Government incompetence in lending guidelines fuel foreclosure crisis

admin — Fri, 01 May 2009 23:52:47 +0000

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No end in sight for housing foreclosure crisis

Link above goes to an interesting article on “The Hill”. The Alt-A and Option ARM mortgage defaults are starting to happen

Troy Deierling, REO Network Agent

now. Predictions are that this will be bigger than the sub-prime fiasco we are just now emerging from.

One thing that is apparent, this new wave of REO property will be on higher end homes. It’s not fair but maybe this will get the government to finally do something substantive about the mortgage problem. I can tell you from experience that the bailout money going to the banks is not flowing out again in any meaningful way for buyers.

The Feds have done the usual over reaction as well and tightened down lending guidelines so hard that it is VERY difficult to get buyers qualified. Ask any mortgage officer or Realtor. Deals are falling apart all the time due to overzealous underwriting guidelines.

So, to sum up…. We have banks being given money by the government, the government issuing lender guidelines that make it difficult to lend the money and a housing market that continues to sink with growing foreclosures.

If buyers can’t get mortgages, this mortgage meltdown will not be over anytime soon.

Regards,

“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling

Post from: REO / BPO Real Estate Services - SE Virginia

Government incompetence in lending guidelines fuel foreclosure crisis

RDCPro Designation Complete

admin — Mon, 27 Apr 2009 04:37:17 +0000

RDCPro - REO Default Certified Professional

Well, it’s done. The second course of the RDCPro at defaultschool.com is done. ‘Advanced Evaluations’ was a bit more of a bear to get through. I am now officially an RDCPro Certified REO Professional.

Some agents are questioning the need or accuracy of a certification. Now, more than anytime, the Asset Managers need to know that the people doing the BPO’s and REO listings are actually qualified to handle the work. The industry is flooded with agents with little or no experience and no qualified supervision.

The REO network agents have been running business a bit loose. It’s time to implement certification and designations so that the CLIENT will have a Broker/Agent that will meet at least a minimum of standards.

I’ll report back if this actually leads to more business or not.

Regards,

“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling

Post from: REO / BPO Real Estate Services - SE Virginia

RDCPro Designation Complete

REO / BPO Real Estate Services - SE Virginia » default

Government incompetence in lending guidelines fuel foreclosure crisis

RDCPro Designation Complete