Washington Mortgage Planner-straight up mortgage advice and commentary

Hello all:  I read today that Countrywide has 19% of its loan portfolio in Pay Option ARM's set to adjust until 2011.  This is in addition to the billions it owes, the thousands of real estate owned properties it owns, and the prospect of up to $2 billion in losses in the most recent reporting period (they report this Friday).  I'm not singling out Countrywide.  I'm just trying to point out how grave this crisis is.  We've got banks declaring loan loss reserves of billions and lenders failing everyday.  Yet some positive spinmeisters with mortgage companies state that the worst is over and the mortgage crisis is a media spawned event.

Let's get real, folks.  Those of us who are realizing the true impact of what's going on are either getting back to the basics  or trying new things.  I went to a great seminar today in which the presenters talked about Loan Toolbox,  building your own website, and 800 calling numbers.  The room was almost full and I was encouraged.  Obviously, everyone there was searching for answers.  And this was in Seattle!  It just goes to show you that things are challenging here as well.

I'm not sure, unfortunately, that things will improve as soon as we would like.  Perhaps by 2009 which means we've got another year to go.  It doesn't mean we can't keep plugging. There are always opportunities out there.  One of the presenters at our seminar today talked about how his team was going to close 62 loans this month.  They obviously have it dialed in. Our first step is to admit (just like if you're in a group) that it's tough right now and then decide what we're going to do about it.  Action=Results. 

I was talking to a friend of mine from Edward Jones (financial planners) today and he said they cold-call in person businesses and individuals to introduce themselves. What a novel idea!  Sorry for the sarcasm but a little intestinal fortitude by us goes a long way.  In short, I know we can all survive and thrive in any market.  It just means we need to work a little harder and smarter and quit believing that things in our world are actually o.k.  It's different and we need to get real!  Have a nice evening.

Paul