Arizona Association of Mortgage Professionals

Analysis of the Wall Street Collapse and Mortgage Meltdown

Arizona Association of Mortgage Brokers
 
Lot's of people are talking about last Sunday's 60 Minutes interview with author Michael Lewis about his new book called The Big Short: Inside the Doomsday Machine.  

If you missed it, follow the link below to watch video of the interview.  As the 60 Minutes website says, he discusses how "some of Wall Street's finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets."

Click HERE to watch the video interview and then post your reaction on the "Comments" link below.

 

East Valley Tribune - "Mortgage modifications see sharp increase"

Arizona Association of Mortgage Brokers

The East Valley Tribune reported this week that permanent mortgage modifications may have increased (45% nationally, 39.5% in AZ from Jan to Feb) through the federal Making Home Affordable program, but many people are still critical that the program is not helping enough homeowners avoid foreclosure.

Permanent modifications remain far behind the more than 1 million trial modifications initiated since the program's inception, and more than 88,600 homeowners have dropped out of the program.

At the same time, there were foreclosure filings reported on 308,524 U.S. properties last month, which includes 16,718 in Arizona.

AAMB’s Vice President Paul Klimke was quoted in the article..."the latest statistics are encouraging but more needs to be done to help distressed homeowners stay in their homes."

 

"They need to do more permanent debt reductions," he said. "That's really critical in getting people to not abandon their homes."

What’s your take on the situation?  Post your reaction by clicking on the “Comments” link below.

To read the article, click HERE.

AAMB Southern Chapter Luncheon Report

Arizona Association of Mortgage Brokers

TUCSON - Southern Chapter

Marshall Vest, national economist from the University of Arizona, gives his forecast for the Tucson economy at an AAMB Southern Chapter luncheon in Tucson.

The Southern Chapter also announces plans to partner with the Southern Arizona Mortgage Lender's Association (SAMLA) to combine their monthly luncheons.

More video from AAMB's trip to Washington D.C.

Arizona Association of Mortgage Brokers

More video of the fearless AAMB leadership team of 12 people who traveled to Washington D.C. recently to meet with our state lawmakers and attend the NAMB legislative conference.  More examples of how AAMB and NAMB are fighting for you!

Our thanks to Tom Heath, Paul Klimke and Jonathan Reece for acting as producers, directors and camera-men during their trip!

Report from Mark Tronziger



Report from Jonathan Reece

Report from Tom Heath



For a lighter take on the Washington D.C. trip, click to watch In Search of YSP.

In Search of YSP in Washington D.C.

Arizona Association of Mortgage Brokers

For a lighter report of AAMB's trip to Washington D.C., watch this video starring Paul Klimke and Jonathan Reece. 

In Search of YSP

AAMB Central Chapter Luncheon - March 10, 2010

Arizona Association of Mortgage Brokers

Central Chapter Luncheon ~ Wednesday, March 10, 2010
SCOTTSDALE

AAMB and AMLA have joined forces to bring you their MONTHLY LUNCHES.

NEXT LUNCH - Wednesday, March 10, 2010
Sponsored by Advantage Credit, Inc.

Designated Broker Panel
Listen to some of the top real estate brokers in the Valley!

• Dominic Scappaticci of Realty Executives
• Deems Dickinson of Russ Lyon-Sotheby's
• Martha Appel of Coldwell Banker

NEW LOCATION FOR MARCH
Scottsdale Cottonwoods Resort
6160 N. Scottsdale Rd.
Scottsdale, AZ  85253
(southwest corner of Scottsdale Rd. & Lincoln)

Time:  11:30 am - 1:00 pm
Cost:  $30 (Members or Non-Members)
Register:  ONLINE       FAX FORM

AAMB Southern Chapter Luncheon - Tuesday, March 9, 2010

Arizona Association of Mortgage Brokers

Southern Chapter Luncheon ~ Tuesday, March 9, 2010
Joint AAMB - SAMLA Luncheon
TUCSON

Tuesday, March 9, 2010
Sponsored by Nova Home Loans - Northwest Branch

Economic Update and Outlook
Marshall Vest
Director, Economic and Business Research Center
University of Arizona's Eller College of Management

Marshall Vest is an authority on Arizona's economy and is a consultant to a number of Arizona's largest companies, Arizona's Governor and Legislature, as well as a number of local governments.  With 30 years heading the College's Forecasting Project, Marshall has authored over 175 articles on the economy.  These forecasts are recognized as among the most accurate in the western states, and he is frequently quoted in both the local and national business press.

Location
The Manning House
450 W. Paseo Redondo
Tucson, AZ  85701

RSVP AND PREPAYMENT REQUIRED*
*NO LATER THAN THE THURSDAY before the luncheon, BY 5:00 PM. 

Time:  11:30 am - 1:00 pm
Cost:  $30 (Members or Non-Members)
Info:    Debby McClintick, 520-323-3300
Registration:  ONLINE    FAX FORM

Don't Miss Out - Great Raffle Prize!

We are raffling off a UofA basketball that has been autographed by the entire men's team, including Coach Sean Miller.  ALL proceeds raised will benefit The Hearth Foundation, which provides shelter for homeless women and children. 

From D.C. - Legislative Affairs Update from AAMB's Jody Davis re: FHA Audit

Arizona Association of Mortgage Brokers

Potential Good news for AAMB members (and all mortgage professionals)! 

"FHA Commissioner David Stevens spoke at the NAMB Legislative Conference yesterday here in Washington D.C. and dropped a bomb.  He said if your audit is due on March 30th of this year or later, don't spend the money.  The new FHA rule removing audits will be released March 1st and will apparently be in effect by the end of the month.  He stated this comment very forcefully and added that it does not matter what others say about this issue.

"If you have not done your audit, this could save you about $6,000 to $12,000 this year."

 

Jody Davis

Government Affairs Chair

Arizona Association of Mortgage Brokers

AAMB Leaders in Washington D.C. fight for you - #2

Arizona Association of Mortgage Brokers

Dan Huss, AAMB President-Elect, provides another video update on AAMB's effort to fight for its members and all AZ mortgage professionals in conjunction with NAMB's Legislative conference in Washington DC this week.

 

AAMB Leaders in Washington D.C. fighting for you

Arizona Association of Mortgage Brokers

Some 12 AAMB board members have descended on Washington DC to meet with senate and congress members on Capital Hill to fight for the mortgage industry while attending the NAMB Legislative conference.  Here's the first of several video updates.