Realtor-as-Brain Surgeon The best response I’ve seen to Ben Carson’s appointment as the head of Housing and Urban Development (“HUD”) is from a fellow Realtor: “I am a real estate professional and have just been appointed to head up the neurosurgery department for my regional hospital group. I have never been to medical school, and...Read More
Note the (Very) Fine Print One of the sleazier come-on’s I’ve seen the last few years is a very official looking document — complete with a “Case Number” and Department of Housing and Urban Development (“HUD”) seal (right) — that begins like this (all italics theirs): Dear [Home owner]: Your home loan has gone under review for the...Read More
Wouldn’t That Make it an FHA Home?? If Realtors can’t keep it straight, I doubt non-professionals can, either. So, for the record, a “HUD home” is a home that was financed by FHA, defaulted, and is now owned by the Department of Housing and Urban Development (by the time that happens, the lender has long...Read More
I Don’t Think It’s Got Anything to Do With “Learning” What is the most dismaying thing about “Some Bankers Never Learn,” Gretchen Morgenson’s article documenting mortgage bankers’ efforts to sabotage legislation (Dodd-Frank) aimed at cleaning up lending standards? It’s not the bankers disingenuously arguing that tighter standards will unfairly limit home ownership. It’s not the...Read More
City Lakes Posts by Popularity The most popular post (by far) on this blog the last few days? “Realtor April Fool’s Jokes” (so much for my conceit that my Readers are all erudite, knowledge-seeking policy wonks). Runner-up? This post, which originally ran in late December: ‘Chinese Drywall in Minnesota? New Bank Disclaimer.’ The impetus...Read More