The Mortgage Reports blog run by Dan Green is a great resource on mortgages – one of my favorite blogs.
Check out his new video below called “Changing Mortgage Guidelines Impact Everyonw” video. (Dan must have skipped art class in school, but his presentation is spot on.)
In this must see video, he lays out the impact in the erosion of mortgage standards and how so many homeowners are now stuck, even with mortgage rates slipping. Warning: This is not an MTV production with zooming in out distorted camera angles with rock music blaring. Its actually clear, easy to understand content.
A few points:
1) I like your “Stick People In Houses” title better 2) I didn’t skip art class. I’m just no good at it. 3) Thanks for singling out the video. As an appraiser, you probably understand how declining values are one of the risks to that inner core of people.
Great message on the video. Where do you see things going in the next 18 months?
This video makes it seem like all the people who got mortgages needed to refinance or had rate adjustments. While in fact most people never needed to refinance nor did they have rate adjustments. Additionally, of those people that needed to get out of their sub-prime mortgages, a large portion were able to sell their property, which appreciated enough to yield them a hefty profit.
anon 3. What country are you referring to? Good grief.