Peter Campellone hosts The OC Real Estate Show for Monday, December 19, 2011 sponsored by First USA Home Loans. This week Peter reviews the stories for Obama Smack, Orange Crush, Velvet Hammer, and our nations' Weekly Financial Reports.
OBAMA SMACK
President Obama made an offhanded comment about blaming mortgage brokers AGAIN for the meltdown. In an attempt to punish mortgage brokers and supplant individual states control of intrastate mortgage lending activities, Obama continues to denigrate brokers. His justification for the cumbersome and unnecessary Consumer Financial Protection Bureau, is intonated by his statement "And a key component of that was making sure that we have a watchdog in place who can police what mortgage brokers, and payday lenders and other non-bank financial entities are able to do when it comes to consumers." This inflammatory statement caused the NAMB President, Donald Frommeyer to fire back that blaming mortgage brokers for selling bad products is the same as blaming pharmacy dispensaries like Walgreens for medications latter recalled by the FDA. Banks and credit unions are not being held to the same higher individual licensing standards that mortgage brokers and bankers are being held to by this federal legislation. Bank and credit union loan officers are not required to pass a test to act as a loan officer. Donald Frommeyer is invited to contact Peter at 949-275-3403 to be his wingman in the event he is invited to the White House for a meeting to discuss making changes to Obama's position against mortgage brokers and the SAFE ACT legislation.
To learn more about OBAMA SMACK, click on the following link at:
http://www.nationalmortgagenews.com/dailybriefing/2010_498/namb-presidential-...
ORANGE CRUSH
Steve Thomas of ReportsOnHousing.com publishes a report on the local supply of Orange County homes for sale and the share of inventory that's distressed properties every two weeks. There are currently 8,905 active listings in OC. 38% of those listings are distressed properties. 81% of distress listings are Short Sales. The Realtor call to action is to help homeowners even when homeownership is no longer a viable option. If your property is underwater, you are behind on one or more house payments, and you are otherwise under financial distress (i.e. job loss) you can seek help for Short Sale. If you are a consumer who is faced with this daunting decision to short sale or you are a realtor who passes short sales to someone else but would like to participate in a broker coop, please contact Peter at 949-275-3403.
To learn more about ORANGE CRUSH, click on the following link at:
http://lansner.ocregister.com/2011/12/12/distressed-o-c-homes-selling-twice-a...
VELVET HAMMER
The SEC has filed allegations against the top 3 executives formerly working at Fannie Mae and Freddie Mac for intentionally misleading investors about the proportion of subprime loans held in portfolio. Not to be outdone, California Attorney General, Kamala Harris has withdrawn her focus on cutting a states led deal with the top 5 banks associated with the foreclosure crisis and has instead pulled out her VELVET HAMMER to CHIN CHECK Fannie Mae and Freddie Mac. Harris wants answers about how to accelerate the approval of principle reduction requests, the treatment of California homeowners through foreclosure process, and the mounting potential of urban blight from vacant REO properties held by the two mortgage giants. Peter admires Harris' penchant for holding the giants accountable to Californian residents. The focus should be on how to quickly and efficiently liquidate the properties to market and get them inhabited by new homeowners. Peter's solution is to assign the REO's to individual real estate brokers immediately as a lease to own for California residents. The Lease-To-Own Program includes a bundle of incentives to help the new homeowner with the $15,000 San Francisco Federal Home Loan Bank Board Grant and create a House Payment Insurance Program in case of job loss. If you would like to know more about the $15,000 Grant, contact Peter Campellone at 949-275-3403.
To learn more about VELVET HAMMER, click on the following link at:
http://articles.latimes.com/2011/nov/16/business/la-fi-mortgage-probe-20111117
PETER'S TOP 2 BLOOMBERG
Lastly, this week 15 new reports hit the top of the Bloomberg charts that may affect interest rates. The reports whose information has the greatest potential of impacting rates this week includes Personal Income & Outlays and Consumer Sentiment. Peter Campellone suggests a lock on rates this week.
If you would like to learn more about the reports, click the link below:
http://www.bloomberg.com/markets/economic-calendar
If you enjoyed this episode of the OC Real Estate Show with Peter Campellone please give us a "THUMBS UP" and "LIKE" this video.
Loading...
2:57
Top 10 ZIP Codes - The OC Real Estate Show with Peter Campelloneby pcampellone138 views
Link to this comment:
All Comments (0)