Gary Miljour's Blog: Mortgage Lending for Tempe Arizona

Are Banks Holding Back on Releasing Home Foreclosure Inventory?

Sun, 14 Jun 2009 06:48:03 -0500

Maricopa County Arizona:

We have one of highest amounts of residential home inventory in the country. We broke lots of firsts over the last couple of years. We had the fastest appreciation gains in the country and now we had the fastest depreciation values in the country. Now with prices so low and interest rates attractive, the property investors and first time home buyers are flooding the market with purchases. With that flood of home sale activity, inventory levels seem to be improving. In the last two months bank foreclosure inventory in the price range of $200,000.00 or less has dried up. I got one report put out by Fletcher Wilcox with Grand Canyon Title Agency that shows inventory levels for homes priced under $200,000.00 with about 2.5 months of inventory.

Now I am being told by many real estate sources that the banks held back on releasing more inventory until they knew for sure how the new federal home bailout programs would work. Now that the banks know there is not much incentive, we are told that a flood of more foreclosures should be hitting the market.

But are the banks really going to release all this inventory?

I am not a conspiracy believer, but I have a trustworthy source stating that banks will not be
releasing all their inventory and will take advantage of higher rates to help offset losses
over the last couple of years. They are also taking advantage of multiple offers now that "big brother" is offering so much incentive to first time home buyers.

I am not 100% buying into this one, but thought I would pose the question.

Are Banks Holding Back on Releasing Home Foreclosure Inventory and for what reasons?

Business Referral Network: Happy Hour Event

Fri, 22 May 2009 11:47:04 -0500

Business Referral Network would like the chance to get to know you! Referral Networks are a great way to expand your business and get connected with new clients. We work together to make sure our friends, family, and customers receive quality services from reputable businesses.

We invite You to Our: Business Referral Network Happy Hour Event

May 27, 2009, 5:00pm at Darcy Magees, Tempe Market Place

Free Credit Class

Fri, 15 May 2009 15:37:26 -0500

Increasing Buying Power-Understanding Credit

Cherry Creek Mortgage Company will be holding a free class on understanding the in's and
out's of credit scoring on May 20, 2009 at 4:00pm . This class will be held at
Cherry Creek Mortgage 1630 South Stapley Drive Ste. 100, Mesa, AZ 85204.

This class will be taught by Charlie Brandes with Advantage Credit. Charlie is an expert
speaker/instructor on this topic and travels the entire state of Arizona talking to
realtors, consumers and borrowers about the power of credit.

Charlie will be covering the following topics:

What is the best mix of credit to obtain the highest scores

The do's and don'ts with credit for buying property

How degrogatory information will impact your credit and buying potential

How to increase your potential buying power with better credit scores

Plus Charlie will go over proven tips to help prevent fraud and identity theft.

If you would like to attend, please RSVP by emailing me.

FICO Scores on the Rise at Cherry Creek Mortgage

Sat, 21 Feb 2009 14:38:23 -0600

Cherry Creek Mortgage Company announced on February 20, 2009 that they are now requiring minimum credit scores of 620 or higher for most FHA and VA loans. This comes as no surprise since most industry standards with investors have already moved in this direction. These new credit score requirements will not apply to borrowers who are applying for an FHA Streamline Refinance or VA Interest Rate Reduction.

Now please be aware that this is NOT an FHA or VA rule. FHA and VA loans in general are not credit score driven programs. However, due to higher default rates on these type of loans, the investor market who buys these loans put in certain stop gaps to get a better handle on marginal credit score borrowers and high default rates.

The Passion of the Little Old Man and His Final Home Sale

Sun, 21 Dec 2008 00:05:02 -0600

I think about this old man from time to time that had everything and nothing to live for.

This was back in the day when I was not a peddler of mortgage products but an escrow closer for property. I had this client who was 93 years of age and just the happiest of people. To be honest he was the cutest little thing. He story was a sad one but stuck with me for the rest of my life.

You see this little old guy lost his wife about 3 years earlier and his life changed dramatically he was married for 67 years getting married when he was 23 years old. His best friend of his life died and life became very tough on him from there on out. He was heart broken and out of place without his sweetheart.

At the age of 93 he really was not able to take full care of himself anymore and his son contacted me when Dad was selling the home. Dad contacted me when he had a contract and wanted me to help him do everything to close his home and move on with the last chapter of his life. He knew in his heart he would be dying soon, so he was passionate about getting the sale of his home closed. This is when he asked for me to come visit him at his assisted living home for he already moved out of his home he was selling. As I sat there for over an hour getting the papers signed by him necessary to sell his home and transfer the deed I learned a lot from this happy and cheerful fellow.

He looked me straight in the eye and told me about how life throws us do-overs. He said everyday is a blessing and tomorrow is a new day. He looked me over and said Gary you will have days, weeks, maybe even years of disappointment, but tomorrow is a new day and a do-over.

Anyway his thoughts and words stayed in my life today and I realize the gifts we have and the do-overs we are given.

This home he sold was the last "big thing" he needed to accomplish before his little heart would give out. He passed away nearly 3 weeks later at the age of 93.

What was ironic was his son called me and told me his Dad passed and said you know, I think you and the real estate agent help keep Dad with us a little longer.

Of course I was a little choked and realized how precious life really is.

Mortgage Loans Programs for Credit Challenged Buyers:

Fri, 19 Dec 2008 10:39:48 -0600

Every time I turn on the television or listen to the radio I hear another media talking head share with the public that banks are not making mortgage loans for buyers with credit scores less than 680, 720 or 740. Well I want to first set the record straight that this is not entirely true.

Now Let me make myself clear that "YES WE CAN" get you a mortgage if your credit score is lower than 680. There are conditions, but it is possible and I do it everyday for a lot of my clients.

Now that I set the record straight, let me explain this a little further.

Mortgage Loan Programs for Credit Challenged Buyers

Read Further:

HUD Halts Abusive Home-builder Practices

Sun, 14 Dec 2008 22:34:37 -0600

The Housing and Urban Development better known as HUD has finally halted abusive practices by home-builders in which they would revoke huge buyer incentives for not using their preferred/affiliated mortgage company. When a colleague of mine Tom Burris shared this with me, I was jumping up and down in excitement. Over the last 2 years I have written 4 posts about this abusive behavior.

Are Builders Violating RESPA with Using In-House Lending?
Home-builders and Abusive Practices
Should I use the Home Builders Lender?
I decided to try and take some action against Home-builders and Abusive Practices

Effective Jan. 16, 2009 a new home builder can no longer use "disincentives" to steer their customers to their preferred mortgage company. HUD Halts Abusive Home-builder Practrices (read further)

What Happens when your "Adobt a Family for the Holidays" owns a Big Home on the Golf Course?

Sat, 13 Dec 2008 19:21:04 -0600

I guess if life has taught me anything is that expect the unexpected. Well this year our choice for our "adopt a family" has lived up to the unexpected. Every year my wife's whole family and I adopt a family for Christmas. Instead of buying ourselves gifts we seek out a needy family each year who is struggling and we give them and their kids a good Christmas. We buy all the children nice clothes, gifts, gifts certificates for groceries, the whole nine yards. It always brings a big tingle in my belly when we do this each year.

However, my tingle in my belly turned to a bad stomach pain when we found out that the family we choose this year is really not that needy. At last moment, we found out that the family drives very expensive cars, lives in a gated golf community and has a lot more to be thankful for than myself.

How do these folks think that someone should be giving them a "Free" Christmas. We did decide to pass on this family and have re-selected a family who is struggling this year and can really use the help.

Five Good Reasons for the Perfect Home Buyer Storm

Wed, 10 Dec 2008 21:07:28 -0600

Normally I am not one to predict the market when it comes to mortgage rates, home values, good deals, tax incentives or tax rebates, but the writing on the wall is extremely clear to me that we have entered into what I want to phrase "The Perfect Home Buyer Storm". I have not known a better time for first time home buyers or step-up home buyers to take advantage of all the benefits that are out there right now.

Here is my list of things that have transpired to make this "The Perfect Home Buyer Storm": Read Further

When Did Arizona Become a Police State?

Thu, 27 Nov 2008 23:59:23 -0600

Almost everyone I know who lives in Arizona is not a native of this state. Some of us were transplanted here many years ago and some are just arriving. To be an actual native (Arizona Born) is very rare. We folks who have lived in this state of any period of time joke with each other that if you can survive 2 whole summers in Arizona that you are now an adopted child of this state. My parents transplanted me to Arizona back in 1982. I have been living here for the last 26 years now. After 26 hot and wonderful years, I think I can talk as an expert of understanding the changing culture of Arizona. Lately, that culture has been very scary for me and I felt it was necessary to address some frightening issues going on in our state.

In the last 2 years, our state has decided to create some of the strictest laws on DUI, Illegal Immigration and now Traffic Enforcement. Now on the surface, these issues all seem to be great causes, but as you dig deeper into the reasons behind these laws, the system here is moving in a very dangerous direction. Our state now has cameras on every major intersection on highways, our sheriff makes random neighborhood sweeps and our law enforcement officers have the power to arrest and take blood from individuals if they slightly think that person has been drinking.

Let me first make it clear that I truly condone wrong doers. We recently had a bad situation in our east valley happen when an illegal immigrant who was drunk killed an innocent person from drinking and driving. Please read Jay Thompson's post further: Reflections: In Memory of Kelly Tracy

However, the balance of wrong doing and personal freedoms of a borderline Police State must be changed. In the past I felt safe to drive across town and visit friends or relatives. Now, I do not enjoy driving due to hundreds of traffic cameras watching at all times that I am a perfect poster child of society. These new laws are set up in a way to be guilty until proven innocent, which is completely against our system of innocent until proven guilty.

What is further upsetting is why we have so many cameras now on our highways. The State of Arizona passed a law to set up speed cameras for a revenue generating taxation. In the past these tickets would of added points onto your drivers license and you would have had to attend traffic safety. Now however, the State of Arizona could care less about your well being of being safe. Just pay the fine and be on your way. A police officer I know once told me that one out of 21 people end up with a traffic citation. Those numbers now must be much higher.

What this really boils down to me with and why I am miffed is because I feel like zero tolerance laws for DUI, Illegal Immigration Sweeps and Photo Radar Tickets all sound good, but when applied just erodes more of our personal freedoms that we have become accustomed to in the United States. I worry about the day that I wake up in the United States and our world has become something out of a sci-fi film like Minority Report.

For full information on camera locations and citizens getting involved to remove the cameras: Please Visit: http://azspeedcameraslocations.blogspot.com/

FHA: The Good Neighbor Next Door Program

Tue, 04 Nov 2008 12:27:16 -0600

Attention Police Officers, Firefighters, Teachers and EMT's. If you are in the market for a home you need to be aware of this specialized FHA loan program through HUD called the Good Neighbor Next Door Program. I am helping a couple of teachers right now with this loan and the outcome has been fantastic. Let me explain the mortgage loan details a little bit further. Basically if eligible for the program you can take advantage of an incentive to get into the home at a discount of 50% off the list price of the home. In return for the discount you commit to HUD that you will live in the home for 3 years as your primary residence. Read further: Good Neighbor Next Door Program

Have you found your blogging coach?

Fri, 24 Oct 2008 15:09:04 -0500

Yesterday Callie Waterhouse and I taught a blogging class that was sponsored by the groovytitlechick at Land America. It is so fascinating how many people want to start using a blog to attract more clients their business and sometimes getting a blog started is the hardest part.

This class was very basic. We covered a lot of information in a 2 hour window that hopefully helped the newbie's of the world with blogging. blogging coach continued

Mortgage Loan Modifications: Is This Web 2.0 for the Mortgage Loan Originator?

Fri, 17 Oct 2008 17:19:30 -0500

I just got off of a webinar training on Mortgage Coach about Mortgage Loan Modifications. What was so fascinating about the training beyond the sales pitch was the idea of another way for mortgage originators to help distressed homeowners in this time to need.

Arizona is one of states that has been hit the hardest with the downturn in the real estate market. We have some neighborhoods which are rampant with short sales and foreclosures. I have been getting at least 4-5 calls a month from distressed homeowners looking for solid solutions to stay in their homes but felt that the current solutions were just not very viable. Hope for Homeowners the jury is still out on that program.

Now I feel there is hope to make the Mortgage Loan Modification a win,win,win for all sides involved. Mortgage Coach has devised a system to help homeowners stay in their property through a modification to the mortgage note. Mortgage lenders in conjunction with partnered attorneys help the homeowners with the modification process.

Is our roles as mortgage advisors going to change to mortgage modifiers?

I think it will become part of our business mix for sure. These homeowners need help and are seeking our professional advice to solve a problem. Until all the sub prime, alt a, option arms and other niche arm products adjust, there will be a need for this service.

Are we the right people to administer this service?

I am not sure, but I would sure like to help these folks keep their house.

Mortgage Options for Divesting Real Estate Assets after a Divorce

Tue, 14 Oct 2008 17:17:06 -0500

So the decision has been made and divorce proceedings have been started. For many couples who go thru this chapter in their life are really not sure where they stand in terms of being able to keep the home. Some couples just want to sell and move on and others want to stay due to the children, school districts and other sentimental reasons. In the current state of the real estate market selling might not always be your best option. Actually it might set you back worse than refinancing and splitting the home equity position. This is when someone like myself can come to the rescue and help work out a plan to help both parties in distress.

I have worked with many clients over the years who have had to make this hard decision and knowing where you stand financially can make the situation easier to conclude.

Here are some questions to ask before putting the home up for sale. (read on)

I just lost another loan to ditech, oh wait is ditech still around? barely!

Wed, 03 Sep 2008 14:10:26 -0500

I am sure you already heard, its going thru the financial networks and the blogging world faster than I can keep up with it. I just heard about this from a colleague of mine. GMAC Financial just announced they are laying off 5,000 employees. Here is a post from AR who broke the story on our network: GMAC Mortgage now gone as well.

You see this hits home with me because I spent 2 wonderful years at GMAC Mortgage Retail as a loan originator until the writing on the wall told me it was time to leave dodge. I am glad I made the switch to Cherry Creek Mortgage. A company who has a proven track record of growing its mortgage business in down markets. I feel like I dodged a bullet!

With less competition out there, this can only be good for my business. Maybe it was the business model GMAC thought to preserve or maybe it was the acquisition by an investment company who knows nothing about mortgage banking? Whatever it was, I can tell you that this is big news.

Love those old ditech commercials, but even they might not suvive this mortgage meltdown before it's over.

And You Really Thought You Can’t Get a Home with $100.00

Fri, 29 Aug 2008 18:45:34 -0500

My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality. Wow what a cliche I just said. Anyhow my question of the week from many real estate agents is: How am I going to help buyers who having very little or nothing down?

In the past, the answer was pretty straight forward, we would look into down payment assistance. With Housing Bill HR-3221 doing away with my favorite pet, clients, lenders and real estate agents are scrambling to find good solutions to help these buyers get into ... Continue Reading

Are We There Yet? : I'm Tired, I'm Hungry, My Nose is Snotty, Got to use the Potty

Sat, 23 Aug 2008 01:34:46 -0500

After reading Sardis most recent blog: It's all conversation until it closes... I realized how this real estate market has made us all turn into cartoons, or better yet Looney Toons.

In college I started to watch a lot of cartoons, and one of my favorites was the Animaniacs. What made the cartoon so funny was the dumb little songs they would play like the heading. Here is the Full Song for Fun!

You see this song really sums up our real estate market. In the end it will all work out.

The Home in 5 Bond Program a great substitute to Ameridream and Nehemiah

Fri, 22 Aug 2008 14:38:25 -0500

With so much talk about down payment assistance programs (DPA's) going away some homeowners will be left out in the cold and will be wondering about how they too can buy a home in such a great buyers market.

Most lenders out there are just not offering any 100% financing options. Our company is very limited in this situation as well. Currently we only have 1 program that will finance a borrower 100%. It has so many limitations that is just does not work with the typical homeowner. Some will qualify, but most do not.

So your best options are to work with the loan programs that do require a minimum down payment and seek out the Home in 5 Bond Program. I wrote a blog about the pro and cons of this program back in August of 2007: Home in 5 Bond Program VS. Ameridream DPA, Maricopa, Arizona. Up until recently, I really felt that Ameridream was the better alternative to this program. Ameridream was funds that did not need to be repaid, and the bond does. However, since DPA's are going to be a thing of the past starting October 1, 2008 I think a great alternative is the Home in 5 Bond Program. Our company and has already been set up to do this program, not every lender is set up. The funds are available throughout the state of Arizona. If you have limited funds to buy a home and still want to buy in this market, please give me a call.

If you like what you are reading, please subscribe to my blog

BK-0904024

Mortgage Financing Tips When Buying an Investment Property:

Sat, 16 Aug 2008 10:59:57 -0500

Prices are finally starting to bottom out in most of the best areas around the Greater Phoenix Market and investment opportunities with positive cash flow are easy again for come by. In the last 30 days I am once again getting calls from investors who would like to buy at the low end of the market for the long term growth to our market.

If you do decide to purchase an investment property in Arizona, here are some tips from a mortgage advisor who not only has helped many investors finance property but also owns investment property himself.

•· Tip #1- Know your investment strategy for making money. I have been to enough investment seminars to tell you that the pro's will always tell you to have at least 1-3 strategies per property of how you are going to make money on that investment. Some strategies might be long term rentals, fix and flips and buy and hold such as land, etc. Whatever your strategy is, figure it out before you put in an offer.

•· Tip#2- Understand all hidden costs of the property. I have helped a lot of investors in the past buy 4plexes and some investors were not aware of all the hidden costs until after they owned the property. These fees could be sales tax, garbage, sewer fees, HOA dues, repairs, management fees, attorney costs etc. You need to figure these out and budget for them to make this investment make sense.

•· Tip#3- Understand your tax strategy. Always consult with your CPA and figure out how the tax benefits help with your Return on Investment.

•· Tip#4- Pick the right mortgage for the long term. I had some clients that thought they would only own their investment for 2-3 years and got in trouble when they did not look at long term options. Right now with mortgage guidelines tight, most conservative mortgage products are your best deal for your dollar.

•· Tip#5- Be prepared for a larger down payment if financing is needed. Most lenders now want an investor to put a good down payment. 20% down has become more of the minimal requirement.

If you are in the market for an investment property and have some questions about mortgage financing, please feel free to give me a call.

In Life a Push is a WIN!

Sun, 10 Aug 2008 12:40:56 -0500

Anyone out there a fan of the game BlackJack? I always enjoyed this game from the moment my father taught it to me as a youngster. We used to play against each other and when I first learned it I used to hate having a push. If you are not familiar with the game, a push is when you tie the other player.

Over the years, I have learned that a push is actually a good outcome. In the game of blackjack a push against a dealer in Las Vegas is not a loss of your bet. That is a good outcome because the house has a edge over you.

So where am I going with this?

Well, business for me over the last 13 months have been a push for me. I am not losing any money but I am not really getting ahead either. It's really just been a push. I do feel this has been a great outcome or even an excellent outcome. While I have had many pushes, it has allowed me to continue to play the game I enjoy. While other players are losing their shirts and calling in their losses, I am still playing. If I was sitting at a blackjack table right now I would be ahead. When the market bounces and it will I can increase my bets and beat the house.

Now is the time to ride out the storm and forge ahead. Now is the time to buy that bigger home if you can make it happen. Now is the time to buy those investment properties. Why? because right now its a push.

If you enjoy my mortgage advice and ramblings, please subscribe to my blog.

From a Lenders Perspective: Housing & Economic Recovery Act of 2008: HR-3221: The Housing Bill

Thu, 07 Aug 2008 13:32:45 -0500

I just got out of a training class yesterday from the corporate powers to be, and this is the layout of this new housing bill from my point of view.

1. Down Payment Assistance is going away September 30, 2008. Officially the funds will be available for a client who if is in final approval and under contract by September 30, 2008. This time frame is an area of a grey state of mind. Already our correspondent lending channels are interpreting this differently. My opinion is to have a contract and loan closed by 9/30/2008 so you take no chances of losing these down payment assistance funds. If you wait until the last minute to write the offer and try to close into October, you are taking a chance of interpretation by the lender on the date this starts. Of course any contract after October 1, 2008 signed will NOT be eligible for down payment assistance. I hope I made that clear as mud.

2. First-Time Home Buyer Tax Credit: I actually like this piece on the bill. The credit is available for first-time home buyers who purchase a home between April 9, 2008 and before July 1, 2009. The definition of a first-time home buyer is anyone who has not owned principal residence during the three year period prior to the purchase. The credit is up to $7,500.00 or 10% of the sales price capped at the $7,500.00. The income restrictions to qualify are $75,000.00 single Adjusted Gross Income or $150,000.00 Adjusted Gross Income. You can take the tax credit on the 2008 or 2009 tax return. Now the tax credit must be paid back, so it really works like an interest free loan from Uncle Sam.

3. Minor Changes to FHA. The down payment requirement starting October 1, 2008 will be 3.5%. Also the upfront FHA insurance and monthly premiums will be changing again on October 1, 2008, the chart is to come, we have not heard an actual amount yet.

On the lending side of things these are the basic changes. For questions, please feel free to call me.

Pre-Season Opener for the Arizona Cardinals

Thu, 07 Aug 2008 12:07:41 -0500

Today is the preseason opener for the Arizona Cardinals football squad. After last year's 8-8 season, the fellow flock like myself are looking forward to a better season.

The Cardinals have a tough schedule this year. They not only play the Superbowl Champions New York Giants, but they also have to play the New England Patriots. Based on their tough schedule, the Cardinals do have have prime time TV coverage this year. Tonights game starts at 5:00pm against the New Orlean Saints.

Poker Games and Social Networking: This Stuff Works

Sat, 02 Aug 2008 03:03:05 -0500

Find a hobby, surround yourself with people you enjoy and get invited to fun events. Tonight my boss invited me to his home to play poker with the guys. I was honored to be invited to his crowd of friends. What was more surprising was I met another guy who was an insurance agent who also networked with another business partner of mine. We are now going to get together and talk about the relationship opportunity.

Sometimes being invited to social events help put you in touch with the right people. I have made it habit now to attend as many social events as possible and enjoy the time getting to know people. This is paying huge dividends in my business. Thought I would share.

62 Days Until Down Payment Assistance Goes Away

Wed, 30 Jul 2008 18:25:51 -0500

Well,

I was hoping to never have to write this post. Today President Bush signed into law: The Housing Bill

which has now done away with down payment assistance programs such as Ameridream and Nehemiah.

If you agree or disagree with the politics behind the bill, it does not change the fact that this program will be gone for good on September 30, 2008.

What does this means to the folks out there that are trying to buy your first home? Well it means if you need this assistance for down payment you need to act quickly. Most lenders are taking about 30-45 days to close on an FHA loan. This means you must have a purchase contact in my opinion signed by August 10, 2008 to avoid any chance of not closing and losing your down payment assistance.

There are still other programs out there to assist with down payment and closing costs, however I felt this one gave the consumer the biggest bang for the dollar.

If you are looking to buy a home, and need these funds, please talk with a lender and real estate agent today.

AZ-BK-0904024

Well, I did not expect to get this type of response: WOW!

Thu, 24 Jul 2008 18:05:17 -0500

Recently I sent an email to my congressional district representative to let him know I support Down Payment Assistance Programs such as Ameridream. DPA is about to be gone and I think our politicians have little knowledge of the overall effect on our local real estate economy. In just the last 12 months, I have used Ameridream an average of once of month. Now these buyers will have to wait a much longer period of time to enter the buying market.

Anyhow,

Here is Mr. Mitchell's response.

I do not think this guy has any real idea on what he voted on and how this will effect his constituents.

Here is his response letter:

July 24, 2008

Mr. Gary Earl Miljour

1205 E Vinedo Ln

Tempe, Arizona 85284-1531

Dear Mr. Miljour:

Thank you for contacting me regarding down payment assistance. I appreciate hearing from you on this issue.

Historically, home ownership has been an important way for families to build wealth and get ahead financially. More than two-thirds of Americans own their own home, and it is important that we continue to encourage home ownership.

Down payment assistance allows first-time and nontraditional home buyers to receive grants for down payments on affordable loans without the initial capital that is usually required.

Unfortunately, some companies that provide down payment assistance were helping lenders to make predatory loans in the height of the housing boom. The down payment assistance provided by some organizations allowed sub-prime lenders to persuade home buyers to assume more debt than they could otherwise afford. As a result, both the Internal Revenue Service and the Department of Housing and Urban Development issued rules to prevent this kind of coercion.

Please be assured that I will continue to press for more ways to help promote home ownership. Should related legislation come to the House floor for a vote, I will keep your interests in mind.

Again, thank you for taking the time to write to me about this issue. Please do not hesitate to contact me in the future with regard to this or any issue if you have additional comments or concerns.

If you would like to receive email updates about how I am working on behalf of Arizona's 5^th Congressional District, I invite you to sign up for my newsletter at http://www.mitchell.house.gov

Sincerely,

Harry E. Mitchell

Member of Congress

HEM/AS

All I can say is "WOW", I feel much better now. This guy is truly looking out for our best interests. Politicians involved in mortgage banking and real estate is a trainwreck ready to happen.