Blowing the Lid Off the Mortgage Industry
From the monthly archives:
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!In this edition of the Blown Mortgage Podcast series we talk with Rhonda Porter of the Mortgage Porter.
Rhonda was nice enough to join us and share her thoughts about the current changes in the market, ethics in lending, and [...]
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David Lereah, the Chief Economist and SVP of the National Association of Realtors is stepping down. Lereah a complete liar housing bull has been the brunt of criticism for his very optimistic outlooks on housing.
Many people, myself included have chided the NAR for being overly optimistic in its predictions, advertising and public relations. Lereah, [...]
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California Housing Forecast estimates that there are 2,180,000 empty houses currently for sale, 4,000,000 homes empty for rent. Who is making the mortgage payments on these homes? How much equity is actually in these homes? How many mortgage payments will an investor make before slashing the price to dump the home like last-year’s car model?
This [...]
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Why I hate my industry sometimes – part 4.
Foreclosure rescue scams are becoming a huge problem in this country. People preying on folks about to lose their home has apparently become the latest thing for mortgage brokers out of a job. Our local news here has done a Dateline-esque hidden camera sting (click, hit play) [...]
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Secured Funding, (I would link but their web site is mysteriously gone) an Irvine, CA-based originator of primarily second mortgages closed it’s retail operations on Friday, according to a source close to the situation. Secured Funding had ceased its wholesale operations back in January, but had maintained a small retail side as of late.
Secured [...]
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In a recent interview with John Lanser of the OC Register, Cal State Fullerton economist Mira Farka talks about how the national housing drop will not be as severe in Orange County, California as in other parts of the country. From the interview:
On the other hand, I expect the house-price correction in Orange County to [...]
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As we’ve talked about several times here consumer spending (which accounts for about 70% of the economy according to Bloomberg) has been fueled by mortgage equity withdrawal or MEW. Calculated Risk has done extensive studies of this effect as well.
To give you an idea of how much this MEW fueled consumer spending consider this:
Borrowing [...]
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One of the things that people take for granted when they are going through the process of getting a home loan is that they believe that what the loan officer is telling them is actually true. When you think about it, it makes perfect sense, we’re predisposed to believe what people in a position [...]
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Last Night was the first OC Real Estate Blogger Meet Up that I had the privlidge of attending. It was great to meet many of the people that I read on a daily basis live and in person. They are all just as interesting, fun and intelligent as their blogs would suggest. Joe and Rudy [...]
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My blog gets a lot of hits for the term ’scratch and dent lenders’ presumably from mortgage bankers looking to off-load New Century loans that they can’t sell off their warehouse line. I think Blown Mortgage comes up near the top on Google because of my correspondent loan saga posts.
If you’ve arrived here because you’re [...]
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