Texas Home Loan Blog: September 2008

I have to admit... This video is a little slanted politically. However, it provides a good understanding of why we are in the financial mess that we currently find ourselves.


If you can see thru the 'blame' placed on one particular political party here you will still learn about what was happening in the housing market and how Congress had a hand in the loose lending guidelines....

Re-Blogging this article is strongly encouraged!



Burning Down The House: What Caused Our Economic Crisis? ! <= Alternate link to a better version!!



I get soooooo many questions about the housing crisis and what caused it and what can be done to fix it today. So here it is.... A bit of a lesson about the Community Reinvestment Act(CRA) and how far reaching some of this really went.

Jeff Belonger has written many posts about how many borrowers who qualified for FHA were actually placed into Subprime loans because the loan officers either didn't know any better or were lazy.
He has also points out below(prompting this edit) that the borrowers themselves have to look at themselves a little bit too!!! Borrowing 100% financing at th very top price range they could afford and then putting Interest Only on th loan was very reckless.
If I had a dollar for every person blamed in this mess.... Well, I would be paying a ghost writer to write better blogs for me!! LOL

Please enjoy the video, but beware of the slight pg-13 nature of some of the musical background.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Cool widget from ESPN.com I hope this works....


Ok, I am not sure about the adverts, but I like it. If Renee Burrows comes along, she will not like this ranking come Monday!!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

 

It is always an honor to be tapped by Jeff Belonger for the Mortgage Pro Week in Review.  He runs a tight ship with this regularly featured article that is intended to highlight some of the best Mortgage Blog Articles for the week in an attempt to educate the biggest percentage of the readership here, that being Realtors. 
I am a Mortgage Banker. And as a fellow Pro I learn a lot here in the rain from all of these Pros…. Especially Jeff!!

 

Mr. Belonger Goes To Washington!

And what could be a better way to open up the week’s review than to feature a post by our very talented Patricia Kennedy?  Especially one about the most talked about topic in the lending industry….. And about the most talkative guy in this industry. The title is brilliant… But still doesn’t do justice to the efforts put forth by Jeff on this subject.

  

How We Kicked Self Employed Borrowers to the Curb Along With Stated Income Loans

Janet Guilbault asks the question: What's wrong with this picture? How a legitimate loan program got mostly done away with as collateral damage of the credit crunch. 

 

Can not hold an active Real Estate License and be an FHA Approved Lender

Kurt Satchfield is a new blogger here on ActiveRain. And he makes this short article go a long way. My question to the consumer: Are you working with a realtor who is also trying to do your loan? Then, RUN!!! They do NOT have your best interest at heart.

  

Qualifying for USDA Home Loans in North Carolina

Steve and Eleanor Thorne explain USDA Loans. This is how you write a consumer article. Localism worthy in my opinion. Content like this is what ActiveRain is all about.

 

Did You Miss the Boat on Your Illinois Mortgage Refinance? Maybe not

Very topical. I have to pinch myself sometimes when I hear people talk about a possible refi boom!! Peter Thompson highlights the fact that rates have recently dipped. What a better time to refinance.

  

Give me the best deal & I want the best service !!!!

Jeff Belonger explains in his usual candor about a little known shopping error by consumers. That you can indeed shop too hard for a Mortgage Lender.

 

 

DOWN SIZE WITH A REVERSE MORTGAGE, MOVE YOUR TAX BASE & TAKE A CAPITAL GAINS EXEMPTION? IT’S POSSIBLE.

Introducing Angella Conrard. With a post that has some real meat on the bones, we have us yet another newcomer with some great quality content.

  

 

The Dirty Dozen.....12th transaction in the Rain!!!!!
What better way to get your post noticed/featured? Tell a success story!!
Larry Bettag has basically picked up 1 extra loan per month directly from his blogging efforts here on ActiveRain!!

 

 

Nehemiah Down Payment Assistance Reinstatement: Why The Increased Credit Scores ?
Brian Brady weighs in with some great insight into what we may be seeing in the near future.... risk base pricing and stricter guidelines for Seller Funded DPA programs.

 

 

The next  2 members for the Mortgage Pro Week in Review : 

1.         TBD                     09/15/2008    through    09/21/2008

2.      Volunteer                 09/22/2008    through    09/28/2008

  

Mortgage blogs by loan officers   Here is a list of Loan Officers.  If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in reviewcan try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!

All About Mortgages/Mortgage Networking   Here is a group that many loan officers post their mortgage related blogs in.  A good place to learn more about the type of programs, new industry news, and sometimes some inside tips. Don't hesitate to join.

 

We really could use some new volunteers for the Mortgage Pro Week in Review. Even if you are a realtor, a title person, or someone else that is related to the mortgage/real estate industry..... please read below.

 

MORTGAGE PRO Week in Review    A repository for the Mortgage Week in Review.  Please don't hesitate in joining this group. And any volunteers for the mortgage week in review, please e-mail Jeff Belonger at   jbelonger@ihmci.com

 

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder

Mortgage Pro Week In Review - Copyright 2008^©

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

Holy Smokes!!!

It looks like we have some breathing room.

Congress Weighs Reprieve for Seller Funded Gifts

Please Call Your Congressman/Person!! This deal looks like it will make some sense.

FICO requirements apply. And I am sure this will change a lot before it passes, if it does. But maybe Congress will address the issue correctly this time!!!

 Stay tuned!!

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

 

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.

I have been overwhelmed by emails from friends wanting a new copy of the Helmet Schedule I sent to them last year.

This is a cool little tool! It is a complete 2008 NCAA Football Schedule broken down by conference; all in one spreadsheet. Every game!!

So, here it is: http://www.dallasloanguy.com/2008_helmet_schedule.xls

Feel free to reblog this to other groups or post the link for your friends. I can use the backlinks. ;-)

 Go Sooners!!

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

 

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.