Mortgage Lenders

A very good speech by Dennis Lockhart on housing, credit as well derivatives!
A MUST SEE VIDEO!
I recommend it to everyone!

Dennis P. Lockhart (born February 1, 1947) is President and CEO of the Federal Reserve Bank of Atlanta. He assumed office on March 1, 2007.

From 2003 to 2007, Lockhart served on the faculty of the Master of Science in Foreign Service Program at Georgetown University’s Walsh School of Foreign Service. He also was an adjunct professor at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies. From 2001 to 2003, Lockhart was managing partner at the private equity firm Zephyr Management, L.P. Prior to this position, he worked for 13 years at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group.

Lockhart held various positions, both domestic and international, with Citicorp/Citibank (now Citigroup) between 1971 and 1988. Early in his career with Citibank, he served in Saudi Arabia, Greece and Iran. From 1978 to 1986, he served in Atlanta as senior corporate officer of the Southeast office of Citibank. From 1987 to 1988, he was head of the firm’s Latin American debt-to-equity swap investment program. He was also a member of the board of directors of several companies

Lockhart earned his B.A. from Stanford University in 1968 and his M.A. from the Johns Hopkins University School of Advanced International Studies in 1971.

9/10/2007

Duration : 0:10:10

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Technorati Tags: credit, crisis, Dennis, federal, housing, Lockhart, market, mortgage, reserve, stock, system

This is a response to the poor video at http://www.youtube.com/watch?v=2PlzAIURH6o

UPDATE: This user pulled the video due to lack of facts and has reloaded it at http://www.youtube.com/watch?v=maWr_ZEaR5g

In short (the rest of the detailed information is at the link on the bottom), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) were the main causes of the housing market collapse and subsequent economic downturn.

They engaged in massive amounts of subprime lending (Alt-A mortages, “stated income, stated asset” loans, no down payments, etc) to the tune of over $1.6 trillion and sold these back on the market as mortgage-backed securities.

Clinton’s HUD ratcheted up the subprime (lending to “underserved”, low-income and very low-income areas) lending quotas of the Community Reinvestment Act and here we are now.

It’s no surprise that AIG, Countrywide, IndyMac and Washington Mutual were heavily invested in these mortgage-backed securities. Call your Senators and Congressman. Demand that Freddie Mac and Fannie Mae be elimintated.

http://www.freewebs.com/professor_enigma/fanniemaefreddiemac.htm

Part II of our video response is at http://www.youtube.com/watch?v=rkGE9P2aYZY

Duration : 0:9:23

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Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com

Part 7 (Excerpt)

Beware of grandiose claims when dealing with a loan modification firm.

You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. So they really understand what this means to them. You have three strategic partners, each of them experts in their field, sitting around these microphones in the studio talking about how these factors have an impact on the listening public, the people listening to this station right now.

Velocity Financial is an expert in all things mortgage related. It represents the largest asset many people have in terms of their home. What were talking about is, we know the economic pain that exists, you probably read that Arizona has the dubious distinction according to the Case-Schiller index of having the highest property value declines in the country. People are feeling some pressure here and for those people who want to consider what a loan modification might do for them, should call you and talk about what that represents.

Then from there, you can refer them to people like Mike Patenella to talk about the tax ramifications, Mike can speak to some of those items and I can talk about their overall financial planning. But to start with let’s talk about what the loan modification process really represents and who can benefit from.

We have talked about all the different things you can do with your home as a home owner, there is the loan modification and there’s several different types of loan modifications, there is the option of a short sale, which can have huge tax implications that people may not be aware of. There is the option of foreclosure, which is almost the last thing you want to do and there is also bankruptcy.

Loan modification is essentially for the person who is unable to make your payment, because there was a material change, and the change that I am talking about is your not making as much money. You may have lost your job. You have one of these mortgages that are toxic, where the interest rate has gone up significantly.

I would not buy the story from some guy with an ugly little yellow sign on the side of the road that says, hey I can help you and I have a 99% success rate with my loan modifications. That is essentially a guarantee and there is nobody in their right mind that would buy the guarantee. There are so many different types of mortgage servicers out there, literally thousands of mortgage companies out there and you cannot predict what any one of these mortgage companies is going to do.

Certainly not guarantee anyone any result. Were definitely going to try our best, thats why we use a national network of attorneys, 45 out of the 50 states have some kind of recourse involved with short sales and foreclosures, loan modifications. This is not something you can just figure out on your own and certainly dont buy into some story that there is somebody who can reduce your mortgage by 50%. Thats not going to happen, or that they have a 99% success rate, things are just not realistic.

You should know better and I know I am putting it bluntly, lets be honest. You should know better. It sounds too good to be true folks, it is. These no cost loans, these goofballs are selling on the radio, saying they don’t cost anything, let me say this, someones got to pay for it. Try walking to one of these big banks right now thats trying so hard right now to make up for some of their losses, so if anyone is offering you something that sounds too good to be true. It probably is, call an expert, call someone who knows what they’re doing, and our team has 16 years of loan modification experience. Our national network of attorneys are dedicated to getting loan modifications and work with almost every major lender, use a pro.

Now Mike, I wanted to throw it over to you to reiterate a few of these things to talk about the different options that people are looking at. The reality of it is that a loan modification, if it works is the absolute best.

That would appear to be the case. You dont want to file bankruptcy, which would be your last choice. Trying to say youre insolvent might be difficult when you factor in all of your assets, so the foreclosures and the short sales, I think those just destroy your credit. Am I right on that?

Duration : 0:6:21

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Technorati Tags: Adjustable, Administration, ARM, attorney, avoid, bank, Bankruptcy, buyer, closing, Corporation, Cost, credit, down, estate, expert, Fannie, Fed, federal, fha, first, fixed, FNMA, foreclosure, fraud, Freddie, Funds, Future, Home, housing, income, Insolvency, interest, lender, loan, loss, Mac, Mae, Marketing, Median, meltdown, mitigation, mod, Modification, mortgage, Negotiate, Owned, payment, price, program, purchase, rate, real, Realtor, Refinance, rent, REO, Repo, Resolution, RTC, S&L, sale, savings, scam, Seller, Servicer, short, TARP, tax, time, trust

All of your home financing needs can be met by our friendly Williston staff, serving Vermont, New York and Florida since 2000. Please call today 888-879-3950 for current rates, programs, and eligibility requriements

Duration : 0:0:31

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Technorati Tags: finance, housing, loan, mortgage, new, rates, service, vermont, york

Here’s Jason Lewis on a roll, explaining how “mixed-markets” always fail and the typical Democrat utilization of them. He also rightly points out how Sen. Chris Dudd and Barney Frank shielded Fannie and Freddie from any oversight (any wonder why it wasn’t put under the auspices of Sarbanes-Oxley) and blocked any limitation of their portfolios. He also rightly points out how our health care system is a mixed-market and has been for some time with the gov’t picking up almost half the tab.

He’s my favorite substitute teacher on the EIB network. Listen and learn.

Duration : 0:9:58

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Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

Mortgage Backed Securities, Collateralized Debt Obligations and Tranches Oh My!

Now, I put the colorful title on How to Screw the Bank that Screwed You for no other reason than to get people to click on it to get the information, because frankly, a lot of people were given really bad loans, were given really bad advice, and sometimes you have to fight back.

Here is one of the things and again Ill try to make this as uncomplicated as possible. Let’s say you bought the house and you got the loan through a mortgage broker. Well that mortgage broker didnt really give you the loan. They bought that loan from a wholesaler of mortgages. That wholesaler of mortgages, in turn bought that loan from one of those big huge Wall Street banks, most of which are out of business right now.

Important thing to point out if I may, Velocity Financial is a mortgage broker, we do get our money from several wholesale banks, I just wanted to point that out because we’re glad were a broker.

Just to continue the analogy. So the broker buys it from a wholesaler, who buys it from the Wall Street bank, and like I said, most of them are out of business now. And what the Wall Street bank did with thousands of these loans worth billions of dollars, they put them all together into what is known as mortgage backed securities. That is the stuff you hear like Fannie Mae is selling and there is an interest rate put on them, and what happened to these mortgage backed securities is they in-turn were bought up by other Wall Street banks, combined with other mortgage backed securities and they were called collateralized debt obligations.

Well then these brainiacs on Wall Street decided to chop these collateralized debt obligations up into what is referred to as tranches. So let’s say you had your best quality AAA borrowers in the top tranch . And obviously your ZZZ borrowers were in the bottom tranch. Each one of them was given a specific interest rate, each one of them was rated by a bond rating firm, and each one of them was given insurance.

Well, what happens is as these got split up and sold over time the notes on the mortgages go with the debt itself. So CDO over in Bangladesh owns your mortgage now, but here is the problem, they dont have the paperwork.

So the reason I went through this whole story is in case your bank comes to you and says were going to foreclose what you want to do is go and get yourself an attorney and you want this attorney to go to this bank and say we want you to prove to us that you have standing, that they have the legal right to come after you and foreclose on you. And here is the thing, if they dont have the paperwork, if they dont have the note on the property, they cant prove that they have standing. So whether its the wholesaler, who is foreclosing on you, whether its the servicer, whoever it is, chances are very good that they dont have this note.

So again, he got a little complicated. You want to go to the website http://mortgageanswerman.com and there are several articles there, and a lovely little chart that I drew up, except that it will be much nicer than this piece of paper, and I will have all the information there. I had a friend just recently who was in foreclosure and she made the phone call, and she said, you cannot foreclose on me without the original note. Now eventually it got foreclosed on, but it delayed it several months until they were able to find that note. Chances are they may never be able to find that note.

And in many states, including Florida and Ohio they are very successful at using this tactic to stop or completely do-away-with the foreclosure sale. We dont necessarily want to encourage people to go down this path, right? Were looking for a stall essentially?

Well, hopefully no one will ever have to get to that point. But if you believe that your servicer, your mortgage company is not being nice to you. Especially if you call them up and want to do a loan modification, and they are dragging their feet, filing foreclosure and coming after you, you have to protect yourself. And this is one of the ways you can protect yourself by hiring an attorney and suing them for lack of standing

That is one of the things that I want to talk about that Velocity Financial is involved with a national network of attorneys who do this sort of work. Velocity Financial does not charge an upfront fee for these types of loan modifications, we do hire an attorney and they work with the national network of attorneys to work on your behalf. They do charge a retainer, of course, if they are going to fight for you they need to be paid, however, there are no upfront fees…

Duration : 0:6:36

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# 2-5 FREE MORTGAGE TRAINING LESSON LOAN OFFICER SURVIVAL: AVOIDING RATE SHEETS AND OTHER DISTRACTIONS AT THE BEGINNING OF YOUR MORTGAGE TRAINING

“In this mortgage training portion we’re going to talk about the wholesale mortgage lender account executive rate sheets and how they fit into your daily sales focus. Don’t get distracted by all the numbers, there’s a reason why I want you to pay attention to what I have to say and not get distracted by them. Top producers learnt this technique early on in their careers and now you will too.”

This free mortgage training lesson has been brought to you by Battlecall.com. Audio lesson courtesy of Erik Webster.

ABOUT US:

Visit Battlecall.com for our FREE “Sink Or Swim” loan officer newsletter, mortgage training, mortgage marketing advice and more. We have thousands of resources to help you close more loans in less time and make more money. Stop wasting time on deals that don’t close! Become a Battlecall Warrior today and learn how you can win the mortgage war…

http://www.Battlecall.com

Duration : 0:9:23

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Technorati Tags: Broker, business, Free, funny, housing, lender, loan, Marketing, Money, mortgage, officer, property, Realtor, sales, sex, training

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Aug. 10 (Bloomberg) — The collapse in commercial real estate is preventing Federal Reserve Chairman Ben S. Bernanke from declaring the economy and financial markets are healed.

Property values have fallen 35 percent since October 2007, according to Moodys Investors Service. Thats making it tough for owners to refinance almost $165 billion of mortgages for skyscrapers, shopping malls and hotels this year, pressuring companies such as Maguire Properties Inc., the largest office landlord in downtown Los Angeles, to put buildings up for sale.

Negative Fundamental

Demand for commercial space comes from employment and the income generated by that employment, said University of Pennsylvania Professor Joseph Gyourko, director of the Wharton Schools Samuel Zell and Robert Lurie Real Estate Center in Philadelphia. Mounting job losses are a really significant negative fundamental, signaling that conditions are going to be tough for the industry for a while, he said.

That may spill over into mounting losses at some banks. Forty-seven percent of loans at the 7,000-plus smaller U.S. lenders are in commercial real estate, compared with 17 percent for the biggest banks, according to New York-based Goldman Sachs Group Inc.

Duration : 0:5:57

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From KETC’s Facing the Mortgage Crisis special on July 22, 2008: What happens after you receive the first notice of default? When you receive a notice, there is normally a foreclosure date listed. You need to take action and call your lender immediately to find out what steps to take to save your home. The foreclosure process in Missouri can take as little as 30 days.

Duration : 0:2:4

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Technorati Tags: Channel9, crisis, default, Ezell, Home, house, housing, KETC, mortgage, PBS, StLouis, tv

Successful Rally for DPA at the US Capitol!

With speakers including a former NAACP president, HipHop Summit CEO, US congressperson, BET television show host, and the CEO of Nehemiah, this rally brought together housing professionals, social activists, and political experts to discuss saving DPA.

Organized by the NABMB (National Association of Black Mortgage Brokers), the event provided a forum for group strategizing and networking to save DPA.

The featured speakers included:

• US Representative Al Green, (D-TX) of Texas’ 9th Congressional District
• Dr. Benjamin Chavis, former NAACP President, CEO and Co-Founder (with Russell Simmons) of Hip-Hop Summit Action Network
• Jeff Johnson, BET talk show host, social and political commentator for CNN, MSNBC, Fox News
• Scott Syphax, CEO of the largest non-profit DPA provider, Nehemiah Corporation of America
• Joy Jamison, President of the National Association of Black Mortgage Brokers
• Jeff Belonger, well-known blogger and mortgage broker

Duration : 0:0:49

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