When are Realtors, Loan Officers & Appraisers going to get help?!? | Vincent K. Mohr : First Priority Financial, Inc. : Fairfield, CA

TXrealtor: (August 20, 2010 6:47pm)

As a Realtor I recall MANY buyers who insisted on using their "dot com" lender OR their brother or their friend's uncle & they got what they paid for. You can lead a horse to water, but you can't make em drink. We have (RESPA) rules in TX, we do not tell buyers which lenders to use, we suggest reputable ones, but the buyer makes the ultimate decision who he wants to do his loan. MTV not sure what you do for a living, but if you've voted Replublican or Democrat in the last several elections, you ARE a contributor to our (economic) woes! As a Buyer's Agent/Realtor in TX, the crappy market that has cratered markets else where has (now) come to our great state - many professional, honest, experienced Realtors are hurting for business. While lenders & title co's are doing re-fi's, we as Realtors have nothing to fall back on. Cory hope it gets better for you soon :)

MortgageAngel: (August 20, 2010 10:28am)

Brian says "A tax by nature money taken from one source to be used for another." But in REALITY - The purpose of FEDERAL taxes is to regulate the economy not to raise revenue, per se. Since HUD is an agency of the federal govt its only constraints are 100% political. Think about this logically: Whenever there's a disaster here or elsewhere you never see the gov't wringing their hands wondering where the money will come from to send aid. This is because gov't spending (FEDERAL) doesn't come from anywhere. Just like points on a scoreboard don't come from anywhere. FACT: When you pay your taxes the gov't marks numbers down in your bank acct but they never actually "get" anything. FACT: If you paid your taxes in cash - you'd get a receipt and your cash goes into the shredder. STORMY www.moslereconomics.com Counter Insurgency, Deficit Terrorist Unit

brainstewn: (August 16, 2010 9:46am)

Alas, I hope I'm alive when we get through this deplorable cycle of rewarding BAD behavior and have precedence of rewarding GOOD behavior. Of course that would mean we would have to teach bubble economics, financial responsibility, emotional awareness, etc. We should begin in K-5 and make both classes a requirement every year through K-12 and in higher education forums.

carloslsutter: (August 15, 2010 8:38pm)

would it not be better if the same money was used instead to PREVENT Unemployment? It ALWAYS takes more money to fix something than prevent it from braking in the first place. One thing is to spend money to create employment, quite another is to spend money to help the unemployed, and still, quite another is to spend money to prevent unemployment altogether. I think the latter is cheaper, and smarter, and maybe one way to create employment as well; 2 birds with one stone. This is the classic spending 80% of resources to cure 20% of the problem, and only using 20% to mitigate the 80% monster (the cause). Or, this is like not wanting to spend 20 cents in a bottle of water, but willing to spend 80 cents in treating dehidration.

barryl: (August 15, 2010 11:04am)

heres what hvcc resulted in for those of us that never accepted any 3rd party pass thru fees: nothing. however, I closed a residential deal back in may this year, the appraisal inspector tried to get my client to use his broker for the loan. never trusted this new system, make sure you have good relations with your clients.

HVCCSICK: (August 15, 2010 1:28am)

Frank & Brian take a closer look, Appraisers were helped by FinReg, because the law says we are to be paid Customry & Reasonable Fees, which by HUD definition were combined management,"other" and appraisal fees, now, by law, we get it all. See the mortgagee letters 09-28 & 97-46 that define C&R fees as the combned fees.

Owl Tree: (August 14, 2010 8:31pm)

Long story short, if the post-HVCC world is basically the same sh#t sandwhich, served with a differnt side salad, then I'm going to pursue legal remedies to recoup the damage done to my clients, my business, and my professional partners. I'm tired of being treated like I'm in kindergarten.

Owl Tree: (August 14, 2010 8:22pm)

Until small businesses (brokers, appraisers, realtors) get together under a class action lawsuit, nothing will change. I am in discussions with a chicago area attorney for the purpose of developing a class action lawsuit, subject to finalization of the post-HVCC guidelines. It will likely center on the APR violation inherent in charging a $500 appraisal fee and not disclosing the amount that the AMC pockets; another area of exposure will be portability.

NewParadigm: (August 14, 2010 1:19pm)

@5pence "Since long before modern times, racketeers cause fear to thrive. Then they print dollars 'till they succeed taking control, stealing your soul. Call it fiat greed". If you like hard rock, you'll love that song. I agree the "banksters" created an opportunity for every day people to make short sighted choices, then disguised them in pools to sell like A paper. At a meeting with Countrywide, I raised my had as they explained the features & benefits of the option arm. I said, "I get how it helps the Realtor & Loan Officer, since we get paid based on mortgage amounts. But how does it help the borrower?". The response was they could get into homes they couldn't otherwise afford. I was amazed. @Kathy46037, very right to point out that we only sold the programs that were designed & packaged by powers much greater than ourselves. I wonder if any of those people are struggling for food and shelter...or ever tried to get paid employment after being in the mortgage/real estate industry.

5pence: (August 13, 2010 10:34pm)

lbrown - that last post was for you as an explanation of one of the ways, and a major way, that a greedy society is created. It's the reasons I don't blame people, only the banksters.

Kathy46037: (August 13, 2010 9:02pm)

MZP (part 5) One thing I know 100% is Washington knows NOTHING about the mortgage business. How do I know this? As I said before I have been in the mortgage business for 25 years. I gave a presentation to Burton,Ellsworth,Frank,Pence,Bayh,Lugar and Secretary of Housing Donavan on a mortgage method that would help to rid the market of REO’s (aka foreclosure properties) Save property values, put owner occupant into homes not investors (currently buy 70% of all REO’s)let the owner occupant walk into equity, boost manufacturing, lessen the loss to the REO owner and not a dime in bail out needed. They had it all in a power point presentation, underwriting guidelines from a Private Mortgage Insurance Co. a letter from the Mortgage Brokers Association saying what a Great program this is. All I got was the Deer in the headlight look and a request by all to dumb it down to the point a 2nd grader could understand it along with pictures on an 81/2 by 11 piece of paper. Yes I put it on that form and they still do not get it. PS: I also mailed one to the President and the First Lady. Still waiting for a response. I am just asking that people re think what h

Kathy46037: (August 13, 2010 9:01pm)

MZP (part4) In 1995 then Federal Reserve Chairman Alan Greenspan went before the Government Financial Committee and told them the US was sitting on a housing bubble (you tube it) Barny Frank head of that committee praised Fannie Mae’s then CEO Frank Raines on what a GREAT job Fannie Mae under his supervision was doing in getting borrowers into homes. There is an old saying PIGS get fat and HOGS get slaughtered. The SEC and the GSE’s got slaughtered under the watchful eye of Golf Course government. While there was corruption in the programs that the SEC and the GSE’s there is more corruption in our elected officials that let this happen. We have always and will always have foreclosures, the average is 1.33% currently we are at 3.5%(realty trac) so that means 96.5% of our home owners pay their mortgages. So how is it that a 2.17% increase could have such a monumental effect? I don’t know the answer to that question. I hope someone reading will help to enlighten me. But one thing for sure the Loan Officer, Appraiser, Title Co and the Realtor DID NOT create this mess. This is too big for the few bad ones in this field. This mess was

Kathy46037: (August 13, 2010 9:01pm)

MZP (part4) In 1995 then Federal Reserve Chairman Alan Greenspan went before the Government Financial Committee and told them the US was sitting on a housing bubble (you tube it) Barny Frank head of that committee praised Fannie Mae’s then CEO Frank Raines on what a GREAT job Fannie Mae under his supervision was doing in getting borrowers into homes. There is an old saying PIGS get fat and HOGS get slaughtered. The SEC and the GSE’s got slaughtered under the watchful eye of Golf Course government. While there was corruption in the programs that the SEC and the GSE’s there is more corruption in our elected officials that let this happen. We have always and will always have foreclosures, the average is 1.33% currently we are at 3.5%(realty trac) so that means 96.5% of our home owners pay their mortgages. So how is it that a 2.17% increase could have such a monumental effect? I don’t know the answer to that question. I hope someone reading will help to enlighten me. But one thing for sure the Loan Officer, Appraiser, Title Co and the Realtor DID NOT create this mess. This is too big for the few bad ones in this field. This mess was

Kathy46037: (August 13, 2010 9:00pm)

MZP (part4) In 1995 then Federal Reserve Chairman Alan Greenspan went before the Government Financial Committee and told them the US was sitting on a housing bubble (you tube it) Barny Frank head of that committee praised Fannie Mae’s then CEO Frank Raines on what a GREAT job Fannie Mae under his supervision was doing in getting borrowers into homes. There is an old saying PIGS get fat and HOGS get slaughtered. The SEC and the GSE’s got slaughtered under the watchful eye of Golf Course government. While there was corruption in the programs that the SEC and the GSE’s there is more corruption in our elected officials that let this happen. We have always and will always have foreclosures, the average is 1.33% currently we are at 3.5%(realty trac) so that means 96.5% of our home owners pay their mortgages. So how is it that a 2.17% increase could have such a monumental effect? I don’t know the answer to that question. I hope someone reading will help to enlighten me. But one thing for sure the Loan Officer, Appraiser, Title Co and the Realtor DID NOT create this mess. This is too big for the few bad ones in this field. This mess was

Kathy46037: (August 13, 2010 8:59pm)

MZP (part3) (yes banks called non conforming loans) were ask to fill these loans with borrowers that may not otherwise be able to buy a home. Guess what it worked. Loan officers offered the product to the consumer that fit those underwriting guidelines. For years the Lemon Brother, Goldman Sachs etc.. Were making top dollar in their mortgage backed securities portfolio. Keep in mind the loan officer was and is and information gather. Gathering information and documents given to them by the consumer. Once the information has been gathered that information goes to the underwriter. The underwriter then goes through the file makes sure the information given by the borrower meets the underwriting guidelines given to them and approved by the SEC (Wall Street). When Fannie Mae and Freddie Mac (Government Sponsored Enterprise GSE’s) saw the returns these portfolios were getting they wanted a piece of the action. But they were and are under the watchful eye of the Federal Government so Golf Course boardrooms were formed. Lobbyist for the GSE’s made their version of subprime loans sound wonderful. These programs will allow so many people to have a home. He

Kathy46037: (August 13, 2010 8:53pm)

MZP(part2) yes banks called non conforming loans) were ask to fill these loans with borrowers that may not otherwise be able to buy a home. Guess what it worked. Loan officers offered the product to the consumer that fit those underwriting guidelines. For years the Lemon Brother, Goldman Sachs etc.. Were making top dollar in their mortgage backed securities portfolio. Keep in mind the loan officer was and is and information gather. Gathering information and documents given to them by the consumer. Once the information has been gathered that information goes to the underwriter. The underwriter then goes through the file makes sure the information given by the borrower meets the underwriting guidelines given to them and approved by the SEC (Wall Street). When Fannie Mae and Freddie Mac (Government Sponsored Enterprise GSE’s) saw the returns these portfolios were getting they wanted a piece of the action.

Kathy46037: (August 13, 2010 8:48pm)

In response to MZP (part 1) I am saddened by your response and was awakened to how many people must think as you. I have been in the mortgage business for 25 years owned my own mortgage company for 10 years. In my 25 years of business I might have closed 10 pieces of crap subprime loans. But with each one I closed my borrowers knew I hated those programs. But the buyer wanted the home and moved forward. With this being said let’s get to the TRUE reason for this real estate bust that has brought our economy to its knees. First subprime mortgage’s started over 20 years ago governed by the Security Exchange Commission (SEC aka Wall Street). The SEC allowed all of the underwriting criteria called underwriting guidelines. They then took their product to the street going after potential homeowners, honest people with lots of money in the bank, great credit and Tax returns that show zero income(my tongue is in my cheek). The sales people with Mortgage Company’s and banks

5pence: (August 13, 2010 7:30pm)

Greedy? IMO, blame needs to be laid on Fed Reserve & printing money from thin air. They can flood the US anytime they want with $$(boom) & then contract the $$ supply(bust)-they've done it before. Flooding the market with dollars encourages speculation as people are eager to amass wealth without work-human nature? This expansion & contraction of $$'s moves wealth from the middle class/poor to the rich. Our fiat currency has no basis in value (gold/silver) & it's value is rather based on a confidence game (scam) that encourages wild speculation (CDO's CDS's) & manipulations of the markets. It's like playing the board game Monopoly where the bank can print all the money they want-you'll always lose. Flooding the market with money is easy when it's based on nothing. If our money were based on gold or silver, like it was before the Fed got rid of the gold standard, then such wild fluctations would be very hard to create & the spirit of wild speculation would not take hold of the people-IMO

REO_James: (August 13, 2010 6:57pm)

NewParadigm, That is remarkable insight! It's like your sharing my thoughts. I know the we're on the right track. I would love to share ideas with you and other like-minded individuals. My email is [email protected]. We were born into this system and it's time it gets fixed...

5pence: (August 13, 2010 6:39pm)

None of it would have happened if the banks weren't greedy for mortgages they could sell=Pimps for Wall St. They didn't care who they hurt. Absolutely none of those bad loans would've been funded without the banks ok. None. You can try to blame everyone in the transaction but without the banks none of it would have been possible! I blame the banks 100%-proferring "Values will never go down" inviting speculation from investors to the unemployed with dreams of a money tree. All lies & they knew it. Only they could have lent the money and enabled everyone from Goldilocks to the 3 bears to get mortgaged up to their eyeballs. I didn't take advantage of it-still have equity, but I have no blame for those that thought "the bank knows best" & bought into their progaganda and got loans they couldn't afford because, hey, the banks say values are always going to go up! While it may seem noble to blame ourselves to some, let's not misplace blame for people making mistakes at the banks urgings.

5pence: (August 13, 2010 6:38pm)

None of it would have happened if the banks weren't greedy for mortgages they could sell=Pimps for Wall St. They didn't care who they hurt. Absolutely none of those bad loans would've been funded without the banks ok. None. You can try to blame everyone in the transaction but without the banks none of it would have been possible! I blame the banks 100%-proferring "Values will never go down" inviting speculation from investors to the unemployed with dreams of a money tree. All lies & they knew it. Only they could have lent the money and enabled everyone from Goldilocks to the 3 bears to get mortgaged up to their eyeballs. I didn't take advantage of it-still have equity, but I have no blame for those that thought "the bank knows best" & bought into their progaganda and got loans they couldn't afford because, hey, the banks say values are always going to go up! While it may seem noble to blame ourselves to some, let's not misplace blame for people making mistakes at the banks urgings.

lbrown: (August 13, 2010 6:37pm)

When will the 'money machine' stop? When will common sense set in and we really make a change? Time for our government to HEAR the people instead of throwing money every which way and hoping it will do something, especially before the elections. And my big question is, how did we become such a GREEDY society?

5pence: (August 13, 2010 6:36pm)

None of it would have happened if the banks weren't greedy for mortgages they could sell=Pimps for Wall St. They didn't care who they hurt. Absolutely none of those bad loans would've been funded without the banks ok. None. You can try to blame everyone in the transaction but without the banks none of it would have been possible! I blame the banks 100%-proferring "Values will never go down" inviting speculation from investors to the unemployed with dreams of a money tree. All lies & they knew it. Only they could have lent the money and enabled everyone from Goldilocks to the 3 bears to get mortgaged up to their eyeballs. I didn't take advantage of it-still have equity, but I have no blame for those that thought "the bank knows best" & bought into their progaganda and got loans they couldn't afford because, hey, the banks say values are always going to go up! While it may seem noble to blame ourselves to some, let's not misplace blame for people making mistakes at the banks urgings.

NewParadigm: (August 13, 2010 4:50pm)

Ladies and gentlemen, you are falling into the divide and conquer trap this economic meltdown was deliberately designed to produce. You are all pointing the finger in the wrong place. Yes, there were/are greedy, self-serving loan officers, appraisers, title agents, Realtors and consumers that fell in line with the elite agenda designed to put people in debt, slaving for a system of worthless "fiat" money to hold on to the illusion we once had of control over our destiny. And now we're all fighting for survival. Many of us once successful business people struggle to provide shelter and food for ourselves and family. But this infighting is only perpetuating the problem. Blame each other will not affect a solution. This is time for every day people like the ones reading this discussion to come together and recognize we are witnessing a collapse of every institution in the world because it is based on corruption and deception.

Valuequestor: (August 13, 2010 4:42pm)

Friday the 13th sucks. Everyone is bummed out. I stuck todays show on my Facebook page and attached my personal rant. Ill let you know monday if anybody responds to it. 1/2 bottle of good tequila, litre plus of Jimmy Beam and misc. hanggers on for the weekend....what an efin drag this economy and administration is. DONT VOTE FOR JOHN LAIRD on the 17th's SPECIAL ELECTION. peace out.

justscrapingby: (August 13, 2010 4:26pm)

can somebody please explain to me just how greedy appraisers got rich during the early part of this decade? Granted, typical fees were $350, not $250 (or less) as they are now. Agents, brokers and loan officers, however, had fees 10 times (or more) my appraiser fee. Who in these transactions had the most to gain? Don't forget, loan 'officers' (not brokers) didn't even have a license to risk! They stood to gain $3,000+ per transaction, and if they did anything 'wrong', they risk nothing. They can keep right on working in the same industry. Appraisers, however, gain our $350 fee and risk losing our license, & therefore our livelihood, for errors/corruption. Why would I (or any other appraiser) risk our ability to earn a living for $350? Or was there some other money out there for us that nobody told me about?

Cory: (August 13, 2010 3:55pm)

@MZP: You have to lay some of that blame on the borrowers. I lost many deals to sharks who told people what they wanted to hear, not the truth and what was in the best long-term interest of the borrower. Many people went with potentially bad loan products or those that weren't the best for them BECAUSE THEIR GREED WAS JUST AS LARGE AS THE REALTOR'S, LOAN OFFICERS OR APPRAISERS. I don't have enough fingers and toes to count how many people came through my office a month ASKING for an Option ARM or wanting to obtain a loan as a straw borrower to get paid $10,000 by the "investor" purchasing properties with their FICO scores. I turned them away, but I know they found someone else to do it for them. People who have left the business and left us honest ones to pick-up the pieces and starve in the meantime.

Cory: (August 13, 2010 3:45pm)

Since October of 2008 I've gone from owning a home, to renting a home, and now I was evicted for non-payment of rent last month and my family and I are living in the basement of a friend's home. The kicker: because I have a license and COULD technically make money, I'm not eligible for any assistance programs outside of food stamps. I haven't had a paycheck since the First Time Home Buyer Tax Credit ended in April. Clients are hard to come by and when I do, extra-strict lending guidelines and lender overlays, low values all of the above, kill the deal. I will take other work if I can find it. I don't care what Wall Street says, Main Street says "It' ain't getting any better".

MZP: (August 13, 2010 3:28pm)

Realtors, Loan Officers & Appraisers contributed to the downturn in the economy because of their greed and unprofessionalism. These 'professionals' were out on the main streets taking advantage of the situation and people. They need help alright. They need a lot of prayers so they figure out their real purpose in life. When professions require a state license, ignorance is not an excuse. There were some who were ACTUALLY 'trying' to do the right thing with the right products, but they were few and far between and the greed of consumers reflected from the greed of the 'professionals'. God bless you and let us pray for those Realtors, Loan Officers & Appraisers that you are ‘concerned’ about.

NewParadigm: (August 13, 2010 2:42pm)

"I'm defying a reign of terror 'cuz status quo's gotta go. I'm one of many no longer buying the public lies that make us cry. We stand a chance when people care more and we unite to stop the fight. No longer sold on C-SPAN'S chair dance, pretending shame but really lame. People! Join together while there's still time, to create a new paradigm". Listen FREE @ http://www.SassyAlternativeMusic.com.

barryl: (August 13, 2010 2:24pm)

reo james: i put a sign on my office, it says, and its a borrowered quote... "thank you very much ladies and gentlemen, till we meet again, may god bless you, Elvis has left the building" the lending industry was always missing good will, you know... things done on a hand shake, the ability to arrive at a happy hard earned closing. the future might have additional regulations or road blocks for your industry aswell.. but one things for certain, my hp12c was just sold on ebay!

REO_James: (August 13, 2010 2:13pm)

I have been talking about a Realtor bail out since before the bank bail out. WE hit our peak here locally in 2006 and most agents have been slow since then. That is 4 years of hanging on to our careers! The government does not care about agents, loan officers and alike. I am suprised more agents are not screaming out for help! I lost my investment property, all the money and work I put into it, my good credit is gone! WE need help like yesterday!

barryl: (August 13, 2010 2:09pm)

theirs 2 kinds of music: bad music and good music. a quote from "duke ellington"

barryl: (August 13, 2010 2:06pm)

NewParadigm; Iam told I can't pass the financial fitness test, because credit scores are too low, meaning no nmls license, until such time i can raize it per nysbd. I closed my brokerage shop, and was actually offered a vp spot with a banker. whats funny is, how do I pay bills if I cant work in an industry I was connected to for 3 decades. many other industries have credit score requirments to get a job. a few months, i took my energy out in my old studio, playing jazz, big band, small band beepop, only I beat to music that is absent of words, no human interference if you will, just instrumental. jazz is improvisational. you hear something you like, and you respond with your own signature. inbetween timing, nothing vertical. I get to play on my vintage slingerland, mohogany shells, my band prefers it over other custom kits. very refreshing for a change, and I was thinking of selling my stuff thanks to the lending industry!

NewParadigm: (August 13, 2010 1:58pm)

@ 5pence, Thank you! If you compose & would like to collaborate, let me know. I work with co-writers locally, in UK and Canada. I work in many genres from classical to hip hop/rap, pop to progressive rock.

NewParadigm: (August 13, 2010 1:51pm)

@barryl - music pays just less than I would have earned staying in the Metro-Detroit mortgage industry running a legal net branch (paying my lender/employer obscene fees for doing next to nothing) during the mortgage meltdown. My rationale for closing the office was "If I'm going to work for free, I'm doing what I love" ... and I do love it, even though I've been accused of writing lyrics that are "too smart for her own good". There's a reason my site is called SASSY Alternative Music. BTW - This new and improved method to protect big banks from foreclosure maintenance fees says "Aid recipients must be at least three months delinquent", all but eliminating their ability to get a job due to bad credit. http://www.bloomberg.com/news/2010-08-11/hud-offers-1-billion-in-no-interest-loans-to-borrowers-facing-foreclosure.html This is another great idea to give the illusion of helping the little guy.

5pence: (August 13, 2010 1:47pm)

Very cool NewParadigm - I'm thinking of moving into music and yes, like the protest songs of the 60's, I'm going to listen to your songs. I think it's great you're touching on a subject that NO ONE seems to want to. Kudos and Good luck. I hope to hear your album soon. @Evil Genius, I've got a bad cold today but I will get to it - thanks! Sing a song of freedom. @teresatims - don't worry, this new HUD program isn't meant to help anybody. It's all show. Loans for the unemployed, but your credit has to be good and you have to be current on your payments. Is that possible? I suppose if you have 10 people living with you, you can make the mortgage payments. Crazy, more papering ($$) the problem instead of dealing with it. Happy Friday the 13th!

barryl: (August 13, 2010 1:20pm)

that an idea, get into the music business. I wonder if theirs any room for a jazz drummer with lightning fast hands at any volume, but still plays on a small kit, with zildjian A's.

NewParadigm: (August 13, 2010 1:04pm)

@5pence, I agree in so many ways. I was an originator for 17 years till 2/08 in Metro-Detroit. Still seeking full time work, I make music about what I've learned. "New Paradigm" says what you might be feeling. "Incite Social Evolution" is about leaving the industry, losing a fortune in the (rigged) market and the entrepreneurial spirit. "Fiat Greed" tells a story of deception. "Make it Through" is about my net branch arrangement, "Pay Day Blues" was how I felt even before leaving. Listen FREE @ http://www.SassyAlternativeMusic.com/FreeStreaming. @everyone, it's not about Dem v Rep. That's just a strategy to divide us, the masses so they, the elite can continue confiscating middle class wealth. They use debt (think "safe" 30 yr. Fixed w/compounded interest, tax incentive & refi. every 5 yrs), legislation under the illusion of protection under the guise of capitalist ideals where quality, safety & sustainability don't matter, wage slavery (employed & self-employed), etc.

barryl: (August 13, 2010 1:03pm)

join the what..if I join anything it will be craigslist for a hot date!

W.R.Buchanan: (August 13, 2010 12:58pm)

All of you California Appraisers, if you would really like to be part of the solution then maybe you should join the CCAP! California Coalition of Appriasal Professionals www.cacap.org. We are the only group in CA actually advocating for appraisers at the state level. We need your help.We are currently working with our local North LA, Ventura, and Bay Area assembly and Senators as well as OREA to establish customary and resonable fees for CA. We need your help in establishing a credible product. You can't bitch is you don't help, and you can't help if you don't join. www.cacap.org Randy

barryl: (August 13, 2010 12:57pm)

lets all cool off a little, where acting like it's friday the 13th...

barryl: (August 13, 2010 12:55pm)

Mr. LSG someones probably on something, only not to sure who it is....

barryl: (August 13, 2010 12:35pm)

this is not a dating service, if your looking for love, check out craigslist. anymore outbreaks, I'm calling don rickles to do his jokes!

Evil Genius: (August 13, 2010 12:29pm)

5pence: read my blog today. It's up your tree! http:realestatemarbles.com/newgeneration

Evil Genius: (August 13, 2010 12:27pm)

love you too mortgagelisa

Evil Genius: (August 13, 2010 12:25pm)

love you teresatims

LSG: (August 13, 2010 12:23pm)

Barryl, Barryl, Barryl, The government teat doesn't work. We have the proof before us; too much is wasted in the government maze & fraud. Economics 101 states "that what we subsidize we will have more of". Politicians know it but the offer entitlements for votes. Its a ponzi scheme

Evil Genius: (August 13, 2010 12:23pm)

http:realestatemarbles/newgeneration

barryl: (August 13, 2010 11:57am)

where in the United States of America in case you forgot, "we can't have a world class economy" by throwing people in the street. Help is very necessary for struggling homeowners, people who lost their job, business, and all should be welcome, including those that are in the industry, appraisers, loan reps, real estate agents

teresatims: (August 13, 2010 11:51am)

STOP GIVING AWAY MY F'ING MONEY... Game over you can't afford your house move out. Move in with family, downsize, etc. How long are we going to "allow" people to live for free and penalize people who sat on the sidelines and didn't make foolish decisions. I try to hold my tounge but it really pissed me off. How may programs to we need. Foreclose - Foreclose - Foreclose! The public knows and is actuall ok with foreclosure but we keep stalling. Uggh i have to go.

Bronco Billy: (August 13, 2010 11:49am)

The struggle in your latest video for unemploymed realtors and loan officers is not new it's been the same story for appraisers since HVCC but not much mentioned on the subject. Tell me more about qualifying for $50,000 to make the house payment. I'm all ears.

barryl: (August 13, 2010 11:10am)

realtors have not been affected as ours, why because they have strong representation with NAR. We have absolutely no representation other than the NAMB, a useless organization, that probably assited in eliminating bankers from the appraisals...

W.R.Buchanan: (August 13, 2010 11:06am)

If they would have given a portion of all the money they have given to the banks (Trillions?)directly to every citizen over 18 with the stipulation they had to pay off or pay down their loans as far as posssible, the the banks wouldn't be in trouble, now would they. FAT CHANCE! that solution is too easy. Randy

W.R.Buchanan: (August 13, 2010 11:03am)

Can we sue HUD for discrimination? That would be cool! Radny

MortgageLisa: (August 13, 2010 10:53am)

It won't unless we vote differently in november. Even then, it may be another 2 years.

LSG: (August 13, 2010 10:38am)

Anyone read the definition of FASCISM lately: Political philosophy movement or regime that exalts the nation above the individual and stands for centralized autocratic government. And for the first time in our history this new zero interest FHA financing TAX is Taxing renters to keep unqualified homeowners in their homes; when instead these renters should have an opportunity to buy these homes at sustainable price levels with honest loan applications. This natural free market occurrence would create ligitimate work for our industry. Oh, the dreaded unintended consequences of the Fascist regime, where will it end?

5pence: (August 13, 2010 10:37am)

Calls were coming into the government at a rate of 100 to 1 to not pass TARP. They passed it anyway. Who's in control?

Sandie: (August 13, 2010 10:37am)

This is all about killing the little guy. This administration is all about Big Government, Big Business, & Banking. They do not care about the Small Business Owners. They only care about those with the Big Money because they support their political agenda. Small Busines is being crushed, deliberately because poor and starving people will do anything to survive. If they are forced in to the position of starving or depending on the Government to support them, you know the choice they are going to make.

5pence: (August 13, 2010 10:29am)

If you're interested in inverted totalitarianism and what it means to this country - check out the video. It's by a Pulitzer prize and Human Rights prize winning author - Chris Hedges : http://newsjunkiepost.com/2010/02/16/chris-hedges-the-us-government-is-inverted-totalitarianism-2/

maggied: (August 13, 2010 10:25am)

I understand that Realtors, etc are having a difficult time these days. HOWEVER...you all want smaller taxes but 72% say they would take the HUD check. "Entitlements" and those that feel entitled are the biggest draw on the economy. Get to work! And when you make a buck, put a little away for a rainy day!

davek: (August 13, 2010 10:15am)

The November elections are three months away, so there's no mystery to the new HUD unemployment program. Unemployed people can still vote and most employed people don't even know enough about the program to care. It's your government in action.

5pence: (August 13, 2010 10:12am)

I'm seriously thinking this government has been hijacked by the banksters and with Bush and Obama's help they are installing a new government where global economic integration is the key for corporations and banksters to rape and pillage the rest of the world and democracy is replaced with inverted totalitarianism. First they put us all in debt to them. All of us. The rest they get dependent on the government to take care of them. They offer poor choices for government office and the people don't go to the polls because they've given up - it's a waste of time because the 2 choices are just so damn bad. They offer programs that are really designed to help as few as possible. They want us all to give up the hope of the Government ever really helping. “inverted totalitarianism.” While it is a system that aspires to totality, it is driven by an ideology of the cost-effective rather than of a “master race” (Herrenvolk). http://en.wikipedia.org/wiki/Inverted_totalitarianism

5pence: (August 13, 2010 9:57am)

It's almost like the banksters want to get rid of entrepreneurs. They are making sure that realtors, appraisers and brokers are drained dry with no help whatsoever, help that was heaped on them in abundance from everyones pockets, and our kids pockets and so on and so on. Maybe I'm just being paranoid, but it sure feels like they're after me (appraiser). @bern2surf - you're right. When it comes to matters outside of providing essentials like highways, schools, law enforcement - they are totally incompetent. Seriously, they're like retarded. Why aren't they doing anything about energy, oil, water and now college speculation? They are concentrating their efforts where they do the least good. Essentials should not be the fodder of speculation by the banksters. Well Obama? You promised. That's not important? Keeping the unemployed on the Gov dole is more important and when that $50k runs out, then what? Debt forgiveness for the poor unemployed that have been collecting checks since day 1?

cgappraisals: (August 13, 2010 9:52am)

There are people in place to bring down our economy and our system. The progressive socialistic movement is transforming our beloved country. They don't want us to have freedom bottom line. Just look at our top dog who continues to bring this country and small businesses to our knees. The system is failing the American people. We will fight back and return to what our fore-fathers dreams were. Not this person who thinks we all have to sacrafice something and forget our history. Vote them out! and serve them a cup of tea.

barryl: (August 13, 2010 9:42am)

HOW ABOUT DISCRIMINATION OF LOAN OFFICERS WITH LOW CREDIT SCORES BEING BARRED FROM THE INDUSTRY, EVEN WITH 3 DECADES OF EXPERIENCE..

Dan Mchugh: (August 13, 2010 9:41am)

The republican side of my brain says WTF get off your butt and MAKE YOUR CALLS!!! The Dem side says what a great idea another helping hand from the FED. But then reality hits... OMG I have another 50k to pay off what the hell was I thinking?????

bern2surf: (August 13, 2010 9:41am)

Good show, great food for thought. I tend to believe the govt. should stop trying to help everyone and let the individual learn to help themselves. 'You cannot help people permanently by doing for them what they could and should do for themselves' Abe Lincoln It applied then and is even truer today. Frank, where can I get one of those girdles, I can't even tell your wearing it :)

john: (August 13, 2010 9:40am)

This is blatant partisian polotics. The Congressional Dems are pushing this to garner votes and gain political capital. If this is like previous cycles a lot of these people will not be getting there jobs back!! Kill it NOW!

W.R.Buchanan: (August 13, 2010 9:33am)

Guys: This is just another redistribution scheme pure and simple. They don't want people in small business. They want everybody working for a big Corp so they can keep tabs on everyone very neatly. It's not as easy to cheat on your taxes when you're working for someone else, so that way they can fleece the people more efficiently. What do you think our tax revenues would be if nobody had withholding taken from them at work. I bet it would be 1/10 what it is now. I don't even pay quarterly! I pay everything I owe on Apr 15, and this year that wasn't very much! Wake up guys there is nothing that happens in politics accidentally. Everything they do is done for either political purposes or to further an agenda. Wow! de Bamas is a spendin' $600M on border security today. Wow that's alot!, and for a good cause too! But he just gave $64 billion to the banksters 2 days ago! Kinda shows where his/their priorities lie, huh? He's a regular Robin Hood ain't he?

5pence: (August 13, 2010 9:33am)

So HUD is raising MI payments so their loans appear more secure to investors and so they can borrow more money due to the added security of their portfolio? Yeah, it's a tax

5pence: (August 13, 2010 9:19am)

Good show guys, thanks for the follow up on the new HUD policy. So, the self-employed are not included - AGAIN! Don't these idiots know that the unemployed have been living off the "stimulus" for almost 2 years but the self-employed have nothing to fall back on? Don't they consider that although the unemployment rate is around 9.5% that the real unemployment rate including the self-employed is almost 20%? Many good comments here today - the entreprenuer is chit out of luck when it comes to Gov lending a helping hand - because they're idiots. Vote them all out. How much sense does this make anyway - you qualify if you're current with your payments? How many unemployed are current with their payments? If they are it's because they could afford it due to extended benefits with taxpayer dollars. Why so much concentration on the unemployed? Haven't they given up yet after 2 years of "job searching"? That's what a lot believe. This is another program intended to help no one.

T Bone: (August 13, 2010 9:16am)

Who's your best wholesale lender? (Not corespondent)

GODLIKE: (August 13, 2010 9:13am)

I'd say the poll accurately mirrors the nation at large. At the time I looked 72% said they'd take a handout from HUD. I'm sure the rationale is that they've hit you so hard since the election that you are owed a handout since they've given one to everyone else. I'm not saying I wouldn't take a handout, but that's what keeps us in this mess. You can't spend your way out of it, but that's the way that gets the most votes so that's what we're getting.

Sandie: (August 13, 2010 9:05am)

I agree, we need to cut taxes, we need to cut spending, but that can't happen unless the face of goverment changes. This administration's solution for everything is to throw more money they don't have at the problem and it only compounds the problem. If they are going to do it, they should be throwing at the guy who could lower those unemployment numbers, rather than rewarding the guy who is sitting home collecting his unemployment who has long ago given up looking for work because there isn't any!

chipperman: (August 13, 2010 8:52am)

The "make it happen" posts sound like a Tony Robbins commercial, and I applaud those people that are making it, I really do. But to ignore the facts is dangerous. How many LOs and Realtors got a little too cocky in 2006? It IS harder to do it now. Rates are super low, but out here in So.Cal. there is huge reluctance among buyers to execute. People are afraid for their jobs, with good reason. Frank and Brian are NOT negative, but realistic, and I would rather have the facts to deal with. But that's just me.

GimmeThreeSteps: (August 13, 2010 8:49am)

Bailouts we don't need, we need tax cuts. Vote in November, throw the out of touch idiots out of office (ALL OF THEM). If we fail at that, we are doomed.

olyguy: (August 13, 2010 8:47am)

Right on guys, glad to hear it, I could sure use some security of knowing there is an alternative. I'm not asking for a handout just to know that if I needed it there is a possibility that it could be there. Thank goodness right now I don't need it, but being in a market that usually goes to half or less volume in the winter months I am concerned. It would be a good thing to know that secutiry blanket was there if things go their normal direction. So Mr. FirstWest, have you ever been on an airplane and really listened to the directions given the passengers before take off ..... "always dawn your mask first" Basically what that statement means sir, is take care of yourself first, then worry about another. This industry needs help right now, yes we created this problem and yes we are all to blame for it getting so far out of control, but that is no excuse for not taking care of those who need it when they need it.

Sandie: (August 13, 2010 8:47am)

You guys are so on the nose. What is the point of helping the guy who doesn't have a job make his payments when we aren't helping the guy who could put him back to work. Another bogus idea from the US Government. Better idea, loosen up lending for small businesses so they can stay in business or even expand their businesses so they can start hiring again. I could use some help too, can't even refinance my house because I'm self employed. Maybe my hubby can get in on this, he has been unemployed for a year and a half!

makeithappen: (August 13, 2010 8:46am)

Counterpoint: An unemployed salaried person has zero income while a real estate industry person without income is sorely ineffective and should find new work. Try Home Depot instead of home loans. Today's market offers 50 year low rates, multiple zero or low down payment options (as noted in yesterday's show) and 401K/IRA loans, gift money and/or seller contributions can cover down payment and closing costs for the rest. If you can't make a commission every month in this market you need to look in the mirror to place blame and then go do something about it. I EARNED more in '07 than in '06, more in '08 than '07, more in '09 than '08 and am on a similar track here in '10. This is the land of the free and home of the brave supported by raging entrepreneurialism. We do not need HUD squandering another $billion to a group suffering from Pareto Principle 90/10 inefficiency and a history of lameness, fraud, deceit and general malaise. Get off your butt and go makeithappen.

Cbaymac: (August 13, 2010 8:12am)

You guys are right on. Thanks for your insight and humor.

FirstWest: (August 13, 2010 7:57am)

ok. So You need to start giving me warning when your TBWS daiy is negative and whinny!That way I wont click on it. I am too busy killing it, following ledas, funding loans and overall taking care of MY FAMILY and MY MORTGAGE COMPANY to spend even 2 minutes listeining to what the goverment is or is not doing to the poor agents, loan officers and appraisers. Please stop that. I wonder if REMAX will let you post such negative stuf in their REMAX Gold show!! I sent that to all my agenst because it was positive and had valuable information. pay attention! Misery loves comapny,, kinda like "if it bleeds it leads?" Just my 2 cents..

nwhlranger: (August 13, 2010 7:50am)

Great points, Frank & Brian! Thanks for your persistent efforts to open the eyes of those who would listen to reason. Absolutely agree with your thoughts on HUD also considering the business owners who have the power to save many borrowers/workers/their employees from foreclosure! Keep up the great work guys. Here's to all of our success today; because our success also means success for borrowers/homeowners, realtors, and yes - even HUD too. Cheers!

billd123: (August 13, 2010 7:34am)

All I have to say is thank GOD for the US Government. After 15 years of being a licensed mortgage broker, the SAFE Act has made it impossible for me to renew my licenses due to credit issues. Becuase HUD decided that all brokers doing FHA loans had to be paid W2. Now that I can't originate loans anymore, I have to go on unemployment, which is only possible due to the foreshight of HUD and the US Government. It amazes me that the Government is shocked that unemployment has increased, becuase they are doing so much to increase jobs. I guess they forgot about everything they have done to put people iut of work. DUMBASSES!!!!!!

GODLIKE: (August 13, 2010 7:23am)

GARYP the reason they get on TV and say they can't understand why businesses aren't hiring could be classified as PR or maybe disinformation. Keep the voters off guard and they won't know who's telling the truth. It's working a little in my area. Some of the diehard Dems who have lamented voting for the Great Obam (pay no attention to the man behind the curtain) have begun to say that the Dems have finally started to make some headway on the Rep economic problems. Of course they are people who want the current issues to be solely a Rep problem. Keep in mind that very few pay attention to issues outside of those that affect them directly. We know about all the mortgage/appraisal issue but what do we really know about what they are doing to the car industry.

rhohrein: (August 13, 2010 7:19am)

My wife and I are realtors and are incorporated. We pay un-employment tax...a lot of unemployment tax and can't draw any unemployment at all. Why am I required to pay unemployment tax if I can't benefit from it? Is this a form of legalized theft?

Clulessdad: (August 13, 2010 7:13am)

Why doesn't Fannie and Freddie have a Streamline Refi program? Fha does, and it has no income verif or appraisal. After the Financial Reform Act, why would this stated income loan still be allowed? Because HUD is making a lot of extra $ in additional UFMIP premiums. If they could ever have a right program to small business and the rest of the population, it would be to have a Streamline refi for conventional loans.

Daggone: (August 13, 2010 6:50am)

JDrobeck I don't know what you do, but you apparently do not write loans that a dumbass appraiser brings in the value at 60 -70% of what it sold for 10 years ago. Working your ass off and getting nothing gets a little old, not to mention how it wrecks your business with referral partners you've spent years building. All because we are forced to take the word of the "work for cheap" appraiser.

Daggone: (August 13, 2010 6:43am)

Kommoncents I could not have said it better. The one thing that would help the entire real estate world is letting those of us with ARMS refinance now while the rates are down. I don't get why this is not an option.

JDrobeck: (August 13, 2010 6:43am)

BOOOHOOOO, just get out there and work your a$$$ off and you'll make enough money to pay your bills. Quit crying about it, work smart & harder and make a couple bucks!

Daggone: (August 13, 2010 6:40am)

Dave56 You summed it up well. And you don't sound nearly as angry as I am about the whole - you are a perfect borrower, so why don't we just refinance you and let you stay in your home and moreover, daggone it make you happy that you are our customer! I'm struggling again with an absolutely rotten appraisal and the lender will not even consider sales that are one street over because my borrower has a 1.5 story and the comps near her are ranch and 2 story. The appraiser went 1 mile to get all 1.5 story comps, same neighborhood, a lower end of it to the tune of $50,000 less. I am telling you this is having a huge impact on our economy. Not allowing ready, willing and able people to take advantage of lower rates is ridiculous. HVCC needs to die.

MissMeghan702: (August 13, 2010 6:34am)

Oh yes, exactly what an unemployed person needs in addition to their underwater home is up to an additional $50k in debt... why not just give them a shovel too? I think some support for people who really intend to keep their homes isn't a terrible idea - but they need to be sure they aren't just delaying the inevitible. I think we need more specifics on who qualifies and how the debt is to be repaid before we can make an educated judgement - but so far this sounds like a disaster in the making.

kOMMONCENTS: (August 13, 2010 6:31am)

Why is there not a program for realtors, small contractors, etc who previously qualified for stated or no doc loan programs who want to refi? If they have good credit scores and have never missed a mortgage payment, then WHY not allow them to lower their rate, or lower their rate and lessen the years left on their mortgages? Does this not help the situation? We keep giving money to marginal people (FHA) who end up defaulting while giving the finger to all of us who are busting our tails every day and making it all work. Maybe if we just gave up, we'd get the help we need? It's almost embarrassing to watch a country with so many "bright" people in charge making such a mess of things. If you want to know just HOW screwed up we are, try doing a shortsale.

mountains: (August 13, 2010 6:22am)

Great discussion guys! The HUD program, bad idea, just like the housing recovery bill that fell flat on it's face. Stop kicking the can down the road! Why do you think the Financial Reform Bill did not have Freddie and Fannie in it.

Daggone: (August 13, 2010 6:18am)

I'm incorporated, I pay unemployment insurance; I'm struggling, if I can get $50,000 at zero interest and I can stay in my home as opposed to having to give it away and file b/r, heck yeah, I'm all about it. If this program helps eliminate some foreclosures, why is it more wrong than the gov't giving banks money to take short sales. I don't have the details of this program yet; all I know is what you are saying and what I read yesterday, but I'll check it out. There has not been enough help to keep people in their homes their homes; this sounds better than the mods that rarely work out for a homeowner.

Nuke 'em Until They Glow and Shoot them In the Dark: (August 13, 2010 6:09am)

The "self-employed" who create jobs have ALWAYS gotten the shaft when it concerns benefits from health insurance (present situation excluded) and unemployment benefits. Even-though they are the ones creating the majority of jobs in this country.

Gnotboxchecker: (August 13, 2010 5:59am)

Tracy and GaryP have the situation sized up about right. All of these programs are increases in operating expense with the funds flowing to friends of the current power group (aka Democrats). Let's run this mess through bankruptcy and foreclosure and get on with life.

Real Estate Nate: (August 13, 2010 5:53am)

I'm not disappointed that a program exists for SOME people to take advantage of. What bothers me is that "the powers that be" seem to continue to miss the mark in actually helping most people. For example, last time I checked the big dogs got bailed out but since the HAMP program has been tepid at best, most of the little guys got left out in the cold in terms of modifications that are realistic. Another issue is that second mortgages continue to sue for deficiency in cases of foreclosure AND short sales so the people who think they're done with a horrible situation are strapped with this financial pain for years to come or they are forced to file chapter 7 (if they can). What about them?

dave56: (August 13, 2010 5:45am)

Great information guys! Keep up the good work! I do have a thought regarding Freddie and Fannie and jump starting conventional business. There remains a significant market of "A" paper borrowers that are handcuffed due to HVCC and the general depreciation of real estate. As such, if your have a 740 or higher FIC0, assets, great mortgage payment history and proven long term employment(not to mention the willingness to stay in your home)!!- Does it really matter what the LTV is? Many of these folks have been effectively removed from refi opportunities to reduce their fixed rates, transition from their ARMS, if they are beyond the 125% threshhold. I guess common sense and prudence is not part of Freddie and Fannie's game plan and as professionals we lose out in this great market - how ridiculous!

Racheli: (August 13, 2010 5:03am)

Frank and Brian, once again a Brain Pain. "...Put YOUR mask on FIRST" says every flight attendant before take off. It seems like this policy of helping the employee only doesn't think that the Employers, Lenders, Realtors, appraisers, Title agents need oxygen First so they can hire those employees. A very saddle distribution of wealth... go out there and make things happen today. Racheli

panhandlenan: (August 13, 2010 4:41am)

You go Tracey ! See, another great attitude.

TRich: (August 13, 2010 4:38am)

Well Done segment today. No I don't want a handout from anyone. You are shocked at HUD's policy? More career civil servants spending our money. Hey, they gotta get years in somehow to get that Fed government retirement check. After a career basically doing NOTHING. No surpise. That's what they do.

Tracey: (August 13, 2010 4:35am)

Thanks for your acknowledgment of the plight of Realtors. However, I'd rather HUD just get the hell out of our way and let us Realtors, Lenders and Appraisers figure this out. It seems like everytime I turn around some new institutionalized hurdle is being thrown at us. I don't need a hand out from HUD nor anyone for that matter. If I handouts were okay then this certainly would not have been my carreer choice - an industry that you will give you back exactly what you put into it.

Tracey: (August 13, 2010 4:34am)

Thanks for your acknowledgment of the plight of Realtors. However, I'd rather HUD just get the hell out of our way and let us Realtors, Lenders and Appraisers figure this out. It seems like everytime I turn around some new institutionalized hurdle is being thrown at us. I don't need a hand out from HUD nor anyone for that matter. If I handouts were okay then this certainly would not have been my carreer choice - an industry that you will give you back exactly what you put into it.

panhandlenan: (August 13, 2010 4:32am)

If you would take HUD money and you're in this industry you're a looser. Use your tools and skills, get off your duff and stop whining. I bet you are are only one garage sale away from paying a bill. Yeah times are rough for a lot but have you really done everything you can to find a client. Can't believe how many of you said you would take it.

GaryP: (August 13, 2010 3:29am)

As another example, look at what the banks are reporting as the cost for implementation of the Financial Reform Bill. We all know that the big banks are just going to pass those losses along to the consumer. But no, they're not going to raise taxes on the middle class. That is, they're just not going to call it a tax. The reality it is that, whatever you call it, your cost of living is going to go up at a time that incomes are flat or declining. I can't help but laugh when the Dems get on TV and say that they can't understand why businesses aren't hiring people. Are they so dense that they can't see that the reason is their own policies such as the upcoming tax hike for business owners and the increased cost of health care that is on the horizon? I'm just amazed that they can be so seemingly dense. They seem very willing to ignore the obvious because it so "inconvenient" to their own governmental philosophy and pre-conceived notions.

GaryP: (August 13, 2010 3:19am)

Hey Brian and Frank, is it a big surprise to you that one of the major tenets of the current administration is "redistribution of wealth?" Wasn't that what healthcare was all about? Also, is it a surprise that they have a track record of raising taxes without calling it a tax? Required health insurance? Isn't that just like the medicare taxes that we pay? As I have pointed out in the past, part of the problem at HUD is that MI funds have been re-directed to other programs like low cost rental programs such as Section 8. This is nothing new. This is yet the latest example of the tax and spend mentality of the Obama administration, or should I say, tax and over spend. OK, I'm through venting for now.

MICHAEL LITCHENBERG: (August 13, 2010 2:40am)

HUD DOESN'T NEED HELP FROM ME!

Chukster: (August 13, 2010 2:14am)

More debt, I don't need it. I want to work. Just more debt for us and the country.