User63642_1_t Obeoman Steven Stearns
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penny

 

It's called the Private National Acceptance Company LLC.

PennyMac.

It's made up of former executives from Countrywide.

The idea is to buy up at-risk mortgages and home loans to help owners keep their homes.

It might just work.

At what cost-that remains to be seen.

This report on Marketplace radio news offers a pretty good overview.

It sounds simple - keep people in their homes, keep tax bases for communities stable,

and infuse some cash back into the economy for a "jump start effect."

And:

...coupling common sense with lending is suddenly in fashion-

the administration moving toward the formation of a Mortgage Origination Commission

to set up some minimum national standards for licensing of mortage professionals.

I'm no financial wizard-my wife Theresa will tell you that.

Well, the coin has  tossed on both of these ideas in less than a week-

here's hoping they come down heads up for homeowners.

Just my two cents,

Steve

  • Obeo WI - 262-325-8687

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    14 Comments on PennyMac from heaven?

    Times are so interesting right now! I wouldn't think minimum standards for licensing however as we have that standard already for real estate licensing....

      
     

    03/31/2008 02:32 AM by Susie Blackmon-Maggie Valley Waynesville NC Realtor/RE Blogger/Photographer (COLDWELL BANKER Kasey & Associates)


    Hi Steve ~~ I'm glad they are instituting standards to require and regulate licensing for mortgage professionals.  Heck, many of them were not much of the professionals.  I sure hope the standards will be more than "minimum" so that the professionals can be really professional.

    Here's my penny. 

    03/31/2008 07:58 AM by Twin Cities Minnesota Real Estate - Marzena Melby (Counselor Realty, Inc.)


    Steve--Lots of interesting programs out there now...Let's hope some of them work to take the edge off the market!

    03/31/2008 08:01 AM by Teri Eckholm, REALTORĀ® Anoka County Acreage & Lakeshore Homes (Keller Williams Premier Realty)


    Susie!

    I wouldn't think minimum standards would be anything anyone minded, after what has happened.

     

    Blog on!

    Steve

    03/31/2008 01:58 PM by Obeoman Steven Stearns (www.obeo.com)


     

    Marzena,

    The push for minimum standards for mortgage brokers is going to weed out some people, and cause others to reconsider why and what they are doing.

    I think this will only benefit all of us.

     

    Steve

    03/31/2008 02:00 PM by Obeoman Steven Stearns (www.obeo.com)


     

    Teri,

    ...It stands to reason that if yo can make a 30 year mortgage work, you can keep someone in their home with 50 year mortgage. I know it is a bit more complicated, but time is always on the side of the homeowner-and Realtor!

    Steve

     

    03/31/2008 02:02 PM by Obeoman Steven Stearns (www.obeo.com)


    Obeoman- I think that this is quite ironic that these CW guys go and start a company to counteract what CW is totally inept at doing. I do not have any faith that these guys will be any better because they are just going to hire $8 an hour clerks to do the work that just don't care. I find it quite a anti trust issue! ALL that has to happen is for CW to learn how to do their own short sales!!!!!! 

    The government intervening????? Not the answer! Allow the market to adjust itself. Free enterprise must take it's course. I don't want my tax dollars going to save people who got caught in the hot market flipping properties and now cry foul! Katerina 

    03/31/2008 06:01 PM by Nestor & Katerina Gasset RealtorsĀ® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)


    I agree with Nestor and Katerina - I don't think we all "taxpayers" should be saving investors and banks that already made profits.... with that said, I don't trust "PennyMac" - that's all I have to say.

    03/31/2008 06:53 PM by April Hayden-Munson Realtor, Southeastern Wisconsin (RE/MAX Realty 100)


     

    Katerina,

    Then we should use our voice here at AR to make the interests of the community known. We are not one voice; but there is probably a way to find out where the like minded people are.

    I lean your way; but ultimately I belive in the the marketplace; the consumer will decide.

    We can influence them.

    Steve

    03/31/2008 07:26 PM by Obeoman Steven Stearns (www.obeo.com)


     

    April!

    Let your vocie be heard, and shout so others can hear you.

    I hear you - blog it!

     

    Steve

    03/31/2008 07:27 PM by Obeoman Steven Stearns (www.obeo.com)


    I agree with you Steve.  We can influence, but the market will ultimately decide the fate of those who are having trouble.

    04/02/2008 03:42 PM by Erby Crofutt, Central Kentucky Home Inspector (B4U Close Home Inspections & Radon Testing)


     

    Erby,

    Common sense: a small tool for big change!

     

    Steve

    04/02/2008 03:52 PM by Obeoman Steven Stearns (www.obeo.com)


    We need to be involved a state and national levels to watch legislation and pursue licensing appropriately.  Our industry benefitted greatly when Wisconsin Realtors Association worked with state government on licensing of home inspectors.

    The mortgage industry is a bigger challenge, and it needs to be addressed.

    04/02/2008 10:19 PM by Laurie Logan-South Central WI Real Estate (RE/MAX Preferred - Broker Manager)


     

    Laurie,

    It looks like this is the last corner of real esate that has little or no regulation - and it's about the money!

    The proposed Mortgage Orginiation Commission will probaby offer some guidance for regulation at the state level.

     

    Steve

    04/03/2008 10:44 AM by Obeoman Steven Stearns (www.obeo.com)


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