Are you watching the Democratic Convention? I'll admit it. I love to watch this stuff. Not that I'm a Democrat or Republican (I vote for the person, not the party.) it's that I find this kind of thing very interesting. It only happens every 4 years and compared to some of the junk on TV, this isn't too bad to watch. You get to listen to the speeches and then the TV commentators tell you what it all means. (you know we can't figure it our for ourselves!)
I know that the convention is a big production. Everything is scripted and preset. Who's going to speak what night and what are they going to say? And most of all, how are they going to say it?
It is all hype, designed to make who ever is the hosting party look like they are for the people, that they have the best plans for us and that if you vote for the other guys, you are making a huge mistake.
I get that.
However, I just think it is important. It is important because no matter who wins, that person is going to face some of the toughest problems an incoming President will have to face. And you may think your vote doesn't count, tell that to Al Gore. Remember the mess in Florida? If anything your vote should be about you saying "Here's how I feel."
Now maybe you feel that you can't select either of the candidates because neither of them doesn't do anything for you. I get that too.
Sometimes that's the way I feel about our choices. But whoever I end up voting for will be the person that I like better. Even if it is just a little better. But I will have my say on election day.
I understand that most candidates promise everything but deliver nothing. And they bash each other during the primaries but after the primaries are over they are the best of friends and practically whispering sweet nothings in each others ears.
But this is the system we have (or stuck with for a lack of a better term). So I choose to join it because this is the true meaning of being an American. Forget about the commercials or the signs or radio ads. What it comes down to is you and your ballot because at that moment, you are in charge.
So I like the conventions. It will help me with my decision. Hopefully, it will help with yours also.
But I have a confession.
I like the debates too.
If you have any comments on this article, I would love to hear what you have to say! Feel free to comment below.
Thanks for reading!
Dan Tenchall
Great Lakes Mortgage Funding
For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!
Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com
Thursday, August 28, 2008
Thursday, August 14, 2008
What's On The Way?
How about this article from CNBC? (http://www.cnbc.com//id/26192036) It states that filings for foreclosures increased a whopping 50% compared with the same month a year ago. 50%!! And we can only assume it going to worse before it gets better. Because in reality, what has changed to make it better? Nothing that I can see.
Now read this quote from the article. "President Bush last month signed sweeping housing legislation that aims to prevent foreclosures by allowing homeowners to swap their mortgages for more affordable loans, but only if their lender agrees to take a loss on the initial loan. The bill is projected to help about 400,000 households." Did you read that clearly? "Only if their lender agrees to take a loss on the initial loan" And what if the lender doesn't agree to take a loss on the initial loan? Hmm. Did our government pass some legislation that doesn't really help anyone?
Consider this quote from the article: "The number of foreclosures "could start to stabilize as early as the first quarter of next year if the government program gains any traction," said Rick Sharga, RealtyTrac's vice president for marketing. "That's really the unknowable right now." "if the government program gains any traction" (in other words, will the program actually help anyone) Say it one more time, Rick. "That's really the unknowable right now" Rick, I think we know the answer right now.
The lenders are concerned about losing money, not because the new loan amount will be less, but because the appraised value will be less than what is owed on the property. The lender will not want to lend out more money than the property is worth. However, they were the same lender the gave out the money to the home owner when the appraised value was higher when the initial loan was made.
So why does a lender have to lose money in the first place? Can't the lender just restructure the loan dropping the interest rate, keeping the loan amount the same but putting the lost interest in the back of the loan? Can't they raise the rate back up as the property values start to climb back? Isn't this better than waiting to see if the government program "gains some traction"?
Believe me. I know it is not this simple. But by letting so many homes go into foreclosure just makes the housing crisis even worse. It has a snowball effect that we just don't know the scope of yet.
I want the lenders to get paid back what they are owed. That's only fair. But I think the lenders also need to be more responsible to the people who need them the most: their clients.
It doesn't make sense to wait for a program to "gain traction" when the housing market already stuck in the mud.
And sinking fast.
If you have any comments on this article, I would love to hear what you have to say! Feel free to comment below.
Thanks for reading!
Dan Tenchall
Great Lakes Mortgage Funding
For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!
Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com
Now read this quote from the article. "President Bush last month signed sweeping housing legislation that aims to prevent foreclosures by allowing homeowners to swap their mortgages for more affordable loans, but only if their lender agrees to take a loss on the initial loan. The bill is projected to help about 400,000 households." Did you read that clearly? "Only if their lender agrees to take a loss on the initial loan" And what if the lender doesn't agree to take a loss on the initial loan? Hmm. Did our government pass some legislation that doesn't really help anyone?
Consider this quote from the article: "The number of foreclosures "could start to stabilize as early as the first quarter of next year if the government program gains any traction," said Rick Sharga, RealtyTrac's vice president for marketing. "That's really the unknowable right now." "if the government program gains any traction" (in other words, will the program actually help anyone) Say it one more time, Rick. "That's really the unknowable right now" Rick, I think we know the answer right now.
The lenders are concerned about losing money, not because the new loan amount will be less, but because the appraised value will be less than what is owed on the property. The lender will not want to lend out more money than the property is worth. However, they were the same lender the gave out the money to the home owner when the appraised value was higher when the initial loan was made.
So why does a lender have to lose money in the first place? Can't the lender just restructure the loan dropping the interest rate, keeping the loan amount the same but putting the lost interest in the back of the loan? Can't they raise the rate back up as the property values start to climb back? Isn't this better than waiting to see if the government program "gains some traction"?
Believe me. I know it is not this simple. But by letting so many homes go into foreclosure just makes the housing crisis even worse. It has a snowball effect that we just don't know the scope of yet.
I want the lenders to get paid back what they are owed. That's only fair. But I think the lenders also need to be more responsible to the people who need them the most: their clients.
It doesn't make sense to wait for a program to "gain traction" when the housing market already stuck in the mud.
And sinking fast.
If you have any comments on this article, I would love to hear what you have to say! Feel free to comment below.
Thanks for reading!
Dan Tenchall
Great Lakes Mortgage Funding
For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!
Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com
Thursday, August 7, 2008
It's Not Christmas Is It?
"Retailers are largely reporting disappointing sales in July, with many retailers falling short of analyst estimates, as consumers remain cautious with their spending and are running out of extra cash from their tax rebate checks." according to an article on CNBC.com. (http://www.cnbc.com//id/26049865)
Really!?
Of course the retailers are disappointed. I'm sure they were all waiting for consumers to run in the mall with the rebate checks we all got from Uncle Sam (Thanks Uncle Sam, from the bottom of our hearts!) and buy like there is no tomorrow. Christmas in July? You bet! Because this rebate was going to go right in the cash registers of all these stores.
Well, unless these stores sell gas or food, the expected large windfall most likely will not be at those retail establishments. I guess the choice of either gas or food or the big electronic thing that you would like to buy becomes not much of choice of all.
Forget the rebate checks. If you want to stimulate our economy (actually I mean jump start it), lower gas by a $1 a gallon. I know this move is impossible (because it makes perfect sense?) to do. But can you imagine what this would mean? You know, I can't imagine it.
More car sales, lower food prices, maybe more jobs, more home sales, stronger dollar.
Maybe we would be able to buy the big electronic thing.
I still can't imagine it.
If you have any comments on this article, I would love to hear what you have to say! Feel free to comment below.
Thanks for reading!
Dan Tenchall
Great Lakes Mortgage Funding
For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!
Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com
Really!?
Of course the retailers are disappointed. I'm sure they were all waiting for consumers to run in the mall with the rebate checks we all got from Uncle Sam (Thanks Uncle Sam, from the bottom of our hearts!) and buy like there is no tomorrow. Christmas in July? You bet! Because this rebate was going to go right in the cash registers of all these stores.
Well, unless these stores sell gas or food, the expected large windfall most likely will not be at those retail establishments. I guess the choice of either gas or food or the big electronic thing that you would like to buy becomes not much of choice of all.
Forget the rebate checks. If you want to stimulate our economy (actually I mean jump start it), lower gas by a $1 a gallon. I know this move is impossible (because it makes perfect sense?) to do. But can you imagine what this would mean? You know, I can't imagine it.
More car sales, lower food prices, maybe more jobs, more home sales, stronger dollar.
Maybe we would be able to buy the big electronic thing.
I still can't imagine it.
If you have any comments on this article, I would love to hear what you have to say! Feel free to comment below.
Thanks for reading!
Dan Tenchall
Great Lakes Mortgage Funding
For FREE Mortgage tips, Mortgage Calculators,must have articles and much more please visit my website!
Michigan Mortgage Rates
(586) 532-0600
dan@glmf.com
Subscribe to:
Posts (Atom)