Comments on: FHA Management Report Shows $414 Million Positive Value for HECM Program

By: Anonymous

Anonymous — Tue, 08 Dec 2009 18:16:00 +0000

The Critic,rnrnI appreciate your concern. I will terminate any future exchanges with Mr. Torres.

By: Anonymous

Anonymous — Tue, 08 Dec 2009 18:12:00 +0000

Mr. Torres,rnrnI appreciate those who stand up for what they believe. I do not appreciate those who try to be less than truthful in hiding what they did write.rnrnI cannot understand how when the thread is on the management report discussed in the article and I quote you, you assume I am focusing on an IBM prepared actuarial report that was not mentioned in my comment or in the comments (including yours) or the article that immediately precede my first quote of what you wrote. While people make such mistakes, somehow your claim fits a different pattern.rn rnIn the last comment addressed to me you write: u201cI think you have impressive credentials as a CPA and RE broker.I never questioned those at all.u201d Here is what you said in your second comment above: u201cYour argument lacks theoretical rigour and frankly if you are an accountant please stick to accounting theory.u201d In fact you did question if I was an accountant at all so I responded that I am a CPA giving you the government entity where you can verify that I am what I claim and more.rnrnYou then go into great lengths at giving all but unverifiable education information and job experience about yourself. You provide exhaustive information in an attempt to impress when that was not asked of you at all. Worse, you intend to insult and then when exposed, childishly deny your insult. rnrnMy esteem for what you write is in decline. You deflect and then try to take the high road. You may not be bothered by my rebuke but while not disappointed with your intellect, I am disappointed with your intellectual integrity. Even though in the past I found your discourse valuable, I must decline any further exchanges on this website.rn

By: Abel Torres

Abel Torres — Tue, 08 Dec 2009 16:48:00 +0000

Thank you Critic for the good points.rnrnI totally agree with you regarding the push to stop and reverse the tide of negative and pessimistic views by some in our goverment about the health of the HECM program. I am willing to help and contribute, but unfortunately I am not an “insighter” or previewed to the data before it is released. For some reason, I think that there seems to be the need for training the decision makers and their aids on some of the basic technical fundamentals of the program. One culprit could be the lack of public distribution of the reports on which the PL algorithm is based.If more of these folks understood the details then perhaps we could prevent further cuts.rnI am willing to contribute.rn

By: Abel Torres

Abel Torres — Tue, 08 Dec 2009 16:35:00 +0000

Mr. Veale,rnrnI agree with Critic that we best put our efforts together rather than engage in sort of negative attacks back and forth.rnJust for clarification: I thought that you were referring to the Actuarial report as the audited, short distribution report. That is the way it came accross in your post.As far as to why I keep looking at the algorithm versus the actual data (ie what you call historical data), my view point is that the algorithm is used as a prediction tool, while the data (or historical data as you call it) is the validation of that prediction tool. Keep in mind that my brackgound is in engineering, developing theoretical tools and validating them against experimental data. That was a long time ago. Point is: if the data doesnt validate the algorithm then some changes or tweaks may be required. It seems like the administration and others are beating the drum that the program is in bad shape when they fail to validate the tool with the data coming in.rnrnAs for credentials:rnI hold an BS in aerospace engineering, worked for National Aerospace and Aeronautics Agency (NASA) for 10 yrs developing advanced hypersonic aerodynamics and propulsion models.You may find a NASA tr report out there but most of my bibliography is not in the open.rnI hold a MS in Computer Science and worked 3 years for Telcordia (Formerly Bellcore Labs) as a consultant to several large Domestic and International Telecom CarriersrnI worked as Consultant to NASA (SAIC) working on developing risk models for the lunar and mars mission (including ARES) before the concept became a reality. This is where I learned a lot about risk analysis.rnI works for one of the 3 top Reverse Mortgage Lenders on their retail side. This is where I learned the RM bussiness for 3 yrs.rnI have worked for an OCC regulated institution for the last 2 1/2 years as RM Sales Manager.rnI have registered with the NMLS system but right now the system doesnt allow the public view just yet.rnrnSo as you can see I am not just a RM originator but also a “rocket scientist” who does RM loans. So I guess that is why I look at this program with a slight different point of view than others.rnrnI think you have impressive credentials as a CPA and RE broker.I never questioned those at all.rnrnCheers

By: James_E_Veale_CPA_MBT

James_E_Veale_CPA_MBT — Tue, 08 Dec 2009 16:16:13 +0000

The Critic,

I appreciate your concern. I will terminate any future exchanges with Mr. Torres.