It would be unfair to say that the Obama administration hasn’t been trying to restore the health of the housing market. Unfortunately, it would be inaccurate to say that its programs are having much success. The loan modification program is a worrisome case in point.
On February 18, 2009 the Treasury Department announced the Homeowner Affordability […]
Tags: Mortgage Servicing · Freddie Mac · Loan Modifications · Distressed Homeowners · Home Affordable Modification Program · Mortgage Loan Originators · Fannie Mae · Mortgage Funding · Mortgage Lending · Bob Hunt · Lending · Loan Processing · Mortgage Application · Foreclosures
The world has not turned completely upside down, but, believe me, it is leaning precariously. Remember all those programs that were designed to turn renters into homeowners? Now we have a program to turn homeowners into renters! I refer, of course, to the Deed For Lease program rolled out by Fannie Mae on November 5, […]
Tags: Home Buyers · Home Sales · Median Prices of Homes · Buying A Home · Loan Modifications · Bob Hunt · Fannie Mae · FNMA · Foreclosures
Many, many, many new bills were signed into law by our Governor this month. Following is a quick list. If you would like more information on any bill, go to www.leginfo.ca.gov.
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SB 94 – Effective Oct. 11, 2009: No more Advance Fees on Loan Modifications.
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AB 957 – Effective Oct. 11, 2009: REO Buyers can select escrow & title.
Tags: Mortgage Loan Originators · Reverse Mortgages · New Laws in 2009 · New Laws In 2010 · Appraisals · Duane Gomer · State Legislation · Mortgage Lending · Loan Modifications · REO's
Loan modification scams may not be the worst of monetary crimes, but they are certainly in the running. Taking advantage of financially distressed homeowners, the most common form of these scams is this: They take a large up-front fee (in the thousands) and then do nothing, or next to nothing, producing no beneficial results for […]
Tags: California Legislation · FBI · AB 764 · California Department of Real Estate · DRE · Calif. Dept. of Real Estate · State Attoney General · Bob Hunt · Loan Modifications · Loan Modification Scams · Distressed Homeowners · Foreclosures
If only the President’s foreclosure-prevention plan worked as well as “cash for clunkers”. But it hasn’t. When the Administration announced the Making Homes Affordable plan in February of 2009, officials said they hoped it would help 4 million distressed homeowners to stay in their homes. As of this writing (8/2/09), the Administration has acknowledged that […]
Tags: Under Water · Making Homes Affordable · Loan Modifications · Deed In Lieu of Foreclosure · FICO · Treasury Department · FICO Scores · FNMA · Freddie Mac · Bob Hunt · Short Sales · Lending · Loan Applicants · Fannie Mae · Loan Processing · Foreclosures
ABOLISH THE DRE
Assembly Bill 33 (Nava) was approved April 13th in the Assembly Banking Committee. This bill would abolish the Department of Real Estate, the Department of Corporations, the Department of Financial Institutions, and the Office of Real Estate Appraisers. AB 33 proposes to transfer the powers, duties, purposes, jurisdiction and responsibilities of those departments to the […]
Tags: California Department of Real Estate · Duane Gomer · CA Assembly Bills · Loan Modifications · FNMA · IRS Taxation · State Legislation · Fannie Mae · DRE Regulations
Duane’s World of Real Estate