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| John Alta on the Mortgage Market |
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John Alta gave a presentation on the history and status of the Long Island residential mortgage market at our regular meeting on Wednesday, May 9th.
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John is a Retail Sales Supervisor with the Wells Fargo Home Mortgage Division.
He spoke of the mid-late 2000's residential sales market euphoria and some of the home mortgage/securitization abuses which led to the recent market collapse and eventual financial crises from which most countries are still trying to recover. He also described some of the effects of federal government legislation and over-reaction, such as the Fannie Mae/Freddie Mac debacle, drafting new regulations designed to solve past problems, and the results of keeping interest rates artificially low.
John then discussed the overwhelming problem facing banks in several states (including New York) in trying to resolve the home foreclosure mess, and of the "shadow" home inventory resulting from bank's unwillingness to assume financial responsibilities for the homes following foreclosure. On a brighter note, he stated that the problems on Long Island seem to be working out and the housing market appears to be starting the long-awaited upswing.
John concluded his talk with a bit of motivational advice about what it takes to be successful in all of life's endeavors. A lively Q&A session then followed, much of which centered on bank re-financing and on the many confusing mortgage ownership/foreclosure issues resulting from the aforementioned abuses and market collapse.
John was the guest of Geoff Matherson; they're shown above with Babylon Rotary President-Elect, Kathy Moore.
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Rotary Club of Babylon
