Would Elon Buy the ASC?

[TerryRohrer]

That is your nasty, toxic personal opinion. Once in a while, I read your posts to remind myself why I have you on ignore

I said nothing of the kind about DT supporters. I said that Trump has a history of lying and deceit, and his supporters, apparently , did not think that he would lie to them.

In my opinion, he already has by aligning himself with the elite billionaire class he is installing in his cabinets and as an advisor. Where is a man on the street and the working folks in that??

Yes, calling half the country "tools" was no doubt intended to be complimentary, uplifting, and conciliatory. Eristic tools are like that.

 

[J Grant]

Two separate problems.
Fannie Mae (there is no such thing as FNMA anymore, that was in their own memo about 18 years ago) . With Fannie Mae, require that they actually have skin in the game and assume some risk with the loans, instead of packaging them like toxic widgets for Wall Street to sell to the latest fool.

With ASC, eliminate it entirely and start over from scratch. During the interim, no one would know they were gone.

Fannie already keeps some loans in house. If your plan is to require them to keep all loans in-house,- If they have to hold all the loans on the books, they can not fund enough loans, and the market would contract enormously.

 

[Bobby Bucks]

Fannie already keeps some loans in house. If your plan is to require them to keep all loans in-house,- If they have to hold all the loans on the books, they can not fund enough loans, and the market would contract enormously.

What percentage are they currently required to keep? I realize they made changes after the big bubble burst, but I wonder if they changed enough. I'm sure there is a minimum time frame to hold them before selling them as well. I remember hearing one of the sleaziest mortgage brokers I've ever known explain how he used to game the system by knowing just how bad a piece of paper could be and still be purchased by the secondary market. He was brilliant and had zero conscious or ethics. That area has improved, but is still a problem.

 

[J Grant]

What percentage are they currently required to keep? I realize they made changes after the big bubble burst, but I wonder if they changed enough. I'm sure there is a minimum time frame to hold them before selling them as well. I remember hearing one of the sleaziest mortgage brokers I've ever known explain how he used to game the system by knowing just how bad a piece of paper could be and still be purchased by the secondary market. He was brilliant and had zero conscious or ethics. That area has improved, but is still a problem.

I agree it it is still a problem, but the newly elected admin and Musk, who thumb their noses at the law and regulations and are all about sticking it to the little guy, are not interested in solving it as you suggest.

 

[The Bob]

Two separate problems.
Fannie Mae (there is no such thing as FNMA anymore, that was in their own memo about 18 years ago) . With Fannie Mae, require that they actually have skin in the game and assume some risk with the loans, instead of packaging them like toxic widgets for Wall Street to sell to the latest fool.

With ASC, eliminate it entirely and start over from scratch. During the interim, no one would know they were gone.

I'd add...let appraiser's set policy regarding what forms to use and what data to include. This Bullsh*t about "intended user's expectations..." doesn't seem to apply to any other similar field like accounting, where the public trust is involved.
You want to know the "market value"? Fine we can do that. We don't need Fannie/Freddie telling us HOW to do that. So much of what appraiser's are tasked with has nothing to do with value. A lot is UW BS. So glad I'm retired from this "profession".

 

[J Grant]

I'd add...let appraiser's set policy regarding what forms to use and what data to include. This Bullsh*t about "intended user's expectations..." doesn't seem to apply to any other similar field like accounting, where the public trust is involved.
You want to know the "market value"? Fine we can do that. We don't need Fannie/Freddie telling us HOW to do that. So much of what appraiser's are tasked with has nothing to do with value. A lot is UW BS. So glad I'm retired from this "profession".

I dislike the profession at this point as well.

But appraisers can't set a policy when we are not loaning the money or guaranteeing the money.
We can set policy or do anything we want on a non-GSE appraisal (( as long as the client approved ) or anything we want on a volunteer free appraisal - even if the person or charity has input -

 

[Sadie]

Some would say the ASC cannot be purchased, IMO it’s already owned by the powers that be. It’s well below his pay grade, but just imagine if Elon spent an hour sorting through the nonsense that goes on with the notables in the alphabet soup groups of appraisal world. ASC, Fannie, Freddie, etc. I may drop him a hint or two on X/ Twitter, he’s known to sift through and read posts from commoners. Who knows, maybe he’ll buy Fannie and the ASC and fix them. All he needs is a price.

You are too funny. Like he gives a cr@p.

 

[Sadie]

Two separate problems.
Fannie Mae (there is no such thing as FNMA anymore, that was in their own memo about 18 years ago) . With Fannie Mae, require that they actually have skin in the game and assume some risk with the loans, instead of packaging them like toxic widgets for Wall Street to sell to the latest fool.

With ASC, eliminate it entirely and start over from scratch. During the interim, no one would know they were gone.

You need to check your sources. Look up what FNMA stands for then realize your mistake. Makes you look ignorant in a field you are supposed to be an expert in

 

[Bobby Bucks]

You need to check your sources. Look up what FNMA stands for then realize your mistake. Makes you look ignorant in a field you are supposed to be an expert in

Your ignorance on the subject is obvious because Fannie Mae made many statements about using the term “FNMA”. It was discussed in this forum at that time.

 

[alebrewer]

This should help, but I'm sure Sadie's going to just keep digging in further...