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Rob K. Blake

Commentary

New Numbers Show Hope For Mortgage Brokers

by Rob K. Blake | June 9, 2009

I have written a number of articles here on BiggerPockets outlining the mega-banks’ desires to eliminate the mortgage broker competition in the race for dominance in the retail mortgage loan market. Well some very interesting numbers came out this week, that may put the brakes on this all-out assault on mortgage brokers.
Mortgage Broker Vs. Bank [...]

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Commentary

Bailout Economy Has Roots In Obscure Law

by Rob K. Blake | May 31, 2009

Many believe the mortgage and housing crisis which triggered an impending financial system meltdown according to the former Treasury Secretary, Hank Paulson, would need a Congressional “blank check” to avert disaster. At least, that is what Ben Bernanke and Mr. Paulson told Congress who then gave them the “bailout bill” including the $750 Billion asked [...]

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Commentary

Banking Lobby Wants Congress To Kill Off Their Competition

by Rob K. Blake | May 24, 2009

I came across another bill that demonizes mortgage brokers in it’s intent so much it is paramount to killing off the entire mortgage broker side of the industry. It’s called the ‘Transparency for Homeowners Act of 2009’ and is the latest attempt by bank lobbying to steal the mortgage market all for themselves not by [...]

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Commentary

Congress Not Protecting Mortgage Consumers Any Better

by Rob K. Blake | May 17, 2009

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The Democratic leadership in Congress has always claimed the moral high ground on consumer protection issues. Now that they have the power, you’d think they would exercise it. But as we saw this week in passing HR 1728, the “Mortgage Reform and Anti-Predatory Lending Act”, they knuckle under to banking and mortgage industry [...]

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Commentary

Obama’s FHA Commissioner Nominee, David H. Stevens Has Ugly Past

by Rob K. Blake | May 3, 2009

The Obama administration is continuing the appointment method of “crown the clowns” used at the Treasury Department to fill the Federal Housing Administration (FHA). This week it was announced the President’s nomination for FHA commissioner, David H. Stevens, would be held up due to a lawsuit alleging violations of anti-kickback RESPA law by his former [...]

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Real Estate

Existing Home Sales Show Recovery Not Here Just Yet

by Rob K. Blake | April 26, 2009

The National Association of Realtors published their March data on existing home sales and the word that comes to mind is “disappointing”. With everyone from Larry Kudlow to President Obama attempting to buoy our collective spirits about the housing market and the economy with reports of “mustard seeds” or “green sprouts” both euphemisms for selective [...]

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Commentary

Foreclosure Victims Slapped In The Face Again

by Rob K. Blake | April 19, 2009

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On Wednesday this week, the Obama administration announced which companies would get the initial outlay of government money to help those homeowners fighting foreclosure. I have written on BiggerPockets Blog back when the sorrowfully small amount allocated for Obama’s loan modification programs was announced a few weeks back calling the $50 billion amount [...]

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Commentary

Mortgage and Loan Modification Scammers “Beware” Says Obama Administration

by Rob K. Blake | April 12, 2009

Image by Getty Images via Daylife

The Treasury Secretary, Tim Geithner and U.S. Attorney General, Eric Holder are getting tough on loan modification scams, or so they say. A new initiative was announced this week on the Feds desire to work with State law enforcement to shutdown predatory loan modification companies who prey on foreclosure victims.
The [...]

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Commentary

Obama’s Economic Adviser, Larry Summers, Too Cozy With Wall Street

by Rob K. Blake | April 5, 2009

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A new story is breaking about Larry Summers, the President’s hand-picked Economic Adviser and mentor to Tim Geithner, the new Treasury Secretary. It seems that Mr. Summers has a very tight relationship with Wall Street firms receiving over $5 million from a hedge fund and $100s of thousands in speaking fees from other [...]

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Commentary

Geithnerism: Institutionalizing “Too Big To Fail” – A Favor To Mega-Banks

by Rob K. Blake | March 29, 2009

Treasury Secretary Tim Geithner testified before Congress yesterday on a new regulatory system for financial institutions. The immediate motivation for this was to capitalize on the uproar over the AIG bonuses. Since the government couldn’t legally claw back those “Stimulus Package approved” bonuses, the Obama administration wanted to assure voters they were “concerned” [...]

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Commentary

State Governments Getting Hoodwinked By Home Builder Lobby

by Rob K. Blake | March 22, 2009

We all know about the first time home buyer tax credits the Obama Stimulus Plan put in place a few months ago. But now we see State governments getting into the act. California lead the pack by announcing their new home $10,000 tax credit program and now other States are following suit.
California New [...]

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Commentary

Stock Market Moron – Jim Cramer – Calls For The Destruction of Mortgage Brokers

by Rob K. Blake | March 17, 2009

Everyone this week is talking about the feud between The Daily Show’s Jon Stewart and CNBC’s “Mad Money” moron, Jim Cramer. It’s pretty clear by the moniker, I am not a fan of Jim Cramer. Even before I heard his ridiculous answer to a caller this week calling for the demise of warehouse [...]

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Commentary

Unemployment Now A Driver Of Foreclosures

by Rob K. Blake | March 8, 2009

Our current foreclosure crisis over the last three years was mainly driven by subprime adjustable rate mortgages with skyrocketing rate hikes at adjustment. As a driver of foreclosures, this really wasn’t such a a bad one since, at least, there was an end in sight. Once the subprime borrowers were cleaned out, the [...]

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Commentary

Obama Removing Mortgage Interest Deduction – Dumbest Idea Of The Week

by Rob K. Blake | March 1, 2009

The Obama budget announced this week – in the middle of biggest housing crisis since the Great Depression – seeks to raise tax revenue by removing the mortgage interest tax deduction for those that are in the 33% and 35% income tax brackets.
What? You’ve got to be kidding, right?
I can’t count the ways this [...]

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Commentary

Servicers Incentivized To Modify Loans Under Obama Plan – Is It Enough?

by Rob K. Blake | February 22, 2009

The Obama $75 Billion housing stabilization plan holds pieces which are designed to help stem foreclosures and help those already in foreclosure with loan modifications. Currently servicers have shown no real signs of wanting to modify loans, but this new plan hopes to change their collective minds.
Will the Housing Stabilization Plan Work?
I’ll get to [...]

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