FRB Fed Rule Fights Back - 01.28.11
Today's Poll: Are you surprised that the FRB's compliance guide is so small?
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GODLIKE: (January 31, 2011 11:24am)
MEDIA COVERAGE is required to make either one effective.
GODLIKE: (January 31, 2011 11:23am)
Hmmm I suggested a sick out and everyone said it was useless now you're calling for a nation off work day April 1. What's the difference?
5pence: (January 30, 2011 3:45pm)
Lets face it, "Winning The Future" has left "Yes We Can" in the trash heap and "At this defining moment, change has come to America" from Nov 2008 has been left in the trash heap for "This Sputnik Moment" LOL! Anybody let down? Sputnik? What is this "Back to the Future? Can we get more weasel words "One of our defects as a nation is a tendency to use what have been called ''weasel words.'' When a weasel sucks eggs the meat is sucked out of the egg. If you use a ''weasel word'' after another there is nothing left of the other." Theodore Roosevelt Definition of Weasel : To be evasive; equivocate­. Phrasal Verb: weasel out. Informal : To back out of a situation or commitment in a sneaky or cowardly manner.
massaro: (January 30, 2011 6:54am)
The Fed does not have the legal constitutional authority to set indivdual incomes. Hey let me know in What Private industry the compensation is Limited ?
5pence: (January 29, 2011 6:10pm)
Inverted totalitarianism - where the cost-effective finance trumps politics. Are we headed for feudalism. http://www.youtube.com/watch?v=vteQnUmCj9U
george: (January 29, 2011 11:38am)
Hey Guys, are we missing something here? Short guidance by its silence gives us great latitude to be creative. Are we sure we want more restrictive guidance? Give it another thought or two. Maybe I missing something, but it appears we currently have a range of possible solutions. Furthermore how can you be guilty of non compliance if you meet the limited stipulations in those four pages. Let's hear what anyonw else thinks. I don't want to force the Fed to paint us in a corner. Their specific solution will be worse than what the industry develops. Lets hold up here for some time to analyze what this means. Don't let anger of misguided legislators and regulators cause us to be silly. Have a great weekend!
5pence: (January 29, 2011 8:39am)
I say our country is only slightly less corrupt than theirs because a new shift has happened here, the elite are never guilty. That is the destruction of Democracy, national sovereignty and free markets - more to come as the banksters perfect their corruptions on us. While their corrupt government was years in the making, ours is a fledgling new-born with great promise for the elite. IMO
5pence: (January 29, 2011 7:56am)
Insisting that the banks are never guilty of any crimes is a step back in time, to maybe 300 years ago. I don't have any analogies from that era, it's just an observation. And yes, we've been tried and found guilty without a trial because the banksters couldn't have done it, so we must have.
5pence: (January 29, 2011 7:50am)
Some people are saying what's going on in Egypt is Bernanke's fault for exporting inflation with QE2 there. These people were already paying 40% of their wages for food and now food prices have risen. CNN keeps saying that the people want Democracy - I really don't think that's why they're rioting. I think they're sick of speculators causing inflation and higher prices. A pure form of Democracy I can see, but our government is only slightly less corrupt than theirs. We need to prosecute the banksters and stop their speculating on necessities. IMO
19Gemma48: (January 29, 2011 7:43am)
The Fed does not have the legal constitutional authority to set indivdual incomes. That is not their mission or mandate. Likewise, anytime a government rule or reg is written up it is purposefully vague so that the government can interpret the way it deems necessary. I dealt with GSA and the government for years and have been in the Mortgage business for 15 years now as a wholesaler. Unless there is a concerted effort with multiple ways of addressing this issue and unless those that know Federal Judges and or Congressmen/women and, get their attention ond form a group that goes after a stay on this reg it will happen. In addition, it should not be attacked on it's merit as it legitamizes the act in and of itself. What should be questioned is the right of the Fed to do this to begin with. The Federal Government has destroyed this industry and I personally have lost 80% of my broker clients as they have left the industry. We were presumed guilty w/o trial.
19Gemma48: (January 29, 2011 7:43am)
The Fed does not have the legal constitutional authority to set indivdual incomes. That is not their mission or mandate. Likewise, anytime a government rule or reg is written up it is purposefully vague so that the government can interpret the way it deems necessary. I dealt with GSA and the government for years and have been in the Mortgage business for 15 years now as a wholesaler. Unless there is a concerted effort with multiple ways of addressing this issue and unless those that know Federal Judges and or Congressmen/women and, get their attention ond form a group that goes after a stay on this reg it will happen. In addition, it should not be attacked on it's merit as it legitamizes the act in and of itself. What should be questioned is the right of the Fed to do this to begin with. The Federal Government has destroyed this industry and I personally have lost 80% of my broker clients as they have left the industry. We were presumed guilty w/o trial.
doitright: (January 29, 2011 7:30am)
I will say it one more time , you can write 10,000 letters to Congress they will not get opened by a Congressman just an aide and they have been told trash it . Last time I am going to say this to every loan officer out there. If you deserve change as your grandparents did from unfair labor practices, for less then 3 dollars a month we can have NLOU. On April First we can make a huge statement, want a mortgage then lets see how fast BOA, Wells, Citi and JP can train one? If you write to the Fed, Congress hell even Obama is goes unread. Time to bull out the guns on April First no loans will be written it will take all of us. This will force the NRA, and the appraisers to join in. We can shut this whole thing down. [email protected] Thank you all lets make a real change and thank Frank and Brian for allowing us to vent but that is all it is venting, now lets get something done . First issue at hand our pay and commissions we deserve, the Founder NLOU
REORealtor1: (January 29, 2011 5:51am)
I am encouraging everyone I know to pull their banking out of the big banks. Why are we supporting these idiots? We all complain about them but yet support them by leaving our money sitting in their coffers. Silly us. Maybe we should set up one day for EVERYONE to go in at the same time and shut down their accounts at BOA and Wells and Citi and Chase?
Polaco: (January 28, 2011 10:06pm)
Guys, that is not a good time to fight. We have to get togheter , make a plan and implement it. I believe that the best away to stop this to take efect by 04/01 is go to court and get an stay. But in order to do that we have to get togheter and form an association, (Guild will be ok) and collect money from everybody to pay the lawer. I think that 20.00 dollars is reasonable. +After we stop the reg to take place we can start a plan for lon run. The only thing I know for sure is that we have to find the way to stop this no sense. Whatever the majority decide I am in. I was in a town hall meeting with my congressman last night and I spoke with him about that and I am sending him a letter. When I ask him if he know about SAFE ACT his answer was NO. Please, feel free to contact me at [email protected]
5pence: (January 28, 2011 6:54pm)
From Ron Paul : With the new Republican majority in the House I will have the opportunity as a subcommittee chairman to take a careful look at our domestic monetary policy. I am excited by the prospect of real oversight of the Federal Reserve, but I also hope to focus on the important ways in which our foreign policy and monetary policy are related. Just last week the Financial Times reported that the limited oversight of the Federal Reserve allowed by the passage of a watered-down version of my Audit the Fed bill revealed that approximately 55 percent of the loans made available under the largest Federal Reserve bailout program, the Term Auction Facility, went to foreign banks! This is but one example of the real cost to Americans of maintaining its empire overseas, and it cries out for more transparency and oversight. http://bit.ly/fpwaEQ
5pence: (January 28, 2011 6:40pm)
And he has created the illusion of “recovery” – by goosing up prices of stocks and commodities. Bad policies. Bad in the short run. Worse in the long run. ** Thanks Bill Bonner, well said.
5pence: (January 28, 2011 6:39pm)
Bernanke: “We got in trouble in the first place by making too many bad loans, right. So you’ve got to make good loans. We’ve got to have credit worthy borrowers.” He’s right: we got into trouble by making too many bad loans. But why did “we” do that? Because the Fed lent money too cheaply! It encouraged speculation and risk taking–especially by the banks, who must have known that they would be bailed out if they got into trouble. And how could the Fed remedy the situation? Easy. It could raise rates-as Volcker did. It could put the squeeze on speculators. It could raise reserve requirements. It could allow the banks to go bust...send them a message they wouldn’t forget. But what has Bernanke done? Just the opposite. He has rewarded the reckless speculators by buying up their bad bets (adding $1.7 trillion in trashy MBS's to the Fed’s core holdings). He has cut rates even more...bringing the effective rate down to zero for privileged borrowers. created the illusion of “recovery”
5pence: (January 28, 2011 6:32pm)
Let’s see how the present economic model works. You spend $10 trillion on bailouts and stimulus. This puts the whole country on course for bankruptcy...where the Chinese are telling you that your money is history...and the rating agencies are threatening to take you down a notch or two. But for your trouble you get, say, 4% growth. Hmmmm...4% growth is equal to about $560 billion more GDP. But don’t look too closely. Much of this extra GDP is debt-fueled government boondoggling which adds nothing real to the nation’s wealth. But in order to keep this “growth” going, you have to continue to run deficits – of about a trillion dollars a year. Hold on...what kind of business is Ben Bernanke running? --from Bill Bonner
5pence: (January 28, 2011 6:29pm)
Chinese President Hu Jintao: the US dollar-based monetary system is a “product of the past.” He is right about that. And last week two major US credit agencies – Moody’s and Standard and Poor’s – underlined the point. They said America’s triple A credit rating would be lost if the nation continues to borrow so much money. Amen to that, brother... But how can the US borrow less? Ben Bernanke says the US economy will probably grow between 3% and 4% this year. Pretty good, huh? We can stop worrying, huh? Wait a minute. We don’t know if the US economy will grow this year...and neither does Ben Bernanke. But even if it were to grow at 3% to 4%...would that mean we were enjoying a genuine recovery? Could the US dollar-based monetary system hold up after all? Could it surprise the Chinese and be a product of the future as well as of the past? PART 1
5pence: (January 28, 2011 6:22pm)
Here's a link to Ron Paul's citizens petition for an audit of the Fed. This time it'll get done as he's going to be the head of the Fed oversight committee. It's about time the Fed is exposed and if you agree, sign the petition. Thx http://chooseliberty.org/auditthefed.aspx?pid=rm1
5pence: (January 28, 2011 6:19pm)
I'm reading more about Ron Paul - the guys a true visionary in the mold of the founding fathers. IMHO. Here's a link to his stances on nearly everything under the sun. The media and his own party don't like him because they can't understand him and he gets left out of TV presidentual polls even though he garners a huge percentage of votes ! http://www.ontheissues.org/tx/ron_paul.htm
W.R.Buchanan: (January 28, 2011 4:27pm)
Appraiser Micro: NO the second ammendment is the last line of defense against tyranny.You try to talk them out of their wrong doing ways, and when that fails then the shootin' starts.Just like it does in any war situation.Problem is it takes alot of people with guns doing the same thing to make the correct impression.Otherwise you're just labeled as a nut cases and nothing happens but your prosecution and ultimate death.BUt really I don't see any change in the banking industry without some kind of negative consequenses for the prepetrators. If you were able to steal literally trillions of dollars and get off scot free, why would you stop? These guys don't have a magic number at which time they decide to become non criminal, they won't be willing to quit until they have ALLLLL the money and everyone else is in chains. I actually think "Death by Bonga" is a more appropriate sentence for these guys. If you don't know what that is,ask around.Plenty of people do.Then you'll agree fosho
Don Pedro: (January 28, 2011 2:35pm)
I've received two emails today from lenders for something called "Operation Overwhelm" urging us to contact our people in Washington. Do you have a email I can forward to? I am hoping for someone with good writing skills to write a letter we can all use to blast out.
ATLMTGMAN: (January 28, 2011 2:01pm)
The reality is WE have allowed this to happen to us by not unifying as one voice. We sat idly by and hoped NAMB will "take care of this" for us, or that it will all magically go away. So regardless of whether we "unionize" or not, it's all meaningless if we don't come together in a collectve voice. One of the problem is there are too many different voices with too many differing opinions to speak as one. The other problem is most just don't give s%&#. I propose we all just shut the f$#% up and support NAMB fully and let them do what they need to, otherwise we're all doomed to whatever the banks and the bafoons in DC have in store for us. Oh, and start practicing "would you like fries with that?".
5pence: (January 28, 2011 12:56pm)
I like Spitzer. Unfortunately the first speaker says homeowners borrowed too much money. THAT is not the point. The point is that the banks should not have made loans that they knew would fail. They put mortage time bombs in the market that exploded and took down the housing industry and our financial system. The group there is wondering why no one was prosecuted - They should talk to Bill Black, it's for the reason I gave below. According to the FBI, Banks are above the law when it comes to fraud and crime.
Appraiser Micro: (January 28, 2011 12:33pm)
Sorry: The second is not the last line of defense, because the first comes before that. You're exercising your first right now. Nice job.
Appraiser Micro: (January 28, 2011 12:33pm)
I'm going to repost this: http://parkerspitzer.blogs.cnn.com/2011/01/27/report-great-recession-was-avoidable/ / Where are the prosecutions? / Buchannan: Correction: The second is not the last stage of defense, because the second comes before that. You're exercising your first as we speak. Keep up the vigilant work.
5pence: (January 28, 2011 12:30pm)
I mean, if you want to organize without being a union. Unions will not work for us - there's has to be picket lines to cross to work and there are no picket lines with independent contractors. I kind of like JUSTFRANK's idea : The Federal Underwriters Coalition Knowledge Youth Organization Union. The FU, well, you get it - LOL!
5pence: (January 28, 2011 12:25pm)
I do have some hope, but not much. The Pecoro commission was formed in 1933, 4 years after the stock market crash of 1929, and that commission's finding were what led to all those prosecutions (mentioned in my 11:59 post) and the Glass-Steagal act (which was only 17 pages long compared to our Fin/Reg at 2,100+) and other REAL consumer protections - ones that protected us from the "protectors". Our crash happened in 2007-2008 so if times run true to form, we may just yet see some prosecutions coming in 2011-2012. Fingers crossed. I'm hoping that it's true that the wheels of justice turn inexorably slow but they grind exceedingly fine. Still, that won't save us from the plight we're in now. I'm thinking the largest cities should get the ball rolling on forming Guilds and smaller cities will follow. It's usually the largest cities that get noticed and start change.
bcal: (January 28, 2011 12:09pm)
WR are you my long lost brother? You are going places that I would have gone, but didn't think certain bloggers could stomach it. Now that you brought in the 2nd amendment, watch the cry babies come out of the wood work. Mostly Californians and New Yorkers that still think guns jump out of their holsters and shoot people without a finger on the trigger. You are all over it. Keep fighting these Marxists. We won in November and will take out several more in two years. (for all you yellow Retard Democrats -Take Out means - Vote Out). I am trying to watch the discourse.
bcal: (January 28, 2011 12:08pm)
WR are you my long lost brother? You are going places that I would have gone, but didn't think certain bloggers could stomach it. Now that you brought in the 2nd amendment, watch the cry babies come out of the wood work. Mostly Californians and New Yorkers that still think guns jump out of their holsters and shoot people without a finger on the trigger. You are all over it. Keep fighting these Marxists. We won in November and will take out several more in two years. (for all you yellow Retard Democrats -Take Out means - Vote Out). I am trying to watch the discourse.
5pence: (January 28, 2011 12:06pm)
Bubble Ben Bernanke would be in jail if FDR were here and so would every corrupt bank CEO - which means all of them.
5pence: (January 28, 2011 11:59am)
JL, no large subprime lender that directed, committed, and profited enormously from the frauds have been prosecuted. Compare that to the very small in comparison S & L crisis where thousands were prosecuted. This happened in the 30's with FDR: Few today remember that a half-century ago a number of New York and Chicago's top bankers were sentenced into penitentiaries-the New Yorkers into Sing Sing-the senior partner of J.P. Morgan and Company, the president of the National City Bank, the president of Chase Bank. Every one of them had been found to be doing reprehensible financial tricks. They were selling their own friends short. They were opening their friend's mail and manipulating the stock market. They were manipulating everybody. They were way overstepping the moral limits of the privileges ethically existent for officers in the banking game, so a great housecleaning was done by the New Deal. Buckminster Fuller "Critical Path"
5pence: (January 28, 2011 11:53am)
HVCC was for "protection" of appraisers. How blatant is that that this is mob run and a "protection" scheme? It's called "protection" racketeering. Anybody notice any RICO violations that aren't being prosecuted? Racketeer Influenced and Corrupt Organizations law (RICO). Ohh, thats right, the banks and CEO's are above blame, demi-gods and we are just here to serve them and their needs. Barf and spew - here's your iced tea Mr. Dimon
JL: (January 28, 2011 11:51am)
5spence - Lee Farkis, CEO of Taylor Bean & Whitaker has been indicted on serveral different counts and is in jail. Never the less, we, as an industry are fighting an uphill battle that will fail unless we can all act together.
Daggone: (January 28, 2011 11:48am)
If Issa really is collecting data on how the government is getting in the way of business - that is one place all of you need to direct some comments. As to Rand Paul - sent a letter about a week ago, no comment yet, I'll be surprised to see one. For you AMC appraisers out there who get fair pay and are experienced, good for you. In my market all AMC appraisers suck out loud.
W.R.Buchanan: (January 28, 2011 11:34am)
If you don't think I'm right on this point then why is the Presidents new Chief of staff the CEO of JP morgan/Chase! With him in place the banking industry is assured of getting any and everything it wants. This will eventually lead to total chaos resulting in complete collapse of our system. Chaos is the ultimate goal of the far left,(read their manifesto) and our current pres is as far left in his ideals as you can get. Removal of guns from this society is one of the biggest hurdles they face, as guns give us the means to fight back when push comes to shove. Join the NRA! NOW! cuz nothing WE are doing at the legislative level is having any effect whatsoever. Everything is on track for one world govt by the end of this Century, only guns in the hands of private citizens stands in their way, and that's why the founders made it that way. They knew this day would come, because it comes to every great society. Only this time we are talking about the whole planet.
5pence: (January 28, 2011 11:33am)
Protection from the "protectors" can be gotten by forming a Guild. Organization is the only thing that's going to stop these criminals - and Obama is very pro-Guild and union. We can't fight it by blowing banks up or getting physical, but we can fight this organized mob "protection" by getting organized. All major economists say that a recovery will not happen unless the banksters are prosecuted for fraud and that is not going to happen because the FBI and all the other enforcements organizations of the government follow the unwritten doctrine that banks and their CEO's are never guilty of fraud. Read Bill Black, leading investigator of the S & L crisis which was was much smaller than this but produced thousands of prosecutions. Do you think I'm making it up that the FBI and SEC take the stance that banks and their CEO's are never guity of any crimes? Why has there not been 1 prosecution of the CEO's and banks that created the crisis and profitted immensly from it - and still do.
W.R.Buchanan: (January 28, 2011 11:25am)
I was watching Bill Maher's show on HBO the other night and he had James Carville on is his panel. Now I don't agree with much Mr Carville says,but something he said did rang true.He said and I quote "the banks in this country are the single biggest threat to security we have and nobody is doing anything to stop them" Yes, James Carville said this on national TV! As far as knowing what is going on behind the scenes, he is way further up the food chain than any of us will ever be. The whole problem we are trying to correct, and unsuccessfully, I might add, is driven by the fact that the banks have some many people in key places in the govt and so many lobbyists up the asses of congressional staff that it will require legislation to separate them from the positions of influence they hold, and then it will be hard to make sure they are all gone in the end. This is taking on the look of an impossible task. I feel a beneign dictator is needed to clean up the mess, and give us hope again
5pence: (January 28, 2011 11:18am)
We've got a mortgage market that runs like the mobsters strong-arm "protection" schemes where they say if you pay us we won't destroy your business - so you pay. They run the lemonade stand and say it's $25 a glass and you better pay up or face their wrath. That is the kind of "protections" they are offering - no, not offering, forcing. Mortgages get sold to the GSE's and the taxpayers pay for them and it doesn't matter how they're obtained or if there is any competition. The free-market is gone and replaced by "protection" plans. As has been said so many times before by people paying usury under these types of "protections" - we need protection from the "protectors".
NWAppraiser: (January 28, 2011 11:16am)
Asking for clarification? Now you have entered the world of the Appraiser: Fair Compensation, HVCC, and USPAP with Advisory Opinions. "There is no assurance that this Advisory Opinion represents the only possible solution to the problems discussed or that it applies equally to seemingly similar situations". The rulemakers cannot provide clarity it is against the rules. Even the AO clarification statements are exempt from use as a defense of actions made in an attempt to comply with the rules. I hope that I am not charged with a copyright violation for the AO quote, USPAP is supposed to protect the public but the document is copyrighted.
StacyH: (January 28, 2011 11:15am)
It is just crazy, they don't want to put the time in to defining it for us. The four pages should be used as toilet paper
W.R.Buchanan: (January 28, 2011 11:06am)
Speaking of gas prices and speculation driving the prices up again, what happened to that legislation that would have made futures buyers actually take delivery of the product, Oh that didn't happen, so here we go again. The banks rely on the fact that Congress works at the speed of cold molasses, they can commit new crimes and be gone before anybody figures out what they did, and legislates against it. We need a RICO type law for the banking industry that works on a much higher level by holding people responsible for obvious wrong doing even if it hasn't been specifically so classified. Until congress reigns in Wall Street this country will continue it's decline into 3rd world status. And after we hit bottom the people responsible will just move to where the grass is greener. oh sure,,, like the big investors have already bought property in China? Well they have! Randy
bcal: (January 28, 2011 11:04am)
WRBuchanan: Gets it too. Can I convert all of you? You can't be worried about social groups, Unions, Associations and the like. Your Government is trying to destroy your lives. It is owned by Big Banks, Unions and Marxists. WR is correct. They are getting rid of YOU!! You must use the law to stop them. The Constitution is in your favor. The Tea Party is the only group of people that believe in it. Not the Democrats or the Repubs. This must be fought in courts. There is no need for reform, because the problem was created by Big Banks and Govt. to begin with. The system was not broken when left to the masses, but when Big Banks got it, it got destroyed. The current law and the courts is the only way to prevent NO Reform at all. Just enforcement.
W.R.Buchanan: (January 28, 2011 10:53am)
guys: I hate to drop the bad news on you all at once, but the whole purpose of this rule is to stifle loan production or make it so profitable for the lenders that they can justify allocating money to the programs. All of the investment banks have long since redirected their investment funds away from mortgages and on towards new Bubbles. Have you noticed that gas prices are approaching $4.00/gal? Well here's the news you've been waiting for,,, They ain't interested in Mortgages any more. So they regulate it into oblivion. Then the banks take it over, completely with their rules. We no longer have jobs, and in fact I did exactly NO appraisals since November 2010. 2nd rule of Politics: NOTHING is accidental or an oversight. Randy
Daggone: (January 28, 2011 10:53am)
How many responses can we put on this website for Cal Rep Issa???? http://www.youtube.com/watch?v=q45UnYqQ7EE If this link does not work for you, go to his website and watch the video and then all the appraisers and loan officers should bury him in responses!
5pence: (January 28, 2011 10:52am)
I'm doing an AMC appraisal only because they are paying MY fee and the U/W one day asks why I say septic systems are typical for the area. I explained that what I wrote was "not atypical" which means "not unusual" for the area. OK. So 2 weeks later he comes back and asks why I say 2 fireplaces and 2 woodstoves are typical for the area and the adjust them as an over-improvement. Again what I said in the report was that these items are "atypical" for this market. I mean, is this guy in high school? This has been going on for 5 weeks and despite them paying me my usual fee for the job, next time $200 is getting tacked on for these kinds of nonsense stipulations with a hack that can't remember what simple words mean. This is why I hate AMC's - idiots. Guys, do not ignore the great possiblities of forming a Guild. It's not a union so get that out of your head. Are realtors in the union? No. The NAR is a Guild. The AMA is a Guild.
Appraiser Micro: (January 28, 2011 10:51am)
Hi guys. Daggone: Check your labels. I'm an "amc appraiser", but I'm not a "discount appraiser". Please adjust your nomenclature./ FLapprsr: "C&R or Bust" Live it - Love it / 5Pence: Rand Paul is also where the support should be directed, at this time. / Frank: you turned red - welcome to the club. / "Party like it's 1776" / Great article - reference (house of cards): http://parkerspitzer.blogs.cnn.com/2011/01/27/report-great-recession-was-avoidable/
teresatims: (January 28, 2011 10:33am)
PS - having the Cong./Sen. link is very very smart.
teresatims: (January 28, 2011 10:32am)
Thank you guys for the info... I contacted David Drier, my congressman, he can't recieve a video email so i had to go to his website and leave a message and show a link to your website referencing the video... hope he gets it
loppy: (January 28, 2011 10:32am)
If you form the Union, make sure it is affiliated with SEIU. They rep for government employees. Loan officers are, or very soon will be, gov't employees, along with car companies, banks and health care. Need to have another hand in our pocket sharing the reduced commission, sure, that's a great idea.
Skip: (January 28, 2011 10:32am)
"they have to be smarter than the equipment in order to operate it". Problem is the numbnuts that run the regulatory agencies you speak of have truly been "educated beyond their intellegence".
bcal: (January 28, 2011 10:15am)
reddogs really has it right. Ok doitright, I was wrong. I checked the dictionary and you and Unions are not socialists, you would fit more under the Marxist definition. I can't believe that you take loan applications for a living. You must be on salary. Do you have a special deal for the AFLCIO or something like that? epeltier, great blog, socialism is everywhere? I benefit from socialism? You see losers give up. Based on your recent blog, you have given up. I will never give up. Socialism and Marxism will never be a part of my life. It looks like you have given in to the dark side and it has now consumed you. I don't want to argue with you, I feel sorry for you. Disgrace. GET GOVERNMENT AND UNIONS OUT OF OUR LIVES!!! Government is consuming many of you with this crisis. The law is on your side, use it or die.
scvmitch: (January 28, 2011 10:10am)
4 pages is short, but heck, we dont want 2100 pages either. 4-10 pgs would be fine as long as the guide was clear and complete. bernanke is clueless
ben: (January 28, 2011 9:59am)
Ditto mspinetta's recommendation to "Put the Hammer on"! mspinetta: (January 28, 2011 5:16am) I think Frank Garay should to a vido on this... I say Put the Hammer on the morning show tomorrow and PUMP IT UP !!!!"
reddogs: (January 28, 2011 9:53am)
Unionizing is not the answer! That will only cause more issues down the rd. Why can't we get our voices heard through some vehicle similar to the Tea Party? They were very much a part of this last election results. You can't deny they had an impact. Remember April 15th when they organized their events? April 1st should be the day we have similar events across the country.
mdeery: (January 28, 2011 9:40am)
Considering what the current Fed policies of easy money via QE2 are doing to rising inflation and food costs around the world rigth now, which are sparking riots in certain countries that use 40% of their income for food, Bernanke should be hog tied to a bridge in the middle of Cairo where the locals can have their way with him. As for loan officer compensation, we are going to get nowhere with this! Those bastards at the Fed along with the bankers are setting rules to rid themselves of competition and having to police brokers, when lets face it this is a problem that has already flushed itself out as only true professionals remain in the loan officer field. We actually need Ron Paul on our side, the only true advocate against the Fed. Anyways, when the stock market crashes once QE2 is stopped around June, then perhaps there will be justice when "chief Hewlard Packard printing genocide chief PHD I have never had a real job in my life Bernanke" gets the boot.
doitright: (January 28, 2011 9:38am)
How is forming a union to stop and combat the government regualtion of a Loan Offciers pay in any form socialisitc ? Bcal get a dictionary please
5pence: (January 28, 2011 9:32am)
You don't need a union, we need a Guild. Look at what the realtors guild, NAR, did for them! 6% for every closing across the country. We are talking fixed wages but high fixed wages. Think about it. Any organization with Association in it's title is a Guild. They are big across the country, but little known, and Obama is all for them.
jongross: (January 28, 2011 9:31am)
Hey guys I want to write a letter/email to my reps, any suggestions on what to say to get them to actually watch the video?
jongross: (January 28, 2011 9:31am)
Hey guys I want to write a letter/email to my reps, any suggestions on what to say to get them to actually watch the video?
LOonWelfare: (January 28, 2011 9:31am)
04/01/11 NLOU!!!
Daggone: (January 28, 2011 9:31am)
I LOVE the idea of April 1st boycott. We do have groups working for us such as NAMB, problem is they have few members because few of us can afford to be a member today. Working thru NAMB is an idea, personally I'd get on board for a huge march to Washington - and I hate cold weather - but April 1st is too late. As a matter of fact February is probably too late. Lenders are getting on board in February. We need 140,000 loan originators protesting. And to the appraisers out there, I've fought the fight with my lenders and reps in Washington on your behalf because it hurts me badly too; I lost $20,000 in income last year due to AMC appraisers. Washington does not care about our industry; they do not care that the regs are broken daily by banks; they do not have the manpower to enforce the rules. We need to organize regionally, union, I don't know about that, I only fear it is too late.
epeltier: (January 28, 2011 9:19am)
Ah, here we go with paranoid losers tossing out the Socialist label. Some of us are smart enough not to be all freaked out when you trot out Socialism. Please learn a bit about socialism. Here's a hint: It's everywhere. You benefit from it everyday. If you'd like a bit of perspective on Socialism, please read this fascinating article: http://tinyurl.com/4z9nxj7
5pence: (January 28, 2011 9:10am)
They are masters of deception. They call themselves the Federal Reserve so people will think they're part of the Federal Government. They are not part of the Federal Government, they are a private enterprise that the TBTF's are part owners of! What is a non-government entity doing writing laws??!! Of course they are not going to be small business and consumer friendly - that is NOT the business the Federal Reserve is in! The business it's in is making money, like all banks, and satisying it's owners - the TBTF's. Support Ron Paul and audit and then end the Fed. We owe them over $5.3 trillion for their "help" over the years, including the bailouts of foreign banks with our money. The interest on that debt will surpass the entire GDP of this country! Audit and then End the Fed - Support Ron Paul! The Fed has no business writing policy when it can't even do it's own job of making a stable market. The Fed is responsible for not stopping the banks gambling before it became systemic & global
bcal: (January 28, 2011 8:48am)
Dale H gets it. Doitright is a mouthpiece for the socialists. Sorry, you put it in writing.
frankgaray: (January 28, 2011 8:43am)
The email list is there now.. sorry, it missed the page somehow.
texappraiser: (January 28, 2011 8:11am)
JL: HVCC failures can be documented, but Fannie SWEARS that it is working great!
Dale H: (January 28, 2011 8:11am)
The fed knows exactly what it's doing because they are playing into big Business and want the control out of any smaller competition hands. That is what all of the reform has been about-destroying your business and giving it all to the most wealthyist in the world. don't be dismayed by the grand illusion that they want to protect the consumer... it is bs. until we get to the point like cairo is now there will be no change. It may seem a little ratical for most of you. But your government is taking all of us for a ride that last a long time and redistibute the wealth as they want. No matter what you do.
JL: (January 28, 2011 8:10am)
Solution to the problem - Mandate counseling for all borrowers (just like Reverse), specifically for programs and compensation (steering). That way the borrower will be fully informed and can actually "shop" for the best loan, thus increasing competition and keeping fees and rates low. *Also, this will create more jobs (counslers)and continue to help the economy.
clyman: (January 28, 2011 8:09am)
And the wealth transfer from the workers to the top continues.
JL: (January 28, 2011 8:03am)
We already have organizations that fight for our cause, we need to continue to support them. A union wouldn't exactly work for our industry. Fighting for a common min wage is nice in a perfect world (or for big lenders), but the reality for mortgage brokerage businesses is that you have to close loans to get paid. Smaller companies can not pay for min wage, vacations and ins. A producing loan officer is not concerned about min wage. Knee jerk reform by the gov't is also not the answer. There is no doubt that the changes that have come about to help protect the consumer will only do them more harm in the end, we have seen it with HVCC and can document it. I think we need to get the old white board out and dumb down the process to the gov't so they can follow along and get the true picture of what happened in the past so that we can create meaningful reform.
voltaire3: (January 28, 2011 8:02am)
ot to hand it to TBWS this morning. THEY GET IT!! TREMENDOUS CONFUSION IN MORTGAGE INDUSTRY. Any ordinary attorney can take up the case of a borrower and sue after April 1st on a refi or a purchase. Supoena all the LOs of a company and see if they are charging the same for loan origination. Federal Reserve says the company can have different contracts for LOS. Vastly different than when an independent Mortgage Broker charges different prices for different customers. The plaintiff bar will have a field day with the new rule with more clever reasons to sue than my example. That is why the lenders are so anxious about this rule. It invites litigation. This is like actually creating a Rodash environment and baiting the plaintiff bar to come ssue us. bring on your class action suits. It really could be the DEATH of wholesale lending and third party origination. Net Branches are third parties. So only depository institutions are allowed to originate loans and their W2 employees.
mmt110: (January 28, 2011 7:58am)
If the Fed rule clarification on compensation isn't absurd enough. I just received a lender update that 0 balance credit cards will be counted in the qualifying debt ratio at a payment rate of 5% of the account limit. ($5000 credit card limit with 0 balance = $250 payment in the debt ratio for qualifying!) Who thought this nonsense up and puts it in the new Fannie Mae 8.2 update? My clients will be charging single item grocery purchases to their 0 balance credit cards to work around this absurd new rule.
Fundem: (January 28, 2011 7:54am)
Sounds to me like the Federal Reserve is doing an awesome job for their owners- the big banks; people you realize the Federal Reserve is private, right?!
Fundem: (January 28, 2011 7:51am)
CAMPAIGN finance reform NOW- that is the answer not squabbling among ourselves about Democrats and Republicans- one is a wolf and the other is a wolf in sheep's clothing. We continue to be divided while both parties devise legislation ensuring multi-national corporate profits. As long as it takes so much money to get elected guess who the politicians will be beholden to? NOT you an me that has been proven over and over again!
bcal: (January 28, 2011 7:45am)
Doitright: We fired CW in 2002, and during a presentation, our executive officer, in the middle of the meeting, escorted WAMU, PHYSICALLY OUT THE DOOR. Really did happen. I don't need a Union when I have the law on my side. I am not talking about Health Care as it will soon rightfully be declared illegal by Supreme Court. I already told you I will NEVER join your union, so you can't throw me out. And that is the Tyranny of the Union right in front of you eyes people. Unions and Government Tyranny United!!!
texappraiser: (January 28, 2011 7:40am)
How about the "reasonable and customary fees" to be paid to appraisers due to take effect on April 1? It was originally established that the 60% or less paid to appraisers by AMCs could not be used in determining what is 'R&C.' "Reasonable and Customary" seems like pretty straight forward plain English, right? No surprise, this has now become watered down and confused, no doubt by lawyers, to the point that I really don't think this will take effect. End result? Consumers will continue to pay higher appraisal fees ($500 for an appraisal that used to cost $350), appraisers will continue to receive 60% or less of R&C fees, the consumer and small business (appraisers) will continue to be hurt, and appraisal quality will continue to potentially suffer. An AMC recently offered $250 to do a "normal, regular conventional appraisal" on a 10,000 square foot house. The buyer will pay $500 or more for an appraisal most likely done by an unqualified appraiser... Hmmm
Zeke: (January 28, 2011 7:35am)
How is hurting LO compensation necessary for recovery? Thats what is going to happen. Small Brokers and bankers are going go out of business. Small Brokers work with borrowers to help them and make home ownersship possible. This change only benefits big banks, eliminates options to the consumer, and will cost jobs. Thank god the NAMB and others are fighting this so hard.
doitright: (January 28, 2011 7:32am)
Bcal ...In response I guess you knew about CW and WAMU then and still did business with them. You had no choice you did not have a Union with buying power working for you to get you better pricing or demand they keep in line. Fine go on to what you want indivuality and let the government tell you how you get paid. In a bad storm one blade of grass can not survive, a field does. Did you know Doctors compensation was not even included in the new health plan yet you will allow them to cap and regulate your income in the new financial rulings? Personally I would rather not have a member like that in this Union; we need back bone and Loan Officers that deserve to have their rights stood up for, but thank you for your input.
bcal: (January 28, 2011 7:30am)
Mark: YES, It is called the constitution. Send that to Congress since they are unfamiliar with it. Ok, they read it a few weeks ago, but they might as well have been reading Dr. Seuss.
mark: (January 28, 2011 7:24am)
Does anybody have a suggested letter to use in order to write to Congress about this issue?
bcal: (January 28, 2011 7:19am)
Ok doitright: If getting people to follow the Constitution by leaving me alone to make a living, means joining a union, I would rather physically fight tyranny than ever join a union. Read the constitution and the freedoms we are GUARANTEED!! INDIVIDUALLY!!!! Government and Unions just need to leave us alone to make a fair and decent living. Enforcement!!! Who didn't know Wash. Mutual and Countrywide was a bunch of crooks in 2002 or 2003? I guess the government didn't.
JUSTFRANK101: (January 28, 2011 7:15am)
doitright may be on the correct path as well ass the others that have formed a union or coalition. It is time to broaden the considerations. Form One Single Group to fight this devistation torwards our professions. The Federal Underwriters Coalition Knowledge Youth Organization Union. The FU well you'll get it
frankgaray: (January 28, 2011 7:12am)
Embed code: <embed type="application/x-shockwave-flash" width="400" height="260" allowscriptaccess="always" allowfullscreen="true" src="http://www.thinkbigworksmall.com/flash/flowplayer/flowplayer.commercial-3.1.4.swf" flashvars='config={"key":"#$99146bf1e6a2a32300a","autoPlay":"true","clip":"http://media.thinkbigworksmall.com:8001/media/www/usergroup_0/person_1/news/multimedia_57758.flv"}'> </embed>
texappraiser: (January 28, 2011 7:12am)
How about the "reasonable and customary fees" to be paid to appraisers due to take effect on April 1? It was originally established that the 60% or less paid to appraisers by AMCs could not be used in determining what is 'R&C.' "Reasonable and Customary" seems like pretty straight forward plain English, right? No surprise, this has now become watered down and confused, no doubt by lawyers, to the point that I really don't think this will take effect. End result? Consumers will continue to pay higher appraisal fees ($500 for an appraisal that used to cost $350), appraisers will continue to receive 60% or less of R&C fees, the consumer and small business (appraisers) will continue to be hurt, and appraisal quality will continue to potentially suffer. An AMC recently offered $250 to do a "normal, regular conventional appraisal" on a 10,000 square foot house. The buyer will pay $500 or more for an appraisal most likely done by an unqualified appraiser... Hmmm
tmfgrp: (January 28, 2011 7:09am)
hollyaa, just curious what industry you are in and if it's a private industry. what say we tell you how much you can get compensated on your work!!!! Name me one private industry in the USA where compensation is limited.
fledermaus: (January 28, 2011 7:08am)
tmfgrp- Click the F (facebook button below the video) lower left of the 6 buttons below the video
doitright: (January 28, 2011 7:06am)
Bcal I think you are missing the point , I have 20 years and not one complaint and a better foreclosure track record . The past has nothing to do with your future rights. You are not the only decent law abiding Loan Officer out there that is why change is due, the time has come. We only want good Loan Officers supporting us [email protected] stands for National Mortgage Loan Officers Union a Union made up of and supporting only the best ethical Loan Officers in the USA
hollyaa: (January 28, 2011 7:02am)
Sorry, but changing LO compensation is one of many essential pieces to recovery repair of our current system, as uncomfortable as it temporarily might be. There are better battles to fight than this one. Personally I believe this particular video is so drama filled ( puffed) it wont play well with officials and you should reconsider your approach.
hollyaa: (January 28, 2011 6:58am)
Guys, Could you add more DDDRRRRAAMMA to you view?
bcal: (January 28, 2011 6:58am)
Here is the problem: IN Bank of America's board room they are talking about the next scheme to fool the client and trick them into a product that rips them off. In our board room we are looking for the next win - win product that provides profit to us and value to them. Only difference is that BOA needs enough profit to pay off enough congressmen to over regulate us and leave them alone.
bcal: (January 28, 2011 6:47am)
WE DON'T NEED REFORM JUST ENFORCEMENT!!! For 16 years not a single complaint from a client or a buyback of a loan. foreclosures at 1%, still. Others just need to do business like us.
Lion: (January 28, 2011 6:42am)
The current administration does not give a rat's ass about democracy and what the rules say they must do before implementing their agenda (remember how they rammed Obama Care thru, around, Congress). I think the commissioned mortgage broker's days are numbered. Let's all practice together: "Sir, that Chevy Volt also comes in red."
Imes: (January 28, 2011 6:26am)
I find it very normal that when your money is in question, you get perturbed becuase bottom line, the entire mtg/re industry is wrought with greed. I find it funny no one was concerned with disclosures when lenders are hiding fees to appraisers by using AMCs, but now everyone is concerned about clairity and LO compensation. I have been saying for a long time now that all of us, appraisers, re agents, lo's, should just stop doing our job and demand reform and let the private market operate without government interference most of our problems would go away. Maybe we ought to try to support each other and work toward a common goal? Remember, you get what you pay for!
tmfgrp: (January 28, 2011 6:05am)
hate to sound stupid, but I copied and pasted the link and I get nothing. Can someone mail me the link at: [email protected] Trying to put on Facebook. Thanks.
fledermaus: (January 28, 2011 5:45am)
This will add a thumbnail pic that will link to this page... Put it together with the previous text link I did, and it will get the job done... Thanks Frank and Brian! <a href="http://www.thinkbigworksmall.com/mypage/archive/1/57758" border="0" title="" target="_blank"><img src="http://media.thinkbigworksmall.com:8001/media/www/usergroup_0/person_1/news/multimedia_57533_thumb.png"</a>
DanSchweihs: (January 28, 2011 5:44am)
We should just start doing mortgages at the US Post Office. The Post Office employees drive by all the properties every day. (They could easily learn about appraisals and titles.) You can get a passport there. (Patriot Act.) They sell money orders. (Could be used at closing.) The Post Office is very good at rules and regulations. Loan Officers could work for a salary and wear USPS uniforms. Everyone would be treated fairly. Consumers would be treated fairly. Everyone would be treated fairly. The ultimate government solution!!!
fledermaus: (January 28, 2011 5:35am)
Steve0- if you choose "view source" for this page you et an idea what it would take to embed the flash video. Meta tags, javascript, etc... I could make the thumbnail picture image of the video the link.. it would direct you to this page. That's about as fancy as we could get and be able to cut n past a link.
Steve0: (January 28, 2011 5:30am)
FLAppraiser, They have all but destroyed your side of the business. HVCC is a train wreck, and many good appraisers have moved on as a result. Cost to consumer is higher, AMC's are raping you guys IMO. Now they are after us. These people have no clue, and if history shows us anything, its that they have zero understanding of what the result of their so clled regulation is or would be.
doitright: (January 28, 2011 5:29am)
Thank you all here is my email for the cause , we can do this let me know you all will become members and back me and the Union, GO NLOU !! Write me at [email protected] please paste this on your facebooks We will have the job and power we deserve kist back me and it will happen ! Thank you
tmfgrp: (January 28, 2011 5:27am)
I agree 100% and have had the idea since HVCC came to fruition. If all brokers would stop doing loans, the real estate industry would come to a halt within 1 hr. Forget trying to get banks to help. They are the ones trying to put us all OOB. Let me know what I can do in Ga. BTW, I think we should also file a lawsuit to get a stay on the law coming into effect. I have spoke to numerous attys and they all say they find constitutional problems with the law under free trade. Name me any other private industry in the USA where compensation is limited. The salaries of those fu$ks in DC sure aren't limited. Boy would I like to have a talk with Bonny Fwank and Fwank Dudd.
Steve0: (January 28, 2011 5:27am)
Looks like it just adds a Link, Not actually Embeds the vid on the blog. The FB, TWITTER are great, but it would be cool to add it as an actual video embedded into a blog like www.springhillmortgagelender.com, www.activerain.com/stevefingerman etc...
fledermaus: (January 28, 2011 5:20am)
Looks like it worked. The embedded HTML starts with <ahref=... and ends with </a> This will provide a link to this page but the simplest thing would be like do it right suggested cut n paste, and ask recipient to copy n paste into the address... -OR- THERE ARE social media icons above too, facebook, twitter, digg, etc... click those right above...
mspinetta: (January 28, 2011 5:16am)
I think Frank Garay should to a vido on this tomorrow for all to see CALL TO LO"S STAND UP A FIGHT BACK - Our empoloyers dont care - at the end of the day its more $$ for them --- Maybe get that Hammer guy involved he seems to always have an opinion I say Put the Hammer on the morning show tomorrow and PUMP IT UP !!!!
fledermaus: (January 28, 2011 5:15am)
If you wanted to embed it using html... NOt sure this will work.. Embedding the video is a flash video object and that is harder code wise, you don't want to know why it's technical. <a href="http://www.thinkbigworksmall.com/mypage/archive/1/57758/" target="_parent" onMouseOver="status='click here for important info...'; return true;" onMouseOut="status=''; return true;">Fed Rule out of legal compliance on L.O. Compensation / Reg Z.</a> This discussion may not allow HTML... drum roll...
FLappraiser: (January 28, 2011 5:11am)
I have a novel idea. ALL loan officers and ALL realtors should be compensated by a flat fee, not a percentage of the loan or the sale price. Just like appraisers, you can ONLY REQUEST a HIGHER fee (likely not to get it)on complex assignments. Very simple and problem solved for all...OH, I'm sorry did I step on someone's toes...get use to it!!!!!!!!!!!!!! Appraisers did!
Steve0: (January 28, 2011 5:11am)
That Works for Emailing and FB, Not For Embeding it on A Blog. BTW, I think your idea is great. It would be interesting to see how many people would actually participate. Our Biggest problem is lack of representation and lack of action within ourselves. IF this crap was ever pulled on Realtors, it would be all over the news, and NAR would have been all over it, along with every agent screaming at roof tops. Amazing how little media coverage this got, we never had a chance.
Steve0: (January 28, 2011 5:10am)
That Works for Emailing and FB, Not For Embeding it on A Blog. BTW, I think your idea is great. It would be interesting to see how many people would actually participate. Our Biggest problem is lack of representation and lack of action within ourselves. IF this crap was ever pulled on Realtors, it would be all over the news, and NAR would have been all over it, along with every agent screaming at roof tops. Amazing how little media coverage this got, we never had a chance.
doitright: (January 28, 2011 5:09am)
I would like to add that after we change the system as it should be for Loan Officers I will then tackle every loan officer getting paid vacation time equal to 1 /52 of the gross income from his or her best year for each week of vacation . Also a minimum base wage for hourly pay based on experience and pegged to inflation and location adjustments , and also have a decent commission structure . Lets show all that we are in demand and the wealth must be shared . Active Loan Officers only may be part of Union . We can make being a Loan Officer a decent job again . Support NLOU now !
doitright: (January 28, 2011 4:58am)
SteveO just copy and paste it that works . Lets go NLOU !!!! Thanks
doitright: (January 28, 2011 4:52am)
Lets see how many we can get together for this . I will work , writing to Congress will not, letters to Congress never work and never did . This is action , so let me see how many I can get to back me . I will run this full time , have complete disclosure to all , but we must get every loan officer to participate , 100 % of them. Imagine on April first the Fed has no choice but to step back and retract all the new regulations that are useless. I promise you writing a letter does nothing , they tried that all they got back was a go to hell 4 page letter with copy and paste . We need the big four banks to be on our side . How do we do that ? All of us refuse to work on April 1st , 2011 . calling the Fed on April 1 stating there are no Loan Officers out there will do it . We need to join together . Please give your feedback , I am willing to start this and back it , but I need all to follow , If you back me write back the following 4/1/11 NLOU ( National Loan Officer Union ) Thank you from a Rebel with a good cause here to help the housing industry PS we have less then 60 days to make a change ! Please let me know if you back me , I will fo
Steve0: (January 28, 2011 4:51am)
Guys, If you really want this thing to be shared by everyone, then why on earth are you not providing us with Embed Code so that it can easily be embedded on our individual Blogs and Web Sites? Duh, Please Email Us the Embed Code so We Can All Blog, and Re-blog these crucial messages and spread it out to the Public.
triple: (January 28, 2011 3:55am)
I'm all for it.
doitright: (January 28, 2011 3:08am)
We need to start a Loan Officer Union. I will call it the MLOU . Let’s all ban together and refuse to call borrowers back on April 1. I am not sure if you are aware but most large servicers are checking to see that the broker or correspondent has followed the rule. Please comment on the Union and we can get this moving. the only way to make a change is to all work together , monthly dues would be very low maybe $2 to $3 a month, we can get better insurance, up to date industry changes , great guideline updates, a job bank , a set minimum wage to work for .But most important we will be able to make a change finally. Please reply this can be done and it can happen fast and I would be more then willing to head up the cause, it is time to put our money and actions where our mouths have been since talking about it has done nothing, we will have our compensation regulated if we do not set up NLOU. Thank you the originator of NLOU