If It Sounds Too Good To Be True…

August 31, 2010 – 12:51 pm

HUD recently released through the Federal Register the extensive list of
905 Lenders who have lost their approval to originate FHA Insured Mortgage loans.

A quick review of the many reasons for HUD’s permanent cancellation of these Lenders’ approvals shows how you can’t avoid the basics of qualifying for a mortgage. Those basics are: IAC: Income, Assets and Credit. You are either qualified, or you’re not. If you are not qualified, and a mortgage professional says, “I can do the loan anyway,” well, that old saying comes to mind, “If it sounds too good to be true…”

Here’s the link: HUD LIST

Most often the basic reasons cited for HUD pulling the plug, are:

•lack of 2 years’ employment history
•insufficient qualifying income
•insufficient documentation of either income or assets
•excessive qualifying ratios
•improper credit analysis

I think back to all those clients over the past three years (since the meltdown and the “return to sanity” in originating loans) to whom I had to say, “No, I’m sorry, you’re not qualified for a mortgage at this time,” clients who, I later discovered, went on to other mortgage companies and closed on their loans. I remember thinking, “How the heck did they do that? Was there something I missed?” It took a lot for me to shake off that feeling of inadequacy we all get when an opportunity to close a loan passes you by. Sometimes the Realtor who referred the client to me would call me and say with not a little scorn, “They closed with ’so and so mortgage company’. Why could they do it and you couldn’t, Trevor?” It was too good to be true…how could those Lenders close the loan and I couldn’t?

The answer is in the Federal Register: I was right, those folks weren’t qualified. They got the loan because someone ignored the basics of qualifying. Today I look at the list of Lenders here in our area who have been cut off by HUD and I see the very companies who closed those loans for those unqualified clients.

Too good to be true, indeed.

By Trevor | Posted in | Comments (0)

The Truth: Visit My “Useful Links” Page For Accurate Internet Resources

August 7, 2010 – 11:16 am

The Truth: you will find on my Useful Links page the best internet resources for accurate and truthful information for those questions that come up when you own or buy a home.

If you’ve been a visitor here to tcurranmortgage.com before,reading my many blogging posts and rants, then you know I’m a stickler for getting the right answer before I open my mouth. In fact, I think back to my first “cold call” on a real estate office in 1989. I said to the Broker, “If you have a question and I don’t know the answer, I won’t shoot from the hip, I’ll find the right answer for you by the next day, the latest.” That cold call conversation led to a referral to my very first loan application in the mortgage business within fifteen minutes of that bold statement. I adhere to that same credo today: I investigate thoroughly to determine the correct answer to a question asked by a client so that I can provide The Truth.

When I built tcurranmortgage.com 5 years ago (with the help of web designer extraordinaire Gary from hatrack.net!), I made sure to provide links to websites that I felt provided the correct answers to the most common questions asked by my clients.

For example, the myth of “too many credit inquiries” frequently leads my clients to the link to MYFICO.com and the Education page there to discover the truth about the oft-quoted lie voiced by mortgage professionals, “Don’t let anyone else run your credit because that will lower your credit score.” What clients who are shopping for a mortgage hear in that sentence is a caution that shopping around will be personally detrimental to your credit report. What I hear in that sentence is a a lie, proved so on the MYFICO.com website where Fair Isaac clearly states that shopping for a mortgage does not affect your credit score in a negative way, in fact the system ignores the inquiry, assuming your are shopping around for the best mortgage.

I also hear in that lie from those other mortgage professionals the following statement, which, IMHO, is The Truth of the remark, “Don’t talk to other mortgage professionals who may be more experienced and more ethical than I am!”

Before putting up all those links on my Useful Links page I spent considerable time searching the web for the most trustworthy and accurate sites. A good example of that searching resulted in the link I’ve provided to Consumer-Action, the absolute best website for all things credit-related. I meet many folks who have serious credit problems and Consumer-Action provides a wide array of important tools to help consumers find the best solutions to those credit problems. Whether they are looking to create a credit profile from scratch or whether they are looking to re-establish credit after a debilitating personal financial crisis, or if they are just looking for the best deals on credit card rates/fees, all that information is presented in a concise, accurate and simple form on the Consumer-Action site.

The Truth about “Free Credit Reports“ is on the Useful Links page, too: consumers are permitted under Federal Regulations to obtain a copy of their credit reports directly from each of the three credit bureaus once a year, Free of charge. The purpose of this regulation is to allow consumers the opportunity to correct errors in their reports. I’ve posted a link about that Hot Topic, too: credit repair scams with The Truth provided courtesy of Uncle Sam and the Federal Trade Commission.

Here in the New York Metro region, homebuyers who want the inside information on any given property can find it using New York City’s ACRIS System. The City of New York has compiled an online repository of accurate information regarding Deeds, Certificates of Occupancy and Property Taxes. Often a Multiple Listing will indicate the property taxes for a given property. There is a disclaimer on each MLS form that the information is provided by the homeowner/Seller and is not warranted to be accurate. Thanks to ACRIS, homebuyers in New York City can find the actual property taxes for that property—which often are considerably higher than those figures quoted on the MLS Listing form!

Visit my Useful Links page for The Truth, whether it be about credit, property taxes and values, or various and other sundry information related to the Homeownership experience.

Hope that helps!strong>

By Trevor | Posted in | Comments (0)

Uncle Sam Cleans Up the Mortgage Business

June 18, 2010 – 3:39 pm

HUD announced yesterday the indictments of more than 400 people in mortgage-related fraud schemes. Operation “Malicious Mortgage” set out to combat the threat mortgage fraud poses to US and global markets.

HOORAY!!!!

I am thrilled to see Uncle Sam jumping in feet first and cleaning up the slime still hanging around our industry. I’ve written about this often here at tcurranmortgage.com of the low-quality slimebags polluting the mortgage industry and preying on innocent consumers. With all that happened in the Boom-Bust-Meltdown years, there needs to be more “Mr. Clean” action in the mortgage industry. Here then, is the announcement by HUD of a substantial cleanup of our business.

Here in New York, the United States Attorney for New York and the FBI were busy alongside HUD throughout the New York Metro region doing their part in the huge cleanup. As part of Operation “Stolen Dreams” 55 defendants were charged in the Southern District of New York, involving over $45 million in fraudulent loans. Phony mortgage modification scams were uncovered, too, as part of the sweeping undercover investigations.

YAY! Uncle Sam! Good news for consumers; good news for ethical mortgage professionals!

By Trevor | Posted in | Comments (0)

FIVE Steps To Making An Offer To Buy A Home

April 9, 2010 – 10:05 am

There is a deliberate process to making an offer and I include here a step-by-step set of instructions on how that works. More to the point: my instructions will help you get the house you want, even if you are dealing with a difficult Seller, a Bank-Owned property, or if you are competing against another Buyer for the same house (yes, it still happens, even in this market!).

My basic methodology here is one of making your Offer a very formal proceeding. When you take these formal steps you are demonstrating to everyone involved in the transaction just how serious a Buyer you are. You will set yourself apart from “the crowd” when you follow my method. I know this because I have seen this method work over and over and over again in my 20 year career.

So, here are FIVE Steps To Making An Offer:

STEP 1. Always make offers in writing. Yes, it is absolutely true that offers can be presented verbally. Don’t do that. Put your offer in writing every time. Even if you are in a situation where you and the Seller are sending counter offers back and forth, every new offer should be in writing.

When your offer is in writing, you come across to the Seller as serious. Think about it, anyone who is taking the time to go in to the real estate office and sign the form is serious about buying a home. Seriousness counts big time.

Put the following into your written offer:

-The amount of your “earnest money deposit” or “good faith deposit.” That is the amount of money you’ll put into escrow with the Seller’s attorney upon signing the contract of sale.

-The amount of your mortgage financing. Of course you’ll back this up with a prequalification letter, but you must include the amount of your mortgage in the offer.

-Items included in the sale. If the appliances and the chandelier in the dining room are to be included in the sale, make sure they are written in to the offer. This shows the homeowner you were paying attention when you inspected the home and asked, “What’s included in the sale?”

-The name and telephone and fax numbers for your attorney.

-Anticipated contract date. Always make this date within 48 hours of your offer. Present the assumption the Seller will accept your offer and immediately forward a contract to your attorney.

Again, this demonstrates to the Seller how serious you are. You are in effect saying, “I am so serious about buying this home I want to sign the contract immediately!” Imagine how many other Buyers out there are delaying things like signing the contract (and potentially changing their minds).

-Anticipated closing date. This is an interesting point for the offer. I always recommend putting the closing date for an offer within thirty days of the contract. The fact is most closings take place within 60 days of contract, and your attorney will likely put that in the contract, but if your offer says “thirty days,” once again you demonstrate how serious you are about buying the home.


STEP 2. Prequalification letter. Your mortgage professional should be available to fax a prequalification letter within hours of your making your offer; even on Saturdays or Thursday evenings.

STEP 3. Mortgage pro phone call. I think a phone call from your mortgage professional to the Listing Agent is a home run. When the Listing Agent here’s from the mortgage person directly how eminently qualified you are, imagine how that raises your profile to the agent and the Seller!

STEP 4. Engineer ready to go. When you sign your offer, be sure to tell your Realtor that you’ve already spoken with your Home Inspector and you can have the inspection done tomorrow. Whoa, that’s really the mark of a serious Buyer!

STEP 5. Get ready with your counteroffer. If you offered less than the asking price, then you need be prepared with your counter offer if the Seller either declines or counters your opening offer. All of the steps above should be repeated with the new price replacing the original number. Organization and swift responses rule the day! Oh, you may not want to counter offer. That’s okay, too.

Good luck and Happy House Hunting!

By Trevor | Posted in | Comments (0)

How To Settle A Collection Account

April 8, 2010 – 11:59 am

Many folks are unaware of collection accounts until they get prequalified for mortgage financing and the mortgage professional runs an updated credit report. Lo and behold don’t there appear a collection account or two of which the client may not have been aware. Those accounts will need to be settled (paid) in order to qualify for mortgage financing. Even in the instances where you may be aware of a collection account prior to prequalifying for a mortgage loan, the following information should be useful.

There are basic steps to settling a collection account which—based upon my long experience as a mortgage professional—can provide rapid and satisfactory results. These instructions I am providing are based upon my observations of clients who have either already attempted to pay off open collection accounts or, as part of the mortgage qualifying process, make settlement arrangements. I’ve watched the successful attempts and the failures.

Step 1: Verify the Creditor. Collection agencies purchase open collection accounts from your original creditor for pennies on the dollar. That means that an account with a major retailer such as Sears of which you owe $665.00 would be purchased by an outside collections agency for, say, $150.00. Better Sears receives some money rather than none and then writes the entire debt off their books. When the Collection Agency collects the debt from the consumer, anything they collect above $150.00 is profit.

But Collection Agencies sell of their debt, too. It’ s not unusual to see a collection debt having been “sold” from the original creditor to Collection Agency “A” and then that agency sells it to Collection Agency “B.” You will need to verify who the original Creditor was and the true balance due. The balance due can change over time as collection agents add late fees and interest.

Step 2: Prepare for Contacting the collection agency. Before you pick up the phone to make the call and settle the account you need to have a few things prepared in advance. First, the money. If you are going to negotiate a settlement for less than the full amount owed, or even to pay the balance in full, you’ll need the money at hand. The collection agent doesn’t really want to hear how you plan to pay them at some unknown future date.

If, for example, you have an idea the collection account balance is roughly $470.00 then you should have at least that much disposable cash on hand to make immediate payment once you speak to the collection agency.

Next, you’ll need access to a fax machine. Part of my recommended process includes the collection agency sending you both a confirmation of agreed upon settlement terms (before you pay) and the final satisfaction of the debt in writing. You want to have immediate access to both letters from the collection agency for your protection both before and after you make the payment.

Finally, you must know the method of payment you’ll make. Are you considering mailing a check? Do you know how to do a “check by phone?” What about using a credit card, do you have one with sufficient balance available to settle this account? If you are planning on sending the money via Western Union, have you researched how and where you will do that?

It doesn’t make sense to go through all the trouble of contacting the collection agency, receiving confirmation in writing of the balance due to permanently settle the account and then you can’t send the money for another week or so. You’ll want to send the money immediately so be prepared for that.


Step 3: Make the call. Adopt a polite but firm speaking tone when you make your call. The representative of the collection agency is not your friend; neither is he your enemy. You never need to get nasty or to raise your voice. You don’t need to get into the “how this happened” or explain ANYTHING. You are simply calling to make a business arrangement: payoff a debt you owe.

I think it smart to keep a pen and paper at hand and immediately jot down the person’s name; use the name throughout your conversation. “Good afternoon James, I am calling because I discovered this collection account and I want to immediately settle this matter.”

Now, you must keep in mind it is James’ job to get the maximum amount possible on this account. Remember, the collection agency probably did not pay in full for this account when they purchased it from the original creditor (or the previous collection agency). If James begins quoting a number that is substantially higher than that indicated by your research, then you need to work that number down to what you are prepared to pay. Keep it civil, and keep it calm: “I’m afraid that number is substantially higher than I was planning to pay. The balance with the original creditor was $400, my research indicated I might have to pay you $470 today for late fees and interest. I’m not prepared to pay $600.” When James tries to get that higher amount, stand your ground and remind him you are ready to send the money TODAY once you have confirmation from him in writing of the amount needed to permanently settle the account.

If you find you are getting nowhere with the first representative you speak with, don’t hangup. Simply ask to speak to that person’s supervisor. I find it’s useful to say something like, “I”m sorry James, it appears you are not in a position to help me with this account today. May I please speak with your supervisor?” He may try to keep you on the line and get that $600 out of you, but, when all is said and done, if you stand your ground you will ultimately get a supervisor on the phone. If that doesn’t work, ask for that person’s supervisor. You must “climb the ladder” if that’s what it takes to get this thing done and paid NOW. Keep reminding the people you are speaking to that you are ready, willing and able to make payment TODAY. Believe it or not, that holds a lot of weight when speaking with a collection agency.

Once you and the representative (or the rep’s supervisor’s supervisor!) have worked out the final number and your method of payment you will ask for written confirmation BEFORE you send off any money.

I once had a client settle two collection accounts for his daughters’ cellphone bills. He made the call, followed my instructions and got his payment in the same day. But he neglected to get a written confirmation that his payment would permanently settle the account. We discovered about a month later that the creditor maintained a balance due for the difference between what he had paid and what they felt was due.

GET WRITTEN CONFIRMATION OF THE SETTLEMENT AMOUNT BEFORE SENDING PAYMENT. This written confirmation should also indicate that you will permanently settle this collection account, no balance will be due, the amount of the settlement, and that your account with this collection agency will be closed. And you want this written confirmation on the collection agency’s letterhead, signed by the representative (or appropriate party at the collection agency) and dated. Email confirmation is NOT acceptable. Further, do not accept a letter if it doesn’t indicate all of the above terms and if it isn’t signed and dated.

Once you receive this written confirmation you must get your payment out immediately as per the terms of your agreement. Otherwise you’ll have lost any negotiating credibility with this agency and your phone will begin ringing off the hook as the collection agency attempts to collect the debt.

After you have received payment, I think it important that you make a follow up call to your representative at the collection agency. The purpose of the call is twofold. First, verify they have received payment. Second, request your written satisfaction of payment letter. As with the terms of agreement letter, your satisfaction letter should be on the collection agency letterhead, dated, signed by the appropriate representative and indicate clearly that your debt is permanently settled, no further action will be taken and that the collection agency will notify the three credit bureaus that your account is paid and closed.

This last part seems like it should be automatic, but don’t be so sure. I have seen many collection accounts settled and not updated on a consumer’s credit report as paid and closed. Be sure this is in your final satisfaction letter.

There you have it. Instruction as detailed and yet as simple as I can provide for you based on my observations of many, many clients attempting to accomplish the same goal as you: payoff a collection account and get qualified for a mortgage loan.

More information about your rights when dealing with collection agencies HERE provided by the Federal Trade Commission

Hope that helps!strong>

By Trevor | Posted in , All You Need To Know About Credit, First Time Homebuyers | Comments (0)

Don’t Close those Credit Cards: Your Score could DROP

March 26, 2010 – 10:59 am

Verify. Check it out. Read all about it. “Just the facts m’aam.” That’s me. I hate spouting off about something of which I know nothing, and which I have not verified. Maybe that’s one of the qualities that’s helped me create and maintain a successful career as a Loan Originator since 1989.

Erica, the wonderful and sharply professional office manager at Weichert Property Works in Brooklyn considered cutting up a credit card after she finished paying it off. I argued strongly against that course of action. Her credit score could actually drop if she follows that path.

It’s a little known fact that closing a credit account is almost as bad as having a collection account on your credit history. I’ve seen the results first hand in my role as Loan Originator. Let’s face it, when you’re buying a house, if you can afford to do it, you pay off your outstanding credit cards so you walk into your new home debt free! I know because I did it, too when I bought my first house. You want a clear mind and a worry-free attitude about extra bills on top of your mortgage payment. But the results on a credit score are contrary to that logic, unfortunately.

I have seen folks with fantastic credit have their credit scores drop dramatically because in the months before they met me for the mortgage prequalification they paid off and closed their credit card accounts. Perfect credit histories are affected with a lower score because 12 accounts were paid and closed and reduced to 2 or 3 accounts. I applaud that conservative thinking, but apparently the credit scoring engines don’t.

In plain English, what happens is that you have fewer active credit accounts, therefore you are using less credit therefore your credit score has less to work with in determining your overall use of your credit. That’s the flawed logic (IMHO) of the credit scoring system.

While this opinion is derived originally from my professional experience, I took the time to verify the facts with the source of all things credit score related: The Fair Isaac Corporation, or FICO, the folks who created the algorithm used in credit scoring. You can find that information right HERE.

Hope that helps! (ERICA!)

By Trevor | Posted in All You Need To Know About Credit, First Time Homebuyers | Comments (0)

Delinquent FHA Mortgages: DOWN!

March 24, 2010 – 7:50 pm

The Federal Housing Administration reports that delinquencies on FHA Insured mortgage loans are down.

Many in Congress are worried that the Federal Housing Administration will fail in its attempt to save, bolster and support the crashing housing market. Too many pessimists—and those without a thorough understanding of the longevity of the FHA and it’s ability to weather previous storms—see a future taxpayer bailout of the vaunted agency.

At the end of 2009 and into 2010, HUD (which oversees FHA) took some serious steps towards reigning in potentially damaging loans and Lenders. FHA closed the door on many Lenders who abused the FHA system and subsequently had high default rates. FHA proposed important changes to manage risk on its package of insured loans, including the appointment of a Risk Manager, the increase of the Upfront Mortgage Insurance Premium (which goes into effect April 5th, 2010), and other important changes to the program to protect the viability of FHA to continue to insure mortgage loans for Americans.

It’s not often you see immediate effects from policy changes in an organization as large as HUD, but there it is: FHA statistics report a reduction in delinquencies of FHA Insured mortgage loans. This change is not very large by the standards of current originations, but it’s certainly a good start.

I’ve been originating FHA Insured mortgages since the day I started in the mortgage business in 1989. I have always believed the FHA truly fulfilled its original Congressional mandate from 1934 to make it easier for Americans to become homeowners. I have helped so many families over the years with FHA Insured loans. I’m thrilled to hear this very positive news in a time when good news about anything housing or mortgage related is a rare thing indeed.

I’m still originating today mostly FHA loans as it seems to be the only way most families in the New York Metro region can manage to qualify to buy a home. I have full faith and confidence in the ability of HUD to maintain its potential to insure mortgage loans.

By Trevor | Posted in | Comments (0)

FTC Strikes Against ID Theft Protection “Guarantee”

March 15, 2010 – 9:44 am

The Federal Trade Commission, in its advancing campaign against scams and misleading marketing with regards to credit reporting, credit scores and Identity Theft Protection, recently announced it had coordinated a settlement with LifeLock for misleading claims about its Identity Theft Protection services.

“While LifeLock promised consumers complete protection against all types of identity theft, in truth, the protection it actually provided left enough holes that you could drive a truck through it,” said FTC Chairman Jon Leibowitz.

LifeLock agreed to pay $12 Million to settle charges by the FTC and 35 States that Identity Theft Prevention and data security claims were false.

“This agreement effectively prevents LifeLock from misrepresenting that its services offer absolute prevention against identity theft because there is unfortunately no foolproof way to avoid ID theft,” Illinois Attorney General Lisa Madigan said. “Consumers can take definitive steps to minimize the chances of having their personal information stolen, and this settlement will help them make more informed decisions about whether to enroll in ID theft protection services.”

More information about the settelment and about LifeLock’s false claims on the Federal Trade Commission website.

By Trevor | Posted in All You Need To Know About Credit | Comments (0)

Protect Yourself from Identity Theft: FREE

March 5, 2010 – 11:01 am

Those television commercials will scare you into paying for some kind of ID Theft protection from one (or all, depending on your level of paranoia) of the three major credit reporting bureaus (Experian, Trans-Union, Equifax). Since Congress unfettered these agencies from the constraints of selling credit products to the consuming-public, ID Theft protection and credit score watch (allegedly to make your credit history better) are the hot products that consumers fork over cash money for each month in the form of “ID Theft” prevention monitoring and whatnot. Usually the fees are in the range of $10-15 a month, but they can be higher, $25-40 depending on the level of monitoring the consumer desires.

The problem I have with all these services is that the savvy consumer, by spending just a little time each year (and almost NO money) can pretty much get the same level of protection without subscribing to anything nor sending money to the credit bureaus.

Here’s a link to the Federal Trade Commission website that has a wonderful pdf brochure on all you need to know about Identity Theft and how to protect yourself against ID Theft. It’s FREE and it’s here: FTC: Fighting Back Against Identity Theft

Take some time to read the information, then set yourself on the path to protecting your Identity FREE of CHARGE.

I welcome Comments for all my blog entries. I will be happy to review and approve all legitimate comments provided by readers of tcurranmortgage.com. I do not permit unfettered access to comments for obvious reasons: mortgage spammers and their ilk. If you wish to Comment on any entry, please do so and I will quickly review and approve. Thanks for reading tcurranmortgage.com. Hope that helps!

By Trevor | Posted in | Comments (0)

Blah, blah, blah…!

January 25, 2010 – 10:03 pm

I thought all the internet babble provided by pseudo-experts about the mortgage business had basically disappeared. You know back in the day, back in the “BUBBLE” day, when the entire planet seemed to provide yet another internet expert on mortgage financing? I figured that these people all went the way of the Dodo bird, that is, i.e., became EXTINCT when the meltdown brought the entire planet back to reality.

I was wrong.

Hey, what do I know? I’ve been busy these past few years helping people sort through the mess and get mortgage loans to achieve their goals of homeownership. It’s been danged hard work and I have NOT been on the ‘net the way I used to be, back in the DAY. Back in the “BUBBLE” day.

So I see this link from my pal Gary to some website where an interview is under way with some latest and greatest internet expert named “Interfluidity.” Fifteen minutes, pal, that’s all yer gonna get. Because you don’t know what you’re talking about. My comment for the site, quoted below, is currently in moderation and we’ll see if it actually gets published. Point is, what the heck is this guy tawwking about? This “leverage” thing and all this high-falutin’ talk of economic theories and statistics and analyses.

OUT OF TOUCH with the real world where I live and work. Out of touch with the true economic analysis that I have personally witnessed for the past 20 years: can I afford the mortgage payment? DUH! That’s the extent of the “analysis” I have heard from my first time buyer clients since 1989. It’s a tradition that continues to this day. “Trevor, what’s my payment going to be?” That’s what folks want to know. What do they care about the government allegedly over-subsidizing the mortgage industry?

Here’re my comments for that site; lessee if they publish them. Hmm…

“First, what the heck makes this character ANY kind of expert on mortgages, housing and PLAIN vanilla (not “vanilla”) mortgage loans (NOT “contracts!”)???

Second, has this person ever, actually, maybe, possibly, coulda-sorta SPOKEN to a real live homebuyer/homeowner? Because, if he had, he’d realize the true dynamic of the homeownership experience has nothing to do with the economic drivel he espouses. People have families and they just want to own something that is their own “piece of the rock.” I know because I’ve been speaking to these folks in plain English (and Spanish) for the past twenty years helping them achieve that goal.

Third, since you weren’t actually THERE, let me help you to understand Bubble Era Mentality: EVERYONE WAS CRAZY. I sat with homebuyers trying to tell them their $40,000 per year salaries could not support a $975,000 house. I listened to Sub-Prime account executives telling me on the phone to commit fraud to get my clients to qualify (I don’t do Fraud and I don’t make up fancy job titles with exotic income to qualify people for mortgage loans. Never have. Never will.) I was flamed constantly on the internet for hewing to a strict 30year Fixed Rate, buy-what-you-can-afford line. I watched as the media and internet bozos like Mr. Interfluidity told everyone to BUY NOW, BUY More, Be Happy. I was there, and your analysis doesn’t even come close to catching one whit of the trend of those “bubble days.”

Guys, do us professionals who are still standing and who didn’t create this mess a favor: stop talking such nonsense. There’s folks out there who just want to own their own home. It’s not complicated, it’s really very simple.

“Leverage?” I’ve been sitting with first time buyers for 20 years. Not ONE person has EVER used the word “leverage” in a sentence with me. Cut it out.
”

P.S.: PHIL, you wanted me to get back to blogging, right?!?

Hope that helps!

Comments are wide-open. Fire away. I’m moderating them, of course, to prevent Ye Olde Spamology, but those legitimate comments will be published. Unless you make fun of my old hometown, Woodside.

By Trevor | Posted in | Comments (0)