I have not had the opportunity to post in months. Ever since Fidelity National Financial acquired our company in April they actually make me work, A LOT. I
am currently travelling all over the U.S. teaching Short Sales.
This attached clip is a feature from Forbes.com where we were mentioned. Scott Thompson is my boss and mentor who has taught me everything I know.
ForeclosureRadar 2.0 Launches with Ramped-up Foreclosure Tools for Professional Investors and REALTORS(R)
10.21.08, 12:36 PM ET
Most Popular Stories
ForeclosureRadar (www.foreclosureradar.com), which provides accurate, up-to-date information on the California foreclosure market, including auctions, today launched version 2.0 of its online foreclosure platform. ForeclosureRadar 2.0 includes a host of new features and content aimed at helping professional real estate investors and REALTORS(R) make more informed decisions at every stage of the foreclosure process.
In conjunction with the new release of ForeclosureRadar 2.0, the company announced two new content partners, Lane Guide (www.laneguide.com), which provides detailed contact information for lenders, including REO departments, and Mortgage Resolution Services (http://mresolution.com/), which provides detailed information and ratings on bank and lender short-sale processes. These two partnerships allow investors and REALTORS(R) to dramatically increase the speed with which they can assess short sale and REO opportunities.
"Easy access to accurate information can mean the difference between a successful transaction and a missed opportunity," said Sean O'Toole, Founder and CEO of ForeclosureRadar. "Our new release adds practical tools to the serious investor or REALTOR's belt in a time when the foreclosure market continues to heat up."
"Having detailed information on how banks handle short sales - or don't handle them, in some cases -- is a win for all parties involved in these transactions, where obstacles seem to appear at every turn," said Scott Thompson, Senior Vice President of Mortgage Resolution Services. "We're excited to be able to offer this intelligence to ForeclosureRadar subscribers."
Mortgage Resolution Services assists homeowners, agents, brokers, and mortgage lenders in working through delinquent and "at risk" mortgages. The company and ForeclosureRadar have collaborated to develop a "Short Sale Report" available at http://foreclosuretruth.com/shortsale. ForeclosureRadar subscribers can leverage this information when searching for foreclosures by lender - a search option no other company offers - to focus only on those lenders that are easy to work with and avoid those that are not.
Lane Guide's database of lender contact information will be available to ForeclosureRadar 2.0 subscribers as an optional upgrade. Lane Guide's CEO, Richard Lane, said, "Often something as simple as contact information is the missing link to a successful transaction, and our up-to-date database can make a difference for professionals who need to reach the right person at the right time."
ForeclosureRadar 2.0 leaves the simple foreclosure lists of the past far behind. As part of a ForeclosureRadar subscription, investors and REALTORS(R) get powerful search tools, daily auction updates, enhanced financial analysis, and a variety of report options.
With the ForeclosureRadar latest enhancements, investors can determine the resale or rental return on investment prior to purchase, and REALTORS(R) can generate a net sheet for clients in a foreclosure transaction.
ForeclosureRadar 2.0 enhances search
ForeclosureRadar has doubled its search capabilities in the 2.0 release, enabling even more options for users to find what they are looking for online. The company also added the ability to email reports on properties so that partners, clients and prospective clients can get the details they need in order to make sound investment decisions.
Additional new features in the ForeclosureRadar 2.0 platform include:
-- Foreclosure Comp Reports: Quickly generate a report that shows nearby foreclosure activity by foreclosure stage.
-- Customized display: Choose the results you want to see and change the layout to best suit the way you work. See map and listing views simultaneously and resize the display to take advantage of large computer monitors.
-- Enhanced printing: Easily print maps, lists, auction schedules, foreclosure comps, routes and property details.
-- Optimized driving directions: Save time planning foreclosure tours with the new optimized routing.
ForeclosureRadar is available to REALTORS(R) and investors on a monthly subscription basis. For a free three-day trial and more information on pricing and features, visit http://forelosureradar.com.
About ForeclosureRadar.com
ForeclosureRadar is the only company that tracks every foreclosure in California with daily updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, manage, track and analyze pre-foreclosure, foreclosure auction, short sale and bank owned real estate. The web site was launched in May 2007 by Sean O'Toole, who spent 15 years building and launching software companies before entering the foreclosure business in 2002 where he has successfully bought and sold more than 150 foreclosure properties. ForeclosureRadar is privately held and based in the San Francisco Bay Area.
Friday, October 24, 2008
Sunday, May 11, 2008
Ocwen Back In The Game
So we new it had be to temporary and it was. Ocwen is now negotiating firsts again
on Short Sales. They say that they wanted to 'Make Sure All Borrowers That Qualify For A Loan Modification Receive Them.' The truth is simple, Ocwen has two major Hedge Fund investors. Both investors have told Ocwen that they will hold 'Ocwen Servicing' liable for it's flagrant acts of random market abuse and there internal Short Sale underwiting policies and procedures. What does this mean to us? Very simple, Ocwen will no longer give away the farm on Short Sales they allow
for. Short Sales will not necessarily be fewer and further in between, but Ocwen is very clear that they will be reviewing all Hardships and wanting more documentation with those hardships.
If you have a deal with Ocwen, now is the time to get it to Loss Mitigation. Very few agents know they are back in business and Loss Mitigation has time to work on your file.
-Christopher Rockey
on Short Sales. They say that they wanted to 'Make Sure All Borrowers That Qualify For A Loan Modification Receive Them.' The truth is simple, Ocwen has two major Hedge Fund investors. Both investors have told Ocwen that they will hold 'Ocwen Servicing' liable for it's flagrant acts of random market abuse and there internal Short Sale underwiting policies and procedures. What does this mean to us? Very simple, Ocwen will no longer give away the farm on Short Sales they allow
for. Short Sales will not necessarily be fewer and further in between, but Ocwen is very clear that they will be reviewing all Hardships and wanting more documentation with those hardships.
If you have a deal with Ocwen, now is the time to get it to Loss Mitigation. Very few agents know they are back in business and Loss Mitigation has time to work on your file.
-Christopher Rockey
Monday, April 7, 2008
The Worse Short Sale Lenders
This is my official hitlist of the most horrible lenders to work with
on a Short Sale:
Ocwen First TD
Bank Of America Home Equity 2Nd
Wells Fargo Home Equity 2Nd
Washington Mutual First and second
Any other lender can be delt with accordingly. Although it is quite possible
to get results from each of the named lenders you will rarely get 'Full Settlement
Language.' Also, you will not go anywhere in under 60 days, Wells is saying they
are 120 days out for approvals right now. What buyer is going to hang in for that.
Speculation on my part says they are overly paranoid of arms length transactions
and thinking everybody is out to get them.
-Christopher Rockey
on a Short Sale:
Ocwen First TD
Bank Of America Home Equity 2Nd
Wells Fargo Home Equity 2Nd
Washington Mutual First and second
Any other lender can be delt with accordingly. Although it is quite possible
to get results from each of the named lenders you will rarely get 'Full Settlement
Language.' Also, you will not go anywhere in under 60 days, Wells is saying they
are 120 days out for approvals right now. What buyer is going to hang in for that.
Speculation on my part says they are overly paranoid of arms length transactions
and thinking everybody is out to get them.
-Christopher Rockey
Saturday, March 15, 2008
OCWEN No more Short sales
It's only left to speculation why OCWEN a major servicer would no longer negotiate Short Sales on homes. Chapter 11 reorganization? Possibly an investors scare from
the Bear Stearns drama? Either way OCWEN is doing no justice to it's clients at all.
The idea behind a Short Sale is to actually try to help a borrower not have a foreclosure on there permanant record. One day we would like these consumers to re-enter the market place. Not with Ocwen. It's not gonna happen. For my regualr readers who are consumers and finding themselves in Mortgage trouble, if you have OCWEN as your mortgage servicer please know there is a major outcry of injustice right now. I will keep you updated on OCWEN's official position on the subject. We can only hope this a temporary insanity.
the Bear Stearns drama? Either way OCWEN is doing no justice to it's clients at all.
The idea behind a Short Sale is to actually try to help a borrower not have a foreclosure on there permanant record. One day we would like these consumers to re-enter the market place. Not with Ocwen. It's not gonna happen. For my regualr readers who are consumers and finding themselves in Mortgage trouble, if you have OCWEN as your mortgage servicer please know there is a major outcry of injustice right now. I will keep you updated on OCWEN's official position on the subject. We can only hope this a temporary insanity.
Sunday, March 9, 2008
Save Our Bank... S.O.B.
Bank of America (NYSE:BAC) will come under increasing pressure this week to rescind its offer to put a top Countrywide executive in charge of the companies' combined mortgage business after reports that Countrywide is the subject of a criminal investigation by US authorities.
David Sambol, president and chief operating officer of the embattled US mortgage lender, is due to take over the role following the completion of BofA's $4bn takeover of Countrywide.
But Chuck Schumer, the Democratic senator from New York, has urged BofA to reconsider the appointment, calling Mr Sambol one of the lead architects of Countrywide's business model, which he said had been a "main contributor" to the mortgage crisis.
A meeting between Mr Schumer and Mr Sambol is being scheduled for this month at BofA's request.
"It is important to get to the bottom of all the accusations involving Countrywide," Mr Schumer said in a statement on Sunday. "We have always believed the company cut corners, and investigations by the SEC and FBI could hopefully bring that wrongdoing to light." Countrywide and BofA were unavailable for comment on Sunday.
The Wall Street Journal and the New York Times reported this weekend that Countrywide was one of several lenders facing an early-stage investigation by the Federal Bureau of Investigation.
The FBI said on Sunday that 16 companies were being investigated for fraud related to the mortgage crisis. This is two more than the 14 companies FBI officials had confirmed in January. The FBI has not identified any of the companies. The Department of Justice did not return calls seeking comment.
The political heat on Countrywide has increased considerably in recent weeks as the housing crisis has shown no signs of abating and the economy appears close to - or in - recession.
On Friday, Angelo Mozilo, founder and chief executive of Countrywide, faced a barrage of criticism from Democratic lawmakers as he testified in front of the House oversight and government reform committee, along with Stan O'Neal, former chief executive of Merrill Lynch, and Chuck Prince, former chief executive of Citigroup.
Henry Waxman, the committee chairman, said: "It seems like everyone is hurting except for you."
But Mr Mozilo, who engineered the takeover by BofA, defended himself.
"As our company did well, I did well. But when the company last year experienced the unanticipated and unprecedented seizing up of the capital and credit markets . . . my direct compensation . . . declined substantially," Mr Mozilo said.
Some of the article copied and pasted, other pieces changed to protect the
GUILTY
-Christopher Rockey
David Sambol, president and chief operating officer of the embattled US mortgage lender, is due to take over the role following the completion of BofA's $4bn takeover of Countrywide.
But Chuck Schumer, the Democratic senator from New York, has urged BofA to reconsider the appointment, calling Mr Sambol one of the lead architects of Countrywide's business model, which he said had been a "main contributor" to the mortgage crisis.
A meeting between Mr Schumer and Mr Sambol is being scheduled for this month at BofA's request.
"It is important to get to the bottom of all the accusations involving Countrywide," Mr Schumer said in a statement on Sunday. "We have always believed the company cut corners, and investigations by the SEC and FBI could hopefully bring that wrongdoing to light." Countrywide and BofA were unavailable for comment on Sunday.
The Wall Street Journal and the New York Times reported this weekend that Countrywide was one of several lenders facing an early-stage investigation by the Federal Bureau of Investigation.
The FBI said on Sunday that 16 companies were being investigated for fraud related to the mortgage crisis. This is two more than the 14 companies FBI officials had confirmed in January. The FBI has not identified any of the companies. The Department of Justice did not return calls seeking comment.
The political heat on Countrywide has increased considerably in recent weeks as the housing crisis has shown no signs of abating and the economy appears close to - or in - recession.
On Friday, Angelo Mozilo, founder and chief executive of Countrywide, faced a barrage of criticism from Democratic lawmakers as he testified in front of the House oversight and government reform committee, along with Stan O'Neal, former chief executive of Merrill Lynch, and Chuck Prince, former chief executive of Citigroup.
Henry Waxman, the committee chairman, said: "It seems like everyone is hurting except for you."
But Mr Mozilo, who engineered the takeover by BofA, defended himself.
"As our company did well, I did well. But when the company last year experienced the unanticipated and unprecedented seizing up of the capital and credit markets . . . my direct compensation . . . declined substantially," Mr Mozilo said.
Some of the article copied and pasted, other pieces changed to protect the
GUILTY
-Christopher Rockey
Monday, February 25, 2008
Economic Stimulus Package and Dianne
Dear Mr. Rockey:
Thank you for writing regarding the U.S. economy and economic stimulus legislation. Your correspondence is important to me, and I welcome the opportunity to respond.
On February 13, 2008, the President signed the Economic Stimulus Act of 2008 into law. This legislation provides a maximum $600 tax rebate to individuals and $1,200 rebate to couples, including seniors on fixed incomes and disabled veterans. An additional $300 rebate is also provided for each dependent child. Eligibility for these rebates is phased out for individuals with 2007 adjusted gross incomes over $75,000 and couples over $150,000.
The bill also provides tax incentives for small businesses and increases limits on government-backed home loans, so more Californians can buy homes or refinance at lower rates. Specifically, the bill increases the Federal Housing Administration loan limit to $729,750 and temporarily increases the Fannie Mae and Freddie Mac conforming loan limits to $729,750. While, regretfully, the legislation does not include extended unemployment benefits or energy efficiency tax incentives, I am hopeful it will provide targeted relief to struggling American families, while contributing to economic growth.
In order to receive a stimulus rebate, individuals must have a valid Social Security number and file a 2007 tax return. For more detailed information about the stimulus rebate and filing the necessary 2007 tax return, please visit the "Rebate Questions" page accessible from the Internal Revenue Service homepage at http://www.irs.gov.
Again, thank you for writing. If you have any further questions or comments, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States
Thank you for writing regarding the U.S. economy and economic stimulus legislation. Your correspondence is important to me, and I welcome the opportunity to respond.
On February 13, 2008, the President signed the Economic Stimulus Act of 2008 into law. This legislation provides a maximum $600 tax rebate to individuals and $1,200 rebate to couples, including seniors on fixed incomes and disabled veterans. An additional $300 rebate is also provided for each dependent child. Eligibility for these rebates is phased out for individuals with 2007 adjusted gross incomes over $75,000 and couples over $150,000.
The bill also provides tax incentives for small businesses and increases limits on government-backed home loans, so more Californians can buy homes or refinance at lower rates. Specifically, the bill increases the Federal Housing Administration loan limit to $729,750 and temporarily increases the Fannie Mae and Freddie Mac conforming loan limits to $729,750. While, regretfully, the legislation does not include extended unemployment benefits or energy efficiency tax incentives, I am hopeful it will provide targeted relief to struggling American families, while contributing to economic growth.
In order to receive a stimulus rebate, individuals must have a valid Social Security number and file a 2007 tax return. For more detailed information about the stimulus rebate and filing the necessary 2007 tax return, please visit the "Rebate Questions" page accessible from the Internal Revenue Service homepage at http://www.irs.gov.
Again, thank you for writing. If you have any further questions or comments, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States
Wednesday, February 20, 2008
Let's Make one Thing Perfectly Clear... Your Mortgage
We have seen a whirlwind of legislative activity these past few weeks! There is much confusion surrounding the recently passed Economic Stimulus Package and higher loan limits. Unfortunately, the new law can be confusing to decipher, and not everyone will benefit. For this reason, I have provided an outline below that clarifies what this new law means for you and how you can benefit from the higher loan limits.
Description and Overview:
An economic stimulus package just passed Congress on February 7, 2008 and was signed into law by the President on February 13, 2008. This new law is effective immediately and includes a temporary increase in both the FHA and conforming loan limits to as high as $729,750 in high cost areas. This means that the interest rates on many mortgages will go down because these loans are now eligible to be purchased by Fannie Mae and Freddie Mac or insured by the Federal Housing Administration (FHA). Previously, the FHA was only allowed to insure loans with balances lower than $200,160 - $362,790, depending on the county where the property was located. Also, Fannie Mae and Freddie Mac were only allowed to purchase loans with balances at or below $417,000. This resulted in limited options and higher financing costs for those with loan balances above these limits. The new law substantially increases these limits in high cost areas and opens up new options and lower financing costs for many people.
How to Determine "High Cost" Areas
There are two things you must know in order to determine if you are in a high cost area:
1. Understanding the Formula
If 125% of the local area median home price exceeds $417,000, the temporary loan limit would be that 125% of the median home price with a cap of $729,750. Here are three examples to illustrate this concept:
If the median home price in your area is $225,000, 125% of that number is $281,250. This is below the current $417k conforming loan limit. Therefore, the conforming loan limit in your area will not change. However, if $281,250 is greater than the FHA limit in your county, your FHA limit will go up to $281,250.
If the median home price in your area is $375,000, 125% of that number is$468,750. This is above the current $417k conforming loan limit. Therefore, the conforming loan limit in your area WILL change and go up to $468,750. This number is also higher than the highest FHA loan limits, so therefore your FHA loan limit will also go up to $468,750.
If the median home price in your area is $650,000, 125% of that number is $812,500. This number is greater than the maximum cap of $729,250. Therefore, the conforming loan limit in your area will increase to highest allowable amount under this new law which is $729,250.
2. Determining the Median Home Price in Your Area
The Secretary of Housing and Urban Development (HUD) will publish the median house prices within 30 days of the bill going into effect (30 days from February 13, 2008). HUD does not have any interim stats or information for us to use. However, the bill also states that HUD can use any commercially available data if they are unable to compile the information on their own within the 30 day timeframe. With that in mind, it is likely that HUD’s numbers will be relatively consistent with the data published by the National Association of Realtors (NAR), which already has a solid track record of tracking and publishing this information on a quarterly basis.
Therefore, until HUD actually publishes their version of the median home prices, the most accurate way to get this information today is to utilize the data that is published by NAR. Ironically, NAR just released their latest median home price update for the 4th quarter of 2007 on February 14, 2008! Contact me today and I’ll research your info and let you know exactly what the median home price is in your area and how you can benefit from this information.
What do all the dates mean?
There is some confusion because the bill has a provision that says the higher limits are only effective for loans originated between July 1, 2007 and December 31, 2008. In short, the reason it is effective beginning July 1, 2007, is because the credit crisis started to unfold in July and August of 2007. Mortgage market conditions rapidly deteriorated almost overnight. Many secondary market investors suddenly refused to purchase loans that couldn’t be sold to Fannie Mae and Freddie Mac. (For more info on how this process works, please see the article entitled Saga of the US Mortgage Industry.)
Unfortunately, many mortgage banks had already funded these loans in their own portfolio or through their warehouse lines of credit. Their intention was obviously to sell these loans on the secondary market after the loans were funded. However, the credit crisis prevented them from doing so, and they were stuck holding these loans in their portfolio. The July 1, 2007 date in the bill is designed to allow these lenders to unload these mortgages and sell them on the secondary market to Fannie Mae and Freddie Mac.
However, the July 1, 2007 date has no bearing whatsoever on new refinance transactions! In other words, it doesn’t matter when the loan you are refinancing was originated. The old loan could have been originated in 2005, 2006 or anytime before or after July 1, 2007 and it would have no effect whatsoever on your current purchase or refinance transaction. If you are taking out a new loan today, whether it is a purchase or refinance transaction, that loan is subject to the new limits set forth in the bill.
The other date of December 31, 2008 means that the old limits will go back into effect after this year. In other words, now is the perfect time to buy a new home or refinance your mortgage because after this year, your costs will be higher and your options more limited again. We then need to consider lobbying Congress to extend the limits beyond 2008
When does this all go into effect?
February 13, 2008 – immediately upon the President’s signature. Therefore, HUD is obligated to publish the median home prices within 30 days of that date. However, Fannie Mae, Freddie Mac, and various wholesale lenders may have different policies as to how these new loans are going to be priced and underwritten. That is why it is imperative that you work with a Certified Mortgage Planning Specialist who is committed, qualified and equipped to give you timely information and expert guidance every step of the way. Contact me today for a complimentary consultation. I can look up the median home price in your area and see whether you can save money in any way. Also, please pass along this update to anyone you know who may be able to benefit, and I’d also be happy to look up the median home price in their area and discuss with them whether they could save money.
I know, yes, I had to throw that in.
-Christopher Rockey
rockey_finance@yahoo.com
Description and Overview:
An economic stimulus package just passed Congress on February 7, 2008 and was signed into law by the President on February 13, 2008. This new law is effective immediately and includes a temporary increase in both the FHA and conforming loan limits to as high as $729,750 in high cost areas. This means that the interest rates on many mortgages will go down because these loans are now eligible to be purchased by Fannie Mae and Freddie Mac or insured by the Federal Housing Administration (FHA). Previously, the FHA was only allowed to insure loans with balances lower than $200,160 - $362,790, depending on the county where the property was located. Also, Fannie Mae and Freddie Mac were only allowed to purchase loans with balances at or below $417,000. This resulted in limited options and higher financing costs for those with loan balances above these limits. The new law substantially increases these limits in high cost areas and opens up new options and lower financing costs for many people.
How to Determine "High Cost" Areas
There are two things you must know in order to determine if you are in a high cost area:
1. Understanding the Formula
If 125% of the local area median home price exceeds $417,000, the temporary loan limit would be that 125% of the median home price with a cap of $729,750. Here are three examples to illustrate this concept:
If the median home price in your area is $225,000, 125% of that number is $281,250. This is below the current $417k conforming loan limit. Therefore, the conforming loan limit in your area will not change. However, if $281,250 is greater than the FHA limit in your county, your FHA limit will go up to $281,250.
If the median home price in your area is $375,000, 125% of that number is$468,750. This is above the current $417k conforming loan limit. Therefore, the conforming loan limit in your area WILL change and go up to $468,750. This number is also higher than the highest FHA loan limits, so therefore your FHA loan limit will also go up to $468,750.
If the median home price in your area is $650,000, 125% of that number is $812,500. This number is greater than the maximum cap of $729,250. Therefore, the conforming loan limit in your area will increase to highest allowable amount under this new law which is $729,250.
2. Determining the Median Home Price in Your Area
The Secretary of Housing and Urban Development (HUD) will publish the median house prices within 30 days of the bill going into effect (30 days from February 13, 2008). HUD does not have any interim stats or information for us to use. However, the bill also states that HUD can use any commercially available data if they are unable to compile the information on their own within the 30 day timeframe. With that in mind, it is likely that HUD’s numbers will be relatively consistent with the data published by the National Association of Realtors (NAR), which already has a solid track record of tracking and publishing this information on a quarterly basis.
Therefore, until HUD actually publishes their version of the median home prices, the most accurate way to get this information today is to utilize the data that is published by NAR. Ironically, NAR just released their latest median home price update for the 4th quarter of 2007 on February 14, 2008! Contact me today and I’ll research your info and let you know exactly what the median home price is in your area and how you can benefit from this information.
What do all the dates mean?
There is some confusion because the bill has a provision that says the higher limits are only effective for loans originated between July 1, 2007 and December 31, 2008. In short, the reason it is effective beginning July 1, 2007, is because the credit crisis started to unfold in July and August of 2007. Mortgage market conditions rapidly deteriorated almost overnight. Many secondary market investors suddenly refused to purchase loans that couldn’t be sold to Fannie Mae and Freddie Mac. (For more info on how this process works, please see the article entitled Saga of the US Mortgage Industry.)
Unfortunately, many mortgage banks had already funded these loans in their own portfolio or through their warehouse lines of credit. Their intention was obviously to sell these loans on the secondary market after the loans were funded. However, the credit crisis prevented them from doing so, and they were stuck holding these loans in their portfolio. The July 1, 2007 date in the bill is designed to allow these lenders to unload these mortgages and sell them on the secondary market to Fannie Mae and Freddie Mac.
However, the July 1, 2007 date has no bearing whatsoever on new refinance transactions! In other words, it doesn’t matter when the loan you are refinancing was originated. The old loan could have been originated in 2005, 2006 or anytime before or after July 1, 2007 and it would have no effect whatsoever on your current purchase or refinance transaction. If you are taking out a new loan today, whether it is a purchase or refinance transaction, that loan is subject to the new limits set forth in the bill.
The other date of December 31, 2008 means that the old limits will go back into effect after this year. In other words, now is the perfect time to buy a new home or refinance your mortgage because after this year, your costs will be higher and your options more limited again. We then need to consider lobbying Congress to extend the limits beyond 2008
When does this all go into effect?
February 13, 2008 – immediately upon the President’s signature. Therefore, HUD is obligated to publish the median home prices within 30 days of that date. However, Fannie Mae, Freddie Mac, and various wholesale lenders may have different policies as to how these new loans are going to be priced and underwritten. That is why it is imperative that you work with a Certified Mortgage Planning Specialist who is committed, qualified and equipped to give you timely information and expert guidance every step of the way. Contact me today for a complimentary consultation. I can look up the median home price in your area and see whether you can save money in any way. Also, please pass along this update to anyone you know who may be able to benefit, and I’d also be happy to look up the median home price in their area and discuss with them whether they could save money.
I know, yes, I had to throw that in.
-Christopher Rockey
rockey_finance@yahoo.com
Monday, February 11, 2008
Do you need to Short Sale Your Home? Or Your Client?
Guide To Help with a Short Sale Prequal
What You Need To Know
When you receive a call from a potential Short Sale client it is critical that you establish, as early as possible, that the client is a legitimate Short Sale candidate. Below, is a list of the information you must have to determine if the caller is someone for whom a Short Sale is appropriate. Keep in mind, you are not just qualifying them financially, but also for cooperation. You need a client who is willing to do their part, or no deal:
You Need -
The Property address
Is it Owner occupied or held for investment?
Occupied or vacant
Information on all those who are on the loan – and only those who are on the loan.
Determine the willingness of ALL those on the loan to cooperate
Gross monthly income for those on the loan
The Mortgage information on all loans
Who is the lender(s)?
What is the balance(s)?
Are the loans current or delinquent? if delinquent
*when was the last payment made?
*has an NOD been filed?
*has a NOT been published?
What is the payment for each mortgage?
*If pick-a-pay, get the amount required to cover all interest
Are the mortgages “purchase money” or not?
What is the hardship?
What has changed so that they can no longer afford their mortgage?
Note: Most times it is a loan product problem. If so, look at the numbers.
Things to look keep in mind:
1) Calculate their front end debt ratio (housing expense divided by gross income – for borrowers only. Rule of thumb – if the ratio is below 35%, the problem is not their mortgage.
2) If they are too far into the Foreclosure process, you may not have enough time to help.
3) Trust you’re your gut. If it doesn’t pass the “smell test”, don’t take the deal.
4) If the 2nd is non-purchase money, the client will likely need to make a contribution towards the loss. Prepare the client for the contribution. The client should be able to save money by not making the mortgage payment – that should more than cover a $3,000-$5,000 contribution towards the 2nd.
Last, run a "Statement Of Identity."
Fidelity National Title and Chicago National Title have the easiest system in place to run the property ID. Contact an office near you or, contact me so I can do that
for you.
-Christopher Rockey
rockey@mresolution.com
What You Need To Know
When you receive a call from a potential Short Sale client it is critical that you establish, as early as possible, that the client is a legitimate Short Sale candidate. Below, is a list of the information you must have to determine if the caller is someone for whom a Short Sale is appropriate. Keep in mind, you are not just qualifying them financially, but also for cooperation. You need a client who is willing to do their part, or no deal:
You Need -
The Property address
Is it Owner occupied or held for investment?
Occupied or vacant
Information on all those who are on the loan – and only those who are on the loan.
Determine the willingness of ALL those on the loan to cooperate
Gross monthly income for those on the loan
The Mortgage information on all loans
Who is the lender(s)?
What is the balance(s)?
Are the loans current or delinquent? if delinquent
*when was the last payment made?
*has an NOD been filed?
*has a NOT been published?
What is the payment for each mortgage?
*If pick-a-pay, get the amount required to cover all interest
Are the mortgages “purchase money” or not?
What is the hardship?
What has changed so that they can no longer afford their mortgage?
Note: Most times it is a loan product problem. If so, look at the numbers.
Things to look keep in mind:
1) Calculate their front end debt ratio (housing expense divided by gross income – for borrowers only. Rule of thumb – if the ratio is below 35%, the problem is not their mortgage.
2) If they are too far into the Foreclosure process, you may not have enough time to help.
3) Trust you’re your gut. If it doesn’t pass the “smell test”, don’t take the deal.
4) If the 2nd is non-purchase money, the client will likely need to make a contribution towards the loss. Prepare the client for the contribution. The client should be able to save money by not making the mortgage payment – that should more than cover a $3,000-$5,000 contribution towards the 2nd.
Last, run a "Statement Of Identity."
Fidelity National Title and Chicago National Title have the easiest system in place to run the property ID. Contact an office near you or, contact me so I can do that
for you.
-Christopher Rockey
rockey@mresolution.com
Friday, February 8, 2008
Why Is This So Hard to Understand??
Am I the only person that has an understanding of the current economy?
I had a client (Idiot) call me last night saying his daughter is ready
to buy a house now. Great Jim are you helping her with her down payment?
No, she wants the same loan we have...
Wait a minute here Jim, You have the worlds shittiest loan. You called me last
month saying you don't know how your gonna make your payments when your loan
adjusts and what shoud you do? Now your calling me saying you want your daughter
in a 100%, stated income, interest only loan? He went on to explain that
now is a great time to buy because interest rates so low. My response:
Your right Jim they are low, very low.
But do you not understand those loan programs are completly gone?
They are gone because they suck so bad and everyone is defaulting.
Now you want me to put your daughter in that same Fu--ed situation your in.
I am tempted just because she is a relative of yours and probably doesn't
have the credit to buy a chicken wing.
My point is, anyone asking for 100% stated 2/28 or 3/37 needs to have there heads
bounced off the sidewalk.
Next, lenders, what the hell are you thinking? You made all these loan programs and
now your making me look like the bad guy? Let me guess, your going to position yourself to come out of this in a year or two open your retail doors and say "We never supported small brokers in funding those loans. Trust us."
How about trust me when I tell you your heads are all up your asses.
Your customer service sucks. Your rate locking is a ploy. Your credit worthiness
should be heavily scrutenized and somone from each credit bureau should make a public statement apologizing for making this world a worse place.
So stop allowing consumer scams. It's the lenders who are responsible for the personality of every slimy filthy used car sales men or dirt bag mortgage prick
that has convinced the consumer to take the wrong route.
Interest rates are low? So what, good luck dealing with all the bull shit
of getting a loan which more than likely you don't qualify for anymore!
-Christopher Rockey
I had a client (Idiot) call me last night saying his daughter is ready
to buy a house now. Great Jim are you helping her with her down payment?
No, she wants the same loan we have...
Wait a minute here Jim, You have the worlds shittiest loan. You called me last
month saying you don't know how your gonna make your payments when your loan
adjusts and what shoud you do? Now your calling me saying you want your daughter
in a 100%, stated income, interest only loan? He went on to explain that
now is a great time to buy because interest rates so low. My response:
Your right Jim they are low, very low.
But do you not understand those loan programs are completly gone?
They are gone because they suck so bad and everyone is defaulting.
Now you want me to put your daughter in that same Fu--ed situation your in.
I am tempted just because she is a relative of yours and probably doesn't
have the credit to buy a chicken wing.
My point is, anyone asking for 100% stated 2/28 or 3/37 needs to have there heads
bounced off the sidewalk.
Next, lenders, what the hell are you thinking? You made all these loan programs and
now your making me look like the bad guy? Let me guess, your going to position yourself to come out of this in a year or two open your retail doors and say "We never supported small brokers in funding those loans. Trust us."
How about trust me when I tell you your heads are all up your asses.
Your customer service sucks. Your rate locking is a ploy. Your credit worthiness
should be heavily scrutenized and somone from each credit bureau should make a public statement apologizing for making this world a worse place.
So stop allowing consumer scams. It's the lenders who are responsible for the personality of every slimy filthy used car sales men or dirt bag mortgage prick
that has convinced the consumer to take the wrong route.
Interest rates are low? So what, good luck dealing with all the bull shit
of getting a loan which more than likely you don't qualify for anymore!
-Christopher Rockey
Wednesday, February 6, 2008
Lenders Just Not Doing There Job
With so many defaulted loans they are not being able to keep up and it's
becoming chaos in every aspect.
Borrowers are walking away from there homes as a badge of courage. Lenders
are giving out REO business to the first Realtor to reply to an email. Loss
Mitigation cannot hire enough new suckers (People) to do the job. BPO business
has completly gone corrupt. Lenders padding there bottom line losses so they
don't even record N.O.D. or N.O.T. Working out a loan modification is like
pulling teeth. Customer service is still not the right people to talk to.
Collections departments basically check there conscience in at the door when
they get to work every morning.
Now, all this being said, you expect your client to be hopeful and helping.
Well, in order to complete a Short sale transaction, they better. You must
prequalify your clients for commitment. Without it, your spinning your wheels
and wasting your time.
As far as Loss Mitigation goes, they get lied to by Realtors all day "My deal is better than Foreclosure." They here that shit all day do you think they even believe
you. Can't prove your hardship? Probably not that hard then sorry, bottom of the pile.
My point is, for a full time Realtor working anywhere in the Central Valley of
California or East less any really desireable areas, will be dealing with Loss
Mitigation for a long, long time.
Good luck...
-Christopher Rockey
becoming chaos in every aspect.
Borrowers are walking away from there homes as a badge of courage. Lenders
are giving out REO business to the first Realtor to reply to an email. Loss
Mitigation cannot hire enough new suckers (People) to do the job. BPO business
has completly gone corrupt. Lenders padding there bottom line losses so they
don't even record N.O.D. or N.O.T. Working out a loan modification is like
pulling teeth. Customer service is still not the right people to talk to.
Collections departments basically check there conscience in at the door when
they get to work every morning.
Now, all this being said, you expect your client to be hopeful and helping.
Well, in order to complete a Short sale transaction, they better. You must
prequalify your clients for commitment. Without it, your spinning your wheels
and wasting your time.
As far as Loss Mitigation goes, they get lied to by Realtors all day "My deal is better than Foreclosure." They here that shit all day do you think they even believe
you. Can't prove your hardship? Probably not that hard then sorry, bottom of the pile.
My point is, for a full time Realtor working anywhere in the Central Valley of
California or East less any really desireable areas, will be dealing with Loss
Mitigation for a long, long time.
Good luck...
-Christopher Rockey
Tuesday, February 5, 2008
Quick Lender Tips
I am asked every day "What Is Loss Mitigation thinking" very simpl,
They're not! Loss Mitigation reps. have sometimes over 200 files on there
desks do you really think they even have the time to give a shit about your file.
Why do you think it takes 6 weeks to get an approval?
You can sing til your Blue in the face but the truth is, they are in charge.
The process cannot be completed with out them and they know it.
Try being nice for a change, ask your Loss Mit. rep. "How do I work with you."
"What do you expect of me to make this an easier process."
Let's be honest, Loss Mit. hates us, why? What is the biggest line item on your
HUD? Your commission, they think it's all going to you and that one deal represents
more than six months of there salary.
-Christopher Rockey
They're not! Loss Mitigation reps. have sometimes over 200 files on there
desks do you really think they even have the time to give a shit about your file.
Why do you think it takes 6 weeks to get an approval?
You can sing til your Blue in the face but the truth is, they are in charge.
The process cannot be completed with out them and they know it.
Try being nice for a change, ask your Loss Mit. rep. "How do I work with you."
"What do you expect of me to make this an easier process."
Let's be honest, Loss Mit. hates us, why? What is the biggest line item on your
HUD? Your commission, they think it's all going to you and that one deal represents
more than six months of there salary.
-Christopher Rockey
Wednesday, January 30, 2008
Interest Rates Not the Issue...
WASHINGTON (AP) -- The Federal Reserve on Wednesday cut a key interest rate for the second time in just over a week, reducing the federal funds rate by a half point. It signaled that further rate cuts were possible.
ADVERTISEMENT
The Fed action pushed the funds rate to 3 percent. It followed a three-fourths of a percentage point cut on Jan. 22, a day after financial markets around the world had plummeted on fears that the U.S. economy was heading into a recession. That decrease had been the biggest one-day move in more than two decades.
The half-point cut Wednesday followed news that the economy had slowed significantly in the final three months of last year with the gross domestic product expanding at a barely discernible pace of 0.6 percent, less than half what had been expected. The report came amid increased concern from several quarters about a possible recession.
In a brief statement explaining their decision, Federal Reserve Chairman Ben Bernanke and his colleagues said that "financial markets remain under considerable stress."
Great, so everyone that has any equity left in there home may qualify to get a great
deal on a low interest rate. The problem is still that the lenders have taken away
all the programs to fix the issue we are in. Sorry, this is not a solution to the
creative financing products that got us here in the first place. Give us back high LTV Stated programs would be a start.
-Christopher Rockey
ADVERTISEMENT
The Fed action pushed the funds rate to 3 percent. It followed a three-fourths of a percentage point cut on Jan. 22, a day after financial markets around the world had plummeted on fears that the U.S. economy was heading into a recession. That decrease had been the biggest one-day move in more than two decades.
The half-point cut Wednesday followed news that the economy had slowed significantly in the final three months of last year with the gross domestic product expanding at a barely discernible pace of 0.6 percent, less than half what had been expected. The report came amid increased concern from several quarters about a possible recession.
In a brief statement explaining their decision, Federal Reserve Chairman Ben Bernanke and his colleagues said that "financial markets remain under considerable stress."
Great, so everyone that has any equity left in there home may qualify to get a great
deal on a low interest rate. The problem is still that the lenders have taken away
all the programs to fix the issue we are in. Sorry, this is not a solution to the
creative financing products that got us here in the first place. Give us back high LTV Stated programs would be a start.
-Christopher Rockey
Tuesday, January 29, 2008
Not Just The Brokers Fault
Jan. 29 (Bloomberg) -- The Federal Bureau of Investigation is investigating 14 corporations for possible accounting fraud and other crimes related to the subprime lending crisis, officials said.
Neil Power, chief of the FBI's economic crimes unit, wouldn't identify the companies, though he said the cases involve ``valuation-type stuff.'' The probes include reviews of subprime lenders, housing developers and Wall Street firms that package loans as securities, he said.
``We're looking at the accounting fraud that goes through the securitization of these loans,'' Power said at a briefing with reporters in Washington today. ``We're dealing with the people who securitize them and then the people who hold them, such as the investment banks.''
The probes add to federal and state scrutiny of the home- loan industry as prosecutors and regulators seek to assign culpability for the mortgage rout that has forced people from their homes and resulted in losses to investors. The biggest banks and securities firms have posted at least $133 billion in credit losses and write downs related to the loans, which are typically made to buyers with the weakest credit.
Separately today, Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns Cos. said in corporate filings that they are complying with regulatory requests concerning investment products linked to home loans. The companies didn't specify which agencies asked for the information.
Civil Cases
The Securities and Exchange Commission, which brings civil cases, has about three dozen inquiries open, the agency's deputy enforcement director said earlier this month.
The FBI works ``hand-in-hand'' with the SEC, Power said today.
On subprime lenders, Power said the bureau has been ``looking over their books and of course there are some irregularities there that we're looking into.''
Power said another area of criminal inquiry is insider trading -- whether executives sold shares when they knew loan defaults were going to surge.
The FBI also investigates other mortgage-fraud crimes, most centering on individuals such as brokers, appraisers, Realtors, developers or straw buyers who illegally obtain loans.
The bureau has 1,210 pending mortgage-fraud cases, officials said.
Well just the word subprime is overused, so much that now it's the Boogy Man. Now people are scared of it. Can you see
why? Whenever you have a lender that tells you stuff like "Off the record I will
approve the loan if restructure it like this..." Bye Bye credibility
-Christopher Rockey
Neil Power, chief of the FBI's economic crimes unit, wouldn't identify the companies, though he said the cases involve ``valuation-type stuff.'' The probes include reviews of subprime lenders, housing developers and Wall Street firms that package loans as securities, he said.
``We're looking at the accounting fraud that goes through the securitization of these loans,'' Power said at a briefing with reporters in Washington today. ``We're dealing with the people who securitize them and then the people who hold them, such as the investment banks.''
The probes add to federal and state scrutiny of the home- loan industry as prosecutors and regulators seek to assign culpability for the mortgage rout that has forced people from their homes and resulted in losses to investors. The biggest banks and securities firms have posted at least $133 billion in credit losses and write downs related to the loans, which are typically made to buyers with the weakest credit.
Separately today, Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns Cos. said in corporate filings that they are complying with regulatory requests concerning investment products linked to home loans. The companies didn't specify which agencies asked for the information.
Civil Cases
The Securities and Exchange Commission, which brings civil cases, has about three dozen inquiries open, the agency's deputy enforcement director said earlier this month.
The FBI works ``hand-in-hand'' with the SEC, Power said today.
On subprime lenders, Power said the bureau has been ``looking over their books and of course there are some irregularities there that we're looking into.''
Power said another area of criminal inquiry is insider trading -- whether executives sold shares when they knew loan defaults were going to surge.
The FBI also investigates other mortgage-fraud crimes, most centering on individuals such as brokers, appraisers, Realtors, developers or straw buyers who illegally obtain loans.
The bureau has 1,210 pending mortgage-fraud cases, officials said.
Well just the word subprime is overused, so much that now it's the Boogy Man. Now people are scared of it. Can you see
why? Whenever you have a lender that tells you stuff like "Off the record I will
approve the loan if restructure it like this..." Bye Bye credibility
-Christopher Rockey
Boring...
NEW YORK (CNNMoney.com) -- The housing market is only getting worse, according to the latest report from S&P Case/Shiller released Tuesday.
Home prices were down 8.4 percent in November compared with last year in its 10-city index, a record low. The 20-city index also fell 7.7 percent.
The Case/Shiller report compares same-home sale prices. The industry considers it to be one of the most accurate snapshots of housing prices.
Previously, the largest year-over-year decline on record was 6.3 percent in April 1991. The November report marked the 11th consecutive month of negative returns for the index, and twenty-four months of decelerating returns.
Cities in trouble
"We reached another grim milestone in the housing market in November," said Robert Shiller, Chief Economist at MacroMarkets LLC and co-creator the index in a statement.
"Not only did the 10-city composite index post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same."
The worst hit market of the 20 metro areas covered was Miami, where the median home fell a whopping 15.1 percent in value. San Diego prices also fell steeply, down 13.4 percent. Las Vegas was off 13.2 percent and Detroit by 13 percent.
Three cities did emerge with higher prices compared with 12 months ago: Prices rose 2.9 percent in Charlotte, N.C., 1.8 percent in Seattle and 1.3 percent in Portland, Ore. But even these markets have turned down over the last three months. Indeed, every city in the index recorded at least three consecutive months of falling prices through November.
The three biggest U.S. cities also recorded year-over-year declines; New York was down 4.8 percent, Los Angeles 11.9 percent and Chicago 3.9 percent. The losses in Los Angeles accelerated in November; that city recorded the largest month-over-month drop of any index city, 3.6 percent.
Tuesday's report came in the wake of many other surveys indicating that the housing market is getting worse. Foreclosure filings and the risks of future foreclosures were both up sharply; the number of new homes sold plunged more steeply than any year on record; and the pace of existing home sales fell to their lowest level in 27 years.
I think i'm going to start a blog on credit repair or something to do with the structure of repairing this situation, rather than to continue to post stories of
what is no longer speculation.
OK, I understand that you all get it, I was right, it's worse than the experts thought. Unless you were talking to me of course.
Maybe more about Short Sales and some daily stories from my company www.mresolution.com
-Christopher Rockey
Home prices were down 8.4 percent in November compared with last year in its 10-city index, a record low. The 20-city index also fell 7.7 percent.
The Case/Shiller report compares same-home sale prices. The industry considers it to be one of the most accurate snapshots of housing prices.
Previously, the largest year-over-year decline on record was 6.3 percent in April 1991. The November report marked the 11th consecutive month of negative returns for the index, and twenty-four months of decelerating returns.
Cities in trouble
"We reached another grim milestone in the housing market in November," said Robert Shiller, Chief Economist at MacroMarkets LLC and co-creator the index in a statement.
"Not only did the 10-city composite index post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same."
The worst hit market of the 20 metro areas covered was Miami, where the median home fell a whopping 15.1 percent in value. San Diego prices also fell steeply, down 13.4 percent. Las Vegas was off 13.2 percent and Detroit by 13 percent.
Three cities did emerge with higher prices compared with 12 months ago: Prices rose 2.9 percent in Charlotte, N.C., 1.8 percent in Seattle and 1.3 percent in Portland, Ore. But even these markets have turned down over the last three months. Indeed, every city in the index recorded at least three consecutive months of falling prices through November.
The three biggest U.S. cities also recorded year-over-year declines; New York was down 4.8 percent, Los Angeles 11.9 percent and Chicago 3.9 percent. The losses in Los Angeles accelerated in November; that city recorded the largest month-over-month drop of any index city, 3.6 percent.
Tuesday's report came in the wake of many other surveys indicating that the housing market is getting worse. Foreclosure filings and the risks of future foreclosures were both up sharply; the number of new homes sold plunged more steeply than any year on record; and the pace of existing home sales fell to their lowest level in 27 years.
I think i'm going to start a blog on credit repair or something to do with the structure of repairing this situation, rather than to continue to post stories of
what is no longer speculation.
OK, I understand that you all get it, I was right, it's worse than the experts thought. Unless you were talking to me of course.
Maybe more about Short Sales and some daily stories from my company www.mresolution.com
-Christopher Rockey
Wednesday, January 23, 2008
Finally Someone Admits It... Sorry NAR
NEW YORK (CNNMoney.com) -- The worst housing financial crisis in decades is only going to get worse, a Merrill Lynch report said Wednesday.
The investment bank forecasted a 15 percent drop in housing prices in 2008 and a further 10 percent drop in 2009, with even more depreciation likely in 2010.
By contrast, the National Association of Realtors (NAR) expects housing prices to remain flat in 2008. NAR did cut its home price estimate for the current quarter, however, to a 5.3 percent year-over-year decline, which represents the steepest drop in that price measure on record. But NAR sees an uptick in home prices in the last two quarters of 2008.
"Merrill Lynch's figures are way too pessimistic, and they are unprecedented," Lawrence Yun, the National Association of Realtors chief economist told CNNMoney.com. "There is so much variation in local housing markets, and we see stable price conditions for 2008
For my loyal readers I know I am going to be bombarded with comments about this.
Why I posted it, I have been saying it for damn near two years now. Well, I believe this is the first time two big names have so openly disagreed on the subject. I
also want you to consider the source of the information provided. They actually each have something to gain to openly take this position. Merrill with a new CEO can say he was thrown into a bad spot and to expect write downs for a couple years on there mortgage backed securities. While the National Association of Realtors wants more Realtors paying more fees and gain more local support. Truth is, I think Merrill is going to be proven positively correct about this subject.
Due to this, I am going to greatly start advertising and promoting Short Sales. There are so many clients of yours out there right now that will need to do a Short Sale rather than foreclosure. Make sure you or your client knows all there is to protect themselves.
The investment bank forecasted a 15 percent drop in housing prices in 2008 and a further 10 percent drop in 2009, with even more depreciation likely in 2010.
By contrast, the National Association of Realtors (NAR) expects housing prices to remain flat in 2008. NAR did cut its home price estimate for the current quarter, however, to a 5.3 percent year-over-year decline, which represents the steepest drop in that price measure on record. But NAR sees an uptick in home prices in the last two quarters of 2008.
"Merrill Lynch's figures are way too pessimistic, and they are unprecedented," Lawrence Yun, the National Association of Realtors chief economist told CNNMoney.com. "There is so much variation in local housing markets, and we see stable price conditions for 2008
For my loyal readers I know I am going to be bombarded with comments about this.
Why I posted it, I have been saying it for damn near two years now. Well, I believe this is the first time two big names have so openly disagreed on the subject. I
also want you to consider the source of the information provided. They actually each have something to gain to openly take this position. Merrill with a new CEO can say he was thrown into a bad spot and to expect write downs for a couple years on there mortgage backed securities. While the National Association of Realtors wants more Realtors paying more fees and gain more local support. Truth is, I think Merrill is going to be proven positively correct about this subject.
Due to this, I am going to greatly start advertising and promoting Short Sales. There are so many clients of yours out there right now that will need to do a Short Sale rather than foreclosure. Make sure you or your client knows all there is to protect themselves.
Tuesday, January 22, 2008
Poor Uncle Ben
In a nearly unprecedented move the Federal Reserve early Tuesday cut the Federal discount rate by .75 of a point, the largest single rate cut in 20 years.
The move did not come at one of the Fed's regularly scheduled meetings but rather overnight in response to some truly dreadful news from foreign stock exchanges over the last two days. Foreign markets followed Monday's steep declines by losing as much as nine percent of the value of some Asian exchanges although those in Europe were near positive territory by the close. There was speculation early this morning that overnight numbers indicated the U.S. market might open down as much as 575 points.
Well as I mentioned in my previous articles, the word on Wall Street is that Uncle
Ben is taking the blunt end of blame. He is becoming a target and being called
the "Federal Pushover." Although it' true recession is unavoidable, he truly has
a tough road ahead of him and may continue to be easily persuaded to make more drastic moves. He is actually getting the reputation for being "Easily Bullied."
The move did not come at one of the Fed's regularly scheduled meetings but rather overnight in response to some truly dreadful news from foreign stock exchanges over the last two days. Foreign markets followed Monday's steep declines by losing as much as nine percent of the value of some Asian exchanges although those in Europe were near positive territory by the close. There was speculation early this morning that overnight numbers indicated the U.S. market might open down as much as 575 points.
Well as I mentioned in my previous articles, the word on Wall Street is that Uncle
Ben is taking the blunt end of blame. He is becoming a target and being called
the "Federal Pushover." Although it' true recession is unavoidable, he truly has
a tough road ahead of him and may continue to be easily persuaded to make more drastic moves. He is actually getting the reputation for being "Easily Bullied."
Friday, January 18, 2008
Hope Now.... Needs Funding Now
WASHINGTON (AP) -- A Bush administration-organized effort to rescue troubled homeowners said it helped 5 percent of borrowers with risky subprime loans in the second half of 2007.
The coalition of lenders, investors and nonprofit groups - dubbed Hope Now -was created in October in response to soaring defaults and foreclosures that have hobbled Wall Street banks and sent stock indexes plummeting.
Consumer groups, however, say neither the mortgage industry nor Bush administration-organized effort have done enough, and point out that many borrowers still can't keep up with their payments, even after loan workouts.
I wanted to keep this article short so you would have a good idea of where I'm coming from. First, I had the opportunity to meet the chairperson for Hope Now while testifying at our state's capitol building. Hope Now's official position is that they are able to help less than 1/100Th of a percent of the calls they receive. The above article is labeled "Hope Now helps 5% of Subprimers." Where did that number come from? Who's padding the numbers? At the capitol they were asking for more funding. Now they are saying they are getting the job done. My thoughts are this:
Hope now is a government backed resource that should be utilized to it's fullest. Like many government backed projects, "Hope for the best but plan on the worse."
-Christopher Rockey
The coalition of lenders, investors and nonprofit groups - dubbed Hope Now -was created in October in response to soaring defaults and foreclosures that have hobbled Wall Street banks and sent stock indexes plummeting.
Consumer groups, however, say neither the mortgage industry nor Bush administration-organized effort have done enough, and point out that many borrowers still can't keep up with their payments, even after loan workouts.
I wanted to keep this article short so you would have a good idea of where I'm coming from. First, I had the opportunity to meet the chairperson for Hope Now while testifying at our state's capitol building. Hope Now's official position is that they are able to help less than 1/100Th of a percent of the calls they receive. The above article is labeled "Hope Now helps 5% of Subprimers." Where did that number come from? Who's padding the numbers? At the capitol they were asking for more funding. Now they are saying they are getting the job done. My thoughts are this:
Hope now is a government backed resource that should be utilized to it's fullest. Like many government backed projects, "Hope for the best but plan on the worse."
-Christopher Rockey
Thursday, January 17, 2008
Blame It On The Little Guy
Mortgage Brokers.... Rest In Peace
"The broker model is broken," said Calculated Risk yesterday, citing comments from Jamie Dimon of JP Morgan (JPM) saying that delinquencies on broker-originated loans are three times higher than on loans originated in-house.
What's more, says Paul Jackson of Housing Wire in an email to me,
If you want to discuss what will largely be the single largest effect on Main Street of the BAC/CFC merger, it's this: say goodbye to brokers.
Countrywide is (was?) one of the largest remaining mortgage operations with an active wholesale lending channel; while Countrywide has repeatedly said it is committed to brokers, BofA has a decidedly different view, having shuttered wholesale last year.
No one has talked yet about this, but you can bet that BofA will take steps to pull CFC out of the wholesale mortgage origination channel. And that will definitely be felt.
Jackson has dug up an old quote from BofA's Ken Lewis:
While Charlotte-based Bank of America wants to sell more mortgages, Lewis said, the company isn't attracted to the mortgage industry's business model. "We like the product, but we don't like the business," he said. He added that the bank is "not particularly interested" in wholesale lending through outside mortgage brokers and bankers - an area where Countrywide has a presence.
That doesn't mean Lewis wasn't interested in Countrywide, of course. Mortgages can and should be inherently profitable things, so long as they're underwritten intelligently. And Countrywide's servicing revenues are large and stable. But if Countrywide is now going to stop using outside brokers, as seems likely, the future for those brokers seems bleak indeed - after all, most other independent mortgage lenders have already closed their doors.
Frankly, in an era where people can get mortgage quotes online almost as easily as they can buy car insurance, I fail to see why mortgage brokers should exist. It would be an industry crying out for disintermediation even if it weren't obvious that mortgage brokers are top of the list of people to blame for the current mortgage crisis. In the debate about "predatory lenders" and "predatory borrowers", the bigger truth is that the real problem was predatory brokers - people who abused the trust of both lenders and borrowers. If they do disappear, they shan't be missed.
I felt the need to comment on this article because I was in negotiations with
Wachovia a few months ago. There business model is outright disturbing when it comes to the Mom and Pop broker shop: "We will do everything we can to bully them completely out of the market place. We will even go as far as to decline a great loan from a broker and approve that same file from in house."
"The broker model is broken," said Calculated Risk yesterday, citing comments from Jamie Dimon of JP Morgan (JPM) saying that delinquencies on broker-originated loans are three times higher than on loans originated in-house.
What's more, says Paul Jackson of Housing Wire in an email to me,
If you want to discuss what will largely be the single largest effect on Main Street of the BAC/CFC merger, it's this: say goodbye to brokers.
Countrywide is (was?) one of the largest remaining mortgage operations with an active wholesale lending channel; while Countrywide has repeatedly said it is committed to brokers, BofA has a decidedly different view, having shuttered wholesale last year.
No one has talked yet about this, but you can bet that BofA will take steps to pull CFC out of the wholesale mortgage origination channel. And that will definitely be felt.
Jackson has dug up an old quote from BofA's Ken Lewis:
While Charlotte-based Bank of America wants to sell more mortgages, Lewis said, the company isn't attracted to the mortgage industry's business model. "We like the product, but we don't like the business," he said. He added that the bank is "not particularly interested" in wholesale lending through outside mortgage brokers and bankers - an area where Countrywide has a presence.
That doesn't mean Lewis wasn't interested in Countrywide, of course. Mortgages can and should be inherently profitable things, so long as they're underwritten intelligently. And Countrywide's servicing revenues are large and stable. But if Countrywide is now going to stop using outside brokers, as seems likely, the future for those brokers seems bleak indeed - after all, most other independent mortgage lenders have already closed their doors.
Frankly, in an era where people can get mortgage quotes online almost as easily as they can buy car insurance, I fail to see why mortgage brokers should exist. It would be an industry crying out for disintermediation even if it weren't obvious that mortgage brokers are top of the list of people to blame for the current mortgage crisis. In the debate about "predatory lenders" and "predatory borrowers", the bigger truth is that the real problem was predatory brokers - people who abused the trust of both lenders and borrowers. If they do disappear, they shan't be missed.
I felt the need to comment on this article because I was in negotiations with
Wachovia a few months ago. There business model is outright disturbing when it comes to the Mom and Pop broker shop: "We will do everything we can to bully them completely out of the market place. We will even go as far as to decline a great loan from a broker and approve that same file from in house."
WaMu Really Blew It
NEW YORK (Money) -- A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.
Jeniffer Wertz, who is seeking unspecified damages, says WaMu stopped accepting her appraisals in mid-2007 a month after she reported that her local housing market in California was "declining."
A pessimistic outlook makes it harder to extend outsized, risky mortgages to borrowers whose homes can't support them. But Wertz's assessment shouldn't have been controversial at the time. According to the National Association of Realtors, home prices in her hometown of Sacramento fell $9,000, or 2.5 percent, to $356,500 in the second quarter of 2007. And most economists were already characterizing the housing market as a bubble that was ready to burst.
I am keeping this article to the short version as to add my own testament. In 2006
I ran into the worse case of Mortgage Fraud I have ever encountered anywhere and it
was done internally by a WaMu retail loan officer. I had a client foreclosing on there home and were able to sell it to a trusted investor (So they thought)It turns out this investor had a relationship with a a WaMu Loan officer, Branch Manager and underwriter. Soon after the purchase of the home at 100% financing. The so called investor was able to pull strings through WaMu to get a completely fake appraisal to go through valuing the same property at about a 70% higher value. Since the new loan not yet showed on the "Investors" credit, but did show up on a county title search the loan officer had him write a letter saying he owned that property "Free and Clear." Soon after that Wamu funded the investor a $200,000 line of credit which was gone quite soon. In the end the investor foreclosed and got away with hundreds of thousand of dollars. After finding out what exactly had happened I called the office in L.A. to speak to the Branch Manager. I actually got through to her and she claimed to know nothing of my accusation. Interestingly enough it was moments later I received a call on my personal cell phone from the hero of our story, the Wamu loan officer himself who in a very threatening tone told me "If you know what is good for you and your family you will drop this subject and never call anyone again." OK mister mafioso you got it. I immediately went to the Downtown Sacramento WaMu building off of Arden to tell the Regional V.P. of my experience. I sat around got the cold shoulder from several gate keepers until finally I received a business card with an invitation to make an appointment. I was extremely vigilant leaving messages with and for the area V.P. for several weeks. After being ignored for nearly a month, sitting back and examining the situation, I stopped the badgering.
On a personal note the only peace of mind I ever got was short selling there stock.
-Christopher Rockey
Jeniffer Wertz, who is seeking unspecified damages, says WaMu stopped accepting her appraisals in mid-2007 a month after she reported that her local housing market in California was "declining."
A pessimistic outlook makes it harder to extend outsized, risky mortgages to borrowers whose homes can't support them. But Wertz's assessment shouldn't have been controversial at the time. According to the National Association of Realtors, home prices in her hometown of Sacramento fell $9,000, or 2.5 percent, to $356,500 in the second quarter of 2007. And most economists were already characterizing the housing market as a bubble that was ready to burst.
I am keeping this article to the short version as to add my own testament. In 2006
I ran into the worse case of Mortgage Fraud I have ever encountered anywhere and it
was done internally by a WaMu retail loan officer. I had a client foreclosing on there home and were able to sell it to a trusted investor (So they thought)It turns out this investor had a relationship with a a WaMu Loan officer, Branch Manager and underwriter. Soon after the purchase of the home at 100% financing. The so called investor was able to pull strings through WaMu to get a completely fake appraisal to go through valuing the same property at about a 70% higher value. Since the new loan not yet showed on the "Investors" credit, but did show up on a county title search the loan officer had him write a letter saying he owned that property "Free and Clear." Soon after that Wamu funded the investor a $200,000 line of credit which was gone quite soon. In the end the investor foreclosed and got away with hundreds of thousand of dollars. After finding out what exactly had happened I called the office in L.A. to speak to the Branch Manager. I actually got through to her and she claimed to know nothing of my accusation. Interestingly enough it was moments later I received a call on my personal cell phone from the hero of our story, the Wamu loan officer himself who in a very threatening tone told me "If you know what is good for you and your family you will drop this subject and never call anyone again." OK mister mafioso you got it. I immediately went to the Downtown Sacramento WaMu building off of Arden to tell the Regional V.P. of my experience. I sat around got the cold shoulder from several gate keepers until finally I received a business card with an invitation to make an appointment. I was extremely vigilant leaving messages with and for the area V.P. for several weeks. After being ignored for nearly a month, sitting back and examining the situation, I stopped the badgering.
On a personal note the only peace of mind I ever got was short selling there stock.
-Christopher Rockey
Wednesday, January 16, 2008
Not How It Works
MESSAGE TO MR CHRISTOPHER ROCKEY,
DEAR ROCKEY,
COMPLIMENT OF THE SEASON TO YOU.
I AM REV. PRASAD RAJIV. I AM A GUYANESE OF INDIAN ORIGIN BASED IN LONDON ENGLAND. I AM A FINANCIAL CONSULTANT AND A CO-FOUNDER OF THE IGABRIEL VENTURE CAPITAL IN LONDON.
I HAVE HEARD MUCH ABOUT YOU ESPECIALLY IN THE AREA OF REAL ESTATE AND I FEEL YOU ARE A BETTER PERSON FOR THIS INVESTMENT PLANS OF MINE IN THE USA.
I WANT TO INVEST HUGELY IN REAL ESTATE IN USA AND I NEED A PARTNER WHO IS IN THE FIELD OF REAL ESTATE BASED IN USA.
BEFORE I PROCEED, I WANT TO KNOW IF YOU CAN COLLABORATE WITH ME .
REPLY BY MAIL AT,
prajiv16@protected.com
LOOKING FORWARD TO HEARING FROM YOU.
RAJIV
Sorry folks this is just not how it works.
The chances of this being real are about the same as hitting the sweepstakes.
By now you know I have hundreds of loyal readers. I'm on several "Blogrolls."
But under no circumstance can you simply go to the mailbox everyday and wonder
what happened to your check. IT'S NOT COMING!
Surviving in the Real Estate game full time in this market consists of a lot more
than waiting for the Magical Email.
DEAR ROCKEY,
COMPLIMENT OF THE SEASON TO YOU.
I AM REV. PRASAD RAJIV. I AM A GUYANESE OF INDIAN ORIGIN BASED IN LONDON ENGLAND. I AM A FINANCIAL CONSULTANT AND A CO-FOUNDER OF THE IGABRIEL VENTURE CAPITAL IN LONDON.
I HAVE HEARD MUCH ABOUT YOU ESPECIALLY IN THE AREA OF REAL ESTATE AND I FEEL YOU ARE A BETTER PERSON FOR THIS INVESTMENT PLANS OF MINE IN THE USA.
I WANT TO INVEST HUGELY IN REAL ESTATE IN USA AND I NEED A PARTNER WHO IS IN THE FIELD OF REAL ESTATE BASED IN USA.
BEFORE I PROCEED, I WANT TO KNOW IF YOU CAN COLLABORATE WITH ME .
REPLY BY MAIL AT,
prajiv16@protected.com
LOOKING FORWARD TO HEARING FROM YOU.
RAJIV
Sorry folks this is just not how it works.
The chances of this being real are about the same as hitting the sweepstakes.
By now you know I have hundreds of loyal readers. I'm on several "Blogrolls."
But under no circumstance can you simply go to the mailbox everyday and wonder
what happened to your check. IT'S NOT COMING!
Surviving in the Real Estate game full time in this market consists of a lot more
than waiting for the Magical Email.
Weak Arms?
NEW YORK (CNNMoney.com) -- The number of adjustable-rate mortgages issued by lenders declined in 2007 as loan delinquencies and economic problems took their toll on interest rate discounts, according to Freddie Mac's annual ARM survey.
As of October 2007, the government-sponsored loan buyer said, ARMs made up 17 percent of loan applications, their lowest level since June 2003.
Well in my opinion I don't believe this is because the public is actually listening to the media and deciding to Refinance into a fixed rate mortgage. Sure a portion
of this is the reflection of a responsible borrower. My opinion is simply in order to get a high loan to value ratio mortgage anymore, you automatically get a fixed rate program that you qualify for. This is not just responsible lending, but
it is normal lending. Bye Bye weak ARMs...
-Christopher Rockey
As of October 2007, the government-sponsored loan buyer said, ARMs made up 17 percent of loan applications, their lowest level since June 2003.
Well in my opinion I don't believe this is because the public is actually listening to the media and deciding to Refinance into a fixed rate mortgage. Sure a portion
of this is the reflection of a responsible borrower. My opinion is simply in order to get a high loan to value ratio mortgage anymore, you automatically get a fixed rate program that you qualify for. This is not just responsible lending, but
it is normal lending. Bye Bye weak ARMs...
-Christopher Rockey
Saturday, January 12, 2008
The Golden Rule of Borrower Stupidity
I don't understand why Angelo Mozilo, the CEO of Countrywide can deny claims all
week that there is not going to be a merger, buyout, LBO, or even bankruptcy protection from Bank of America.
The only reason I can in any way fathom why the tune changes so dramatically day to day,, is because there is a simple mentality among homeowners. It's based on a
shallow mindset that they invent themselves and it is now recognized as "The Golden Rule of Borrower Stupidity."
This rule simply states: Since my mortgage lender is going out of business, I
guess I don't have to pay my mortgage anymore.
Nothing could be further from the truth. This mentality is shared by people
who should have never qualified to get a mortgage loan in the first place and in there own meager defense, they have developed a certain bitterness from there new
best friends known as "The Collections Department."
The following is a quote made by Bank of America based on the further actions
that will be taken upon buying Countrywide.
Read it and weep Golden Rulers!
"Both companies share the goal of keeping distressed mortgage borrowers in their homes when possible," Bank of America said in a press release. "Bank of America plans to expand the ... internal capacity and flexibility for loan modifications for loan workout teams following the purchase of Countrywide."
Don't know the difference between a Loan Modification and Forbearance agreement?
It's pretty simple. Loan Mod. modifies your rate or term or both. Forbearance
allows you to make extra payments that are usually higher until your caught up
with the payments behind schedule.
-Christopher Rockey
week that there is not going to be a merger, buyout, LBO, or even bankruptcy protection from Bank of America.
The only reason I can in any way fathom why the tune changes so dramatically day to day,, is because there is a simple mentality among homeowners. It's based on a
shallow mindset that they invent themselves and it is now recognized as "The Golden Rule of Borrower Stupidity."
This rule simply states: Since my mortgage lender is going out of business, I
guess I don't have to pay my mortgage anymore.
Nothing could be further from the truth. This mentality is shared by people
who should have never qualified to get a mortgage loan in the first place and in there own meager defense, they have developed a certain bitterness from there new
best friends known as "The Collections Department."
The following is a quote made by Bank of America based on the further actions
that will be taken upon buying Countrywide.
Read it and weep Golden Rulers!
"Both companies share the goal of keeping distressed mortgage borrowers in their homes when possible," Bank of America said in a press release. "Bank of America plans to expand the ... internal capacity and flexibility for loan modifications for loan workout teams following the purchase of Countrywide."
Don't know the difference between a Loan Modification and Forbearance agreement?
It's pretty simple. Loan Mod. modifies your rate or term or both. Forbearance
allows you to make extra payments that are usually higher until your caught up
with the payments behind schedule.
-Christopher Rockey
Friday, January 11, 2008
Vote for me and I will get you JUSTICE!
Likening their actions to those of organized crime syndicates, Cleveland's Mayor is suing 21 major banks and mortgage companies for the roles they played in the sub-prime mortgage crisis that devastated many neighborhoods in the city.
The suit, filed in Cuyahoga County Common Pleas Court, alleges that in pushing sub-prime mortgages in Cleveland, the companies created a public nuisance in violation of state law.
City officials hope to recover hundreds of millions of dollars in damages for lost property tax revenue, the cost of demolishing homes left abandoned and the cost of policing neighborhoods devastated by thousands of foreclosures.
Cleveland Mayor Frank Jackson said, "If you look at the end result of organized crime activity on neighborhoods, cities and individual lives, sucking equity out, you see the same thing here."
Where Cleveland went wrong
There were over 7,000 foreclosures in Cleveland in 2007 alone. Crime has skyrocketed in areas where boarded up houses are a common site. Many of those homes have been stripped of their aluminum siding and plumbing. Some blocks bear an eerie resemblance to New Orleans' Lower 9th Ward in the months following Hurricane Katrina.
The banks and mortgage companies being sued reads like a 'Who's Who' list on Wall Street. "They are the ones that fueled this operation and that's what placed us in this predicament," said Cleveland's Director of Law Robert Triozzi. "They are going to be held accountable. Mayor Jackson said the lenders signed off on deals that they knew should have never been made."
Triozzi said, "The model they used was completely inappropriate for a city like Cleveland but they didn't care."
The companies being sued are Deutsche Bank Trust, Ameriquest Mortgage, Bank of America (BAC, Fortune 500), Bear Stearns (BSC, Fortune 500), Citigroup (C, Fortune 500), Countrywide Financial (CFC, Fortune 500), Credit Suisse (USA), Fremont General, GMAC-RFC, Goldman Sachs (GS, Fortune 500), Greenwich Capital Markets, HSBC Holdings, Indymac Bancorp, J.P. Morgan Chase (JPM, Fortune 500), Lehman Brothers, Merrill Lynch, Morgan Stanley, Novastar Financial, Option One Mortgage, Washington Mutual and Wells Fargo.
In a statement, Citigroup said, ""We believe the allegations against us are without merit and plan to contest the suit vigorously."
A J.P. Morgan spokesman said, ""We share the city's concern over foreclosures, and we work with borrowers whenever possible to keep them in their homes."
Goldman, Lehman, Merrill, HSBC and Deutsche Bank Trust would not comment on the lawsuit.
None of the other companies named in the complaint could be reached for comment.
--CNN assignment editor Miguel Susana contributed to this report.
Thank you CNN of that lovely report. It's always nice to see the media bullying
there way into just "Reporting The News."
The truth is that this article has left out a key element to the mayors
actual motives. The lawsuit is not free, the mayor needs to get the support
of many voters to put up money for a retaining fee.
The funny part to me is the mayor is obviously telling the people "I will get
you Justice." While he is actually trying to get more political revenue from
companies who did not make subprime loans, like Bank of America and Goldman etc.
Sure they purchased on the secondary market but why isn't he going after the actual lender that made the loans? Simple, political revenue equals political power!
Side Note: I have much respect for the mayor of Cleveland Frank G. Jackson
his resume and accomplishments are those of a man with true leadership qualities.
-Christopher Rockey
The suit, filed in Cuyahoga County Common Pleas Court, alleges that in pushing sub-prime mortgages in Cleveland, the companies created a public nuisance in violation of state law.
City officials hope to recover hundreds of millions of dollars in damages for lost property tax revenue, the cost of demolishing homes left abandoned and the cost of policing neighborhoods devastated by thousands of foreclosures.
Cleveland Mayor Frank Jackson said, "If you look at the end result of organized crime activity on neighborhoods, cities and individual lives, sucking equity out, you see the same thing here."
Where Cleveland went wrong
There were over 7,000 foreclosures in Cleveland in 2007 alone. Crime has skyrocketed in areas where boarded up houses are a common site. Many of those homes have been stripped of their aluminum siding and plumbing. Some blocks bear an eerie resemblance to New Orleans' Lower 9th Ward in the months following Hurricane Katrina.
The banks and mortgage companies being sued reads like a 'Who's Who' list on Wall Street. "They are the ones that fueled this operation and that's what placed us in this predicament," said Cleveland's Director of Law Robert Triozzi. "They are going to be held accountable. Mayor Jackson said the lenders signed off on deals that they knew should have never been made."
Triozzi said, "The model they used was completely inappropriate for a city like Cleveland but they didn't care."
The companies being sued are Deutsche Bank Trust, Ameriquest Mortgage, Bank of America (BAC, Fortune 500), Bear Stearns (BSC, Fortune 500), Citigroup (C, Fortune 500), Countrywide Financial (CFC, Fortune 500), Credit Suisse (USA), Fremont General, GMAC-RFC, Goldman Sachs (GS, Fortune 500), Greenwich Capital Markets, HSBC Holdings, Indymac Bancorp, J.P. Morgan Chase (JPM, Fortune 500), Lehman Brothers, Merrill Lynch, Morgan Stanley, Novastar Financial, Option One Mortgage, Washington Mutual and Wells Fargo.
In a statement, Citigroup said, ""We believe the allegations against us are without merit and plan to contest the suit vigorously."
A J.P. Morgan spokesman said, ""We share the city's concern over foreclosures, and we work with borrowers whenever possible to keep them in their homes."
Goldman, Lehman, Merrill, HSBC and Deutsche Bank Trust would not comment on the lawsuit.
None of the other companies named in the complaint could be reached for comment.
--CNN assignment editor Miguel Susana contributed to this report.
Thank you CNN of that lovely report. It's always nice to see the media bullying
there way into just "Reporting The News."
The truth is that this article has left out a key element to the mayors
actual motives. The lawsuit is not free, the mayor needs to get the support
of many voters to put up money for a retaining fee.
The funny part to me is the mayor is obviously telling the people "I will get
you Justice." While he is actually trying to get more political revenue from
companies who did not make subprime loans, like Bank of America and Goldman etc.
Sure they purchased on the secondary market but why isn't he going after the actual lender that made the loans? Simple, political revenue equals political power!
Side Note: I have much respect for the mayor of Cleveland Frank G. Jackson
his resume and accomplishments are those of a man with true leadership qualities.
-Christopher Rockey
Thursday, January 10, 2008
In All Honesty I Wish I Were Wrong
But I'm Not...
I had a conversation yesterday with another parent at my sons school. He is
a lobbyist here at the capitol and he told me that my views of recession were
blinded by my career. When you have a small company like Goldman Sachs being the front runner on backing everything I say, it's hard for a lobbyist to make a good argument.
http://www.cnbc.com/id/15840232?video=621761014
It's going to be a brutal road and I wish it weren't because some honest hard
working people are going to be hit so hard it may take there personal finances
years to recover and for some, unfortunately, it may never.
-Christopher Rockey
I had a conversation yesterday with another parent at my sons school. He is
a lobbyist here at the capitol and he told me that my views of recession were
blinded by my career. When you have a small company like Goldman Sachs being the front runner on backing everything I say, it's hard for a lobbyist to make a good argument.
http://www.cnbc.com/id/15840232?video=621761014
It's going to be a brutal road and I wish it weren't because some honest hard
working people are going to be hit so hard it may take there personal finances
years to recover and for some, unfortunately, it may never.
-Christopher Rockey
Wednesday, January 9, 2008
Political Action Preperation
On the 16Th of this month I have been asked to join Scott Thompson and Mortgage Resolution Services to join him in testifying in front of the State Senate on the
issues of Foreclosures in the Great State of California.
I am going to actually prepare my notes for that meeting with relation to short sales and foreclosures on this blog.
So you as the educated reader will know exactly what I am going to say "On The Record" before I have even said it!!
All comments will be appreciated and taken into close consideration. I have also been given permission to take pictures that i will post on the 17Th.
-Christopher Rockey
rockey@mresolution.com
issues of Foreclosures in the Great State of California.
I am going to actually prepare my notes for that meeting with relation to short sales and foreclosures on this blog.
So you as the educated reader will know exactly what I am going to say "On The Record" before I have even said it!!
All comments will be appreciated and taken into close consideration. I have also been given permission to take pictures that i will post on the 17Th.
-Christopher Rockey
rockey@mresolution.com
Is there a doctor in the house?
A Message from our senator:
Dear Dr. Rockey:
Thank you for writing to me about legislation on homeownership assistance programs. Your correspondence is important to me and I welcome the opportunity to respond.
Like you, I recognize that the Federal Housing Administration (FHA) plays an important role in insuring home mortgages for those in underserved communities. It is critical that FHA programs be reformed to provide more homebuyers and borrowers looking to refinance the option to get an FHA loan, especially in states such as California where the cost of housing is extraordinarily high.
On December 14, 2007, the "FHA Modernization Act of 2007" (S.2338), sponsored by Senator Chris Dodd (D-CT), passed the Senate by a vote of 93-1. I voted in favor of this bill that would increase FHA single-family loan limits in both high and low cost areas to 100 percent of the median home price, or the government sponsored enterprise conforming loan limit of $417,000, whichever is lower. It also lowers the minimum down payment to 1.5 percent from the current requirement of 3 percent. On September 18, 2007, the House of Representatives passed a similar bill to reform the FHA, the "Expanding American Homeownership Act of 2007" (H.R. 1852). Please know that I appreciate hearing your support for FHA reform.
Conforming loan limits are determined by a survey of the average house price in the United States from year to year. In this past year, there was a 3.49% or $10,685 decline in the nationwide average. Therefore, the conforming loan limit will remain at $417,000 for single family mortgages in 2008. Be assured that I will also keep your support in mind should the Senate consider raising the GSE conforming loan limit.
Again, thank you for writing. Should you have any further questions or comments, please feel free to contact my Washington, D.C. staff at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States Senator
Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.
My respone:
Thank you Senator, I appreciate your swift response. My only problem is that I
am not a doctor nor have I ever represented myself as one. With respect to the
response I will leave it at that.
-Christopher Rockey
Dear Dr. Rockey:
Thank you for writing to me about legislation on homeownership assistance programs. Your correspondence is important to me and I welcome the opportunity to respond.
Like you, I recognize that the Federal Housing Administration (FHA) plays an important role in insuring home mortgages for those in underserved communities. It is critical that FHA programs be reformed to provide more homebuyers and borrowers looking to refinance the option to get an FHA loan, especially in states such as California where the cost of housing is extraordinarily high.
On December 14, 2007, the "FHA Modernization Act of 2007" (S.2338), sponsored by Senator Chris Dodd (D-CT), passed the Senate by a vote of 93-1. I voted in favor of this bill that would increase FHA single-family loan limits in both high and low cost areas to 100 percent of the median home price, or the government sponsored enterprise conforming loan limit of $417,000, whichever is lower. It also lowers the minimum down payment to 1.5 percent from the current requirement of 3 percent. On September 18, 2007, the House of Representatives passed a similar bill to reform the FHA, the "Expanding American Homeownership Act of 2007" (H.R. 1852). Please know that I appreciate hearing your support for FHA reform.
Conforming loan limits are determined by a survey of the average house price in the United States from year to year. In this past year, there was a 3.49% or $10,685 decline in the nationwide average. Therefore, the conforming loan limit will remain at $417,000 for single family mortgages in 2008. Be assured that I will also keep your support in mind should the Senate consider raising the GSE conforming loan limit.
Again, thank you for writing. Should you have any further questions or comments, please feel free to contact my Washington, D.C. staff at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States Senator
Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.
My respone:
Thank you Senator, I appreciate your swift response. My only problem is that I
am not a doctor nor have I ever represented myself as one. With respect to the
response I will leave it at that.
-Christopher Rockey
Monday, January 7, 2008
Welcoming the New Year
I have returned fresh from the beautiful powder of Park City Utah for an extended
holiday break with the family.
I have had several comments for requests on Short Sales which I shall be sure to
follow up on.
In the meantime, Happy New Year!
Get ready for some really interesting stuff!
-Christopher Rockey
holiday break with the family.
I have had several comments for requests on Short Sales which I shall be sure to
follow up on.
In the meantime, Happy New Year!
Get ready for some really interesting stuff!
-Christopher Rockey
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