What We're Hearing

It appears that the state of Missouri is looking for new sources of revenue and is going after loan brokers. Donna McCallister of All Credit Mortgage reports to us that this week she received a package from the Missouri Division of Finance which is asking for a $300 “investigation fee (I guess to prove that I am a mortgage broker?)” and another $300 for licensing. To add insult to injury, the state also is asking for a $50,000 surety bond which will cost $500. Ms. McCallister says she has been in business for 13 years – eight as a HUD approved broker. She notes: “It is hard enough to keep the expenses paid and now they want more and more. It seems like they want us to fail.” I’ve been receiving similar emails for the past year. Meanwhile a new survey says that 57% of economists believe the recession is over! Tell that to all those unemployed Americans who are struggling to pay their mortgages and can’t find a decent job. Here’s one thought: what will happen to the home buying business when the federal $8,000 first time home buyer tax credit expires -- along with the $10,000 tax credit in California? And what about the “cash for clunkers” auto relief act? Congress has already voted to extend the program – but one day the sun will set. Stay tuned...