Archive for 2010

Wednesday, December 22nd, 2010 at 6:00am

Wells Fargo CA Settlement Is Politics As Usual

It’s “politics as usual” in California – more publicity than substance. On December 20, 2011 the California Attorney General’s office announced a settlement with Wells Fargo Bank (WFB) “worth more than $2 billion to Californians with risky adjustable-rate mortgages.” It didn’t say that this value is possibly attained only IF all eligible borrowers complete the […]

Wednesday, December 22nd, 2010 at 5:25am

Get The Wells Fargo Bank – California Settlement

 Yesterday’s “big news” in California, and even national, real estate news was about the “$2 billion” settlement reached between the California Attorney General and Wells Fargo Bank regarding “pick-a-pay” loans. It made for good publicity but does it make for any benefit to borrowers? Registered readers can get your own copy of the “settlement” (actually titled […]

Monday, December 20th, 2010 at 8:28am

It’s OK To Be Unfair When You’re The Bank

A Federal District Court once again affirms what those of us involved with short sales and loan modifications have been experiencing all along: It’s Okay To Be Unfair With Borrowers When You’re The Bank. On December 13, 2010, a federal district court in Oregon found in Vida vs. OneWest Bank FSB that the borrower does not have […]

Tuesday, November 23rd, 2010 at 10:46am

REO Shadow Inventory Increases – Get the Details

A major real estate research company released a four page report yesterday (November 22, 2010) providing a significant look into the size of both listed REO (“real estate owned” by banks after foreclosure) and the increasing size of the “shadow inventory.” Shadow inventory consists of properties taken back by lenders through foreclosure but which are not […]

Thursday, November 18th, 2010 at 6:01am

California Short Sale Anti-deficiency Law – Will Other States Follow?

What starts in California often spreads east across the country. Will that be the case for California’s new short sale anti-deficiency law? On August 19, 2010, the California Legislature approved Senate Bill 931 (SB 931) which added Section 580e to the Code of Civil Procedure (CCP §580e). It expands existing anti-deficiency laws regarding loans secured […]

Tuesday, October 12th, 2010 at 4:56am

Becoming Liable for the Impossible: FMV Certifications in Short Sales

Are sellers, brokers and buyers in a short sale transaction being set up by the big banks? Most lenders routinely require that the seller, listing agent and often the buyer and their agent sign some kind of certification, representation, or declaration/affidavit that the short transaction is being conducted at “fair market value” (FMV) or “market value” […]

Tuesday, October 5th, 2010 at 9:38am

Short Sales Negotiations – A Navigable Quagmire of Agency, Duty and Compensation

Posted by Ron Ballard in Everyone

Until two or three years ago, short sales “negotiation” was the purview of a small niche of real estate agents, attorneys and investors. Depending upon the particular market, real estate agents advise me that anywhere from 30–50% of the properties on the market (which includes properties which are not on the MLS) at any given […]

Wednesday, September 29th, 2010 at 5:00am

Freddie Mac: Fighting “fraud” or “crying wolf”?

Posted by Ron Ballard in Everyone

Here we go again. Freddie Mac is out lumping legitimate resale transactions in with the fraudulent ones in order to deflect accountability for its massive loan losses due to buying loans it had to know were bogus. I’m tired of exposing their fallacies and lack of effective reasoning, but apparently they aren’t tired of exposing themself. Maybe […]

Tuesday, September 21st, 2010 at 6:22am

Flip, Flop or Hold – A Tale of Three Myths

There’s a lot of discussion and warnings in residential real estate circles regarding various forms of “short sale fraud.” Unfortunately, too much of it neglects realistic market analysis and results in labeling legitimate business practices as “fraud.” Usual disclaimer:  this is a lengthy post because it provides in-depth analysis of complex issues. It’s not just […]

Wednesday, August 25th, 2010 at 12:56pm

August Webinar Comments?

Posted by Ron Ballard in Everyone

Did you watch the webinar today, August 25? Was it too deep? Was it helpful? Do you have differing views? I appreciate hearing from you below. This is about reasonable discussion. Disagreement can sharpen minds.

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