Kirk Williams

If you were one of the activists that mailed in the online petition supporting the elimination of HVCC the day in court is coming soon.

A group will be delivering the petitions to one of the enemies of the consumer and our industry - the attorney general of New York - Mr. Cuomo maybe as early as this week. His office has been contacted and we will see how they respond.

See previous blog about its history and BS that fly's around this issue.

You want government to do what? The failure of HVCC appraisal

It continues to baffle me why the Honrable Mr. Cuomo does not go after the real villian in this and that is Wall Street. Oops I forgot that's where he will be getting his campaign donations for future political asperations...what was I thinking!

I wish us all well.

Talking to friends, colleagues or total strangers about their experiences in the military I am always impressed by their humble nature. What an all star group of people - men and women.

Not all serve in the battle of war. Often times they spend tireless hours supporting those engaged on the ground.

Then there are the families. The families are hero's too and in my opinion neglected way too often and need better support particularly today in the times we live.

To all I cannot thank you enough.

I wish us all well.

Yes. Instead of doing the heavy lifting and figuring out how to work out loans for the folks still employed Fannie has decided to become a landlord. Instead of foreclosing they will lease to folks for one year then month to month there after.

How they set the rent or how things get fixed in a timely manner or even how they evict people are details nobody knows. It is safe to say knowing our government Fannie Mae does not know but sounds good doesn't it? Just like the other failed programs.

Unfortunately if you live in an area where home sales are brisk there will be less inventory because Fannie isn't foreclosing on homes that perhaps should be foreclosed on. (I don't believe that will be a problem in most areas unfortunately)

The real tragedy from where I sit is the government cannot come up with a loan work out plan and force anybody to play along (it seems) so this is the solution. I wonder if lobbyists have anything to do with this....hmmm.

So here we go again and what a mess.

I wish us all well.

I have just been resuscitated after the shock and awwweeee of the news I'm about to tell you. Our government.....the government....yes our government actually did something that will help stimulate the economy and keep this little thing we call a country breathing.

Not only did they extend the tax credit for new homebuyers ($8,000) it now offers a $6500 tax credit for repeat buyers or buyers moving up (how do you move up when prices are down?).

This tax credit will end in June 2010 and all contracts must be in writing by end of April. I wonder if the record number of foreclosures in a quarter in American history had to do with it....HMMMMM.

Anyway that is good news and I have posted an excellent site that gives you full details.

http://www.federalhousingtaxcredit.com/

IRS Form 5405:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

I will be glad to assist you toward your next home purchase. We lend in 47 states and look forward to working with you.

I wish us all well.

In his quest to appease the too big to fail banks making sure the CEO's get the bonuses promised so his campaign coffers remain flush Barney Frank is working hard to keep his promise of killing any and all competition for home loans leaving only the too big to fail banks to lend to the consumer. You know the TARP KIDS.

30 years ago the banks had their little monolopolistic operation - no competition and they were slow. The consumer was victimized because they were the only players in town until the local community based lenders (mortgage bankers/brokers) cropped up and what the consumer found was lower rates and better delivery of service.

Community based lenders (non-bank) provide 40% plus of the origination's and 50% of all FHA (HUD) loans and the reason for that is the big banks and credit unions are lousy at government loans they are flat out afraid of them based upon my personal experience.

So what is this all about? This is HR 1728 Financial Stability Improvement Act. There is a risk retention feature meaning that any lender that originates a loan must put aside a 10% reserve - in other words have a financial stake in making good loans. The concept itself is a good one and community based lenders already and always will have a stake in that but 10% is a huge number cost prohibitive and the only entities that will be able to fork out that kind of reserve is none other than....you guessed it the TARP KIDS wiping out or eliminate most of the community based lenders the result of course is the consumer pays more.

So the American consumer once again has Barney Frank to thank in a series of self serving bizarre blunders that will only build the few banks left to be even bigger to fail for the future bail outs and what about economic recovery? HAH!

On January 1st 2010 the American consumer is going to wake up to a bunch of new stuff featuring the new HUD version of the good faith estimate and the Financial Stability Improvement Act and other fantastic ideas Barney, Chris and Friends .... the same people that have been in charge of oversight and never did any over seeing....have come up with.

Man oh man if you think this is a sour grapes rant it may be but I have been in this business a long time and have seen it all until now of course and I know what it was like then and I can see the future and it stinks for the consumer. AMERICA write, call your representative....or don't. It is so bad it will be reversed once the results and the screaming starts but it will be at the expense of the middle class consumer and it will take another three years to fix. It will cost the middle class millions if not billions across the country. Chris Dodd already got his sweetheart loan from Countrywide so he's set but what about the rest of America?

The link below is a related blog confirming Mr. Franks motives. Remember there are around 3 banking lobbyists per representative so if you think there is no influence here think again.

Barney Frank & Friends lack knowledge & skill

I wish us all well.