JoeParsons: (September 13, 2010 6:19pm)

Here's what I find interesting: there is a great deal of indignation about the deficit and about the debt we are incurring; but where was that righteous indignation while GWB, having taken over from an administration that *reduced* the debt by nearly 10%, INCREASED the debt by close to 30%? Where were the Teabaggers during those 8 years? And our mortgage crisis? Why is no one talking about the role Phil Gramm (R-TX) played by sponsoring Gramm-Leach-Bliley? Some have (reasonably, I think) referred to Sen. Gramm as "the father of the mortgage crisis." So, yeah; let's bring back Reaganomics (20% increase in National Debt). I could drive a Ferrari Scaglietti--if I were willing to incur $320,000 in debt. I'd look goooood, though! And my kids could make the payments after I croaked. We could call that, um..."Parsonomics!" And I'd be revered afterward.

Fl Mortg Lady : (September 13, 2010 5:22pm)

No charity thoughts here, either. Like we did with sellers of homes in past, they'd offer higher price to cover cost of repair. that boosts values up. And as for NSP, it is paid back money.

Valuequestor: (September 13, 2010 4:17pm)

Reaganomics: IT WORKS. Things were ok under Clinton because he went moderate with a Republican Congress holding him to it. Charity belongs in the private sector. Its just stealing when the gov does it on any level other than a temporary safety net for the truly victimized.

Fl Mortg Lady : (September 13, 2010 3:06pm)

Are any of you having problems getting borrowers a loan because of the condition of properties where banks/lenders or short sale sellers are not taking care of repairs? I have intervened on 6 such properties where it was pretty clear the house could be sold for a higher price to cover the repair/cost desperately needed, commonly a roof. In all 6 cases, lenders would not consider raising price to cover recouping repair cost and sparing the qualified borrower a repair escrow or the scarce FHA 203K. These non-repaired homes are growing in number, and frankly, the NSP program has been the saving grace as the program rehabs and then sells these delapidated homes. Don't understand why lenders are not looking at this option, which would incourage values to increase versus the ultimate foreclosure which brings down values and hurts the area. There are solutions for this, and can help the very often frustrated homebuyers that are out there.

RCawley: (September 13, 2010 1:27pm)

I have to agree with sandance--the banks are horrible,PNC for one. I know personally 3 people that were told the same thing not to make payments and than inundated with paperwork to be turned down and told to Re-apply! As there homes go into foreclosure proceedings. I never ever believed in suing but someone should start a class action law suit against the banks and the government who are just hoping as time goes by we will forget about the little guy. The banks will only do something to make money and we are the ones that kept most of them alive, just to screw us again over and over. Blaming the brokers for what happened when THEY introduced all the stated, no doc and neg. am. mortgage programs and wanted brokers to sell!!

erik92591: (September 13, 2010 1:07pm)

To ALAN4321 RE: Drinking the "REPUBLICAN KOOLAID". While I agree the Republicans during the Bush years are partially to blame for much of this mess, it is undeniable that BOTH PARTIES are equally HORRIBLE. To say that the "Tax Breaks" did not work is to say that no jobs were created as a result. I guess one could always use the current administrations tag line "While not many jobs were created, we "SAVED" millions" What is your meaurement for saying it "didn't help the economy"? While I agree the rich should pay their fair share, I think all any of us are pointing out is what is that money going to be used for. Are we going to raise txes on the top 1-2% to pay back all of this debt the current admin and previous congress has "racked up". Let's cut the darn spending first wouldn't you agree?? If we don't have the money, don't spend. I'm not sure how anyone can defend the fact that politicians want to keep spending frivalusly so let's tax the "RICH" to do so! Just stupidity...

sandance: (September 13, 2010 12:03pm)

Brian and Frank, please know that people aren't just "not making their payments." The banks are flat out LYING to homeowners, and then when you believe them, you get screwed! (Ie, "it's ok to wait on the payment" or "your modification looks good, not to worry" or "our notes say you didn't say that" when my notes show that I did, etc). It's very VERY predatory and even criminal and they're doing it blatantly. I'm meeting with my Congressman this week, and have written to the Federal Trade Commission, and everyone else I can think of! They WANT you to not make your payment or to become so confused and inundated with their senseless repeated paperwork requests that you will give up! I can't pretend to know how criminals operate, but something is NOT RIGHT! So don't drink that Kool-Aid, where you blame the victims.

barryl: (September 13, 2010 11:35am)

welcome back!

alan4321: (September 13, 2010 11:28am)

Watching the dialogue it amazes me how many otherwise intelligent loan people have drunk the Republican koolaid. There seems to be two distinct sides to the discussion. The ones who think that the Repubs will do anything for them do not understand that as members of the middle class and even the somewhat rich (not as many of us as before) are not the Repub's patrons. The Repubs are paid and owned by the very wealthy 1% or 2% who legally bribe them with canpaign contributions. That's the DC system right now. In saying this I am not defending the Dems who are part of the same system but not as awful. It is just that the Repubs are unambiguously perpetrating a screw job on 98% of Americansby one lie and misrepresentation after another - like the laughable argument that letting the top 2% keep their lower tax rate AFTER they pay at the same rate on their first $250K of income will help the economy at all. I didn't during the Bush years and won't now.

cpappraisal: (September 13, 2010 10:11am)

SilverCreek-I agree with you. This is a true story happened to a friend of mine. They were in the process of both a short sale and a loan mod. Moved out becasue they had 3 kids and weren't sure of what was to happen. The bank not only foreclosed on the property they did not notify them so the investor that bought the property at the auction took the remainder of the items that were left in the house so not only did they lose their home they lost what was left in it because they were not there and did not know what was going on. They moved close to the property so they checked daily for notices of sale on the door and one was never left. It is rediculous....

Fl Mortg Lady : (September 13, 2010 10:09am)

NSP is working well in Pasco Co., Fl. as it is used to rehab foreclosed and now short sale properties, which are then sold to qualified homebuyers with some funds used for DP assistance. Banks/lenders are not taking care of repairs on homes sold and only other option is FHA 203K or repair escrow for homebuyer on increasing corral of homes needing repair. Short sale owners cannot take care of repairs as not throwing money into home they are getting nothing out of. NSP is a God send here. Not the easiest loan to do, but which one is? NSP homes are seeming to hold value, versus foreclosures ans short sales, which are increasing and sold for pennies on the dollar.

AZGirl: (September 13, 2010 10:08am)

It is beyond my understanding how ANY bank would let a good, solid short sale offer go. I understand all about the benefits of taking the PMI settlement but hey..doesn't anyone out there care about fixing the market? Why do they continually add to the shadow inventory? Until the banks really decide they are interested in being part of the solution instead of part of the problem, we will continue to stew in these juices. I agree with you SilverCreek. We Realtors look like the bad guys when no matter how hard we push and prod the banks, they still do completely unreasonable things.... i.e., foreclosing during a short sale when they have already sent out an approval letter. I ask, "WHO IN +&%$@* IS MINDING THE STORE?

SilverCreek: (September 13, 2010 9:51am)

Guys, its all well and good that the GSE's are excellerating, but often with loan mods and short sales it is NOT THE FAULT OF THE BORROWER its because the banks take forever to "process" the loan mod or short sale. Then the banks foreclose because it has taken to long. THEY TAKE TOO LONG AND THE BORROWER GETS SCREWED!! If i don't do my job I get fired. What happens to sloppy bankers, they foreclose. Unbelievable!!

SilverCreek: (September 13, 2010 9:50am)

Guys, its all well and good that the GSE's are excellerating, but often with loan mods and short sales it is NOT THE FAULT OF THE BORROWER its because the banks take forever to "process" the loan mod or short sale. Then the banks foreclose because it has taken to long. THEY TAKE TOO LONG AND THE BORROWER GETS SCREWED!! If i don't do my job I get fired. What happens to sloppy bankers, they foreclose. Unbelievable!!

mirandaestates: (September 13, 2010 9:46am)

The NSP has been a joke in the past here in Phoenix. It takes over 60 days to get through the approval process through the subsidiary sponsoring the program. I have had 2 deals fall out because the program ran out of money before my clients file made it through all the red tape. Buyers using the NSP funds are finding it extremely difficult to get their offers approved over competing offers because sellers are aware of the difficulty in getting these approved. Also, the NSP requires an additional inspection to be done by their people further complicating the process.

Evil Genius: (September 13, 2010 8:14am)

Gee Brian, thanks for asking, I'm off to take my state test this morning. Passed National last week. This bullshit is nothing more then blog fodder! Oh and more taxes from our pockets for the government to mis-use! Like paying the clowns who come up with the fact that I can't ask someone "so what is your marital status?" Legally I have to ask "are you married, unmarried or separated?" Oh......My......God! Is this because someone was sensitive about being asked their marital status. Now I am being told exactly how I have to phrase a question like this. Blog fodder. Now that Marbles is back up and running, I'll be posting NMLS opinions.

Gilbert: (September 13, 2010 8:12am)

Frank and Brian, If Sen. Johnny Isaakson of GA voted for the "Stimulus Bill", then there would have been no need for the 950,000 to pay back the Tax Credit Loan. The measure to extend the tax credit passed the Senate via voice vote. It would have meant $15K to anyone who bought a house and would have removed the pay back provision. Once he voted against the bill, the credit was chopped down in conference committee as a way to lower the size of the overall bill. I called every Republican Senator why they thought it was fair for some to pay back, but not others...wasn't it unfair tax policy and they didn't care.

DGrapoli: (September 13, 2010 7:27am)

what did you do to your wifes?

mmt110: (September 13, 2010 6:52am)

GC: USDA is the one with the land value to total value 30% limit, not your lender. The USDA program is meant to serve rural borrowers, and "rural" does not mean excess land, just an area with a smaller percentage of improved land. If you had 200,000 to spend to buy a home, would you buy it mostly in house or mostly in land? The vast majority of buyers respond "mostly in house", hence the difficulty with large acreage financing and a lender's unwillingness to fund a property with excess land value. For those wishing to purchase a home on a large tract of land, USDA is not coming to the table for them for good reason. USDA is a recourse program, which is good for the tax payers. Now that USDA's guarantee fee is 3.5% to the borrower, the borrower is funding the program fully now, not the tax payers. You can check your area to determine who to market for this program - eligible areas are searchable on http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

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

GC - The USDA is for residential lending. When the land and outbuilding exceed the required percentage you are usually looking at an income producing property. Which would then fit with the Farm Credit Bank in your area. NSP Funds - hum? Confused money for Puerto Rico = the same funds for many states? Just saying.

GC: (September 13, 2010 6:18am)

Living in the 'burbs, haven't done a USDA deal before. Can somebody explain to me why a lender would have a limitation of 1/3 for the maximum percentage of land to total value...for a program that is touted as RURAL?!?

GaryP: (September 13, 2010 5:59am)

Where do you think the money for NSP is coming from? Do you think it might have something to do with HUD's reserves being depleted and the upcoming increase in MI? Hmmmm...

justasample: (September 13, 2010 4:59am)

Some of the funds in the city of Tampa area have been used to bulldoze the existing properties in blighted areas and now the city is "banking the land" until property values here increase, per an article in the Tampa Tribune this past week. Next the city complains about property tax collection being down.

tinna: (September 13, 2010 1:43am)

You guys just ROCK! Just thought you should know :-D

Fl Mortg Lady : (September 13, 2010 1:01am)

NSP fund allocations to states were based off of numbers of foreclosures and short sales. This is why greater monies went to states in most trouble. NSP funds are being used to rehab foreclosed and short sale homes in Tampa Bay, Fl and resll these homes. Glad we have it, as lenders are not fixing homes in need of repair and short sale sellers don't have money to fix home they are selling.