The Political Commentator

Commercial and Residential First Mortgage Note Sale Clarification

Michael Haltman (Hallmark Abstract Service LLC) — Mon, 27 Apr 2009 12:11:26 -0500

Michael Haltman, President
Exeter Commercial LLC/Exeter Holding Ltd.
131 Jericho Turnpike, Suite 202
Jericho, New York 11753
516.338.7500

Commercial and Residential First Mortgage Note Sale Clarification

In the follow-on responses that I have received on our one Residential note in Cold Spring, New York (Putnam County) and our one Commercial note in Bronx, New York, it seems that our intentions may not be 100% clear.

Each of the notes has a principal amount of money that we have lent to the borrower, and each of the notes has an accrued interest portion that has accrued to date and continues to accrue at 24%. These are interest only construction loans, not conventional amortizing loans.

Our goal is to sell our 1^st mortgage notes to an interested party, understanding that we will most likely not be getting 100% on the dollar, but that we will hopefully come to a price that would make a deal work for both parties.

Both of these loans are non-performing, and to reiterate both of these loans are construction loans and not conventional loans. They were made with a one year term, and are now well beyond that term.

On the SFR in Cold Spring, New York we are receiving a partial payment on a monthly basis of $6,000, with no guarantee that those funds will continue to be received.

I have attached the basic details again, but in summary

The home in Cold Spring is worth approximately $1.9 MM off of a recent appraisal, and we are owed in the neighborhood of $1.6 MM which includes principal of $875 K.

The commercial building in the Bronx is worth approximately $1.7 MM, is about 70% complete, and for a builder will require in the neighborhood of $400 K to finish once the foreclose process works through the system. We are owed $1.6 MM which includes $1.1 MM of principal and $400 K of accrued interest.

To reiterate, we are looking for bids on our 1^st mortgage, I/O construction notes, and understand that we will not be selling them for 100% on the dollar.

More details on either note are available upon request.

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

As-Is Apartment Building Note For Sale In The Bronx, New York

Michael Haltman (Hallmark Abstract Service LLC) — Wed, 22 Apr 2009 14:12:57 -0500

I am the mortgage holder on an 80% completed, 16 unit building on Fairmont Place in the Bronx, New York.

There are 12 one bedroom units and 4 two bedroom units. The anticipated rent for the one bedrooms is $1,200 a month, and $1,450 for the two bedrooms for gross annual rents of $242,400 .

Because it is currently under construction we are valuing it on a times rent roll basis as opposed to net operating income, but we estimate the finished value to be between $1,700,000 and $2,000,000.

We are currently entertaining offers for our note, and are available to go over the details with any interested parties.

Michael Haltman, President
Exeter Commercial LLC/Exeter Holding Ltd.
131 Jericho Turnpike, Suite 202
Jericho, New York 11753
516.338.7500

exetertraining@aol.com

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Commercial Mortgage Training

Michael Haltman (Hallmark Abstract Service LLC) — Mon, 13 Apr 2009 07:09:16 -0500

In this market, if you are still originating mortgage loans congratulations. This has been by far the most difficult market seen in a long, long time. That said, the key going forward is to have as much knowledge as you possibly can in order to differentiate yourself from the next mortgage broker. This also aloows you to work on every viable deal, without having to get someone else involved.

If you are an investor, these are the times that you wait for all of your career. As they say in the stock market, you want to be a buyer when all anyone else wants to do is sell.

The Commercial Capital Commercial Mortgage Training Program provides all this and more. It is 3-DVDs, 5.5 hours of pure training taught by nationally known commercial mortgage expert Charles Wallshein, Esq. In this program you will learn everything you need to know along the entire process. From the differences between residential and commercial mortgages, the analysis of a deal, how to determine if it is viable, how to present it to a lender, how to move through the underwriting process and most importantly how to overcome any obstacles and get it closed!

In addition to the DVDs, the program includes our 108-page Course Manual and Deal Analysis Spreadsheet.

We have sold over 500 copies of this program on our website for $295 (during better times of course), but are offering it on sale at Amazon.com this week for $89. If you think that you will ever have an interest in the commercial real estate market, buy this program NOW!

At www.amazon.com use ASIN number 0979627001, or you can try the link http://www.amazon.com/Commercial-Capital-Alliance-Mortgage-Seminar/dp/0979627001/ref=sr_11_1?ie=UTF8&qid=1239623108&sr=11-1.

Let me know if you have any questions.

Mike

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Loans Can Still Get Done

Michael Haltman (Hallmark Abstract Service LLC) — Mon, 13 Apr 2009 06:56:12 -0500

Release: $4.375 million Bridge Loan Closed

In these difficult times, Exeter Commercial LLC is happy to announce that we have closed a $4.375 MM Bridge Loan. While we have been closing smaller commercial mortgage deals on purchase and refinances of income producing property, larger, more complex deals are still possible to get done.

What Makes A Deal Possible In This Market?:

Good Collateral in the form of the subject building or property
A clear and concise executive summary of the proposed transaction. The project, the players, a source and use of funds, a pro-forma of the potential of the project, and exit strategy that is well defined plus any other information that will say to a lender:

"This is a good project with good borrowers, and I am comfortable in the fact that there is a strong and believable strategy for me to get my money back!!!

Good Borrowers or Co-signers
Good additional property that has equity to use as cross-collateral, or relevant cash on hand
All of the documentation provided in a timely fashion
A clearly defined exit strategy
Cash to bring to the deal or documentable cash already invested in the deal
For deals brought to us by brokers, direct contact with the borrower is a MUST!

In this environment there is no doubt that ground up construction deals are extremely difficult to get done, with condo deals that much more difficult than rental projects. The bottom line is that while credit is tight, it is available for worthy projects. At this time the phrase "it is who you know" has never rung more true. We are available to review any deals that you may have, and will be up-front and honest as to whether we feel it has merit, and more importantly if we feel it has a real chance to be funded. For deals above $25 MM, alternative methods of financing also exists. Our goal at Exeter Commercial is to always be conservative, and to over-deliver on our promises.

Michael Haltman, President Kunal Kohli, Vice President
Exeter Commercial LLC
131 Jericho Turnpike, Suite 202
Jericho, New York 11753
516.338.7500

exetertraining@aol.com

http://www.easycommercial.com

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Mortgage Deals Can Still Be Closed!

Michael Haltman (Hallmark Abstract Service LLC) — Wed, 08 Apr 2009 13:50:38 -0500

Release: $4.375 million Bridge Loan Closed

What Makes A Deal Possible In This Market?:

Good Collateral in the form of the subject building or property
A clear and concise executive summary of the proposed transaction. The project, the players, a source and use of funds, a pro-forma of the potential of the project, and exit strategy that is well defined plus any other information that will say to a lender:

"This is a good project with good borrowers, and I am comfortable in the fact that there is a strong and believable strategy for me to get my money back!!!

Good Borrowers or Co-signers
Good additional property that has equity to use as cross-collateral, or relevant cash on hand
All of the documentation provided in a timely fashion
A clearly defined exit strategy
Cash to bring to the deal or documentable cash already invested in the deal
For deals brought to us by brokers, direct contact with the borrower is a MUST!

Michael Haltman, President Kunal Kohli, Vice President
Exeter Commercial LLC
131 Jericho Turnpike, Suite 202
Jericho, New York 11753
516.338.7500

exetertraining@aol.com

http://www.easycommercial.com

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Mark To Market Eased: Making A Silk Purse From A Sow's Ear? Example Included Below

Michael Haltman (Hallmark Abstract Service LLC) — Thu, 02 Apr 2009 20:15:37 -0500

From The Political and Financial Markets Commentator

Taking From Peter To Pay Paul

The FASB (Financial Accounting Standards Board)relaxed the rules that require a bank to mark the value of an asset on its books to a"market" price, <strong>IF</strong> a transaction that takes place is distressed and/or if the market that security trades in is inactive. This would probably describe pretty much every asset that is considered toxic, and that if marked to market would most likely cause a bank to become effectively insolvent.

These are complicated products that even the banks themselves, save for a few of the quants that created them, could either explain or describe. Products created with and about most every type of esoteric financial product available. Products with bid/ask spreads wide enough to drive a truck through. Products so illiquid that they may never trade and therefore can't be priced yet that allow the firms selling them to make huge money on them. You get the gist.

Now there also happens to be a Treasury plan that was recently created to let the private sector buy some of these assets off of the books of the bank in conjunction with the government at what is determined to be a market price. Before these mark to market rules were relaxed there was much concern that the bid/ask spread would never narrow enough for any of these assets to sell. Now that he banks can value them as they wish, it is pretty much a given that they won't sell.

The end result is that most of these assets will remain on the banks books, the banks capital positions will strengthen, earnings, at least in the near term will look good <strong>but the problem will still remain</strong>. Now some or even many of these assets will be fine, but the jury is out on the rest. The whole idea of removing them and replacing them with new capital that the banks can lend to you and me seems to be on hold. The banks will hopefully lend based on this new and improved capital position created by loosening mark to market, but what will happen if these positions really head south? Hmmmmm.

It all seems a little like hocus pocus.

Mark To Market: An Attempt At A Simple Example Of Trader Magic

Mark to market is a term that is getting thrown around all over the place: on Capital Hill, T.V., the newspapers, the internet and anywhere else the financial markets are covered. But what exactly is mark to market?

Back in the day, fresh out of B School, I was a municipal bond trader in a time when the most complicated product on the market were futures. Traders would use the firms capital to go out on "the street" and bid on bonds, buy them if they were the winning bid, put them into inventory and pray that the market would go

You would buy them "on the bid", and then "offer them out" at a higher price (i.e. pay $94 and try and sell them at $94 3/8). If you paid to much you would eventually have to sell them at a loss, get bailed out by the market or try and get the retail brokers to sell them to their clients (the thought was that retail would buy anything).

Now bonds have ratings (AAA down to junk or unrated), and although all bonds with the same rating are not worth the same, there is a ballpark value that you would use. There are strong AAA bonds and weaker AAA bonds, but if the "scale" for AAA revenue bonds due in 10 years was 5.10%, then the range might be 5.00% to 5.20%.

Now at the end of the day, you have to mark all of the bonds in your inventory to the market. But let's say the market has gone against you hard, and you are sitting with large losses. You have two choices. The first is to mark correctly, show the paper losses (because losses are not real until you realize them) and get called back to the head of the departments office for a spanking. You only seemed have to much inventory when the market went against you. The second choice is the hope and pray, where you mark your bonds higher than they should be, show a small loss or no loss at all, and hope and pray that the market bails you out.

Now in the hope and pray the firm really had paper losses that should have been recognized when figuring out the capital position, but did not know about them unless someone in management knew about the market and went through every traders books to make sure the marks were correct. Now multiply that situation by the massive numbers we are talking about today, and you can begin to see the scope of the problem.

Now the hope and pray would work until either the market rallied (good)or your positions got to old or "stale" and the department would force you to liquidate at which time you were screwed (bad).

Instead, take today's esoteric incredibly complex instruments that don't trade, that no one understand, are incredibly illiquid, may or may not be performing and that in no way can be valued effectively. Picture the bid/ask spread on those puppies. That is where we are today.

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Direct Lender Needed For Condos in The Queens' New York Area

Michael Haltman (Hallmark Abstract Service LLC) — Wed, 01 Apr 2009 12:34:26 -0500

Direct Lender Needed For Condos in The Queens' New York Area

I have an opportunity for a lender that is interested in the Flushing, New York market for condos with borrowers that will be putting down 20-30%.

Loans will be full doc., borrowers 650 and above, and prices within the $300 K to $900 K range. The caveat is that the occupancy of the buildings does not yet qualify them for Fannie Mae programs.

If someone is capable of this type of loan (direct lenders only), this is a huge market.

Let me know.

Mike

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Direct Lender Needed For Condos in The Queens' New York Area

Michael Haltman (Hallmark Abstract Service LLC) — Wed, 01 Apr 2009 12:33:20 -0500

Direct Lender Needed For Condos in The Queens' New York Area

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Outside Blog Monetization

Michael Haltman (Hallmark Abstract Service LLC) — Thu, 19 Feb 2009 14:06:55 -0600

This post is hopefully not in violation of the group policy. I don't think it should be because it is advice to fellow ActiveRain members who may have an outside blog in addition to their blog here.

Part of my goal in my outside blog (The Political and Financial Markets Commentator), besides the ability to articulate my thoughts and ideas, is to drive incremental revenue in my business. Many of us use Adsense, but as you will read below I have also found a better way that allows me to choose the products and advertisers I want to use. I write every day, and wanted to share this idea.

Hydra Network is one of, if not the top network affiliate company on the internet today.

Free to join, with Hydra you select the product that you want to offer to your visitors and contacts, selecting from hundreds of offers from many different areas. These include financial, health, education, insurance, retail (heard of SnuggieBlanket and PediPaws?), entertainment and many more.

Each company has a commission they offer for the action required such as email submit or a purchase, and these can vary from $1 to $80. In your account you can track clicks and sales in real time.

Best selling point: It is free to join and free to participate. The only money is the money that they send you for the actions your visitors and email contacts take.

If you are not maximizing the income that your earn from your websites, blogs and emails, why wait. Sign-up now. You have nothing to lose and additional income to gain.

Just click this link: http://www.lynxtrack.com/afclick.php...r&p=14&s=33099. If you have any questions, let me know.

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

FHA, FHA Sreamline and VA Mortgages: Your Banking Source

Michael Haltman (Hallmark Abstract Service LLC) — Wed, 28 Jan 2009 13:11:29 -0600

Exeter Commercial LLC/Commercial Capital Alliance

Is Proud To Announce Its' Affiliation With:

Euro Mortgage Bankers, Inc

Full Eagle Banker

Licensed Mortgage Banker

NY, NJ, Ct, Fl, Ca, Md, Ma, Co, Mo, Pa, SC, NC, Tn, Vt, Oh

FHA and VA Approved Lending Institution

Why You Should Consider Euro For Your Clients FHA Needs!

In-house Manual Underwriting
Fast File Turn Around Times
48 Hour Commitments
One on One Personalized Service With Extended Office Hours
Experienced and Knowledgeable Back Office Support
Brokers With FHA Sponsorship Get Daily Rate Sheets
Brokers With No FHA Sponsorship Can Still Earn Up To 1.5%
Euro Is Still Closing Files Down To A 580 FICO Score

Euro Mortgage Bankers Wants To Be Your FHA and VA Partner For Success!

Call Michael Haltman at 516.521.3499 or email to

haltman@easycommercial.com

The information contained in this email and any attachments may be privileged and/or confidential and protected from disclosure. It is intended solely for the use of the recipient(s) to whom it is addressed, or an employee or agent responsible for delivering this message to the recipient(s). You are hereby notified that any dissemination, distribution, copying or other use of this communication is strictly prohibited. If you have received this communication in error, please notify the sender by reply email and delete this email and all attachments from your system. Thank you

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

The Political and Financial Markets Commentator: Where Have You Been?

Michael Haltman (Hallmark Abstract Service LLC) — Thu, 08 Jan 2009 18:57:23 -0600

The Political and Financial Markets Commentator

If you don't get your daily free feed or email delivery of The Political and Financial Markets Commentator at http://politicsandfinance.blogspot.com, these are some of the stories that you have already missed in 2009:

Maureen Dowd Likes Caroline Kennedy: Really?

Just When You Thought Your Opinion Of Congress Cou...

Roland Burris Denied His Rightful Seat In The Sena...

I Want To Be A Senator Too! Where Do I Sign?

World Crisis Management Once Again Falls To The Un...

Israel: In A No Win Situation In The Court Of Publ...

A Financial Look Back At The Year That Was - Your ...

Visit, check it out, and you will be back.

Mike Haltman, Editor

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

10 Outrageous Claims For 2009

Michael Haltman (Hallmark Abstract Service LLC) — Fri, 19 Dec 2008 05:58:52 -0600

From The Political and Financial Markets Commentator. Go to http://politicsandfinance.blogspot.com to sign-up for free email or feed delivery of new blogs

Friday, December 19, 2008

"10 Outrageous Claims For 2009"

Friday Snippets

A New SEC Chief Named

- Barack Obama names Mary Schapiro as new SEC head. She has strong experience at a time when the SEC has shown itself to be an ineffectual and anemic institution. Is she a good choice? Change and tough new leadership is what is needed, and maybe someone that has no axe to grind in the bureaucracy is a good choice.

Pawn Shop Bernie

- Anecdotal evidence of the impact of the Bernie Madoff scandal abounds. One is the increased traffic that is being seen at pawn shops in some of the nations ritziest areas. The Royal Pawn & Jewelry in Palm Springs has seen a large jump in inquiries since the event took place. On Long Island in New York, there is also rumors of a large volume of resignations from country clubs due to the scandal.

Thursday Market Action

- Crude tanks close to 10% closing at $36.18. As I have talked about here before what is good for us at the pump may be bad for us in the longer run as this drop indicates that there is absolutely no demand around the world for the commodity. The market took a late tank (no pun intended) today as General Electric was put on credit watch and President Bush expressed uncertainty as to whether the government would step in to provide money to the auto makers. Today is quadruple witching which will pump in a lot of volume and could create a lot of volatility.

"10 Outrageous Claims For 2009"

- Finally, Saxo Bank of Denmark has come out with a list of potential events for 2009 entitled "10 Outrageous Claims 2009." - CNBC It is a very interesting group.

An Iranian Revolution

Crude dropping to $25 a barrel

The S&P 500 falling to 500 (880 now)

Italy dropping the Euro

Australian dollar slumping versus the Yen

The Euro falling below $1.00

Chinese GDP growth falling to 0% (current estimates range from 6-10%)

Eastern European Forex Pegs to Fail

Sharp declines in commodities prices

Yen could become the Asian currency peg over the dollar

Many of these are forecasts that hopefully do not come true.
Sphere: Related Content

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Crude Prices, House Arrest and SEC Ineptitude

Michael Haltman (Hallmark Abstract Service LLC) — Thu, 18 Dec 2008 06:18:58 -0600

Thursday, December 18, 2008

Crude Prices, House Arrest and SEC Ineptitude
Quick question: Why is Bernie Madoff, apparently one of the biggest crooks of all time, doing house arrest with an ankle bracelet in his $7 million house when he couldn't make bail?

In a related story SEC Chairman Cox had this to say: the agency has found "no evidence of wrongdoing by any SEC personnel" in connection with Madoff's alleged $50 billion Ponzi scheme and that the SEC intends to get to the bottom of where it may have gone wrong. Is this guy kidding me? While he is at it he should find out where he went wrong alleviating the uptick rule.

OPEC Meets, OPEC Cuts Output, Crude Falls

In a meeting yesterday the OPEC ministers agreed to cut a record 2.2 million barrels of production a day from the market. This type of news at one point would have had the power to put fear into the trading pits and a tight squeeze into the crude shorts.

The announcement came as U.S. crude inventories rose more than expected which pushed the price of crude lower. Total motor gasoline inventories increased by 1.3 million barrels, compared to the 1.0 million barrel rise expected by analysts. And distillate fuel inventories increased by 2.9 million barrels, while analysts had expected an increase of 0.9 million barrels. This rise in inventories are in the face of sharp price declines that one would have assumed would drive demand up.

Where Do We Go From Here?

"Goldman, Once Warning of $200 Oil, Sees $45 in 2009", CNBC
"Merrill Lynch Says Oil Could Fall to $25"

Any of this look at all familiar? Maybe if you rushed to lock in your heating oil for the winter at $4+ because the "experts" were forecasting crude above $200 a barrel. Like they forecast Google above $1000 and so on and so on. Ah the experts. Where would we be without them? We could go by the random walk theory or maybe just flip a coin.

There is no question that demand for the product is weak and may remain that way for sometime which is bullish for a decline in price. Maybe I am just a contrarian which I am. But what I do know from watching Wall Street analysts for oh these many years is that when the momentum is strong in one direction regardless of the product, and they begin to fall over each other trying to outdo price targets, it can be time to look in the other direction.

Not that this time these forecasts might not be right. They may be. But where is the Mea culpa from Goldman regarding the $200 call. The same place it will be if crude makes a beeline for $100. No accountability, the Wall Street way.

I did, however, just lock in my heating oil price.

Sphere: Related Content

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Bernie Madoff: Who Could (Should) Have Known?

Michael Haltman (Hallmark Abstract Service LLC) — Tue, 16 Dec 2008 20:37:31 -0600

Tuesday, December 16, 2008

Bernie Madoff: Who Could (Should) Have Known?

Question: How do you make a small fortune?
Answer: Start with a large fortune and give it to Bernie Madoff to invest!

"When the truth is found to be lies, and all the joy within you dies": Jefferson Airplane,1967

"I would not join any club that would have someone like me for a member." - Groucho Marx

If something seems to good to be true, it probably is.

Don't ask, don't tell

Bernie Madoff: The Man, The Myth, The Thief?

I had heard about Bernie Madoff when I was at a Wall Street firm, working with guys that happened to know him personally. Whether they invested with him is something I don't know, but if you look at the three phrases above, each is very appropriate to this case. The man was something of an investing superstar.

The Ticket For Admission

In order to invest with Bernie Madoff, you had to be invited in. The exact rules for admission I do not know, but they were in place. Maybe you belonged to the right country club, knew the right people or belonged to the same organizations. Whatever got you in, you were happy to be there. His results were steady, year after year, up market or down. It was a good place to be. Until now. People now thank their lucky stars that for whatever reason they were denied admission to this club. Sometimes it is definitely better to be lucky than good.

How he generated these returns was a mystery, particularly because you apparently could not understand your statement and because you were not allowed to ask questions. But that was OK, because your checks kept coming. Like in all Ponzi schemes you are lulled into a false sense of security and don't know until the hammer comes down. Don't ask, don't tell until it is to late. We have seen it before and we will see it again. Greed trumping common sense and good business practices.

Greed vs. Common Sense

Greed will tend to trump all aspects of common sense. He fooled some very smart and very rich people, some of whom may have lost a large part of their fortunes. Success breeds success and comfort, so over the years I am sure that investors got comfortable and put more and more of their money there These stories will only come out over time. The fact of the matter is that investing is a very tough game and not a smooth process. We have had some incredibly turbulent years in the markets where returns resembled the EKG I recently had done. But not for Bernie, he merely plodded along with the same performance year after year with very few aberrations. Unbelievable and incredible, but if you kept getting your checks you were happy. Until now.

Not Just A Great Investor, But A Great Dad As Well

The story goes that the sons knew nothing about the fraud, the schemes or anything else that was going on, and turned in their dad when they found out about it. As remarkable and unbelievable as this seems, maybe, just maybe, this is a dad trying to give his sons the ultimate gift of freedom. Maybe Bernie knew that the walls were crumbling down, that the game was at the end, that the piper had to be paid. Maybe, just maybe, he set all of this up to spare them and will take the fall himself. Or try to. I kinda have a gut feeling that they knew something at the very least, and everything at the very most. Maybe they did know nothing, or maybe Bernie is just a good dad. In a case like this, SEC ineptitude not withstanding, the truth will ultimately be told.

For the rest of us that did not get into the club for one of a hundred different reasons, let's count our lucky stars. Maybe I will apply to join the Rotary Club.

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (P)

516.338.7538 (F)

mhaltman@hallmarkabstractllc.com

Bernie Madoff: Who Could (Should) Have Known?

Michael Haltman (Hallmark Abstract Service LLC) — Tue, 16 Dec 2008 20:36:07 -0600

Tuesday, December 16, 2008

Bernie Madoff: Who Could (Should) Have Known?
Question: How do you make a small fortune?
Answer: Start with a large fortune and give it to Bernie Madoff to invest!

"When the truth is found to be lies, and all the joy within you dies": Jefferson Airplane,1967

"I would not join any club that would have someone like me for a member." - Groucho Marx

If something seems to good to be true, it probably is.

Don't ask, don't tell

Bernie Madoff: The Man, The Myth, The Thief?

I had heard about Bernie Madoff when I was at a Wall Street firm, working with guys that happened to know him personally. Whether they invested with him is something I don't know, but if you look at the three phrases above, each is very appropriate to this case. The man was something of an investing superstar.

The Ticket For Admission

In order to invest with Bernie Madoff, you had to be invited in. The exact rules for admission I do not know, but they were in place. Maybe you belonged to the right country club, knew the right people or belonged to the same organizations. Whatever got you in, you were happy to be there. His results were steady, year after year, up market or down. It was a good place to be. Until now. People now thank their lucky stars that for whatever reason they were denied admission to this club. Sometimes it is definitely better to be lucky than good.

How he generated these returns was a mystery, particularly because you apparently could not understand your statement and because you were not allowed to ask questions. But that was OK, because your checks kept coming. Like in all Ponzi schemes you are lulled into a false sense of security and don't know until the hammer comes down. Don't ask, don't tell until it is to late. We have seen it before and we will see it again. Greed trumping common sense and good business practices.

Greed vs. Common Sense

Greed will tend to trump all aspects of common sense. He fooled some very smart and very rich people, some of whom may have lost a large part of their fortunes. Success breeds success and comfort, so over the years I am sure that investors got comfortable and put more and more of their money there These stories will only come out over time. The fact of the matter is that investing is a very tough game and not a smooth process. We have had some incredibly turbulent years in the markets where returns resembled the EKG I recently had done. But not for Bernie, he merely plodded along with the same performance year after year with very few aberrations. Unbelievable and incredible, but if you kept getting your checks you were happy. Until now.

Not Just A Great Investor, But A Great Dad As Well

The story goes that the sons knew nothing about the fraud, the schemes or anything else that was going on, and turned in their dad when they found out about it. As remarkable and unbelievable as this seems, maybe, just maybe, this is a dad trying to give his sons the ultimate gift of freedom. Maybe Bernie knew that the walls were crumbling down, that the game was at the end, that the piper had to be paid. Maybe, just maybe, he set all of this up to spare them and will take the fall himself. Or try to. I kinda have a gut feeling that they knew something at the very least, and everything at the very most. Maybe they did know nothing, or maybe Bernie is just a good dad. In a case like this, SEC ineptitude not withstanding, the truth will ultimately be told.

For the rest of us that did not get into the club for one of a hundred different reasons, let's count our lucky stars. Maybe I will apply to join the Rotary Club.

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Bernie Madoff: Who Could (Should) Have Known?

Michael Haltman (Hallmark Abstract Service LLC) — Tue, 16 Dec 2008 20:31:12 -0600

Tuesday, December 16, 2008

Bernie Madoff: Who Could (Should) Have Known?
Question: How do you make a small fortune?
Answer: Start with a large fortune and give it to Bernie Madoff to invest!

"When the truth is found to be lies, and all the joy within you dies": Jefferson Airplane,1967

"I would not join any club that would have someone like me for a member." - Groucho Marx

If something seems to good to be true, it probably is.

Don't ask, don't tell

Bernie Madoff: The Man, The Myth, The Thief?

I had heard about Bernie Madoff when I was at a Wall Street firm, working with guys that happened to know him personally. Whether they invested with him is something I don't know, but if you look at the three phrases above, each is very appropriate to this case. The man was something of an investing superstar.

The Ticket For Admission

In order to invest with Bernie Madoff, you had to be invited in. The exact rules for admission I do not know, but they were in place. Maybe you belonged to the right country club, knew the right people or belonged to the same organizations. Whatever got you in, you were happy to be there. His results were steady, year after year, up market or down. It was a good place to be. Until now. People now thank their lucky stars that for whatever reason they were denied admission to this club. Sometimes it is definitely better to be lucky than good.

How he generated these returns was a mystery, particularly because you apparently could not understand your statement and because you were not allowed to ask questions. But that was OK, because your checks kept coming. Like in all Ponzi schemes you are lulled into a false sense of security and don't know until the hammer comes down. Don't ask, don't tell until it is to late. We have seen it before and we will see it again. Greed trumping common sense and good business practices.

Greed vs. Common Sense

Greed will tend to trump all aspects of common sense. He fooled some very smart and very rich people, some of whom may have lost a large part of their fortunes. Success breeds success and comfort, so over the years I am sure that investors got comfortable and put more and more of their money there These stories will only come out over time. The fact of the matter is that investing is a very tough game and not a smooth process. We have had some incredibly turbulent years in the markets where returns resembled the EKG I recently had done. But not for Bernie, he merely plodded along with the same performance year after year with very few aberrations. Unbelievable and incredible, but if you kept getting your checks you were happy. Until now.

Not Just A Great Investor, But A Great Dad As Well

The story goes that the sons knew nothing about the fraud, the schemes or anything else that was going on, and turned in their dad when they found out about it. As remarkable and unbelievable as this seems, maybe, just maybe, this is a dad trying to give his sons the ultimate gift of freedom. Maybe Bernie knew that the walls were crumbling down, that the game was at the end, that the piper had to be paid. Maybe, just maybe, he set all of this up to spare them and will take the fall himself. Or try to. I kinda have a gut feeling that they knew something at the very least, and everything at the very most. Maybe they did know nothing, or maybe Bernie is just a good dad. In a case like this, SEC ineptitude not withstanding, the truth will ultimately be told.

For the rest of us that did not get into the club for one of a hundred different reasons, let's count our lucky stars. Maybe I will apply to join the Rotary Club.

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

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The Political and Financial Markets Commentator

Michael Haltman (Hallmark Abstract Service LLC) — Sun, 14 Dec 2008 12:43:46 -0600

The Political and Financial Markets Commentator

If you didn't subscribe for email or feed delivery, these are the stories that you missed this week:

Memories Of A Day Trader

The Auto Bailout: Between A Rock And A Hard Place

Athletes, Privilege and the Law

Are Stocks Off To The Races? Maybe, Maybe Not

Stocks: Have We Found This Elusive Bottom?

Just think what you might miss next week. Stories about the governor of Illinois and the scandal brewing there, Bernie Madoff and the missing $50 billion, and who knows what else. Click on the title, stop by, and sign-up.

Mike Haltman

The Political and Financial Markets Commentator

http://politicsandfinance.blogspot.com

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Memories of a Day Trader

Michael Haltman (Hallmark Abstract Service LLC) — Fri, 12 Dec 2008 17:32:13 -0600

Friday, December 12, 2008

Memories Of A Day Trader
As In Life and Trading, Timing Is Everything

Buy the dips, sell the rallys.

I became a proprietary equity trader back in 1987. At the time, one of the most volatile stocks on the NYSE was MMM with moves that could be a full point or more. These moves were not that remarkable, given the fact that it also had a price above $100 a share. My first trade in the business was with this stock, and I think I made something like 3/4 on 1000 shares. Funny how you remember things.

Trading on the New York back then was grinding for 1/8's and 1/4's and finding the sectors that were in play at any given time. I remember the country funds that began to be issued and that would be exrtremely volatile, with the best exit strategy for weeks being a market on close trade because the final print would usually be up at least $1. Different stocks had their own distinct personalities that you learned from the experience of watching, trading and studying. Back then the biggest action was in the OTC market, where a system called SOES (small order execution system) allowed traders to sit in front of a machine and bang away at market makers that might be a little slow or asleep at the switch. You could only use SOES for 1000 shares, but if a news story came out and a trader on that stock at a market maker was in the bathroom, they would get pounded as the market was moving up or down and their market was not being adjusted.

The Markets Changed

In 1999 and 2000 when the tech boom hit the country the nature of trading changed from focusing on New York stocks to the wild wild west of the OTC market. What had been grinding for 1/8's and 1/4's turned into the boom times of trading for 5, 10 and even 20 points at a clip. Four dollar stocks could have moves of $3. The controls and disciplines of cutting losses and timing into trades lost meaning as the bull rally let traders sit with large losses on positions knowing that they would more likely than not get bailed out. Momentum trading became the vogue as we would trade stocks in companies that no one had ever heard of or any idea of what they did or the industry that they were in. Most of these companies had no earnings, some had no sales and had multiples and prices that were impossible to justify. Analysts became famous by falling over each other putting price targets on stocks that they seemed to pull out of the air. One, Henry Blodget, made a huge name for himself in just this way, and fell from grace just as fast. Traders made fortunes during this time, and it looked like it was never going to end. To use a phrase made famous today, this time it was different. But it wasn't.

As the tech bubble cracked, the lack of controls and disciplines in trading would come back to bite many traders, as they were no longer getting bailed out on bad buys. They were just bad buys that kept going lower. The market tanked, and for a while volatility, a traders best friend, was just not there.

What Is The Point Of The Title

I left the business a few years ago, but the goings on the past year or so brought back the memories of volatility, and then some. The VIX which normally fluctuated between 15 and 25 almost hit 90 earlier this year. The financial stocks did their best imitation of the tech stocks, only in reverse as stocks like Bear Stearns and Lehman completely disappeared, Fannie Mae and Freddie Mac fell to under a dollar, AIG is under $2 and the list just goes on and on. Traders have probably had their best year since the tech boom almost 10 years ago, although the economy is in shambles. Is it different this time as well? Time will tell.

Unfortunately for the rest of us, this money made by the few is due to the fact that the global economy and financial systems are riding along the precipice of collapse. At least someone is making money.

The Senate is debating the bailout bill for the auto industry tonight (Thursday), and we may have a vote on Friday. Round and round she goes.

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Global Blast Of Liquidity: What Does It All Mean?

Michael Haltman (Hallmark Abstract Service LLC) — Fri, 05 Dec 2008 05:36:39 -0600

Reprinted from The Political and Financial Markets Commentator at http://politicsandfinance.blogspot.com

Friday, December 5, 2008

Global Blast Of Liquidity: What Does It All Mean?

The Rate Cut Merry-Go-Round Just Keeps On Spinning

In a throwback to an earlier time, the Bank of England cut its key lending rate 100bp. to 2.0%, the lowest level since 1939. If they were to cut it to below 2.0%, it would be the first and only time since the Bank of England came into existence in 1694. In a similar move, the EU cut its key lending rate 75 bp. to 2.50%.

These cuts are just more of an indication that the growing and spreading global recession is showing no signs of abating despite the massive infusions of capital around the world. Inflation, the term that has historically brought fear and quick action not only to our fiscal watchdogs but to those around the world as well, is obviously nowhere in sight, with deflation closer to the real story.

These massive and unprecedentedly aggressive easing moves, together with the flavor of the day action taken by the Fed and Treasury to try and stem the escalating tide of economic destruction, makes one think that what we see as a very bad situation, might be just that much worse.

The newest trial balloon is an unconfirmed story that the Treasury and Fannie and Freddie will enter into a program the net result of which is to bring mortgage rates for new home purchases down to about 4.5%. Good news for prospective buyers of homes, but what about current homeowners seeking to refinance high interest loans (which is where most of the mortgage problems are) as well the unknown effect a move like this would have on the secondary fixed income markets. Just another in a long line of wait and see situations.

The Big Three Go To Washington

You can bet that in some way, shape or form Detroit will get some amount of money sent their way (terms and conditions attached), but not before the congressmen and senators get to play that famous Washington game,

"Who Can Ask The Most Irrelevant and Asinine Question?"

From listening today, the winning question is one that was not hard to predict would be asked beforehand, but which still makes you wonder about what it is that is that rolls around inside the heads of some of our elected officials. You have an industry on the brink of failure, a failure which has the potential to bring an economy that is already extremely weak to its' knees, and the important questions asked were:

"You drove to Washington to show us you were serious, but who drove. Did you have a chauffeur? How are you getting home? Are you driving? Are you flying?"

For the love of Pete, can someone tell me how this makes any difference in terms of anything what so ever? Will the answer to this question somehow give some insight as to whether or not to vote for money to the big three? Or is it simply just one more example of a politician trying to get that gotcha answer to put in the trophy case? Let's get serious.

The Employment Numbers On Friday
Expectations are that the non-farm payroll numbers are going to show an extremely large decline, and that the unemployment rate is going to show a large increase when released at 8:30 this morning. Some thinking goes that if it comes in at those estimates or better, the equity markets could take off. The one thing that I know is that I don't have any idea and neither does anyone else. It's all just educated guesswork.

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The Political and Financial Markets Commentator

Michael Haltman (Hallmark Abstract Service LLC) — Thu, 04 Dec 2008 14:28:06 -0600

If you haen't been getting your feed or email updates of the stories that have been written the last week, here are some of the titles:

Torture: What Is The Correct Definition?

The Big Three: This Time They Drove

The Selling Of America: The List Goes On And On

The War On Terror: Still In The First Round

Black Friday: How High A Price Is Acceptable?

Commodity Deflation: Why Is My Bagel Still So Damn...

Bizzaro World: Obama Speaks and Markets Rally

Visit today at http://politicsandfinance.blogspot.com to subscribe (free of course) and read some of these stories.

In addition, click on the icons on the right side bar and take a look at the commercial mortgage training DVD program, as well as the commercial mortgage training tools manual that was authored by one of our partners.

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If You Don't Subscribe, This Is What You Missed This Week!

Michael Haltman (Hallmark Abstract Service LLC) — Sun, 23 Nov 2008 13:48:14 -0600

If you don't subscribe for free to The Political and Financial markets Commentator by either email or through a feed, these are the stories that you missed this week. Imagine what you missed the week before:

Is Morality A Four Letter Word

They Came In Private Jets And Left Empty Handed an...

The Big Three: Dialing For Dollars or Remembering ...

Citigroup: My Experience As A Citibanker

Would You Believe We Are In Recession?

Neel Kashkari Hammered On The Hill

This blog has appeared in the online version of various newspapers as well as Reuters.

To subscribe, visit http://politicsandfinance.blogspot.com, and leave any feedback or questions that you have.

Mike Haltman

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Our Commercial Mortgage Training Is On Sale

Michael Haltman (Hallmark Abstract Service LLC) — Tue, 18 Nov 2008 08:14:46 -0600

The Commercial Mortgage DVD Training Program On Sale At Amazon.com For A Limited Time.

For the loyal readers of ActiveRain that are interested in our nationally acclaimed training program, find it on sale at Amazon.com at 66% off of our website price. Only $99.00 for 5.5 hours of DVD training, 109-page Course Manual and Deal Analysis Spreadsheet. Just click on the link below and you will be taken to Amazon.com.

To see a short clip from the program and read about our program leader Charles Wallshein, Esq., please go to http://www.thecommercialcapitalmortgageseminar.com/ and then come back to Amazon to purchase.

http://www.amazon.com/Commercial-Capital-Alliance-Mortgage-Seminar/dp/0979627001/ref=sr_1_1?ie=UTF8&s=books&qid=1221054321&sr=8-1 or go to Amazon.com and enter ASIN # 0979627001

Mike Haltman, President
Exeter Commercial LLC

Michael Haltman, President
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Neel Kashkari Hammered On The Hill

Michael Haltman (Hallmark Abstract Service LLC) — Mon, 17 Nov 2008 05:56:49 -0600

Neel Kashkari Hammered On The Hill

Neel Kashkari, www.unhostels.org
Originally uploaded by neelkashkari
Neel Kashkari Pays Paulson's Price

Serving as a proxy for Henry Paulson, Treasury Secretary, Neel Kashkari, whose title is interim assistant secretary of Treasury for financial stability faced the House Oversight and Government Reform Committee's domestic policy subcommittee on Friday.

He was there to explain the shift in policy away from purchasing toxic assets from financial institutions, to actually injecting money into those institutions while the assets remain. Further, there is some vague talk from Paulson about direct help to consumers, aka the people on Main Street.

Many of the members of the committee wasted little time lambasting Kashkari and his boss on the deployment of funds, using the opportunity in the spotlight to question things that they should have been questioning before. The questioning, on a bi-partisan basis took more of the form of congressional pontification stressing the fact that the Congress had been duped. Perhaps they should take more of an oversight position instead of signing the checks and going by the wing and a prayer system of hoping that the $700 billion would be deployed the way that they hoped that it would.

Watching these events really makes you wonder who is in charge of the asylum, if anyone. We are the most powerful country on earth, and it seems as if we are being led by a bunch of amateurs all operating under their own agendas, not ours. The next political pawns are the auto companies, who, as I talked about last week have made their own beds, but can not be allowed to fail for the greater good. These leaders will hopefully recognize that and keep us out of another great depression with the unemployment and social upheaval that would occur.

Some Of The Gems Blasted At Kashkari

"I guess you get a taste for how Mel Gibson felt in the last scene of "Braveheart" : Rep. Brian Bilbray

Regarding the passion of Paulson and Kashkari for helping homeowners, Rep. Dennis Kucinich asked: "He is. Where? What country?" and he accused them of suggesting that "We're just skipping along our way." and in response to a statement Kashkari made "Boy y'know, that statement you just made, you will hear about for the rest of your career."

Rep. Elijah Cummings said is response to an answer that "Life is short, and I don't have time to hear ring around the rosie answers." and one of the more played barbs of "Is Kashkari a chump?" and finally "You're on TV. You're the man. I don't know how much we're paying you, but you're our employee..."

There were more but it is really irrelevant. It's like a combination of the Three Stooges and Titanic and hard to watch.

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The TARP Vs. Other Government Spending Programs In History

Michael Haltman (Hallmark Abstract Service LLC) — Mon, 17 Nov 2008 05:37:41 -0600

The TARP Vs. Other Government Spending Programs

How Does The Current Size Of The TARP Compare With Other Government Projects Over Time?

Through out the history of our Republic, the government has undertaken many large projects, programs and actions for the good of the people. In today's dollars, how do they compare in size with the TARP? In adjusted dollars, only two are more costly.

The Hoover Dam: 1930-1935 Cost: $45 MM Todays Dollars : $782 MM

The Panama Canal: 1904-1914 Cost: $375 MM Todays Dollars: $7.9 B

Gulf War 1: 1990-1991 Cost: $ 61 B Todays Dollars: $ 98 B

Marshall Plan: 1948-1951 Cost: $12.7 B Todays Dollars: $ 115.3 B

Louisiana Purchase: 1803 Cost: $ 15 MM Todays Dollars: $ 217 B

Moon Race: 1958-1969 Cost: $36.4 B Todays Dollars: $237 B

S&L Crisis: 1986-1995 Cost: $153 B Todays Dollars: $ 256 B

Korean War: 1950-1953 Cost: $ 54 B Todays Dollars: $ 454 B

New Deal: 1933-1943 Cost: $ 32 B Todays Dollars: $ 500 B

Gulf War 2 and war on terror: 2003-? Cost: $551 B Todays Dollars: $ 597 B

Vietnam War: 1964-1972 Cost: $111 B Todays Dollars: $ 698 B

NASA: 1958-2008 Cost: $ 416.7 B Todays Dollars: $ 851.2 B

WW II: 1941-1945 Cost: $ 288 B Todays Dollars: $ 3.6 T

MM: Millions, B: Billions, T: Trillions

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This Is What You Missed This Week

Michael Haltman (Hallmark Abstract Service LLC) — Sat, 15 Nov 2008 06:14:52 -0600

The Political and Financial Markets Commentator

If you don't get it delivered to your inbox or feed, these are the stories you missed this week:

Is Your Stock Analyst Smarter Than A Fifth Grader?

Change Will Make Them Women And Men

Would You Buy A Used Car From This Man

Is A GM Bankruptcy Good For Anyone?

AIG Needs Just A Little Bit More

Bias Confirmation From An Unlikely Source

Visit and sign-up so you don't miss next weeks stories. Click on the link above, or go to http://politicsandfinance.blogspot.com.

Mike Haltman

Hallmark Abstract: The One Stop For Your Title Needs, Nationwide!

Michael Haltman, President

Hallmark Abstract Service LLC

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