Long Island Real Estate Appraisers

Topic Page | Loan Modifications

December 8, 2011

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Loan Modifications

There is No Limit to Idiocy

What happens when you get two idiots in a fur covered van?  A movie called dumb and dumber.  Very funny indeed. What happens when you get 485 idiots in one city?  Congress, that’s who. Case in point – the conforming loan limit.  Leading the jester parade is Robert Menendez (D) New Jersey. What the reversal […]

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The Obtusely Obvious Advice of the NYT

So the new breaking news from the NYT is that 79% of the mortgages that were closed in 2011 were refinances. That would make sense, wouldn’t it?  I mean, there is very little selling and the economy is on life support so how else could there have been originations? Not to mention the fact that […]

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The NYT is at It Again

Oh the New York Times is at it again stating the obvious and distorting effects. There is no question that the NYT is a left leaning organization. In fact, before I get started with the facts of the matter in question, I am going to rail a bit about journalism in order to blow off […]

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Every Crisis Presents Opportunity, You Just Have to Be Careful About the Opportunist

For every crisis there is opportunity.  During world WWII, one of the great cons ever was counterfeit ration cards. Today, there is a big opportunity to con desperate people with regard to their mortgage. Companies such as these approach unknowing homeowners promising “foreclosure rescue” and “securitization audits” as well as other mortgage modification schemes. There […]

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A Case of Hypocracy

As part of the negotiations in the robo-signing scandals, HUD is demanding that bankers use principal reduction in order to modify the mortgages of underwater mortgage holders. Those bad, bad bankers should be taught a lesson, right? They should be forced into remedies on defaulted upon contracts that clearly spell out the remedies agreed to, […]

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Bending the Rules is Okay, as Long as Your Profit Doesn’t Involve Money

There are differing opinions about how to solve problems. Some prefer the Deming method, while others prefer the herring bone pattern. But no matter which method one chooses, all agree that the first step in problem solving is ensuring one is addressing the correct problem or, its root cause. This past month, The Obama administration […]

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Senators Push for Mortgage Solution

Sixteen Senators solicited a certain sitting supervisor for a swift solution for the simmering US residency stew. Say that fast three times, I dare you! In the lead of the beseechers were Senators Boxer and Isakson, who actually did introduce a bill a while back that had some pretty good ideas. In it was the […]

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The NYT Funnies

I love the New York Times section on real estate! It’s like watching a writer adjust font sizes to get an upper case letter. In their latest effort, NYT offers us the obvious “tips” of creating value in our home like, uh…getting a cleaning service to come in and give it a good once over. […]

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No Principle Reductions from Fannie Mae

After All, When You Have No Principles, Can You Really Spare It? Michael Williams, CEO of Fannie Mae recently told housing wire that Fannie does not engage in principal reduction. He stated that their toolset included interest reductions, term and then forbearance of principal.  But not principal forgiveness. Unfortunately, the writer did not have the […]

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Lazarus Come Forth!

It seems that Wells Fargo is capable of good will, even if it is motivated by embarrassment. In a recent report in the Chicago Tribune, David Lazarus reported that he had to personally intervene in a foreclosure situation for a couple that was doing everything possible to work out their mortgage and stay in their […]

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