Loan Think

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?

We all know that the social media is the latest hot trend in sales and marketing. Look at how many companies have created a Facebook presence that seeks to interact with consumers. Personally, I follow Tabasco and Disney.

Effective Jan. 1, 2012 the California Real Estate Commissioner may issue citations to unlicensed persons the commissioner believes to be engaging in activities for which a real estate license is required or to licensees who are in violation of any provision of the Real Estate Law or any rule or order thereunder.

According to the National Association of Realtors, home sale contracts are falling through at twice the rate of last year. And who does the trade group blame? Answer: lenders for turning down applications, and (of course) appraisers.