"I'm Sorry Mr. Bernanke, But You Don't Qualify For A Loan"

‘The former Federal Reserve chairman, speaking at a conference in Chicago yesterday, told moderator Mark Zandi of Moody’s Analytics Inc. — “just between the two of us” — that “I recently tried to refinance my mortgage and I was unsuccessful in doing so.” When the audience laughed, Bernanke said, “I’m not making that up.” ~Oct. 3, 2014 Bloomberg.com

In an October 3, 2014 post on Bloomberg.com, here, it was reported that former Fed Chair, Ben Bernanke, was turned down for a loan to refinance his home. This is a guy that now pulls down $250,000 a speech. What’s up? Continue reading ““I’m Sorry Mr. Bernanke, But You Don’t Qualify For A Loan””

Lest folks believe we’re experiencing a gradual decline in the number of foreclosures Portlanders are experiencing, the answer is a resounding “No!” According to a May 15, 2014 Portland Business Journal article, foreclosure activity has “skyrocketed.” However, reviewing other online reports, some folks believe that the foreclosure numbers are improving. They can’t all be right – and they aren’t. I have developed some graphics showing the actual statistics as provided by First American Title Company. Attached are the following: Chart for 4Q_2013; Chart for 1Q_2014; and Chart for 2Q_2014. The evidence is unmistakable: Foreclosure activity for the first half of 2014 is continuing to rise dramatically. Here are the numbers:

Continue reading “2014 Q1 and Q2 Portland Metro Foreclosures – Dramatic Increases”

In a recent article appearing at the online site “nationalmortgagenews.com” there appeared a short blurb titled “Altisource Opens Technology Office in India.” For those who have never heard of Altisource, they are one of the few major members on the Pantheon of Scoundrels, or POS, for short. On their website, they proudly boast:

Altisource provides services to some of the most respected organizations in their industries, including one of the nation’s largest sub-prime servicers….

Continue reading “Altisource And Its New “Disruptive Enterprise Software””

In a recent Wall Street Journal article entitled “Mortgage Lenders Ease Rules for Home Buyers in Hunt for Business” by Nick Timiraos and Annamaria Andriotis, we continue to hear that banks are beating the bushes for borrowers; and they are relaxing some of the tough lending requirements that have stymied may would-be homebuyers in the last few years. The reason? The refi boom which was triggered by ever lower interest rates has about run its course. In the search for other profit centers, many banks are trying to fill the void with loan origination business. Continue reading “Are Mortgage Lending Rules Easing?”

A change in how the most widely used credit score in the U.S. is tallied will likely make it easier for tens of millions of Americans to get loans. ~Wall Street Journal Online, August 7, 2014.

According to a recent Wall Street Journal online article [FICO Recalibrates Its Credit Scores], FICO is going to get under the hood and re-jigger some of its proprietary algorithms, to deal with the realities of the damage wreaked on distressed homeowners over the past five years. Continue reading “Fair Isaac Co. (aka “FICO”) Just Got Fairer!”

“…the United States is still producing around $800 billion a year less in goods and services than it would if the economy were at full health, and as a result millions of people aren’t working who would be if conditions were better.” Neil Irwin, senior economics correspondent, N.Y. Times, Aug. 4, 2014.

If the U.S. economy were a person, we’d characterize them as suffering from chronic malaise, interrupted by occasional bursts of vitality. In a recent N.Y. Times article subtitled “A Recovery in Need of a Recovery” (here), author, Neil Irwin, the paper’s senior economics correspondent, does an excellent job identifying and discussing those sectors of the economy in need of a Venti Americano, with a few extra shots of caffeine. Continue reading “America’s Economic Malaise And The Importance Of Real Estate”

Generally, the RMLS™ statistics for June 2014 follow the prior few months of improvement. The only static figure is low inventory, which has not budged in three months, but for some reason does not seem to have adversely impacted the other trends.

Continue reading “Portland Metro Residential Sale Stats: June 2014”

According to a recent Wall Street Journal blog, here, the President of the Federal Reserve Bank of San Francisco, John Williams, says it will be another year before the Fed begins raising interest rates. If the definition of “news” is “something new” this observation is not “news.” Nevertheless, the article is newsworthy in one sense – it confirms pretty much what mainstream economists and the Fed have been saying for some time. To that extent, its consistency is newsworthy. Here is a thumbnail of what appears to be the general economic consensus regarding interest rates today: Continue reading “Interest Rates, ‘Reverse Repos,’ and Liquidity Risk – What Happens When The Fed’s Bond Buying Ends?”

Here are the stats for April 2014. It appears things have slowed slightly from this time last year. Prices have gone up, but that’s a function of the incredibly low inventory; 2.8 Months! For the details, connect to this link: RMLS Market Action April 2014

Executive Summary. The RMLS™ Market Action Report for April shows the following: Continue reading “Interest Rates and The Housing Recovery – Are We There Yet?”

Maiden Voyage. This is the very first of what hopefully will be a series of periodic newsletters. I am hedging when I say “periodic” – but at least every three months. [If you’ve not signed up yet, go to link here!]

For readers of my website [here], they know that I alternate between objectivity and subjectivity, the latter occasionally morphing into a “rant.” Why? Because I can, that’s why! I’ve spent my legal career trying to grow a practice; going along to get along. I’ve been out on my own for four years, have a satisfying solo real estate practice, and so have fewer toes to step on. In other words, I don’t worry so much about expressing my personal opinion today. Besides, who’s gonna fire me?! Continue reading “Q-Law Newsletter’s Maiden Voyage!”