Kill the Fed Rule Round Two - 11.10.10 | Vincent K. Mohr : First Priority Financial, Inc. : Fairfield, CA

deanbiz: (November 14, 2010 6:29pm)

Now is the time.

GODLIKE: (November 13, 2010 4:52pm)

That's exactly the post I sent them.

Nuke 'em Until They Glow and Shoot them In the Dark: (November 13, 2010 11:05am)

I'll always sign the Petition no problem there. When NAMB allows us to Join National and Bypass the State State Association I'm all in

5pence: (November 12, 2010 2:20pm)

This is an hilarious animation about the Fed. http://www.huffingtonpost.com/2010/11/12/fed-animation_n_782929.html

5pence: (November 12, 2010 10:54am)

The first 2 were sent at the same time as TAVMA's letter, so I doubt those will show or they'd ahve been up near the top. Geez, can't they print just one of them? or did they get "lost".

cgappraisals: (November 12, 2010 9:27am)

5pense, I think it will get there, Probably all 3. Don't worry, they probably have a lot to XXX out:) and maybe there swamped with new comments, I hope!

5pence: (November 12, 2010 9:13am)

The newest letters are dated 11/8 so maybe it takes up to a week or so to get posted. I hope the Fed is reading them.

5pence: (November 12, 2010 8:59am)

They still haven't posted any of mine cg. That's 3 in total - 2 letters sent and 1 posted on site. I guess they don't like the truth or don't want to hear it.

cgappraisals: (November 12, 2010 8:00am)

I think the AFI's letter to the FED brings up a good point. As Appraisers we are not suppose to give anyone a kickback for our services. We'll in esence, that is what the AMC's are doing because what the borrower pays for the appraisal should all go to the Appraiser. AMC's are taking a split and that is illegal according to USPAP. What the borrower thinks there paying for the appraisal and Appraiser isn't actually what is happening. I thought it was a good point they had. Everyone get a comment in so the FEDS will have a history of complaints and wrong doings of HVCC, Fannie, Freddie, Coumo that hurt you, your family and your clients. I noticed they are XXXing out sometimes amounts AMC's pay for appraisal and what we got pre HVCC. I wonder why they have the right to XXX out something that is public record? Write a comment in Word, copy it in at this site: http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm Scroll to R-1394 its the 2nd one down and follow directions. GO!

5pence: (November 12, 2010 7:10am)

LA Times : The Federal Deposit Insurance Corp. has told dozens of former bank officers and directors that it has drawn up lawsuits accusing them of misdeeds such as fraud and breach of fiduciary duty. The federal agency is seeking damages to help offset losses in the nation's deposit insurance fund. - - - Notice they're just looking to get paid off rather than seeeking justice for the people? That reflects SEC and government policies too. Bankster crooks. Now they're calling Social Security "socialism" and an "entitlement" program so they can raid it. WRONG! It's retirement INSURANCE that we've all been paying into all our lives. Insurance so that if hard times befall anyone (There, but for the grace of God go I) they can still live with a roof over their head and some dignity. I wonder how many of the millionaires in Congress collect SS. Now that's the crime. It's insurance for those that have hit hard times and not for the wealthy's added abundance.

5pence: (November 11, 2010 6:40pm)

Sunshine. The link works for me. Try pasting this in your address bar : http://www.surveymonkey.com/s/X8J9GNW

GODLIKE: (November 11, 2010 6:08pm)

LOWEST RATES EVAR!! http://news.yahoo.com/s/ap/20101111/ap_on_bi_ge/us_mortgage_rates

Sunshine in Seattle: (November 11, 2010 5:51pm)

I tried to click on the NAMB survey button, but it just brought me to your website. there was no response for a survey on it. So I played your video again, and the same thing happened. I think the banner is not linked where it should be. sorry, I would have taken the time to fill it out! I love your videos that my mortgage rep sends me periodically. YOu guys are good...

Sunshine in Seattle: (November 11, 2010 5:51pm)

I tried to click on the NAMB survey button, but it just brought me to your website. there was no response for a survey on it. So I played your video again, and the same thing happened. I think the banner is not linked where it should be. sorry, I would have taken the time to fill it out! I love your videos that my mortgage rep sends me periodically. YOu guys are good...

5pence: (November 11, 2010 4:19pm)

I did mean it joe. Canada, Sweden, somewhere democratic where the rights of the citizen are respected. Our national sovereignty is being sold, democracy is being usurped and replace by corporatism and global economic integration means shipping our jobs overseas. I could go on and on but this alone is plenty to be concerned about : citizens, families with kids are getting tossed out of their homes and on to the streets illegally. We are more corrupt at the government level than most 3rd world countries could imagine and in my opinion, if things keep going the way they're going, we will be like the 3rd world countries you describe. Trickle down corruption. We need an FDR.

joecolorado: (November 11, 2010 3:24pm)

I understand your frustration,I have lived in several countries in both hemispheres and believe me,politicians are the same EVERYWHERE.The USA has LOADS of advantages over just about everywhere else,one of which is that we can have a blog like this,expressing our discontent and we can do so at our leisure without the fear that we wont be able to do the same tomorrow as we are doing today,'cos in some other countries we would be in the ruling party's jail with bruises on our bodies,probably no teeth in our mouths and whats left of our blood on whats left of our clothing in a cell which the Red Cross/NATO can not inspect,with NO chance of a fair hearing,no chance of parole,visitors,a bathroom, running water,hot water or warm food, so be thankful,5Pence in all conscience you REALLY didnt mean that...

5pence: (November 11, 2010 2:16pm)

I really wish I could afford to get out of this country for good. Things are getting worse than a 3rd world country and are not likely to get any better anytime soon. That Rolling Stone article is mind-blowing

5pence: (November 11, 2010 2:08pm)

Matt Taibbi: Courts Helping Banks Screw Over Homeowners.. Retired judges are rushing through complex cases to speed foreclosures in Florida. The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This "rocket docket," as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on — securitized mortgages and labyrinthine derivative deals of a type that didn't even exist when most of them were active members of the bench. http://www.rollingstone.com/politics/news/17390/232611?RS_show_page=0

5pence: (November 11, 2010 1:43pm)

Long-standing black letter mortgage law – the 1872 US Supreme Court precedent Carpenter v. Longan, 83 U.S. 271, at 274, inter alia, which states any separation of the Note from the Deed of Trust is a Nullity. “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity”. MERS holds the mortgage, and the note gets transferred into a CDO. Robo-signing is a distraction. Lost notes are a distraction. The issue is the "mortgage loans" are a nullity. Even Obama and Congress can't over rule Supreme Court legal decisions over the last 125 years stating that the note and deed must travel together. If somehow this gets through despite longstanding SCOTUS precedents, everyone should stop paying their mortgage because America is corrupt beyond salvation. Wealth in America was created by deeds & portionings of land. If they throw that out-then who owns what?

5pence: (November 11, 2010 1:36pm)

I've come to the conclusion that Obama is just not very smart at all. Very eloquent with what he does know, but sorely lacking in what he should know and, despite sound reliable advice from leading economic and legal sources outside his crony circle, he just doesn't get it. And probably never will.

elaineb: (November 11, 2010 1:05pm)

elaineb: (November 11, 2010 1:02pm) URGENT - If we don't fight for what's right, we won't have any rights. After years of negative judicial decisions about the use of a straw-man on mortgages, MERS was about to lose its existence as well as its credibility. All of that may change as Wall Street money pours into the coffers of those who are receptive (i.e., almost everyone in Congress). Legislation is being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. The Obama administration is ready to pardon all the securitization deviants by signing this bill into law. Fortunately, there are some people in Washington who have a conscience and do not want to see this happen. WRITE YOUR CONGRESSMAN NOW. Besides the obvious seediness of this maneuver, it runs roughshod over state property laws, and the rights of investors, homeowners and borrowers. It amounts to a permanent installation of a Federal system that supersedes the county records for reco

5pence: (November 11, 2010 10:05am)

Stop lameduck session power grabs: Petition to Congress.. http://chooseliberty.org/lameduck.aspx?pid=nd2. Whereas: With numerous media reports discussing the probability of President Obama and the Congressional leadership pursuing a massive Big Government agenda during the "lame duck" session of Congress; and Whereas: The Cap and Tax scheme would drive already sky-high energy costs through the roof, massively hike taxes on hardworking Americans and give the federal government unprecedented control over the economy; and Whereas: Tax increases, new bailouts of pet industries and the much-talked-about "2nd stimulus package" are all designed to siphon away every last bit of wealth from the American people and hand it to our Big Government "benefactors;" and Whereas: Retirement Account Confiscation allowing the IRS to seize our IRA, 401(k) accounts - claiming the need to "protect" them from their owners - is nothing more than outright theft; and Whereas: The new DANGEROUS ID Bill Bill would not only allow the government to listen to phone calls and monitor internet accounts, but would mandate Americans get a federally

5pence: (November 11, 2010 9:50am)

Hope is a fine human quality that motivates us to build a better future. Unfortunately, criminals consider your hope as an exploitable weakness to aid them in the successful execution of their crimes... This is memorable "As a criminal, I considered people’s humanity as a weakness to be exploited." Sounds like he had an awakening. I posted this to illustrate the kinds of people that we are dealing with, re: banksters. From : Advice From a Fraudster – White Collar Crime and Criminals. Written by: Sam E. Antar (former Crazy Eddie CFO and a convicted felon).

5pence: (November 11, 2010 9:45am)

My cousin Eddie & I built walls of false integrity around us to gain the trust of our victims. We claimed that Crazy Eddie’s accounting policies were “conservative.” In addition, we gave huge sums of money to charity & were involved in many popular social causes in an effort to make investors comfortable with us. While we were in effect, “helping old ladies cross the street,” we were heartlessly executing a massive fraud that wiped out the life savings of thousands of investors & ultimately caused a few thousand people to lose their jobs. Eddie Antar & I never had a single conversation about morality or right & wrong. We simply did not care about the victims of our crimes. Our conversations only focused on the successful execution of our cold-blooded schemes to defraud investors. At Crazy Eddie, we committed our crimes simply because we thought we could execute them successfully. We took advantage of investor’s hopes, dreams & aspirations for a better future. Hope is a fine human quality that motivates us to build a better future. Unfortunately, criminals consider your hope as an exploitable weakness to aid them in the successful execution of

5pence: (November 11, 2010 9:39am)

White collar crime can be more brutal than violent crime, since white collar crime imposes a collective harm on society. No criminal finds morality & stops committing crime simply because another criminal went to jail. We created artificial wealth, then we borrowed against it, & finally we spent it. When the artificial wealth disappeared, we had an implosion. Former Pres Ronald Reagan used to say: “Trust, but verify.” As a convicted felon, I advise you: “Don’t trust, just verify.” “Verify, verify, verify.” As a criminal, I considered people’s humanity as a weakness to be exploited. The inclination to trust first and then verify, gave me the upper hand. The criminal always has the initiative. While you initially trust us, we work on ways to solidify your trust before you verify. Hopefully, you will never verify. However, by the time you get around to verifying, your skepticism will be corroded by our charm. Therefore, when you ask questions, you will accept our deceptive answers as fact. While you hope, criminals prey…

5pence: (November 11, 2010 9:36am)

The Art of Spinning: Sell people hope. My cousin ‘Crazy Eddie’ Antar taught me that “people live on hope” and their hopes & dreams must be fed through our spin & lies. In any situation accentuate the positive. Make excuses & try to have your excuses based on at least 1 truthful fact even if the fact is unrelated to your actions & argument. When you cannot dispute the underlying facts, accept them as true but rationalize your actions. You are allowed to make mistakes as long as you have no wrongful intent. Being stupid is no crime. My advice to the accounting profession, antifraud professionals & Wall St: Do not trust - Verify, verify, & verify. White collar criminals build a wall of false integrity around them to gain the trust of their victims. White collar criminals measure their effectiveness by the comfort level of their victims. White collar criminals consider your humanity, ethics & good intentions as weaknesses to be exploited in the execution of their crimes.

GODLIKE: (November 11, 2010 7:49am)

Also in the spirit of Veterans Day here's a short video on American's first jet flight. Much more low key than airplane development nowadays. http://videosift.com/video/Americas-First-Jet-Flight-October-1942

Swarm The Banks: (November 11, 2010 7:14am)

In the spirit of veterans day, here is a story link about the trouble vets have in getting a fair shake when they come back from service. http://4closurefraud.org/2010/11/11/honoring-veterans-in-foreclosure/

Jed: (November 11, 2010 7:00am)

You can read about the changes by googling Dodd-Frank act and then read Section 1402 and 1403 (main section). It will benefit the bottom line of the big banks and that's it.

dlaney: (November 10, 2010 2:19pm)

I would like more information on the changes on the origination fee changes that are coming up in April of 2011

gobucks: (November 10, 2010 12:23pm)

I hope the NAMB gives you guys a commission for new member sign ups. This petition seems to be a thinly veiled ploy to get new members. Does anyone believe that DC will listen about changing comp rules for brokers?

5pence: (November 10, 2010 12:18pm)

leapinglocust - it's really good to see someone doing their homework on how we got where we are and why. We both agree the Fed is the problem and needs to go. You're right on inflation too - here is a crash course on inflation for those that might be interested to see where we were, how we got here and scenarios of where we are going. The guy that made these videos at his own expense, is brilliant, and I don't use that term lightly. It's 20 short videos and well worth the time and effort for your own edification IMHO. Chpt 10 deals with inflation. I actually have an appraisal inspection to do - whoo hooo! Full fee of course. Later guys. http://www.chrismartenson.com/crashcourse/chapter-1-three-beliefs

leapinlocust: (November 10, 2010 11:51am)

Mathematically that is the only reason for welfare and income taxes - to curb inflation and prop up the fixed value of a worthless US Federal Reserve note. The precursor to the income tax was the Victory Tax. Look this up and read why it was selected as a progressive income tax over other forms of taxation, most notably a national sales tax. It is because of its inherent ability to curb inflation much more superiorly than say a national sales tax. This is why any arguments in favor of a national sales tax are doomed - this debate has already been hashed out before the end of WWII.

leapinlocust: (November 10, 2010 11:43am)

and this “solution”, like so many government solutions, actually was a problem in that farmers continued to supply wheat and the government fixed the value of wheat by continuing to purchase the wheat. Pretty soon we had warehouses full of rotten wheat and somebody got the bright idea to pay farmers to NOT grow the wheat. This actually saved money because no one had to pay for the warehouse rental. It also pulled further wheat out of circulation, which effectively assisted with the value of wheat. Now this is an oversimplification but can clearly be evidenced by anyone who cares to look. We have an oversupply of wheat – what creates wheat? Farmers – we solve this by paying farmers to NOT grow wheat. We have an oversupply of money – what creates money? Work – we solve this by paying people to NOT work.

leapinlocust: (November 10, 2010 11:42am)

and this “solution”, like so many government solutions, actually was a problem in that farmers continued to supply wheat and the government fixed the value of wheat by continuing to purchase the wheat. Pretty soon we had warehouses full of rotten wheat and somebody got the bright idea to pay farmers to NOT grow the wheat. This actually saved money because no one had to pay for the warehouse rental. It also pulled further wheat out of circulation, which effectively assisted with the value of wheat. Now this is an oversimplification but can clearly be evidenced by anyone who cares to look. We have an oversupply of wheat – what creates wheat? Farmers – we solve this by paying farmers to NOT grow wheat. We have an oversupply of money – what creates money? Work – we solve this by paying people to NOT work.

leapinlocust: (November 10, 2010 11:41am)

down the tubes. In fact, one of the major arguments in favor of the Federal Reserve is to have an elastic money supply. But we can see that in a roaring economy gold loses value and in a worsening economy gold gains value – which is the perfect elastic currency provided by nature. Going back to income taxes and welfare it is important to know that there are only 4 ways that money is created and they are 1. Mining, 2. Manufacturing, 3. Agriculture and 4. Service. Whenever anyone does these things money is created. Therefore, to cut back on the supply of money you need to tax any work force that does this and, gosh, isn’t it expedient to “pay” a work force to NOT do these things? When the Soviet Union invaded Afghanistan, President Carter countered with a grain embargo. USSR was the largest purchaser of US wheat and suddenly the US wheat market experienced inflation in that the value of wheat plummeted because there was a sudden and sharp decline in demand for the supply – in short, there was an oversupply of wheat. The government then “solved” this by fixing the price of wheat – similar to fixing the price of our US Dollar, which is inherently worthless – a

leapinlocust: (November 10, 2010 11:41am)

Thank you, 5pence. Regarding income taxes and welfare – these are two tools that are utilized to curb inflation in this country and that is the only reason that they exist. Recall that the Federal Reserve has tools in its arsenal to control and not eliminate inflation – how does it do this? By pulling currency out of circulation. The most readily evident tool that most of us here would be familiar with would be the raising and lowering of the Fed Fund rate. Never allow anyone to tell you that inflation is anything other than the oversupply of currency, as in obfuscating that fact by defining inflation as “the rise in prices”, etc., because the only way that the Federal Reserve has any means of controlling inflation is to pull money out of circulation, which is to pull money out of supply; therefore, inflation is the oversupply of money. Enough said and that is a self-evident proof by merely looking at how the Federal Reserve manages inflation. We can see that gold is inflation-proof when it is earned legally and not raped from a neighbor as in the Spanish Empire and South America – when that is practiced, once again an economy suffers inflation and goes dow

Diana Potter: (November 10, 2010 11:39am)

Here's something else to consider... Not only is there going to be a cluster @#$%!! when the TILA rule takes effect, but we all obviously know income will be curtailed. The first cluster is actually going to come from Correspondents who have to drop down to broker their FHA loans on January 1st. Those who couldn't raise the minimum net worth of $500,000 are screwed and can't use their warehouse lines. Now, if a broker business wants to move up the ladder to Correspondent so it can be exempt from the YSP issue and still receive SRP (which is just a fancy term for YSP when you use a warehouse line), HUD has made sure the barrier for entry is a big canyon.

5pence: (November 10, 2010 10:57am)

Great posts leapinlocust. Don't forget to mention that the Income Tax was enacted the same year as the Federal Reserve Act, 1913. The Federal Reserve had to be sure we could pay our debts to them, including interest, and so an income tax was instituted. As it stand now, we are going to owe the Federal Reserve most of our GDP as interest payments within 5 years. If we end the Fed and put currency printing back into the Treasury based on precious metals, we can put a halt to all the interest the Fed is charging us for each and every QE. Fiat currency is unlimited power to bankrupt a nation. Zimbabwe for instance. The value of a dollar in 1913 was $1. Today it's around 3 cents or less. The Fed was supposed to protect and preserve the value of the dollar, I'd say they're a miserable failure. All you need to know about the Fed is what they're doing now - supporting a corrupt banking system at the cost of this countries abundance and leaving us debt for generations.

leapinlocust: (November 10, 2010 10:41am)

because they are our current currency. It is a fact of history that every nation that devalued its currency began to weaken and die date coincident with that practice. The Federal Reserve caused the Great Depression. The Federal Reserve creates inflation. The Federal Reserve causes the National Debt. The Federal Reserve contributes to deficit spending. The Federal Reserve is unconstitutional. These are facts evidenced by anyone who wishes to look. It is unconscionable that the Federal Reserve has the welfare of the US constituency in mind - especially contrasting the income of 300,000 loan officers against the largest US perpetrated fraud in history that is still ongoing - it is mathematically impossible for the United States to not experience an economic implosion of monstrous proportions due to the existence of our central bank and current currency policies. This moralistic judgmentalism is a farce. It is directly because of government regulation that the current mortgage meltdown occurred and is not due to loan officer compensation.

leapinlocust: (November 10, 2010 10:40am)

explicitly outlawed a central bank in this country and made the existence of such an unconstitutional, illegal enterprise - especially clearly making law that only gold and silver coinage was legal US currency. In addition to this the economy of China is the primary supporter of this "house of cards" or our currency by being the almost sole and certainly major leader in purchasing US bonds. This practice has effectively robbed the Nation of sovereignty. If China were to stop this process we would have economic catastrophe that would make the Great Depression seem very minor in comparison. It is interesting to note that Ben Bernanke, the current Chairman of the Federal Reserve, agreed with Friedman in blaming the Federal Reserve for its role in the Great Depression, and stated on Nov. 8, 2002: "Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again." This is why there are banks that are "too large to fail" - because they are

leapinlocust: (November 10, 2010 10:39am)

experience inflation. The Federal Reserve is the only entity that I am aware of that has direct tools in its arsenal to control inflation - no other entity is assigned this task. Please note that its job description is defined as to control and not eliminate inflation. Inflation is defined as a rise in prices but factually what is happening is that there's on oversupply of worthless currency that is eliminating the value or purchase power of the American Dollar. We can easily see that prices have not gone up by comparing the purchase power of gold - if anything prices have gone down. But cross indexing the American Dollar we can see that interest bearing debt has lost its value and routinely purchases less every fiscal year; therefore, inflation is truly the loss in value of a currency and not a rise in prices. The cause is the loss of value and the effect is the rise in prices. This has effectively forced both parents into the work force. This has systematically eliminated assets for generations to come. There are so many adverse affects of this practice that they are too numerous and drastic to document here and this is why most founders of this nation explic

leapinlocust: (November 10, 2010 10:36am)

In 1880 $20 was an oz of gold. It could buy a suit, haircut, meal and hotel stay. Today, an oz of gold can still buy all of these things and $20 can maybe buy a meal. When the US Treasury minted our money it was an asset for the US constituency. Of course, our asset is a bank's liability. Now that a bank, the Federal Reserve, mints our currency do they want it in their asset or liability column? Their asset is our liability and therefore our currency is interest bearing debt. This is the primary reason why we have a National Debt. The National Debt is a direct index to the amount of our currency in circulation. In order to pay off the National Debt all of our currency must be retired. In fact we would have no currency and still have a National Debt as in the interest would be left over to be paid off. Of course this National Debt is only paid by gold or silver bullion - please note that Federal Reserve Notes ( US currency ) is not acceptable to pay this debt - which is paid to the Federal Reserve and only in gold or silver bullion. Not only is this the primary reason why there exists a National Debt it is also the major reason why we experience infla

loansbylynch: (November 10, 2010 10:10am)

Morning Frank & Brian Is there a Senate or House bill # on the LO comp so we can email our legislators & tell them how dumb this is?

5pence: (November 10, 2010 10:07am)

Does anybody else feel that this Fed QE 1 and 2 is just a gamble? With all OUR money on the table? The only one that wins playing monopoly with a bank with unlimited funds, is the bank. Joecolorado, your right - MISMO so they can get rid of us and continue their risky gambling with AVM's. Truly idiots. They're more concerned with short term profits than long term rewards. The same mentality that took down the system. China has lowered the USA credit rating to A+. Think they're going to loan us any more money if we keep deflating it's value? No? Then what? Obama wants to borrow from India next? America's largest export is debt. Beggar nation. And all to save the TBTF banks so they can continue their corruptions to feed their grossly overFed sizes.

tjacobs404: (November 10, 2010 10:01am)

Many if not all of the top loan originators and sales people will be forced to leave the industry leaving the least qualified and unprofessioanl sales people to advise consumers regarding mortgage/lending options? I think it makes a lot more sense to keep the best and brightest loan originators in this industry to help with the overall National Recovery of the housing market.

5pence: (November 10, 2010 9:58am)

wow, 4 posts posted at 9:51 AM. Interesting. Meld those all together and it's "the economy will not recover until the banks are prosecuted for fraud". Our government has let them have free reign to perfect their corruptions on us. How are they doing? Or, more telling - how are you doing?

W.R.Buchanan: (November 10, 2010 9:56am)

JoeC: you're completely right, I've been saying that banks are pushing to completely take over the housing market on here for some time. You just exposed the vehicle that they are going to use to do it. Randy I guess it will make a new market for used car salesmen to work.

5pence: (November 10, 2010 9:51am)

A better title for todays show would be audit and then kill the Fed, rather than just kill the Fed rule. A republican, Dr. Ron Paul for President 2012! He's going to be heading up the Fed oversight committee and he's been trying to get rid of the Fed for over 30 years. When the basis for all new rules going forward are based on systemic corruption, the only ones that win are the banksters. The system is weighted to the banksters and when and where is the tipping point is going to be is anybodies guess.

W.R.Buchanan: (November 10, 2010 9:51am)

cpappraisals: where are the troops when you need them? Well,,,they are hiding in their holes and are too scared to come out for rear that the evil banks might recognize them and cut them off, or they are too busy doing cut rate work (in volumn) and "are making it just fine on their own" and don't want to rock the boat. I am 60 years old and I have never seen a more scared to death bunch of panty wastes in my life. Grow a Spine! Think about the lives of others just a little. There is plenty for everyone, but if you give banks exactly what they want, then you kill the profession! You panty wastes have been doing a bang up job so far. I hope RELS stops paying you every week, maybe you'll see the light. Randy

joecolorado: (November 10, 2010 9:51am)

I guess you havent heard of the MISMO boondoggle then.The way of the future is for all MLS systems throughout the USA to enter their data at the Realtor level using MISMO protocols,appraisers will have to submit their appraisals with MISMO. This means that the powers that be can farm any and all data that is submitted to any MLS system or Assessors Office to glean any information out from that particular system and statistically"prove"a value.The banks are going to do away with the appraisal step almost entirely.On the ground Realtors will be necessary to fill in the data correctly to enable the statisticians to work at an acceptable efficiency level,but I am sure that there is a method in planning to cut Realtors out as well.Appraisers are buggered,Brokers are buggered and Realtors are buggered,they just dont realize it yet!The MLS systems dont have a problem as they have a buyer for their data.1984 really has arrived.

chipeeps: (November 10, 2010 9:51am)

Hvyhttr: Blaming the government is baseless and silly. Those loan programs were there and ever expanding because Wall Street was making money hand over fist marketing the crap they were selling as AAA investment quality. They were committing fraud on a massive scale and should be in jail! They bet that either 1) values would continue to rise or 2) if the values fell then they would get bailed out. They were right because both parties owe much of the contributions to their re-election campaigns to those very same people. Corporations rule our country.

chipeeps: (November 10, 2010 9:45am)

Don't kid yourselves. The Fed Rule as it stands now benefits the big banks. Repubs are in the back pocket of the banks even more than the Dems. Also, if we at the bottom of the food chain are able to be targeted as the "bad guys" in this mess then the guys at the top of these big banks, investment bankers, ratings agencies, etc. can escape the heat they deserve. The Repubs have nothing to gain by supporting us.

HvyHitter: (November 10, 2010 9:42am)

Somebody slap ReyC. Obviously he knows very little about the democratic p[olitics that went into this financialmelt down. Starting with the fact that the liberals are the ones who thought that everyone should have a home regardless of the fact that they couldn't afford it. The loan programs were the result of FNMA selling off junk notes and guess who was running that. Oh and the watch dog was Geittner, who is now the treasurer

W.R.Buchanan: (November 10, 2010 9:36am)

NO rey: Barney Franks and Chris Dodd provided the frame work. BUT,,, If you really want to point a finger, aim it directly at Goldman Sachs. They are so far ahead of us in planning it is redic, and you have no idea what they've got planned for our economy. It is safe to say, it won't include us in the profits column! Randy

W.R.Buchanan: (November 10, 2010 9:33am)

Godlike: I have been on this blog harping on people to join the CCAP for appraisers. People just don't get it. Either you organize into a group so you have strength in numbers or you get screwed by them that do have the numbers. This is WAR! You Namby Pamby's out there better get off your duffs and choose a side. I heard yesterday that RELS still has it's old "IN-House" appraisers working at home for them, and is paying their health ins, data sources, and virtually all expenses! WTF!!! that one wouldn't pass the Workmans Comp Smell test on a good day. Even if you work for RELS or Corelogic and they give 70-80 assignments a month (which you do for $175ea) Sooner or later they will influence regulation to eliminate you and everybody else who doesn't work directly for them.(OH,excuse me, I guess YOU"LL still have a job won't you?,,, AT EVERYONE ELSES EXPENSE!!!) People that don't belong and support a group SUCK!!! People that belong to a group and work for the other side really SUCK!

ReyC: (November 10, 2010 9:19am)

Why would one believe conservatives might be more receptive to our plight? It was the previous conservative administration of 7 years that provided the infrastructure for our financial debacle. And the same administration that began the financial industry bailout. Let's not label the short attention span as ideologue.

cgappraisals: (November 10, 2010 9:06am)

Appraisers, just read the TAVMA letter/comment to the FED's to get fired up. What they say about fees and how they feel for trainees coming in to the business makes me sick. The AMC low fee climate doesn't allow trainees to get business right now. They want to use FHA guidlines on fees. "let the market decide". DAH! Its not a real free market when AMC dominate the ordering. How can that be a free market? Thats why HUD sucks by not having the balls to follow through on there vayge statements and AMC's can capitalize.

GODLIKE: (November 10, 2010 8:56am)

Where is the link for comments on the new appraisal bill. You know, the bill that appropriately ends comments on April Fools Day.

GODLIKE: (November 10, 2010 8:54am)

When I sent my NAMB poll in it took me to the membership page. What I feel is THE limiting factor to NAMB's effectiveness is the number of members. I'd really like to join, but they won't allow me to unless I also join the state board. Anything that artificially limits membership limits NAMB's clout in Washington. They need to open membership up to everyone and get the numbers up. I told them so - AGAIN!

cgappraisals: (November 10, 2010 8:54am)

5pence, mine is on there with 73 others I saw. Come on TBWS weres the rally call. My rally cap is on. I can't believe theres only 74. Wheres the troops when you need them. This is it. Everyone write to the FEDs on effects of HVCC. Its not dead, Interium rules are using it as a guide. FEDS aren't listening and interpreting the DODD/FRANK Bill incorrectly. Heres the link. scroll to 1394 and hit add comment. You'll need to fill in your name, email and make sure you have the right Docket # at top of comments. I wrote mine in Word then copied it in the box for my comment. Lets go troops! This is it. www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm

joecolorado: (November 10, 2010 8:47am)

the problem seems to be that the pols dont work for the people that put them there.They work for the donors,the biggest donors currently are big banks and insurance Co's among many others I'm sure,if & when we can get money out of politics we will have home rule for the masses.Pols work on party lines,but when they switch parties they should be required to vacate the position as they dont represent the majority of the people that put them there.(I was floored when Ben Nighthorse Campbell(for one)switched parties mid stream and yet retained his seat).WTF. Pols have their own rules,riff raff dont count,they will follow and do as they are told.The tail wags the dog and the dogf is now too big to castigate.Stupidly,the riff raff are putting these people back in power 'cos they dont follow what is actually happening as they are just following party lines,my dad voted rep or dem so I'm going to.

5pence: (November 10, 2010 8:42am)

I filled out the NAMB questionnaire guys, thanks.

joecolorado: (November 10, 2010 8:34am)

If the appraisal detail or work load is for a property that does not meet your fee schedule, why would you even consider doing the appraisal?I turn down appraisals daily that are offered for R&C fees according to the offeror,but I am the one that considers what my R&C fees actually are.When they dont meet my expectations,then they are not R&C,I just turn the offer down.Why would anyone consider doing a job for anything less than they consider their worth beats me.I know that mouths have to be fed,but there are limits, you just have to find out where your limits begin and end.

5pence: (November 10, 2010 8:20am)

To quote leading economists : We will not have a recovery until the banksters are prosecuted for 100 degrees of fraud.

5pence: (November 10, 2010 8:19am)

The rules should be written around the consumers needs and wants, not the banks needs and wants.

5pence: (November 10, 2010 8:09am)

cgappraisals : I wrote 2 letters to the Fed (Bubble Ben and Sandra Braunstein) about R & C appraiser fees and neither is posted on the Fed website. The TAVMA letter is there and a bunch of letters written before and after mine are, but neither of my 2. Were my letters censured? Anybody written the Fed about reasonable and customary fees and don't see their letter posted? Here's the location on the Fed website : http://www.federalreserve.gov/generalinfo/foia/index.cfm?doc_id=R%2D1394&doc_ver=1&ShowAll=Yes

5pence: (November 10, 2010 8:03am)

What really bugs me about all of this is that the consumers concerns are the least important factor in these decisons to privatize, by the banks, mortgage brokers and appraisers - when consumer input is all that should be considered. When all you have is industry participants making the rules, the consumer is going to lose out. Lose out big time too. It reeks of cronyism and certainly isn't a democratic process.

100%: (November 10, 2010 7:57am)

This rule goes against everything our country stands for. Business is a competition and I want the ability to win my clients business even if that means that I am making less. AND YES SOME LOANS ARE MORE DIFFICULT AND TIME CONSUMING THEREFORE DONESN'T THAT WARRANT ADDITIONAL COMPENSATION? Does a CPA charge the same for a personal tax return as they do a business return? NO it is more work. Does a doctor charge the same for a regular check up as they do for a surgery? NO it is more work. Does a lawn mover charge the same for a small yard as they do a major commercial property? NO it is more work. Why should we be treated differently?

Daggone: (November 10, 2010 7:42am)

DallasLoanguy. You got me wrong. I only have to think back to the days of DeLay, Hastert, Ney, and Boehner, and the list goes on and on with all their lobbying friends to reflect on the reality of changing the guard. I'm not a fan of either party, I'm just pointing out the truth and I hate it when either party stands firm with their PARTY and not call a spade a spade.

GODLIKE: (November 10, 2010 7:28am)

My NAMB poll was long. Here is what I put for my last paragraph: "Do any snow sledding as a kid? Did you ever get scared and try to stop your sled part way down the hill? You couldn't could you, well not without a big wreck. This and other bills like this remind me of when I was a kid snow sledding. Where do you stop? HOW do you stop? What's at the bottom of that hill? I see a ravine filled with the bodies of all the people who couldn't buy (or sell their) homes & the people in the mortgage & building industry as well as the Realtors and tradesmen who lost their livlihoods. On the other hand the Big Banks see all their competition in that ravine and they see much larger profits in their future. Is that what's best for the consumer and the country?"

ddurbin: (November 10, 2010 7:14am)

Regardless of your thoughts on the Fed, etc. This new regulation is going to have a crippling affect on our industry. It looks almost impossible to implement, as has been mentioned, if the only factor that can affect our compensation is the loan size; how can we/the lender make adjustments for the 641 FICO 95% LTV income property? Impossible. So rates will be the same for them as for the 780 FICO with 30% down? Huh? Also, lenders can compensate based on the volume brokers send them (and other factors like pull through, etc.). So I'm going to be pigeon holed into sending my loans to only 1 lender to get the best pricing? This basically makes me an LO for one of my lenders and severely limits my incentive to "broker" with other lenders. It also gives larger brokerages with more volume a better ability to beat me on pricing. The current system works fine...the fleabags are out of the industry and what clients don't shop around for the best rates anyway to keep us honest?

austinmtgpro: (November 10, 2010 7:07am)

This is a simple concept in America; most people are taught it when growing up. It’s called "You shop around for the best deal" regardless of what you are buying, a car, a computer, a television or a house and home loan. Companies that can deliver the best deal for the product you are buying often win the business. When you limit compensation, the consumer’s ability to shop around becomes restricted. Realtors commissions are not fixed they can charge more or less than the common 6% amounts. Many charge less to win the business. Not very many are able to charge more and get the listing. The consumers who shop for the best deal get the lower cost listing, and the consumers win. If Realtor compensation was mandated by law to be fixed, consumers would not have a choice and could not benefit. The Loan Originator Compensation rules are the equivalent of the same thing; it fixes compensation which restricts consumer choice.

DanSchweihs: (November 10, 2010 7:05am)

Independent mortgage firms are probably toast. America seems to need to try “Wage and Price controls” again; let it fail again; and then change the law back to fair competition on a level playing field. This time “Wage and Price controls” have been packaged so well that America needs to do the same thing over and over again expecting different results. For the next few years, the laws will continue to stack up against independent mortgage firms to protect the consumer from competition.

DanSchweihs: (November 10, 2010 6:56am)

The politicians made a law called “Wage and Price controls” to stop inflation in 1971. No kidding, a law against inflation. Look it up on google. One of the great things about America is that we try stupid things and when they don’t work, we stop doing them. Wage and Price controls sound good when renamed if you talk real fast. Wage and Price controls have never worked except worked during a war or other time of national emergency. A freeze on the wages in only one segment of the market (independent mortgage companies) only benefits the other segment of the market (Banks). Limiting competition has never benefited the consumer. The harsh realities are the independent mortgage companies are the low cost provider. No corporate jets; expensive branch offices, expensive advertising, etc. The big banks need to have their lobbyists get the politicians to create a slanted playing field because on a level playing field, the low cost producers will drive them out of business.

GODLIKE: (November 10, 2010 6:43am)

One of the main issues I see with this and other rules is that it will kill loans for people who have more complicated situations and need more work than their bretheren with 800+ scores, 20 years on their job and $1,000,000 in the bank. We help people get their credit corrected either to allow them to be able to get a loan or to get their scores up enough so that they can get a lower interest rate. With this rule we won't be able to spend the time.

DallasLoanGuy: (November 10, 2010 6:41am)

Interesting conversations.... And some very disappointing partisan liberal dribble by someone who must have had a bad night on Nov. 2nd.

mdeery: (November 10, 2010 6:05am)

Here is the correct video about the Federal Reserve and who and why it was created! "The creature from Jekyll Island" http://www.youtube.com/watch?v=7auQEXTWomA&feature=related

Daggone: (November 10, 2010 6:04am)

BEING REAL. If you guys think the new faces in Washington have any intention of helping out brokers you are nuttier than fruitcakes. The Big 4 have been writing the rules under republican rule for years. With more repubs expect a speedier demise of brokers. The new very tan leader of the house makes it very clear he has no problems with bribes, Ahhhhh lobbyists. NAMB would have been well served 2 years ago to NOT increase their fees in a time when brokers were broke.

mdeery: (November 10, 2010 5:58am)

The Fed is just an arm of the banking system. It was created as such back on Jekyll Island all those years ago to make sure the banking system would make all the rules. Check out this video "The creature from Jekyll Island" to learn who created the Fed and why it was created. Unfortunately 99.8% of the US population & 95% of loan officers including ALL of congress, do not actually have a clue what the Fed really does, and what this new compensation rule means for the future of loans and rates in this country. Once you understand why the Fed was created perhaps people will wake up to realize what they actually do. But it is just like health care, if congress and even the president do not read it and understand what is in these bills, then it is just a big pile of cow dung that will be thrown on the people, and quite frankly we will deserve what we get for not educating ourselves on its consequences. Wake the hell up America. Watch this video http://www.youtube.com/watch?v=eLjZPTbRdG4

GaryP: (November 10, 2010 4:35am)

Here's another question that just occured to me that I haven't heard mentioned. If we go to a par pricing system, what happens to the whole LLPA system? Will the borrower just have to pay that as discount points? Oh yea, that will work out to the borrower's advantage, won't it? "Yea, Mr. Investor, you'll only have to pay 1% origination, plus 3.25% discount points for that 80% LTV, non-escrowed purchase loan." Yep, that'll go over like a lead balloon. Such a great deal for the borrower. The whole fee/rate system is what I have described to my clients as "pay me now, or pay me for the next 30 years." In most cases, the borrower almost always takes the option of financing costs over 30 years and a slightly higher rate. I constantly have to deal with this when discussing this with customers that are shopping me on construction loans, which are a major part of my pipeline. Yea, you can save some money on title fees on a one-time close, but what does it end up costing in 30 yrs.

frankgaray: (November 10, 2010 4:29am)

The link is fixed guys.. Have at it. Sorry for the confusion. THANK YOU LINDA HALL!!! WE HEART YOU!

GaryP: (November 10, 2010 4:20am)

I know that I'm singing to the choir here, but let me ask the following question. In what other sales profession has compensation based on price been outlawed? Why is the mortgage industry different? Yea, I know, it has everything to do with sub-prime and the abuses of the past. But, how long is the industry going to continue to be punished for the actions of predatory lenders that are probably all back selling used cars by now? We're talking about the difference of .25 -.50% in rate here, not 10% rates on a sub-prime loan. Often times, those that are getting higher rates are the ones that I have to work my butt off to get qualified for a loan in the first place, not the super high FICO A paper borrowers. That's going to be especially true now that the big 4 have raised their min. FICO overlays to 640 on FHA, which has not been discussed here. I just got the score of a borrower up by 39 points. How do I get compensated for that extra effort and service?

linda-joey: (November 10, 2010 4:15am)

Since the link is not working, and we know Frank and Brian are traveling this morning...go directly to NAMB's website to complete then call to action: http://www.surveymonkey.com/s/X8J9GNW

tbwbrian: (November 10, 2010 4:09am)

Sorry for the confusion guys, NAMB seems to have pulled the survey for some reason. We may have to pull the video. We're looking into it now.

southloan: (November 10, 2010 3:33am)

Try this link: http://www.oldecitylending.com/Public/Home.aspx It's called NAMB/Air or http://nationalmortgageprofessional.com/news15786/new-blind-appraisal-ordering-system-permits-brokers-order-appraisals Whoops! That takes you to the HVCC company that is owned by NAMB. Sorry guys, the fox is guarding the henhouse, now. NAMB has no credibility. If they have ownership in a HVCC company, then how can they lobby against it?

TheHomeFinancier: (November 10, 2010 3:16am)

Hey guys... I'm a monkey... But why does clicking on the NAMB banner take me to SurveyMonkey.com? I stupidly created an account there only to hit a dead end with trying to get to the NAMB questionnaire... Can you please review the URL pointer associated with the banner? THIS IS IMPORTANT and I want to participate (and send this link to EVERYONE I KNOW)... Washington's attempt to limit loan compensation is an attack on Free Enterprise and MUST be stopped... What's next? Will Car Sales compensation be limited? Car Salesmen effect far more consumers than Loan Officers... Anyway, please check your link... THANKS!

findlarry: (November 10, 2010 3:09am)

To bad the NAMB link is NOT working...you had a great inspiring video for all of us to vote.

Loan Producer: (November 10, 2010 2:58am)

Hey Guys, when I click on the NAMB link it states thanks for taking the survey, it does not allow for any content