not prepared to pay for the house but want the free rent and the Fed's are helping them with my tax dollars. Foreclosure is not evil or the end of the world - it is the first part of a rebuilding process that should have started way before Tarp 1. If that would have happened we would have been out of the woods by now.

Robbo674: (April 21, 2010 7:49am)

Anyone know where I can find the link to the Campbell survey noted in this video?

frankgaray: (April 21, 2010 7:46am)

great discussion! my point is, for those that are simply not making their payments, something eventually has to happen. after over 2 years of this, I think its time. sure property values will drop but buyers will come. once those foreclosures hit the clock starts ticking on the time when people can buy again. Oh the fear of shadow inventory will dissolve as well. It has to happen eventually, I just think most people are ready. thanks again guys. Oh this is Brian Not Frank.

Frank Garay: (April 21, 2010 7:25am)

Sue - You are in you're own situation and handling it with honor which is awesome. However, there are many who are simply manipulating the system prolonging the inevitable. To those, Brian is saying that it's time to foreclose. And why not? They can move on and begin the rebuilding process, and another property is available for a first time buyer or investor to pick up. In doing so, commissions will be paid, taxed to the county paid back etc etc... So please try to understand that in a few seconds, we can't address every single situation that everyone is in. I'm still in my home, fighting to stay just like you. This is my home and I love it here. I'm making my payments even though I'm over 200k upside down, so I know where you're coming from. Thanks for the post.

GODLIKE: (April 21, 2010 7:18am)

It has been said that the mention of Hitler or Nazis can kill any internet thread, but last night in a book I was reading I came across a quote from Hitler that just about sums up how the present admin. is dealing with the problem. Hitler said "The crowd will succeed in remembering only the simplest concepts repeated a thousand times."

GODLIKE: (April 21, 2010 7:13am)

Sorry bout that Sue, but the reality is that everyone on this forum and anyone in any real estate related industry is just a hairs breadth from loss of job and foreclosure issues themselves. The longer this goes on the closer we all get so using the Axe might just save a bunch of us. I've been doing this since 1974 and this is the worst I've ever seen. It kinda makes me wish for the Jimmy Carter era, at least there was a certain amount of sense to his issues.

Sue: (April 21, 2010 7:07am)

No,we are not ready to foreclose. We may be out of work, our house is for sale, and losing money through a forebearance each month but we still have hope and each and everyday we are trying to get a job. Telling us to foreclose is like telling all the unemployed to give up. We will never give up trying to find our place back in society and keeping our old 820 credit score that is now..bearly in the good range. You gave bad advice. Instead, give advice on how to keep your home and give the unemployed a reason to live right now. We watch your video for hope of survival. Today, you really really made an already struggling unemployed audience feel as if we need to close up shop. I'm here to tell the unemployed homeowners, don't give up and keep trying to find a new way to survive. How about ideas to help us instead of the trash you put out today.

GODLIKE: (April 21, 2010 7:04am)

Is there a foreclosure map out there? I'm betting that all these foreclosures will very closely mirror the map we got the other day from the Housing Wire article. It will show that the VAST MAJORITY OF THE COUNTRY doesn't have many. They will all be concentrated in the same 7 metropolitan areas that started this crap, pardon me, I mean the media blitz.

cjseven69: (April 21, 2010 6:58am)

we all may have done subprime loans (i have done less then ten in my 12 year career) but all of us did not overcharge people. Also, if i did put someone in a loan with a prepayment penalty, it was only for one year (i never put anyone in a 3 year ppp), and i refied them ALL out of that loan into a new loan without a prepay penalty.

Ill Appraiser: (April 21, 2010 6:55am)

Oops-fingers are not working- typo on previous post should be "financial".

Ill Appraiser: (April 21, 2010 6:53am)

Hello to all Illinois appraisers! HB5868 needs your help. Call all the people at the following link and encourage them to pass this bill from their committee (finanial) as it is. No changes! Thanks! http://www.ilga.gov/senate/committees/members.asp?committeeID=614

LDR: (April 21, 2010 6:53am)

Keep it coming guys! We need this stuff published. The yoyo's in main line media are all in this scam in my humble opinion. Because they stay away from what you all are bring out.

GaryP: (April 21, 2010 6:30am)

Rondon, surely you are familiar with the concept of a "scapegoat?" LO's are that scapegoat here. Surely it couldn't have been the fault of our elected officials. The simple fact is that its easy to pick on the little guy. Defunct banks and their executives are pretty easy too, as evidenced by CountryWide and WAMU. Of course, the recent charges against Goldman Sachs is just another element, but that was obviously political and had more to do with the financial reform bill than anything else. In all this, has anyone heard anything out of DC about the rating agencies and their role in all this? Come on, AAA rating on sub-prime MBS? You're kidding me, right? What part of the word "sub-prime" did they miss?

AustinLendingLeader: (April 21, 2010 6:22am)

Texas? Cash outs? and prepayments? what are you talking about..you are correct in that our cash out rules are tuff however...it is because borrowers were limited to 80% of the value when doing the cashout. NOT pre-payment penalties. by limiting the cashout to 80% it provided a cushion in case of loss of equity. couple that with migration from other states and thats why we are doing better than most...nothing to do with prepay penalties...think about 125% cashout in Cali and only 80% in Texas

GaryP: (April 21, 2010 6:22am)

Some merkets in Texas, such as San Antonio, were sub-prime hotspots. Ask any former subprime lender executive. They had their finger on the pulse of what was going on in San Antonio. The fact that a very large percentage of these loans went to the large hispanic populatin in SA makes me wonder why we haven't heard some sort of self-fulfilling outrage about pedatory lending there like that heard from other arkets. I suppose that may just be due to the fact that politicians from that area have other more important irons in the fire.

EddieinAB: (April 21, 2010 6:21am)

Foreclosures are Death by a millions CUTS!

ALL CAPS: (April 21, 2010 6:13am)

GREAT SHOW.......GOOD 1ST TIME BUYER STUFF. YOU GUYS ARE RIGHT IT IS DEFINITELY TIME FOR THE AX.GOOD ANALOGY. PURGE THE SYSTEM OF THE FORECLOSURES SO WE CAN MOVE ON.

frankgaray: (April 21, 2010 5:52am)

Noel - Thanks. Yeah, I guess the point was, there was something in place in Texas to slow it down. Point Brian was making is that technically, a prepayment penalty could do the same thing... slow it down.

Rondon: (April 21, 2010 5:30am)

Chris Dodd, Barnie Frank and the whole banking cartel is to blame for this mess. Continued blaming of the loan officer is shameful and akin to the captain blaming the seaman for the ship going down.

gsuarez: (April 21, 2010 5:30am)

Thx for the update NAHIP!

Noel: (April 21, 2010 4:56am)

Good point about Texas equity financing and better-than-nationwide values in Texas metro areas. But, it didn't have anything to do with prepayment penalties. PPP's are illegal in equity financing in Texas. It may have had more to do with the 80% LTV limit (and other restrictions) on equity financing and the general state of affairs in Texas. That is, until about the same time as the nation-wide malaise (2007), Texas foreclosure rates were about the same as the rest of the country. So, other factors protected us from the devastating meltdown although we were still somewhat affected and are realizing a bit of a ripple effect now.

kap10kaos: (April 21, 2010 4:52am)

Hey rhodyloans....you might need to update your Adobe Flash Player....

NAIHP.org: (April 21, 2010 3:25am)

The USDA Bill is progressing. On Thursday, April 22nd the House Financial Services Committee will markup HR 5017. It will be voted out of committee and then go to the floor. For more info go to www.naihp.org

rhodyloans: (April 21, 2010 3:04am)

does anyone know why there are some days that I can see the video and some days when there's just a blank screen?

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