Loan Think

Actually, it’s called your life.I own an Apple TV. The settings allow you to watch YOUR pictures and at that same time listen to your favorite playlist.This is otherwise known as YOUR LIFE.What pictures do you have?Do you like to watch your life’s experience?Do you wish it was different?

So, it looks like the $80 billion that Uncle Sam spent to bail out American International Group eventually will be paid back. And with a little luck maybe the U.S. will get back the $17 billion it pumped into GMAC/Ally Financial. Okay, maybe not so fast on that last one.

Are you experiencing withdrawal symptoms because the homebuyer tax credit incentives have come and gone? Think of this as your mid-year business planning session. You’ve got to keep the momentum going because you can’t always rely on “the next big thing” to boost your business.

Representatives of Freddie Mac and Fannie Mae bandied about some big numbers during a session I recently attended at the New England Mortgage Bankers Conference in Providence, RI.

Thanks to the Ally Financial foreclosure scandal there's plenty of talk in the industry that foreclosing on a delinquent borrower is going to take a whole lot longer going forward. One investor in delinquent loans told me the other day that the four worst states to deal with in terms of foreclosures (from the servicer/investor's standpoint) are: Florida, Georgia, North and South Carolina.)

The third quarter earnings season is almost upon us and there's increasing speculation that loan loss reserve set-asides in regard to delinquent residential loans may boom. The primarily culprit here will be re-defaults on modified loans.

In August I had the pleasure of attending the California Mortgage Bankers Association's sales and marketing show, which was co-presented with the California Association of Mortgage Professionals. Among the speakers were Deborah Shames and David Booth of Eloqui, who spoke of the need to create a connection with the client.

So, how's the second lien market holding up these days? Not so good, but that's not really surprising, though offers for HELOCs still occasionally show up in my mailbox at home, including mailings from SunTrust and Citibank, the latter of which has let its mortgage business whither away.

On Sept. 17, Harvard law professor Elizabeth Warren was appointed to launch the new Consumer Financial Protection Bureau. Warren also will have a broad portfolio of duties, advising President Obama on "policies and programs that are designed to protect the financial interests of middle-class families," the White House said.

THIS JUST IN: Over the past few weeks some investment bankers have been chattering about WL Ross & Co. taking a look at some of the mortgage assets of Residential Capital Corp. Wilbur Ross, of course, is a well-known bottom-fisher who (as everyone knows) pays up for nothing.