The balloon races are coming to Reno in the next few weeks, so “hot air” is in plentiful supply at this time of year! There is a lot of hot air out there about repurchase defense too. I have been sifting through many blogs, websites and literature posted regarding buyback demands and repurchase defense. I note [...]
The press has picked up on the repurchase problem and this dirty little secret is starting to get the attention it requires. Where have they been? I have ranted about this issue for months. Some of the old-time quality control vendors smell blood in the water, so they have dived in to attempt “Repurchase Defense” [...]
Everyone knows the financial industry is basically a casino, where the big banks are the house. Being from Nevada, I know a thing or two about casinos. For example, Las Vegas was built by the Mob, but didn’t become big until the Mob was replaced by Wall Street. Unfortunately, Wall Street learned some of the wrong [...]
I had to bring this article in. It is right on the money………. August 2, 2010 For those of you who may have missed Kate Berry’s great article in American Banker on Mortgage Buybacks, Please read below. Kate always offers insightful information and makes a subscription to American Banker (www.americanbanker.com) well worth the money. Why [...]
Wouldn’t it be refreshing for either a GSE or Aggregator to only push back loans that actually were defective??? When/if this happens I imagine I will look up and notice pigs flying. I am such an optimist. Below are the top reasons for repurchase demands: Undisclosed liabilities Misrepresentation of income or employment Misrepresentation of credit [...]
Welcome to Tales from the Sharp Side… I will attempt to shine a light upon the mortgage buyback problem and how to cope. I recently participated in the MBA repurchase demand workshop in Chicago on the panel. I was completely surprised at the lack of communication involved on this topic. Everyone still standing in the mortgage [...]
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