May, 2014

BREAKING NEWS: Newark Votes, Approves Use of Eminent Domain to Fight Foreclosures–First Domino Falls

BREAKING NEWS: Newark Votes, Approves Use of Eminent Domain to Fight Foreclosures–First Domino Falls

The program would allow homeowners trapped in certain type of mortgage, known as a Private Label Security or PLS Loans, to voluntarily participate in a program where the City purchases these mortgages from investors and repackages them at terms homeowners... (Continue reading)

Anyone Care to Bet? We’re in a Recession Now or Will Be Soon.

Anyone Care to Bet?  We’re in a Recession Now or Will Be Soon.

Can we connect these dots? Housing market takes a dive, consumer spending craters causing retail earnings to collapse, with underlying employment numbers somewhere south of ghastly.... (Continue reading)

Forced Into Foreclosure – Want to See How it Happens?

Forced Into Foreclosure – Want to See How it Happens?

All they wanted to do was save their home, which seemed to me to be a reasonable thing for them to want since there was no question that they had enough income to make their mortgage payment. They never... (Continue reading)

Here Come the Happy Housing Numbers, but Foreclosures Up Year-Over-Year

Here Come the Happy Housing Numbers, but Foreclosures Up Year-Over-Year

In other words, the housing market hasn’t recovered, and won’t recover because it can’t recover until the underlying fundamentals change, and that won’t happen for a long, long time. It certainly won’t happen as long as we refuse to... (Continue reading)

House committee votes to prohibit FHA from financing homes taken using eminent domain

House committee votes to prohibit FHA from financing homes taken using eminent domain

So, if you take the property legally, you cannot use FHA… but if you foreclose illegally and sell it to a bona fide third party, that buyer certainly can use FHA. And if that makes any sense whatsoever to... (Continue reading)

What’s WRONG with Richard Cordray of the CFPB? Tell Me How Can This Happen?

What's WRONG with Richard Cordray of the CFPB?  Tell Me How Can This Happen?

So, why does Cordray make it sound like he’s describing a problem with reverse mortgages when he’s actually not? Why is he scaring seniors away from a reverse mortgage, when it could transform their lives, or save their homes,... (Continue reading)

Major Media Misinforms, Scares Seniors on Reverse Mortgages

Major Media Misinforms, Scares Seniors on Reverse Mortgages

I can’t help but wonder how many seniors have made less favorable decisions as a result of biased and wholly inaccurate reporting on reverse mortgages, but it’s impossible for me to believe that it’s not quite a few. How... (Continue reading)

The blogger, lawyer, banker and borrower: A letter from home thanks to Bank of America.

The blogger, lawyer, banker and borrower: A letter from home thanks to Bank of America.

All we ever wanted was a fixed loan. Between Martin and Nathan Fransen's time and dedication to my family we received a loan modification. The part that to this day will bring tears to my eyes is... (Continue reading)

What Loan Modifications Have to Do with Leaving Money on the Table and Knowing the Value of a Dollar

What Loan Modifications Have to Do with Leaving Money on the Table and Knowing the Value of a Dollar

We need programs that stop foreclosures and provide reasonable resolutions for borrowers faster than one at a time. I don’t want to see another optimistic forecast, like the ones I’ve been shown every single year since the crisis began,... (Continue reading)

Motley Fooled by Reverse Mortgages – New York Times No Better

Motley Fooled by Reverse Mortgages - New York Times No Better

If you’ve seen one article about the “risks" or "perils" or "nightmares," associated with reverse mortgages, you’ve quite literally seen them all. It feels almost like one writer started a chain letter on the subject, and the rest of... (Continue reading)

CNBC’s Diana Olick makes sure no one understands reverse mortgages, I make sure they do.

CNBC's Diana Olick makes sure no one understands reverse mortgages, I make sure they do.

I’m constantly amazed at the negative press and misconceptions surrounding reverse mortgages, because the bottom-line is they are an absolutely wonderful product that almost everyone over 62 years old should have, and yet in a year of talking to seniors... (Continue reading)

A Visit to the Front Lines: Richmond, California, Eminent Domain & Mortgage Resolution Partners

A Visit to the Front Lines: Richmond, California, Eminent Domain & Mortgage Resolution Partners

So, I went to visit Richmond, California, so I could see what the town looked like, and to sit and talk face to face with the CEO of Mortgage Resolution Partners. Join me below and I'll take you on... (Continue reading)

We All Agree: We want to keep people in their homes if possible… sort of.

We All Agree: We want to keep people in their homes if possible… sort of.

So, if Wells Fargo was now willing to allow Arthur to sell the home he’d built and lived in since 1988 for $375,000… why not sell the home to Arthur for $375,000, and Arthur would use a reverse mortgage for... (Continue reading)

Why Does Ocwen Want to Modify Loans? Answer: Because they profit by doing so.

Why Does Ocwen Want to Modify Loans?  Answer: Because they profit by doing so.

The thing is that no one wants to think that the horror show we’ve all witnessed these last five years hasn’t been part of a nefarious plot to steal homes and take over the world somehow. That would at... (Continue reading)


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