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Foreclosure Crisis....possible solutions
2008-03-04 06:11:00
Please go to www.TheMortgageCorner.org and view the article on the home page. It offers up my simple solution to helping solve the foreclosure problems. Hence it may help save our economy and most of all our homeowners.Simply put, I do not promote government involvement whatsoever! Government helped get us to this situation and will certainly make it worse. We do not need to spend billions of taxpayers dollars to solve a problem created by large corporate greed.I also do not promote helping those "flippers" that should never have been in the market. They reaped their profits when the going was good but do not want to give back when the going is not so good. An investor takes a risk. What makes man;y of these real estate envestors think that there is no risk or expense involved. But to the homeowner, living in the home, sending their children to the local school and working hard to make ends meet, I say "lenders" help them out. Don't turn many of them into homeless. This co...
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Is Anybody Out There?
2008-02-28 04:12:00
I often wonder if anyone out there really wants to know the truth. Thre is so much wrong in our country today. Everyone seems to have crawled into a shell and hiding from reality.I'm not sure if anyone takes the time to read this blog. It contains the truth and the reality of the way things are today. The news links available here are just the tip of the iceburg in terms of the state of the country, economy and government. This blog is not meant to be a political forum but how could one not comment on politics in what history may describe as a monumental moment in our history. The campaigns roll on. The debates were many and probably over until after the Presidential nominees are officially elected at their respective national conventions.We have heard plenty of commentary on a national health care plan, the wars in Iraq, Afganistan and the war "against terror". Yet, little is said about our economy and the current every day plight of our citizens. The government, including...

From a sub prime crisis to a NATIONAL DISASTER, continued
2008-02-11 23:08:00
Jim Rogers Predicts U.S. Economy Will Enter Worst Recession `in a While'From CNNMoney.com/FortuneFebruary 3 2008: 7:07 AM ESTOthers are seeing and verbalizing just what I am but don't take it from me, I don't have the credentials, only the living experience to make my judgments by. But you can take it from Jim Rogers (a brief bio in the article) who DOES have credentials. What struck me the most was his comment: “We are probably going to have one of the worst recessions we've had since the Second World War. It's not a good scene.”Jim RogersIn my previous post, I called it a National Disaster . For too many months now there has been a cover-up on what has actually occurrred, who caused it and "who" condoned it.As the days and months go on, more and more TRUTH is coming out. Notice however, not from our government sources nor our main stream media-NBC, CBS, ABC nor even CNN whose on line edition carried the subject story of this post.While Mr. Rogers is also writing about how ...
More About: Crisis , Prime

From a sub prime crisis to a National Disaster
2008-01-17 02:01:00
The reality is, what began to be called a sub prime crisis is turning into a National Disaster . Yet very few if any, and certainly main stream media is reporting on it. Just read these headlines from an internet publication, CCR Newsline, the full stories on each can be viewed by clicking below. HEADLINES, January 15, 2008• Cards, Consumer Loans Rack Up Charge-offs for Citi • U.S. Bancorp’s Q4 Credit Card Charge-offs Rose 14.3% • Fair Isaac Says Revenues Will Come In Below Expectations • Citi Reports Q4 Loss of $9.8 Billion • AmEx: 2008 Could Spell Further Credit Deterioration • California Initiative Raises $4.6 Million to Support Mortgage Counselors • M&T Takes Impairment Charge, Cites Alt-A Loan LossesAstonishing to say the least. There is more. This from the National Mortgage News¨ JPM's 4Q B&C/CDO Hit Totals $1.3B¨ IndyMac Slashing Staff Size¨ CA Default Notices Seen Rising¨ Fitch Puts 188 CMBS Tranches on Watch¨ Mortga...
More About: Crisis , Prime

US recession is already here, warns Merrill
2008-01-09 06:27:00
By James Quinn, Wall Street Correspondent as published in TELEGRAPH.co.ukLast Updated: 12:05am GMT 08/01/2008I find it interesting to read publications from around the world concerning the U. S. In this case, a Wall Street reporter is reporting on the economic views of Merrill Lynch's David Rosenberg, the bank's chief North American economist. In the article Mr. Rosenberg states that based on the four major economic indicators for November and December, the U. S. economy is not only headed for a recession but the recession has begun.Mr Rosenberg, who is well-respected on Wall Street, argues: "According to our analysis, this [recession] isn't even a forecast any more but is a present day reality."I reference this article as I see very little in the way of truth being reported. Much of what I read says things are getting better, the housing market will recover in the first quarter, recession MAY be a possibility.I have had many arguments on this topic. Recently, I questioned an ...
More About: Recession

Fiduciary Responsibility in the Mortgage Meltdown
2007-12-28 23:57:00
This article was written by Ralph Roberts and appeared in his Flippingfrenzy.com blog.I was discussing the mortgage meltdown with a colleague the other day, when we encountered an interesting question: Who do mortgage originators (brokers and loan officers) represent? Do they represent themselves, the lenders whose products they sell, or the borrowers?As a REALTOR, my relationship with my clients is clearly delineated. I have a fiduciary responsibility to the buyer or the seller I represent. (The term “fiduciary” simply means that I must represent my client’s best interests.) In a case of dual representation, Realtors are expected to treat both parties fairly and equitably.A professional’s responsibility varies according to the profession and the specific role the person plays. A stock broker, for example, is supposed to sell investments to clients that are in the clients’ best interests. Someone who sells cars, however, is responsible for acting on behalf of the dealershi...
More About: Mortgage

HOLIDAY SPIRIT
2007-12-24 19:03:00
As the eve of the holiday season approaches, it is time to forget about things for a while. Focus attention on family and friends and take the time to just reflect. We will soon have a brand new year, 365 days worth of time to analyze, discuss, disagree, correct and move forward.In the meantime, TheMortgageCorner.org would like to wish everyone out there a VERY HAPPY HOLIDALY SEASON. Stay safe and enjoy the moment.LarryAlso go to: www.TheMortgageCorner.org
More About: Holiday , Spirit

Massive Appraisal Fraud
2007-12-20 08:33:00
Nov 20, 2007 as reported in Lender Loft.com as reprinted from Mortgage DailyIn an article written and posted in LenderLoft.com in November, 07, it was reported that New York State has filed suit against Washington Mutual, First American Title and eAppraiselIT."The State of New York has filed a lawsuit against eAppraiseIT alleging thecompany conspired with Washington Mutual Inc. to produce fraudulent appraisals.But the accusations are primarily based on just a few e-mails that marginallysupport the state's case."While the outcome of this suit and its merits are to be determined by the courts sometime in the future, the fact that the State of New York has probable cause to initiate this action is important and interesting.“New York Attorney General Andrew M. Cuomo announced today that the lawsuit,filed in the Supreme Court of New York, New York County, against eAppraiseIT andits parent, the First American Corp., seeks to end the illegal relationship. Inaddition, penalties and disgo...
More About: Fraud

WaMu Layoffs....from Lender Loft.com
2007-12-19 20:03:00
3,150 layoffs, $5.2 billion in charges"The mortgage market is undergoing a fundamental shift due to credit dislocationand a prolonged period of reduced capital markets liquidity," the press releasestated. "As a result, WaMu expects national mortgage originations to shrink to$1.5 trillion in 2008, down about 40 percent from an estimated $2.4 trillionthis year."Washington Mutual, the nation’s largest savings and loan institution is also experiencing the problems of the current and what I believe will be a long term financial crisis. They go on to say,"The first quarter range reflects the company's current view that prevailingadverse conditions in the credit and housing markets will persist through 2008,"WaMu stated. "The company also currently expects quarterly loan loss provisionsthrough the end of 2008 to remain elevated."If the problems exist through 2008, how long will it take for a recovery to take effect? I believe it will take several years, as history has already shown us,...
More About: Loft

BIG BROTHER, BIG BUSINESS from CNBC.TV
2007-12-17 08:05:00
Reported by David Faber, this documentary won an Emmy Award for Best Documentary. While not mortgage related, I found it relavant to conditions today and in some way impacts our everyday lives as well as having an impact on how we do business. The link will take you the the CNBC page where you will find the video of this program. It is split into various segments and is lenghty, so please bookmark the page and view each segment as you can. The entire piece is a MUST SEE report.Award-winning correspondent, David Faber examines the rapid advance oftechnology which allows companies to monitor our every move and record our most private personal information. Driving habits are being recorded; employees are monitored; shoppers and diners are observed and analyzed; internet searches are saved and used as evidence in court.It is big business that collects most of the data about us. But increasingly, it is the government that’s using it.The documentary takes viewers inside the FBI, the Bor...
More About: Business , Big Brother , Big Business , Brother

LEGISLATION AND REGULATION: The Homeownership Preservation and Protection A
2007-12-14 22:45:00
As a part of a comprehensive strategy he says will “protect, preserve andpromote the American dream of homeownership,” U.S. Senator Christopher Doddyesterday introduced legislation to help put an end to the abusive and predatorylending practices that have sent nearly a million Americans into foreclosure andput just as many more in danger of losing their homes.I am linking you to Ralph Robert's Flippingfrenzy Blog to view his post on Senator Dodd's proposed legislation. As you read his post you will come to my response at the bottom. Mr. Roberts does a very good job of reporting what is being said and published and in conversations with him personally, I find that he truly is seeking the truth while attempting to thwart fraud not only in the mortgage industry but in real estate and related industries as well.I admit that we have and have had problems in the mortgage industry but don't agree that we need to legislate and regulate it in the manners that are being proposed by man...
More About: Regulation , Legislation , Homeownership , Preservation

Welcome To The Mortgage Corner.org FORUM
2007-12-11 04:16:00
Welocome to The Mortgage Corner .org FORUM. As a part of TheMortgageCorner.org Web Site, this blog will now allow interaction between us. The web site will have articles, mostly my opinions as well as links to other sites, blogs, news and other media reports. Please read my entire Welcome to the left.It is my hope that through this blog we can establish dialogue enabling us to hear ALL points of view.As this is my first post, I would appreciate any and all comments you may have.LarryAlso go to: www.TheMortgageCorner.org
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