The Worst Daily EVER! 10.01.10
Today's Poll: Are you going to step it up over the fall and winter?
Links & Docs
The MERS Crisis - 09.21.10
By: Frank Garay
Run Time: 00:05:42
WOW New Government Subprime Loan! - 09.30.10
By: Frank Garay
Run Time: 00:04:40
Fannie Mae Steps Up to Help Vets - 09.29.10
By: Frank Garay
Run Time: 00:05:04
PenelopeX: (December 02, 2010 2:26pm)
I know this may seem late coming, but I'm working on it...
5pence: (October 03, 2010 2:50pm)
PenelopeX, maybe you can help! The appraisers I told you about that wrote the FINREG bill defending us, are meeting with the Fed Reserve Consumer Affairs to discuss implementation of "reasonable & customary fees", & they need your help. "WE NEED: ANY & ALL evidence you have of what the Consumer is being charged versus what the Appraiser was actually paid for the Appraisal. ANY evidence of AMC's withholding funds because the loan did not go through. ANY Evidence of AMC's dictating what your Fee is or should be. ANY evidence of HUD1s & can correlate them with payment receipts. ANY preprinted statements from AMCs saying your fee is not negotiable and/or the "market fee" is $X.XX & you must accept work at this price. Please send all examples in PDF format, continuously in one document if possible, but not necessary." They just need documentation AMC's are violating FINREG! Link to help them help us: http://appraisersforindependence.com/index.php?option=com_content&view=frontpage&Itemid=53
5pence: (October 03, 2010 2:47pm)
Hey PenelopeX - nice job. I love that billboard
PenelopeX: (October 02, 2010 3:01pm)
Check out www.district49.net for information about what an appraiser is resorting to do when taking a stand against HVCC and really make a difference that can affect legislation for her community! The clue is to JUST SAY NO to poor legislation that fleeces the employee and consumer, while absolving themselves of any liability...JUST SAY NO to the AMC!!
5pence: (October 02, 2010 2:35pm)
Vote out all that voted for "crime pays". What could be simpler?
5pence: (October 02, 2010 2:22pm)
I will have to make my living at music
5pence: (October 02, 2010 1:58pm)
You are going to lose me if you don't make the right choices
5pence: (October 02, 2010 1:51pm)
Vote out everybody that voted for "crime pays". How simple is that choice?
5pence: (October 02, 2010 12:39pm)
When you vote, search your soul. What it comes down to is the big question, one that is cutting down the foundations of independence - how do you unwind... "crime pays"
5pence: (October 01, 2010 10:54pm)
Choose your battles carefully
5pence: (October 01, 2010 10:31pm)
All these wars, America doesn't want to seek commonality but would rather prey on the differences. The "Empire" can't afford to take care of it own but decides the fates of innocents. The "Empire" is dead. It just doesn't know it yet
5pence: (October 01, 2010 6:50pm)
1 more time Urgent!: The appraisers I told you about that wrote the FINREG bill defending us, are meeting with the Fed Reserve Consumer Affairs to discuss implementation of "reasonable & customary fees", and they need your help. "WE NEED: ANY and ALL evidence you have of what the Consumer is being charged versus what the Appraiser was actually paid for the Appraisal. ANY evidence of AMC's withholding funds because the loan did not go through. ANY Evidence of AMC's dictating what your Fee is or should be. ANY evidence of HUD1s and can correlate them with payment receipts. ANY preprinted statements from AMCs saying your fee is not negotiable and/or the "market fee" is $X.XX and you must accept work at this price. Please send all examples in PDF format, continuously in one document if possible, but not necessary." They just need documentation AMC's are violating FINREG! Link to help them help us: http://appraisersforindependence.com/index.php?option=com_content&view=frontpage&Itemid=53
5pence: (October 01, 2010 5:48pm)
I don't know if you guys like Michael Moore or not, but I think he has it right in this article (except for not saying all the dem incumbents should step down and let fresh blood in or they risk having Repubs take over). http://www.huffingtonpost.com//michael-moore/five-ways-the-democrats-c_b_746761.html
5pence: (October 01, 2010 5:42pm)
What I'm saying is these selfish egotistical democratic incumbents are screwing everything up by not stepping down and letting in some new intellects and fresh air, instead they're leaving our only choices to be more Bush Repubs. Don't they understand? I really think people don't want representatives in there that voted for TARP and the bailouts. Dems better do something big and righteous or they will lose.
5pence: (October 01, 2010 5:36pm)
Joe: I'm suggesting that all our politicans have let us down in the worst ways possible. What I'm saying is the politicans are being short-sighted & selfish in wanting to be in office after they already screwed up badly. I'm saying the only hope for the democratics is if incumbents don't run. They should just step down after their collosal failure-that is the right thing to do. Sure, they were fooled like many, there is nothing wrong in admitting that and allowing someone new in. What is wrong with these people? They think they can screw up the country & the world and be voted in again??!! I'm well aware of how it originated Joe, & the parties involved. If the dems want to win they better make a bold statement together, something along the lines of we are going to find out who is responsible for this meltdown & hit them with RICO & put them in jail. They aren't going to. They've already played their sorry hands out. My disgust is bi-partisan. If it were a Rep they'd be voted out too.
barryl: (October 01, 2010 4:39pm)
DEMOCRATS, RUBUBLICANS, TEA PARTY'ERS, LIBERALS, CONSERVATIVES, RIGHT, LEFT AND CENTER, FORGET THE BS BRANDING. LETS MOVE SOME HOUSES, PEOPLE HAVE LOANS TO WRITE, ENOUGH WITH ALL THE BULLSH-T!!!
barryl: (October 01, 2010 4:17pm)
5pense- enough with the appraisal bs already, to much time on your hands, while your at it, why not use that new camera you won, and take it out on some appraisal inspections, just make sure all light bulbs are working of course, we don't want you to have to do a reispect..!!!
JoeParsons: (October 01, 2010 3:01pm)
@5pence: WRT to democrats running in the mid-term elections, the biggest issue they are dealing with is that the problems we are dealing with weren't caused on the Democrats' watch. The genesis of the crisis crisis arguably was the passage of Gramm-Leach-Bliley (Sen. Phil Gramm, R-TX) in 1999, followed by 8 years involving a) Two very expensive wars of choice; b) Very large tax cuts heavily favoring upper income taxpayers; and c) The consequences of the lack of oversight of the investment banks who effectively created the mortgage mess. The Republicans are trying to make political hay out of the fact that the present administration hasn't solved in two years all the problems that accrued on the Republicans' watch. With their access to media like Fox News, they are following this playbook quite effectively. Are you suggesting that we as a country should return to the behavior that was the proximate cause of the problem?
5pence: (October 01, 2010 2:23pm)
1 more time Urgent!: The appraisers I told you about that wrote the FINREG bill defending us, are meeting with the Fed Reserve Consumer Affairs to discuss implementation of "reasonable & customary fees", and they need your help. "WE NEED: ANY and ALL evidence you have of what the Consumer is being charged versus what the Appraiser was actually paid for the Appraisal. ANY evidence of AMC's withholding funds because the loan did not go through. ANY Evidence of AMC's dictating what your Fee is or should be. ANY evidence of HUD1s and can correlate them with payment receipts. ANY preprinted statements from AMCs saying your fee is not negotiable and/or the "market fee" is $X.XX and you must accept work at this price. Please send all examples in PDF format, continuously in one document if possible, but not necessary." They just need documentation AMC's are violating FINREG! Link to help them help us: http://appraisersforindependence.com/index.php?option=com_content&view=frontpage&Itemid=53
5pence: (October 01, 2010 2:21pm)
Divedude - excellent. Actually this much better than a hot line. These are the 2 appraisers that actually wrote the appraisal regs in the FINREG bill. The AMC's wanted to be known as the "appraiser" in the FINREG bill and they got that out. Can you imagine if the AMC became legally known as the appraiser? OMG. They were working with Sen Kanjorski from Pennsylvania and sat down and wrote most of the appraiser protections, including the R & C fee part. I personally am still amazed that they were allowed to do what no one or organization seemed capable of. You can read about it all on their website. Thank you very much for contributing dude.
Divedude: (October 01, 2010 1:38pm)
I have a lot of info documented for the Fed Reserve Consumer Affairs regarding the antics of AMCs including funky billing procedures and pressure to inflate values. This was intended for the "Hot line" but this will due for now. Perhaps now, AMCs can be phased out in favor of more efficient and less costly, third party alternatives such as Firewall or the Mercury Network. Then again, this will take the banks out of the valuation loop. Good luck with all that!!
NMpro: (October 01, 2010 11:00am)
BPOs:Who really owns the property? How do you know? If they just want a "drive-by" BPO, that's a clue. It's like holding a stalker's hand while you drive past a property blindfolded.I do CMAs- not blind BPOs! I tell the callers to hire an appraiser!
5pence: (October 01, 2010 10:48am)
All incumbents should just drop out of the races, especially among the dems. They are leaving us no choice but to vote in repubs. Incumbents screwed up so royally there's is no recovering with them back in at the wheel. Incumbents should realize they screwed up and let someone that didn't screw up in. Man, fkd up choices when the incumbent won't leave gracefully. They had their chance and screwed it up - just go away incumbents.
Turkey2010: (October 01, 2010 10:17am)
"Proactively" seeking refinances these days is scary and hard. I'm located in a declining market and better than 50% of refinance appraisals come in too low to help. The government has done NOTHING to truly assist home owners take advantage of these low rates unless they and the home walks/floats on water.
bern2surf: (October 01, 2010 10:12am)
I only bring this up because... well you brought it up. If your going to drink Scotch, don't waste your time with anything younger than 25 yrs (you'll thank your self in the morning) Have a great, hiccup, weekend :)
5pence: (October 01, 2010 10:07am)
I see this as a chance to get worthless AMC's out of the lending market. They are a pox on us all. Do what you can. Even brokers if you'd like to help. We have 2 powerful lobbyists (appraisers with an "in") doing this for all of us for free - on their own dime. All they're asking for is documented proof of discrepencies between fees paid appraisers and the fees that the AMC's are charging. Well that and a few other things. Do not worry about it coming back to bite you, your names and your companies will be blacked out. HUD-1's, anything. We need to take back this business from the banksters cartel oligolpoly/monopoly crooks. Banks ordering appraisals is ludicrous. Profit seekers at any expense should not be in charge of the valuation process. I mean, that's a duh. Thanks
Arkad: (October 01, 2010 9:54am)
I don’t see your unique NMLS identifier on that sign you are holding up in traffic.
bongosdad: (October 01, 2010 9:50am)
Brian, slow down with the arm hand hand gestures--looks like WWF
barryl: (October 01, 2010 8:57am)
Wilmaaaaaaaaaaa!
5pence: (October 01, 2010 8:57am)
Urgent: The appraisers I told you about that wrote the FINREG bill defending appraisers, are meeting with the Fed Reserve Consumer Affairs to discuss implementation of "reasonable & customary fees", and they need your help. "WE NEED: ANY and ALL evidence you have of what the Consumer is being charged versus what the Appraiser was actually paid for the Appraisal. ANY evidence of AMC's withholding funds because the loan did not go through. ANY Evidence of AMC's dictating what your Fee is or should be. ANY evidence of HUD1s and can correlate them with payment receipts. ANY preprinted statements from AMCs saying your fee is not negotiable and/or the "market fee" is $X.XX and you must accept work at this price. Please send all examples in PDF format, continuously in one document if possible, but not necessary." They just need documentation AMC's are violating FINREG! Link to help them help us: http://appraisersforindependence.com/index.php?option=com_content&view=frontpage&Itemid=53
Nuke 'em Until They Glow and Shoot them In the Dark: (October 01, 2010 8:47am)
great show
5pence: (October 01, 2010 8:28am)
Hey guys, great show - looked totally unscripted - very good and funny. Another installment in the survivor series lol
5pence: (October 01, 2010 8:24am)
Daggone, no it means appraisers will get their full fees without AMC skimming. It could be that banks, if they have to pay full fees, will no longer see the need for AMC's. Appraisal ordering can all be done in-house but the AMC's have been too much of a money maker for the banks to bother to do that. To answer your question, No - consumers will not see an increase in fees. Depending on how it's rolled out, it might even be cheaper since AMC's are cahrging more than appraisers. I mean really, what is the AMC worth for finding an appraiser? $20? They are not worth 60% of the fee in any bizarro world except this one.
5pence: (October 01, 2010 8:18am)
It's a targeted deflation - homes. Gas hasn't gone down. Groceries haven't gone down. Wages have and so has what you get when you go shopping. Coffee is sold in 11 ounce bags instead of 12 - at the same price. Tuna that used to be packed hard in those cans is now just floating in there. TP now comes in 4 inches sizes cut down from 4.5 inches - AND the cardboard center is bigger! Less chips in that bag at the sme price? People aren't working, no jobs, so how can they keep afording higher prices? BTW, Zero hedge thinks all banks are going to fall in line with GMAC and Chase in halting foreclosures.
JUSTFRANK101: (October 01, 2010 8:15am)
Best Show! Very inspirational - way to go! Turn up the heat! Too bad Real Estate Appraisers are not allowed to promote their own INDEPENDENT BUSINESSES this show may have done them some good too! Join the California Coalition of Professional Appraisers - - trust me it works if you work it!!! 805-241-7770 - [email protected] what ever good has come thus far these folks had a hand in it
MorrisW: (October 01, 2010 8:06am)
Didn't you guys use to sell cars in Florida, because you look really familar.
hiranmarin: (October 01, 2010 8:03am)
Brian, love your shirt!
Joebob: (October 01, 2010 8:01am)
Woo woo--humor, good advice, pertinent stats, and a kick in the butt! What's no to like? No time to chat...gotta crank up my CRM!
realtortombarry: (October 01, 2010 7:54am)
Great one this morning guys! I appreciate the reminder its that time of the year to kick-it-up again....
JoeParsons: (October 01, 2010 7:47am)
Nice edits at the end, guys...(snicker)
jbuffington: (October 01, 2010 7:09am)
Brian, so how many honks did you get standing in the median. Loved it, thanks for the morning laugh. Too funny!!!
Daggone: (October 01, 2010 7:08am)
5Pence - I'm all about the appraiser getting reasonable and customary fees. I wonder though, does that mean when a consumer used to pay $350 for an appraisal, now he will have to pay $550 so the AMC will get their cut. The answer is to get rid of AMC's. Lenders need to go back to handling the appraisal process in another manner that pays the appraiser their due and does not punish the consumer.
jbuffington: (October 01, 2010 7:08am)
Brian, so how many honks did you get standing in the median. Loved it, thanks for the morning laugh. Too funny!!!
tbwbrian: (October 01, 2010 6:53am)
HI KLB. I'll post that info when I get to the office. We're on west coast time.
KLB: (October 01, 2010 6:44am)
Property values down 28% - Who says? Based on what?
5pence: (October 01, 2010 6:39am)
Off topic: The appraisers I told you about that wrote the FINREG bill defending appraisers, are meeting with the Fed Reserve Consumer Affairs to discuss implementation of "reasonable & customary fees", and they need your help. "WE NEED: ANY and ALL evidence you have of what the Consumer is being charged versus what the Appraiser was actually paid for the Appraisal. ANY evidence of AMC's withholding funds because the loan did not go through. ANY Evidence of AMC's dictating what your Fee is or should be. ANY evidence of HUD1s and can correlate them with payment receipts. ANY preprinted statements from AMCs saying your fee is not negotiable and/or the "market fee" is $X.XX and you must accept work at this price. Please send all examples in PDF format, continuously in one document if possible, but not necessary." They just need documentation AMC's are violating FINREG! Link to help them help us: http://appraisersforindependence.com/index.php?option=com_content&view=frontpage&Itemid=53
Ma Lender: (October 01, 2010 6:27am)
Love that you are thinking outside the box with your sign in traffic "Will Work for Food". I have often found that once you work outside the box and comfort level, you realize that it isn't so uncomfortable after all. Don't let fear stop you, just take action and reap the results..
DanSchweihs: (October 01, 2010 6:26am)
If you thought the price might drop another 26% next year, you might wait.
So much for people that put “skin-in-the-game” a year ago. The keys are in the bushes. Cut and paste this link for the solution: http://www.hard-loans.com/Solution.htm
AZGirl: (October 01, 2010 6:14am)
Hard to hear you with the loud background music!!
LivingInDC: (October 01, 2010 5:59am)
ok, that scene with the sign, too funny. If things don't pick up soon that may be me. November is coming, vote ALL the crooks out. If you are an elected official right now, hopefully you won't be in January!!!
pej7445: (October 01, 2010 5:04am)
@ Mr. Reverse - Screw perceptions, we need to get paid. If that means wearing a clown suit to get buyers at the local mall then so be it. Leads are leads, deals are deals and without income all we are are volunteers. I'm not interested in being volunteer. That's a 'perception' that I can't live with. Let's go crush it today!
Jimmy Mac: (October 01, 2010 5:00am)
Your sign is not compliant with the advertising regs!
If you are quoting APR in a public advertisement, you also have to quote terms and price!
I hope them revenuers don't come and get you!
You still got some of that "White Lightning"?
Have a great weekend!
TREASPLC: (October 01, 2010 3:29am)
BPO's have been the driver to the ongoing home de-valuation environment. The only goal in a short sale or foreclosure is to liquidate not sell the property at market value...woop -There goes the neighborhood.
And your wonder how the "new" market continues to go down...it was created.
epensabene: (October 01, 2010 2:22am)
The massive shadow inventory of homes waiting to go into foreclosure will inevitably lead to a double dip in home prices.To my real estate friends is the time to Think Big. Homes above $300,000+ will hit the Market Soon.
Mr. Reverse: (October 01, 2010 2:19am)
We need to change the perception that we are like a car salesman. Those of us who have survived the meltdown of 2007 and passed their National & State exams are "Mortgage Professionals" and nothing less!
