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Big Banks, Loan Fraud, and Moral Equivalence – Part One

Posted on by Phil Querin

Introduction. As the Big Bank scandals appear to be diminishing, I’ll admit that it’s probably time to get over the RATs (Rapers of the American Taxpayers), and move on to other more uplifting topics for this blog site. Perhaps I will….

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Posted in Financial Crisis, Legislation - Federal, Lenders, Market Conditions, Miscellany, Mortgage Insurance, Ratings Agencies, Real Estate General, Real Estate/Distressed, Residential Housiing, Subprime Crisis | Tagged , , , , , ,

2013 Short Sale FAQs [Part One]

Posted on by Phil Querin

The local and national real estate markets have been on the ropes for five years. The third quarter of 2007 was the statistical peak for housing prices in the Portland-Metro area.  From that point forward, the real estate market went into a downward spiral from which it has never fully recovered.  However, the third quarter […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales, Tax Issues | Tagged , , , , , , , , , ,

AIG – Hapless Victim or Reckless Ingrate? (Part One)

Posted on by Phil Querin

Background.  The Big Banks, their excesses, and the stories of their rapacious greed, are slowly receding into the rearview mirror of memory, like an Elm Street nightmare. We all know how it ended; the federal government bailed them all out to the tune of $445 billion.  Some accepted the money begrudgingly, saying they were forced […]

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Posted in Financial Crisis, Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,

Borrower Exposure to Deficiency Risk

Posted on by Phil Querin

“To be forewarned is to be forearmed.” The term “deficiency” arises in the context of a borrower’s default to their lender.  It refers to the difference between what the lender/servicer recovers, e.g. through short sale, deed-in-lieu-of-foreclosure (“DIL”), or foreclosure, and the total debt owing.  Let’s go through each one, and see how and when the […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Subprime Crisis, Trust Deeds | Tagged , , , , , , , , , , ,

MERS, Niday, and Occam’s Razor

Posted on by Phil Querin

As I was reading Kelly Harpster’s excellent article on The Housekeeping Report, summarizing the January 9, 2013 oral arguments on the Niday case[1] before the Oregon Supreme Court, I felt I was ringside with Howard Cosell covering an old Ali-Frazier title bout: “Frazier hits Ali with a short left jab, followed by a quick right – Ali feints, dances, bobs, weaves […]

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Posted in Legislation - Oregon, MERS, Miscellany, Real Estate/Distressed, Trust Deeds | Tagged , , , , ,

2013 Fiscal Cliff Legislation And Its Impact On The Real Estate Industry

Posted on by Phil Querin

If  the politicians in Washington today were instead the CEOs of private industry, they’d all have been fired by now.”  Anonymous [sort of] Introduction. At the end of 2012 we all went over the Fiscal Cliff like Wile E. Coyote.  But unlike Wile E., we were able to grab a hold of a small scraggly branch on […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, GSEs, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Refinancing, REOs, Short Sales | Tagged , , , , , , , ,

Belial Bank’s 2012 Holiday Planning Meeting

Posted on by Phil Querin

Following a rough and tumble year in the banking industry, Belial Bank’s feckless fearless leader, B.L. Zebub, believes it is high time to bring some levity and loyalty to the lowly troops who have been tirelessly foreclosing all the Beleaguered Borrowers they may have missed the first and second time around.  Mostly, however, B.L. is […]

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Posted in B. L. Zebub, Belial Bank, Deficiency Liability, Financial Crisis, Foreclosure, Foreclosure Mills, Legislation - Federal, Lenders, Market Conditions, MERS, Real Estate/Distressed, Realtors, REOs, Servicers, Subprime Crisis, Tax Issues | Tagged , , , , , , , , , , , , , , , ,

Portland Metro Housing Prices – The Last Five Years [Part Two]

Posted on by Phil Querin

This is the second installment of my article looking back over the past five years at Portland housing statistics.  Part One examined the real reason for the housing crisis which officially commenced in 3Q 2007, and looked at the historic numbers for average and median (i.e. “mean”) sale prices according to the RMLS™. The link […]

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Posted in Deed in Lieu of Foreclosure, Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Realtors, Refinancing, REOs, Servicers, Short Sales, Subprime Crisis, Subprime Mortgages, Trust Deeds | Tagged , , , , , , , , , , , , , , , , , , , ,

Portland Metro Housing Prices – The Last Five Years [Part One]

Posted on by Phil Querin

Background – 3Q 2007.  Looking back, August 2007 was a memorable month, filled with good news and bad.  Based upon RMLS™ numbers, it was a statistically impressive month for closed residential transactions in the Portland Metro area.  The bad news was that it was the last such month we were to see. From that point […]

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Posted in Financial Crisis, Foreclosure, Lenders, Market Conditions, Miscellany, Ratings Agencies, Real Estate/Distressed, Realtors, REOs, Short Sales, Subprime Mortgages | Tagged , , , , , , , , , , , ,

MERS Fatigue

Posted on by Phil Querin

OK, I admit it!  I am suffering from chronic MERS fatigue.  Every few days, in some part of the country, MERS gets sued by someone.  Sometimes it involves a pending foreclosure; other times it involves some state or county suing to recover lost recording fees.  And the beat goes on. MERS apologists, aka the Big […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Lenders, MERS, Miscellany, Real Estate/Distressed, Subprime Crisis | Tagged , , , , , , , ,
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