John Severino

Many know me as the owner of Symphony Mortgage Company. I was in Van Nuys, California for many years. Most who know me also know that I have been doing loans for 20 years. Some also know that I'm a drummer and that my passsion is music. A few years ago I had the occasion to meet a Realtor from Hemet, California. John Occhi and I met through a mutual relationship with an online realty service. After 4 years of working with John and others in Hemet, I moved in. That is to say that I have moved down to Hemet. It's a beautiful community and the change is awesome.

The question I'm asked most is where is Hemet and finally why Hemet. Well the answer is simple. Business in Hemet is awesome. I also felt that the community really benefits from local service companies. In Los Angeles I was used to constantly using email, fax, delivery and telephone to transact entire deals. I'm sure that my LA business will still be done that way. Down here though, I look forward to having the time and closeness to meet my customers first hand.

I've not posted in awhile. The loan business and the chaos it has created on a business and personal level has been a challenge. However I am back and in a big way. Security National is a great company. We specialize in FHA. We are a direct lender and we are not a bank! Like all there have been challenges with determining The Government's role in our business and the ever changing underwriting guidelines that cost time and effort. However, the market has picked up and the lenders, including us, have stabalized rules and guidelines. For now we are enjoying speedy underwriting times and great rates.

With John Occhi's help I was able to secure a nice home here and was introduced to a great bunch of people at a network lunch organization. They are responsible for my growth and even my son's. He owns a video production company called Another Happy Ending Productions and he's found that Hemet has been welcoming to him too. So when my friends say Hemet, Hemet? I say come on down and check us out. There's a lot to do and you won't be ignored like you are in the big city.

Happy Thanksgiving from Sylmar, Van Nuys, The San Fernando Valley and the State of California. We are still lending, home loans, loan modifications, mortgages in Sylmar, Van Nuys, The San Fernando Valley and the State of California.

Well this has been an interesting year to say the least. I have been watching the Government reaction to the credit squeeze and I just can't understand why we just keep giving big bucks to the corporate structure. It seems like the correct action to take but I wonder if they might go a different way.

I mention this because I've spent most of the last few months realigning myself to work hard for REO business. I understand the business and I am exclusively working with Realtors that sell and list REOs. The grapevine says that we are about to have a big slowdown. Basically the banks are not foreclosing due to the fact that FNMA and FMAC have decided on a moratorium until January 9, 2009. It takes about 3 weeks or so from a bank getting a property to the property getting on to the market. With no new activity we can expect a cleaning of the pipeline and then we hold.

So, what might help? I hate the idea but we really need the economy to get out from under the housing collapse. I believe that all can be healed if housing prices will stabilize and increase. Just this year I have worked in an area where the average month depreciation is around 3%. That's monthly not annually. I think the Gov. should stop bailing out the guys that bought the secondary market paper. I think if the tax payers are paying for it that we should go direct to the source. Bail out the individual homeowner.

Guess what, we made mistakes. Some people got loans they should not have. Some of it was created by the brokers, some by the lenders, much by the greedy homeowner who bit off more that they can chew. Whatever the reason, it no longer matters. The theory is simple. Line up all borrowers and modify all the loans. Many people suggest that there would be no incentive for those that are paying to pay. Well there is not now. I know several people that have made a conscious choice to not pay so that they can get a modification. What if we modify all the notes to current value and set a base rate? It hurts but only once and the dollar loss is spread across all instead of the tax payers giving it to the bank and trying to regulate what they do with it.

In the end I believe that the market would be stabalized. Some will still not make it. That's ok. We can use the traditional foreclosure method and keep moving. Thousands will get relief and we can say that the bottom is here. So far we have spent over a Trillion in bail out and as far as I know none have really gotten relief. The new rules are hard to qualify for even if the bank is willing to modify. Lets just take it right to the people. It's radical and I firmly believe it's coming.

Happy Thanksgiving from Sylmar, Van Nuys, The San Fernando Valley and the State of California. We are still lending, home loans, loan modifications, mortgages in Sylmar, Van Nuys, The San Fernando Valley and the State of California.

Well this has been an interesting year to say the least. I have been watching the Government reaction to the credit squeeze and I just can't understand why we just keep giving big bucks to the corporate structure. It seems like the correct action to take but I wonder if they might go a different way.

I mention this because I've spent most of the last few months realigning myself to work hard for REO business. I understand the business and I am exclusively working with Realtors that sell and list REOs. The grapevine says that we are about to have a big slowdown. Basically the banks are not foreclosing due to the fact that FNMA and FMAC have decided on a moratorium until January 9, 2009. It takes about 3 weeks or so from a bank getting a property to the property getting on to the market. With no new activity we can expect a cleaning of the pipeline and then we hold.

So, what might help? I hate the idea but we really need the economy to get out from under the housing collapse. I believe that all can be healed if housing prices will stabilize and increase. Just this year I have worked in an area where the average month depreciation is around 3%. That's monthly not annually. I think the Gov. should stop bailing out the guys that bought the secondary market paper. I think if the tax payers are paying for it that we should go direct to the source. Bail out the individual homeowner.

Guess what, we made mistakes. Some people got loans they should not have. Some of it was created by the brokers, some by the lenders, much by the greedy homeowner who bit off more that they can chew. Whatever the reason, it no longer matters. The theory is simple. Line up all borrowers and modify all the loans. Many people suggest that there would be no incentive for those that are paying to pay. Well there is not now. I know several people that have made a conscious choice to not pay so that they can get a modification. What if we modify all the notes to current value and set a base rate? It hurts but only once and the dollar loss is spread across all instead of the tax payers giving it to the bank and trying to regulate what they do with it.

In the end I believe that the market would be stabalized. Some will still not make it. That's ok. We can use the traditional foreclosure method and keep moving. Thousands will get relief and we can say that the bottom is here. So far we have spent over a Trillion in bail out and as far as I know none have really gotten relief. The new rules are hard to qualify for even if the bank is willing to modify. Lets just take it right to the people. It's radical and I firmly believe it's coming.

RSVP and Attend! (818) 367-1177

Sylmar Chamber of Commerce
LUNCHEON
Monday, March 17, 2008, 11:30 a.m.
Los Angeles Mission College
13356 Eldridge Ave., Sylmar
(Instructional Bldg., Room 1007)

The Sylmar Chamber invites you and your guests to attend our upcoming Chamber Luncheon on Monday, March 17, 11:30 a.m. at Los Angeles Mission College, 13356 Eldridge Ave., in the Instructional Building near the clock tower, Room 1007, in Sylmar. The luncheon will feature Los Angeles City Councilmember Richard Alarcón as a speaker. Student chefs will provide a choice of two entrees and dessert to attendees. Tickets are $18.00 for members and $25.00 for non-members. Please RSVP at (818) 367-1177 between 10 a.m. and 3 p.m. before today, March 14, as space is very limited for this venue.

The Sylmar Chamber invites you and your guests to attend our upcoming Chamber Networking Breakfast on Thursday, April 3, 7:30 a.m. at Denny's Restaurant, 13201 Gladstone Ave., between Hubbard St. and I-210, in Sylmar. This is a great opportunity for you to meet and network with local entrepreneurs, non-profits and business leaders if unable to attend our mixers or luncheons. If you need time before the workday, our breakfast is perfect for you! Tickets are $12.00 for members and $15.00 for non-members with a reservation, $17.00 and $20.00 without. Food and drinks will be provided. To RSVP, please call the office at (818) 367-1177 between 10 a.m. and 3 p.m.

Take advantage of these two events to make your business or non-profit known throughout Sylmar. We encourage you to bring a friend! Don't forget to bring your business cards!

Sincerely,

John Severino

Symphony Mortgage Company