ZERO DOWN Loan Back on The Market... and a FREE HD CAMERA! - 09.10.10 | Vincent K. Mohr : First Priority Financial, Inc. : Fairfield, CA

YvonneEngelbrecht: (September 13, 2010 12:16pm)

Republican or Democrat - Doesn't matter. As my brother sent me titled Dr Seuss 2.0: I do not like this Uncle Sam, I do not like his health care scam. I do not like these dirty crooks, or how they lie and cook the books. I do not like when Congress steals, I do not like their secret deals. I do not like this speaker Nan, I do not like this 'YES, WE CAN'. I do not like their smug replies, when we complain about their lies. I do not like their kind of hope. I do not like it. Nope, nope, nope! :)

lala2869: (September 13, 2010 10:43am)

No, the party of "no" will not let anything good happen to us middle class people.

lala2869: (September 13, 2010 10:43am)

No, the party of "no" will not let anything good happen to us middle class people.

lala2869: (September 13, 2010 10:43am)

No, the party of "no" will not let anything good happen to us middle class people.

lala2869: (September 13, 2010 10:43am)

No, the party of "no" will not let anything good happen to us middle class people.

jdaine: (September 13, 2010 8:02am)

Shoudl the GOP take back control of the House and Sentate, it will give people the confidence that we only have two more years of craziness brought about by Obama. Any good news like that should boost the willingness of the potential homebuyer to pull the trigger. I sure hope this is what happens, because I want to be a loan officer again and stop doing workouts.

bb: (September 13, 2010 6:42am)

To answer 5pence question, how do you know when sour cream has gone bad? Does it smell fresh? it will be moldy, even in Canada it's a good guideline, yuk! SW FL starting to look interesting although CDN interest will wane if the $CDN is less than $0.95. We're waiting for Obama bux to be par or less.

5pence: (September 12, 2010 9:29pm)

Glass-Steagal was 2 pages long. Consumer preotection needs to be over 2,000 pages?

5pence: (September 12, 2010 6:34pm)

well said dan. Deregulation at this point is ludicrous. Leave intact the menaces that got us here to continue their dirty deeds done dirt cheap? Glass-Steagal worked for 70 years. You can't legislate ethics and morality but you can outlaw it's worst. Not been done. Amazing. We must be much stupider than that those in the 1930's. Much. Did we really devolve? or is it private interest that keep us dumb. Where is my fat paper? They can't afford to print all the news anymore. Sad sad sad

danheilbrun: (September 12, 2010 5:35pm)

If the R's replace the D's in Congress you will cut a lot of the fat the the Dems put on the big regulation belly of the mortgage industry. This will be good for the short term. But just as the D's ruined their popularity with this overregulatory scheme they have employed, the R's will deregulate too much and there will be no balance, thus setting up a similar regulatory environment that got us into this mess in the first place. We will be replacing incompetence with incompetence which happens every two years anyway. Until we fix our education system and be accountable for the decisions we make, corporations will continue to find ways to leverage your interests against their own. If you want the market to get better you will need to be patient. The housing market is like heartbreak, just sigh a lot and have time fix all wounds. Else, until the government starts to fire itself, R or D, you are gonna get the same fix year in and year out.

5pence: (September 12, 2010 4:34pm)

This is off-topic but, how do you know when sour cream has gone bad? Does it smell fresh? I like to cook

5pence: (September 12, 2010 4:24pm)

Brian - everybody gets a camera? Cool

5pence: (September 12, 2010 4:20pm)

.....Endowed by their Creator with certain inalienable rights, among these are life, liberty and the pursuit of happiness. Creator, soul. Hmmm

5pence: (September 12, 2010 4:17pm)

On the recent Supreme Court decision that stated corporations are people and have their same rights. It's law now. They have compared corporations to people and found that soul less corporations are the same as people! They are in essence saying that people have no souls! Are they right? Sure looks that way sheeple

5pence: (September 12, 2010 3:41pm)

I'm just too busy leading the oxymoron life

5pence: (September 12, 2010 3:27pm)

I think I'm going deaf from the silence of all of Joe's well-liked politicians!! It's ok tho, I have mournful optimism .

5pence: (September 12, 2010 3:21pm)

Give me liberty or give me something else like liberty

5pence: (September 12, 2010 3:16pm)

Well liked and voted for TARP and the bailouts? Isn't that an oxymoron? Like deafening silence and mournful optimism?

5pence: (September 12, 2010 3:11pm)

sigh

5pence: (September 12, 2010 3:10pm)

Do we really want representatives that aren't notable? In their defense of "we the people" and the common good? That deal in backrooms and we never hear about it and they claim victory that might not be deserved? If well-liked is the best you can come up with in these unknown and unknowing representatives defense, then lets just vote for president the next America's got Talent winner. Everybody loves them - we'd be all set. No more problems.

5pence: (September 12, 2010 2:57pm)

I think your well-liked politicans are well liked because there's no other choice. Don't confuse the issues with the latest Celebrity Dance off. Get my drift?

5pence: (September 12, 2010 2:53pm)

Yeah I'm sorry, but if you're not notable you don't deserve to be my representative. Give me liberty or give me death

5pence: (September 12, 2010 2:41pm)

Why haven't I heard from any of these notable representives? They're keeping quiet and keeping their heads down? I'd expect more from someone that sought office to serve the people. They're being strangely quiet.

5pence: (September 12, 2010 2:38pm)

Who benefits making bad loans? Shorters of the instruments. Do I believe the banks are broke? No. I think they are only showing their book losses and not their short sale earnings. They don't have to because short sale earnings only happen when you cash them in and you could take forever to cash them in if you wanted.

JoeParsons: (September 12, 2010 2:37pm)

@5pence: (*sigh*) What I was responding to was your statement, "The majority of our politicians are bored, rich playboys and girls that wouldn't know what to do with themselves otherwise." That would have to apply to some 220 members of Congress. I merely suggested that if you investigated, you'd find your characterization to be far off the mark. Please feel free to show me how your original statement was correct. If so, I'll happily concede that you were right, and I was wrong. Deal?

5pence: (September 12, 2010 2:35pm)

I meant "Continental Congress"

JoeParsons: (September 12, 2010 2:33pm)

@5pence: the lender and investor have no fiduciary duty to the borrower. Never have. The bulk of the problem was engendered by the creation of subprime loan products that HAD to fail--there was no other possible outcome. As long as there were people willing to take short positions on those loans, they'd continue to be made. Foolishly, no one expected that the inevitable result would really occur. But when you have sub-600 FICO borrowers who have lied about their income and assets, and who have nothing at risk to start with, what other outcome could there possibly be? Selling the loan isn't to reduce risk; it's to create liquidity, and that is still the case.

5pence: (September 12, 2010 2:31pm)

like in life joe, like in this generalization, there are always diamonds in the rough. Joe, you might be confusing well-liked with no other choice.

5pence: (September 12, 2010 2:28pm)

Solution? We need real people to run for office on an even field with monied interests. Other than that, A new Constitutional Congress meeting to throw off the chains of corruption and install a new government. It's in the Constitution that is our right. I really don't understand why there aren't protests in the streets. Is everyone that apathetic? pathetic

JoeParsons: (September 12, 2010 2:25pm)

@5pence: I was not talking about how praiseworthy the representatives might or might not be. I was only referring to your sweeping (and, I believe, inaccurate) generalization of them. At a minimum, they are well-liked enough to get elected.

BigO: (September 12, 2010 2:11pm)

I just came back to check up on all the post since my last. Great rants guys - love yah! But where are the solutions?

5pence: (September 12, 2010 1:53pm)

Ohh and lets not forget the independent from Vermont who I'd like to see as President : Bernie Sanders. Some are worthy, most are not

5pence: (September 12, 2010 1:49pm)

Joe: There are very few worthy of praise and they are not liked by their constituents. A few off hand, Grayson, Paul, Cantwell and that guy Cusinaivich (sp). Monied interests control things

5pence: (September 12, 2010 1:45pm)

Securitization works with one entity involved in the original debt and the next step is the investors dealing with the debt they hold in their own way. Banks sought profits by placing the investor lower on the securitization pole and doing their own deals to keep the profits they felt were theirs and being stolen by smart investors. Psychopaths. They couldn't separate banking from investments beyond the securitizations of the original debt. They lost fiduciary responsibilty to the borrower in expectation of fast $$$. I mean, you buy a debt, and sell that debt to cut risk to savvy investors. Isn't that the expected end of your involvement? They saw individual investors dicing the debt to cut their own risk and decided they could do it and cut out the savvy investor? Sure they did. The kicker is they knew the taxpayer would bail them out. All JMHO

JoeParsons: (September 12, 2010 1:36pm)

@5pence: I think if you were to look at the background of the 535 members of the Senate and House of Representatives, you'd change your opinion. While there are indeed many who are ridiculously wealthy, and maybe some are even bored, it's inaccurate (and unfair) to tar all our elected representatives with that same brush.

5pence: (September 12, 2010 1:28pm)

It's just an excuse to outsource jobs and find new suckers for our banking shysters/pirates/terrorists

5pence: (September 12, 2010 1:26pm)

This global economy crap is crap

5pence: (September 12, 2010 1:24pm)

Ohh I agree. The GSE's got in trouble because with the banks bribing the ratings agencies, by cajolling or extoring saying we'll take our business eleswhere, crap got rated AAA which got the taxpayers on the hook and the investment banks off. TheGSE's got into it in 2007 so you know the investment banks knew it would collapse. Thing is, all the losses they claimed that we can't prove because they don't let us see their books, Did they make a profit shorting the market as they were selling the GSE's AAA crap? We know GS was. No one else knew? If no one knew then why the pressure on the ratings agencies to rate toxic AAA? And, if they knew, we only know about their losses on the books by hearsay, what about the money they made by shorting to offest those losses? Didn't GS say they too the bailout but didn't need it? Yes. Shadow banking industry run by a corporation that is immune from censure or culpability and remains invisible in it's deeds. They are using our money to bail out PIGS

JoeParsons: (September 12, 2010 1:15pm)

If there were no securitization of mortgage debt, you'd no longer see 30 year mortgages; they'd have balloon payments after 5 years or so, as they did before FNMA was chartered in 1934. The genesis of the problem arguably was Gramm-Leach-Bliley, which allowed the investment banks (Lehman Bros. et al) and the insurance companies like AIG to create and isnure derivatives from subprime mortgage bonds. Some of the most culpable players, IMNSHO, were the rating agencies, Standard & Poor's and Moody's. In a nutshell, they gave AAA ratings to tranches of mortgage bonds made up of the worst of the subprime loans. I am guessing they really didn't even bother to look under the hood to see what they were rating. If the CDOs had been properly rated, they would not have sold to investors, and the toxic loan programs would have died a reasonably quick death. Remember: a mortgage lender will fund a loan if--and ONLY IF--they can sell it on the secondary market.

5pence: (September 12, 2010 1:05pm)

Joe, securitization is good for farmers etc. But who came up with creating more debt from the debt you have, to sell? I've heard some home "pieces" were sold over 20 times. Ponzi would be proud

5pence: (September 12, 2010 12:59pm)

The majority of our politicians are bored, rich playboys and girls that wouldn't know what to do with themselves otherwise. Must be nice, adored (elected) by the public, trips on the taxpayers dime (trips to Argentina to see your girlfriend) accolades and VIP treatment wherever you go (despite your looks) nice salary for 6 months of work, offers to be lobbyists to you and your family and you'll always have a job after "public" service, money thrown at any of your pet projects as long as you play ball, overlooks of legal indiscretions (drunken driving, sex with minors, gay relationships with your aides, groupies - yep. It must be living large, living like a rock star with no musical talent. The only thing you have in common with a rock star is the money your paid for your service by public and "private" interests to which you readily align yourself with. Yeah must be nice. Too bad I'm joe blue-collar, too many DUI's for public office. 1 is too many. I couldn't pay off the judge.

JoeParsons: (September 12, 2010 12:53pm)

@Tommerare: That is the platfrom GWB ran on ("We trust YOU, the people, not the government"). The "pro-business" Republicans, Phil Gramm, Jim Leach and Thos. Bliley, created the "Financial Services Modernization Act of 1999," aka Gramm-Leach-Bliley. How'd that work out? Or the National Debt and defit we now have? GWB inherited a budget *surplus* from his predecessor, who had also decreased the Debt by 10% during his tenure. Bush then went on to increase it by 30%. Returning to those policies would help...how? Isn't it interesting that, as this hole was being dug, the teabaggers (or their predecessors) were utterly silent. Now that the bills are coming due, they are all in high dudgeon as though the crisis had sprung up instantly on 1/20/09. Give me a break.

JoeParsons: (September 12, 2010 12:40pm)

@5Pence: Occam's Razor notwithstanding, some things are by their nature complex, and don't lend themselves to simplistic solutions. The creation of a secondary mortgage market in 1934 was a very good thing, because it gave liquidity to the mortgage market. Securitization of mortgage debt makes money available to many more people. In the wake of Glamm-Leach-Bliley and the effective repeal of Glass-Steagal, a small number of people saw an opportunity to game the system. GWB ran on a "we trust you, the people" platform (small gov't is better), yet he expanded the Federal government to historic levels and power. At the same time, the whole crisis was brewing, largely owing to the reduced oversight of financial institutions and the derivatives they created--all legally. So tell me: how would you prevent such a thing from happening again Smaller government? Reduced regulation?

5pence: (September 12, 2010 12:38pm)

Tommerare : Prosperity so far is an illusion much like the ponzi scheme. If we want tremendous growth for our industries we first have to face facts. No one is willing to do that, so whoever promises you a "tremendous long term environment for our industry" is a liar.

5pence: (September 12, 2010 12:21pm)

Tommerare : Be sure to check their motives and sponsors and remember, they will lie to get public office. Yes, it must be that good.

5pence: (September 12, 2010 12:18pm)

Hey Joe: "Our economy is just too complex to be able to foresee everything". And more compleixyt is the way to fix it. Without complexity our politicans counldn't justify their pay. Come on, they deserve every cent. Complexity it up for me ;^) . The simplest solutions are always the best. Come on, slicing debt 50 ways and calling every new piece new debt to sell? Debt creating debt creating money for the originators leveraging their way to more debt. It should be illegal. It's a ponzi. OT: They've got this ad running 24/7 to not tax energy corporation because BP doesn't deserve a bail-out. WTF?? LOL!!!

Tommerare: (September 12, 2010 12:07pm)

Are you kidding me, voting in folks who believe in smaller government such that tax cuts can be implemented, and who are pro-business so jobs can be created, will create a tremendous long term environment for our industry.

5pence: (September 12, 2010 11:48am)

Banks that shouldn't exist own AMC's that shouldn't exist, hire appraisers that shouldn't have a job. Is this a democratic republic at work? Nooooooooo. We all pay when democracy is compromised to this large a degree. The biggest payment? Idiots that have no idea trying to fix it

JoeParsons: (September 12, 2010 11:14am)

The individuals we vote for hopefully represent certain values. We then expect them to vote in reasonable alignment with those values. This is the basis of our Representational Democracy. One major component of the situation we are in today can arguably be attributed to Gramm-Leach-Bliley, which was enacted in 1987. Although Bill Clinton was president, there was a Republican majority in both houses. GLB created the financial mechanism that allowed the present crisis to occur--in fact, some have referred to Phil Gramm as "the father of the mortgage crisis." Let's say you voted for him in 1985, because you "vote the person." he's a pretty smart guy after all, with a PhD in Economics. Would you have forseen that he would co-sponsor GLB, or what its consequences might ultimately be? Thoughtful Republicans, as believers in "the invisible hand of the market," would have been in favor of GLB because it aligns with their values. Our economy is just too complex to be able to forsee everything.

5pence: (September 12, 2010 10:55am)

BigO, You are the kind of voter this country needs. You asked how will this candidate & their plans/policies benefit the nation instead of how this or that candidate will benefit you and yours!! Excellent. Selfish voters got Bush 2 terms and a multi-trillion dollar deficit. Bus was great at snatching defeat from the jaws of victory. But I digress, While I can't stand to hear Obama speak anymore because I believe everything that comes out of his mouth is a lie, we've got him for 2 more years, like it or not. He's no dumbie - can you imagine Biden as President? He did make health care a law and no one has ever done that. While it's law and enforcement will take years, it will, with the will of the people, end up benefiting us all. Kudos for that and for standing down and chastising the Supreme Ct for saying soul-less conglomerates are people, same as you and me. I feel his heart may be in the right place, but he comes from the land of political corruption-Chicago. Geithner & Summers? OMG

5pence: (September 12, 2010 10:40am)

How hard would it be to introduce a voting system where you can vote against a candidate? I've got 2 bad choices & the only other option is to not vote-which is what the banksters & inverted totalitarian regime wants. How about this, you can cast your vote and it could be "for or against". Add up the votes and the one with the most "fors" wins. If they both end up negative, then by God you'd better get 2 or 10 more choices that the people will vote "for". I've always hated my choices, you can only vote "for". Is that going to continue as this republics democracy? We'll never get representatives that represent the people-it will just get progressively worse, as it has. If you can't vote against a candidate then the game is wide open to rigging & a political system that doesn't represent the people. Votes were coming in 100 to one against TARP, but they passed it anyway. How about real representation? anyone, anyone? Monied interests control the vote & the candidates. Vote the person.

BigO: (September 12, 2010 10:35am)

I have a challenge for anyone willing to take it on. I am a "sometimes center left & sometimes center right" thinker. I do vote Democrat. If I find myself leaning to far to either extreme it's because emotions have taken over, and (in my opinion) emotions will lead you to the wrong decision every time. To the more conservative/GOP thinker & voter, give me specific plans of action/policy, the guaranteed results of those plans/policy, and how those results are going to benefit our nation as a whole. I'm an Obama supporter. Have I at times been concerned about the size of the deficit - sure. It's because it's a $$$ amount we've never dealt with before. Do I believe he's out to ruin America - absolutely NOT! I have to trust there's a method to the madness we "impatient Americans" haven't seen yet. So, I'm open to your argument to the contrary. Make me change my mind!

stephanie.hansson: (September 12, 2010 10:31am)

I thought we were working together for the purpose of making our industry stronger. This discussion is so way out of hand. I am sorry I made the mistake of clicking the "notify when updated", since it has overloaded my blackberry!

5pence: (September 12, 2010 10:08am)

I feel sorry for you if your only 2 choices for office are lying hypocrites. I feel sorry for me too. The banksters have been planning this coup for years. They know how the laws work and have had lawyers and psychiatrists working on how people would react in their take-over for years. They're expecting apathy from the people. That is their signal of success. They are or embody the age-old enemy of man-kind. Only "we" can allow them to triumph. All it takes for evil to triumph is for good men to do nothing.

5pence: (September 12, 2010 10:01am)

WTF is conservative, wtf is progressive - they are both just another party, a sub party. Vote the person not the party

JoeParsons: (September 12, 2010 9:19am)

@Nukem: You do realize that by saying "2 more years of Obama will bankrupt this company," you are basically calling for violent overthrow of the government, right? Setting that aside, though, you do realize that the predicament we are now in was not of Obama's making, don't you? To put that into perspective, our National Debt *decreased* by nearly 10% during Clinton's two terms. Under GWB, the debt INCREASED by nearly 30%--and he had the "benefit" of a republican-controlled congress during most his two terms. So riddle me this: given the mess (and not just financial) that we found ourselves in after those eight years, what sane person would turn the keys back to the same crowd? I find it interesting to note that, as our deficit and National Debt soared 2001-2009, none of the teabaggers made a peep. Now, with a Democrat at the helm they're out in all their squawking force; but they are complaining about things set in motion by the *previous* administration.

Stellarmike: (September 12, 2010 8:39am)

I know everyone expected to see change with our current administration but seriously the man in charge spent years studying socialist economies, and after all that study you would have assumed he would have realized its always failed. Still God bless our country and our president may he impart wisdom on him to not drive us deeper into this mess.

Nuke 'em Until They Glow and Shoot them In the Dark: (September 12, 2010 7:26am)

As I said before the Election if you Vote for change then change will be all will be left with. So voting Conservative is the only way to get the US Economy back on Track. 2 more Years of Obama will Bankrupt this Country.

5pence: (September 12, 2010 12:36am)

I'm sorry Supreme Court (SCOTUS) but in your recent ruling that corporations are people and have their same rights - I offer this, you have to have a soul to be considered a person. Funny how they missed that

5pence: (September 11, 2010 11:55pm)

Ohh, btw, Bogarts best, top of his career, role IMVHO. Where did my local newspaper go? It's 1/3 it's usual size. Where did the local penny saver go? It's 1/5th it's size. I've only been gone a few years.....

5pence: (September 11, 2010 11:51pm)

By outsourcing honest work and endeavors, all they really left us was speculative greed. Jobs were gone, unions gone - the backbone of honest industry in america was broken - but wasn't that their intent? Enterprises that could only flourish because of America feel no loyalty to their roots and the roots of their prosperity - the American people. Fred Dobbs moves all American jobs overseas. There's more but it's late - I'm sure you all get my drift tho.

5pence: (September 11, 2010 11:42pm)

Gold fever and there is no cure. Thanks Federal Reserve and investment banks.

5pence: (September 11, 2010 11:39pm)

Fred Dobb's sure started out sane. Ahh, but unleash the spirit of speculative greed on an unknowing populous..... We got to show you no stink un badges gringo. Greed leads to destruction and grabs those that have the most honorable intentions and turns them into loons.

BigO: (September 11, 2010 10:43pm)

First @JoeParsons, I like how you present facts in response to some of the rambling emotional BS. Facts trump regurgitated nonsense all day long. Keep it coming! To MY point, we WILL go back and forth on these same issues from now to the end of time as long as GREED is considered good (isn't it ironic Gordan Gekko is back). Before the "S" word begins to form in some of your brains, I believe what a friend of mine said a long time ago, "Profit is not a dirty word." However, as long as the pursuit of profit continues to tips over into "greed" (an intense and selfish desire for something, especially power & wealth), all hell will continue to break loose. Everyone involved (buyers, sellers, mtg & r.e. industries, dems, gop), lose their minds and all sense of reality. When the dust settles and everyone sobers up, they all say the same thing - "WTF just happened?" What's the answer - simple, until greed becomes "un-American" as a PRINCIPLE we live by, insanity prevails - don't complain!

itoaduso: (September 11, 2010 9:13pm)

The housing industry is DONE. It's a simple supply and demand issue. As more people became eligible to bid for houses, bid prices rose, appraisals rose, more houses were built to take advantage of the rise in prices. Now, all those houses are still there and the eligible people are gone. High Supply, Low Demand. Prices fall. ANY QUESTIONS????

agriffin: (September 11, 2010 5:38pm)

I mean "7 Billion people"

agriffin: (September 11, 2010 5:35pm)

What's with all the venom and finger pointing in the other posts? Does your personal opinion change a thing (besides raise your blood pressure)? Where is YOUR responsibility? Whether you like it or not, we are all in this together. Yes, many mistakes have been made. Read "John Adams" and other history - Americans have squabbled, undermined, hated each other and villified our leaders since this country began, tossing from one extreme to another. But this time is different. Why? We are in a global economy, palpably connected to the fates of nearly 7 million other people, planetary resources are dwindling and we've created big messes we need to clean up (and could be the ticket to the next great chapter). America is still regarded as a leader, and we, as Americans (not Repubs or Dems) need to work together to come up with solutions on a grass level and within our industries. Let's stop being angry and destructive, and start being creative. Time is running out. What do you choose?

seattlenative1: (September 11, 2010 5:21pm)

What is currently happening in the real estate business is such a joke. It seems that no one who is in charge knows what to do to make things work. If the two of you where in charge of what needs to be done it would turn around fairly quickly. You need to have someone in the know in charge!!!The banks and the lenders are the ones that have ruined this industry. There is nothing that can done in the past but it could be turned around fairly quickly if the things that should be done were done. I personally specialize in finding clients buys at the court house and finding clients buys on bank owned properties. Both area are handled extremely poorly. In fact they couldn't do it much worse if they tried. Don't even get me started on short sales and loan modications. The way everything is handled is such a joke it is almost like a sit com. Real estate sales were fairly brisk and then the powers to be decided to not renew the first time home owners credit??? It has slowed considerably since.

CatieGarcia: (September 11, 2010 4:59pm)

LOVE Think Big work SMALL! Look foward to it every morning. Some days better than others but isn't that our industry? I like to forward it to my investors and co workiers. Feel like I am on the cutting EDGE? Well I would like the CAMERA also.

CatieGarcia: (September 11, 2010 4:59pm)

LOVE Think Big work SMALL! Look foward to it every morning. Some days better than others but isn't that our industry? I like to forward it to my investors and co workiers. Feel like I am on the cutting EDGE? Well I would like the CAMERA also.

CatieGarcia: (September 11, 2010 4:58pm)

LOVE Think Big work SMALL! Look foward to it every morning. Some days better than others but isn't that our industry? I like to forward it to my investors and co workiers. Feel like I am on the cutting EDGE? Well I would like the CAMERA also.

AzulDePeru: (September 11, 2010 4:16pm)

Obama SUCKS!!! Well, I guess I'll add to that since they said not to just leave it at that. The republicans will pull the same tactics as the democrats which comes down to stringing things along and throwing superficial policy changes that make it look like they are doing something for our benefit. The truth is that niether party will help in any way unless they address the source of these problems. The problem is that the source is THEM! The government interference, but they don't have the character to point the finger at themselves. We need to create a sound monetary system and then let the economy work itself out. Oh, and reimplement the glass-steagall act.

txlawyer: (September 11, 2010 3:16pm)

In spite of the fact that I'm a fiscal conservative (translation: republican), I have not been too impressed with our side of the legislature lately either. For example, I recently learned that Burt Solomans (one of local Republican legislators) authored the SAFE Act which just went into effect. The SAFE Act will serve as an additional obstacle to those folks who weren't sufficiently credit worthy for a real lender. Unfortunately, it seems as if none of the politicians are in touch with our real estate reality.

loan-wolf: (September 11, 2010 12:51pm)

Lets face it: we have a one-party system where the primary goal of every politician is to get re-elected. Running the country comes in second place. <P> Going back to 1968 when TILA was enacted, regulation upon regulation have been piled upon the mortgage industry and how did those rules protect consumers? <P> "Regulators" like the OCC, FTC, the Fed, FDIC, OTS, and the OFHEO (now FHFA) have done zippity-do-dah in regulating. The good originators who are honest anyway don't need the rules. They take care of their clients. <P> The bad guys just figure out away around the rules or just plain ignore them knowing that they can do so with impunity because the "cops" are gorging themselves at some donut shop miles away. <P> Those idiots in Washington are going to make it harder for us and the clients will not benefit one whit. So let's just all do a good job and go home at night knowing we have treated our clients honorably all day long.

5pence: (September 11, 2010 11:56am)

JoeParsons: You can't argue with the facts of Bush's multi-trillion dollar deficit legacy to Obama. He came into office with a surplus & lead us into financial ruin. Weapons of mass destruction was a lie to invade Iraq to try finish Daddy Bush's war. He was probably the worst president ever & while saying he's a Christian invoked pre-emptive war on anyone that looked at us sideways. He did more to increase international hatred for US than anyone could! How many Bush's policies were anti-Constitutional? He only got elected TWICE because people were voting from their pockets instead of their hearts. Now the government is corrupted by monied interests. Nice job people. Can we change that as a nation? I think "we the people" can. As far as Bin Laden, did you know the Bush's had a friendship with the Bin Ladens? As far as B Clinton he had Rubin, Geithner & Summers-they are to blame as his economic advisors for de-regulation of the banks. They're all sitting pretty now instead of in stripes

5pence: (September 11, 2010 11:39am)

The credit card has replaced the annual wage increase that many employers no longer give. It has substituted for wage increases that unions used to negotiate, but no longer can. Credit cards are relied on by the more than 40 million workers who used to have full time permanent jobs, but who now have to make due with lower paid part time or temporary work; and by the more than 8 million workers whose once decent paying manufacturing jobs have gone offshore and who have had to accept lower paid service jobs. To the $3 trillion in government debt was thus added $6 trillion in household mortgage debt, $8 trillion in banking debt, another $1 trillion in new consumer credit card debt, and $3.5 trillion in additional non-financial business debt. That's a total of more than $21 trillion in accumulated debt of various kinds over the course of Bush's terms in office—or a stack of $500 bills 3,297 miles high, extending roughly the distance from New York City to London.

5pence: (September 11, 2010 11:38am)

In the process of borrowing for leveraging and housing speculation, banks and financial institutions added roughly $8 trillion in new debt during the first 7 years of Bush's term—$6 trillion of that during the subprime speculative boom period of 2003-07. But there's still another trillion to account for. That's the amount of new credit card debt that American middle and working class consumers also took on beginning in 2001. It is a lie and misrepresentation that consumers have been increasing their credit card debt in order to engage in spending on luxury and unnecessary items. Most credit card debt is used to pay for big ticket necessities, like college education for children, payment for medical bills their employer insurance plans no longer cover, for medical services by those no longer able to afford insurance at all, for basic transportation needs, for general cost of living by retirees no longer able to survive on social security, and so on. The credit card has replaced the

JoeParsons: (September 11, 2010 11:36am)

@5pence: Feh. Next thing you'll claim is that Mr. Bush ignored the Daily Briefing, "Bin Ladin Determined To Strike in US" in August of 2001. C'mon....you KNOW the credit crisis is all Bill Clinton's fault.

5pence: (September 11, 2010 11:34am)

Bush-Greenspan struck a partnership that led directly to the subprime bust. Here's how it happened: Greenspan and the Fed accommodated Bush by lowering interest rates to 1 percent and then keeping them there far longer than was economically justified. The Bush-Greenspan strategy paid off for both partners. Super low interest rates produced a housing and commercial property driven economic boom from 2003 to 2006. Bush rewarded Greenspan with reappointment as Fed chair in spring 2004 and Bush got his economic over-stimulus in time for the November 2004 elections. Financial speculators, banks, and the mortgage industry were able, as a result of Greenspan policies, to borrow virtually free money from the Fed, which they then leveraged to purchase ten times more volume of subprime mortgage bonds, raking in super profits. Some of the more aggressive investment banks, like Bear Stearns and Lehman Brothers, leveraged themselves 30 times or more. Greenspan's 1 percent interest rate policy helped fuel the speculative excesses in the mortgage industry that created the subprime boom of 2003-06. When the Fed finally began to raise rates again, this provoked the subprime

5pence: (September 11, 2010 11:32am)

"There's trillions more in the Bush debt legacy picture. Between '02 & '07 the subprime mortgage loan crisis was created by the Bush administration. Total mortgage debt in the U.S. more than doubled, rising from $5 trillion in 2001 to more than $11 trillion in 2007. The poor quality subprime and other risky mortgage loans amounted to approximately $2 trillion of that $6 trillion increase. The Bush administration was forewarned time & again from 2003 on, by regulators & elected officials alike, at both federal & state levels, that the subprime situation was a time bomb. Bush actively discouraged federal intervention & Bush administration officials at the SEC were instructed to look the other way while banks set up shadow banks operated off their regulated books. The shadow banks, called Structured Investment Vehicles (SIVs), served as the trash receptacles in which various securitized bad subprime mortgage bonds were stuffed. Cooking separate books like this, off balance-sheet, as it is called, was precisely why CEOs and CFOs at Enron went to jail a few years earlier. But similar behavior was apparently not a problem for the Bush admi

JoeParsons: (September 11, 2010 11:15am)

@Laura997: The subprime meltdown has little or nothing to do with politics. The toxic loan programs owed their existence to the fact that investment banks (think Lehman Bros., Goldman/Sachs, Bear Stearns et al) would buy them and companies like AIG would sell a type of hedge called a Credit Default Swap. This enabled the rating agencies (S&P and Moody's) to rate these gi-normous bundles of mortgage bonds and derivatives into Collateralized Debt Obligations (CDOs) AAA. That is the highest rating; it means there is a 1 in 10,000 chance it will default. Now, given that the consequences of this lack of oversight and regulation took years to accrue, and given that there was a nominally conservative administration in power for 8 years, could you please explain to me how the Democrats, who have been in power for two years, are responsible? Remember, it was Ronald Reagan ("Government is the problem, not the solution") who began the push for less oversight and regulation.

Laura997: (September 11, 2010 10:47am)

If the Republicans take over the House, hopefully they will neuter the Dems who have been pushing the "everyone deserves a home" mantra and push for more sane underwriting guidelines - like being able to prove income, job, assets, good credit history, etc. Those no/no loans (no income no asset verification) caused the market crash, and it went all the way back to the Clinton administration and the progrfessive deregulation of the market. But what made it worse is that lenders who normally would not make such risky loans were forced to make them under duress of discrimination lawsuits from the federal government. Reason and sanity in mortgage lending must be reinstated and FNMA and FHLMC must be dismantled. If they will buy them, bad loans will continue to be made. It's that simple.

5pence: (September 11, 2010 10:25am)

Really, they're 2 sides of the same coin. Call them Republicrats or Democricans - underneath they're same thing. How did this country get hijacked by financial interests? By the people electing millionaires that know where their bread is buttered and hold onto every dime they get - unless it's the taxpayers money. We should not be electing politicians whose main goal is transfer wealth from the middle class and poor to their corporate handers and themselves. Why does that trickle down economics look yellow? Vote the person, not the party.

alan4321: (September 11, 2010 10:19am)

The Republicans do not have a single idea that will help real estate or the economy in general. All they have done is sabatoge every effort to make things better so that the voters will be as angry as possible in November. If they gain control of either or both houses, they will never get a veto proof majority to pass anything that Obama doesn't want. All we will have is at least two years of stalemate and phony investigations like Whitewater and Lewinsky more cynical moves to distract the voters for the next election while the Rebublicans try to benefit the their super-rich benefactors who buy their asses with campaign contributions which should be simply be called waht they are, legal bribes. The upper 2%,the super rich are not any of us or our clients.

alan4321: (September 11, 2010 10:19am)

The Republicans do not have a single idea that will help real estate or the economy in general. All they have done is sabatoge every effort to make things better so that the voters will be as angry as possible in November. If they gain control of either or both houses, they will never get a veto proof majority to pass anything that Obama doesn't want. All we will have is at least two years of stalemate and phony investigations like Whitewater and Lewinsky more cynical moves to distract the voters for the next election while the Rebublicans try to benefit the their super-rich benefactors who buy their asses with campaign contributions which should be simply be called waht they are, legal bribes. The upper 2%,the super rich are not any of us or our clients.

loanhack: (September 11, 2010 10:09am)

This has nothing to do with Democrat or Republican. Neither seems to have a clue. This is about finding solutions regardless whether you're an elephant or an arse.

JoeParsons: (September 11, 2010 9:55am)

@MortgageRedneck: Yeah! That damn GFE designed by the Dems. Oh, wait...that's RESPA, which falls under Reg X, which is under the purview of the Federal Reserve, which is headed by Ben Bernanke, that notorious liberal Democrat. No, wait...he was appointed by Bush. Now my head hurts. And HVCC? That abomination was not a gubmint thing. That was one ambitious politician, Andrew Cuomo, who pulled off a legal magic trick all by hisself to extend his lawsuit against Washington Mutual and its AMC, eAppraisIT. He threatened a public investigation of the GSEs' practices, including examination of the personal records of the CEOs of those companies. To stop the investigation, they signed a settlement agreement with Cuomo in early 2008, and after a shockingly short comment period (45 days), HVCC was born. DAMN those liberal dems! DAMN that Obama! He shoulda put a STOP to it! Oh, wait...he wasn't president yet.

rtpage: (September 11, 2010 7:45am)

Small government=big results!

Fundem: (September 11, 2010 7:35am)

Hey 5Pence; where was Obama's surplus?? I do believe W had a large surplus that turned in to a record deficit- what up w/ dat?! How is going back to the GOP who turned the surplus in to a record deficit going to help anything?

Fundem: (September 11, 2010 7:32am)

Until there is serious campaign finance reform nothing will appreciably change no matter what party is in charge.

Fundem: (September 11, 2010 7:31am)

You guys still believe in Democrats and Republicans?? That's funny....no sad.....no funny......actually very sad.

MortgageRedneck: (September 10, 2010 9:28pm)

I think it has to be better with the GOP in power. Maybe someone with common sense will come in and trash HVCC and get rid of the new GFE's we can go back to using real GFE's instead of everyone having to create their own "mortgage worksheets" to be able to explain the basics of their transaction without having to use 3 different documents. Plus, have you all noticed that USDA is only extended thru October 1st...and with them funding the loans that already were processed & waiting for funding...there is no time to get a new loan in. You congratulated Tammy Trevino...but you are CRAZY!!! She tried her best to kill the guaranteed program ever since March when the funding ran out. She then placed a gag order on all the regional people at USDA to prevent them from discussing the status of the program with all the local USDA people. Finally the public outcry got the funding restored, but now we have to wait on their yearly funding to be restored. Tammy Trevino needs to be evicted!!

Realist 1: (September 10, 2010 8:29pm)

Right on 5Pence!

hans: (September 10, 2010 7:37pm)

Nice job guys. I like your style. I have heard that USDA is back and that is good. I have also heard that GUS which is the automated underwriting system is not being used right now and so we need to do manual underwrites on USDA which means 2 things: 1. we need to stick to the 29/41 guidelines and 2. we need to add a week to the process to get the loans sent to USDA and have a 2nd look. The money is back but Gus has left the building but I heard he is coming back sometime this month.

5pence: (September 10, 2010 6:47pm)

Guys, haven't you learned yet? Voting for the ones that promise the most largess from the government for YOU is what got us here!! GAWD! Don't be selfish, too much is at stake. Our grandchildren are in debt - do you want to keep spending their money??? $500 million a day is the interest payments on our debt! And that's only going to grow! Get the right people in there no matter their party affiliation! Get consumer friendly people in there & kick out the millionaire Senators & Representatives! They don't want to tax the rich BECAUSE it's going to affect them PERSONALLY! You're talking about taking personal responsibility. Personal responsibility starts with us, the person in the mirror that you have to look at every day hopefully with a clear conscience. Personal responsiblity is also reflected in who we choose for office! Personally, I'm voting out all incumbents I can and it doesn't matter the party. I just wish there was a place on the ballot to vote against someone to 0 out the 4's

DebraEngel: (September 10, 2010 6:13pm)

why does it matter what party we are affiliated with? we just need to get our economy under control again so we can all stop being so paranoid about what is going to happen next.

DebraEngel: (September 10, 2010 5:45pm)

If everyone would just do what they know is right for the majority we wouldn't need all these "parties" to decide our fate. We need to get our economy up and running to get things started. Think first, react second.

DebraEngel: (September 10, 2010 5:45pm)

If everyone would just do what they know is right for the majority we wouldn't need all these "parties" to decide our fate. We need to get our economy up and running to get things started. Think first, react second.

edmoe: (September 10, 2010 5:27pm)

Hopefully the GOP will gain control and get rid of the tight guidlines to get someone financed.I have lost too many deals at the closing table because the underwriter pulled the plug after they said it was a go! We need to stand together and we will survive! By the way, use local Banks who do there own underwriting and you will get more deals done. But when you use a mortgage broker use one that you have a relationship with and you will get your hard to qualify people qualified!! Have a good weekend all and go out there and SELL!!1

theRussianRealtor: (September 10, 2010 5:20pm)

Revitalization of small business and job creation are the only solutions to the current housing problems!

howdo: (September 10, 2010 4:33pm)

Wow! ZERO DOWN...I'll go for that. Combined with the mtg rates below 4%, I just might be tempted to get back into the market. My logic being, that no longer will I put large sums down, because I fear the value of the property will fall below its cost. I remember the GI loan days of $1.00 down and payment of $100. per month. Maybe the good old days weren't so bad after all.

Sea2Summit: (September 10, 2010 4:05pm)

Supply side economics snapped out of that mess the Carter administration got us into. Defibulate and bring back the Great Communicator!

vanstory: (September 10, 2010 3:45pm)

ARE YOU KIDDING MEEE!!!! All we have to do is remember back when Bill Clinton was president and lost control of both the house and senate to the GOP and then WE (meaning most everyone) Got a lot done as far as business and our economy done pretty well too, so HOPEFULLY, maybe? this may come to pass and we can get a real dialogue of discussion going and get something done. You know , the right coming just a little to the left and the left, coming a long ways towards the right. We are going to have to bite the bullet on the foreclosure issues and let them go, just like a bad marriage or relationship, let it go and lets get moving forward and quit throwing bad money after worse!!! I also think that the GOP will do a better job for small business and manufacturing which in turn will provide the jobs we need to get the economy moving forward again. Right now it's like the big bus that's broke and a whole bunch is inside, but only 2 or 3 are trying to push!! It just doesn't work!!

vanstory: (September 10, 2010 3:44pm)

ARE YOU KIDDING MEEE!!!! All we have to do is remember back when Bill Clinton was president and lost control of both the house and senate to the GOP and then WE (meaning most everyone) Got a lot done as far as business and our economy done pretty well too, so HOPEFULLY, maybe? this may come to pass and we can get a real dialogue of discussion going and get something done. You know , the right coming just a little to the left and the left, coming a long ways towards the right. We are going to have to bite the bullet on the foreclosure issues and let them go, just like a bad marriage or relationship, let it go and lets get moving forward and quit throwing bad money after worse!!! I also think that the GOP will do a better job for small business and manufacturing which in turn will provide the jobs we need to get the economy moving forward again. Right now it's like the big bus that's broke and a whole bunch is inside, but only 2 or 3 are trying to push!! It just doesn't work!!

Daddio61: (September 10, 2010 3:43pm)

Yes. I think all industries that feed local economies are in decline due to far right control of big business, as big business quietly continues to replace US workers with workerws across our borders. This is the mentality of Global Brands, marketing as US brands, that really, are not US brands anymore. Essentially, this will continue to hurt values, and fail to serve the american dream of building family assets via real estate. I guess we will have to turn to our 201K's, and Social Security.

dan: (September 10, 2010 3:43pm)

are you kidding... The GOP cant be any worse. We are spending money like no tomorrow, The GSAs are broke, well so is treasury, I think maybe some in washington do listen, its just we really need to get their attention. At least the GOP usually supports business, without that support there will not be any tax revenue or jobs. So yes it will help. Can we get Reagan to run again?? we could just play reruns on tv and maybe no one will notice.

JoeParsons: (September 10, 2010 3:27pm)

@NancyL: No question that a lot of folks were persuaded to get into some of these toxic loans, like Neg Ams with big margins, 3 year prepays and early recasts. But I think also that a lot of people simply chose *not* to think their loan and purchasing decisions through rationally. Real estate prices will ALWAYS go up 12% each year so it's impossible to lose, right? There is tons of blame to go around, from some unscrupulous originators, to Lehman Bros and its ilk who securitized and packaged the loans, to the AIGs who insured them, to the rating agencies (Moody's and S&P) who assured everyone that these CDOs were indeed rated AAA. BTW: Little Rhode Island is one of my favorite places...I was fortunate to attend Brown University. You'll all bounce back!

MTGGIRLTX: (September 10, 2010 3:21pm)

Have we forgotten that SAFE and HVCC were republican related to begin with. I can't honeltly believe it will make much of a difference. Let's think back.....about 10 years remember the hoopla.... Broker's do nothing but increase costs there is no value to using a Broker... We moved on to Broker's caused every default in the market. As an industry it's a good thing we are tough-- we keep getting hit below the belt - we are still here! What I know about Broker's (now originator') is we will adapt. We are still here.

Appraiseit: (September 10, 2010 3:09pm)

Nothing is going to improve the real estate market until there is significant job formation..think WPA work program, job tax credits.GOP probably won't hurt but not help either

Appraiseit: (September 10, 2010 3:09pm)

Nothing is going to improve the real estate market until there is significant job formation..think WPA work program, job tax credits.GOP probably won't hurt but not help either

lorinne: (September 10, 2010 2:48pm)

I say clean house and start over - our politicians aren't serving anyone but special interest - it will be interesting to see what happens - we don't want any flip-floppers or sell-outs in office next year - vote wisely! It seems like the GOP squacks their talk and the DEMS squack their talk but the same agenda ALWAYS goes forward anyway, regardless of parties.

NancyL: (September 10, 2010 2:42pm)

People allowed themselves to be talked into mortgages they knew very well they couldn't afford. Corruption …those who took advantage of the unsuspecting, shame on you. The people that came across misfortune are another story. That being said, I live and work in one of the hardest hit states with unemployment over 12% and the foreclosures, well we are inundated with them. Those who can are buying and not being afraid of doing work to make them beautiful again. Contractors are getting put back to work. It is slow but will return. Who controls the House is irrelevant as long as the end goal is the same. There are many ways to skin a cat as they say and each party has their own solution. Which is best, remains to be seen? The housing market has been going up and down in cycles for decades. This down cycle is compounded by so many other influences that it will take longer to recover. Nancy in RI

txgirl: (September 10, 2010 2:33pm)

I'm voting out everyone in office. Don't care much who's running against them.

bwestbroker: (September 10, 2010 2:19pm)

The Republicans may have their positive points,but in the matter of this financial mess..they are NO closer to understanding it than any of the asshats we have in Washington.This isn't really "tough stuff" but it would be nice if someone actually paid attention for over five minutes so they'd GET what the problems actually are.We should NEVER have had the numbers of people walking away from homes that we now have.Most of them couldn't even speak to ANYONE at their lending institution that had a chance of offering even a little help.Now SUDDENLY..they keep braying about how they're going to HELP.REALLY???Do any of them even have a clear enough idea of what the problem IS to help us muck out from underneath it???

bwestbroker: (September 10, 2010 2:19pm)

The Republicans may have their positive points,but in the matter of this financial mess..they are NO closer to understanding it than any of the asshats we have in Washington.This isn't really "tough stuff" but it would be nice if someone actually paid attention for over five minutes so they'd GET what the problems actually are.We should NEVER have had the numbers of people walking away from homes that we now have.Most of them couldn't even speak to ANYONE at their lending institution that had a chance of offering even a little help.Now SUDDENLY..they keep braying about how they're going to HELP.REALLY???Do any of them even have a clear enough idea of what the problem IS to help us muck out from underneath it???

bwestbroker: (September 10, 2010 2:19pm)

The Republicans may have their positive points,but in the matter of this financial mess..they are NO closer to understanding it than any of the asshats we have in Washington.This isn't really "tough stuff" but it would be nice if someone actually paid attention for over five minutes so they'd GET what the problems actually are.We should NEVER have had the numbers of people walking away from homes that we now have.Most of them couldn't even speak to ANYONE at their lending institution that had a chance of offering even a little help.Now SUDDENLY..they keep braying about how they're going to HELP.REALLY???Do any of them even have a clear enough idea of what the problem IS to help us muck out from underneath it???

fortebucks: (September 10, 2010 2:15pm)

Wasn't it Clinton who used the catch phrase "... it's the economy, stupid!" on his way to winning the '92 election? The GOP can borrow that and use it for this upcoming election.

JoeParsons: (September 10, 2010 2:08pm)

The Democrats "packed Fannie and Freddie with their guys?" Interesting. Since both are private corporations (now under conservatorship), I wonder how that might have happened. Try this on for size: as subprime loans were being made and securitized by other than the two GSEs, Fannie and Freddie lost market share. As they are ultimately responsible to their shareholders, they began buying loans of a lower quality than before, to regain some of that market share. Neither Fannie nor Freddie was responsible for the creation or securitization of the toxic loans that led to the meltdown. The "perfect storm" was created when loans were made to non-creditworthy borrowers (sub-600 FICO), stated income, stated asset, 100% financing and payments that could double after 24 months. Those were not created by the GSEs or, for that matter, by any politician.

Service: (September 10, 2010 1:58pm)

It really doesn't matter which party is in control. Both parties now work primarily for the big industries(Oil,Banks,etc.) The smartest thing America could do in the next election is vote out EVERY INCUMBENT as a protest that says we are not going to take it any more!

Vegasbaby: (September 10, 2010 1:57pm)

I just want the camera..... Thanks

Vegasbaby: (September 10, 2010 1:57pm)

I just want the camera..... Thanks

rsteenrod: (September 10, 2010 1:56pm)

It will HELP the industry, but not because of any sweeping changes. Those already occurred, and have beaten us up over the last three years. The latest will hit us in April 2011 right after they get seated. The greatest benefit will be in introducing new legislation to mitigate the effect of those changes. That will be a slow, but a positive change; one that can finally get the pendulum swinging the other way.

realestatepro: (September 10, 2010 1:50pm)

We don't need republicans in office to get things back on track for our and other industries. We need CONSERVATIVES! We need people who are committed to stopping the wasteful spending on big government programs and get back to cutting taxes and giving incentives to businesses. Republicans ended their last reign in the wrong direction as well, but keep in mind that the Democrats held the House since 2006. Thanks to Barney Frank and Chris Dodd, they have their own share of blame. We need leaders committed to leading with honesty, integrity and humility!

frankbernardo: (September 10, 2010 1:49pm)

So I want the Flip cam here it goes. It doesn't matter who is in the house until someone really wants to HELP we are going to be in this situation. to many politicians see dollar signs if they put on a cape and come to the rescue in reality the hardest thing to do is be the bad guy and basically let the housing market correct it self. They need to stop letting the bank make their own rules. and let this thing DROP. The banks in my area are using receivers to rent out the house in pre-forclosure as well as after the trustee sale that is why you see a slump in inventory in the LA area. I can give you the info if you like.

TresMiller: (September 10, 2010 1:37pm)

GOP is known for protecting property rights. I hope that they take over both houses and I cross my fingers that, 1. Every incumbent gets voted out & 2. The GOP takes advantage of their victory.

barryl: (September 10, 2010 1:35pm)

nothing will change? how much longer do you expect a non depository/fdic insured institution to be allowed to underwrite mortgages... big changes are expected!

Diazmg1: (September 10, 2010 1:29pm)

Having the Rep. take control could be no worse and do think it would be better for our industry. Chuck - Denver

LM: (September 10, 2010 1:26pm)

Are you kidding me, NOTHING will change.

barryl: (September 10, 2010 1:20pm)

well, I hate to be the bearer of bad news,but their not done revising yet, the best is yet to come!

qaedon: (September 10, 2010 1:13pm)

Financial Market Revisions (such as HVCC and the new Good Faith Estimate) are not to help the consumer or the industry, but rather are there so the politicians can go back to their home districts and declare, "LOOK WHAT I DID! I REVISED THE FINANCIAL SYSTEM!"

BuckeyeMortgageBanker: (September 10, 2010 1:09pm)

Until term limits for House and Senate members are put in place, our "representatives" are going to continue to do what's best for THEMselves, THEIR careers and THEIR wallets. Instead of making difficult choices and improving things for our country as a whole, all they worry about it getting re-elected and pleasing their supporters and contributors. This is true of both Republicans and Democrats, but the D's are far worse due to their deliberate interference with free market forces and socialistic, anti-capitalistic policies. Don't let the D's ever forget about their pet CRA law that put sub-prime loans on the fast track to being collateralized by Wall Street. Can't blame this mess on the R's. Barney Frank and Maxine Walters are the epitomy of the Democratic Party - MORONS! I should apologize to any morons for that reference.

barryl: (September 10, 2010 1:00pm)

flip cam, thats right, we don't need no camera, how about a texas steak dinner! don't forget the a1 and tobasco !

barryl: (September 10, 2010 12:50pm)

ok ok... its Aunt Bee's fault,as she was late serving lunch causing Andy and Barney to miss their hair cut appointment and then Gomer could'nt fix that darn sherrif's car ontime! that's right, Aunt Bee did it!

mdrealtor: (September 10, 2010 12:46pm)

Stop the "blame Game" this mess is due to one thing: American Greed! Unfortunatley we have forgotten our past when people saved there money worked hard were often gifted a down payment from parents to help them buy a simple rancher, where they lived raised their family's and got togather with their neighbors and saved for their children. And never borrowed and they saved and didn't buy things unless they absolutley nedded them. The simple rancher was the 401K and in return for the hard work and sacrafice they were able to retire with the HUDGE equity they made by doing so. Oh and I want a flip cam!

barryl: (September 10, 2010 12:45pm)

no, its the tea parties fault. they ran out of lipton!

Bazaro: (September 10, 2010 12:44pm)

If our greed filled Congress could ever understand it is not about "Red and Blue" or "Right and Left"....but really about RIGHT and Wrong, will our Democracy ever get anywhere. Remove lobbyists from the Hill, impose term limits with full benefits only during that term (meaning no lifetime pensions or health care) and we will see an immediate call to action for true reform. Our current legislature is so similar to the Roman Empire that the "fiddler" is heading to the roof of the Whitehouse!

rlittlefield: (September 10, 2010 12:40pm)

The Democrats had packed FNMA and FREDDIE with theie guys, it was that leadership that was the biggest problem as they gave us 100% stated neg-am loans with 580 credit scores. But something no one else is saying is that The Fed was a big player. They raised the short term rates, which is what caused the subprime market to buckle under. The thing that caused the FED to do that was the oil prices rising to $150. The high oil prices were caused by the war (which most Democrats voted for.) and the fact that congress did not pass the Bush energy bill. The effort was led by guess who... the Democrats and also John McCain. What I have heard is that Middle Eastern oil concerns funnel campaign contributions to congress though environmental organizations who claim to want to stop oil drilling because of environmental concerns. Something for you to think about next time you hear someone from Congress claim that corruption cased the mortgage melt down.

joe: (September 10, 2010 12:29pm)

Just to clarify, there seem to be two guys here today named "Joe." The only post I have made today (apart from this one) is the one addressed to russw903.

xxbigmikexx: (September 10, 2010 12:23pm)

Does anyone else think that if we had actual mortgage professionals making the mortgage laws, then everything would make more sense???... It's like having an engineer design traffic and roads without consulting the traffic police. I don't think anyone knows what the industry "needs" better than those of us that work in it every day.

hiltont: (September 10, 2010 12:22pm)

tjandt - EXCELLENT POST! You nailed it right on the screws...even though I doubt I'll beat tjandt's post, I'll try... KEEP IT SIMPLE - Democrats give crap away to win votes. Republicans only give money away to those whom convert it into jobs and wealth, whether in business or tax incentives. If the Republicans take back control of the house, the fear of the U.S. falling further into a capital-socialistic government and economy can be alleviated a bit and there just 'might' be a chance for capitalism to make a come back. (Which by the way is the ONLY way real estate will ever recover in value) Great discussion presented by the "new guys"...you guys did great!

Valuequestor: (September 10, 2010 12:20pm)

The democratic party has shown its true colors. And its not a shade of pink I want to see America wearing. People have to face facts. Most of the world doesn't like us and probably never will. We have to stop giving away our future for some socialist dream "utopia". I believe the republicans have seen the light and are again going to embrace the policies of Ronald Reagan. It will start with the house & senate in November and continue in 2012 with a new president. We will start seeing real prosperity sometime between 2014 & 2016. ........Shazam!

joe: (September 10, 2010 12:19pm)

@russw903: You really think it was the "liberal dems" who created the subprime mess? or do you think maybe the funding of 2/28 loans to 100% CLTV with credit scores down to 585 and we'll-take-your-word-for-what-you-make might have had something to do with that? And how did those loans come to be made? Well, there were investors who'd buy them. Why? Because they could securitize them and package them into bonds whose tranches we re-securitized into Collaterized Debt Obligations (CDOs). Stir into the mix Credit Default Swaps issued by, among others, AIG, and voilà! You have a bunch of lower-than-dogsh*t loans magically transmogrified into AAA-rated bonds. And with no regulatory oversight of the trading of these complex and convoluted derivatives (the gov't is the problem, not the solution, right?), that party went on for quite some time, until you and I got to bail out the boys at AIG and others in 2008 to the tune of $180+ Bln. Now, the dems are responsible for this...how?

leapinlocust: (September 10, 2010 11:48am)

1 thing pointed out to me really hit home: we started on a nose-dive economically right after the implementation of the do not call law. Overnight the telemarketing industry was put out of business.

mpond: (September 10, 2010 11:45am)

Our industry has suffered dearly under this democratic administration. While the mortgage industry as a whole isn't perfect the free market will natuarally correct itself/self regulate itself without the help of the government. The bottom line is banks, lenders, wall street buy mortgages for a profit...if a practice or product isn't proforming or profitable then it will natuarally go away. We do not need congress intervening in our industry. It's time for a change - it starts with our votes.

reoman: (September 10, 2010 11:38am)

@bern2surf - fantastic post! I can't add a lot to that other than to say we need to be careful with the whole Republican vs Democrat thing. Both parties have over-evolved into a caricature of what was initially intended. We need LEADERS that are willing to boldly do what is right instead of what feels or sounds good short term. Let's get rid of monetary compensation & benefits for elected officials and go back to electing people who have already achieved in the private sector and now wish to serve for the greater good instead of themselves and their cronies. As for our industry, stop coming up with scab picking solutions and let the wounds heal!

lbrown: (September 10, 2010 11:37am)

Aren't we all Americans? Is it time to rethink government and this two party, divide the line way of running things? I tired of these special interest groups that actually run their candidates. We don't need puppets anymore or empty promises - we need ACTION. And if that means the republicans can bring that 'action' to the table- I'm all for it.

YankeesDad: (September 10, 2010 11:37am)

Now most voters realize they put the wrong people in office. We need to vote in those that will truly represent our views. Less regulation already! Let the markets work, like in the way the mortgage market already cut out subprime and stated income! My home state senator(Republican) is retiring and so the next election will be one of the key races. Any NH voters out there?

leapinlocust: (September 10, 2010 11:28am)

1929 crash much gov't intervention = long, painful recovery, much like today. Recovery during Reagen admin had less gov't = faster recovery. Merely look at the rush or surge in economic indicators by plans like Cash for Clunkers and the $8000 tax credit. To really stimulate the economy reduce or remove excessive taxation and gov't. The economy would roar - we are wealthy in spite of our gov't and not because of it or its policies. Both parties are equally cumbersome and gov't solutions often times bring about the very thing they are trying to prevent. We have the most expensive education system in recorded history and if you pay the highest you would think you got the best but its production is sub-standard globally. Same goes for our health care system, judicial system, central banking currency system, etc. Since the gov't has been in the business of providing "security" we have been involved in more wars in the last 50 years than the 1st 150 years.

russw903: (September 10, 2010 11:27am)

Amen Timothy. You're right. Neither party is the answer as long as they continue to play politics rather than serve the people. All of their decisions are now based solely on what makes my party look good and their party look bad rather than what's best for the nation and it's citizens. I am a republican, but I want my republican senator out of office just as bad as I want Obama as his Czars out of office. The republicans cannot say, "Don't blame us." Just because the libs have accelerated the problem does not mean that the republicans have no responsibility for it. If there is to be a constitutional amendment it should be that ALL of government is subject to the same laws, rules, and consequences as they impose on their constituents and that judges leave the law making to the elected officials. I would also be OK with outlawing czars who are only accountable to the President that happened to appoint them.

joe: (September 10, 2010 11:20am)

When are people going to learn that democrat or republican are only visually two different sides of the coin. It's still the same coin. A quarter is only worth a quarter no matter what side it lands on. They're both all owned by someone else who calls the shots. The important ones anyways. The economy will get better when we the citizens make it get better. It was the politicians who messed it up in the first place.

leapinlocust: (September 10, 2010 11:19am)

Here's a thought - gov't intervention led directly to our current problem and further gov't is gas on a fire. Doesn't matter if we see financial reprieve due to intervention or not the long-term result is catastrophe. 1880 oz of gold was $20 and could buy a suit, haircut, meal and hotel. Today $20 maybe a haircut but oz of gold still buys all of that. Taking our currency off of the gold standard has caused inflation (please note that Fed Reserve only curbs inflation - does not end or stop it). Take a look at the purchase power of the dollar since this has been implemented. This has forced all parents into the work force and we still buy less on today's currency. This creates the "need" for gov't benefits to begin with. Gov't always punishes production and rewards non-production - when doing taxes the goal is to reduce your liability - who else considers income a liability other than gov't? It does this by lowering everything to the lowest common denominator. More on next post

bern2surf: (September 10, 2010 11:14am)

You cannot help the poor by destroying the rich. You cannot strengthen the weak by weakening the strong You cannot bring about prosperity by discouraging thrift. You cannot lift the wage earner up by pulling the wage payer down. You cannot further the brotherhood of man by inciting class hatred. You cannot build character and courage by taking away peoples initiative and independence. You cannot help people permanently by doing for them what they could and should do for themselves. I wish I could think of something better to say, but our 16th President said it best (wise beyond his years). Good job with the show Laurel and Hardy :)

Timothy Fennell: (September 10, 2010 11:08am)

There will be some improvement initially but if the GOP doesn't radically change their past pattern, it could be very short lived. Personally I don't think either party is interested in anything other than being and staying in power... after all, they (politicians) have shielded themselves from their own policies so what do they care!?

joe_wiggins: (September 10, 2010 11:03am)

We need practitioners involved in the process and not just in some lame "comment period" format. The reason why the rubber never meets the road with these programs is that the legislators have no clue when it comes to practical application, because they have never done what we do!

iam 2520: (September 10, 2010 10:58am)

Hello Big Guy and the other tall skinny dude...I know who you are...but few others know you are the Rocks at Sumner Home Mortgage (Sumner; a quiet Puget Sound City south of Seattle, Washington... you know the OTHER Washington, Home of Bill Gates.) Can't wait to Blame Barry for years to come !

russw903: (September 10, 2010 10:51am)

It's the liberal Dems that seem to think that EVERYONE deserves to live the American dream of home ownership. THEY are the ones that put the pressure on the banks to come up with these ridiculous loan programs in the first place. Then they have the gull to bad mouth and shake their fingers at the banks for following their instructions. What the libs fail to recognize is the simple fact that not ALL Americans are sophisticated, responsible, stable, or mentally competent enough to handle a home loan. Then, when that truth becomes blatantly obvious, the government tells the banks how terrible they are for put these poor people in the position of losing their home. Then they add to the problem by making appraisers accountable to no one except appraisal review boards who then pressure the appraiser to devalue the property or be blacklisted. Contrary to what the libs may believe not every US citizen is a victim. At least not until they got involved. Now we're all victims.

bobc2799: (September 10, 2010 10:48am)

The market is the market. It goes up and it goes down. Most politicians only care about getting elected and so subvert the efforts of the ones that really care. Republicans, Democrats, whatever-it doesn't matter. (And now for the shameful plug)-If you'd like a video presentation of my opinion, then send me the camera.

Norm: (September 10, 2010 10:46am)

I don't think the party in power makes much difference, but I have to believe that a change in economic policies toward less government intervention will provide a level of confidence for the consumer. They also need to make it easier for the self employed to purchase homes under the current strict lending guidelines to compensate for the self-employed variations in income throughout the year. I'm hoping we don't see any more subsidies or tax credits for home purchases.

Tucson: (September 10, 2010 10:46am)

Nothing is going to get fixed until we fix jobs.

TucsonAgent: (September 10, 2010 10:39am)

Those who forget history... I can't believe there are so few students of recent history posting about this. Republicans absolutely do favor big banks and Wall Street. Remember how well that worked? The Dems them came along with some of the worst thought out solutions for the real estate mess they could have, and that made what the GOP allowed to happen worse. You will get your wish, as both houses will transfer power to the GOP. And the GOP will turn Wall Street and the big banks loose again. But remember what you wish for, you are just liable to get it.

aaron.kopelson: (September 10, 2010 10:39am)

I believe that a change of characters would be good. I believe it would instill more confidence. Moreover, we need to get away from mass government handouts and politically driven programs that are not effective.

c21actgp: (September 10, 2010 10:33am)

It has to get better cause it sure can't get any worse. Come on Republicans.

Big Jim: (September 10, 2010 10:32am)

The problem is the politicians and general public do not want to pay the bill. They first allowed and bought interest only loans and negative amortization loans thinking they would not have to pay the bill. Next the government bailouts and re-negotiations of loans had the public believe they would again not have to pay the bills. Sadly any politician who says we all have to pay the bill now does not stand a chance. Meanwhile, the bill just keeps getting larger. We will continue to argue who will pay the bill (we cannot have poor, rich, working class, homeowners etc. suffer) till it will bury us like an elephant on our backs.

cspirrello: (September 10, 2010 10:32am)

It doesn't matter what party controls the house or senate. Until we can elect congressman and senators that are not just concerned about being elected and reaping the benefits, we will be mired in the same muck. The real estate market will change for the better in it's own time despite the best efforts of greedy politicians!

5pence: (September 10, 2010 10:32am)

I don't believe this commentary. You want the party of NO to control things again? Are you masochistic? I'll vote republican but only if they are tea party. The tea party needs to grow into a 3rd party to keep these crooks in check. If you think about it, if we were to vote out everybody that voted for TARP we would have republican majority - which is what I think is happening. I'ts not that republicans are a better choice, it's that everyone hates those that voted for TARP/bailouts and want anyone associated with it out. If they win it won't be a victory for republican political stances, it'll be to overturn the status quo. I mean, this party of NO is holding up all kinds of common sense legislation by playing politics instead of doing the will of the people. For one, you have to tax the rich or they won't spend it! They're hoarders of cash. The dealers (banksters) bankrupted the country & some want to blame the people. People do need to take responsibility & the dealers need to pay.

David.Gentilcore: (September 10, 2010 10:22am)

Ever been to a DMV? If the GOP gains control, you will see less ABC entities adding layers of beuracracy that ultimately stifle real production. When too many layers exist, you get people who will protect their jobs by making sure those layers remain in place... even if it is at the cost of efficiency. Could you imagine if the DMV were run like a business rather than the way it is now? People would get paid for production of clean, honest work and not via tenure or who can wear the loudest Hawaiin shirt or tell the best jokes...

chelle: (September 10, 2010 10:20am)

I have come to realize that it's not about the "party", it's about the individuals voted in by those parties. I'm a staunch Republican, but haven't been too happy with some of the bull that they have let go by, either. We need new blood, new thoughts, and people who will support our Constitution, and support the people that they really work for - THE CITIZENS of this fine Country. Definitely hoping that the change goes in the right direction this time. Like your subs for the show today, BTW! LOL

Garcon: (September 10, 2010 10:18am)

Oh, for the cacophony of legislative gridlock, that sweet, sweet sound. Like putting an out of control two-year-old in timeout: It's loud, but you can get so much more accomplished.

Elarsen: (September 10, 2010 10:14am)

At least the Democrats are wary of big banks and are looking to keep a level playing field in our industry; they make sure it sucks for everyone. As screwy as some of the ideas have been at least there was an air of “Let’s make this better”. If Republicans take over the House and Senate there is no doubt the lobbying will flourish on behalf of bankers. If I were a big bank CEO I would want to throw as much lopsided legislation on the road as possible, and drive the mortgage brokers and smaller banking operations out of the business. HUD will be cornered in a Republican environment and we will probably see some pretty bad, big bank friendly rulings from them, too :) Keep those CAMP donations rolling, we will need them :(

W.R.Buchanan: (September 10, 2010 10:11am)

Boy, it looks like everybody came out of the woodwork for that camera.Funny how people only have time to leave a comment when they might win something!Here's my Camera winning comment?Until we take the money out of politics,Nothing will change!Until we are able to hold congress accountable for it's actions,and I mean that on a personal level,Nothing will change. Financally, things might get better or worse, but essentially nothing will dramatically change.If congress was NOT allowed to pass omnibus bills that nobody has read, and if there were REAL consiquences for ethics violations, as adjudicated by and INDEPENDENT NON Political affiliated entity,then things could change for the better. PERSONAL RESPONSIBILITY, AND ATTENTION TO DETAILS is the key to success in any endevor.Until these two items are forced on the members of congress,nothing will change. A perfect example of what I'm talking about, is the re-emergence of the "no down payment 100% house buy! DUH? Same shit, diff day!

lindagreenwell: (September 10, 2010 10:10am)

AMEN Sundance, AMEN! The fault to most things will likely lie in the mirror in front of our faces. If we earn the support of this generation's office holders, but not the next genertion of voters, we will have failed... Charlton Heston...Let's finish the blame game. Instead of fixing the blame, let's fix the problem. We need to put on our big girl and bigboy panties, move this country forward.

APRAYZR: (September 10, 2010 10:10am)

Realist 1 and joan of albuquerque have hit on the main problem that citizens should become aware of. The fake two-party system has been playing the people from both ends. We must clear our heads of partisan politics and be more analytical of facts and issues then seek solutions that benefit the common good rather than vying satisfaction for some special interest group.

EugeneLoanGuy: (September 10, 2010 10:09am)

Unfortunately, our founders did not envision career politicians. In my opinion, the best thing any politician can do is nothing, so we have some really good ones, but a lot of bad ones too. I don't care for either side, just would like to see some people in there doing what is right for the country for a change.

JRinggold: (September 10, 2010 10:08am)

What was the government thinking! All this free money they have been handing out, HAS to be paid back someday! Sure I earned a few buck in sales because of the tax credit, but they need to stop with the bailouts and tax credits! The home buyer tax credit made no impact in our area until the deadline was nearing (both times). The only way I see home sale improving at this time is for interest rates to start climbing. When the rates near 6%, people will get the "fear of loss" and jump to have the chance to still take advantage of the great rates. We can tell them all day about the fabulous rates and now is an awesome time to buy, but until the feel the risk of missing out, they will continue to wait. Sad isn't it.

NewParadigm: (September 10, 2010 10:08am)

NO! Republican rule will not help the industry - at least not at the "little guy" level; you and me. Republicans are even more bought and paid for by and for elite owners of global resources. Legislative bills present the appearance of reform but are written by and for industry giants. The little guy is too preoccupied scrambling for bread crumbs to dig into the meat so we throw around mashed potatoes, thinking we are making an informed decisions. Big lenders enticed many us to sell toxic loans for them to sell in pools to unsuspecting investors then brought down the world. Those who sold those products made some money, Realtors sold houses to people who couldn't afford them, title companies and appraisers were eye-crossing busy but the average Joe got screwed. When Joe home owner doesn't have a job because we THINK Republicans stand for free enterprise (where we all could actually win), the result is the masses suffer to benefit the wealthiest 1%. That's not you and me guys. Wake up!

dcurrie: (September 10, 2010 10:05am)

Anything is better than where we are now. I think our government is in a polictically correct fog of constant confusion.

ssfranny: (September 10, 2010 10:05am)

You want a real solution to this bring back the 10% down NOO loans so investors with $$$ can buy undervalued properties and rent to all the millions of people who lost house in foreclosure. Also, let there be some national "rent to own" program so that a portion of rent can go to a down payment towards a FHA purchase. Also, being back stated loans with a min 680 score with 12 months reserves or 12 months bank statements. Higher the score less months in reserves. Do a REAL streamline refi program where people can consolidate all their mortgages into one loan and NOT differentiate between whether the second was used to buy the house or not. EITHER OVERHAUL FANNIE AND FREDDIE OR GET RID OF THEM!!! Problem with many of these lenders getting so tight with underwrtiting is that they're scared crapless if they have to buy back a loan. So get rid of them or just morph into FHA. I never understood why they're even staying around most the loans I do are FHA

RaytheRealtor: (September 10, 2010 10:05am)

When I was a new Realtor, and G. W. was elected for the 2nd time (I still can't believe that), I was devastated. The country was in turmoil and the economy was in a downslide. How could people have done this? But then a senior Realtor explained... when the country is in turmoil, mortgage rates drop and housing demand goes up... so for a Realtor, we want a bad President in the white house... its good for our business. And, low and behold, she was right... Realtors were getting rich. Unfortunately, I was too new to capitalize on this boom for Realtors. Now we have Obama and his crew in there, actually making headway to improve the nation (despite the road block set out by the Republicans), so business is not as good as it could be. So, if the Republicans take control of the House and Senate, will it hurt or help our industry. Going back to the original premise it would probably help our industry but hurt the country. I'll side for helping the country and hope the Republicans lose out.

sandance: (September 10, 2010 10:01am)

The blame is with us, folks. US Citizens don't take time to know the issues, and we are the ones who have the knee-jerk reactions, so the politicians have to too! If we did our homework and insisted on news instead of some lame who's name calling and making personal attacks for entertainment, then we might have a chance. I can't figure out why no one cared when Bush was spending for the fat cats, but Obama spending for the rest of us has everyone up in arms! I don't think it's going to work for us, any more than Bush's policies worked for us (Hello! That's why we're in this mess!). I think we, like a sea of lemmings, are falling right into the tried and true strategy of "blaming the victims" which takes the focus off the real perpetrators. So let's all blame the homeowner, Obama, the LO's, immigrants, gays, etc. WE need to pay attention because WE bought this freedom with our blood. Now let's use it! The moneyed interests win, and they always will until then.

Druscott: (September 10, 2010 9:57am)

Letterman and Obama don't speak their minds. They read the words of others on teleprompters

GreGary: (September 10, 2010 9:56am)

I think it might be better if the GOP wins in Nov. But the two parties are about the same to me. The Republicans take away my money and give it to their friends, and the Democrats take away my money and give it to their friends. Only the friends change, both parties take away my money and send it off to someone else.

ssfranny: (September 10, 2010 9:54am)

BrianLarrabee should win the HD camera. Most insightful and on target post of all the ones I read!! He should be running HUD!

Brettster: (September 10, 2010 9:54am)

Hmmmm... Teach a man not to fish, and he will not fish for a lifetime. These USDA loans are going to need taxpayers to back them up. We can either be voters or taxpayers. I am with you guys. Lets vote to cut the arm off while we still can. Tomorrow, our only option will be decapitation.

APRAYZR: (September 10, 2010 9:49am)

We will all benefit with a Republican win. Socialists are intrinsically antibusiness so things could only improve with the ousting of the present legislative majority. Meanwhile, the Republicans have a chronic weakness toward the mega-banks or any other members of (big) corporate America and for that reason citizens must continue pressuring politicians on this matter and help out the Mom-and-Pop business community (the backbone of our economy) or we will never fully recover.

Mr. Reality: (September 10, 2010 9:45am)

You know, I listen to Brian and Frank's show religously every day. I think it's great that someone actually tells the truth and finally removed their blinders. If anyone with half a brain votes for a Democrat after what we have been thru thus far in this "circus" administration they, whether American Citizen or not should be Deported immediately!!

Original American: (September 10, 2010 9:42am)

Be informed. The Congress spends the money. The Administration only suggests where it should go. Congress must make up a bill and pass it. So stop blameing the Bush and Obama ADMINISTRATIONS. Look at Congress; the Dems - during both ADMINS spent us into this problem largely Barney Frank and Chris Dodd. They held the purse strings in both banking and housing during the downfall. Chris knew he couldn't fool the people any longer and got out but Barney he has no conscience.

LowGear: (September 10, 2010 9:39am)

Are you kidding? Back To The Future - The Sequel! It was a crappy movie and this will be a crappy four to six years for people that are intent on earning a living.

lindagreenwell: (September 10, 2010 9:39am)

By the way, my business will not succeed or fail with or without the free Flip Cam. I simply love new techy thingys!

lindagreenwell: (September 10, 2010 9:37am)

Bailouts DO NOT WORK. Pleaes tell me one, just ONE bailout that has worked, really worked. NO more bailouts. I am a realtor and I sold more homes AFTER the industry bailout ended than during. OchoOcho, that would be MY Flip Cam!!

OchoOcho: (September 10, 2010 9:33am)

Can we stop with the free money handouts already (except for my Flip Cam). There's people out there refusing to go back to work because they're getting unemployment checks for over a year. What's that saying? "Better to teach a man to fish..."

martinezbm: (September 10, 2010 9:31am)

OK - anything to take away the "unknown" of the Obama administration. Yes, the Republicans will stimulate the economy - at least they know what an economy is!

33MONEY: (September 10, 2010 9:28am)

Mid-Term Election, What election? The republicans will have to pull a rabbit out of their hats to get a win. The reality is that this is no magic show, but our livelihoods depend on everyone working together for the common good and both groups are killing it. Government intervention is hindering the process of rebuilding what is wrong. They don't always get it wrong, but they certainly don't get it right very often. We need a strong leadership team to get the country moving in the right direction. That leadership team is us, not a Republican or a Democrat, just us. If, as was stated the other day, each one of us went and found one new loan, just in the mortgage/real estate industry alone, we'd be pumping this economy up and wouldn't have to worry about anything from our wonderful representatives in the government. Let's make it happen people!

MN: (September 10, 2010 9:27am)

I'm rooting for the GOP, though I wonder if it will help? Not sure, but I don't think it can hurt. Is Barney Frank up for re-election? How do they keep voting that guy in? Just odd. I'm making sure everyone I know gets to the polls in Nov though! Let me know how to get my hands on that heavy duty camera.

Bayarearealtor: (September 10, 2010 9:27am)

Not that I'm a big GOP fan, but to be selfish, it will probably help my business. A lot of my sales are in the higher price range and most of the buyers are hedge fund managers and financial portfolio managers. Life has been good to them and will possibly get better with the GOP.

BobbyC: (September 10, 2010 9:27am)