Comments on: Some Much Needed Perspective http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/ News, insights, tools, and inspiration for business owners and professionals Fri, 10 Feb 2012 15:13:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: AgentGenius http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-82646 AgentGenius Mon, 09 Feb 2009 17:02:47 +0000 http://agentgenius.com/?p=4351#comment-82646 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">agentgenius.com NEW Some Much Needed Perspective http://tinyurl.com/6axln5</span></span> agentgenius.com NEW Some Much Needed Perspective http://tinyurl.com/6axln5

]]> By: Steve Simon http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-18099 Steve Simon Tue, 16 Sep 2008 12:33:28 +0000 http://agentgenius.com/?p=4351#comment-18099 Regarding comment #7 Mathew your comment is the key that most have missed (in the Government and the Media). Not the current problem, but how to avoid a repeat performance in the future. I have written (on my blog) for months, that they just keep running from one fresh wound to the next with a bandage; rather than changing the direction the industry was moving in... For two years plus FNMA and FHLMC were in trouble. There should have been money set aside for audit of the loans and docs that were producing these results! They would have seen much earlier than 2008 that there was significant "Pilot Error" in the banking and appraisal industries. Fllorida had hundreds of "Air Loans" (listening to the Chief Attorney from the State's DBPR at a Licens Law Instructor's Seminar), they told us in some case $300,000 had been loaned on properties that didn't even exist! No house, no borrower, just a made up file, hence, "Air Loan"! 125% LTV financing, seller downpayment gift to the buyer, it goes on and on... Just enforce the guidelines that were there, prosecute the fraud and out and out criminal scam and we would be better off in the future. I have twenty posts discussing the related topics of appraiser regulation and what should have been done on my site, but I see very little designed for long term improvement. They are dooming us to a repeat of this debacle if they don't jail a lot of people and let a lot of folks lose what was a foolish investment. Trying to erase a mistake usually creates a bigger mess... Regarding comment #7
Mathew your comment is the key that most have missed (in the Government and the Media).
Not the current problem, but how to avoid a repeat performance in the future.
I have written (on my blog) for months, that they just keep running from one fresh wound to the next with a bandage; rather than changing the direction the industry was moving in…
For two years plus FNMA and FHLMC were in trouble. There should have been money set aside for audit of the loans and docs that were producing these results!
They would have seen much earlier than 2008 that there was significant “Pilot Error” in the banking and appraisal industries.
Fllorida had hundreds of “Air Loans” (listening to the Chief Attorney from the State’s DBPR at a Licens Law Instructor’s Seminar), they told us in some case $300,000 had been loaned on properties that didn’t even exist! No house, no borrower, just a made up file, hence, “Air Loan”!
125% LTV financing, seller downpayment gift to the buyer, it goes on and on…
Just enforce the guidelines that were there, prosecute the fraud and out and out criminal scam and we would be better off in the future.
I have twenty posts discussing the related topics of appraiser regulation and what should have been done on my site, but I see very little designed for long term improvement.
They are dooming us to a repeat of this debacle if they don’t jail a lot of people and let a lot of folks lose what was a foolish investment. Trying to erase a mistake usually creates a bigger mess…

]]> By: Matthew Rathbun http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17964 Matthew Rathbun Sat, 13 Sep 2008 02:36:21 +0000 http://agentgenius.com/?p=4351#comment-17964 Sigh... Jim, I just don't know anymore. I don't think a truer thing has been said about all these projections than "shortsighted." Everyone seems to being focused on what to do to fix it "right now." My question is what processes are being put into place to stop this from happening in the future? We've had since the Great Depression to determine a way to stabilize rates and make the mortgage debt issue more sold - no one has been able to do it, so how are these analysis able to tell us anything? I almost think most of them will say anything to get published... Sigh… Jim, I just don’t know anymore. I don’t think a truer thing has been said about all these projections than “shortsighted.”

Everyone seems to being focused on what to do to fix it “right now.” My question is what processes are being put into place to stop this from happening in the future? We’ve had since the Great Depression to determine a way to stabilize rates and make the mortgage debt issue more sold – no one has been able to do it, so how are these analysis able to tell us anything?

I almost think most of them will say anything to get published…

]]> By: Mark Eibner http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-64014 Mark Eibner Thu, 11 Sep 2008 21:21:44 +0000 http://agentgenius.com/?p=4351#comment-64014 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">we're at it again Some Much Needed Perspective: Perhaps to the collective short-sighted.. http://tinyurl.com/6axln5</span></span> we’re at it again Some Much Needed Perspective: Perhaps to the collective short-sighted.. http://tinyurl.com/6axln5

]]> By: Thomas Johnson http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17880 Thomas Johnson Thu, 11 Sep 2008 19:42:57 +0000 http://agentgenius.com/?p=4351#comment-17880 WSJ is referring to the spread between Treasuries and MBS. For some reason they seem to think that after the Chicoms and the Russians threatened Paulson into bailing them out, that the spread will narrow, all is well, no problem my communist friends, you can buy our mortgage backed bonds once more. With the Chinese economy slowing, they may have less appetite for our debt anyway, but I doubt they will give us those narrow spreads for a long time. WSJ is referring to the spread between Treasuries and MBS. For some reason they seem to think that after the Chicoms and the Russians threatened Paulson into bailing them out, that the spread will narrow, all is well, no problem my communist friends, you can buy our mortgage backed bonds once more. With the Chinese economy slowing, they may have less appetite for our debt anyway, but I doubt they will give us those narrow spreads for a long time.

]]> By: Jim Duncan http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17865 Jim Duncan Thu, 11 Sep 2008 18:25:00 +0000 http://agentgenius.com/?p=4351#comment-17865 Bob - I've had clients who did the same. Imagine that - <em>single digit</em> interest rates! Ush - I'll see what I can find. Bob – I’ve had clients who did the same. Imagine that – single digit interest rates!

Ush – I’ll see what I can find.

]]> By: ush http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17863 ush Thu, 11 Sep 2008 18:20:38 +0000 http://agentgenius.com/?p=4351#comment-17863 The rates may be lower today, but the post does not take into account that cost of homes is much higher, while wages have not increased by the same rate. If we were to adjust the chart to take the rise in wages factor, one would have a clearer picture, and observe that the combination of rates and home prices make the home buying financing more similar than not, regardless of the rate. That is, in summary, the % of income remains similar, regardless of the interest rate. my 2 cents. The rates may be lower today, but the post does not take into account that cost of homes is much higher, while wages have not increased by the same rate.

If we were to adjust the chart to take the rise in wages factor, one would have a clearer picture, and observe that the combination of rates and home prices make the home buying financing more similar than not, regardless of the rate.

That is, in summary, the % of income remains similar, regardless of the interest rate.

my 2 cents.

]]> By: Benn Rosales http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17862 Benn Rosales Thu, 11 Sep 2008 18:19:20 +0000 http://agentgenius.com/?p=4351#comment-17862 Bob, help me with more perspective here, what was the median price when 10% was a good day? Bob, help me with more perspective here, what was the median price when 10% was a good day?

]]> By: Bob http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17861 Bob Thu, 11 Sep 2008 18:12:58 +0000 http://agentgenius.com/?p=4351#comment-17861 I started in 1990. When rates dropped below 10%, my broker threw a party. I started in 1990. When rates dropped below 10%, my broker threw a party.

]]> By: Ken Brand http://agbeat.com/real-estate-mortgage-economy/some-much-needed-perspective/#comment-17855 Ken Brand Thu, 11 Sep 2008 17:47:17 +0000 http://agentgenius.com/?p=4351#comment-17855 Brilliant. Thanks, kb Brilliant.
Thanks,
kb

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