There was just so much news today I just couldn’t resist the chance to do a little of my own commentary. Remember about my opinions, they are not based in fact or intellectual validity. For the record:
Inman news reported that Fitch (who is a rating agency) cut Countrywide’s debt rating to near junk. I am not sure if that is a technical term or just Inman’s opinion. The actual rating they imposed was BBB- which stands for Bad Bad Bad I think. Bank of America’s deal is still on even though good ole B of A has a Rating Watch which is Negative. They may get a rating out of this as DDD. (You decide). Full steam ahead B of A, I am rooting for you.
In other news Henry Paulson (he has something to do with the Treasury Dept and is a forgettable politician for sure) has suggested that all mortgage brokers should be licensed and should be held to strict licensing standards. He must not know that most states already have these standards and they are pretty much worthless as are his suggestions. So here are some questions for Mr. Paulson, what is going to be different than the current laws that were supposed to regulate bad mortgage people? Also who’s going to enforce these great new laws, and do you think it will really do any good when it hasn’t so far. Do you think the crooks are going to stand down? Paulson is typical saying to much way to late with no concept of why things got the way they got. Mr. Paulson, go get oil prices reduced if you want to work on something. With leaders like this no wonder we are in the shape we are in.
Mortgage Fraud is worse than believed. (Are you kidding) (Who would have thunk it) A leader of a company who deals with Mortgage Fraud detection found 42,000 mortgages that had fraud in them and these are the ones they detected. The report said they hoped these loans were not made. (Exquise me) I think Mortgage Fraud being worse than believed is the understatement of the century. Good report however maybe you should send it to Mr. Paulson so he would have something else to talk about.
Now this; FHA reform hopeful of being passed. Problem is the politicians are fighting (among other things) over the maximum loan limits. I will believe the bill will get passed when I see it. This legislation has been in the works since 2006 and I will be shocked if it ever gets passed in the first place and short of loan amounts being increased it will do very little to help us dig out of the hole the industy is in. This is a wonderful commentary on just how worthless the political process can be. My guess it will never get passed, I hope I am wrong on this one.
On the good news it is reported by MARI that Fraud is spread more evenly among the states. We should all be relieved, shouldn’t we? These guys ought to be the opening act for Lewis Black. (He is a comic if you don't know) Lewis could really sink his teeth into this type of dribble.
Enough for now! Good Grief!
More to come
Lonny
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