Lenders are upset

Upset Lender

They say that the rules brought on by the Consumer Financial Protection Bureau go too far in insisting that lenders verify borrowers ability to pay.

A new government agency called the Consumer Financial Protection Bureau has been created to protect consumers from predatory lending practices. As with every government act, it goes too far.

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Accidental landlords

Landlord and Tenants

Many people can’t sell because they are underwater so they have to rent. 27% of homeowners are still underwater despite recent price increases. In some areas, it over 50%.

These people are targets for my new idea about how to make money with these properties. It’s a long term lease with option and you can make money even if the mortgage payment is higher than the rent.

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Home Sales up again

Southland houses sold at the fastest pace in 7 years. That is a 4.1 % increase from March.

The median price was $357k up 3.3% from last month. Highest number since June of 2008 when it hit $360. Wow- we are back. Median prices are rising because higher priced homes are selling.  So how come my house is still down about 80k from 2006?

Banks say they are fulfilling terms -yeah-right

Under terms of a settlement with Banks and NY attorney general, Banks are supposed to do more to help homeowners.

They are are actually doing not too much in principal reduction which was supposed to be the main benefit. They are leaning heavily towards short sales and write downs of 2nds. Big deal- 2nds will go away in foreclosure anyhow.

Wells ( the worst in my opinion)uses almost short sales exclusively. Chase discounts 2nds, Citi does more 2nd mortgage discounts and short sales than write downs of first mortgages.

The banks are not abiding by the other rules of the game and the NY attorney general plans to go to court to force them.

We have heard stories of banks still going to sale while loan modifications were taking place- a no-no under the new laws.

Is anyone surprised?

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