CAMB Economic Forecast

There are over 2000 CAMB mortgage professionals all over the State of California. As a result, they provide a grass-roots view of the real estate and mortgage markets. Here is a summary of member opinions about these markets:

50% do not expect stabilization of their real estate markets until 2010
54% expect sales concessions to increase
77% expect an increase in foreclosures
64% expect an increase in housing affordability
50% expect no increase in the types of loan products offered this year, with the vast majority expecting FNMA and FHA 30 year fixed loans to be prevalent
62% think that the Obama administration will have a positive effect on the real estate market and stabilization of the real estate industry

Integrity in the lending process: CAMB members speak out
The overwhelming majority of respondents to our survey have been in the mortgage business for more than 10 years and own their businesses. Hence, they have a long-term perspective on the industry and a vested interest in the health of the mortgage financing system.
69% feel that loan modifications should be heavily regulated
Respondents call for tougher licensing and screening requirements for those who wish to be in the mortgage industry
Respondents call for better reporting mechanisms for industry members who commit fraud or engage in unethical behavior
Most respondents think that the return of simpler loan products and more stringent underwriting standards will prevent many of the abuses that have occurred in the recent past
Respondents emphasize the need for more consumer education and strict enforcement of existing consumer protection laws