The chatter has has been for years that the rise of the Internet would have real estate agents suffer the same plight as that of travel agents and stock brokers and be passed over in favor of discount, do it yourself websites. If people can find a home on the Internet, the reasoning was, why would they need [...]
Posts Tagged ‘mortgage crisis’
Fox: I’ll Fix the Chicken Coop
Posted in Foreclosures, Mortgages, Selling, tagged mortgage crisis, Short sales on June 17, 2008 | Leave a Comment »
Lenders are promising a “quick response” to distressed borrowers’ applications for assistance: 45 days. 45 days is fast? 45 days is glacial. What is slow? 45 days is long enough to get 2 additional 30-day late payments on your credit report. It takes two days to underwrite a loan; a hardship package is virtually the same material, so [...]
Assigning Blame for the Mortgage Mess
Posted in Mortgages, tagged mortgage crisis on June 17, 2008 | Leave a Comment »
This comment on this blog post at ActiveRain resonates. My question is more succinct, but needed to be asked. Activerain, by the way, has a fair amount of good content. There is plenty of blame to go around, from brokers to agents to appraisers to Wall Street, and, of course, borrowers themselves. However, the large lenders [...]
NY Times on the Candidates and the Mortgage Crisis
Posted in Foreclosures, government, Mortgages, tagged FHA, Foreclosures, government, mortgage crisis on June 15, 2008 | 1 Comment »
I make no secret that I stand quite a bit to the right of the NY Times editorial board on most fiscal matters. In today’s editorialon the presidential candidates, the Times portrays McCain as a Whig and Obama as a Caped Avenger. Both portrayals are problematic. Most government solutions are window dressing at best and have terrible [...]
262
Posted in Mortgages, tagged mortgage crisis, Mortgages on June 11, 2008 | Leave a Comment »
…mortgage companies have “imploded” since late 2006. The resulting credit crunch has made the pool of buyers even smaller. This, coupled with the rising inventory of distress sales, short sales and bank owned foreclosures has suppressed prices enormously.
Appraisals
Posted in appraisals, tagged appraisals, mortgage crisis on June 9, 2008 | Leave a Comment »
Two articles of note on the role of appraisals in the mortgage crisis. The first articlefeatures clients of mine who, sadly, lost their home. The lender, Ameriquest, is now out of business. Good riddance. This article appeared in the NY Times (printable version here) this past March and covers some steps taken by NY Attorney General Andrew [...]
New Deal to Rescue 2008
Posted in Mortgages, tagged FHA, mortgage crisis, Mortgages, New Deal on June 9, 2008 | 1 Comment »
This is a commentary that I submitted to the Journal News recently that they have not (yet) published. ___________________________________________________________________________________________ With the problems facing the real estate and mortgage industries, I look to the Oval Office to be the catalyst in the recovery of the nation going forward. I am not referring to President Bush, nor [...]
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J. Philip Faranda Broker-Owner (914) 723-8900
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