What We're Reading

Anyone who knows me, knows I built a career mortgage services...........and that I now detest mortgage bankers.  It's not that they don't offer an invaluable service.  I cannot tell you the countless stories of homeowners who actually wept when informed of their loan's approval, brought me homemade cakes and mailed cards, even at Christmas.  Many returned to me years later when they "moved up" to a larger home or referred their family members directly to me which I felt was an enormous compliment; that they trusted their own son/daughter in my care.  It wasn't the lender they trusted.  It wasn't because we had the lowest rates in town.  It was my ability to package even the most complicated of circumstances, anticipate and document what would be required and steer them through the process with personal service and empathy they deserved.  I rarely made a sales call on a Realtor; maybe twice a year.  My flow was 95% referral and business was good; a fact I am to this day proud of.   It w

If they were to pursue foreclosures in a timely fashion as well as push out the REO's sitting on the books, prices would fall.  Don't believe for a minute this is only the U.S. either.  This is/will be a global approach.  Now that values in many areas are almost back to pre-crisis levels, are we about to see a glut of inventory hit the market?  I'm willing to say so.  House hunting anyone?  (RealEstateEconomyWatch)

Meet "Curt" who, as credit lines worldwide were tightening, lost his middle management job in finance in 2006.  Of course Curt had no idea of what was to come.  He was a good worker, great work and credit history and was lucky to have a nice nest egg saved up.  He wouldn't need unemployment, no.  He'd have a job in no time so he did what every good American in his position would do.  He dusted off his resume, began to network/emailing his resume and paid his bills using his hard earned savings and waited.......for a job that would never come.  

Then bubble burst.  The market began it's long downwards spiral but Curt, undaunted, continued emailing and living off of his savings....and still did not file for unemployment.  Surely something will turn up any day now, he told himself.

For four years.  

Four years of bank failures, branch closings, massive consolidations and layoffs.

By 2010 the stock market was clearly rebounding however it was all over for Curt.  After four long years he ha