HUD Sends Another Warning - 07.23.10 | Vincent K. Mohr : First Priority Financial, Inc. : Fairfield, CA

5pence: (July 23, 2010 1:20pm)

“Whether they’ll take us up on this, I don’t know,” Franklin said. “We’ve got a lot of options at our disposal and we are serious about seeing improvements and we’ll go shelf by shelf and deal by deal to exercise those options.” WOOHOOO!! YOU CAN'T LEGISLATE ETHICS AND MORALITY BUT YOU SURE CAN BUY IT OR GET IT IF IT'S OWED TO YOU. THIS IS REALLY SOMETHING GUYS. READ THE STORY HERE IF INTERESTED : http://www.bloomberg.com/news/2010-07-23/mortgage-investors-with-500-billion-urge-end-of-practices-lawyer-says.html

5pence: (July 23, 2010 1:17pm)

No Comments: BofA Corp., Wells Fargo & Co., JPMorgan Chase & Co., & Citigroup Inc. are the biggest U.S. home-mortgage servicers, managing almost 70% of outstanding loans, according to newsletter National Mortgage News. Spokesmen for the banks, which have said they have been acting in investors’ best interests as required by their contracts, either declined to immediately comment or didn’t return e-mail messages. Spokesmen for BlackRock, Washington- based Fannie Mae & Fortress of New York either declined to immediately comment or didn’t return e-mail messages. Franklin said “a common sentiment” among investors has been that trustees haven’t been helpful in protecting their interests. The group’s letter said trustees had duties under their contracts, and could be liable where actions, such as inappropriate foreclosures, were performed in their names. “Whether they’ll take us up on this, I don’t know,” Franklin said. “We’ve got a lot of options at our disposal and we are serious

5pence: (July 23, 2010 1:12pm)

The bondholders also are concerned that lenders may not be devoting sufficient resources toward renegotiating debt for troubled borrowers, the letters said. New York-based BlackRock and Pimco have also complained about conflicts of interest related to banks owning home-equity loans on properties that have first mortgages held by securities they service. Investors who are sharing information and coordinating through Talcott Franklin PC own pieces of 6,000 home-loan securities transactions, the lawyer said. They own bonds giving them 25 percent of “voting rights” in about 2,300 deals, 50 percent in more than 900, and 66 percent in more than 450, Franklin said. Those levels exceed thresholds that allow investors to force actions such as declaring loan servicers in default of their contracts, requiring them to share loan files, creating changes to deal terms and replacing trustees, with the details varying by the deal, Franklin said.

5pence: (July 23, 2010 1:09pm)

Mortgage securities have been among the largest sources of the $1.8 trillion of writedowns and credit losses suffered by the world’s biggest financial companies since the start of 2007, according to data compiled by Bloomberg. Mortgage-bond trustees are responsible for passing payments collected from borrowers to investors, handling suggested amendments to transaction terms and overseeing loan servicers, which manage the underlying loans. Loan servicers are requiring too few home loans to be repurchased, partly because their companies would be taking back the debt, according to the letters. Lenders can be required to buy back securitized mortgages if there were misrepresentations about their quality. “It’s widely known in the industry that reps and warranties have not been well-enforced by servicers or trustees,” said Scott Simon, the head of mortgage bonds at Newport Beach, California-based Pacific Investment Management Co., manager of the world’s biggest bond fund.

5pence: (July 23, 2010 1:02pm)

Mortgage Investors With $500 Billion Urge End of Practices, Lawyer Says. By Jody Shenn 7/23/10. Investors owning about 1/3 of U.S. mortgage securities without government backing are urging bond trustees to help end practices that damage their holdings, according to Dallas lawyer Talcott Franklin. Bondholders want more bad loans to be repurchased by lenders and seek changes in how troubled debt is dealt with, said Franklin, whose firm sent letters to trustees on the group’s behalf this week detailing the size of its holdings and explaining investor concerns. “We’re telling them, ‘Hey, we’re here,’ and we’re offering to cooperate with them,” Franklin, 45, a former partner at Washington-based Patton Boggs LLP, said yesterday in a telephone interview. “We’re hoping it’s a fresh start for everybody. If you want to help, now’s the time to do it.” The letters show investors in the $1.5 trillion market, who have yet to recover from the credit crisis, are escalating efforts to minimize losses

5pence: (July 23, 2010 1:01pm)

Mortgage Investors With $500 Billion Urge End of Practices, Lawyer Says. By Jody Shenn 7/23/10. Investors owning about 1/3 of U.S. mortgage securities without government backing are urging bond trustees to help end practices that damage their holdings, according to Dallas lawyer Talcott Franklin. Bondholders want more bad loans to be repurchased by lenders and seek changes in how troubled debt is dealt with, said Franklin, whose firm sent letters to trustees on the group’s behalf this week detailing the size of its holdings and explaining investor concerns. “We’re telling them, ‘Hey, we’re here,’ and we’re offering to cooperate with them,” Franklin, 45, a former partner at Washington-based Patton Boggs LLP, said yesterday in a telephone interview. “We’re hoping it’s a fresh start for everybody. If you want to help, now’s the time to do it.” The letters show investors in the $1.5 trillion market, who have yet to recover from the credit crisis, are escalating efforts to minimize losses

Anonymous: (July 23, 2010 12:59pm)

TXrealtor: (July 23, 2010 12:53pm)

Hey Safespot, in order to not have the sheeple who put him & his ilk in office to begin with is to have an unbiased media machine who will report the truth. The sheeple who put Okenya in office and/or those who support the big zero, either drink the Spin Kool-Aid regularly or they are in a coma while our country is falling apart right before us! The Kool-aid sippers & the comatose won't believe crap unless it's coming out of Diane Sawyer's mouth! As far as lending practices go, the pendulum has swung hard the other way - common sense & financial reform do not go hand in hand. Those of us who need to make a living in the Real Estate world have a hard road to tow. Even sadder we must do it among the Kool-aid sippers & comatose zombies. Discrimination? That's the NAACP. Lenders are just covering their rear ends!

5pence: (July 23, 2010 12:20pm)

Lets see, 17k new IRS agents to enforce health care. That's 340 new IRS agents per state! They house Consumer Protection in the Fed Reserve. That says to me the new agency is going to have a built-in incompetence as they can't stand their own. Something like 500 new studies are called for in the consumer protection bill. 500? More employment for the government. We're fighting a losing battle in Afghanistan - no one has ever won there in the history of that country. Yet we're at a trillion $$$ spent. Hundreds of billions a month in Iraq. We can't even take care of our own people but we're going to tell the world how they should do things? Summers and Geithner, years ago, said if foreign banks fail they need to be dissolved. That's not good enough for America though. Gawd, please vote them all out!! Where is the sanity. College costs are rising exponentially. The debt is unsustainable. One more meltdown & America will be bankrupt-with 3rd world status. Consumer bill ensures TBTF stays.

W.R.Buchanan: (July 23, 2010 12:14pm)

5pence: I have been watching your posts for the last few days. You really need to join an advocacy group instead of a guild. The afl/cio ain't gonna fix the appraisal business, too many conflicts. We have to do it ourselves. Join CCAP at www. CaCAP.org. Our group was instrumental in getting at least some of the pro-appraiser language that was included into the finance bill reinstated. We did this buy bombarding the members of the finance committee with emails and letters from 1,000's of members and affliates across the US. As a result of our actions, as of yesterday AMC's can no longer dictate fees. They can't define "resonable and fair fees" in fact their data can't even be used to determine what reasonable and fair is! Now that's an accomplishment!!! What has your group done? Join CCAP or one of the "**CAP" groups in your state now!!! Advocacy only,, no whining allowed. Move forward don't dwell in the past. www.CaCAP California Coalition of Appraisal Professionals. Randy

5pence: (July 23, 2010 12:01pm)

dcfinance1 - sounds like a story Frank and Brian can sink their teeth into. We let the criminal banksters go and what happens? Thanks to HVCC and all is forgiven, they can break the law anytime they want and they spend all their time finding ways around it. No one will do anything because our government is bought and sold. Only 8% of Obama's cabinet had real jobs in their lifetime! A bunch of rich elite head turners when laws are broken or the lines of law are hazy-that have only known luxury, entitlement and a stress-free life. Change we can do without imho. They are totally out of touch with the common man. Someone said Obama speaks and acts like he's the senior class President of his high school. I'm getting that too. He says change we can believe in and then hires almost all people that have never had a job? How the hell would they know how to create jobs? Sure are good at creating Government jobs tho. 17k new IRS agents, who knows how many new consumer protection jobs they'll be.

5pence: (July 23, 2010 11:43am)

Divedude - good advice imho. Why should Cuomo be rewarded for his ill-advised takeover of the mortgage appraisal industry. Because of him things are so screwed up they will never be the same again. He ignored 125k signatures that our guys went, at their own expense, to deliver and he ignores them and the consumer complaints. Personally I think he did the HVCC on purpose-it was planned. He knew the GSE's could not open their books under punishment of law because when he was the head of HUD he made that rule/law!! No, he saw a chance to get the banks on his side in his political ambitions. The threat to the GSE's was a ruse to forceably implement the HVCC and reward the very ones that were caught in fraud. He's a part owner of an AMC. What kind of person studies law to find ways around it??!! A psychopath. He's pissed off a nation of appraisers & brokers. A state Governors race that includes protests from around the country would be unheard of, till now. He deserves back what he gave us.

cgappraisals: (July 23, 2010 11:32am)

I think all appraisers should do what 5pence brought up. Download WinTotal's 3rd Party Fee Study and if you feel the fee is acurate, then make your stand. Refer them to the study for what your fee should be. Fees from 90% of the AMC's are NOT considered customary or reasonable, there considered "hamburger flipping wages" Lenders and their agents are now held accountable to have the Appraiser paid what is customary and reasonable: Fees must be separate on HUD1 so they can't hide behind the disguise of an "Appraisal Fee" anymore. Appraisers, Lenders and their Agents save this PDF to reference what the fee should be: Thanks 5pence for bringing this study back up. http://www.mercuryvmp.com/documents/Free_AFR_February_2010.pdf?ClickID=AFRDOWNLOAD&ClickThruEmail=&ClickThruCustomerNumber=0

dcfinance1: (July 23, 2010 11:21am)

Coldwell Banker uses WF DBA Legacy Mortgage in OH. An Ex employee told me Legacy gives the broker $500 per loan for the loan. The broker in tern "works it out" They also get legal assistance for using Legacy and do not if they do not use them. The Realtors who work there tell me they do not HAVE to use them but they are pressured into using them anyways. They tell me if we drop off literature they immediately throw it away when we leave. Managers are told ALL deals need to go to Legacy because it helps their branch. But they are always adding.....but we don't HAVE to use them. Write RESPA and see if you get a response. YOU WON'T

dcfinance1: (July 23, 2010 11:15am)

Band Of American/ Wells Fargo Does payout for action. I have written RESPA and asked them if they wanted proof. The have not written back. I don't have it in writing but have been told by the Realtor Broker of a National Recognized Realtor Chain. Went like this "How can we get our office in where B of A is?". Realtor Broker " Look, they pay me what amounts to about 5K per month to be there" "I can't refuse" Me " How do they get around it with RESPA?" Him " They can't pay the Realtor, but they can pay me for a variety of different things to include marketing and projects" "what I do in tern is lessen the Realtor fees for using them so they can't track it" This B of A office within the Realtor office is 90 Sq Ft and the rep is never there. IT IS A SHAM AND RESPA DOES NOT CARE!

Evil Genius: (July 23, 2010 11:12am)

http://realestatemarbles.com/newgeneration/ go here and you can check out a great video of Barney getting abused!

frankgaray: (July 23, 2010 11:02am)

Bern2surf - Whatever... I got your couple of bucks! LOL :)

ChrisSorensen: (July 23, 2010 10:58am)

Awesome post today’s guys. Wow! You absolutely nailed it. This knee jerk reaction will eventually stop, but isn't amazing that the very same elected officials who oversaw this melt down are now taking credit for fixing what they created. www.freehomeownershiphelp.org A non-profit focused on consumer protection and highlighting professionals who wish to serve them.

5pence: (July 23, 2010 10:21am)

The banksters denying that the amc's are the cause of buyback requests from the GSE's is like the alcoholic that loses his job for being continually late but denies alcohol had anything to do with it. Or the smoker that gets cancer but blames all the fumes they inhaled as a painter - it can't be cigarettes! So for willful ignorance of the real problem the 780 score applicant gets denied. Wow, that's aggravating to hear.

5pence: (July 23, 2010 10:10am)

monicat - you've got it misinterpreted. The bad appraisers were the ones working for the AMC's before they meltdown. Now they've been raised to prominence in getting all the work. It's my contention that AMC appraisers alone were the cause of inflated values that led to the bubble bursting. Only the least experienced appraisers would work for the AMC low fees at that time. The only way the AMC model could work at that time is if they were number hitters for the banks. Case in point, WAMU and eappraiseit/Chase. They got caught because of blatant fraud. Financial fraud is like cockroaches - if you see one, you know there's hundreds more you don't see. @EG - I REALLY like your 9:21 post. Sounds very interesting and I'm glad private enterprise sees the opportunities that the bankster cartel is trying to keep hidden. Good luck and I'd like to hear more and get involved if possible. The story of David and Goliath always appealed to me.

bern2surf: (July 23, 2010 10:04am)

Great commentary, love the insight. Equally loved the stats from 5pence down. Hey Frank, need a couple of bucks? That is the 100th time I've seen that shirt (nicely pressed)

Divedude: (July 23, 2010 10:00am)

The Financial Reforn Bill was a positive step in the right direction. However, the job is not done yet. An example needs to be made of Cuomo and those like him. Let's start with Coumo. He's a big fish. Contact the campaign office of Rick Lazoi, his opponent for governor to offer any kind of support to expose the truth about Coumo and his HVCC. He had the bad guys, let them go and punished our industry instead. These are the acts of a true coward. With the Reform Bill passed, he looks foolish and I'm sure he feels foolish. And remenber, when Frank & Brian presented a 125,000 signature petition, this arrogant jerk could'nt stick his head in the door to even say hi! The campaign office number is 212-944-5800. Stay tunned!!

monicamat: (July 23, 2010 9:59am)

I've got one with a dispute that should be a slam dunk. Isn't the purpose of a borrower with great credit issuing a dispute identifying a responsible borrower? And I personally think the banks got thier big bail out money and just don't want to use it. They can worry about audits all day long but the real truth that nobody wants to address is most foreclosures came about due to non escrows and poor planning for T&I. And finally, most of the crappy appraisers exited stage left a good 2 years ago. Now they have to be up to date on thier IRS taxes, carry more E&O, and have at least 5yrs good history to stay licensed. GET OVER IT HVCC

cgappraisals: (July 23, 2010 9:42am)

Reminds me about the homeless guy who opened up a closed down bar. He was buying his Miller, Coors and Bud from the convenience store across the street and selling it at his newly opened bar. Locals thought it was great to see the old bar open up again. Eventually to get caught when his photo infront of the bar appeared in the paper. Thats when the police that recognized him new he didn't have enought to open a bar.

Evil Genius: (July 23, 2010 9:40am)

BTW, New Generation will not use AMC's for appraisals. We will implement approved appraiser lists and reviews when called for. The good ole days. Imagination is the beginning of creation. You imagine what you desire, you will what you imagine and at last you create what you will. George Bernard Shaw

5pence: (July 23, 2010 9:34am)

The GSE's are asking for buybacks so the lenders are using that as an excuse for tightening standards but don't think the use of AMC's or skippy appraisers and poor valuations has anything to do with it? Come on Fannie and Freddie, wake up. The banksters are protecting their AMC scam and laying the costs on the consumer for their risky appraisal and underwriting policies to protect and pad their bottom lines - $$$. They will cut risky behavior by punishing the consumer with a 780 but won't cut their own AMC use. Clean house GSE's and get every taxpayer cent back. That guy that said God sold him that house - Can't blame him for trying. Ballsy effort lol. And your right, it's mischief and not a crime compared to the financial crimes we, the consumer, have had to endure in the last 10-20 yrs. The guy should get probation IMO & applause for "almost" getting away with it lol. We've got criminals on WS that have bankrupted the world and they get to keep their jobs & livelihoods. Free Doofus!

Evil Genius: (July 23, 2010 9:28am)

5Pence: ever heard of the Cloward and Piven Plan? It's Obama's way of overwhelming the system to mmake common folk rely more on government. I'm gonna post it up this morning as an article on wwww.realestatemarbles.com rocky paulsen evil genius

Evil Genius: (July 23, 2010 9:21am)

The trick is going to be private portfolio investment "funds" in increments that are small enough to control the risk. Say $1 B at a time. Each fund has specific allocations of risk and low prepayment. The underwriting guidelines are common sense driven and acceptable to institutional portfolio investors. No government involvement or guarantees, just common sense. No idiotic decisions by a machine regarding a dispute that can't be overcome by a set of human eyes. New Generation Lending! We're trying to re-introduce staed income, sub-prime and some other common sense guidelines. Anybody got a contact for me to present to at Goldman. They seem primed to act as an asset manager to place these funds in a public spirited, common sense, mortgage pool $1B at a time. In the Government's face! Aren't you just tired of the bullshit? Of course we will follow regulations, but we are not Fannie Mae. We are not owned or sanctioned, but Private and make our own decisions. realestatemarbles.com EG

5pence: (July 23, 2010 9:14am)

I posted this yesterday. I'm convinced Obama is a master manipulator. You can tell by who he surrounds himslef with. "Ever Had A Job? A chart that showed past presidents and the percentage of each president’s cabinet appointees who had previously worked in the private sector – you know, a real life business, not a government job? Remember what that is? A private business? •Roosevelt – 38% •Taft – 40% •Wilson – 52% •Harding – 49% •Coolidge – 48% •Hoover – 42% •FDR – 50% •Truman – 50% •Eisenhower – 57% •Kennedy – 30% •LBJ – 47% •Nixon – 53% •Ford – 42% •Carter – 32% •Reagan – 56% •GHWB – 51% •Clinton – 39% •GWB – 55% And the Chicken Dinner Winner is……………………. •Obama – 8%* This is the guy who wants to tell YOU how to run YOUR life! ONLY ONE IN TWELVE in the Obama Cabinet HAS EVER HAD A JOB. *YEP, EIGHT PERCENT! And these are the guys holding a “job summit”; going to tell us how to run our businesses, make our decisions for us? Do you want to trust them with every aspect of your life?"

Safespot: (July 23, 2010 8:42am)

To those Concerned.... Here are my thoughts re: The current situation in America.... The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the president of the fools should not blind anyone to the vast confederacy of fools that made him their president. The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools such as those who made him their president. We have a lot of work to do. Namaste.... Wayne

joecolorado: (July 23, 2010 8:24am)

bldragent: why did you let inexperienced appraisers get to a position where they appraised your property?did you not ask them for their qualifications prior to them coming out?if not why not?ASK THEM QUESTIONS prior to their visit,how long have you been appraising,have you appraised this type of property before,what's your level of license,have you appraised in this area before,where are you based?Are you familiar with the nuances of this area?have you done construction app's before?simple questions,but if your dont get the answer you want then reject the appraiser,WHY would you settle for anything less than you demand?now you have two expensive appraisals that are useless and an investor that wont accept a decent appraisal in lieu of the two crap ones.Report the appraisers to your state authorities for incompetence,If you dont do it you may get them again in another appraisal situation as you have accepted their low standards once or twice already.

bruces1262: (July 23, 2010 8:07am)

who knew that flagstar does not use a rent schedule when the people have history on tax returns of owning investment property and they will only use the whole payment to count against you. Why do they make you ordered the rent schedule int he appaisal then?

mdeery: (July 23, 2010 7:56am)

The Frank-Dodd bill???. Seriously I think this sums up the predicament this country is in right now. Jesus talk about the fox guarding the chicken house. How in Gods name did those two crooks be allowed to write the financial regulatory rules for this country for decades to come. Frank and Brian a great show would be to dig up all the dirt in these guys and expose them for what they are...for example, pushing Fannie to give housing to everyone, Fannie Mae ties, Countrywide special loan deals, senate back room deals, Frank's disturbing play with gerbils etc etc

jcollins: (July 23, 2010 7:44am)

Let's see. Banks are making 600 per loan and 150 - 200 per appraisal? AMCs are becoming more profitable then the banks that actually do the loans. Sounds like there is more incentive to keep low apprisals coming. BUT, can not let that reck your day RATES are screaming and there are to many people wanting to refi.

kkric: (July 23, 2010 7:39am)

GaryP. Actually it got rediculous 20 years ago when formulas and credit scores replaced thinking. And Banks haven't been lenders for at least 20 years. What do the politicians mean start lending "again"? The small community banks are getting put out of business by the big banks and the big banks haven't been lenders for 20 years - except to billion dollar corporations. For small and middle America their idea of lending is a credit card that jumps to 30% interest if you go on vacation and pay a bill 20 days after it was mailed. How many of their bills do they pay within 20 days of them being mailed? Unfortunately, common sense will never return because it is inefficient to pay someone with common sense. Like the rest of corporate america, middle management has gone away because it is more efficient to pay someone $ 15 an hour to follow a formula than to pay someone $100K a year to think and be responsible.

ATLMTGMAN: (July 23, 2010 7:38am)

This business has gotten beyond absurd. In my ten year career I've 2 loans declined, as I take great pains to make sure each loan meets the lender's parameters and guielines before submission. I am now finding myself with a 40% decline rate for the most rediculous conditions. And all by business is referral and repeat, so the same loans I did 6 months ago are now being declined. Where will it end????

Bono Vox: (July 23, 2010 7:32am)

Bottom line, Mike, they typically have fewer dollars out there in kickbacks than do mortgage brokers or correspondents. Stay in front of those clients as BofA and Wells can't make a closing date. And remember, even the best LO never capture more than 20% of the business in a Realtor space rental situation.

Bono Vox: (July 23, 2010 7:29am)

I have copies of BofA's MSA agreement. They will do space rentals, but they will only pay prevailing market rates, so this tool is rarely used. The marketing services agreements require the broker to complete several actions, they are closely tracked and they are a PITA to keep up with for LOs. No experience with joing ventures.....

bldragent: (July 23, 2010 7:29am)

Rough appraisals....I have lost 2 build to suit contracts in the last month due to low appraisals.Even though there are houses that sold recently in the 100 per square foot range in the same neighborhood the appraiser will not use these as comps.For new construction the most accurate (sometimes) is using the cost approach but these appraisers are adiment about using the market approach and leaving everyone short.The most recent preconstruction appraisal done for my clients(2 different clients for 2 different houses 45 miles apart) gave them a "cost" of $75 per square foot for a new(loaded with energy efficient items,granite tops, stainless appliances,hardwoods,etc.)custom home.$75 won't even cover my cost to build it.These clowns in Washington don't have a clue what is going on.Both buyers have 780-800 credit scores but have backed out.There is all this talk about going green but if new homes are not given any preference over old outdated ones there is no incentive to be "green".

GODLIKE: (July 23, 2010 7:20am)

A picture's worth a 1000 words. I finally see the whole problem - Obama is a leftie!

FLappraiser: (July 23, 2010 6:31am)

Brian & Frank, you mention "Rough Appraisals?" Thank Andy Cuomo for those. The lenders that use AMC's get exactly what their AMC's pay for, low ball fees bring crappy / rough appraisals. As far as tighter underwriting guidelines...I've had underwriters come back to me after submitting an appraisal using 4 to 6 of the "BEST, CLOSEST in proximity & MOST RECENT COMPARABLE SALES" and have them ask for additional comps. WHAT IS THEIR PROBLEM? I believe they just don't want to do the loan for some other reason and want to pin it on the appraisal. I've even had the property owner contact me and say he was pulling his loan with my client and going to another lender because of the hassle he was getting...to top it off...he worked for the original lender. Guess lesson learned. Told him I could not help him on the original report, his original lender owns it but, they can assign it to the new lender. Or, I could do a NEW ASSIGNMENT for the new lender & disclose it in the new report.

GaryP: (July 23, 2010 5:31am)

Brian and Frank, as far as your bit about expectant mothers, do I have to point out the obvious and point out that the pendulum has swung too far towards conservative UW'ing? This is yet the latest example. Just like the 780 FICO with a dispute. It's gotten to the point of being ridiculous. I made this same comment 2 years ago and said that we would eventually reach a new equilibrium. I was obviously wrong, the pendulum is still swinging. The question is whether we will eventually get to a point where something called common sense returns to the market. I like to think so, but with the folks in DC driving the bus, I have my doubts. There was a lot of noise being made in the last few days about "forcing" banks to start lending again. I watched Barney and his crew's Bernanke hearing yesterday. That was repeatedly brought up. It just left me wondering if they, and Ben, have the slightest clue about what is really happening in the "real world." I think not.

frankgaray: (July 23, 2010 5:24am)

Mike - Got proof? Send it.

mikerogers: (July 23, 2010 5:17am)

PS... PROSPECT HAS A KICKBACK PUT INTO THEIR BRANCH AGREEMENTS THAT PROMOTES PAYING REALTORS FOR LOANS

mikerogers: (July 23, 2010 5:16am)

PS... PROSPECT HAS A KICKBACK PUT INTO THEIR BRANCH AGREEMENTS THAT PROMOTES PAYING REALTORS FOR LOANS

mikerogers: (July 23, 2010 5:15am)

WHY AREN'T YOU GUYS NAILING TO THE WALL B OF A, WELLS AND PROSPECT MORTGAGE AND THEIR IN HOUSE LENDERS. INDEPENDENTS ARE GETTING SCREWED WHILE THE IN HOUSE LENDERS ARE SENDING KICKBACKS TO AGENTS TO GET THE DEALS. ITS A FILTHY, CORRUPT SYSTEM THAT SLOSHES MONEY TO REALTORS AND ITS SO OBVIOUS, DIRTY AND NOT RESPA COMPLIANT.