Real Estate Videos | Mario Greco

Archive for the 'Real Estate Videos' Category

Illinois Joins Legal Attacks on Countrywide Financial

July 1st, 2008 categories: For Buyers, For Sellers, Housing Market, Mortgage Info, Real Estate News, Real Estate Videos

During the housing boom of 2001 through 2006, Countrywide Financial Corp. (www.countrywide.com) could do little wrong. As the country’s biggest mortgage lender, Countrywide kept growing and growing.

Today, the company is in serious trouble, with critics placing a large share of the blame for the country’s mortgage mess on its lending practices. These critics say that Countrywide gave out too many bad loans, lending mortgage money to buyers whose credit histories, income levels and debt should have prevented them from qualifying for home financing.

Several states have since filed lawsuits against Countrywide. Illinois is now no exception. Earlier this month, Illinois Atty. Gen. Lisa Madigan’s office filed its own lawsuit against the company, claming that the lender used “unfair and deceptive” practices to encourage homeowners to apply for risky mortgages that they could not afford.

This situation doesn’t help anyone. Mortgage lenders like Countrywide certainly made mistakes during the housing boom. But they also helped spur our nation’s homeownership rate to record levels. And remember, increasing the number of U.S. homeowners has been a priority for the last several presidential administrations.

The local lawsuit against Countrywide just shows that many people are to blame for the housing slump. Some mortgage companies passed out bad loans. Some borrowers were greedy, trying to get into homes they couldn’t really afford by taking out questionable adjustable-rate mortgages. Some real estate agents encouraged this practice. And legislators and industry watchdogs reacted too late to stop the problems.

At the same time, I’d hate for the Illinois lawsuit – or any of the highly publicized cases against Countrywide – to give people here the wrong idea. I work in the Chicago real estate market every day. I interact with the men and women who originate mortgage loans, sell homes, complete home inspections and conduct real estate appraisals. I can say, with complete confidence, that the vast majority of Chicago-area real estate professionals are skilled, knowledgeable and hardworking. These agents work with the best interests of homebuyers and sellers in mind.

No industry is perfect, and the home-selling business is no exception. But don’t read the negative reports in the media and think that the local real estate industry is full of crooks and swindlers. A few bad apples certainly don’t taint the entire barrel.

PLEASE CLICK HERE TO VIEW PROPERTIES NOT YET ON THE MARKET.

Spoken by Ryan | Discussion: No Comments »

Bailing on Mortgages: Just Because it’s Legal, Doesn’t Mean it’s Right

June 20th, 2008 categories: For Homeowners, Foreclosures, Housing Market, Mortgage Info, Real Estate News, Real Estate Videos

I hear from a lot of critics who blame the high number of housing foreclosures on greedy homeowners themselves.

These buyers stretched themselves financially, often taking out mortgage loans with artificially low initial interest rates, to get themselves into larger, nicer homes than their monthly income would normally allow them to purchase. When these mortgage loans – usually adjustable-rate mortgages – reset to higher interest rates, owners suddenly couldn’t afford their higher monthly mortgage payments. Eventually, they fell behind enough to enter the foreclosure process.

I always tell these critics that while some homeowners were greedy, the majority of those who have lost their homes during the housing slump have done so because of some unpredictable event such as a job loss, a serious injury or a costly divorce. Others may have taken on risky mortgages on the bad advice of a loan officer.

In other words, there is plenty of blame to go around.

It gets harder to defend homeowners facing foreclosure, though, when you read stories about people who simply walk away from their mortgage loans and then buy another house for a lower price. And this is happening more often than you’d think.

There is a growing number of homeowners who are basically abandoning their homes as they near the foreclosure process. They have no intent of working out a new payment plan with their mortgage lenders. They don’t even try to stretch themselves to make those mortgage payments. Instead, they simply walk away from their problems.

And the worst part? These homeowners are then taking advantage of the slumping housing market to purchase a new residence — often one in the same neighborhood and the same size — for a far lower sales price.

This move, which is often called the “buy and bail,” isn’t illegal. There is nothing to prevent homeowners from purchasing new primary residences before selling their existing homes. In the end, the homeowner is left with a new house with a lower mortgage payment, while ignoring the first home that has fallen into foreclosure. Not a bad deal.

Problem is, while such a move may not be illegal, it is highly unethical. It’s also a terrible move for a homeowner’s credit record. A foreclosure can stay on a credit report for seven long years. Try taking out another loan with that mark on your record.

This housing crisis has brought out a lot of bad behavior on the part of homeowners, mortgage lenders, real estate agents and government officials. The “buy and bail” plan is, unfortunately, just one more example of it.

PLEASE CLICK HERE TO VIEW PROPERTIES NOT YET ON THE MARKET.

Spoken by Ryan | Discussion: No Comments »

Youtube…A New Real Estate Tool

June 4th, 2008 categories: Chicago Real Estate News, Real Estate News, Real Estate Videos, Technology

YouTube has become one of the most popular websites on the internet in the past two years. Videos covering everything from laughing babies, sneezing pandas, and a kid pretending he is a character in the Star Wars saga can be seen by simply searching as one might on Google.

Although YouTube has an exceedingly large amount of hilarious content, there are also a number of ways this website can be used to exchange relevant information and create increased opportunities for education on a topic of your choosing. The real estate industry has certainly embraced this technology, offering a wide range of content that can be viewed by any person with access to the internet. Check out the video below for more information from a CNBC special report (ironically hosted on YouTube).

PLEASE CLICK HERE TO VIEW PROPERTIES NOT YET ON THE MARKET.

Spoken by Ryan | Discussion: 2 Comments »

Mario Greco on Fox News

May 5th, 2008 categories: Chicago Real Estate News, Mario in the News, Real Estate News, Real Estate Videos

Please click play to watch Mario offer his thoughts on Chicago real estate. More invaluable information for buyers, sellers, industry experts, and those simply interested in the opinions of an industry leader.

PLEASE CLICK HERE TO VIEW PROPERTIES NOT YET ON THE MARKET.

Spoken by Ryan | Discussion: 1 Comment »

Chicago Real Estate Market Analysis on Fox News

March 6th, 2008 categories: Mario in the News, Real Estate News, Real Estate Videos

Click to watch Mario on Fox News discussing the current real estate market. Many say the market is suffering significantly, however Mario dissents from this opinion and offers his views on prevailing market trends.