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I was listening to the radio on
the way to work this morning, and during a commercial break I heard
back to back to back ads for mortgage companies.
Mortgage
ads on the radio are nothing new, but I don't recall hearing three
in a row and all preaching the same message - which in this case was
FHA to the rescue! I can't remember who the first company was, and
the second one had a "dot" in the name. The third I do remember only
because of the website associated with it - loanofalifetime.com.
(Reminds me of that song from the 80's, "I finally found the loan of
a lifetime..." something like that). What I do remember though is
the spin of the FHA message - 3% down, less then perfect credit, low
5.75% fixed rate - and it actually reminded a bit of the sub-prime
promise. I was more intrigued though by the marketing dollars being
spent for the industry, and not just from the big guys. I think this
is encouraging!
I was also excited to see that BOA is buying
Countrywide. Yes, the price tag is low, and the overall impression
of a giant like Countrywide falling can be daunting. But having
another industry giant committed to try and turn things around is
promising. (You can also check out the article below by our CEO with
his thoughts on the BOA acquisition).
There was also the
report released by the Mortgage Bankers Association stating that
2008 is going to end on a down note. Shocker! However, and I always
laugh when these predictions come out, 2009 will show increases in
all facets of our industry. Alright, I'll take it. It may be a year
away, but there's light at the end of tunnel, and we need as many
positive thoughts and vibes as we can get.
Have a great
week!
P.S. If you want a good laugh, or cry,
read the article below about how much some of the big time
executives made - even though their companies are losing billions.
Wow! |
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Joey
Liner |
| Like most
businesses concentrated in mortgage, we are all looking forward to
wiping the slate clean and going into 2008 with a fresh start. With
that all that being said, when you take a look at other industries
that did well in 2007, the Debt Settlement industry had a great
year. Full Story |
Sean
Fenlon |
| Countrywide
has become quite a whipping post lately by the media. I disagreed,
but I'm glad to see that the CEO of Bank of America also disagreed.
If Countrywide was being acquired at 10X the deal price announced,
the media's perspective on Countrywide would probably have been
largely the same. Full Story |
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Reuters |
| Banks are
running up against capital limits, Duncan said. They are writing
down the value of assets while putting loans on their balance sheets
because the markets for securitized products essentially closed, he
said. Full Story |
Bloomberg |
| New York and
Connecticut are investigating whether Wall Street banks failed to
disclose sufficient information about risks involved in investments
linked to subprime loans, Connecticut's attorney general said. Full Story |
CBSNews |
| House
Oversight and Government Reform Chairman Henry Waxman (D-Calif.),
for a hearing next month, wants to question three current and former
CEOs of companies involved in the subprime mortgage crisis about
their own multi-million pay packages. Full Story |
Reuters |
| By snapping up
downtrodden mortgage lender Countrywide Financial Corp (CFC.N:
Quote, Profile, Research), Bank of America Chief Executive Kenneth
Lewis is betting that U.S. consumers are not poised for a prolonged
slump. Full Story |
BaltimoreSun |
| Gov. Martin
O'Malley announced a wide-ranging plan Monday to confront an
unprecedented rise in home foreclosures and combat predatory
mortgage scams, including legislation to slow the minimum time for
foreclosure from 15 days to more than four months. Full Story |
MarketWatch |
| The company,
once a leading subprime mortgage lender, said it was taking the
steps because it couldn't satisfy some minimum requirements to keep
its licenses. The moves will also help preserve cash and reduce
debt, Kansas City-based NovaStar explained in a regulatory filing
late Friday. Full Story |
Reuters |
| The city of
Cleveland has sued 21 banks involved in the subprime mortgage
market, seeking monetary damages due to a huge spike in
foreclosures, Mayor Frank Jackson said on Friday. Full Story |
SFGate |
| Major mortgage
lenders have pledged $4.6 million to hire more mortgage counselors
in California to help homeowners at risk of defaulting on their home
loans, an advocacy group said Monday. Full Story |
InvestmentNews |
| Reverse-mortgage lenders may be depleting the home equity
of borrowers by offering inappropriate financial products, according
to a report issued last month by AARP. Full Story |
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CVBT |
| Distressed
California homeowners who have had all or part of their mortgage
debts “forgiven” by lenders through foreclosure or negotiating a new
loan could be slammed with a big tax bill, the state tax collector
warns. Full Story |
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Ozarks |
| Under a new
plan announced today by Gov. Matt Blunt, those who commit mortgage
fraud against Missouri homebuyers could soon be sent to prison. Full Story |
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