Scoop & Snoop
Calculated Risk has a great scoop on Fremont Investment & Loan.
An email from Fremont Investment & Loan:
"Sent: Monday, February 12, 2007 1:54 PM
Subject: PLEASE READ - IMPORTANT PROGRAM CHANGES at FREMONT
Importance: High
Due to general negative Industry sentiment, due to recent articles in the media, and the ripple effect to the secondary market, Fremont has made the difficult decision to speed up some changes that were set to take place later in the year. PLS READ BELOW.2nd MORTGAGES ELIMINATED effective TODAY!!!!!Any Prequals out there that are 80/20 or combo loans, pls contact me by email asap..." Read more
An interesting post by a commenter over there had this to say:
According to Bloomberg, the following mortgage related names were among the top 10 worst performing credit default swaps today:
(company) (% change in CDS premium)
Countrywide Home Loans Inc +14%
Radian Group Inc (MI) +14%
WaMu (sub debt) +13%
PMI Group +12%
MGIC +11%
Sacramento Landing had a housing nightmare to share today.
"There you are, living in the house of your dreams. It cost you $500,000, but
you're only paying $1,100 a month after you 100-percent financed your home with an interest-only pay-option adjustable rate mortgage, known as an ARM. Then the market changes. Your completely financed home, after the market has cooled, is now going to cost you almost $4,000 a month for your mortgage. Welcome to the world of some of Placer County's residents.According to DataQuick Information Systems' latest report, default notices, the first step in the foreclosure process, have risen 262.4 percent in the fourth quarter of 2006 in the
county..."
Dreamhomes turned Nightmares, coming soon to Sonoma County.
In other news, here are today's amusing searches done by readers landing at Sonoma Housing Bubble.
1. Search Engine: google.com
Search Words: file a complaint with the board of realtors, sonoma ca
SHB Answer: (California Department of Real Estate)
To find our who to call to file a complaint against Realtors, Appraisers, Lenders, etc… click Here:
2. Search Engine: google.com
Search Words: donald trump seminars frauds
3. Search Engine: google.com
Search Words: 49.5% high risk loans, fdic
4. Search Engine: google.com
Search Words: falsifying mortgage documents
SHB advice: Report it here or http://www.stopmortgagefraud.com/
Recommended Reading: FBI Report November 2006 on Mortgage Fraud (pdf warning)
5. Search Engine: search.comcast.net
Search Words: cash reward for reporting workers comp fraud in sonoma county
SHB answer: http://www.dir.ca.gov
6. Search Engine: search.comcast.net
Search Words: sonoma foreclosures
7. Search Engine: google.com
Search Words: can a buyer push it's lender to fund the loan in order to close
8. Search Engine: search.yahoo.com
Search Words: housing market in sonoma
9. Search Engine: google.com
Search Words: waiting for the market to drop
10. Search Engine: google.com
Search Words: house market foreclosures bubble greed
posted by Athena @ 5:42 PM
10 Comments:
this reminds me of a few things i have overheard in my life,and never forgot.."bob,i'm not Greedy,all i want is happiness and piece of mind" "well...SO FAR that looks like a pretty definite maybe,but... i'm not entirely sure" "If you can't trust a bill collector,who CAN you trust?" "cheer up,it only hurts while you breathe" "don't worry,kids aren't much more work than a cat" "real estate always goes up in sonoma county" all the above quotes are genuine...there are a few that aren't so printable.
Athena,
Nice post! Are you noticing more people landing on your blog with weird search queries?
I had someone land on my page searching for "dr cure my housing bust.com." Go figure.
Plus, it was a busy week with HSBC announcing there once in 100 year warning and New Century taking a massive beat down stating they would need to buy back some "bad" loans. Well duh!
Dr. H
I sure have! This morning there were some searches asking how to report a complaint to the Sonoma county District attorney's office for mortgage fraud. Looks like us bloggers should start pointing to complaint resources.
anyway... you have a great blog. I hope all SHB readers pop over and read your site regularly.
I've added your blog to my links section. Keep on doing great work here. 2007 will see a huge spike in housing blogs (just a prediction).
Dr. H
ah yes,fraud.thank you for printing those sites,suspected appraisal fraud can also be reported to REAA.org,which is now active in marin and sonoma counties.real estate fraud hurts all but the perpetrators of the fraud.
The numbers are in, ouch
todays PD ws interesting...above the fold,no less.even mentioned the county's week economy...an actual quote from an appraiser, no less.who said homes have been losing 1% a month in value.and michael coit wrote it.the positive spin was there,of course,with the obligatory quote from rick laws of coldwell banker...but weak,weak.
I'm just read this visitor comment over at the boycott housing site:
"Okay, Carneros Village Lofts, Sonoma, CA. we backed out of your price gouging deal and got away from your nightmarish developer. The egregious paperwork mess and huge personal upheaval in our lives was simply wrong. I will continue to pursue payment from you, for the real estate consultant that we needed to hire. We have sent letters and our calls have not been returned. You made a mess of our lives for almost two months, so rest assured that I am not going away."
OMG! That is a great scoop Marin Explorer! Thank you! I am woefully behind as usual. The week from hell. Tomorrow I will catch up and get some postings going. Thanks again for the scoop.
Athena,
And here's some interesting stats on foreclosures up to Jan 07:
http://tinyurl.com/29b9nz
Things look like they're heating up for some homeowners.
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