mikerogers: (July 28, 2010 1:28am)

LETS DO AN EXPOSE ON IN-HOUSE LENDER JOINT VENTURES PAY TO PLAY RELATIONSHIP. WELLS, B OF A AND PROSPECT ARE UNDERMINING THE MARKET AND HUD IS TO DEAF TO SEE IT.

Valuequestor: (July 27, 2010 2:42pm)

Now I know why my Dad was always trying to get me to work for the government........any government, city, state or federal. "Job Security".... eFers

5pence: (July 26, 2010 8:45pm)

BELL, Calif. (AP) The mayor of this small, blue-collar city apologized Monday for the excessive salaries being paid to officials & said he would finish his term w/o pay. The move came as an about-face for Mayor Oscar Hernandez, who last week defended salaries in the largely working-class city southeast of Los Angeles with about 40,000 people. His announcement came a few hours after state Attorney General Jerry Brown revealed he had subpoenaed hundreds of city records, and days after the mayor defended the nearly $800,000 salary paid to the city manager who later resigned. "My priority has been to make Bell a city its residents can be proud to call home," Hernandez said in a statement published on the city clerk's website. "I apologize that the council's past decisions with regard to the indefensible administrative salaries have failed to meet that test." 4 of 5 members of the City Council earn about $100k/yr (part-time) for running the city where about 17% of residents live in poverty.

cgappraisals: (July 26, 2010 2:55pm)

Are the new regs in effect now or do we have to wait the 90 day period?

Spearo: (July 26, 2010 2:42pm)

Thanks for all of your efforts on this 5pence. Sometimes I really do believe we have some voice in our industry, albeit a small voice. I also recommend to all appraisers out there that you need to get involved. For me it is my letter writing campaigns, phone calls, and join some kind of appraiser lobby. ie: CCAP comes to mind. Just for a "feel good" measure I've also sent a contribution to Lazios campaign. Anything to help in Cuomo's demise.

galusam: (July 26, 2010 1:41pm)

The situation that occured in the City of Bell can happen anywhere and it has in the City of Roseville by just hiring a new city manager Ray Kerridge that was fired by the City of Sacramento. The City of Roseville is paying hime $237,300.00. While the City has a deficit of $6.5 million and are laying off people. Makes no sense to me. Also, the City Counsil voted this guy in.

5pence: (July 26, 2010 12:43pm)

Thing is, with the HVCC dismembered and dead, you don't need class action suits. The law is plain and simple and, I'm thinking, any individual lawyer can fight violations. I really detest Cuomo the putz. What a mess he's created. He should not be Governor of NY. He should be sweeping streets for his poor choices throughout his career. Ahh, but America is now the land of the free and brave for criminals too - if you're white collar and rich. Keep voting in millionaires, whose campaigns are contributed to by corporations, and you're voting in corporations and puppet politicians that are out of touch with the common man and have no clue unless the corporate lobbyists give them one. They'll continue to write laws to protect the wealthy from punishment for their crimes. What a shame. I seriously am not going to vote for anybody that voted for TARP, or voted against ending TBTF & anyone that is corporate sponsored. Candidates making the most noise are usually the ones with the most to hide.

5pence: (July 26, 2010 12:06pm)

Hi Spearo: Entire response from Todd Harper " Nothing in the bill prohibits mortgage brokers from ordering appraisals. We were very specific in writing the appraisal independence standards. Please read section 1472 of the bill, and you will see that we incorporate mortgage brokers on an equal basis with all other participants in the mortgage market place. The discussion has been over whether to go one step further and put an explicit provision in the bill saying that lenders must accept the appraisals ordered by brokers. The Senate would not agree to this provision. So, some lenders in the future may allow for broker-ordered appraisals and some may not." So, thank the Senate and the No sayers for it not being mandatory to accept broker ordered. If the GSE's are trying to keep HVCC in force, they are subject to $10k-$20k a day fines. I say this in reference to the statement "lender must order/receive the appraisal report". The next part seems to violate the new law in regard to no HVCC.

5pence: (July 26, 2010 12:06pm)

Hi Spearo: Entire response from Todd Harper " Nothing in the bill prohibits mortgage brokers from ordering appraisals. We were very specific in writing the appraisal independence standards. Please read section 1472 of the bill, and you will see that we incorporate mortgage brokers on an equal basis with all other participants in the mortgage market place. The discussion has been over whether to go one step further and put an explicit provision in the bill saying that lenders must accept the appraisals ordered by brokers. The Senate would not agree to this provision. So, some lenders in the future may allow for broker-ordered appraisals and some may not." So, thank the Senate and the No sayers for it not being mandatory to accept broker ordered. If the GSE's are trying to keep HVCC in force, they are subject to $10k-$20k a day fines. I say this in reference to the statement "lender must order/receive the appraisal report". The next part seems to violate the new law in regard to no HVCC

Spearo: (July 26, 2010 11:15am)

5pence, RE: "Nothing in the bill prohibits mortgage brokers from ordering appraisals. We were very specific in writing the appraisal independence standards. We incorporate mortgage brokers on an equal basis with all other participants in the mortgage market place". Unfortunately the new FNMA appraisal guidelines in the Lender responsibility section state that "Lender must order and receive the appraisal report for each mortgage transaction. Lenders may not use appraisals order or received by borrowers or other parties with an interest in the transaction, such the the property seller or real estate broker". Seems to me that the "any originator may order" language would need to be signed into law for it to supercede any guidelines put forth by the GSE's. I found this language on pg 477 on the guidelines dated 6/30/10.

synerme: (July 26, 2010 10:29am)

and so, can a class action suit be made against these huge companies from the citizens of this great country?

synerme: (July 26, 2010 10:29am)

and so, can a class action suit be made against these huge companies from the citizens of this great country?

synerme: (July 26, 2010 10:28am)

and so, can a class action suit be made against these huge companies from the citizens of this great country?

sansonj: (July 26, 2010 10:25am)

GOVT is broken. Nobody is GOVT should get huge checks as salary. Now I get getting huge checks based on some sort of performance around quality of life, job creations, crime reduction, reduced operating costs like Sheriff Joe, etc. THE SHERIFF is attacked and even has his donations take from him by people who do not do anything positive for the county and state to try and cripple him or damage him, etc. Right now we should be having a sale in the lending world- we are in a soft market and in all soft markets you have sales to start it up. There is NOTHING WRONG with $0 down. I think we should have 0% to 100% down programs. When the market is soft bring out all of the guns, and getting tight, so tightening things down to prevent it from going out of control. Make the programs be auto and alive, and we will never have another RE bubble again!!!

5pence: (July 26, 2010 10:02am)

I don't think any one group or person can say they got changes made to the consumer protection bill to benefit appraisers and brokers. It was a concerted effort for over a year by thousands of appraisers, brokers and consumers calling, writing and sending e-mails and actually going to Washington to talk to politicians that got results (we've yet to see). But, changes are coming - when? Everyone that contributed over the last 1-2 years needs to be recognized for their efforts - which would be about all of us, equally. Thanks Frank & Brian for raising awareness and thanks to everyone that contributed in restoring some sanity to the mortgage market. Still no comments on my post from Friday? Very interesting article. I thought Frank and Brian would be all over it today. If you're interested, and you should be: Mortgage Investors With $500 Billion Urge End of Practices http://www.bloomberg.com/news/2010-07-23/mortgage-investors-with-500-billion-urge-end-of-practices-lawyer-says.html

5pence: (July 26, 2010 8:53am)

I just have to say it one more time. Reasonable and customary are limiting terms. Employment under limiting terms makes you an employee (without the benefits). Are you employees that your fees should be dictated by limiting terms? Reasonable and customary would only be reasonable and should have only worked if all homes were the same. They're not. Stop buying into "reasonable and customary"!! It's aggravating!! Thanks.

gordoncuffe: (July 26, 2010 8:51am)

It seems that most politicians are clueless and crooked. They have tons of money so they go into politics for their own ego. I have been fixing up houses in Sacramento Ca and selling the homes very quickly. The only thing that slows down my process is the buyers lender with 2 appraisals,etc. I get many buyers interested in my properties because they are priced right and look great. We dont need all these appraisals on them. If you are looking for homes for sale throughout Sacramento, go to www.rocklinsacramento.com

5pence: (July 26, 2010 8:46am)

3/15 from Todd Harper an aide to Sen Kanjorski in reply to compensation-"reasonable and customary". Many thanks for your thoughtful comments. We will definitely keep them in mind as appraisal reform moves forward. There is a definite need to fix appraiser compensation. Todd 6/18 in response to ending the HVCC. We are working on the issue. From Marion Rhodes on 6/29 : Bryan and I went to see the Senators in their DC offices, we berated them and their staff with the problems in the appraisal and lending industries and the lack of consumer protections. They and their staff allowed Bryan and I to write and edit some of the legislation that is now a part of the Financial Reform that will be signed next week by the President. Todd H 6/30 Nothing in the bill prohibits mortgage brokers from ordering appraisals. We were very specific in writing the appraisal independence standards. We incorporate mortgage brokers on an equal basis with all other participants in the mortgage market place.

JUSTFRANK101: (July 26, 2010 8:46am)

Compensation? WTF? How may an Appraiser even consider fair Compensation under the thumb of the AMC PIMPS? Wake Up one morning very soon and realize you allowed your Profession to slip away! Please Appraisers join the California Coalition of Appraisers. Your Membership goes directly into a fund that will get us heard! Step up Appraisers and Join – Email Now Help Save your profession. [email protected] - 805-241-7770

W.R.Buchanan: (July 26, 2010 8:39am)

Oh, that excessive compensation thing is not isolated to the city of Bell Which in case you don't know is one of the poorest cities in CA, just north of Watts. In Ventura a ex Superior Court judge got elected as Treasurer, and will be collecting his retirement on top of his retirement for being a judge too.. That's over $150K/ year twice! Until we take the money out of politics we can just learn to live with this typw of crap. People are so GD stupid, that they would relelect Gerry brown as Gov.so he can get all of his retirements stacked too. That's the ones from being Gov, Mayor of Oakland, CA Attorney General, and I'm sure there's a couple of Dog Catcher pensions in their too. No wonder the Unions want this guy so bad. They are killing our society and all they care about is greasing their palms. Until some of them fall hard and wet, this will go on til doomsday.

5pence: (July 26, 2010 8:31am)

Compensation wasn't a problem for Fannie and Freddie either. Thing is, our tax dollars paid them for failing us all miserably and bankrupting the world. Crime does pay. Robert Rizzo, over $750k a year?? How did the 40,000 people there ever allow it to happen?? WTF is the matter with them? Did they notice their property taxes going up and wonder where it was going? Man, that's crazy - and retired with full pay. People there are pretty stupid, I'd guess. On the CFPA, the people want Elizabeth Warren to head it. Geithner dosn't want her in there. I think shes about the best of the 3 potential candidates for the job. She voted against TARP and is a champion of personal rights and has a good knowledge of bankruptcy and how it affect people. I hope you guys choose to sign the petition to get her the job. Sign here and thanks! http://act.boldprogressives.org/cms/sign/petition_warren/?source=typ-fb&referring_akid=.268617.vi1Vxr

W.R.Buchanan: (July 26, 2010 8:27am)

Yeah guys, about that Compensation thing. The good news is the Financial Reform bill that the anionted one signed last week, had the part in it where AMC's have to pay a "reasonable and customary fee". They can no longer dictate fees, and they can't even participate in setting those fees. However since most appraisers have their heads in the sand, they won't know this, and they will keep accepting nickles and dimes. Gosh, if they had joined an advocacy group like the CCAP, maybe they would have participated in the email and letter campaign that got this language put back in the bill in the first place, and would also have been informed that the language got put back in the bill before it was signed. Join an advocacy group in your state NOW. CCAP, OCAP,ICAP, ACAP, NMCAP, Links to these websites at www.CaCAP.org Join now, be part of the fix not part of the problem. Randy

pacostacos: (July 26, 2010 8:26am)

The Authority Code will absolutely work for your website, if you put it into practice! for example, TBWS is a PR of 4 on Google. If you submit a comment to this site, and then submit that your comment was posted on this board to Google's spiders, it will help increase the traffic to your website! As far as the info on the show is concerned, I don't know what to say about the compensation of the guys in Bell, but I would be fired up about this if I lived there! Honestly, what do these guys do in their day to justify this kind of income? Why is there no vote on the matter? Isn't there some kind of legal process that this can go through so these guys get paid more in line with what their worth is...about $13.50 per hour? I would even go as high as $15.50 for the Chief of Police since he is dealing with the criminal element every day. Cheers! http://josephjgomez.com

mark: (July 26, 2010 8:12am)

to T Bone - I'm a Broker and I'm not planning on leaving.

VIC: (July 26, 2010 8:12am)

First, what is Tinna doing up at 1:30 am...If she won't sell beer, maybe we can set up a stand and sell common sense, it seems to be lacking in the real world.

Bono Vox: (July 26, 2010 7:58am)

Compensation with my tax dollars is a problem? What is the median income of a Federal employee? Isn't it over $100k? And the Feds are on a hiring spree? Pot meet Kettle......

T Bone: (July 26, 2010 7:46am)

U need to charge the full 3 pts. on every deal, Don't bother with fees, the banks, UW and title co won't let you charge them. As brokers leave, there's more for the rest of us (w/ apologies to John Meynard Keynes)

Alabama Country Boy: (July 26, 2010 7:44am)

Speaking of additional income, I am considering adding a debt resolution service but have concerns about RESPA Compliance as well as whatever else there is out there to prevent free enterprise from working. Any input or advice?

GODLIKE: (July 26, 2010 7:33am)

lately, not later.

GODLIKE: (July 26, 2010 7:33am)

Video on Authority codes finally loaded so I can see what they are. Anyone have any experience of what kind of email traffic you get after you give him your email address? I've become extra leary of anything that can generate SPAM due to the quantity and type I've been getting later.

GODLIKE: (July 26, 2010 7:20am)

Speaking of SPAM to help get rid of SPAM at the source forward your Spam to [email protected].

GODLIKE: (July 26, 2010 7:19am)

So tell me some more about what these Authority Codes are? When you click on the link you get a page that wants you to download them but doesn't tell you what they are. Places like that are scary as many of them can generate tons of SPAM.

brainstewn: (July 26, 2010 7:01am)

Fantastic post. When we get out of our comfort zone to police businesses and our government, compensation will be fair and reasonable; instead we rely on corrupt and arrogant institutions to implement fairness based on our rants and complaints. Makes me want to buy one bank share so I can start something.

DanSchweihs: (July 26, 2010 6:34am)

In the seventies, the government made a federal law called “wage and price controls”. This law applied to the entire country. This was the government’s initial response to inflation. The politicians just make inflation illegal. One might say: “That’s not possible. America is not that stupid.” Get out your history books (or Google) and look it. While you’re at it, look up: “Wip Inflation Now”. These ideas usually work for a very short period of time. Then they stop working and are withdrawn. I can only assume that history will repeat itself. Americans like home ownership and don’t like to rent. Politicians like to get elected. If politician “A” promises to reduce home ownership and politician “B” promises to increase home ownership (which improves the economy; increases home prices; and reduces unemployment), politician “B” will get elected. This just takes some time for a new generation of voters to figure out.

GaryP: (July 26, 2010 6:28am)

I'm a little confused. Those of still working but making less money helps the economy how? As I recall from Economics 201, consumer spending, and particularly discretionary income spending are a driving force in the US economy. I guess the folks in DC were absent the day that was taught or they are just still tied up to the "redistribution of wealth" thing. Just another example of how capitism is being squashed by the current policies.

tinna: (July 26, 2010 1:35am)

I am forever your biggest groupie! Great point about thinking outside of the box!! I don't think I will be selling beer anytime soon, but I will be looking for new ways of creating business!