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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 , , , , , , , ,

Ode To The Note And Trust Deed – A Tragic Love Story

Posted on by Phil Querin

In the late 1990s, without a single piece of enabling legislation, the Big Banks, infused with money, ego, hubris and a TBTF attitude, created MERS in order to electronically track securitized loans and avoid public recording fees.   But like Dr. Frankenstein, the Big Banks never fully realized the monster they were about to create.  The […]

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Posted in Financial Crisis, MERS, Miscellany | 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 , , , , , , , ,

Distressed Housing FAQs

Posted on by Phil Querin

Question [Hardship Letters].  I am trying to do a short sale.  The bank is asking me for a “hardship letter.”  What is it they are looking for?  Do I have to have some life changing event to qualify for help, such as divorce or some financial calamity? Answer. I rarely, if ever, have seen a […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Miscellany, Real Estate/Distressed | Tagged , , , , , , , , , ,

Real Estate Brokerage Claims Evaluation – Part One

Posted on by Phil Querin

[Note: These are my opinions alone and are not meant to supersede or replace any company’s existing policy, which may differ for various reasons.  Nor are they intended to act as a substitute for prompt consultation with the company’s own legal counsel for instruction, advice and direction.  In all cases, managing principal brokers[1] are encouraged […]

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Posted in Broker Risk Management, Legislation - Federal, Legislation - Oregon, Miscellany, Real Estate General, Realtors | Tagged , ,

Realtor Alert – Short Sale Fraud

Posted on by Phil Querin

Introduction. Recently there have been some anecdotal reports that real estate licensees, presumably with the knowledge and consent of sellers and buyers, have engaged in some practices that could be regarded, at best, as “sketchy.” Here is the issue: In some short sale transactions, there have been apparent instances of brokers not submitting repair addenda […]

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Posted in Broker Risk Management, Legislation - Federal, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales | Tagged , , , , ,

Strategic Default – Five Years Later

Posted on by Phil Querin

“Some borrowers default because they no longer possess the ability to repay their mortgage loans. However, there is a group of borrowers who may continue to possess the ability to repay but who elect to default for strategic reasons. These borrowers are commonly referred to as “strategic defaulters.” For purposes of this report, strategic defaulters […]

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Posted in Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Servicers, Strategic Default, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,
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