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Issue of May 26, 2008 |     |
A Righteous ReversalIt’s a hard fact of life that the easiest thing to do is not always the right thing to do. Ease Up! By Tom Gleason The phrase “throwing the baby out with the bath water” is a terribly overused cliché, but it describes perfectly how some of the institutional mortgage industry players are overreacting to the subprime meltdown. Mortgage Servicers Must Restructure, Reconnect With Communities By Thomas V. Bennett There once was a time when you walked into your local bank and talked to someone behind a desk in order to open an account, make investments or apply for a loan. Aside from the personal touch of the customer knowing the banker, this arrangement also provided an opportunity for the bank to know the community. Since you might bump into your banker at your local coffee shop, he also could know if your mortgage loan was in default, the personal situation surrounding the default, and perhaps be able to suggest how to remedy the situation before it became irrevocable. And if all else failed and a foreclosure occurred, the local, community-based bank had an unspoken obligation for the safety and image of the community regarding the maintenance of the foreclosed property. Wage Debate Threatens Housing Bill By Benjamin Fierro III Legislation authorizing A $1.3 billion, five-year capital plan for the production and preservation of housing for persons of low to moderate income is in jeopardy on Beacon Hill because of union efforts to require the payment of prevailing wages on all projects receiving state funds. Because prevailing wages are substantially higher than non-union wages, a mandate that construction workers be paid the prevailing rate will increase the cost of affordable housing and reduce housing opportunities for thousands individuals and families in Massachusetts. Multiple Listing Services And Realtors Are Missing Online Opportunities By Jessica Swesey Multiple listing services around the country are missing out on an amazing opportunity to maintain relevance as online companies continue to build up a marketplace without them. At the Margins By Robert B. Segal Industry groups are voicing alarm over changes proposed by federal regulators to the Real Estate Settlement Procedures Act, or RESPA, saying they will prove costly to implement and won’t help consumers as claimed. Check & Balance Banker & Tradesman's political cartoon |
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