For your clients

One ring to rule them all, and in the darkness bind themWashington agents – if you need a resource for your clients who are losing their home, frustrated with an inability to modify or concerned that when the interest rates go back up, their ARM is going to send them into financial ruin, I now have a source of help you can recommend to them.
Continue reading “For your clients”

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Outside the box

As a child, did you ever know anyone who purposely got in trouble in order to be sent to the principal’s office?  Usually it was either a crush on the administrator or more likely, a test to be avoided.

The Associated Press gets high marks for a story today about the continuation of robo-signing, which we thought was dealt with because we’re decent folk, aren’t we?  We get told, “Don’t do that,” so we don’t!  Or maybe not.

The AP uncovered not only foreclosure documents still being signed, but also other types of real estate papers, citing mortgage discharge documents in one particular instance.  What the AP didn’t do is figure out if the banks are perpetrating a naughty in order to get sent to the principal’s office. Continue reading “Outside the box”

Tidbit update

Three nuns are driving down the road when all of a sudden a vampire jumps out in front of the car and blocks their way.  The driver yells to the sister in the passenger seat, “Quick!  Show him your cross!”

The sister rolls down her window and yells, “Get out of the way, you bloody toothy git!” Continue reading “Tidbit update”

Tidbits

Back in “the bubble,” if you could fog a mirror, you could get a loan.

Back in “the bubble,” if you could fog a mirror, you could write a loan.

Back in “the bubble,” if you could fog a mirror, you could be the escrow agent on a loan.

Back in “the bubble,” there were a lot of loans and a lot of mistakes.

One of the best pieces of ammunition you can have if you would like a loan modification, is a list of which mistakes may have been made on your loan.  Find a friendly escrow officer, not at the office where you closed the loan, and have them look over your closing documents.

Here are some things we found on a recent trip down bubble memory lane:  Continue reading “Tidbits”

For the visual learners

ProPublica, an independent investigative journalism force, has done a series on CDO’s – Collateralized Debt Obligations, and how those packaged pieces of the mortgage world brought not only big money to the banks, but also meterorically increased their risk.

This piece is a simple illustration, and I’m thankful for that because sometimes the world of high finance is like wading into a big old pond of black water at midnight for my brain.

I post this because the next posts will be on “where’s the note?” It will be useful to keep these CDO managers and their dollies full of stink in mind.

I recommend reading the entire CDO series.  You’ll find links to the main article both above and below the cartoon.

Big Banks Accused of Short Sale Fraud

By: Diana Olick
CNBC Real Estate Reporter

Just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud and another mortgage meltdown, there appears to be yet a new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks.

I was first alerted to this by Jeremy Brandt, the CEO of several companies that bring short sale agents, investors and sellers together. Continue reading “Big Banks Accused of Short Sale Fraud”