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CFPB Aims Sights at Real Estate Offices

Well it’s here.  There is a class action lawsuit for $11.2 million against a large real estate company for RESPA violations.

NAR can’t really do anything about this one.  Long & Foster Real Estate is on the short end of the stick with regards to a huge RESPA lawsuit.  They’re allegedly in cahoots with another company sharing settlement fees and they are facing a lawsuit over it all.  A lawsuit to the tune of over $11 million PLUS guys.  I think a lot of us figured the real estate agents out there were pretty well protected by their mega watch dog the National Association or Realtors with respect to this kind of stuff, but it would appear that this isn’t the case.

CFPB lawsuitIf you think about it, NAR really can’t do anything about this and the word on the street is that the CFPB themselves are looking into “several” real estate companies that have these types of relationships.  This should be very very scary to any real estate company out there with this type of agreement with another party.  Why?  Because the CFPB can waltz into virtually any organization and shut them down.  There’s no one to regulate them, or there’s no one for them to answer to.  So if RESPA is in question, it really doesn’t matter who you are, you’re going to have to pay or get shut down.  From what we can see there’s no middle ground with the CFPB.

Of course Long & Foster is going to fight it, but it doesn’t matter, they’ll probably wind up paying something.  We believe we’re right  because it seems like everybody winds up paying something these days.  We’ll let you watch the show for the rest of the details, and we really recommend you do because there are literally thousands of relationships out there that resemble what’s going on with Long & Foster.  If you’ve got one going right now, you should consider dumping it ASAP because the CFPB is on to this and real estate offices are not exempt from their iron fist.

Here’s your association links:  MBA, NAR, NAMB

On a happier note, to get more purchase business you should check out our Listing Booster webinar this Friday.  You can CLICK HERE to register for it.

You all have a wonderful day!

Frank and Brian

Another Chase Banker Dies

There absolutely has to be something going on at Chase right now as yet another executive takes his life by jumping 30 stories to his death.

Last week we reported that high level investment execs have been killing themselves.  Two of those guys were from Chase and now yet another Chase banker has decided it would be better to jump off a building in Hong Kong rather than go to work the next day.  That’s three from Chase in the past few weeks.  One jumped off a cliff and the other two jumped off of buildings.

Chase JumperNow is this a normal activity in investment banking?  Do execs typically “off” themselves in what seems to be groups?  Look we keep up on the news pretty tightly and this seems pretty darn strange to us.  What the heck is going on around here?  Is Chase being run by Jamie Dimon or Jamie Damien?  Seriously though, is there something going on that they can’t bear to know that’s driving them to suicide?  Or is it foul play?

We just don’t know.  But here’s what we do know, it seems a little odd that this is happening and the preferred method of killing yourself if your a Chase exec is jumping off a cliff or a building.  Jumping off really high stuff?  Really?  I mean, why put yourself through the 6 or 7 seconds of absolute horror before it’s over?  Wouldn’t a quicker method be preferred?  It smells a little fishy to us over here at the NREP.

And what if you bank there, or have a mortgage there, does it make you concerned that this most unusual activity is happening within the walls of one of your financial institutions?  Is there something coming your way that you should be concerned about?  Well, let us know what you think about all this down below and to learn more watch the video above.

And don’t forget the Listing Booster webinar on Thursday.  So many people are taking advantage of the product and the bottom line is they are getting purchase leads and closing purchase deals!  CLICK HERE to register.

With that you all have a wonderful day and stay away from high places!

Frank and Brian

Bitcoin Allowed by Real Estate Firm

Manhattan Real Estate Firm, Bond New York, is now accepting Bitcoin as a means of payment when buying a home.

What is Bitcoin?  Have you ever heard of it?  Well it’s money.  It’s money that has no regulation that’s virtually on-line.  Bitcoin is really taking off and it’s no surprise to us over here at the National Real Estate Post.  We’ve been curiously watching Bitcoin in the news over here for a while now.

bitcoinWhat an interesting thing to consider.  Let’s say you made a million dollars worth of Bitcoin in a year.  Do you know what your tax liability is on that?  Nothing.  Yep, nothing.  Can you buy stuff with Bitcoin?  Yep, all kinds of stuff and now it appears houses are in that mix.  Everyday more and more companies are accepting Bitcoin as payment for their goods or services.

How do you pay with Bitcoin?  With your Bitcoin wallet.  Your wallet can be via the web, software, your mobile phone and now they are coming out with a hardware which is kind of like a credit card.  In fact right now in some Subway sandwich shops you can buy your pastrami foot-long with Bitcoin.

This is a fascinating thing to get your head around.  With the value of the dollar always being a concern, and the fear of world governments monetary policies causing problems, we bet you’ll see this whole Bitcoin thing get bigger and bigger.  Is it safe?  Who knows?  Naturally there are many detractors, but while they’re detracting, Bitcoin rages on.

Our thought is, now that Bitcoin is being accepted on a home purchase, who soon will it be before some young high tech whipper snappers come along and figure out how to provide Bitcoin mortgages?  The thought of it is very intriguing to say the least.  Let us know your thoughts about all this below!

Don’t miss this Wednesday’s webinar with Barry Habib.  Click the banner below.  Have a great day!


Frank and Brian

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