This is Ugly.
Some might think Chris Farley also Ugly.
But this is really UGLY!
I’m working on a Short Sale Negotiation. I’m putting together the package now. The homeowner is a single woman, no job, 2 kids. She has two mortgages. The first being a POA. Does it really [...]
It was short and to the point.It was an email I received from IndyMac telling me I now had yet another thing to worry about.
It wasn’t about conforming limits in declining markets.
It wasn’t about PMI limits for various credit scores, or unwarrantable condo projects.
It wasn’t about how they don’t have a loan for my 780 [...]
I wrote a very long and indepth article for my blog this morning on all the players in the Economic Stimulus Package and the roles they play.
Even though the Bill was signed into Law - we have some waiting to do.
I mentioned MSA’s or Metropolitan Statistical Areas. These are geographic areas determined by the [...]
Ok, so you heard that the Economic Stimulus Act (HR 5140) is now a Law. It was signed by the Prez yesterday.
For the mortgage industry, it addressed the increase of the conforming limit.
So what is that new limit and why doesn’t my rate sheets this morning show it?
Here’s what you, as a mortgage [...]
Will it help?
If you are 90 or more days late on your mortgage this new “plan” is aimed at you. Typically a lender doesn’t even start the process before the loan is 90+ days delinquent.
6 large lenders are said to be on board. They will stall the foreclosure proceedings for 30 days and [...]
Poor Stockton, CA.
Touted by the media as
the Foreclosure Capital of the U.S.
I was working on a project yesterday and pulled the entire list of Notice of Default filings for Feb 5th. As I was compiling numbers I noticed something strange. Stockton, and it’s county (San Joaquin) seemed lower than what I expected [...]
The other day my Google Alert popped up with a link back that I didn’t recognize so since I had a few free minutes I followed the trail. It went to a very simple looking WordPress blog. The blog has 4 Google Adwords in between each post. Here’s the complete post that [...]
It’s garbage day. Usually the trash is picked up around 8:00 in the morning. As I drive past Al and Cathy’s house I notice Al sitting in his garage so I stop to say Hi.
They don’t have the big can like we do - they don’t need it. Al is retired [...]
Ok! so the Feds dropped the Fed Funds Rate down to 3%
And the Discount Rate is now 3.5%
That makes the Prime Rate down yet another 1/2%!
Which means your Home Equity Line of Credit (which is based on Prime) [...]
This weekend I was reading an article on The Mortgage Cicerone entitled,
“Are You Mining the “Acres of Diamonds” in Your Database?”
Tony discussed connecting with your past clients. It’s an excellent article and great advice. But how to connect with them? What will you talk about?
It’s Monday, picture all of your past [...]
Not really.
But it does happen to be the first county on the new Countrywide list of declining markets that is in the least danger of declining. They have ranked all the counties in the US on a scale of 1 to 5. 1 is good, 5 is bad.
Here’s the 22 page [...]
Or use someone who does!
I just got off the phone with a very nice person who was a little confused. As the story goes, she and her husband decided had saved up a bit of money and wanted to capitalize on the current market conditions. It’s a great time if you are looking [...]
Yesterday the news broke that IndyMac laid off 2,403 employees, or 24% of their total workforce. including 470 sales staff in addition to closing operation centers in Tampa, Philadelphia, Boston, Columbia and Kansas City.
At 8 PM last night I was sent an email from
Frank Sillman
Chief Executive Officer
Mortgage Bank
IndyMac Bank
Frank sent his email to reassure me [...]
For some unknown reason, I’ve been doing a little instructional blogging on using RSS and how to effectively use a Feed Reader.
I currently have 120 feeds in my Reader. Dustin mentioned he had over 400.
I took my feeds and exported them as a .XML file. This makes it easy for anyone to import [...]
We are indeed in challenging times. With massive layoffs, the closing of wholesale channels, the tightening and quickly changing guidelines, imploding lenders, and the massive tidal wave of negativity we are bombarded with on a daily basis - I ask you one simple question.
What are YOU doing?
Are you hoping to somehow survive? Are [...]
I had an issue with a first time buyer. Not with the buyer but with the Lender. They were well qualified, approved for 100% loan, and were in contract for a home in the area. I had a very clean Fannie Mae “Approve / Eligible“.
Fannie came out with a recommendation on Dec [...]
Until the rumor was proved true.
National City Mortgage has shut down it’s wholesale side.
I heard rumors early this morning but I didn’t want to believe it.
Just now - I got the email:
Dear Mike, As you know, rapidly changing conditions in mortgage markets have resulted in significant challenges in the industry. Like many mortgage lenders, National [...]
I have a wonderful couple looking to buy their first home. I have them approved but something has come up. Fannie says the home may be in a declining market area. It’s a sparkling clean approval. Full Doc. W-2’s. Copious amounts of reserves. The comps? They are buying [...]
“Past performance does not necessarily predict future results”
That’s a line you heard before. It’s required by the SEC for mutual funds to disclose to potential investors. The SEC? They are a government agency. They exist (in part) to protect us consumers from misinformation and underhanded dealings.
Yesterday, it was reported in an [...]
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