Issue 044 March 2011 TheNicheReport.com
14 Mortgage Marketing 2.0 Get connected or get out!
Bringing Up Better 54 20Clients Can't Get 28 Litigating The Rear Terms for Distressed FEATURE ARTICLE!
Their securities portfolio could provide the loan they need ... and FAST.
Hopelessly underwater and starving for a loan mod.
David Stern, the foreclosure king.
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Clients Can't Get Financed? Their Securities Portfolio could provide the loans they need ... and FAST
NICHE REPORTS Agency & FHA HARD MONEY & NON-PRIME COMMERCIAL ConStruction JUMBO REVERSE MORTGAGE Service Providers
pg 45 pg 45 pg 46 pg 46 pg 46 pg 46 pg 47
Joseph Andahazy FOUNDER & PRESIDENT Robert Pegg email@example.com CO-FOUNDER & PRESIDENT David Pegg firstname.lastname@example.org MANAGING EDITOR Stewart Mednick email@example.com
14 17 26
Mortgage Marketing 2.0 Rocky Foroutan CeO, Lender411 Get connected or get out!
The Right Place at the Right Time BJ BOUNDS Sr. Marketing Communications Specialist, Calyx Software Optimize your marketing potential.
Three Steps to a Steady Stream of REALTOR Referrals Geoff Zimpfer Speed Marketingâ„˘ for Loan Officers Traditional methods simply no longer work.
Litigating Better Terms for Distressed Homeowners Chris Fuelling CEO, The Loan Post Hopelessly underwater and starving for a loan mod.
Center Stage with Lender411.com The niche report The Niche Report talks with Rocky Foroutan, CEO.
09 10 31 34 40 43 50 54
Editor's Forward LETTERS TO THE EDITOR FRANK & BRIAN SPEAK APPRAISER sound off TIP OF THE MONth What's your mortgage IQ? LENDER & RESOURCE DIRECTORY BRINGING UP THE REAR
EDITORIAL / CONTENT MANAGER Kristen Moser firstname.lastname@example.org ACCOUNTING MANAGER Shawna Ingram email@example.com Advertising Director Jessica Grizzle Jessica@thenichereport.com Advertising sales Heather Bopp Heather@thenichereport.com Production Manager Henry Suchman firstname.lastname@example.org Production Assistant Dawn Exner email@example.com COLUMNISTS & Contributing Authors Martin Andelman Joseph Andahazy BJ Bounds Karen Deis Chris Fuelling Rocky Foroutan Santiago Herreros de Tejada Frank Garay Stewart Mednick Brian Stevens Geoff Zimpfer
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In recent breaking news, quoted from TradingMarkets.com: “In a move that had been widely anticipated, the Obama administration … wants to get the government out of the mortgage business by winding down operations at Fannie Mae and Freddie Mac over the next five to seven years. "Fundamental reform" is the aim, Treasury Secretary Timothy Geithner said in announcing the plan to not only "shrink the government footprint in housing," but also "strengthen consumer protection and preserve access to affordable housing for people who need it…." Withdrawing government support of housing financing by gradually eliminating Fannie Mae and Freddie Mac, would bring private capital back into the market. The government now guarantees nine of every 10 home loans, which Geithner says has discouraged private capital's return. The 160,000-member California Association of Realtors said the plan would raise borrowing costs and restrict a safe and affordable flow of financing, further impeding a still-fragile housing recovery. American Bankers Association CEO Frank Keating suggested that rather than develop a "silver bullet" solution to housing finance, policymakers should create a well-regulated covered bond market and enhance the Federal Home Loan Banks "to better help them meet their mission of providing advances to private market portfolio lenders with minimal taxpayer exposure." Saying that Fannie Mae and Freddie Mac's multifamily programs "were not part of the meltdown" and are a "vital capital source for the rental-housing sector," National Multi Housing Council President Doug Bibby urged the government to be cautious in its reform efforts. Yet economist Anthony Sanders, a professor of real estate finance at George Mason University in Fairfax, Va., said that aside from saving U.S. taxpayers hundreds of billions of dollars in the future, not much will change in a world without Fannie and Freddie. "After pumping trillions into the mortgage market since 1998 through the government-sponsored enterprises (GSEs), the homeownership rate is back to 1998 levels," Sanders said. "Enormous pain and suffering occurred in the United States trying to go from 66 percent to 70 percent homeownership…." So, what do you think of this recent news? Here is my take: Let’s learn from a historical event that took place in Egypt. 18 days of full-out public protesting brought down a thirty year dictatorship. The people spoke and the government listened and acted according to what the people wanted, not what the government wanted to do. Can the mortgage, real-estate and appraisal communities band together to forge a united front to speak loud enough so the government will act in accordance to our desires and not the government’s political aspirations? The front starts here! Cheers!
Stewart Mednick Managing Editor
Letters to the editor Stewart - I just wanted to say thank you for your work with The Niche Report. I faithfully read it every month and I am sure that I have learned a lot. I say that simply by way of telling you that I have been saving them for the “Tip of the Month”. I am not sure why but they have really touched me lately. Personal Mission Statements, the Four Agreements (found it, read it, reading it again – great stuff), I have started to scan them and toss the rest. I appreciate your candor and your encouragement. Never cloying or over sentimentalized. I feel like you feel my pain and frustration and confusion.
Securitization by Martin Andelman, Nov 2010, pg 20
I also saw the article this month by Kurt Reisig. I used to work for Kurt and I think the world of him and APMC. I think it should be THE model of how branching companies (or any company) should be run. You could do a great article on developing a great corporate culture by just spending a day with Kurt. Douglas W Woods Mortgage Advisor Axia Financial, LLC
Looking forward to more of your great articles. Jim C, Mortgage Consultant
Is Really An Audit? by Peter Hebert, Feature Article, Jan 2011
Mr. Andlemans commentary on securitization causing our economy to collapse left big questions unanswered in the minds of readers.
I just want to reach out to you and let you know how much I enjoyed reading Jan '11 edition of The Niche Report. Even though it was a history lesson I really enjoyed learning about the banking system. That was quality education.
One question is on page 29 with the paragraph that begins with “So when things changed…”, leaves even the casual reader asking “So what did change?” The premise of the whole article hinges upon this one question – but no explanation is given.
I hope things otherwise are going well for you. Tommy Duncan
Martin - Your article in the November, 2010, Niche Report was the best, most honest appraisal of the meltdown I had ever read. You explained a very difficult situation in a clear and unemotional way. In the article you say, "Don't you get it? We're not going to have any sort of a recovery until we stop the foreclosure crisis. And we can't stop the foreclosure crisis without... The foreclosure crisis is entirely unnecessary..."
From an honest heart you have exposed the criminal invasion of our nation. The banking industry must be punished sufficiently to discourage it from ever returning to the scene of the crime. R Moss
Another question is ‘Why were bonds downgraded on 7/10/2007?” He
states the downgrading of bonds as the cause of our economic collapse, offers his thoughts on what was not responsible, but offers no insight as to why the bonds were downgraded. Your readers deserve know how he supports his opinions. Thank you. Brian Tata
Bringing up the Rear, Dec 2010, pg 54 Thanks for shining a light on the appearance of conflict of interest and impropriety in Eagle County. The bottom line is that if you or I had been Erzinger's position, we would have been charged with felony hit and run and we would not have been "offered" a plea bargain of two lesser included misdemeanor offenses. Timothy Kells Nixon, J.D.
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