In the week that the movie, The Big Short comes out, a San Francisco Credit Union is doing exactly what partially caused the big short to happen. These geniuses are putting out a loan with No Money Down up to, get ready…….$2,000,000. That’s two million dollars with no down payment. Let me say that again. … Continue reading The Big Short II
http://thehill.com/policy/national-security/260655-white-house-threatens-to-veto-bill-to-halt-syrian-refugees If you are a Democrat or Republican election freak, I am sure you’ve been waiting for the new, most divisive issue that can shape the election. Your wait is over. Simply put, the most highly coveted voters: Suburban Moderates are now siding one way or the other on this issue. This is the national … Continue reading The 2016 Presidential Election Began Today
Yes. I do think I am the Bernie Saunders of the real estate/mortgage industry. For those new to my prose, I like to tell what I think, feel and see in the market based on a combination of gut and numbers. Sometimes the numbers talk to me and sometimes the brain just feels that something … Continue reading -$1,188,103.00 Last 30 Days
In what could be one of the largest game changing real estate deals in business history in the Bay Area, Google has been talking about a gazillion square feet at Hunter’s Point Shipyard in San Francisco. Yes, Google needs space but are they just trying to leverage their deal in Mountain View or can they … Continue reading San Francisco, Jobs, Google, Housing, YIKES~!!!!
8/1/15 may become the worst day in the history of residential real estate and mortgage banking. That is the day the new CFPB inspired Dodd-Frank disclosure rules come into effect. Because of them, the days of the 30 day close are over. One tiny little move in fees and you wait, one little change of … Continue reading August 1, 2015…a Day You Will Hate Forever
FHA has instituted a guideline for self employed borrowers that require that they give the lender the two years tax returns AND a profit and loss statement that is for YTD (year to date).
We have all committed mortgage fraud in the past but we did not realize it. Fannie, Freddie, etc. says that the seller can only give a credit “towards closing costs” even though they are a credit for repairs. Isn’t it silly that we must label it that way?
To the idiots waiting in line since September 3rd, can I check your voter ID? What? You won’t wait in line to vote but you’ll wait to get a cell phone? A phone that does things only a bit better than the one you have. Wow, you’re life will really change……NOT! About 85% of the … Continue reading #iPhone 6, #iOS8
As I wear my mortgage broker hat today, I have found out that Fannie Mae now allows 100% gift for any and all conventional loan products. Never before have they ever done this. FHA, VA and USDA have allowed it for years. So, now you can get a 5% down payment loan with absolutely no … Continue reading Skin
Greed is good. The rich get richer. We’ve all heard these expressions but are they right? Landlords are so excited that the economy is coming back, more people are working and homes are harder to buy because mortgages are strangling the market. Since there are no more option arms and no docs, people have to … Continue reading Could Rentals Kill the Economy