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 , , , , , , , , , , , , , , , , , , , ,

Slapdown! – In Re: Jones v. Wells Fargo Home Mortgage, Inc.

Posted on by Phil Querin

“Wells Fargo’s conduct is clandestine. Rather than provide Jones with a complete history of his debt on an ongoing basis, Wells Fargo simply stopped communicating with Jones once it deemed him in default. At that point in time, fees and costs were assessed against his account and satisfied with postpetition payments intended for other debt […]

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Posted in Financial Crisis, Foreclosure, Legislation - Federal, Lenders, Market Conditions, Miscellany, Real Estate/Distressed | Tagged , , , , , , , , ,

Short Sale Trap: Mortgage Insurance [Part Two]

Posted on by Phil Querin

In a recent post on mortgage insurance (“MI”), I addressed what I saw as a problem, but didn’t yet fully understand the depth of it, so just issued a cautionary warning to Realtors® and sellers that they should find out, in advance, if MI was obtained on the underlying loan.  The reason for this warning […]

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Posted in Deficiency Liability, Foreclosure, Lenders, Miscellany, Mortgage Insurance, Real Estate General, Real Estate/Distressed, Realtors, Short Sales | Tagged , , , , , , , , , , ,

Short Sale Trap: Mortgage Insurance [Part One]

Posted on by Phil Querin

As we know, during the easy credit era of the recent past, many, many people borrowed well in excess of 80% of their home’s purchase price.  Stated another way, there were comparatively few folks who came to the closing table with 20% or more in down payment. Prior to the easy credit days, borrowers on […]

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Posted in Deficiency Liability, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtors | Tagged , , , , , ,

Why People Are So Angry At the Lending and Servicing Industries – Part One

Posted on by Phil Querin

The opinions expressed below are mine alone and do not necessarily reflect the opinions of my industry client, Portland Metropolitan Association of Realtors®, their officers, directors, employees or members. – PCQ Although some may disagree, the origins of the current housing and credit crisis can be traced directly back to the explosion of the securitization […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate/Distressed | Tagged , , , , , , , ,

“Strategic Defaults” – Making Borrowers the Bad Guys?

Posted on by Phil Querin

Fannie Mae, the secondary mortgage giant, is targeting certain borrowers, whom they say, are voluntarily electing to go into foreclosure rather than continue paying on a loan that may be a hundred thousand dollars or more over the value of their home today. Fannie calls these “strategic defaults’ and vows to either go after them personally, refuse to buy their future housing loans for seven or more years, or do both. Apparently, Fannie has forgotten that the very banks who sold them the paper created many of these exotic loan products, ignored borrowers’ credit, and basically helped create our credit mess in the first place.

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Posted in Legislation - Oregon, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed | Tagged , , , , , , , , , , ,

Making Sausage – Observations on Some Recent Oregon Legislation

Posted on by Phil Querin

Oregon legislative drafting can be like making sausage – you don’t want to watch the process. A case in point is the Legislature’s attempt to deal with homeowners’ promissory note liability that can survive the foreclosure of certain mortgages on distressed housing. The sausages were House Bills 3004 and 3656 – both attempted to deal with “piggy-back” loans – those 80% and 20% mortgages stacked on top of each other. The bills were enacted in 2009 and 2010, respectively. In both cases the Legislature came up short. Who suffers? The Oregon homeowner, of course. No wonder they’re distressed.

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