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Marc Savitt speaks to REAA members after the meeting.
Marc Savitt, of the National Association of Independent Housing
Professionals, spoke to the June meeting of the Sacramento Chapter
of REAA.
Mr Savitt, formerly president of the National Association of Mortgage
Brokers and with nearly 30 years in the mortgage industry, has made
it his mission to overturn the HVCC. He has spoken to groups around
the country, appeared on television in many Fox news business stories
and testified to Congress on the problems with the HVCC.
Mr Savitt, along with Frank Garay and Brian Stevens of TBWS, has
met with Andrew Cuomo's office, and he has personally met with legislators
and regulators, outlining the damage HVCC is doing to small businesses
and to consumers. He shared his insight on the origins, political
and economic, of the HVCC with REAA members. Mr Savitt contends
that all is not lost--that proposed legislation, to be voted on
this summer, will eliminate the HVCC.
More on Marc Savitt and the National Association of Independent
Housing Professionals is available at NAIHP.org.
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Steve Palubinskas, appraiser in Mill Valley and member
of the North Bay Chapter of REAA, spoke to the Sacramento mtg. on
May 11.
"Securitization and the Secondary Markets: The Bailout,"
presented the causes, history and implications of the mortgage meltdown.
Steve detailed the problems with mortgage-backed securities, credit
default swaps and collateralized debt obligations and the ponzi
scheme which resulted from abuse of the financial system.Steve explained
how the bailout "saved" the market but at the cost of
converting private debt (bad mortgages) to public debt (A 30% rise
in US national debt since 2008.)
Although unemployment and tight credit markets are still in place,
Steve sees some signs of recovery, such as stronger investor interest
in mortgages. "I'm more
optomistic in 2010," said Steve, "than I was in 2009."
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