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punta gorda: Introducing "the Worry Free Mortgage" - 12/17/08 10:33 AM
The "Worry Free Mortgage" sounds pretty good, but can there really be such a thing?
Well, I'll let you decide, and remember nothing's perfect, so be nice.
What makes it "worry free" you may ask?
Good Question!
It's basically a first time homebuyers program, but remember in the mortgage business we're kinda funny as what we consider a "first time homebuyer." And since it's most often offered in conjunction with FHA financing we can say that pretty much any one who qualifies for an FHA loan will qualify for the program with a few exceptions. Also FHA is not the … (2 comments)

punta gorda: The Bailout-Truly ABSURD!!! - 10/04/08 09:08 AM
Webster's
absurd;    ridiculous
That's a good fit to describe the bailout.
I'd just like to share a few Tasty Tibits from CNNMoney's "Special Report,"
Bailout:Will it Work?
Just my opinion, but we should have known THIS before we passed a $700 Billion piece of legislation, don't you think?
Get this;
"Financial institutions have become paralyzed with fear and though they have plenty of cash on hand, they have been hoarding it."
This comment makes me very angry. Haven't the media outlets been reporting that the banks were going to fail and they were all broke. Now it's they have "plenty of … (9 comments)

punta gorda: Forced to Listen!!! - 09/30/08 09:08 AM
If the elections weren't so close the bailout would have passed. There's little doubt in my mind.
Fortune reports that calls to Congressional offices are running overwhelmingly against the bailout plan.
Because of the upcoming elections our elected reperesentatives were;
Forced to Listen!
That's if they would like to continue to be our representatives.
I was especially entertained by the whinning of Barney Frank. That would be the Chairman of the House Financial Services Committee. Congressman Frank has bailed us out previously twice that I can recall. We have FHA secure, a plan that didn't/doesn't work, and our new improved FHA bailout … (9 comments)

punta gorda: Hey Sec Paulson, WHO'S gettin the Dough??? - 09/28/08 10:52 AM
Okay, you've gotta know. You hopefully didn't just pull this number, 700 Bil, out of thin air, or did you?
So who gets what? How about a little breakdown. Let's just start with the top 5.
You know, like 5 Bil to ______?
25 Bil to _______?
Share this info with us please.
We'd like to see if any of this is payback for previous loyalties or favors.
You know a little somethin before you and Georgie leave office.
So give us a breakdown, okay.
Because, well because;
It's OUR $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
By the way, I pity the poor sucker, I mean candidate, … (7 comments)

punta gorda: The Federal Reserve, Our New Subprime Lender! - 09/27/08 09:05 PM
Okay, you've got a customer who needs a loan BIG TIME!
I mean that they're on their last leg.
They've made some really, really bad financial decisions, so they won't qualify for a loan through conventional/traditional sources.
They're defaulting or soon will be defaulting on their financial responsibilities.
It's questionable as to if they have the capacity to repay the loan. 
So they accept a loan which is priced 8 points above the 3 month Libor.
Doesn't that look like a subprime rate?
Actually doesn't the borrower look like a subprime borrower?
Meet their lender, The Fed, or maybe it's the … (4 comments)

punta gorda: Families Losing Homes & The Reckless Media - 09/12/08 09:21 AM
CNNMoney.com reports that 91,000 families lost their homes in August. I really have no foundation, nor concrete data to make this statement, but I think that's BS!
Here's why.
Let's start with a definition;
family- parents and their children; all those decended from a common ancestor, lineage
I have dealt with quite a few foreclosure sales and live in an area of high foreclosure activity, that being Southwest Florida.
I think the following;
Many of the houses, not homes, which are foreclosure sales have NEVER been occupied! This sounds more like it was owned by an investor or speculator.
To take that … (5 comments)

punta gorda: Fannie & Freddie's new fearless leader - 09/11/08 09:58 AM
Has anyone ever heard of a gentleman named James Lockhart?
Probably not!
Mr. Lockhart is the head of the Federal Housing Finance Agency, and he is now the overseer, man in charge of Fannie Mae & Freddie Mac. Should we be happy about this? Do you feel comfortable now knowing that James is in charge?
Maybe? Maybe not?
Let's try what should be of concern.
Just a few months ago James and Treasury Secretary Henry Paulson were telling us constantly that Fannie & Freddie were well capitalized. I live in Southwest Florida and I knew at that time that the foreclosures … (0 comments)

punta gorda: Fannie & Freddie Bailout - 09/10/08 09:19 AM
I wanted to wait a few days to see if my initial reaction would stand the test of time. I certainly believe at this time that it will.
We have two basic and conflicting beliefs here in my opinion.
Do you believe that the Federal Government can solve our problems and should they be allowed to.
Or are you against Government sticking their nose in where it doesn't belong.
Personally, I don't believe that the gov can solve all of our problems and I don't feel that their track record is very strong in regards to our housing problems. I'm also … (5 comments)

punta gorda: CONGRATULATIONS! and welcome back! - 08/28/08 10:07 AM
If you want to be a naysayer and whine about the market just stay away from the bus driver (Jay Lagace) and Robin Whitt. They are not listening and they just don't want to hear it. I think their message to the world is to take that attitude somewhere else.
So, why Congratulations?
Johnnic and Lagace Partners is now;
Lagace and Whitt!
Two extremely successful Rainers have joined together to move forward and captured a greater share of their market together. This is going to be difficult because they have been knocking them dead in Southwest Florida all year long and certainly have to … (6 comments)

punta gorda: GOOD NEWS!!! Whether you like it or not! - 08/28/08 09:41 AM
Yesterday the gov updated the second quarter GDP report to show;
the economy grew at a 3.3% clip.
That's pretty good!
Generally, it is perceived that a rate of growth between 2.5% and 3.5% means the economy is healthy.
Okay, we had the stimulas checks, and may I add that they worked. These checks, to me, were pretty much the same as a tax rebate. Does this support tax cuts. It is quite obvious that when you put more $$$$$'s in the hands of consumers, in this country, they will be spent.
Still, many naysayers continue to state that we're in … (9 comments)

punta gorda: What Happened to the American ATTITUDE(S)!!! - 08/20/08 08:37 AM
Okay, so I'm reading the latest CNNMoney.com article about Fannie & Freddie and all of this negative stuff is starting to get on my nerves. Let's see if this makes an sense to you.
I am an American with an ATTITUDE!
I believe that there are not any problems that exist in our country today that we cannot solve. I base this on the fact that we have a history of solving any/all problems which confront us.
Recently one of our leaders called the country a bunch of whiners. The problem is that there was way too much truth to this. The … (1 comments)

punta gorda: Fay Who? Day Two! - 08/18/08 05:06 PM
I'm beginning to wonder when or if you can trust the national media. Early this morning, 7:30 AM to be exact, it seemed if there wasn't a major story, that they would try to make one.
The Weather Channel was cute. They had a reproter with an LL Bean windbreaker on. He had his hoodie on over his hat and tied up tight. You would have thought that he was in the middle of a major storm, but there wasn't any rain, and there wasn't any wind. He kept on talking about the ocean swells, but there weren't any.
He looked … (10 comments)

punta gorda: More Fay (Who?) - 08/17/08 09:54 PM
Well we didn't get hit by a tropical storm or hurricane today but we really got wacked by our normal mid afternoon thunder and lightning storm. That means we had moonsoon type rain for awhile.
Some interesting things. I tried to get some gas at about 6:00 this evening. The Site station was sold out. 7-Eleven only had premium left.
I haven't seen anyone boarding up there windows and the preparations seem to be minimal. Right now we are not even certain of the path. We're waiting for the storm to bang a hard right, north to northwest. It looks like it will … (0 comments)

punta gorda: Fay Who? - 08/17/08 09:15 AM
I want to know. Is there really a storm or is this just a hoax by Home Depot and/or Lowes to generate more sales.
I saw a CNN reporter in the Keys summerizing an interview he has with a gentleman who was rowing out to his sail boat. It went like this;
Are you leaving?
Nope.
Are your friends leaving?
Nope.
The background was one of a beautiful day on the water and the man looked like he was going sailing.
On the weather station the announcer stated that this would be a "heavy rain" event for Florida.
Maybe, or … (10 comments)

punta gorda: Have We Forgotten Already! - 08/11/08 08:16 AM
Okay, last week my primary FHA lender sent out the usual email about how great they are and how much they know. In reading through the mail I noticed that it stated that you can only have one FHA loan. Well that's not correct, so I responded in kind. After a couple of responses back and forth my account executive finally sent me an email stating the following;
We should not be arguing over this, all that matters is how much $$$$$ I can help you make this month.
I guess he doesn't know me well because;
Ethical behavior does matter, … (8 comments)

punta gorda: The Truly Important Data! - 08/08/08 08:51 AM
Okay forget fannie and freddie, they don't really matter. The truly important data is out. An important, world renown American Corporation has announced its July earnings. 
That's right Mickey D's is still showing a profit!
That's 8% globally and 6.7% in US stores and the good part is that there has been increased demand for breakfest items.
You've gotta consider the residual benefits;
The market competitive factor;
Our competition overseas is probably slowing down a bit. I beleive that if you eat a lot of this food on a regularly you get a little sluggish.
We really need to jump … (4 comments)

punta gorda: The New FHA & $$$$$ - 08/05/08 08:22 AM
Okay before we all get to crazy here things are not all that bad.
The DAP's are soon to be history. You can try to get one by now, but you could get caught by the deadlines.
In all likelihood there will continue to be assistance programs from state and county agencies.
But the new premise is that if people want to buy a home, first;
They will have to save some $$$$$.
Problem is that for many they have forgotten how to do this!
How much you may ask?
FHA wants the buyer to have 3.5% of their own funds … (9 comments)

punta gorda: You're Kidding, Right? - 07/31/08 04:40 PM
I don't know how to react to this. I want to laugh and cry simultaneously.
CNNMoney.com today ran an article about a New York state investigation into mortgage fraud. Try this on for size;
A women with no assets, working as a $10/hr. security guard, with two young children, and living in a homeless shelter acquired a mortgage for $470,000.
Please just stop here and let that sink in for a minute.

I can't totally forgive the woman as she knew she couldn't make the $4,400 initial monthly payment, but she would be able to give her children a nice … (22 comments)

punta gorda: Brother (Exxon) Can You Spare a Dime - 07/31/08 04:21 PM
Here's how ridiculous this is.
I attempted to divide $11.68 billion by 10 cents so I could show how many dimes that is. When I went to punch in $11.68 billion on my Texas Instrument Business Analyst calculator it wouldn't go that far. It would only go to $1.168 billion.
There you have it;
My calculator will not allow Exxon to make that much money this quarter.
But they did!
I'm not one to believe in a windfall profits tax, but I also can't understand the oil companies getting tax breaks.
I'm not in favor of closing those loopholes, I want … (13 comments)

punta gorda: Housing Rescue Law, Really? - 07/30/08 09:48 AM
Okay the President signed this bill, no one's surprised. Also there are not many individuals who believe that George truly understands the problem, or that he and Congress have any clue whatsoever as to how to solve the problem.
Will this bill actually rescue anyone?
The mortgage holders must agree to accept 90% of the current appraised value and to date I haven't seen it reported that any mortgage holder has stepped forward saying, wow this is a great idea where do I sign up. I believe that if that had happened the national media would be all over it. They're not!
The … (14 comments)

 


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