Don't foget to Contribute in 2008! - 12/31/07 02:10 PM
A brand new year 2008 is here, Open your heart and be of good cheer.
A year full of promise and good things to come. In your list of resolutions, let good deeds be one.
Help one another and give of your love, for that will be pleasing to the Father above.
My Wish for All My Active Rain Friends in 2008 May peace break into your house and may thieves come to steal your debts. May the pockets of your jeans become a magnet of $100 bills. May love stick to your face like Vaseline and may … (4 comments)
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What type of "Apartment" will 150 Million Dollar's Get YOU? - 12/30/07 11:54 PM
… (8 comments)
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The Vinoy sold to FelCor ....hopefully they will take care of this Magnificent Historical Treasure! - 12/29/07 06:45 PM
FelCor Lodging Trust (NYSE: FCH), based in Irving, Texas, purchased the Vinoy Hotel and Resort from WSRH VSP LP, a subsidiary of Walton Street Capital for $112.5 million, Pinellas County public records show.
The sale means that the Vinoy, which was opened in 1925, sold for $310,000 per room.
The AAA Four-Diamond resort also features an 18-hole golf course and club house, 74-slip marina and more than 50,000 square feet of indoor and outdoor meeting space, restaurants, day spa and the private Vinoy Club.
The origins of the Renaissance Vinoy Hotel in St. Petersburg, Florida trace back to a prank … (1 comments)
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What is your "News IQ"? Take a Quiz to see how you compare - 12/29/07 05:46 PM
As part of the Pew Knowledge Project, people are invited to test their own news IQ by taking an interactive knowledge quiz now available on the Pew Research Center website.
The short quiz includes the same questions that were included in the national poll.
Participants will instantly learn how they did on the quiz in comparison with the general public as well as with people like them.
Take the quiz!
… (7 comments)
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Economic Indicators - 12/29/07 09:54 AM
Economic Indicators.gov is brought to you by the Economics and Statistics Administration at the U.S. Department of Commerce. They provide timely access to the daily releases of key economic indicators from the Bureau of Economic Analysis and the U.S. Census Bureau.
If you want to know when the reports get released click on the calendar. You may link to the most recent release by clicking on the report name below.
… (2 comments)
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A few words of friendly advice for those looking to buy a home..... - 12/29/07 09:31 AM
Pump up your credit score. Black marks, such as late payments or unpaid tax bills, remain on your credit history for seven years -- even if you pay them off. But paying down other loans and reducing credit lines can improve your score in the short run. If you have a credit card that you don't use very often, cancel it.Bring proof. The days of "stated income" loans, in which lenders don't require you to document what you make, are over. If you're employed, be prepared to show your W-2 form for the previous year, and if you're self-employed, your tax … (0 comments)
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Are P3's=Public-Private Partnerships with Sovereign Wealth Fund's a Good Idea or are we "Mortgaging" our roads to pay for the Future? - 12/29/07 08:05 AM
Citigroup has a "deal" for Lee County
Recently a New "plan" to fund Lee Counties road projects was discussed and explains how a partnership between Citigroup and Lee County could deal with the long list of very expensive projects it has to build without having to resort to raising taxes...sounds good, right?Below are the highlights of the "plan"~1. Lee County would sell or lease its three toll bridges to the Southwest Florida Expressway Authority2. In return for an upfront payment or annual payments, which are estimated at between $600 million to $1 billion.3. The authority’s power would have to be expanded for … (0 comments)
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As "Good as Gold" means what these days? - 12/28/07 11:48 PM
Gold has been rising since 2001, and the many problems national currencies are suffering mean gold is headed higher still, but...
How much Higher?
In our world, some things are not what they seem at first blush, that is particularly true for gold, which in recent decades has become one of the world’s most misunderstood assets. Because it is accumulated and not consumed, gold’s supply is really an aboveground stock.
The gold price is a barometer that measures whether a national currency is being managed well (i.e., no inflation). Some of the smart people I've spoken to are concerned that … (7 comments)
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The Waltz will go on at the Belleview Biltmore--Score ONE for the Preservationist! - 12/28/07 10:11 PM
Legg Mason, Inc. (NYSE: LM) Real Estate Investors, Inc. filed a formal application with the town of Belleair for the redevelopment of the historic Belleview Biltmore Hotel site.
It is the largest wood-frame building in Florida.
The Belleview Hotel, as it was initially known, was constructed by Henry B. Plant as a resort destination to boost tourist travel on his railroad line serving the west coast of Florida, which he had acquired in 1893 as part of his expanding Plant System network of railroads. The Atlantic Coast Line Railroad, which eventually absorbed the Plant System lines, continued to operate the Pinellas Special train … (4 comments)
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State Economic Profiles - 12/28/07 07:56 PM
Small Business Profiles for the States and Territories, published in 2007 is a review of how small businesses fared in their respective states and how they contributed to the economic condition in their states and that of the United States. This annual profile contains sections on the following topics: the number of firms, industry composition, small business income, banking, women and minority business ownership, and employment. Detailed historical data may be found in the Small Business Economic Indicators and the Small Business Economy reports. The state and territory profiles are in Adobe PDF in text format. Download the Adobe Acrobat … (1 comments)
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What Role is Norma Playing in the Subprime "Situation"? Do you know "Her"? - 12/28/07 07:42 PM
The Rise and Fall of a Subprime CDO Ahhh...The reconstruction of the rise and fall of a Collateralized Debt Obligation named “Norma CDO I Ltd.”
Norma was formed in late 2006. Most of its slices were rated AAA by the ratings agencies in March, but were downgraded to junk status in November. Rather than dispersing risk as they are designed to do, subprime-backed Collateralized Debt Obligation - CDO can be packaged and sold in a way that in effect concentrates the risk. This implies that bank and other losses from CDOs are far from over. There is a terrific article on … (2 comments)
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U.S. CENSUS 2007 vs. 2006 - 12/28/07 07:10 PM
U.S. CENSUS, 2007 vs. 2006
Shifting Population-12/27/07 The Census Bureau's annual estimate of state population changes cover the 12 months ending July 1, 2007. The growth in the population of several of what have been the fastest-growing U.S. states – Arizona, Florida and Nevada, particular – is slowing as fewer Americans are moving there. They also show that people continue fleeing the Midwest -- especially Michigan, one of two states to lose people – and that the Mountain states in the West continue to post large population gains as people arrive from California and elsewhere. Home ownership rate in the … (5 comments)
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Good things in store during the New Year for "Tropicana Field" in St. Pete, FL...Gov. Charlie Crist called the project "one of the most exciting things I've ever seen." - 12/27/07 12:18 PM
… (0 comments)
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How to "Help" your Sellers with their New Year's Resolutions..... - 12/27/07 08:11 AM
New Year's resolutions for Home Sellers
The average price of a home had dropped 3.5 percent nationwide. As we end 2007, the average price of homes has dipped again - a small amount in some markets and by more in others. But given that 2008 is a presidential election year, and real estate normally slows during an election cycle, a real-estate recovery in 2009 seems plausible.
That doesn't mean folks won't be buying. If you're going to sell next year, the key to a successful closing will be planning. Here's a list of home seller resolutions aka a "plan" you might … (5 comments)
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Pst...The Time to Buy is Now! - 12/26/07 09:59 PM
The Time To Buy Is Now! The recent cooling-off of the housing market has made it the perfect time to buy a new home in Southwest Florida. Industry experts are all saying the same thing – homebuyers in Southwest Florida have never had so much selection in their home choices and at prices that provide extraordinary value. Whether seeking a waterfront single-family home, a golf course villa or a condo in a master-planned community, the time to buy is now. Interest rates remain low and Southwest Florida remains a dynamic and growing region. So if you've dreamed of owning a … (0 comments)
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"Tampa, Miami Areas Lead U.S. In Home Price Declines" According to the S&P/Case-Shiller® Home Price Indices - 12/26/07 05:04 PM
Tampa, Miami Areas Lead U.S. In Home Price Declines Broadbased, Record Declines in Home Prices in October According to the S&P/Case-Shiller® Home Price Indices
October 2007 October/September September/August
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 133.79 -1.3% -0.7% -0.7%
Boston 169.34 -0.8% -0.1% -3.6%
Charlotte 133.98 -0.9% -0.6% 4.3%
Chicago 163.12 -0.8% -0.8% -3.2%
Cleveland 115.93 -1.2% -0.9% -4.5%
Dallas 124.44 -0.8% -0.7% -0.1%
Denver 136.08 -1.7% -0.9% -1.8%
Detroit 108.15 -2.4% -0.7% -11.2%
Las Vegas 208.68 -2.2% -1.5% -10.7%
Los Angeles 249.50 -2.1% -1.3% … (3 comments)
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Are you a survivor or a quitter? - 12/26/07 09:40 AM
With the real estate market in the state it is in, do you find agents and others from related fields are calling it quits or scrambling for new options? It's not just real estate agents quitting the field. The struggles of the mortgage industry have been well documented too, so is now a good time to get out or Buck Up?
In my area of South Florida, which has been hammered by the meltdown, agents are turning more aggressively to the internet, using such tools as blogging to boost their sales efforts.
Stories on this topic: Minneapolis / St. Paul: Mortgage brokers … (10 comments)
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A Few Certanties....Death, Taxes and Retiring in Florida - 12/26/07 08:37 AM
Nobility Homes President Terry Trexler talks about what Nobility's Future Plans in the Dec. 2007 Earnings Call
Terry Trexler:
I think, you are going to see in the next 12 months, people looking for more affordable housings. Lot of people are retiring and moving down to Florida, will go ahead and, even though they haven't sold their existing home up north yet, because of the slow market, they will buy a second home and that's why we like the retirement business.
One other thing that we've heard in some of our conversations with the retirement sector is that, they have a limited … (2 comments)
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Christmas message delivered graffiti-style - 12/25/07 10:08 AM
Stacie Lee, owner of Stacie Lee Nicole Salon & Spa, wasn't upset when she saw graffiti with 6-foot-tall lettering splashed across the entire length of the east side of the building housing her business.She was happy that her request for the graffiti turned out so well.The letters spell "Jesus is the Reason for the Season."
"I went to every store and couldn't find anything Christ-like," Lee said. "I thought I would do something of my own."After discussing the graffiti idea with friends, and getting the OK from Krystyna Zapiec, the building's owner — she was connected to Aaron DeLucca, an … (1 comments)
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"A House of Cards" Forget Oprah's Book Club, and read Paige's Pick of the Week - 12/24/07 05:58 PM
A House of Cards
from fantasy finance to global crash
by Gerry Gold & Paul Feldman
A House of Cards connects the crisis to the rise and rise of the global corporations. It's like a guide to understanding the crisis that is sweeping through the global financial system and what it means for ordinary people. It shows how capitalism’s inbuilt drive for profit and continuous growth has created climate chaos, gross inequality and led to the destruction of human rights. The book also contains a detailed, visionary not-for-profit and sustainable alternatives to the market economy.
'A House of Cards provides a lucid and accessible introduction … (0 comments)
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Paying tribute to America's Hero's at Arlington Cemetery - 12/24/07 03:47 PM
Arlington Cemetery At Christmas
Remember the fallen;
Honor those who serve;
Teach our children the value of freedom.
Rest easy, sleep well.
Know the line has held, your job is done.
Rest easy, sleep well.
Others have taken up where you fell, the line has held.
I'd like to share the story of Wreaths Across America, which started in 1992 when Worcester Wreath Company (a for-profit commercial business from Harrington, Maine) began a tradition of placing wreaths on the headstones of our Nation's fallen heroes at Arlington National Cemetery. The Owner, … (2 comments)
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Forget that ole' MonaVie and join me for a sippy sip of something old that's new again - 12/23/07 09:26 PM
St. George Spirits Absinthe Verte Released December 21,2007 It seems only fitting that on this day 74 years ago, the 21st Amendment was ratified and Prohibition ended. St. George Spirits Absinthe Verte is made with fine brandy, star anise, mint, wormwood, lemon balm, hyssop, meadowsweet, basil, fennel, tarragon and stinging nettles. This infamous liquor reveals seductive flavors of anise complimented with sweet grassy tones, light citrus, white pepper, and light menthol notes. It will be available for sale in the distillery store starting December 21st for $75 for a 750ml bottle.
http://www.stgeorgespirits.com/ Van Gogh's Drink In The Midst Of Comeback … (3 comments)
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Do you see the signs...I know the Big Boys do! - 12/23/07 09:48 AM
Large Sales of Land that have occurred recently in Lee County:
Stoneybrook North: The 741-acre development site in North Fort Myers, permitted for 1,275 housing units, was sold by Lennar Homes to Metro Development Group for an undisclosed price as part of the sale of 8,300 home sites in seven Florida counties.In a separate deal, Lennar has formed an investment venture with Morgan Stanley Real Estate to create MSR Holding Co., which owns 11,000 former Lennar home sites nationwide. Lennar paid MSR $525 million for the property.Cypress Shadows: The 362-acre project in Estero, permitted for 770 homes, was sold by Lennar Homes … (7 comments)
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Is it time for a Resolution Trust Corporation(RTC)....Anyone? - 12/22/07 11:38 PM
… (3 comments)
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My OH My How Times Have Changed....1959 to 2008 - 12/22/07 07:42 PM
My OH My…How Times Have Changed National Population 1959: 178 million 2008: 303 million Source: National population estimates http://www.census.gov/popest/archives/1990s/popclockest.txt
Global Population 1959: 3 billion 2008: 6.7 billion Source: International database
http://www.census.gov/ipc/www/idb/worldpop.html
Median Age of the U.S. Population 1959: 29.4 2008: 36.8 (projected) Source: American FactFinder
http://www.census.gov
Average Price of a New Home 1959: $12,400 2008: $288,000 (as of September 2007) Source: New residential sales
http://www.census.gov/const/newressales.xls
Median Age of First Marriage 1959: Men, 22.5; women, 20.2 2008: Men, 27.5; women, 25.5 (as of 2006) Source: Current Population Survey
http://www.census.gov/population/socdemo/hh-fam/ms2.xls
Most Popular Baby Names 1959: Michael and Mary 2008: … (5 comments)
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The housing industry will begin its recovery in the second half of 2008 according to the report from the National Association of Home Builders - 12/21/07 07:40 PM
The housing industry will begin its recovery in the second half of 2008 according to the report from the National Association of Home Builders (NAHB). Jerry Howard, executive vice president and CEO of NAHB said, "We are in a down time, and many markets that overheated during 2003-3005 such as Las Vegas, Phoenix and Miami are undergoing a natural correction.But all housing is local, and the reason we think that the market will stabilize and come back is because many smaller markets that did not experience overheating are still performing at a relatively healthy level. If you balance those markets against … (10 comments)
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Mortgage Fraud 101 - 12/21/07 01:37 PM
Fraud goes a long way toward explaining why mortgage defaults and foreclosures are rocking financial institutions, Wall Street and the economy. The Federal Bureau of Investigation says the share of its white-collar agents and analysts devoted to prosecuting mortgage fraud has risen to 28%, up from 7% in 2003. Suspicious Activity Reports, which many lenders are required to file with the Treasury Department's Financial Crimes Enforcement Network when they suspect fraud, shot up nearly 700% between 2000 and 2006.
There is often a financial connection to crime, and Suspicious Activity Reports (SARs) play a critical role in exposing the financial … (2 comments)
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Are you an Investor or a Gambler? - 12/20/07 10:37 AM
"The man who begins to speculate in stocks with the intention of making a fortune usually goes broke, whereas the man who trades with a view of getting good interest on his money sometimes gets rich."
~ Charles Dow, 1901
When you allow the whims of the market moment to dictate your "investing" decisions, then you are crossing the very fine line into gambling, which is defined as "To bet on an uncertain outcome, as of a contest" and "To take a risk in the HOPE of gaining an advantage or a benefit" and "To engage in reckless or hazardous behavior."
Hope … (2 comments)
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Real Estate Commissions in 2007 total 55 Billion--down 10 Billion from 2006 - 12/20/07 10:22 AM
Commission Rates and Fees Existing Homes Sold By Average Commission Total Year Homes Traditional Home Sales Commission Fee Per Commission Sold* Agents & Price* Rate** Home Amount Brokers (72% Market Share) 2000 5,174,000 3,725,280 $178,500 5.42 % $9,700 $36 Billion 2001 5,336,000 3,841,920 $188,300 5.12 % $9,600 $37 Billion 2002 5,631,000 4,054,320 $206,100 5.14 % $10,600 $43 Billion 2003 6,178,000 4,448,160 $222,200 5.12 % $11,400 $51 Billion 2004 6,778,000 4,880,160 $244,400 5.08 % $12,400 $61 Billion 2005 7,076,000 5,094,720 $266,600 5.02 % $13,400 $68 Billion 2006 6,478,000 4,664,160 $268,200 5.18 % $13,900 $65 Billion 2007 5,500,000 3,960,000 $267,700 5.18 % $13,900 $55 … (0 comments)
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How much was your cut of 55 Billion? - 12/20/07 10:12 AM
Commission Rates and Fees Existing Homes Sold By Average Commission Total Year Homes Traditional Home Sales Commission Fee Per Commission Sold* Agents & Price* Rate** Home Amount Brokers (72% Market Share) 2000 5,174,000 3,725,280 $178,500 5.42 % $9,700 $36 Billion 2001 5,336,000 3,841,920 $188,300 5.12 % $9,600 $37 Billion 2002 5,631,000 4,054,320 $206,100 5.14 % $10,600 $43 Billion 2003 6,178,000 4,448,160 $222,200 5.12 % $11,400 $51 Billion 2004 6,778,000 4,880,160 $244,400 5.08 % $12,400 $61 Billion 2005 7,076,000 5,094,720 $266,600 5.02 % $13,400 $68 Billion 2006 6,478,000 4,664,160 $268,200 5.18 % $13,900 $65 Billion 2007 5,500,000 3,960,000 $267,700 5.18 % $13,900 $55 … (0 comments)
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Jorge Perez- The Related Group getting a Helping Hand from Friends all over the World - 12/19/07 08:03 PM
Related Cos., of South Florida, has netted a nearly $1.4 billion equity and debt investment. MSD Capital LP and Goldman have bought equity stakes totaling 7.5 percent in New York City-based Related. (This is the 1st outside investment in the company.) Three international entities have also agreed a debt placement, including an affiliate of the investment arm of the government of Abu Dhabi, Mubadala Development Co., and the Olayan Group of Saudi Arabia. "As the industry continues to move toward bigger, more complicated development transactions, these new financial partnerships ensure that Related has a ready and deep source of capital to … (0 comments)
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a positive way to end ther day.... - 12/19/07 02:48 PM
Dear AR Friends,
Please take a moment from what you are doing or save this for a quieter part of your day… the latest Romney TV ad deserves a close look.
In the ad, Robert Gay, a former business partner of Governor Romney, recounts the story of his daughter who disappeared in New York City in the summer of 1996. When no one could find her, Governor Romney and his colleagues stepped forward and closed down their company in Boston, Bain Capital. Together they headed to New York City to aid the search. Spreading out across the city, they set up … (1 comments)
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It's no longer a One-Way road into Florida- 20% or 1/5 of Floridians ready to pack up and head north! - 12/19/07 11:32 AM
With the Sunshine State no longer a cheap place to live, one in five Floridians is ready to pack up and move out, according to the Leadership Florida New Survey. Leadership Florida hired Mason-Dixon Polling and Research to phone 1,200 Florida residents.
The number - 1/5 or 20% of Floridians are thinking about leaving - should be a big warning sign to our politicians.
The study finds that property taxes and insurance are major gripes for residents. Asked to name "the single greatest strain" on their pocketbooks, 29 percent cited property taxes, 22 percent named gas prices and 14 percent pointed … (3 comments)
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Renting may be the most cost-effective form of shelter - 12/19/07 10:43 AM
For the first time ever, at the end of 2005 - the peak of the boom - the vacancy rate for single-family homes was greater than the vacancy rate for rentals, according to the National Association of Home Builders.
"The current high vacancy rate for single-family rentals is most likely due to excess supply from individuals who originally purchased a house with hopes of quickly selling it for a profit and now find they must either sell at a loss or rent the property until the housing market rebounds," the association said.
Despite rising rental costs, the number of renters is … (2 comments)
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Which would you rather see as a Headline? - 12/19/07 08:52 AM
This is one of those days when I wonder....whose right? or are they saying the same thing?
Read the 2 articles from the Media "Leaders"-Associated Press and Reuters and see if you pick up on the distortion of the news. The content is almost identical....but the Headlines sure don't portray it!
Foreclosures fall second time in 3 months
Reuters
http://www.reuters.com/article/businessNews/idUSN1852572620071219?feedType=RSS&feedName=businessNews
OR
US foreclosure filings up 68 pct in Nov.
AP Business
http://www.chron.com/disp/story.mpl/ap/business/5389762.html
201,950 foreclosure filings were reported in November 2007 across the United States 120,334 foreclosure filings were reported in November 2006 across the United … (1 comments)
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Another Example of how Florida Developers Believe the Market will Return.....8 Grove Owners Want Development Of 4,600 Homes - 12/18/07 06:43 PM
Grove Owners Want Development Of 4,600 Homes In Lake Placid-Highlands County, FL Eight grove owners north of town have banded together in a bid to trade oranges for homes. At Monday's town council meeting, a professional urban planner presented preliminary plans that call for the eventual construction of 4,600 homes on 1,500 acres.
Ground breaking for the proposed development, which stretches from the railroad bridge northeast to the shores of Lake Apthorpe, and on both sides of U.S. 27, is at least four years away, according to planner Augie Fragala, of Powell, Fragala & Associates Inc.
The citrus groves slated … (1 comments)
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The Fed Didn't "Shrug" -- It Said "Play Ball!" Elliot Wave Article's are really worth a look see.. - 12/18/07 06:18 PM
The Fed Didn't "Shrug" --It said Play Ball!
The guy had been in retirement going on two years. Even so, the media was still repeating the same abysmally stupid cliché as recently as this past September:
"For 18 years as chairman of the Fed, financial markets hung on his every word, and in both major policy pronouncements and brief utterances, Greenspan could literally move markets." (ABC News)
That quote is now three months old, having appeared in a story about Greenspan popping up everywhere to promote his book. And of course, at that time the media was clueless about … (0 comments)
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The big tax message in the sky from Gov. Crist - 12/18/07 05:46 PM
The big tax message in the sky
Coming soon to billboard near you: A message of support for the property tax cut plan on the Jan. 29 ballot. The Florida Outdoor Advertising Association said today it will donate space across Florida for the "Vote Yes on 1" campaign.
Add to that the fliers hitting mailboxes this week, the robo-calls from Gov. Charlie Crist and expected TV spots, and the pro-amendment forces are waging a formidable campaign.
Can you get on board with the way Charlie Crist is going about getting support?
… (1 comments)
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Gov. Crist appoints 3 Lawyers to File Class Action suit against Insurance Companies - 12/18/07 05:34 PM
Gov. Charlie Crist has appointed three high-powered lawyers to file a class-action suit against the industry on behalf of state residents.
Roberto Martinez, a former U.S. attorney from Miami who chaired Crist's transition team
Dexter Douglass, former general counsel to Gov. Lawton Chiles who worked on the state's litigation against the tobacco industry
Bob Hackleman, a Fort Lauderdale trial lawyer with Gunster, Yoakley and Stewart, the former firm of Crist's chief of staff.
The lawyers will work at no cost to the state, he said. ''I'm increasingly concerned they are potentially violating the new law,'' Crist said in an interview with … (3 comments)
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Tampa-Florida State of Mind Could Set Tone for U.S. - 12/18/07 05:21 PM
Across Florida, home construction has slowed. Unemployment is rising. Residents are screaming about gas prices, medical costs and property tax bills. State tax receipts show consumers buying fewer cars and businesses investing less.
For example, the article points out that Tampa, more than most of the country, has a job market dependent on housing, according to Moody's Economy.com. So when home prices fell 11 percent in Tampa from Sept. 2006 to Sept. 2007 and foreclosures jumped 140 percent, the entire regional economy suffered.
Construction laborers worked less and spent less. Homeowners tapped less equity to buy cars or boats. Several planned downtown condo … (2 comments)
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Jorge Perez and Steve Ross may throw down $1 Billion for the Dolphins...What Jorge Wants Jorge Gets! - 12/18/07 05:09 PM
Are the Dolphins Worth $1 Billion?
Hey with a win under the belt finally...where's my check book!
Although the Dolphins have lost lots of games this year, they're still making money -- and they have plenty of assets that boost their potential sales value.
Owner H. Wayne Huizenga is talking about selling the Dolphins to Real estate developer Stephen Ross of New York and Miami developer Jorge Perez, and he reportedly wants $1.1 billion.
What will Mr. H spend the money on ..word is that he does Flyovers on Tuesday on the West Coast of Florida?
Any gossip or guesses on where Mr. H. … (2 comments)
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What do you know about United Arab Emirates? Dubai? - 12/18/07 03:53 PM
They are not as transparent as giant private equity firms, public pension funds or mutual funds around the globe. The Abu Dhabi Investment Authority, for example, does not reveal the holdings in its portfolio to the public. Seriously...go try and figure out what they hold!
Dubai's ruler is 58-year-old His Highness Sheik Mohammed bin Rashid al-Maktoum, who is the main engine of growth in Dubai, one of the seven states that constitute the United Arab Emirates. The next in line is the 40-year-old Mohammad Abdulla Al Gergaw is the chief operating officer, in charge of putting his boss's vision into practice. Gergawi … (0 comments)
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Truth about Hotel Drinking Glasses....ehhhhhhh off topic but had to share - 12/18/07 03:12 PM
This is the time of year when people are traveling.....You heard about the bed sheets not being changed etc.
Oh you just have to watch this video... You might just stay at your inlaws afterall...LOL!Play the video! http://www.divinecaroline.com/article/22250/39039
Video on "Other" Hotel Hazards:
http://www.divinecaroline.com/article/22250/39039
… (3 comments)
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Citizens for Ethics 2007 List of Top 10 Ethics Scandals - 12/18/07 02:48 PM
Citizens for Responsibility and Ethics
Inaugural List of 2007 Top 10 Ethics Scandals:
1. No new enforcement mechanisms for congressional ethics: A House panel convened by Speaker Nancy Pelosi (D-Calif.) has yet to come up with recommendations -- originally due in May -- on establishing an independent ethics oversight panel, amid reports of bipartisan resistance.
2. Ted Stevens still sitting on Senate Appropriations: The senator (R-Alaska) and his son Ben are embroiled in a federal corruption probe in their home state.
3. Senate Ethics Committee looking into Sen. Larry Craig, but not Sen. David Vitter: Craig (R-Idaho) is defending … (0 comments)
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Mortgage Fraud is being taken very seriously in Florida! - 12/18/07 11:01 AM
Fed to unveil plan to curb shady home lending practicesWASHINGTON -- A Federal Reserve plan being unveiled Tuesday would give people taking out home mortgages new protections against shady lending practices. The rules to be proposed are especially geared to providing some future safeguards to the riskiest "subprime" borrowers, already painfully stung by the housing and credit debacles. The proposal is expected to apply to new, or future, loans made by all types of lenders, including banks and brokers. The plan could be finalized next year.
The Fed, which has regulatory powers over the nation's banking system, is considering:
— barring … (1 comments)
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U.S. housing market represents about one-third of the total value of major asset classes in the U.S. - 12/18/07 09:25 AM
Second Largest Market in the United States Homes are the primary financial asset of many Americans – and much more. They are the focus of a $21.6 trillion industry and tens of thousands of businesses and jobs nationwide. The U.S. housing market is larger than the $15 trillion equities market, and represents about one-third of the total value of major asset classes in the U.S.
Housing is a vital part of our economy – and an industry that faces risk on many fronts. The health of the housing industry is subject to changes in mortgage rates, increased costs in energy and … (0 comments)
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Regarding Off-Balance Sheet Entities - 12/17/07 11:40 PM
Corp Fin Sends Letters to Issuers Regarding Off-Balance Sheet Entities
In light of the meltdown in mortgage markets and the resulting liquidity issues, the Division of Corporation Finance Staff SEC-has recently sent letters to those public companies that have identified investments in structured investment vehicles, conduits and collateralized debt obligations.
The "Staff" has now posted an illustrative letter, suggesting possible disclosure for upcoming annual reports. The letter focuses on the Management’s Discussion & Analysis disclosure required under Item 303(a)(4) of Regulation S-K regarding off-balance sheet arrangements, disclosure that may be necessary under Item 303 regarding critical accounting policies for consolidation and variable … (0 comments)
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Lee County Economic Development Information Links - 12/17/07 10:20 PM
Lee County Economic DevelopmentThe Economic Development Office is a Lee County government department that works to bring new companies to the area and help existing businesses grow and expand. These links below provide information about the vibrant Lee County Community and the Various Business Assistance Programs available.
Community: Community Overview Data Center Publications Calendar of Events Economic Indicators Archive Newsletter Map Center Other Resources Business Assistance Local Agencies Workforce Business Emergency Network Business Resources: Community Overview Data Center Publications Calendar of Events Economic Indicators Archive Newsletter Map Center Other Resources Business Assistance Local Agencies Workforce Business Emergency Network About The Economic Development … (0 comments)
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December 2007 Lee County Economic Snapshot - 12/17/07 10:04 PM
December Lee County Economic Snapshot Spotlights
BUILDING PERMITS
October 2007
Total Valuation 202,165,48
Single Family $34,959,949
Multi-Family $95,877,525
Commercial $71,328,012
September 20007
Total Valuation: $118,105,813
Single Family $577,788
Multi Family $90,906,046
Commercial $26,621,979
Total Permit Valuation from September 2007 to October 2007 Increased 140.5%, the largest increase was in Commercial Permits.
The Total Permit Valuation amount was down -$16,906,290 from September 2006 to October 2007
Single Family was down -$121,744,519 or -77.7% from September 2006 to October 2007
Multi-Family was up $63,925,442 or 200.1% from September 2006 to October 2007
Commercial was up $40,912,787 or 134.5% from September 2006 to October 2007
EXISTING HOME SALES
Single Family Sales 405
Median Sales Price $239,300
Condominium … (0 comments)
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When will Home Prices Return to Pre-Boom Levels? - 12/17/07 09:01 AM
Will Home Prices Return to Pre-Boom Levels?
A recovery in the housing-market may be a ways off by some experts’ calculations — some predict that the market won’t turn around until 2012, according to the Associated Press.
Unlike downturns in some sectors, a slowdown in housing can affect jobs across many industries from financial services to construction to home furnishing retailers, said John Challenger, chief executive of Challenger, Gray and Christmas Inc.
He goes on to add, “The housing slump stands to exact a sizable toll on the broader economy as jobs, retail spending and credit availability could likely take … (7 comments)
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Tampa Condo Projects 9,000 units - 12/16/07 09:54 PM
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Cape Coral Boat-A-Long Holiday Parade - 12/16/07 04:08 PM
Cape Coral's 31st annual Holiday Boat-A-Long When: 4 to 7:30 p.m. Sunday Where: Four Freedoms Park, 4818 Tarpon Court Cost: Free Info: 573-3125, general information; or David Drake at 772-9578 for boat parade details The fun: Around 100 decorated boats or more are expected to take to the Bimini Basin at around 7 p.m. Other activities include Santa's arrival at 6:20 p.m. and the movie "How the Grinch Stole Christmas" will be shown after the boats leave the basin. Unwrapped toys will be collected for Toys for Tots by Sea Tow.
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Pssstt.....Pass it on! - 12/16/07 01:28 PM
Read this and make a copy for your files in case you need to refer to it someday:
1. Do not sign the back of your credit cards. Instead, put 'PHOTO ID REQUIRED.' 2. When you are writing checks to pay on your credit card accounts, DO NOT put the complete account number on the 'For' line. Instead, just put the last four numbers. The credit card company knows the rest of the number, and anyone who might be handling your check as it passes through all the check processing channels won't have access to it. 3. Put your work phone # … (8 comments)
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Paige's "Top-Picks" December 16, 2007 (Subprime Crisis Claims California: Arnold to Declare Fiscal Emergency) - 12/16/07 11:12 AM
Homebuilders, Real Estate Sectors Weakest Following Fed Move , by Nick Perry
Economic Report Summary: Strong Retail Sales, Katrina-Like Inflation , by Tim Iacono In the post-Katrina period, price surges were related to twin natural disasters in the Gulf Coast whose effects were quite severe, but also quite temporary. Here in 2007, recent price increases have been more systemic in nature due to stubbornly high prices for both energy and food and are therefore not likely to recede as readily as those caused by disruptions to Gulf Coast energy production. Excluding 2005, you have to go all the way back to … (9 comments)
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Michael Vicks House @ 1915 Moonlite Road in Surry, VA doesn't sell at Auction - 12/16/07 10:12 AM
Vick sold the house to a Virginia real estate developer Wilbur Ray Todd Jr. of Carrollton for $450,000. Todd spent $50,000 fixing up the place, which had been trashed by burglars and looters, and hired Kyle Thomas Hause Jr. to sell it at auction.
Mr. Todd, rejected a final bid of $747,000, the assessed value of the property at 1915 Moonlight Road. The bidder was anonymous. There were only two bidders and the opening bid was $345,000.
Todd said he was dissappointed after the auction, which was held inside the house. He plans to list the property for sale, which he estimates would cost about $1 million … (6 comments)
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Good News-FEMA to provide relief for Homeowners in Lousisiana and Mississippi - 12/16/07 09:47 AM
The Federal Emergency Management Agency will provide some reimbursement for homeowners who spent their own money to elevate hurricane-damaged houses above flood level. FEMA requires written approval of work before it begins. But under the new policy, that requirement won't apply to homeowners who elevated their houses or did other mitigation work after the 2005 hurricanes and within 60 days of FEMA issuing its final policy. FEMA expects to issue its final policy next month, an act that would trigger the 60-day grace period.
Louisiana has about $1.1 billion in hazard mitigation funds for its homeowner aid program; Mississippi has about $434 … (2 comments)
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The Fed's New Plan to Protect Consumers - 12/16/07 09:24 AM
3 million or 4.72 percent of the subprime adjustable-rate loans entered into the foreclosure process from July through September, as reported by the Mortgage Bankers Association.
18.81 percent of the subprime adjustable-rate loans were past due during this same period of time.
The House has already passed legislation, and the Senate is proprosing a similar bill, but the Fed is moving ahead and may finalize their plan ahead of Congress' action to help put protections into place for consumers against shady lending practices .
Below is a summary of what is being proposed in the Abusive lending bill:
Bars lenders from penalizing subprime borrowers - those with spotty credit … (1 comments)
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Thumbs Up for Florida's Future! Babcock Ranch-Kitson & Partners LLC development got a Thumbs Up from Charlotte County - 12/14/07 12:21 AM
Babcock Ranch jumped its first major hurdle today in Charlotte County~the county commissioners approved the massive community’s future development plan template or the Master Development Order 4-1. Commissioner Adam Cummings voted against the development order primarily because it did not include language to force the developers into the promises they made on building a sustainable community.
Mr. Syd Kitson, of Kitson & Partners LLC, said the sustainability details and the traffic issues will be worked out during the permitting of the villages, but Lee County has yet to move forward with a similar type approval of the project. They've chosen to be … (2 comments)
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Dubai has over 25,000 people move there every month~words out that it's the next immigration destination! - 12/13/07 10:45 PM
After all the media lately about the money being invested in the US by Dubai I started to investigate.... the vast wealth of Dubai is almost incomprehensible. I'm not the only one whose noticing that Dubai is on a spending spree,~the financial gurus from Standard & Poor's are starting to wonder about the amount of debt the city-state is racking up. For the past 20 years Dubai has steadily grown as the most ambitious sheikdom in the Middle East. Its oil production is dwindling, and its debt load is four times the average among other Persian Gulf states.
Construction never stops … (3 comments)
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Retailer 2007 Holiday"Fun" Facts - 12/13/07 07:58 PM
What’s hot this season?
TOYS*American Idol Talent ChallengeAqua Dots Super StudioGuitar Hero III: Legends of RockBarbie GirlsEye-ClopsHannah Montana Singing Dolls & Pop StarStageNerf N-Strike Disk ShotSmart CycleSwypeout Online Battle RacingRubik’s RevolutionSpotzTransformers Arm Blasters &Transformers Movie Ultimate Bumblebee
ELECTRONICSIpods and AccessoriesNotebook PC’sDigital CamerasI PhoneDigital Picture FramesLarge Screen Digital TelevisionsX Box 360Nintendo WiiPlay Station 3GPS Navigation Systems
APPAREL & ACCESSORIESHot Novelty and Seasonal ApparelSweatersHatsScarvesGlovesWomen’s Hot Fashion AccessoriesMetallic HandbagsBangles and CuffsLong NecklacesCostume JewelryWraps/Stoles/ShawlsBrightly Colored ShoesHot Apparel/Accessories Colorsand StylesMetallic – Especially Rose Gold, Bronze andPewterNeon/ Bright ColorsDark Rich ColorsBlack and White Checked FabricSequinsBejeweledKnit Dressing3 Quarter Length Sleeve Tops/JacketsBig ButtonsBig CollarsBaby Doll StyleFur/Faux Fur Trimmed Clothing andAccessoriesShimmery and Shiny … (0 comments)
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Commercial News from around the United States December 13. 2007 - 12/13/07 09:16 AM
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Congress Moves to Stop Tax Increase - 12/13/07 08:59 AM
Congress Moves to Stop Tax Increase Congress is moving to drop a proposal to increase taxes on investment partnerships, including real estate ventures, from pending tax-reform legislation. The U.S. Senate scrapped a proposed added tax on partnerships' carried interests in the tax reform bill and has agreed to also remove the provision when that body votes on the bill. The bill's primary purpose is to index the alternative minimum tax which is aimed at sparing 23 million households from having to pay that hometax. The ongoing feud between Democrats and Republicans on the pay-for issue has postponed passage of the … (0 comments)
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1000 Friends of Florida's Friday, December 14 workshop~ Toward a Regional Framework: Transportation/Land Use Dialogue - 12/13/07 08:08 AM
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December 13.2007 "Top Picks" - 12/13/07 07:57 AM
How Islamic LawHandles Foreclosures Lehman Brother intends to take possession of a condo project whose financing is structured to abide by Islamic laws. But the situation presents a new test for real-estate investments: How does a 'Sharia-compliant' foreclosure work? Reno Rolls the DiceOn a Sports Play Construction on a long-awaited minor league baseball stadium is finally expected to begin as the region -- one hit hard by the housing slump -- continues to reposition itself. Maguire, Facing Pressure,Again Explores a Sale The Los Angeles real-estate investment trust, which is fighting hedge funds for control of the company, announced that it … (2 comments)
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Hanukkah ecard...best one yet! - 12/12/07 09:02 PM
Menorah Hora
Listen, Hanukkah only comes 8 nights a year.
With such a short time to impress your friends, why send them a cruddy old eCard?
Send your friends and family a JibJab Sendables Hanukkah Greeting instead. Nothing says Happy Hanukkah better than shrinking you and your pals down to sprite size to dance around a giant menorah.
Just upload a few photos and you'll be off to a great start for the best week of the year!
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Snowball Fight!!!! Coolest ecard yet of the season-you can personalize it too! - 12/12/07 08:58 PM
Snowball Fight Receiving a crappy eCard for Christmas is like a snowball to the face. Icy, cold and full of spite. This calls for a JibJab Sendables Christmas Greeting! First, upload your face into this hilarious Christmas Starring You and shrink yourself down to elf size. Then add a few friends into the mix and get ready for the snowball fight of your life. DUCK!
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Challenge- Can you tell me what the Saudi central bank owns? Or what it's assets =? - 12/12/07 06:18 PM
They are not as transparent as giant private equity firms, public pension funds or mutual funds around the globe. The Abu Dhabi Investment Authority, for example, does not reveal the holdings in its portfolio to the public. Seriously...go try and figure out what they hold!
Dubai's ruler, Sheik Mohammed bin Rashid al-Maktoum, is the main engine of growth in Dubai, one of the seven states that constitute the United Arab Emirates. The U.A.E. consists of Abu Dhabi (the largest emirate), Dubai (the second largest), Ajman, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Qaywayn.
Dubai Holding has a foothold in more than 20 industries, including … (0 comments)
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Unique ways to advertise homes for sale during the holiday's - 12/12/07 09:26 AM
What can you do to build excitement during the holidays to sell your listings?
You might want to host an open house....Cocktail Party! Surely people will come for the free drinks and good eats, but there is no doubt that it could set you apart from all the other's too. You could create buzz by doing a charity event, and at the same time draw in some great leads plus give back to a cause of your choice or the homeowner?
Using online social networking tools or buying a billboard in your neighborhood.
Why not order up a holiday … (2 comments)
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If you want a Global Perspective Check out the Information on Actions Being Taken by Central Banks - 12/12/07 08:56 AM
Information on Actions Being Taken by Central Banks
Federal Reserve http://www.federalreserve.gov
Bank of Canada http://www.bankofcanada.ca
Bank of England http://www.bankofengland.co.uk
European Central Bank http://www.ecb.int
Swiss National Bank http://www.snb.ch
Statement by Other Central Bank
Riksbank http://www.riksbank.se
A runners creed: I will win; if I cannot win, I shall be second; if I cannot be second, I shall be third; if I cannot place at all, I shall still do my best. Ken Doherty
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Cash Infusions-Did they enhancements help? - 12/12/07 08:53 AM
UBS announced a further $10 billion in write-downs linked to subprime-related holdings, but said two foreign investors have committed to providing $11.5 billion to the bank to strengthen capital.
While announcing the new writedown and explaining that what the company had previously said would be a profitable year would now likely be a loss for the year, UBS said the Government of Singapore Investment Corp., or GIC, is investing 11 billion francs, while an "undisclosed strategic investor in the Middle East" is contributing two billion francs ($11.5 billion USD total).
GIC will own around 9% of UBS following its investment, according to the … (0 comments)
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U.S. stocks tally steep losses in the wake of Fed move--UH OH! - 12/11/07 01:47 PM
Fed cuts rates by a quarter point
Ben Bernanke & Co. lower a key interest rate for the third consecutive time, and signal that more cuts could be ahead to help "stave off a recession"! The U.S. dollar is clearly being sacrificed by the Federal Reserve in a last ditch effort to save the mortgage bankers.'
— - Ned Schmidt, Value View Gold report The Dow Jones industrial average, which had been up about 40 points before the decision, dropped more than 180 points. NEW YORK (MarketWatch) -- U.S. stocks dropped Tuesday in the wake of the Federal Reserve's decision to cut interest … (4 comments)
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.25 point reduction today brings rate to 4.25% - 12/11/07 01:29 PM
Fed Lowers Benchmark Rate by a Quarter Point to 4.25 Percent
The economy is faltering after a third-quarter surge as house prices drop, consumer spending slows and banks tighten lending standards for even their best customers. Chairman Ben S. Bernanke has struggled to insulate the economy from financial- market instability since the central bank began reducing borrowing costs in August.
``Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending,'' the FOMC said. ``The committee will continue to assess the effects of financial and other developments … (5 comments)
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Do you take the over or under today with 2:15 Announcement from FED on Rates? - 12/11/07 11:47 AM
What do you think the FED will do today?.25 or .50 point cut?
San Francisco Fed President Janet Yellen said conditions and spending have declined more than she anticipated and she now expects growth over the next six months to be worse than she recently forecast. "The turmoil in financial markets has not subsided as much as I had hoped and some data on personal consumption have come in weaker than expected," she said.
Here's a Paige question for the scholars...
Where will bank growth come from ?
1) Banks have fees on absolutely anything they do and those fees have gotten to … (7 comments)
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December 11.2007 "Top Picks" - 12/11/07 07:27 AM
December 11.2007 "Top Picks"
Rate Freeze Program Faces More Hurdles Than Just A Bad Phone Number Lots of problems possible as NEW HOPE Alliance prepared to initiate rate freeze for selected borrowers.
Up In ARMs - The Mortgage Bailout The proposed Big Freeze has some hot under the collar.
Bush|SQuote|s Subprime Rescue Plan Coincides With Sobering Delinquency ReportIn the looming shadow of the latest delinquency survey President Bush confirms many details of his subprime rescue plan.
With Cerberus Sale Dead, Option One Will Close Down OriginationsHR Block has pronounced it will shut down most of Option One|SQuote|s operations.
Treasury Secretary … (2 comments)
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Warning Fisher Price recall only in Illinois--Join in getting them to recall the lead laden toys EVERYWHERE - 12/10/07 06:25 PM
It's one thing to have state pride, but quite another to have state bias when it comes to protecting kids from unsafe toys. Apparently, Fisher-Price is stepping up and recalling unsafe toys...but only for their customers in Illinois.
After Consumer Reports magazine and the Attorney General of Illinois found that a red Fisher-Price toy blood pressure cuff contained lead at 7 to 9 times the legal limits in Illinois, Fisher-Price agreed to recall it.
But only in Illinois.
Until we strengthen federal law, we need to convince Fisher-Price to recall the lead-laced toys nationwide. While we are at … (2 comments)
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Lee County Economic Data - 12/10/07 01:36 PM
Data Center Section 1: Demographics 1.1 Historical Profile1.2 Age and Gender1.3 Population by Age Group 1.4 Race and Ethnicity 1.5 Components of Population Change 1.6 Population Growth by Metropolitan Area 1.7 Household Characteristics Section 2: Labor Force and Income 2.1 Labor Force and Employment 2.2 Unemployment 2.3 Employment by Industry 2.4 Projected Employment by Industry 2.5 Projected Employment by Occupation 2.6 Median Income 2.7 Per Capita Income 2.8 Average Annual Employment/Wages 2.9 Occupational Employment and Wages 2.10 Lee County Companies Section 3: Economic Factors 3.1 Taxable Sales 3.2 County to County Worker Flows 3.3 Annual Visitor Trends 3.4 Florida County Retail … (0 comments)
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We're on the verge of stabablizing? or NOT? *NAR says we're close to being stable - 12/10/07 12:11 PM
Today the NAR revised their forecast and said the battered housing market is on the verge of stabilizing and inched-up its outlook for 2007 and 2008 home sales.
Lawrence Yun, the NAR Economist, gave a positive outlook for job growth and the replacement of subprime lenders to borrowers with weak credit with government-backed loans as reasons for the improved outlook.
"Despite over-exaggerated negative coverage on the housing conditions, many local markets are actually seeing price increases," Yun said at a press briefing. "Mortgage availability is improving."
Below are a few tools from the NAR:
Current NAR Forecast: Contains a summary forecast table for … (2 comments)
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Einstein called The Power of Compounding the 8th Wonder of the World-What do you call it? - 12/10/07 11:07 AM
Albert Einstein described compound growth as the eighth wonder of the world.
Although he may have passed away in 1955 the concept of compounding remains the single most important principle governing investment.
Compound interest rates may be referred to as Annual Percentage Rate, Effective interest rate, Effective Annual Rate, and by other terms. When a fee is charged up front to obtain a loan, APR usually counts that cost as well as the compound interest in converting to the equivalent rate. These government requirements assist consumers to more easily compare the actual cost of borrowing.
Yes, saving a bit over a long … (1 comments)
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Investors have clearly been doing some bottom feeding - 12/10/07 10:48 AM
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Things you can do to make a listing that will draw buyers - 12/10/07 10:05 AM
Taking Home Photos That Will Draw Buyers Getting the Words Right: Tips For Writing a Real-Estate Listing Fix-It Projects to Speed The Sale of Your House
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December 10.2007 "Top Picks" *Ellen DeGeneres has sold her Santa Barbara County estate for 27% more than she paid for it* - 12/10/07 09:23 AM
How Hot Land Sales OffsetA Housing Glut in Phoenix Private builders and investors are starting to buy land at discounts from home builders and developers needing to sell. Toll Brothers Expects Some ReliefFrom Bush Mortgage Plan Chief Executive Robert Toll said the deal would likely help the builder by stemming the flood of foreclosures that threatens to add inventory to an already saturated market. Toll Brothers in RedOn Land Write-Downs The home builder posted a quarterly loss of $81.8 million as the company took $315 million in write-downs amid the housing downturn. Is Tech Bust a BlueprintFor Home Builders? If home-building … (0 comments)
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Consumer Price Indexes (CPI) Monthly Data Link - 12/09/07 07:19 PM
The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.
November 2007 CPI data are scheduled to be released on December 14, 2007, at 8:30 am Eastern Time.
Economic News Releases: Current
Consumer Price Index (HTML)(PDF)Subscribe to the BLS News Service-- receive the Consumer Price Index news release by e-mail.Upcoming Release Dates through December 2007. NEW CPI News Releases Issued by BLS Regional Offices Archived
Archived CPI News releases (1994 to the present) Get Detailed CPI Statistics:
Inflation CalculatorNote: In the lists below, "Old … (0 comments)
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December 9.2007 "Top-Picks" - 12/09/07 09:28 AM
Market News:
Called an explosion waiting to happen, the national debt equals almost $30,000 owed per American -- until we 'geonomize'. National Debt Grows $1 Million a Minute
Watch out for Washington's attempts to 'rescue' the dollar. Because despite all, DJ Boudreaux says a trade 'deficit' can be beneficial. Facing up to the falling dollar
Middle Americans living on the land fear America's biggest landowner is putting endangered species before an endangered way of life. Turner's land holdings bigger than some states
What happens when there aren't enough tax funds? Presently, taxpayers lose some subsidized services. But why … (1 comments)
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Better Homes and Gardens Free E-Cards for the Holidays!! Very Cute choices - 12/09/07 09:05 AM
Better Homes and Garden Free E-cards for the Holidays...
http://host-d.oddcast.com/php/start_christmasmessage/door=232&cl=61&AID=0
There is a Cute Santa that will guide you through the whole process. You can pick an elf, Santa, Mrs. Claus, or a Snowman. Add audio and "Accessories"....check it out yourself!! It's easy to do and great way to spread your holiday wishes to clients, family, and friends!
Enjoy!
Select an E-card Christmas Spirit
Sing!
Decorate with Style
Merry and Bright Day!
Joy!
Hang the Stockings
Have a Star-Bright Holiday!
Winter Magic
Holiday Greetings!
Jingle all … (5 comments)
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What role will Automated Valuation Models (AVM's) have on appraisals and lending in the future? - 12/08/07 03:16 PM
Automated Valuation Models (AVM)
AVMs work by drawing on comparable data from several sources, such as Land Registry data and previous valuations. By doing this they can, in some cases, replace physical valuations and enable lenders to improve the speed and cost-savings in the home buying process.
Find the latest house prices
AVMs have been used in the USA and Canada for several years and collate detailed statistical information such as property size, location, characteristics, orientation, social statistics and demographics. This information comes from official sources including the Land Registry, historical valuations as well as sales prices relating to type … (0 comments)
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Does the Math Work for you and your buyers - 12/08/07 01:33 PM
What’s Affordable for Home Buyers?
It’s one of those long-held rules of thumb that you don’t spend more than 1/3 of your take-home pay on your mortgage and real-estate taxes. In the olden days of real-estate lending, banks would shy away from loan payments that were more than 28% of your gross monthly income.
For example:
Median household income= $48,200
With the 1/3 rule that equates to a $195,000 loan, based on a 5.85% fixed-rate mortgage
(* Included is $175 monthly for taxes)
According to theWSJ article, Battle Lines Form over Mortgage Plan, the ratio of median household … (5 comments)
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Compusa Closing it's doors...do you think they are an example of the toll the current economic situation is taking on business? - 12/08/07 10:18 AM
It seemed like it might happen with their announcements in Feb. 2007, but it's official the consumer electronics retailer CompUSA said Friday it will close its store operations after the holidays following sale of the company to Gordon Brothers Group LLC, a restructuring firm. Financial terms weren't disclosed. CompUSA operates 103 stores, which plan to run store-closing sales during the holidays. Privately held CompUSA, controlled by Mexican financier Carlos Slim Helu's Grupo Carso SA, said discussions were under way to sell certain stores in key markets. Stores that can't be sold will be closed.
Do you attribute it to competition or the … (3 comments)
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Does anyone else see the Bush "teaser freezer" turns Adjustable Rate Mortgages into de-facto negative-amortization loans? - 12/08/07 09:29 AM
Nothing is forgiven and no amount is written off from the borrower's perspective. From the investor's perspective, they may take a loss or write-down if the security holding these loans is devalued but that might be acceptable if it means staving off defaults and total loss altogether.
It could be decades before these people get to a zero-equity situation, much less positive equity.
The plan has two features that shape this "deal":
1)"Goldilocks Game"
The lenders decide who gets the benefits and who doesn't. If the borrower is too cold (not credit worthy even for the teaser rate), no deal. If … (4 comments)
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Russ Whitney-Millionare University and Whitney Information Network CEO to resign by months end - 12/07/07 09:04 AM
Russ Whitney, founder of the Cape Coral-based Whitney Information Network, will resign as the company’s chief executive officer by the end of the month, according to a filing with the Securities and Exchange Commission.
Whitney, which trades over the counter, offers seminars in real estate and equity investing.
The filing, entered after 5 p.m. Wednesday, notes that president and chief operating officer Ron Simon resigned from his executive positions and from his seat on the board of directors Wednesday, but remains employed in a “new non-executive administrative role.” John Kane, the company’s executive vice president of operations, will serve as interim president … (0 comments)
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Toll Brothers Write down means loss for 4th quarter, but the stock closed up? What does this mean to you - 12/07/07 08:31 AM
Toll Brothers Inc. took a loss with more write-downs of land values.
For the quarter ended Oct. 31, the luxury-home builder reported a net loss of $81.8 million, or 52 cents a share, compared with year-earlier net income of $173.8 million, or $1.07 a share.
The latest results included pretax write-downs of $314.9 million, or $1.22 a share. Toll said last month it expected to take write-downs between $250 million and $450 million because of declining land values. Year-ago results included $115 million, or 42 cents a share, in land-related write-downs.
So is it the storm before the calm? The write down translates to … (4 comments)
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Lennar lightens the Load in Florida with Sale of 8300 sites to Metro Properties of Tampa - 12/07/07 07:34 AM
Yesterday, I asked if anyone knew the story about the company out of Tampa company who had bought 8,300 Florida home sites from Lennar Corp.
After doing some research I found out the deal was with Metro Development Group. This purchase by Metro was the largest in that company's five-year history. The Metro deal, which included undeveloped land in seven Florida counties, closed last Friday.
The purchase was in addition to the deal that this Monday was announced between Lennar and Morgan Stanley. The MS deal had a value of $525 million, which translated to a buy at about 40 cents on the … (2 comments)
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73% of Borrowers Don't know how much their payments will increase when their rate adjusts! - 12/06/07 11:08 PM
A recent study conducted by D.C.-based Peter D. Hart Research Associates discovered the following characteristics among borrowers:
• 51% say they are very informed about their mortgage’s terms and conditions• 18% say they don’t know their current interest rate• 25% say they don’t know when their lender will next be able to raise their rate• 73% say they don’t know how much their monthly mortgage payment will increase the next time their rate goes up• 40% say they don’t know whom to turn to for guidance if they have difficulty paying
For more from The Hart Research Associates:
http://www.hartresearch.com/new/
… (1 comments)
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The Role Of Interest Rate Resets - 12/06/07 07:01 PM
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Surprise! Subprime Mortgage Products Are Not the Problem - 12/06/07 06:59 PM
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Despite Foreclosures, Subrpime Lending Increases Homeownership - 12/06/07 06:58 PM
Despite Foreclosures, Subrpime Lending Increases Homeownership
James R. Barth, Tong Li, Triphon Phumiwasana, and Glenn Yago Milken Institute December 6, 2007
The first in a series of three reports on the subprime market, this paper examines first-time home buyer data from 2000-2006 to find a net ownership gain of 434,683 units for that period.
The paper demonstrates that financial innovation in the mortgage marketplace through subprime products does help home buyers who would otherwise be denied the opportunity to own their own home.
http://www.milkeninstitute.org/pdf/Net-Homeownership-Gain.pdf
… (0 comments)
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Federal Reserve December 6, 2007 Report on Third Quarter - 12/06/07 04:14 PM
Federal Reserve Statistical Release
Released Thursday, December 06, 2007
U.S. households lost a record $128 billion in real estate equity in the third quarter. By contrast, homeowners' equity had risen by $1.2 trillion in 2005 -- the height of the housing boom -- and by $237 billion last year. Homeowners' equity as a percentage of real estate values fell to a record low 50.4% from 51.1% in the second quarter.(To add perpspective to the above statistic during the housing boom that began earlier in the decade homeowners' equity was about 56% of the value of their real estate.) Mortgage debt grew 6.8%, the … (0 comments)
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Lee County puts hold on settlement on Zemel properties - 12/06/07 12:44 PM
County puts hold on settlement on Zemel properties; Commission needs more information, negotiation
By MATT BLUMENFELD
mblumenfeld@breezenewspapers.com
Any plans for development on a 2,500-acre parcel of land in north Cape Coral will have to be put on hold yet again as a settlement to resolve a dispute between the city, the land owners and Lee County over the Zemel annexation was delayed by the county commission at its Tuesday meeting. The commissioners decided to postpone a vote on the deal until Jan. 15, citing the need for additional information and negotiation.
http://www.cape-coral-daily-breeze.com/news/articles.asp?articleID=15132 … (0 comments)
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U.S. foreclosures, may reach $77 billion - 12/06/07 11:29 AM
Top Mortgage CDO Classes May Lose 80 Percent of Their Value, Barclays Says
U.S. mortgage assets in collateralized debt obligations have lost so much value that the top classes of the securities may be worth as little as 20 cents on the dollar in a liquidation, Barclays Plc analysts said in a report.
Recent writedowns at the world's biggest financial companies including Citigroup Inc., Merrill Lynch & Co., Morgan Stanley and Wachovia Corp. amid a global credit-market seizure were partly related to declines on super-senior CDOs. The losses, sparked by rising U.S. foreclosures, may reach $77 billion, JPMorgan Chase & Co. CDO … (0 comments)
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Sacred Cow: The Manatee Keeps its Status - 12/06/07 10:49 AM
Sacred Cow: Manatee Keeps its Status
[Miami Herald]
Comparing Floridians' love for manatees to their love for Santa Claus, state wildlife commissioners indefinitely postponed a decision Wednesday to take the animals off their endangered species list.
For more information:Florida Fish and Wildlife Conservation Commission (FWC)Habitat and Species Conservation - Imperiled Species Management620 South Meridian Street, 6-ATallahassee, Florida 32399-1600(850) 922-4330Internet address:www.MyFWC.com
Remember, if you see an injured, dead or tagged manatee, or one that is being harassed,please call the FWC Law Enforcement Unit at 1-888-404-FWCC (1-888-404-3922) ordial #FWC on your mobile phone. (Note: Out of state cell phones may not work)Manatees are protected … (2 comments)
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Update on the McDaniel Ranch - 12/06/07 10:45 AM
Developer Still Has Big Plans for Florida Ranch
[The Virginian-Pilot]
If he can buy it, that is.
Eddie Garcia has already bought about 3,200 acres of the roaming McDaniel Ranch — covering about 22,000 acres near the Everglades.
He had a contract in 2005 to buy nearly the entire ranch for around $100 million, but that contract is now in dispute. And the McDaniels are content to sit on the ranch and ride it out.
That means Garcia's plans to build an entire small city from scratch, an upscale equestrian community with about 25,000 expensive homes and perhaps 60,000 residents, rests … (0 comments)
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State's of Florida Investment Loss of $2.5Billion - 12/06/07 10:38 AM
State's Investment Loss of $2.5B Falls Below Standards
[Miami Herald] The State Board of Administration reported that it has more than $2.5 billion in downgraded investments in several accounts, including the state retirement fund.
Wonder why? This is the result of the events in the market that I don't know if people realize are taking place...YET!
Comments anyone?
… (2 comments)
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Lennar sells another 8,300 homesites in Florida---whose got the whole on the deal?? - 12/06/07 10:35 AM
Lennar Sells Sites to Tampa Developer
[Sarasota Herald-Tribune]
A Tampa company has bought 8,300 Florida home sites from Lennar Corp. for an undisclosed sum, a deal that came as the big Miami home builder formed a land investment venture with Morgan Stanley Real Estate.
Anyone have the skinny on who the developer is???
… (0 comments)
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Hope Now Alliance Hotline Information - 12/06/07 08:02 AM
Hope Now Alliance Hotline
1.888.995.HOPE
HOPE Homeowner’s Hotline-The hotline is an existing national network that will receive, assess, counsel, refer, and connect borrowers to their mortgage servicers, fulfilling another deliverable in the Alliance’s action plan. The HOPE Homeowner’s hotline (1.888.995.HOPE), managed by the Homeownership Preservation Foundation, is the cornerstone of a foreclosure prevention effort supported by many of the country’s largest mortgage companies. The HOPE hotline provides free, independent, bilingual, HUD-approved counseling and advice 24 hours a day.
Help begins as soon as the homeowner calls. The earlier a borrower seeks assistance, the more options are available to ensure the borrower … (1 comments)
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Option One gave it the college try, but did you get The "letter" today? - 12/05/07 06:45 PM
“Cerberus Capital Management LP and H&R Block Inc. said Tuesday they terminated their agreement for Cerberus to purchase H&R Block’s mortgage subsidiary…”
Cerberus, H&R Block End Mortgage Deal
… (2 comments)
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Projecting the Underlying Demand for New Housing Units: Inferences from the Past, Assumptions about the Future from the Joint Center for Housing Studies of Harvard University - 12/05/07 03:26 PM
Joint Center for Housing Studies of Harvard University
W07-7: Projecting the Underlying Demand for New Housing Units: Inferences from the Past, Assumptions about the Future
by Eric S. Belsky, Rachel Bogardus Drew, and Daniel McCue
http://www.jchs.harvard.edu/publications/markets/w07-7.pdf
This paper examines the challenges of projecting the long-run sustainable demand for new residential construction and presents a range of estimates for the likely demand for new housing over the period from 2005 through 2014. … (2 comments)
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Ara Hovnanian's Outlook is Bright on the Future of Housing! (P.S. Hovnanian is 6th Largest Builder in the US) - 12/05/07 02:52 PM
Ara Hovnanian on the Current Housing Industry
The "steep correction" that the housing industry is going through currently "is not unprecedented" and shouldn't obscure positive economic and demographic trends that will contribute to strong and consistent housing formation over the next two decades, said Ara Hovnanian, president and CEO of Hovnanian Enterprise.
Hovanian is the sixth-largest builder. Ara was speaking to the attendees of JPMorgan's Homebuilding and Building Products Conference in Las Vegas.
During his 20-minute prepared presentation, Hovnanian showed numerous charts that favorably compare current market conditions with previous housing slumps, when some markets were plagued by higher rates … (0 comments)
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Which will the Fed Pick to ease the problem-Ex-Lax Or Pepto? - 12/05/07 09:40 AM
OR
Big banks are just about the only ones who may come out of this mess unscathed because they have the biggest backer -- the U.S. Treasury!
Senate Banking Committee Chairman Christopher Dodd urged Federal Reserve Chairman Ben Bernanke to use "all the tools available." He also urged the Treasury to raise the amount of loans in dollars that can be held by Fannie Mae and Freddie Mac. All actions stopped short of demanding the Fed to lower the key federal funds rate -- the target or suggested rate at which banks borrow money from each other. This is widely known … (1 comments)
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Hillary calling for a 90 Day freeze on Foreclosures-How do you feel about it? - 12/05/07 09:15 AM
Clinton to call for foreclosure freeze Sen. Hillary Clinton is expected to call for a 90-day freeze on home foreclosures today. Clinton is also expected to call for a five-year freeze on the rates of adjustable mortgages, which the Bush administration is also reportedly considering. Reports of Treasury Secretary Henry Paulson's plan prompted Clinton to send him a letter with her own proposal. Some of the biggest swing states, including Ohio, Florida and Michigan, have been hit hard by the subprime mortgage meltdown. In August, Clinton called for a ban on prepayment penalties and for disclosure of more details about broker … (5 comments)
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"Before we actually see a housing rebound, home-builder stocks will recover." - 12/04/07 02:39 PM
D.R. Horton Inc. and Lennar Corp. led homebuilders to their biggest two-day advance since August after, ex- Goldman Sachs CEO and Current Secretary of the Treasury Henry Paulson said a deal to fix some subprime mortgage rates before they reset higher may be reached this week.
Bloomberg Story: http://www.bloomberg.com/apps/news?pid=20601103&sid=azCVFGX92LS4&refer=us
Paulson said a deal to fix some subprime mortgage rates before they reset higher may be reached this week.
The Treasury chief today proposed letting state and local governments ``temporarily'' exempt taxes on bonds issued to help refinance subprime borrowers.
A gauge of homebuilders in S&P indexes gained 1.5 percent, … (2 comments)
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What do you think of the joint venture between Morgan Stanley (MS) and Lennar? - 12/04/07 02:08 PM
What do you think of the joint venture between Morgan Stanley (MS) and Lennar?
MS will pay $525 million to LEN for an 80% equity stake in acquired land with a net book value of $1.3 billion.
The assets acquired consist of 11,000 homesites in 32 communities in CA, CO, FL, MD, MA, NE and NJ.
Is this the way for Lennar to downsize its asset base during the weak housing market, and how much is the fee Lennar gets paid for developing these properties in the future? Interesting isn't it!
http://money.cnn.com/2007/12/03/news/companies/lennar_morgan/index.htm
Other stories for those interested in this type of information: … (0 comments)
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Free Commercial Real Estate Calculator from Real Data - 12/04/07 07:36 AM
… (4 comments)
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Florida Halts Withdrawals From Local Investment Fund - 12/03/07 02:22 PM
Florida municipalities invest cash in a state-run investment pool. It seems that they were invested in low quality securities. The Local Government Investment Pool had $3.5 billion of withdrawals today alone, putting assets at $15 billion, said Coleman Stipanovich, executive director of the State Board of Administration, at a special meeting held to address the crisis. The board manages the fund along with other short-term investments and the state's $137 billion pension fund. The fund has invested $2 billion in structured investment vehicles and other subprime-tainted debt, state records show. About 20 percent of the pool is in asset-backed commercial paper, … (0 comments)
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What does the News that Citadel is buying mortgage portfolio's mean? - 12/03/07 02:13 PM
What does the News that Citadel is buying mortgage portfolio's mean?
The structure of the investment is clever. In the first part of the deal Citadel will buy E*Trade's entire $3 billion portfolio of asset-backed securities for about $800 million. Citadel paid an average of about 27 cents on the dollar for these assets. And it received a boatload of E*Trade shares as part of the deal. If these securities rise in value over time, the buy-out firm could make a fortune. As a private investor, it is under no pressure to sell them immediately or show them on a … (0 comments)
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Can anyone explain how the government going to make this work? - 12/03/07 01:07 PM
Treasury Secretary Henry Paulson said that he thinks a deal to help subprime borrowers should be finalized soon, ideally by next week during an interview on ABC.
(Link:http://abcnews.go.com/WN/MarketTalk/story?id=3937713&page=1)
"This is not a government subsidy that we're talking about here," said Paulson. "This is something that the industry will do where it makes sense."
The plan would establish guidelines for lenders to freeze payments for homeowners who qualify for the program. Paulson said the program would be completely voluntary, and only some borrowers would qualify.
He said homeowners who can handle an increase in payments and those who don't "have the financial capability to own … (2 comments)
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Historic Table for Single Family Permits Lee County and Foreclosure Update December 2007 - 12/03/07 10:51 AM
This table of historic totals for single-family permits includes unincorporated Lee County, as well as the City of Bonita Springs and the Town of Fort Myers Beach, which contract with the county for permitting services.
2003 2004 2005 2006 2007
Jan 313 547 746 632 305
Feb 301 466 782 754 299
Mar 299 … (0 comments)
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Litgation....Securties Class Action, 401k, and Builder Class Action - 12/02/07 05:52 PM
Securities Class Action Lawsuits:1. ACA Capital Holdings
2. Accredited Home Lenders
3. American Home Mortgage Investment Corporation
4. Care Investment Trust
5.. Citigroup
6. Coast Financial Holdings
7. Countrywide Financial Corp.
8. E*Trade Financial Corp.
9. Federal Home Loan Mortgage Corporation
10. Fremont General Corporation
11. IMPAC Mortgage Holdings, Inc.
12. IndyMac Financial, Inc.
13. Luminent Mortgage Capital
14. Merrill Lynch
15. NetBank, Inc.
16. New Century Financial
17. Nova Star Financial
18. Opteum, Inc.
19. Radian Group, Inc.
20 RAIT Financial Trust
21. Thornburg Mortgage
22. Washington Mutual
401(k) Lawsuits:1. Fremont General
2. Citigroup
3. Countrywide Financial Corp.
4. Merrill Lynch
Home Builder Securities Class Action Lawsuits:1. Beazer Homes USA
2. Hovnanian Enterprises
3. Tarragon Corporation … (1 comments)
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Are there more declines in Bank Capital Ratio's to come? - 12/02/07 02:18 PM
Bank Capital Ratios Are there More Declines to Come? Falling profits and rapid asset growth have dragged bank capital ratios down to their lowest since the late 1990s, and they’re likely to fall further, says a new report from J.P. Morgan Chase.
J.P. Morgan Chase Economist Michael Feroli, says "banks have a number of ways to rebuild capital ratios. One of the easiest would be to stop buying back shares. Other options: restrain loan growth, issue additional equity or cut dividends."
Mr. Feroli dissected third-quarter bank profit data released this week by the FDIC, which at the bottom of this you'll … (0 comments)
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What's your "hook"? - 12/02/07 11:33 AM
Speaking German Seen as a plus for real estate agent
Gulf Gateway Agency based in Cape Coral
Q & A with Henry Albrecht and Don Manley
Cape Coral's underdeveloped lots and vacant acreage are the specialty of Henry Albrecht and Gulf Gateway Realty, where he is the broker-owner.
How's Business:
Picking up, for me. But I am lucky because I have th ability to speak German and that represents a niche market. So I'm advertising myself as a German-speaking, American Realtor who has living in Southwest Florida for 14 years. I know the Germans are paying attention the exchange rate, coupled with paying attention to … (3 comments)
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What set's you apart from the rest of the agents in the market? - 12/02/07 11:00 AM
Speaking German Seen as a plus for real estate agent
Gulf Gateway Agency based in Cape Coral
Q & A with Henry Albrecht and Don Manley
Cape Coral's underdeveloped lots and vacant acreage are the specialty of Henry Albrecht and Gulf Gateway Realty, where he is the broker-owner.
How's Business:
Picking up, for me. But I am lucky because I have th ability to speak German and that represents a niche market. So I'm advertising myself as a German-speaking, American Realtor who has living in Southwest Florida for 14 years. I know the Germans are paying attention the exchange rate, coupled with paying attention to … (1 comments)
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42 Months of Inventory in SW Florida-IKES! - 12/02/07 10:38 AM
As of November 20, 2007 MLS for the Greater Fort Myers Area showed:
1. 18,596 Single Family and Condominiums for sale.
2. 444 sold in October of 2007
Doing the math that equates to about a 42 month supply of inventory!
Six months of inventory is considered a perfect balance between supply and demand.
Any predictions on how long it will take to work through that kind of backlog?
Thankfully, we do have one thing that many places don't:
… (1 comments)
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U.S. Department of Commerce Links www.bea.gov. Plus Preliminary GDP Summary for 3rd Quarter - 12/02/07 09:23 AM
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2007 (PRELIMINARY)CORPORATE PROFITS: THIRD QUARTER 2007 (PRELIMINARY) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.9 percent in the third quarter of 2007, according to preliminary estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent. The GDP estimates released today are based on more complete source data than were available for the advance estimates issued last month. In the advance estimates, the increase in real GDP was 3.9 … (2 comments)
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Market Bailouts and the "Fed Put" - 12/02/07 09:08 AM
Market Bailouts and the "Fed Put" Market Bailouts and the "Fed Put"
Federal Reserve policy actions starting this past August to temper strains in financial markets have generated considerable commentary, some of which reflect concerns that policy action in such circumstances creates moral hazard. The issue is extremely important, and given that it is so current, this is a good time to reflect in general on the Fed’s reactions to financial market developments. The concern over moral hazard is that monetary policy action to alleviate financial distress may complicate policy in the future, by encouraging risky investing in the securities markets. … (3 comments)
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The Off Balance Sheet Games - 12/02/07 08:52 AM
In a post last week I appealed to everyone to watch the "Game" as Citigroup announced that they had cut a deal with the Abu Dhabi, AIDA. The deal offered Citi a much needed injection of $7.5 billion into the company. This has since been widely hailed by the media as the reason that the market has begun to rebound. Yeah…whatever!
The market rebounded late this week because:
a) it was incredibly oversold
b) we’ve seen the US Dollar rally, and that has taken some of the air out of oil prices.
I’d urge you to look at … (5 comments)
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Nationally for the Month of October there was 1 Filing for every 555 households - 12/01/07 09:25 AM
Foreclosures are up 94% from a year earlier, but the "good" news is that foreclosure activity in general appears to have "leveled off" since peaking in August, according to RealtyTrac Inc.
The default notices for October dropped nearly 9% from a year ago. "Some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact," said RealtyTrac Chief Executive James J. Saccacio. He added, however, that bank repossessions during the month jumped nearly 35% -- "evidence that more homeowners who enter foreclosure are losing their homes."
RealtyTrac Data … (4 comments)
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Theory gives us the cause and effect, and history gives us the timing - 12/01/07 09:00 AM
Theory gives us the cause and effect, and history gives us the timing!
Few people believe it, because most folks don't heed warnings. Personally, I don't blame them, since there are many voices pointing in many directions. Former USSR President Gorbachev is reported as saying, "I have 100 economists and one of them is right, but I don't know who."
Only when the next recession occurs will some people pay attention to the real estate cycle story. But few will heed the really important lesson -- how to eliminate the business cycle. There are two causes and two remedies. … (2 comments)
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Is it a good or bad idea to Freeze the Teaser Rates for Certain ARMS - 12/01/07 08:19 AM
Freezing the Teaser Rates for Certain ARMS
Discussions are underway to temporarily freeze the teaser rates on ARMs for a a certain "class of borrower". The purpose of these discussions by the coalition are geared to reduce the number of foreclosures in 2008.
The plan is being negotiated between regulators including the Treasury Department and a coalition of mortgage-related companies including Citigroup Inc., Wells Fargo & Co., Washington Mutual Inc. and Countrywide Financial Corp. People familiar with the talks say the individual members have agreed to follow any agreement reached by the coalition, which is called the Hope Now Alliance. … (12 comments)
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