Today’s Mortgage

  Have you applied for a new mortgage recently?  It does not mater if it is a purchase mortgage or a refinance mortgage they are both difficult and feel as if they take forever.  All we here is the economy is fixed and yet more and more people are filing for unemployment, imagine that?  As the economy continues to get worse there are several Members of Congress that feel they need to fix the mortgage industry and proceed to introduce the latest bill.  Does anyone think that most of the bills introduced never get read prior to a vote? 

  Where is the media and why is this not being covered?  I feel like a broken record but no one is asking and no one is reporting?  The newspaper industry is going down the drain and it is because they do not get it.  Locally I have three major papers and there is one in LA that I have no times for as they have no clue on their reporting of the mortgage industry.  The other two do print an accurate story once every 3 or 4 months but they fall short.  So who is it the papers are afraid of?   

  Must people do not realize this but clearly the Members of Congress are not speaking with the IRS on how they setup the 2010 mortgage forms.  This is only the tip of the ice berg but most people do not realize that if you use a broker financial reform requires a broker to show the fees.  So big deal if the fees show and the broker structures the loan so the fees are covered by the Lender.   Here is the big deal, if the fees show on your GFE and the cost of the fees are covered by the Lender there are no out of pocket cost to you.  The big deal is there is a huge tax deduction available to every borrower.  I have researched this with several CPA’s and clearly Congress and the IRS have a problem.  Clearly Mr. Frank and Mr. Dodd thought people would go for no fee loans over lower rates. 

  Recently it has been spoken about in the mortgage industry that the powers that be at Fannie Mae and Freddie Mac have been boasting about the majority of their recent loan all have a 740 or better fico score.  In this economy how many people do you know truly have a 740 fico?  I see on average 680 fico score myself.  So if Fannie Mae and Freddie Mac want to see 740 fico scores wouldn’t this be a form of “Redlining?”  Most people do not even realize that Fannie & Freddie are going to be raising the cost to get a loan shortly, again no Media coverage, why? 

  I have laid out just two things that no one is talking about in the media and I can not understand why?  Is it because the Media does not understand this?  Just my opinion, Congress does not get it or will a Member or Members make a huge amount of money do to their financial investments?  We have lost roughly $7,000,000,000,000 in lost equity and no one is asking why?  Come on Media, step it up!  Your readers deserve better.   



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