Relevant:
- Obama Administration details panelists and sessions for next week's Conference on the Future of Housing Finance
- Fed's Bullard: Housing should be key in reform
- GSE Reform: "A Responsible Market for Housing Finance"
- HOUSING FINANCE REFORM: Reduced Loan Limits, Larger Down Payments, Higher FHA MIP Fees
- Administration to Hold Housing Reform Conference Searching Ideas
2010-04-15 — ml-implode.com
"On the other hand, if it’s true that President Obama and his band of Happy Harvard grads and Goldman alum have actually asked for input from various constituents on how to reform the housing finance system, well then I don’t really know exactly what to say, except that all of a sudden I’m so deeply afraid that I may have to fly back to my hometown and see if my Mom will let me sleep in my old room, bring me soup and jelly sandwiches, and sing to me until I fall asleep. As I write this, I keep stopping every few minutes to go look out the window for no apparent reason. Stop it, Mr. President… you’re freaking me out over here."
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MortgageDrummer at 20:42 2010-04-16 said:
Many small mortgage companies that originated loans for people in their community have closed their doors. I guess just another small business some would say, oh well. These companies/professionals had devoted their whole career doing only make sense loans, treating everyone like family. We need to get back to lending across our desk and stop letting these trigger lead companies/telemarketers from out of state pursue our local friends and family. I say, if you originate a loan, you have to show up at the title company and explain to your client exactly what all the loan documents mean. No more of this out of state stuff. I saw my industry go from people in their 40-50's to the punk kid 18-20 that couldn't understand a tax return if their life depended on it. That's why all these creeps put their clients in a stated loan. Guess what? Now, the realtor is in the deal and the house just got bigger and more expensive. .points and paychecks go up. Hmmm.. . . I lost my mortgage company when the banks quit lending, Feb 09’. My phone kept ringing and ringing and ringing (I had a wonderful referral base, great reputation) and if real estate values would quit dropping. I was fighting with underwriting to get even the "A" paper vanilla loans closed. Yes, I'm mad! I devoted 20 years to my career!!! If you would like to see more of my take on our industry you can go to implode-o-meter.com and look up MortgageDrummer. How to fix it? I think the federal government (since they are already involved) need to have property/client specialists that go directly to the home of these people who are in danger of losing their home. Some of the stated loans approved will never qualify for a mod or refinance. Maybe they would have another family member that is living there agree to help the borrower qualify. I believe that a true evaluation of the whole picture (Borrower, home, job, management of the property/bank asset.) You have to go door to door to see these home owners. They are embarrassed and more often hurt and frustrated. It’s about the human thing now, not an equity value in real estate. There are sub divisions that are ghost towns, someone has to go look at it …period….. ps.. If we keep letting the banks keep foreclosures off their books for up to 2 years when do you think we will come out this?. . . .Hmmm Permalinkadd a comment | go to forum thread
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