Loan Think

On July 29, 2010 Arizona Attorney General Terry Goddard announced he filed a lawsuit against THE GUARDIAN GROUP LLC for engaging in allegedly deceptive mortgage loan reduction services that have cost more than 2,500 consumers millions of dollars.

As part of its case against former Countrywide CEO Angelo Mozilo, the Securities and Exchange Commission is now deposing certain officials quoted in the book, "Chain of Blame, How Wall Street Caused the Mortgage and Credit Crisis." (I’m one of two co-authors on the book, which was published two years ago.)

If you've kept up with your reverse mortgage news this week you've learned that we have moved a step closer to the subsidy that has been requested for the Federal Housing Administration Home Equity Conversion Mortgage program. This is certainly positive news but we have a way to go yet. What can you do as a reverse mortgage originator to help keep the message alive?

If you read between the lines of Ally Financial's just released earnings statement you get the impression that CEO Michael Carpenter continues to favor auto lending over mortgage finance. Maybe it's me, but that's what I've been hearing from people in the industry since this past fall.

A recommendation made by a number of contributors to our publications (both online and print) is for mortgage originators to seek out the services of a business coach.

The BP oil disaster in the Gulf of Mexico is expected to reduce home values by as much as $3 billion over the next five years, according to a new report from CoreLogic.

THIS JUST IN: He's back. Or, perhaps, we should say he's trying to get back in. The "he" is John Robbins who everyone knows well for AmNet Mortgage of San Diego. He sold the nonbank to Wachovia in 2005 and is hunting for opportunities in Mortgageland. Late Friday he sent an e-mail to National Mortgage News confirming what we've been hearing for a few weeks: "Yes, I am looking to get back in the industry." More details to come as we get them...

Sometime it is easier to see your performance by looking at another industry."I'm looking for a smooth ride," I told the tire salesman.

Interactive Mortgage Advisors of Denver is peddling a $1 billion portfolio of Freddie Mac servicing rights, the second $1 billion-plus offering of the past two weeks. MIAC of New York recently announced that it was offering a $1 billion pool too.

Perhaps, Lew Ranieri's recent prediction that the yield on the 10-year Treasury could hit 2.5% this year will actually come true. Predicting where rates are headed is a tough game — but fun. But one thing seems certain at this time: as long as inflation doesn’t flare up (except for maybe oil prices) rates, mortgage rates in particular, aren't headed anywhere, which should be good news for homebuyers except that they're scared about losing their jobs or finding a new one.