I guess Mike Lee's 1.1 million dollar

[falafel]

I've done nothing but firsts and have seen it about 80% of the time. And I am only post TARP.

You've seen banks going after people for deficiencies for first mortgages? 80% of the time?

What are the deficiency laws in NM? In Utah, if I am not mistaken, you can't really pursue a deficiency unless the loan was for more than $500,000 and/or it wasn't the borrower's primary residence. Nevada has similar laws.

[Color Me Badd Fan]

You've seen banks going after people for deficiencies for first mortgages? 80% of the time?

What are the deficiency laws in NM? In Utah, if I am not mistaken, you can't really pursue a deficiency unless the loan was for more than $500,000 and/or it wasn't the borrower's primary residence. Nevada has similar laws.

6 months in Nevada, 3 months in Utah. But that's just for foreclosures. Short sales are a different story. I find the 80% figure exceptionally hard to believe. Vulture funds that bought loans from failed banks have been quite aggressive. But the big 4 are just not being very active.

[Uncle Ted]

I'm just saying that it's not uncommon in the last couple years to see short sales approved with the banks writing off the balance on a first position mortgage. It's a little more unusual to see second position lenders writing off the balance instead of pursuing the personal guarantee, but it's not that uncommon.

Short sales were pretty uncommon 3+ years ago - banks weren't willing to write anything off, and they ended up foreclosing on a lot of property. Now the banks seem less likely to force foreclosure with a cooperative homeowner.

Lee's fiscal conservative credentials are certainly debatable, but I wouldn't be surprised to see a similar short sale approved by JPMorgan (or other, similar bank) for a non-senator.

In other news at the JP Morgan senate hearing... the regulators need more money.

JPMorgan Hearing: Market Regulators Warn They're Broke, Outgunned By Wall Street

Two of the most important financial regulators in the country have a message for Congress: We need more money.

At a hearing before the Senate Banking Committee Tuesday morning, Securities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler told lawmakers that the demands on their agencies to expand oversight are growing, but that their pocketbooks are not.

[...]

Other senators, it seems, have their hands in the JP Morgan cookie jar...

The two senators who led Tuesday's Congressional inquiry into JPMorgan's $2 billion trading loss are no stranger to the powerful Wall Street firm.

Democrat Sen. Tim Johnson, the chairman of the Senate Banking Committee, has received $59,000 from JPMorgan and its employees since becoming chairman in 2011, by far his largest funder over that time, according to the Center for Responsive Politics. The bank and its employees have been Johnson's biggest patron since his Senate re-election campaign in 2007, and have given more than $80,000 since he entered Congress in 1987.

That makes JPMorgan the second-biggest funder of Johnson's Congressional career, a fact he has in common with the committee's ranking member, Republican Sen. Richard Shelby.

However, despite ranking lower, Shelby has consistently received more JPMorgan funding than Johnson, according to the Center's data. The two entered Congress the same year, but Shelby has gotten $140,000 from the bank and its employees, $60,000 more than Johnson.

[...]

http://blogs.marketwatch.com/electio...contributions/

When Jamie Dimon looks at members of the Senate Banking Committee at an upcoming hearing on J.P. Morgan’s costly trading blunders, he’ll be looking at men who have been given tens of thousands of dollars by his employees.

Employees of the Wall Street giant and political action committees tied to it have given to the campaigns of eight of the banking panel’s 22 members, according to a search of data compiled by the Center for Responsive Politics. In the cases of some members – like ranking Republican Richard Shelby, and Jack Reed, the panel’s No. 2 Democrat – J.P. Morgan-related donors are among their top five campaign contributors.

It seems there is a lot of back scratching going on these days. Too bad for JP Morgan that Mike Lee isn't on the Senate Banking Committee but maybe he has some friends who are.

[New Mexican Disaster]

6 months in Nevada, 3 months in Utah. But that's just for foreclosures. Short sales are a different story. I find the 80% figure exceptionally hard to believe. Vulture funds that bought loans from failed banks have been quite aggressive. But the big 4 are just not being very active.

So, i have asked around and I am just unlucky. The other folks who do this type of work have had similar experiences to what you are describing. Results atypical I guess.

[Color Me Badd Fan]

So, i have asked around and I am just unlucky. The other folks who do this type of work have had similar experiences to what you are describing. Results atypical I guess.

Maybe you're dealing with a lot of jumbo loans. Mike Lee would have had a jumbo loan, but apparently JP Morgan is more apt to waive going after a deficiency -- and I would imagine that typically people have to come up with a cash contribution to get that waiver.

Didn't Mike Lee go to BYU Law School? I can't imagine his student loans are that much. And he graduated 15 years ago.

[Uncle Ted]

Didn't Mike Lee go to BYU Law School? I can't imagine his student loans are that much. And he graduated 15 years ago.

Maybe he is holding out for Obama's student loan forgiveness plan.

[CardiacCoug]

I guess what I don't understand is why Lee would take out such a huge mortgage (at least $900K or so probably sounds like) while contemplating a Senate run and that hit to his salary.

Seems like he should have had a little more home equity too with owning a home during the huge runup in home prices.

[old_gregg]

Didn't Mike Lee go to BYU Law School? I can't imagine his student loans are that much. And he graduated 15 years ago.

i cannot fathom that the son of rex lee would have paid tuition at jrcls.

[falafel]

6 months in Nevada, 3 months in Utah. But that's just for foreclosures. Short sales are a different story. I find the 80% figure exceptionally hard to believe. Vulture funds that bought loans from failed banks have been quite aggressive. But the big 4 are just not being very active.

The 6 and 3 months time limits are only apply where the residence wasn't a primary residence (plus a few other requirements). In those cases, there cannot be any award of a deficiency judgment.

[Viking]

i cannot fathom that the son of rex lee would have paid tuition at jrcls.

It's so cheap!!!

[DU Ute]

What an idiot. Mike Lee Adds Abortion Measure to Cybersecurity Bill.