Linda..I: (January 18, 2011 6:33pm)

You are right. And speaking of FRAUD. I can't wait for the latest Wiki revelation regarding the off shore tax fraud.

Mike8307: (January 18, 2011 6:14pm)

Linda... you're right it only affects a very small number of people.... NOW. And when the Alternative Minimum Tax was instituted it only affected about 125 people. But because it was never indexed for inflation it now affects 100,000's. NO NEW TAXES. You don't give an alcoholic a shot of Jack and say, 'It's only an ounce.' When have you ever seen a tax repealed. Once they're on the books they're there forever. Mission creep, regulation creep, taxation creep, government over reach creep. It all happens slowly and then you wonder how you ever got to where you are. By pointing to Mortgage Fraud and Bank Fraud, you forget to point the finger at the biggest cause, Federal Government Fraud, Interest Rate Fraud, Fed Reserve Bd Fraud.

Linda..I: (January 18, 2011 5:40pm)

Before a rumor is spread that will SCARE people regarding the 3.5% sales tax the facts should be checked. Please read the entire article to find that only a very, very few very rich people will be taxed. It will not effect the majority of people and will not hurt the real estate market. MORTGAGE FRAUD AND BANK FRAUD is responsible for this market. http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

jweig: (January 18, 2011 3:18pm)

F&B: Has anyone discussed or brought to light the 3.8% sales tax on homes sold starting in 2013, that was part of the 2010 Health Care Reform legislation? Apparently this tax would help pay for this legislation! This is ludicrous, no one will sell in 3 years.......adding further to the already "hindered" real estate market.

Valuequestor: (January 18, 2011 12:52pm)

Most surviving appraisers, brokers and agents fall into the Alt-A category. I'm waiting patiently(trying) for the private lenders to re-emerge from the ashes. I'm excited about Ron Paul overseeing the Fed. It could be a good/better year.

AustinLender: (January 18, 2011 11:29am)

are you guys trying out for the new Geico spokesman?

Evil Genius: (January 18, 2011 9:47am)

Mike8307: you are right on! http://realestatemarbles.com/newgeneration I have 120 pages of new guidelines to service this non-serviced faction of borrowers.

5pence: (January 18, 2011 9:41am)

Yeah Mike - it bothers me systemically.

Mike8307: (January 18, 2011 9:18am)

It bothers me in a fundamental way that the government is in the business of home lending at ALL. It bothers me to have to go to any government for anything. It puts too much power in their hands, and over our lives. Investments are bundled and securitized everyday. They are called mutual funds. It was through Gov't strong armed legislation years ago that the public was convinced that the government was the only body that could handle this business. Obviously they can't handle it, it became a home ownership for the poor program. The purpose of securitizing the debt was to redistribute (and minimize) risk, not redistribute wealth. Well home lending became a political football and now we're still scraping it off the bottom of our shoes. I predict that private lenders will emerge, they have to. The Alt-A (true Alt-A) market is not only under served, it isn't being served at all. There is a lot of pent up buying power from those who can't necessarily produce W-2's or 1099's.

Joebob: (January 18, 2011 9:12am)

Sure, the exposure will hurt--a little. But the plain facts suggest that if the banks are too big to fail....well, what about the taxpayer-subsidized GSEs? And then the red-faces when faced with closure...Barney, Timothy, and many other Beltway Boys would be scandalized. Good Heavens! Not gonna happen. Even if Tim WASN'T the smartest guy in the room...he and his cohorts have control of the purse strings and Obama's ear. And, even though Barak and his Czars have been chastized, they're STILL in control. Sure, there will be some face-saving changes, but look for the backroom deals to coalesce and keep the GSE's afloat.

Concussion: (January 18, 2011 9:06am)

Bad BofA! Maybe they should start giving back some of the money to the homeowners who lost everything just by purchasing their loan products.

5pence: (January 18, 2011 8:49am)

I voted No on the poll because with Ron Paul being the head of the Fed oversight committee, the scams of the Fed and the GSE's and the banks could be exposed for what they are. Also, with Julian Assange and wikileaks releasing dirt on the banks, their scams wil be exposed eventually. Now whistle-blowers are volunteering new info to wikileaks about the banks and all the corrupted organisations we see. Freedom of the press, you gotta love it.

5pence: (January 18, 2011 8:35am)

The GSE's and FHA and the banks are in collusion to keep scamming the public, acting like they're trying to make a global market for their MBS's, when they're not even really trying. It's all an act. From HVCC to the new and improved and approved by FHFA new HVCC rules. The banks and the GSE's are not trying to be consumer friendly and they're not trying to regain the trust of the world for their MBS's and CDO's. It's obvious to everyone except to those that Geithner pull the wool over their eyes. Nope, this is just to sweet for the banks, they get to drain the taxpayer dry before they even have to try to make a real global market for theie MBS's. For the taxpayers, the GSE's are a lose/lose proposition. Here's my plan. Talk to big investors world-wide and find out what they need to become buyers in the MBS market and draw up the rules around their wants and needs and get rid of the GSE's. My bet is that this would also get rid of AMC's and HVCC in any of it's perverse forms.

5pence: (January 18, 2011 8:26am)

With the GSE in conservatorship wholly supported by the taxpayer, why aren't we stockholders? That way if anything good happens with them, the taxpayer benefits. But no. And they're not even trying any other way than the way things are are - taxpayer supported forever. They're not trying to transition the MBS market to a world wide market of private investors to eventually get rid of the GSE's. The banks are not making a global market for MBS's - what they've got is too sweet a deal with the taxpayers buying whatever they can write up. No investors are calling the shots of how they want their valuations done - which is the way it's always been and it kept the banks in line (somewhat). The banks never had it so good. There are no bosses (investors) above them demanding quality. And with the GSE's they get away with paying pennies on the dollar for their bad loans - Sweet ehhh? Not so sweet for us. How about I pay pennies on the dollar for my debts? And not just once, but continually.

smithchelle: (January 18, 2011 8:15am)

Watchingya: It depends on your state. Typically, its a fine of $5000-10,000 per occurance. Also, most wholesale lenders are requiring a valid NMLS ID from originators in order to close a loan. I doubt anyone can function effectively in this business for long without being licensed.

Artisan: (January 18, 2011 8:03am)

Here is an idea for some struggling appraisers! I have been using my relationship appraisers to help me prepare and submit rebuttals. I see this as a great opportunity for some. I have been paying him $50-$100 and he has helped me save a few deals. The big lender process is to have you the originator submit the rebuttal but you don't really have the skills to do so. Just an idea. When I was submitting rebuttals, NO change but my appraiser has been able to pick out actual errors which have resulted in better values. What do you think ?

Watchingya: (January 18, 2011 7:38am)

ok,, quick question. What happens really if you are originating loans with no NMLS clearance? Who is is checking? How does one report a person working with no NMLS clearance?

Noel Cookman: (January 18, 2011 6:16am)

One more thing in a foreclosure - a buyer, a lender and other related folks who are willing to wait for months for what perhaps may not be a transaction after all (in the case of a short-sale in a foreclosure) or the same in the case of a foreclosure that could well be challenged or stopped by a court or even the current mortgagee. This is NOT to invalidate your point, only to take off any rose-colored glasses for those who might think that it's "the-same-as-any-other-transaction" sort of market.

GaryP: (January 18, 2011 6:16am)

Dan, who do you think is going to buy our loans if BoA is split up? Do you think 50 small state banks will be doing the buying? All of these ideas sound great until you start to consider what happens to the entire system that the big banks created. My take on the GSE's is this. If it wasn't for the legacy costs of old loans that are non-preforming, they would be making money right now. Eventually, we will work through this mess and they will be able to start paying back the treasury, just like the banks have on the TARP funds. If we shut them down now, the taxpayers will never see a red cent of what has been pumped into the GSEs to keep them afloat. Besides, what are we going to replace them with, new, regional mini-GSEs, as has been proposed? Other than the size, what would be the difference?

DanSchweihs: (January 18, 2011 5:42am)

If I intentionally committed fraud and perjury over and over again on a corporate level (a crime), I would also be on the hot seat. And I should be on the hot set. If a company commits a crime on a corporate level (Enron), they cannot do business with the US government. A smart politician could suggest a settlement for BofA if they agreed to split up into 50 small, state regulated banks. These small state regulated banks would not be too-big-to-fail. They would also not be too-big-to do loan modifications, provide reasonable customer service, etc. Uncle Sam has a history of breaking up large firms. This cycle, Uncle Sam has encouraged mergers and changed laws to make the too-big-to-fail banks bigger. This has not worked well in the past. Dan

jplapf: (January 18, 2011 3:24am)

In 2009 the Obama administration made an open-ended financial commitment to FNMA and FHLMC. The administration's next step was to approved bonus payments of $42 million to 12 top executives for 2009. Can't wait to see what these 12 executives received for their 2010 results.??

Wreckage: (January 18, 2011 12:54am)

Fannie and Freddie are a done deal. Their stock has dropped from $92 to $0.032 per share and they are no longer traded on the big board. It would be political suicide to suggest that the tax payer should continue bailing out the entities that are taking our homes from us.