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Rob Ellis

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"While I'm not 100% sure Larry I don't believe the #'s include chartered bank LO's; last figure I saw was there was just under 200,000 LO's nationwide."    View Comment
"@Jason - Completely agree with you, the total cost of money wasted surely could have righted housing by now. Problem is the folks get squat, political lobbyists get paid. Most people aren't aware that banks are the most powerful (in terms of monies spent) lobbyists, guess who got the help? Then throw in the other lobbies such as union labor, teaching, etc. and you can trace a direct arc to where the stimulus money was spent. @Shawn - You could but you'd be punishing mortgage holders (75%..."    View Comment
"Gary, this all depends on whether they allow the "short refi" which entails removing the negative equity. If I'm not mistaken the last CoreLogic estimate put the AVERAGE negative amount at $65,000. Remove $65k from someone and you save nearly $350 a month assuming exact same rate (based on $265k loan to $200k). Throw in an interest rate reduction and the average savings is $400+ a month; that's very substantial and we all know that money would be spent, not saved. The elephant in..."    View Comment
"@Frank - Agree with your overall assessment, however there's one item to take into consideration regarding the short refi strategy. You mentioned purchases will drive the market, that's true. What we have though is 25% of homes upside down preventing them from selling, and then subsequently buying another home. These folks have been forced to sit on the side lines. So, in conjunction with the short refi, the ability to sell soon thereafter, without penalty and or a short sell option with..."    View Comment
"Brad, here's the problem, while you are correct in pointing out that the likelihood of default decreases with a refi the issue is the transfer of risk and or loss. Using your example of "really underwater" let's assume two scenarios, the first is the person can refi to today's rates yet still are upside down, the new lender now has a negative equity position. Or, if they forgave the upside down amount someone eats that loss, MBS investors have went to court (and won) in that..."    View Comment
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