On Monday July 25, 2011, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate Radio show on The Big Talker 1580 AM, hosted by Ryan Sloper.
Listen to the show.
Part 1 (24:25)
Ryan discusses the heat wave that is gripping the nation. Louis and Ryan discuss the debt ceiling and the lack of a deal to date. Ryan notes that there is tremendous uncertainty. Louis notes that a signal should have been sent to the market that the US would not default on its debt and would cut spending elsewhere to ensure that money would be available to pay debt holders. Louis notes that the President’s position is largely based on not wanting to be negotiating a debt reduction deal when he is running for reelection. Louis notes that the US has a triple A credit rating despite having a $14 trillion deficit and having difficulties coming up with an agreement on how to service it. Louis mentions Ron Paul’s idea that the US should not pay the interest on the bonds that the Federal Reserve bought with money they created out of thin air. Ryan and Louis discuss their surprise that mortgage interest rates are still low. Louis notes that a grand plan to reduce the deficit is not feasible in a week and that Congress needs to change how they do business, rather than relying on raising the debt ceiling. Ryan notes the suggestion of eliminating the mortgage interest deduction as a means to reduce the deficit. Louis notes that the government uses arbitrary numbers and applies them nation wide and does not account for regional differences in the costs of living. Ryan notes an idea floating around that the government might take over foreclosed homes and rent them out. Louis notes the political posturing that takes place by noting that the public is told that essential services like police and fire departments or social security may be cut if the budget is not passed. They never threaten to shut down things like the Department of Energy or the Department of Education, rather they threaten what you need. Louis notes that the entire debt ceiling debate is framed in terms of raising the debt ceiling as necessary to pay the bonds rather than noting that debts can be prioritized. Ryan and Louis discuss the nature of government and its involvement in the economy. Ryan predicts a double dip recession and that interest rate will rise. Louis notes that the Fed is merely trying to reheat the economic souffle with QE1 and QE2. Louis and Ryan note that a 4% mortgage rate is a good deal given that the inflation rate is higher than that.
Part 2 (14:39)
Ryan notes that housing starts were 629k higher than expected. Ryan notes that the construction was led by condos. Louis notes there is no nationwide housing shortage. Louis notes that the new home market should drive the real estate market, not the existing home market, as actual goods are produced.Ryan and Louis discuss the difficulties that home builders face as they are competing with a glut of existing homes. Louis notes the same cultural affinity for new homes does not exist in the same way Americans love new cars. Ryan and Louis note that its difficult to time interest rates. Louis notes that the chances of substantially lower rates, however, is remote. Louis cites Oscar Wilde. Ryan and Louis discuss the increasing incidents of fraud relating to REO properties.
Part 3 (11:53)
Ryan and Louis discuss the ongoing robo signing scandal. Ryan notes that banks are reluctant to do loan modifications and often opt for foreclosure instead of loan modification. Ryan notes that many government programs do not help the housing market. Louis agrees that government programs often don’t work and cites the war on drugs and war on poverty and the post office as examples and argues that the free market is more efficient. Louis notes that it made common sense to make bad loans based on government programs that encouraged lenders to make loans.
Part 4 (1:30)
Ryan wraps up the show.
Listen to other Real Estate Radio shows with Louis Cammarosano
Listen to the Real Estate Radio show of July 11, 2011
Listen to the Real Estate Radio show of June 27, 2011
Listen to the Real Estate Radio show of June 20, 2011
Listen to the Real Estate Radio show of May 23, 2011
Listen to the Real Estate Radio show of May 16, 2011
Listen to the Real Estate Radio show of May 9, 2011
Listen to the Real Estate Radio show of May 2, 2011
Listen to the Real Estate Radio show of April 25, 2011
Listen to the Real Estate Radio show of April 18, 2011
Listen to the Real Estate Radio show of April 11, 2011
Listen to the Real Estate Radio show of March 21, 2011
Listen to the Real Estate Radio show of March 14, 2011
Listen to the Real Estate Radio show of February 28, 2011
Listen to the Real Estate Radio show of January 24, 2011
Listen to the Real Estate Radio show of November 29, 2010
Real estate radio interviews also available on Youtube
About the Real Estate Radio Network
The Real Estate Radio Network® is a nationwide alliance of real estate related professionals with a common objective: delivering the timely truth about local Real Estate Markets over local radio stations.
The Real Estate Radio Network brings hard-working and ethical professionals in a community together. We provide the media and forum necessary for Consumers to learn the truth about important aspects of their financial life, which is mostly centered around their biggest investment, the home they live in. The Real Estate Radio Network® brings each radio program to the audience with a “live and local” show hosted by well-respected members in the local Real Estate and Financial community.
About Ryan Sloper
As a highly motivated mortgage consultant, with more than nine years of mortgage lending experience, Ryan Sloper has acquired a solid understanding of the local and national real estate markets. Ryan has been investing in residential and commercial real estate for the last 5 years, where he has first hand knowledge of what it takes to be a successful real estate investor. Ryan also hosts a weekly radio show, Real Estate Radio, which airs every Monday on 1580 AM in the Washington, DC Metro Area. Real Estate Radio also streams live nationally @ http://whfs.cbslocal.com/shows/real-estate-radio-with-ryan-sloper/