Hi Everyone,

Here’s the follow up from class today.

Here’s the Seattle Weekly story on the local Shawn Portmann mortgage fraud case. And here’s that story where the Feds are asking Shawn for that giant bag of money.

Here’s the quote from the Mortgage Bankers Association:  “We have caused extraordinary damage.”

There are always two bottoms to a housing market. Here’s a great article that explains the first (new construction home starts) and the second bottom (home values.

Here’s the article on FHA’s solvency. What’s the plan if the FHA mortgage insurance fund runs out of money?

Here’s a great 60 Minutes episode on the Countrywide Whistleblower. It will only take you about 10 min to watch it. It’s a good segment.

Here’s a link to where I get all my cool graphs and charts.  Many thanks to Bill McBride who runs Calculated Risk.

There was a great question on how many loans a person can make if that person does not hold an LO license? The question is in regards to a person who owns a lot of real estate and wants to sell the real estate and do owner financing, maybe selling all the investment property at the same time.  The answer is not completely clear. For example, under the Consumer Loan Act, see number (3).This only talks about a homeowner making a loan on his/her individual residence. Under the MBPA, the answer is  similar.

Great film recommendations:

A Separation
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Gone Baby Gone
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Hotel Rwanda
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An Education
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Margin Call
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Inside Job
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Inglorious Bastards
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Here’s the NYTimes story on the local maternity leave Fair Housing case. though the new mom was on paid maternity leave, HUD makes it clear that even if the maternity leave is unpaid….”The Fair Housing Act protects borrowers from being discriminated against based on maternity leave if the borrower can demonstrate that she intends to return to work and can otherwise continue to meet the income requirements to qualify for a loan.”

And here’s the latest mortgage fraud report from the FBI.

Here’s the case we were trying to think of right at the end of class…someone running for public office that got into trouble at a former employer/title company.  Here it is. 

UPDATE:
Shawn Portmann Pleads Guilty...this news broke as I was driving out of the parking lot today.