Loan Think

This week's crop has some opinions and some questions. As to the opinions, everyone is entitled to their own! For the question by Mr. Roper, I believe 62 is the minimum age for someone to be qualified for a reverse mortgage. For the question by Ms. Lange, Ocwen is publicly traded and not owned by DeutscheBank to my knowledge.

The Consumer Financial Protection Bureau plans to provide early warning of possible enforcement actions. Subjects under investigation to be given opportunity to respond to CFPB concerns, On Nov. 7, CFPB outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation.

First the good news: at least interest rates are still low. And that's about it for the good news, folks. If you're like me, you're disgusted with the inability of our elected officials to swallow some of their promises and strike a deal to cut money from the U.S. budget.

We all give thanks for many things on Thanksgiving, but do you who are owners and managers show your employees some gratitude for all the hard work they do for your business?

According to mortgage consultant Joe Garrett, some former top dogs at Option One Mortgage Corp. are forming a new company. Garrett, in his blog, writes that he saw an email solicitation. “They're looking for new brokers, and get this, they specifically advertise that there are '…no credit checks (on the mortgage broker) and no references needed.'"

By now you've read the story on the National Mortgage News website about Freddie Mac working on a "credit security" where part of the bond will not be government guaranteed. That's not a misprint.

The 12-member bipartisan panel – aka the 'Supercommittee' – created in August to defuse a political standoff over raising the federal borrowing limit can't reach a deal to save $1.2 trillion in federal spending. The deadline of Nov. 23 is fast approaching.

There's grumbling out there in the hinterlands that some of the nation's largest servicers may've gotten an early peak at the HARP 2.0 details, allowing them to mail out solicitations early to their customers. (The official release came Monday.)

By now you've read all the stories about those protesting lefties from the 'Occupy Wall Street' movement who are encouraging their followers to move their savings and checking accounts from megabanks like B of A, JPM and Wells to more consumer friendly organizations such as a credit union.

When the average taxpayer hears that Uncle Sam has provided $170 billion of their money to bail out the GSEs they get outraged. (Okay, some of that money has gone right back into the government's pocket via dividend payments from Fannie Mae and Freddie Mac.) But how do you explain to the man-on-the-street that without the GSEs the housing and mortgage markets would collapse?