What have we been told since day one? What have we tried to instill in our children, our grandchildren? TRY TO GET ALONG WITH EACH OTHER, WORK and/or PLAY TOGETHER. Whether it's with another sibling or the child down the street or the back of the bus.
That being the case, why is it, and especially in this real estate and mortgage environment that we find ourselves in now (and I am sure it may be true in other fields and industries as well) the Buyer / Seller / Realtor 1 / Realtor 2 / and Mortgage Lender can't put all their efforts in towards the end goal and get on the same page.
Once negotiations are done, isn't everybody looking to accomplish the SAME thing? I truly don't understand why certain parties seem to make it more difficult to do that? Trust me, I understand "stress". I understand "expectations", or even "unrealistic expectations". I understand "communication" and/or "lack of communication", and anything else that you want to add. I have been doing this, and doing this well, for a long, long time, as I am sure you have in your own fields.
Therefore, given the fact that everybody in the transaction is looking to accomplish the same thing, why do some just try to make it more difficult than it needs to be?
Friday, November 4, 2011
Thursday, November 3, 2011
As the Gov't ordered more Home Loans...FannieMae and FreddieMac relaxed their standards...
The Gov't Fueled Mortgage Mess
Thu, 2011-11-03 07:15 — Mortgage News Ticker
... Rewind to 1994. That year, the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties. ...
... "HUD is authorized to direct Fannie Mae and Freddie Mac to undertake various remedial actions, including suspension, probation, reprimand or settlement, against lenders found to have engaged in discriminatory lending practices," the official policy statement warned.
The regulatory missive, which had the effect of law, advised lenders to bend "customary" underwriting standards for minority homebuyers with poor credit.
"Applying different lending standards to applicants who are members of a protected class is permissible," it said. "In addition, providing different treatment to applicants to address past discrimination would be permissible."
To that end, lenders were directed to "make changes in marketing strategy or loan products to better serve minority segments of the market." They were also advised to "change commission structures" to encourage brokers and loan officers to "lend in minority and low-income neighborhoods" — a practice Countrywide Financial, the poster boy of the subprime scandal, perfected. The government now condemns the practice it once encouraged as "predatory." ...
Please read the full article on Investor's Business Daily
http://news.investors.com/Article.aspx?id=589858&p=1
Thu, 2011-11-03 07:15 — Mortgage News Ticker
... Rewind to 1994. That year, the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties. ...
... "HUD is authorized to direct Fannie Mae and Freddie Mac to undertake various remedial actions, including suspension, probation, reprimand or settlement, against lenders found to have engaged in discriminatory lending practices," the official policy statement warned.
The regulatory missive, which had the effect of law, advised lenders to bend "customary" underwriting standards for minority homebuyers with poor credit.
"Applying different lending standards to applicants who are members of a protected class is permissible," it said. "In addition, providing different treatment to applicants to address past discrimination would be permissible."
To that end, lenders were directed to "make changes in marketing strategy or loan products to better serve minority segments of the market." They were also advised to "change commission structures" to encourage brokers and loan officers to "lend in minority and low-income neighborhoods" — a practice Countrywide Financial, the poster boy of the subprime scandal, perfected. The government now condemns the practice it once encouraged as "predatory." ...
Please read the full article on Investor's Business Daily
http://news.investors.com/Article.aspx?id=589858&p=1
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