Hello loan pros,

I have been researching solutions for divorcing couples who are underwater on their mortgages and need to get one party off the loan obligation. Unless they are destitute or behind on their payments it seems like no lender in its right mind will restructure the loan, approve a short sale, or let one party off the hook. I thought perhaps Fannie’s Keys to Recovery program might work in this case, allowing a qualified partner to refi a Fannie loan to 120% of the current value and get the other spouse off the loan. However, I can’t find any actual program guidelines. And from the documentation out there it looks like this is offered as a streamline only — which would I think make it unavailable to couples who want to drop one party from the loan.

Any news / advice?

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If things are broke, fix it.  That is the story of my trip this morning as the aircraft is broke in Philadelphia and that is the story happening in the mortgage market with Fannie Mae and Freddie Mac.  More on that in a bit.

Last week saw a wonderful looking pattern fall to pieces and the longer term downtrend remains in place.  Mortgage backed securities started the week off on fire, fueled by Bernanke’s speech.  Middle East tensions also lit a fire under mortgage bonds as tensions create a “flight to quality” which sends money from stocks into bonds.  As the week came to an end, despite Paulson’s talk up of Fannie and Freddie, their liquidity issues overwhelmed the markets and both stocks and mortgage bonds plummeted on Friday.

How this week begins will be depending on a number of factors.  With the Federal Reserve set to bail out both Fannie Mae and Freddie Mac, things will probably start off the week nicely, meaning bonds may yet be able to break the downtrend.  With no economic data slated for Monday, bonds will likely see a favorable move, but the week will see more data coming out that can prove either beneficial or destructive.

Here is the breakdown of scheduled data:

• Tuesday:  Retail Sales (8:30), PPI (8:30), Empire State Index (8:30)
• Wednesday:  CPI (8:30), Industrial Production (9:15), Capacity Utilization (9:15), Crude Inventories (10:30), FOMC Minutes (2:00)
• Thursday:  Building Permits (8:30), Housing Starts (8:30), Initial Jobless Claims (8:30), Philadelphia Fed Index (10:00)

As you can see, there are some “biggies” slated this week, so expect more volatility and a definitive pattern before the week is done.  With no data to start and no data to end, headlines and technical factors will play an increased role those days.

On the technical side, you can see the long term downtrend in place but there is still a shorter uptrend in place as well, so bonds could still break the downtrend.  The week will start off good with the bailouts hitting the headlines, but the data will takeover starting on Tuesday which will be the real determinant of where bonds go from here.

I will be starting the week off in a floating stance, but my finger will be itching to lock if things breakdown again.  Hopefully the data will be bond friendly and we can start saying lower rates ahead, but I remain rather skeptical.

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Straight from the FDIC:

On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator.  All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA (”assuming institution”) a newly chartered full-service FDIC-insured institution.  No advance notice is given to the public when a financial institution is closed. 

And that allows me to share one of the few interesting tidbits of trivia you never knew about Indymac.

This from the CA Department of Real Estate Records

http://twitpic.com/3mn1

Love to hear your comments…
http://seesmic.com/v/p1vD23X6LJ

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This post is WAY off topic (for me) - sorry. I think it’s important though.

I spend a great deal of my time writing, emailing, calling, and meeting Loan Originators all over the country in an effort to grow my business.

My message is pretty simple - my organization helps turn credit challenged prospects into a future pipeline of borrowers for Loan Officers.

As I go into more detail, I touch on the fact that most of the people that contact my organization are looking for assistance in preparing themselves to qualify for a mortgage.

So, here I am. Someone who VERY regularly encounters consumers looking to qualify for a mortgage. Many are referred to us from professionals in other industries. We like to refer those consumers to Loan Originators we know and trust.

With that said, I can count on one hand the number of Loan Originators who have begun to market to me as a result of being contacted by me or reading an article or blog post of mine.

Why aren’t you?

I think I’m a pretty good potential referral source for Loan Originators (in all 50 states). 

My contact info is probably too available: Friend Me. Follow Me. (let’s connect!)

The point isn’t that you should be marketing to me (perhaps I’ll regret this post). Instead, have you really looked at the potential referral sources you have access to? Have you looked beyond Realtors and Financial Planners?

Once you’ve targeted a referral source, are you keeping yourself in front of that referral source and building a relationship with them?

This is something I need to work on in my own business…

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Bliss Sawyer asks, “Are you making the calls?”. This is the sort of basic reinforcement that we all can use, especially if we’re in a funk.

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In addition to REBlogWorld, I’ve been volunteering to help organize a free new media event in SanFransisco this month called RE BarCamp. If you’re going to Inman Connect, you definitely want to go a day early and join us!

I’ll be on a live roundtable today at 1PST to talk about it.

Check out Dustin Luther’s blog for more details.

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Real Estate 2.0 - the Audio Podcast
Daniel Martin and Molly Lynn

This episode is a bit longer in length but, has more about the social network everyone loves to find confusing: Facebook. We get a little crazy and in depth as we discuss ways to build more “friends” and go deeper in your current relationships. We also talk about which applications are worth adding to your profile and how to keep a professional image.

Read Daniel’s Full Bio Here
Read Molly’s Full Bio Here

Subscribe in ITunes! – and leave us a Review!
Download the MP3 Here! (Right-click and choose save target as…)

Show Notes: Running Time: 25:51

• Audio comment line: Sound off and let your voice be heard by the Real Estate 2.0 Community at +1 303-468-0570
• Please send in questions, comments, suggestions, snide remarks, kudos to iammad@madmortgageworld.com
• As always you can connect with your Host Daniel Martin via:
  • Connect via Twitter
  • Connect via Linkedin
  • Connect via Facebook
  • Connect via Email
• Connect with your co-host Molly Lynn via:
  • Follow Molly on Twitter
  • Follow Molly on Facebook
• Send in Your YARP- 1:30
  • We will post your YARP!
• RE BLOG WORLD – 2:20
  • Todd Carpenter ROX!
  • Woot!
  • Register Here!
• Twitter – 3:00
  • What are you doing?
  • Lifecasting & Microblogging
  • Find the Tweet and WIN a Link! – 4:10
  • How to utilize Twitter!
  • Daniel has a crush on Robert Scoble – 6:05
  • How to “follow” – 7:50
    • The Big Gray Follow Button
  • Twitter for your Business
    • http://twitter.pbwiki.com/ - the twitter fan wiki!
    • Digsby – PC Only
    • SHOUT OUT TO THE FAIL WHALE!
    • Twhirl
    • And many, many, more
  • Twettiquette – to follow-back or not to follow-back
  • Summize! – subscribe to the RSS feed it can create for you! Use it to track “your name,” “your city,” “your farming neighborhood,” “your industry” – 14:30
  • Twitter Packs! – You can find other twitter-users – 16:50
  • TwitterFeed – This will “push” any new blog posts of any RSS feeds that you authorize it to access! – 17:45
  • CommonCraft’s Video on Twitter
  • More Twettiquette
    • Want to reply to someone or address someone specifically? Use the @ symbol. Example: @madmartin or @mollyberry
    • Talk to people you don’t know! Use Twitter as a place to meet people! Join a conversation…
  • Molly drops a serious GD bomb and get’s LOST! 23:05
• How do you use Twitter?!
• Real Estate 2.0/Mad Meetups coming soon! Are you interested in hosting one?

 

 Standard Podcast: Play Now | Play in Popup | Download

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