The Great Recession Declared Over! .... Depression soon to follow | Real Estate News for Real Estate and Mortgage Professionals

barryl: (September 25, 2010 9:09am)

NWO INVENTED BY BUSH SENIOR IMPLEMENTED BY THE WWWF RESURECTED BY THE CURRENT ADMINISTRATION

5pence: (September 24, 2010 7:58pm)

One world bank, one world media controlled by the banks, one world government controlled by the banks, inadequate health care system - the cheapest money can buy, and more. Great authors have seen this scenario

Valuequestor: (September 24, 2010 2:54pm)

Bruce said it well. "All men wanna be rich, rich man wanna be king, and the king ain't satisfied til he rules everything."

barryl: (September 24, 2010 2:29pm)

"gave them all away, as a necessary requirment to join the pipe fitters union!

barryl: (September 24, 2010 2:27pm)

and we know who's the tooth fairy this year, becasue he game them all away along with all the money!

5pence: (September 24, 2010 2:19pm)

Edit : All across the country I see people running for public office making promises they "never" intend to keep, just to get elected so they can live the life of a rock star in their own circles.... forever. One term and then go back and hold your head high for doing your best to serve the people and your country. You screw up that one term, you might want to go back home. These politicians are blinded by their own wealth, corporate interests and ego's to the point that they think they "know all"! They appear retarded to me, and are in the way of progress and in the way of change for the better. Throw out the old and in with the new.

c21actgp: (September 24, 2010 2:17pm)

If the Recession is over then the Easter Bunny, Tooth Fairy and Santa Claus will all be at the Great Pumpkins Halloween Party!

5pence: (September 24, 2010 2:14pm)

VQ - the longer they're in there the more corrupt they become, and self-entitled. The ones we have are totally out of touch - and phonies. If the newly elected don't know how government works then government will have to work so they'll understand how it works and then, we will know how it works. The crap that goes on is crazy. In the health care bill an attachement was added for a tax on something that had nothing to do with health care - I say What??!! Get rid of all these jokers and send a message that as our elected representaives - you represent us! And you ahve one term to do it. All across the country I see people running for public office making promises they intend to keep, just to get elected so they can live the life of a rock star in their own circles.... forever. If they knew they could only have one term, how many running now would run? Only the ones whose intentions are to actually serve "we the people".

barryl: (September 24, 2010 1:36pm)

sounds good to me!

Valuequestor: (September 24, 2010 1:28pm)

5pence: But if you vote all incumbents out there won't be anybody there that knows how the system works!........uhh... because its working so well....uummmm? Don't you love that argument!

barryl: (September 24, 2010 1:26pm)

woops, please refer to my second posting today as far as who...regarding my last posting. "sorry boys", not poking fun at you guys!

bucco: (September 24, 2010 1:15pm)

Nice JayZ! Loved it and I'm not a big rap or pop fan.

barryl: (September 24, 2010 12:42pm)

5cents says, "no one should be their more than one term... the only thing for sure its a life time sentence i mean job.. hair today, gone tommorow, next meeting should debate hair club for men (Frank included)as part of their national health plan!

TheRistowGroup: (September 24, 2010 12:31pm)

Five Star Conference was incredible for networking and learning cutting edge, real time industry information that dittos TBWS news.

barryl: (September 24, 2010 12:03pm)

the only thing good about that meeting was the free breakfast and border patrol, (but that's another story)

barryl: (September 24, 2010 12:02pm)

Oh! CNN's Fannie and Freddie- Frank and Spitzer, thats one heck of a gangbang!

TheRistowGroup: (September 24, 2010 11:43am)

Two thumbs up! You guys were terrific today. I'm an REO broker in Arizona and everything you said is true...the recession is over? What???? Having just returned from the Five Star Conference in Dallas, TX, where we heard from default industry leaders from Freddie, Fannie, Servicers, etc... Word is that MAYBE we'll see some real estate industry relief in 2014...per Dave Liniger, Ilyce R. Glink and others who are in the front lines.

5pence: (September 24, 2010 11:19am)

That kind of voter revolt should be the norm. No one should be in there for more than 1 term. Are you with me? Get elected because you want to serve the people, do your job and then get out. If 2 parties don't work (and they don't), no party, in the eyes of the voters, will. Make public office a chance to serve the people and not a chance to get rich and never have to work again. Maybe then we can get some real people in there, ones that know our concerns and are like us. Instead we've got a Congress, basically full of millionaires, that have no clue what it's like out here. All they know is what their corporate "handlers" tell them to know. Lets end this foolishness and bad stage play.

5pence: (September 24, 2010 11:07am)

Being elected to Congress should not mean a life long job. Do what you came to do for the people and then get out. Keep stirring it up or else we'll all be stuck in the batter when the cake starts to cook again.

5pence: (September 24, 2010 11:03am)

Dodd said this new financial bill won't stop the next boom & bust. Dodd, then what the fk are you there for?! Government & politicans have become a sad charade of self-importance & ineffectiveness. 2 bit actors. Did anybody see the GOP & their contract with America? What a joke. They had their coats off & their shirt sleeves rolled up & Beihner (sp) had a blue work shirt on. What a fn joke. Dems pull out of talking about the tax breaks, thanks to Reid, when it was to their advantage. Idiots, all of them. Trying to act like they're for the people when their corporate allegiances always get in the way. It really makes them look like simpletons. I'm thinking, I'll be voting out all incumbents and making sure the Repubs I'll be voting for know exactly why I'm voting for them and, they have 1 term, so do the best you can for the people. You'll be voted out next election so don't lose your day job. Repubs have to know they won because things have to change, not because of their stances. Yes?

BrianLarrabee: (September 24, 2010 10:50am)

The flight attendant gets on the speaker and says - "we regret to inform you that the captain and First Officer are dead - is there anyone onboard that knows how to fly?" So there you are sitting in coach, having flown a couple of Cessna's in your day and now, you have to go land this jumbo jet with everyone watching and if you screw up, you're all going to die. That's some serious pressure and I have to hand it to Ryan and Gary for stepping up to the plate, filling some very big shoes and landing it safely. Nice work gentlemen.

slickvicspicks: (September 24, 2010 10:42am)

4.1 billion...and when do they begin to see that?? The UFMIP is down 1.25%. So on a 200k loan, they collect 2k upfront instead of 4500. then at a .35 increase is $700 annually...that's over 3 and a half years to reach what you would have reached with the UFMIP. I hear the argument of "earned MIP" for accounting purposes, but that money is some kind of govie interest bearing slush fund...THEY STILL COLLECTED IT AND HAVE IT ON HAND!?!?! Do they want funds now or 4 years from now?? If we are still this bad off in 4 years...Jesus...I don't even want to think about that. So yea the change will EVENTUALLY lead to more money to HUD, but it sure as heck won't help them out in this recession....maybe they are stock piling for the next one?? Or am I totally missing something here???

barryl: (September 24, 2010 9:51am)

interesting, a yeild maintenance work around. great trick, and it aint even holloween.

Starboard 3: (September 24, 2010 9:45am)

I want to thank everyone for your contributions here in the TBWS community. I am often sharpened by your remarks, benefit from your experience and wisdom, and dig the humor too. One subject I've never seen anyone touch is EPOs, Early Pay-Offs. We're a small direct lender boutique mtg bank and Wells is an investor we have (one I never use!). An email from Wells was fwd'd to me the other day about their 130 basis point fee/penalty/bend-over-and-take-it for any loan that is paid off in less than 180 days FOR ANY REASON including sale. 200K loan amount, pay $2600 now, thank you very much. Anyhow, there's my rant. Surprised I haven't read about this from others here at TBWS. Have a great weekend all.

barryl: (September 24, 2010 9:42am)

alright, cnn needs the spitzer and frank show, "how come you come!

barryl: (September 24, 2010 9:37am)

wheres spitzer, he made number 9! (that client)

barryl: (September 24, 2010 9:35am)

made letterman's top 10, a number two!

barryl: (September 24, 2010 9:32am)

he liked letterman's pencil.

mdeery: (September 24, 2010 9:21am)

The recession is over? who the hell are they kidding, this administration must think the rest of America smokes off the same pipe as half pig/half human Barney Frank!

5pence: (September 24, 2010 9:21am)

I'm sick of hearing 4-5 banks are easier to manage. They've swallowed up appraisers & now brokers. Easier to manage is just an excuse to socialize America and eliminate real competition as you guys noted. It's price fixing through monopolization. Talk about a white-bread future. They broke up Ma Bell. Yeah, the Fed is saying it needs to keep prices high. Brilliant. Make it impossible for those without jobs to afford the basic necessities. Prices are too high now & the reason they are is because the banks were bailed. In the great depression prices fell 30-40%on everything! That hasn't happened here yet, due to propping up of an unsustainable system with the hopes that executives will survive and forcing mergers/acquisitions because if you can somehow reach the status of too big to fail you'll have a government guarantee with the taxpayers money. 1 world bank because the world is easier to manage with just 1 bank. Their eventual goal. It took the banks 80 yrs of planning to get us here.

GODLIKE: (September 24, 2010 8:07am)

I'm so glad that FHA will be making $4.1 Billion a year from us. That will give them the money to better fund Section 8 and GIVE the foreclosed properties to the Chronically Homeless. Way to go FHA - ruining neighborhoods like yours and ours for the future!

barryl: (September 24, 2010 8:07am)

the walmart boys! welcome back.

jcollins: (September 24, 2010 7:57am)

GaryP: I wonder if the Treasury is trying to close the Origination fee loop hole in the GFE2010 for the IRS. So for I have not seen anything form the IRS closing it on there side.

Clulessdad: (September 24, 2010 7:34am)

rgarrett-As I said the other day, I believe that the broker will become the cream of the mortgage industry. The rate differential is enormous and can be a great selling tool going forward. Those of us who maintain a fierce desire to be independent and still provide a great value add to the consumer will still thrive. It won't be 6-7 figure salaries, but we can make a good living, just by being honest and have some integrity.

rgarrett: (September 24, 2010 7:34am)

Cluelessdad - thx for that info. you gotta love the big bank / gvt conspiracy.

NewParadigm: (September 24, 2010 7:32am)

Maybe everyone is too busy working harder and longer for less money to realize we seem to be in an economic depression? http://www.globalresearch.ca/index.php?context=va&aid=9162 http://www.nytimes.com/2010/06/28/opinion/28krugman.html?_r=1 http://www.newsweek.com/2008/10/15/exactly-how-bad-is-it.html Until people can get jobs that pay their bills, an elite/corporate recovery where people are losing homes and don't have enough to eat - yes, in USA, we have a serious problem. ****NOTE - the "official" U3 unemployment rate only counts those receiving benefits. They classify everyone else as having given up seeking whether it is true or not. We need to make systemic change, not just tweak a broken system.

Clulessdad: (September 24, 2010 7:27am)

rgarrett- Do you realize that the NMLS is a private company owned by the banks? From their site "NMLS was created by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). It is owned and operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary of CSBS. The system has been built and maintained by the Financial Industry Regulatory Authority (FINRA)." IMHO, it is no small coincidence that the higher bank rates on unsuspecting consumers was being timed with the full implementation of the NMLS system.

Nuke 'em Until They Glow and Shoot them In the Dark: (September 24, 2010 6:28am)

As usual this administration makes all politicians that have ever been in office look like church choir boys. People who voted for change will only have change in their pocket at the end of the day. Vote conservative in November! Oh and your subject is perfect. We are experiencing deflation which is a key sign of a depression.

rgarrett: (September 24, 2010 6:26am)

cluelessdad, how can the consumer be so niave and stupid? I had a retail mgr from Suntrust approach me to move over and join them. Said they are told everyday by their corporate that the gvt is pushing the brkrs out of business bec/ it's easier for gvt to manage 4 or 5 large lending institutions than all the lenders and brokers today. He went on to say i need their name recognition behind me and even though their rates suck at about .250% higher than the mkt, blind loyalty from their customers and naive consumers beleiving the press and scare tactics they are coached on to deliver to them overcomes the rate & cost differential. I love to compete against the banks!

Clulessdad: (September 24, 2010 6:14am)

rgarrett-Interesting! Yesterday a new client showed me a GFE from Wells that gave my borrowers a 5.25% rate on a $160k FHA loan. I looked at the rate sheet, and with the special .5% purchase incentive, Wells wholesale was giving almost 2 points YSP at 4.25%. My clients asked me what lender I was going to use and I told them Wells. They laughed. So did I.

GaryP: (September 24, 2010 5:55am)

Hmmmm, $4.1B more that HUD can siphon off into other programs such as affordable rental programs instead of leaving it in the FHA coffers. I am underwhelmed. I just have another heads up for you on FHA loans. I got a heads up from our lock desk saying that the adjustment for FHA loans with a qualifying FICO between 620-639 was going up to .75% on Monday. Apparently, only one of the 4 aggregrating investors (not sure which one yet) is still buying these loans and they are charging what the market will bear. I wonder howlong that will last. Also, I heard rumblings yesterday that Treasury just came out with a new combined GFE/TIL. I'm nt sure why Treasury is involved in that because they are not the regulator for either RESPA or TILA. I assume that it's part of CFPA which is supposedly in transition from Treasury to the Fed. We'll see if they can screw up any worse than HUD did with the RESPA 2010 GFE.

rgarrett: (September 24, 2010 5:31am)

Frank & Brian - i read your article in The Niche Report. You mention Citi and Chase ramping up their retail - a friend left brokering & went to Chase in IN. They are offerring rates .750 to .875 higher then the mkt and he finds prospects laughing at him but still bringing in the business. I went into BoA branch last week & they are offering rates .500 to .625 higher than the mkt and charing 1.50 pts. The consumer is drinking the coolaid of the press and the banks and are help creating the higher cost, higher rate mortgage industry. Consumers wake up!