MND NewsWire - All Comments

re: Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

Dana Beck — Sat, 18 May 2013 15:26:36 GMT

I think we are playing semantics at this point. They are both defaults on the terms of the original note. Yes, a short-sale shows that a potential future borrower was more responsible than someone who just waited for the cash-for-keys check after the NOS. However, a new lender has to count on the previous lender's loss mitigation underwriters, and assume that they did their due diligence in making sure it was not a "Strategic" short-sale. In my opinion, a strategic short sale is as bad as a strategic foreclosure.

re: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Dana Beck — Sat, 18 May 2013 14:58:52 GMT

On what planet do you need a 720 for conventional? Or 660 for FHA? A 720 for conventional can help get the best execution rate, as well as help get AUS approval for over 80%, allowing great programs such as LPMI for lower than the traditional 20% down payment, but the article is intellectually dishonest. The date provided could indicate that credit scores are up overall. But if you have a 560 mid FICO with compensating factors, you can still get a manually underwritten FHA home loan with 3.5% down if you know where to look.

re: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Frank Ceizyk — Sat, 18 May 2013 06:20:09 GMT

Mr. Yun is just being idealistically unrealistic. The mortgage industry serves 3 masters. The housing consumer, the MBS investor, and the regulatory complex. Whether by default or by design, there is more at stake than ever before when it comes to the success or failure of financed home ownership. If the real estate industry had to subsidize the expense of any future default from the various recovery funds across the country, my guess is the mindset would be different.

re: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Ralph Otto — Sat, 18 May 2013 04:20:54 GMT

I really like Yun with NAR - his comments are great. First he thinks banks are too strict with their money, slowing the housing market and the recovery. Now he thinks conforming loans should be given to borrowers with a 720 score. Conventional loans ARE given to borrowers with a 720 score (as we all know) and the pricing difference between 720 and 760 doesn't make much difference. As for strict guidelines, banks should be careful with their money. Where was he from 2007-2010? Current guidelines look a lot like 1996-1998 and it wasn't holding back buyers. Rates then were what.. 8% NAR should stick to Real Estate. If Yun had his way we would be back to 100% stated at 640 FICO and we'd be riding that roller coaster all over again.

re: Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

Steve Harkness — Sat, 18 May 2013 01:18:25 GMT

Thank You for addressing this Ryan, You would think these Congressmen and Senators would have advisor's in place to correctly inform them what the actual laws are.

re: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Steve Harkness — Sat, 18 May 2013 01:16:32 GMT

The inventory is there take a look around. The banks have so much shadow inventory that they are just letting rot on the foundations rather than sell at a reduced price.

re: Consumer Mortgage Choice Act Under Fire From CRL

Frank Ceizyk — Fri, 17 May 2013 22:41:07 GMT

There is a simple solution. Stop focusing on all of the nuances that go into how the rate and pricing are derived, and look at the bottom line to the consumer. What is the benefit of the transaction if it is a refinance and when will that benefit be achieved (at closing in the case of what we used to call 'no cost' pricing, or how long after costs of getting the benefit are absorbed in the event of a low cost or buydown rate). Is the benefit permanent, or temporary (adjustable rate/balloon). Are there any additional "risky features" (negative am/prepayment penalty). Whoever offers the benefit with the shortest path to achieving that benefit, with the lowest risk that benefit could change in the future, wins the consumer's business. It's really just as easy as that. There would be no incentive for "abusive" lending if we were all competing to maximize the benefit we deliver to the consumer in the shortest time period, for the longest time horizon possible. Need to start reframing the entire argument.

re: Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

Ryan Brandenburger — Fri, 17 May 2013 21:48:29 GMT

Dear Senator Nelson, I just wanted to correct your understanding regarding the mortgage rules after short sale and foreclosure. It does not take seven years after foreclosure to obtain a mortgage like you stated in your press conference. Currently the guidelines say 2 years if you have a good reason for SS or FC and 3 if not. Fannie Mae will allow you to obtain a mortgage after 5 years. Both HUD and Fannie Mae look at foreclosures and Short Sales as one in the same. Releasing this type of press is the only thing that would further hinder the recovery. Knowing the facts and getting in front of the podium and letting people know the truth would help the recovery. Thank you for your time! Ryan

re: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Randy Chambers — Fri, 17 May 2013 21:44:47 GMT

Sales volume will NOT rise until more inventory becomes available, especially in western states metro areas. Indeed, that won't occur until more tentative subdivisions, condos and MPCs consummate their entitlement process, which, by the way, won't be for another one to four years. And then, we have to wait for the homes to be constructed. Moreover, since tens of thousands of distressed, REO and auctioned homes have been purchased by investors the last two years, the market has to wait for them to release these rental properties for sale. As far as REO homes still in bank inventory? Who knows how many they might release within the next one to two years.

re: Housing Bubble Unlikely, Home Price Appreciation Should Slow - CoreLogic

Bill George — Fri, 17 May 2013 13:48:06 GMT

It would be good to know how Dr. Stiff anticipates the market reacting to the Fed's foreseen reduction in purchases of MBS and Treasuries. How will demand for housing be impacted by rising interest rates on mortgage financing and rising demand for high quality MBS and treasuries. It seems that, as interest rates rise, investors will see Treasuries, MBS and the interest rate returns on other competitive instruments as an alternative to institutions' recent strategy of 'reaching for risk driven returns' by buying single family homes (in bulk) in the buy-to-lease strategy. What happens if / when the institutions reduce their interest in the single family home market?

re: Foreclosure Review Payouts Coming Under Congressional, Media Scrutiny

Donald Williams — Thu, 16 May 2013 17:20:43 GMT

Owe and also, when I received my payment it did not say what the payment amount constituted or what it was based on. Another sign of this being crooked to its core.

re: Foreclosure Review Payouts Coming Under Congressional, Media Scrutiny

Donald Williams — Thu, 16 May 2013 17:17:45 GMT

The whole process is a sham. We are being put through the same things that were being done through out the so called modification process. I received the money that they sent me and it also was not correct for my situation. The original payment format for payouts were changed to how they are doing the payouts now. I have copies of both of them. i received the payout for finishing the modification payments and the foreclosure was rescinded when in fact my home was foreclosed on and I should have received at least $50,000.00 original payout was 125,000 plus equity and I received a mere 6,000 and Rust Consulting answer is the payments are what they are. Recourse is to sue and spend the 6,000 you sent me for lawyers plus money I don't have. If the correct action is going to crash the big banks that have no morals to its stakeholders then let the small banks take over that are in tune to their environment and display good judgement and morals.

re: Credit Unions Plan on Scaling Back non-QM Mortgages

Philip Wade — Thu, 16 May 2013 05:25:48 GMT

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re: Foreclosure Review Payouts Coming Under Congressional, Media Scrutiny

Tee Moore — Wed, 15 May 2013 22:24:34 GMT

I feel like I'm back on this merry go round with Bank Of America and now with Rust Consulting 1-888-952-9105, Our government have to be in the middle of this bs too .... to allow this type of foolishness to go on for so long with so many families being swindled out of their homes because of their American greed. After receiving a undersize check from Rust, now the Feds are telling us to call Rust Consulting for our additional funds because of the errors in the initial payments @ 1-888-952-9105, Rust is telling us to call our service company ( Bank Of America) @ 1-888-325-5381... Bank Of America is telling us to call Rust....My question is to B.O.A, Rust & the Fed which one of you are mad because you did not get your share of the pie this time... I'm so disturbed we are going back down this road again, when the employees have no answers or clue on what is going on when you call... The Fed, Bank Of America & Rust Consulting are all criminals.

re: Southern California Home Sales Hit 7 Year High

Steve Harkness — Tue, 14 May 2013 21:41:57 GMT

Candace.... I so agree with you!