Financial Reform?

The newly passed (in the Senate) Financial Reform legislation has some interesting aspects. in addition to the several hundred new regulatory controls provided to the Executive without Congressional oversight. Also in addition to the fact that nothing is done to assist the small banks in their needs to facilitate lending to small business. Most interesting is the authorship of the Bill, largely at the hands of Chris Dodd and Barney Frank, the two most responsible for pushing Fannie and Freddie in their reckless lending to unqualified borrowers, which lies at the heart of the financial mess the Bill is intended to alleviate. Strangely enough, the same Fannie and Freddie are not even mentioned in the Bill, nor are they constrained in any way from continuing their reckless behavior. It could be that Obama wants this Bill, and it could be a coincidence that Obama, Dodd and Frank were the three largest beneficiaries of Fannie and Freddie political contributions, but I don't think so. Strange also that a settlement has been reached with Goldman Sachs, big numbers to be sure, but nothing compared to the benefits they enjoyed in the AIG bail-out. A bail-out with tax dollars. Now Goldman and the administration can again be friends, and presumably the contributions to those favored recipients can resume. Those favored include but are not limited to, the above mentioned threesome. Threesome may carry some connotation not specifically political, but there has been sufficient written to suggest that all of them may be willing to extend their interest in screwing beyond just the taxpayers.
The administration has some peculiar agendas. They are NOT suing sanctuary cities for violating immigration law. They ARE suing Arizona for voluntarily aiding in the enforcement of immigration law. They are not enforcing voting right violations when blacks are the violators. They did seat Al Franken although there is substantial evidence his win margin was produced by illegal votes of convicted felons. They have interfered with candidates in Senate races in Pennsylvania and Colorado. In the BP oil spill they have appointed an oversight panel composed entirely of environmentalists opposed to drilling, and not one oil expert or businessman. They lie about the meaning of unemployment figures and have spent almost 20 million dollars on propaganda signs extolling the virtues of a failed stimulus package. They have appointed without oversight a new head of financial control in Medicare who holds that he has a love affair with the British Socialist system of health care, and have submitted for approval for the Supreme Court a person with no judicial experience who holds that our court decisions should include a reliance on international law. Most of us are of the opinion that our Constitution made us the best country in the history of the world and we are loathe to surrender those values to an aggregation of laws pursued by a group of failed societies. When another country has surpassed us it will be time for us to consider conforming to that new standard. Until then, let them copy us.
Just to preserve the integrity of this as a real estate blog: Foreclosures are up, prices are flat to down, interest rates are remarkably low. If we can help you in any real estate or mortgage endeavour, please call us.
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Mortgage Confusion?

In one of the publications we receive, intended for mortgage brokers, and designed to present the wares of wholesale lenders plus "informative" articles and editorials, the conflicting information boggles the mind. Within a single column, which cites various sources, the information points to dramatically different conclusions, and sometimes there is conflict within a single source. Case in point. The Mortgage Bankers Association reports that foreclosures hit another record, "perhaps their peak", yet conclude that "If mortgage delinquencies are not yet clearly improving, it also appears they are not getting worse". In the same column it's reported that home sales in April increased "across the board", a result of the tax credit, so not a reliable statistic, just accelerating future sales. At the same time the Case-Shiller Home Price Index reported a 3.2% drop in home prices in major markets in the first quarter. Also at the same time it is widely reported that Jumbo Loans are becoming easier to finance, of interest to a very small segment of the population, yet unreported is the increasing difficulty of obtaining a conventional loan, those financed under Fannie/Freddie guidelines, which affects most of the population. As you probably know, Fannie and Freddie have been forced to de-list their stock from the major exchanges because of too low valuation. It is estimated by some that the ultimate cost to taxpayers of the mismanagement of those institutions is likely to exceed ONE TRILLION dollars, a real tribute to the leadership abilities of Frank and Dodd and other Congressmen. Trying to understand the marketplace is keeping many good people awake at night. Possibly after November some sense of order will be restored.
We have hired as captain of our ship of state an individual with no clear idea of our destination, no clear idea of how to reach it, no ability to hire crew members with any knowledge of the functioning of the system, and an inability to make the simplest decisions, unless we include choosing a tee time. HERE is an article of interest about why we're where we are.

Our office can still arrange financing or refinancing for you, and at rates that are the lowest in years. Call and let us compete for your business.
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Happy Birthday

For just a moment we can reflect on our collective very good fortune to be the beneficiaries of the actions of a small group of people who revolted against the notion that some people are born to be "rulers" and some are born to be ruled. The excitement of the celebrations, of fireworks, inspiring music, and the faces of citizens literally glowing with the joy of simply "being American", fills all of us with a sense of pride and gratitude. As a nation we come together to recognize our greatness. We are the most generous people one earth. We are the most innovative people on earth. We are the most fortunate people on earth. All because a small group of people gathered 234 years ago to put into words the philosophical concept that "All men are created equal". No government can infringe on this notion, and any government rules only with the consent of the governed. We have flourished as no nation before us because we are a nation of individuals, and government exists to secure and protect us as individuals. Tomorrow we'll be back to business as usual, and we are in perilous times. If we can individually recognize, and collectively exercise, the idea that the guarantee of equality is one of opportunity, and not of outcome, we'll probably survive. There are many issues to be addressed, but for today I wanted to join in the feelings of gratitude for being a part of the whole thing. Particularly a great thanks to the dedicated members of our military.
For those wishing more from better writers, go HERE
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