BOA Does it Again!
Picture yourself coming home from a long day at work…just waiting to sit down and watch that brand new 60” flat screen TV only to find your house cleaned out! At first you might suspect that a band of thieves carted your belongings off……well you would be part right and part wrong! In this case […]
Helping Out Our Military
As most of you know, I am a big supporter of our military. Without them, you wouldn’t have been able to complain about that cold cup of coffee that you returned to Starbucks yesterday! While I typically provide commentary on articles, this article is one that you will want to read if you have a […]
How Did We Get Here?
AWhile the article by Robbie Whelan of the Wall Street Journal is intended to give you a snapshot of 6 very different people that have gone through foreclosure (it’s worth a read), it also does a nice job of summarizing how we got where we are today. Some interesting facts from the article are quoted […]
Fannie Is At It Again!
A friend of mine (her name is Diana) recently sent me an article on Fannie Mae and private mortgage insurance. The government can’t get out of their own way! She did a very nice job of giving her take on the article. Her comments appear in quotes. “Mortgage Insurance (MI) companies must approve the short […]
How Does Foreclosure/Short Sale Affect My Score?
This is one of the most frequently asked questions in my business. Unfortunately there is not an exact science to make this determination. However, Jeanine Skowronski from Main Street reports on a study that was recently completed by FICO. They simulated various types of delinquencies and related them to (3) consumer types each with different […]
The True Cost of Foreclosure!
The nationwide statistics tell of the train wreck that our government has created. When a house is foreclosed on and then resold, the “bank” gets 36% of the retail value. When a house is short sold, the “bank” gets 15% of the retail value. So why is the government putting up such a fuss over […]
Bite the Bullet: Waiting and You Can’t Handle The Truth!
(Barbara Rehm from American Banker does a nice job of boiling our housing problems down to a few simple facts. Today our government is applying band aids to patch a gaping flesh wound. Their efforts, as they stand today, simply won’t work. Program after program, meeting after meeting, committee after committee have had little effect […]
What Would Happen If Everyone Did This?!
Laura Bassett from the Huffington Post brings us a very thought provoking article. According to Ms Bassett the Village of Hempstead New York pulled all of their money out of JP Morgan Chase as a sign of protest. The village was protesting the banks poor record of implementing mortgage modifications. The Village is trying to […]
Classic Government
JEFF CLABAUGH FROM THE WASHINGTON BUSINESS JOURNAL BRINGS US A TIDBIT THAT EXPLAINS WHY WE ARE WHERE WE ARE! In a recent posting, I shared the fact that when a property is sold as a bank owned property; they are sold at an average discount of 36% below retail. When a short sale is purchased, […]
Be Boundary less!
When I worked for a Fortune 5 corporation we were always encouraged to be boundary less. What that meant was to be aware of the other business units that the corporation owned and promote their services. We were financially rewarded if we could introduce and help close an opportunity that involved a business outside of […]
Why Can’t They Just Get Along?!
Maxwell Strachan from the Huffington Post brings us an article that epitomizes politics. The (50) Attorney Generals from around our nation have been trying to reach a consensus with our government as to how to “overhaul the foreclosure process and penalize servicers” that have contributed to this mess. There is some indication that this rift […]
THE REGULATORS ACT!
Victoria McGrane, Alan Zibel and Robin Sidel report on on US regulators passed down foreclosure penalties for improper foreclosure processes. The current rulings deal with process change and not penalties. It is said that “civil money penalties” are on the way. Sounds like the check is in the mail! It’s noted that this has no […]