This last weekend, the New Your Times published a story that, quite frankly, shows why the financial markets are so f*$#%’d up. You’ve got to love the FDIC “investigator” who got a bug up his butt, and sought out, and sent a secret investigator (posing as a hot chick trolling for a guy) to dupe… CONTINUE
No More MERS Foreclosures?
Freddie Mac bulleting 2011-05 states No More MERS foreclosures. MERS must transfer the interest it holds as indentured trustee (or whatever) to the actual loan services. I wonder how much money MERS just lost on all those fees it was generating? And how will the true servicers will feel about having to foreclose the old… CONTINUE
Help for HAMP Applicants?
Mortgage borrowers who are turned down for loan modifications may now get additional information that could help them understand why they didn’t qualify under the so-called “HAMP test.” Until recently, borrowers weren’t privy to the data used to perform the Home Affordable Modification Program’s, or HAMP’s, “net present value” test. But as of Feb. 1,… CONTINUE
Prices Falling — Again?!
The Wall Street Journal reports: “Sales of previously occupied homes in the U.S. sank by 9.6% in February and prices fell to the lowest level in nearly nine years, indications that the market remains depressed. Existing-home sales decreased from a month earlier to a seasonally adjusted annual rate of 4.88 million, the lowest level since… CONTINUE
How Many Points in Your Wallet?
According to Fair Issac Company (My FICO) a company that provides analytic, decision making, and credit scoring services for financial service companies a credit score will go down by 40 to 110 points after being 30 days late. Further, the scoring drop will increase to 70 to 135 points after 90 days late on a… CONTINUE
Use a “Team” Name – Lose Your License?
Are you thinking about using a team name? Are you already using one? Are you asking for trouble? DRE takes the position that a team name must be registered as a fictitious name (dba) with DRE before it can be used. The problem is that only a broker can have a dba. Many of the… CONTINUE
C.A.R. Open Letter on Short Sales
March 10, 2011 An important message from the CALIFORNIA ASSOCIATION OF REALTORS®: I write on behalf of the CALIFORNIA ASSOCIATION OF REALTORS®, whose 170,000 members continue to witness the devastating consequences the home foreclosure crisis is having on California’s families, neighborhoods, and communities on a daily basis. The number of families affected by foreclosure is… CONTINUE
Flipper, Flipper, Flipper. U-u-nderWater; U-u-nderSiege…
While there will always be opportunities for the knowledgeable and dilligent to make money flipping properties, declining prices and increasing loan costs will shrink the profit margins available as flippers find it harder to re-sell. First it was the (unreasonable) restriction on the number of loans an investor could get, then it was the (reasonable)… CONTINUE
Golly Geez, Do We Say “Goodbye” to GSEs?
You may have heard? The future of FNMA and Freddie Mac is in jeopardy. These Government Sponsored Enterprises (GSE’s) were originally created to provide a funding source for socially desireable but higher risk loans. When started, GSE’s provided funds for 30% of all loans. Today, that number is 90% — and steps are being taken… CONTINUE
“Hi Honey, I decided to keep your 1/2 of the house…” Not.
Conveyance of title from one spouse to another for refinancing does not transfer ownership of community property. A married couple decided to refinance their home, which was community property. Due to the wife’s poor Fair Isaac Corporation (FICO) score, the wife conveyed her legal interest in title to her husband in order to obtain a… CONTINUE
Arbitration is arbitrary
Arbitration is arbitrary. Originally conceived as an instrument of community empowerment, arbitration quickly degenerated into a travesty of the American judicial system. The framers of arbitration were the progenitors of the modern legal apparatus — lawyers, judges and politicians who restructured the fundamental concepts of the judiciary and placed the power of adjudication into the… CONTINUE
‘Assumumptions’ are ‘Subject to’ all Kinds of Factors…
This article analyzes the unspoken stifling effect the due-on-sale clause has on the California real estate market. It was published by firsttuesday online – and is one of the best, plain language, explanations of the due-on-sale clause I’ve seen in a long time. first tuesday posits that the due-on-sale restrictions hampers California’s real estate recovery…. CONTINUE
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