Susan's Blog

Inspiration Station: Alfred Einstein's Nap!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sat, 02 Mar 2013 14:52:50 -0800

It's easy to become absorbed by the happy demands of work. With the taste of adrenaline running high in our low interest rate environment, one could be forgiven for working longer hours and chasing the next deal. I find myself making calls on Saturday mornings and jumping when my blackberry 'pings' that I have a message at all hours. Our underwriters in other time zones and and of course buyers and their agents want a response on their schedule.

So how does one find the time (and enough sleep) to keep inspiration flowing?

I learned early in my career to take a mini break every day. It doesn't matter how long. I heard a story about Alfred Einstein years ago: He was said to take cat naps during the day by sitting back in his chair (at work or wherever he was) . He would hold his key ring full of keys in one hand. Then he would consciously relax and let himself slip into a dream state. After a little while, his hand would relax, the keys would slip and hit the floor, and he would be awakened by the sound. He figured out that was enough time to refresh his mind. Then he would go back to work.

Alfred Einstein was also a rather keen sailor and had a little sailing dingy he used to take out off Long Island. In this small craft, he could escape the demands and distractions of his career and connect with nature and the elements in a visceral way. He was often seen tinkering with the sails or battling the wind in that little dingy in some pretty awful weather. But he always came home tired and happy.

If I feel something starting to get under my skin, I just leave my office and walk down the street and say hi to a few people on the way. I've learned to put the phone down, take a deep breath and make a call to an elderly friend or someone I know would appreciate it. Totally off subject; off my personal focus. I've also started a creative project to focus on during my evenings. Gardening is my muse during spring to fall.

Otherwise, I admit I sometimes fall into the 'irreplaceable notion' that leaving work even for a day suggests nothing could possibly go right without me. It's so easy to sink into a kind of anticipation for the day I come back to face an unknown pile of unmet demands. I have learned that ultimately, any time out I spend not working needs to be away from the focus of other's needs so that when I come back in that door I am refreshed and in a positive mood, able to perform at my best. Being my best is up to me, after all.

I received a very nice lesson the other day. A very kind elderly gentlemen I had not met before called and asked to come in to chat about some lending issues in general. While he was there, we took an application and got things rolling on his home refinance. He opened up a bit. I enjoyed getting to know him. Some time elapsed before he asked me if I could also help him with a future home purchase goal. Then he asked me if I could help his daughter and he talked about her situation. We talked amicably for a while and by the time he left I realized I had possibly three loans to follow up. Just like that. had I been focused on 'doing the deal' he might have just left.

So my new theme is to relax and let things evolve. Be open to the moment. Become a human being, and less of a 'human doing'.

How do others unwind in the heat of battle? I'd love to hear your inspirations!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

SHORT Sales = LONG Impact on Credit!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sun, 09 Dec 2012 16:36:31 -0800

QUESTION: Have you ever proclaimed: "Short Sales have less impact on your credit than a Foreclosure"? This is not exactly true. Because there are so many risk factors involved in credit scoring; a person who lost their home through whatever means is usually in some state of financial distress; so many other factors will play into how much a short sale itself will impact their credit. Short sales - in many cases - have similar effect on your FICO score as a foreclosure. How can this be? Were we mislead? Yes and no.

WHAT MATTERS MOST to your average person in credit recovery mode after a short sale is HOW IT'S LISTED on their Credit Report. There is a particular 'code' which the bureaus use to distinguish them. Do you think all of the lender's credit department staff reporting to the Bureaus even know this code? Not likely. So what can you or your short seller do to be sure it's correctly listed?

GETTING THE CORRECT SHORT SALE CODE ON YOUR CREDIT: To be listed correctly as a Short Sale (and NOT a Foreclosure), a specific code is used to distinguish it from a foreclosure. A credit agency colleague alerted me to this fact just today - so I'm not sure exactly what the right code is just yet as I have yet to chase these folks down myself. It's worth calling the Bureaus and finding out the correct code!

POINTS MATTER: The difference in a foreclosure or short sale code on your report could easily mean 20 points or more to your credit score. And as we know one point under 720 can mean the difference in rate, mortgage insurance and loan programs.

HAPPY EXAMPLE: A recent client with otherwise perfect credit, low balances and good depth of credit, experienced a short sale less than 12 months ago. It was listed correctly on their credit report. They had missed 3 payments (as advised to qualify for the short sale). Once the lender agreed to short sale, the borrower paid the arrears and kept making payments until the home was sold. This was a financial burden to this person because they had vacated the home - but their strategy worked. As a result this person's credit score is now 740 and they are well on the way to recovery in 24 months. Amazing?

SHORT SALES LENDING WINDOW: Generally, a short sale will prevent a person from funding another mortgage for between 2 - 10 years depending on the severity and their loan type in context. In the example above, the defaulted borrower could not get a conventional loan for at least 4 years 'with good behavior'. They had defaulted on a conventional loan.

This same person could be on title with a new spouse - assuming the new spouse qualifies on their own - as a non qualifying spouse. (The new spouse must not have been involved in the previous default -i.e., it was not their shared marital home.) Or they could wait another year to apply for an FHA mortgage together. FHA allows 24 months funding after a short sale with strong compensating factors and recovered credit. FHA will not consider the short sale or credit score of the non borrowing spouse, as long as the borrowing spouse can afford the liabilities of both spouses (a relatively new rule) and the ratios and risk factors are acceptable.

SMARTIES BEWARE: The minute you state you walked from your home because it didn't 'pencil' due to lost home value (if you had no other pressure to leave) and your credit report is a series of rolling missed payments - you can bet you will be denied credit for 4-10 years. It may as well be listed as a foreclosure then. You see, lenders take a dim view of folks walking away from their financial obligations.

ANOTHER POINTER: Anyone who has a credit loss with a financial institution including personal bankruptcy needs to be very careful what they forfeit. If you have a consumer loan with ABC Bank and they took a loss of a little as $1,000 on a surrendered RV, Car or other secured credit, you can bet you won't be getting another loan from that lender for a very long time. 10 years to be exact.

Be safe out there!

Post script 12/24/12 Brian and Frank of the National Real Estate Post mentioned this in a recent daily show. They suggested that people get a letter from their bank stating they were awarded a short sale to present as proof for potential credit disputes later. The only problem we see is the ongoing credit hit of the wrong code on your FICO score - and since those codes are not universally known it's something the Bureaus really need to work out. Again time to write your Congress bods: www.congress.org and let them know about this.

Safe Holidays!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

HARP 2.0 helping more homeowners STAY PUT!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Thu, 23 Feb 2012 13:02:27 -0800

Imagine the average home owner in your neighborhood having an extra $300 in their pocket every month after a successful refinance? What do you think that new found cash flow might mean to your local economy? Would they stay in their home and invest in necessities and just maybe have something left over at the end of the month? Might they start going to dinners out and movies again? Might they look around at the amazing low real estate bargains and consider re-investing at the bottom?

Well that is precisely what HARP 2.0 offers*. President Obama's recent promise of 'lower interest rates for American Homeowners' sent a flood of people into lenders' doors. For many this is happy news indeed!

To date, for many homeowners, the ability to refinance their mortgages into a lower rate of the day has been met with frustrating knowledge they no longer have the equity to do so. Home Affordable Refinance Program (HARP) 2.0. will assist many people. Home owners who have been patient and stayed the course are being offered better rates on their mortgages to stay put and support their communities. Consider it a reward for good behavior.

On February 15, the revised guidelines for this program were announced to allow home owners with either a Fannie Mae or Freddie Mac loan to refinance their home even if they are 'underwater'.

An underwater example is a home mortgage of $125,000 on a home is appraised today at $100,000 value. Normally the reverse is true: that you can get a loan when you have 20% or more positive equity. But with HARP 2.0 your equity can be negative and you still get a great rate. Call to find out if your home mortgage is eligible for this program. HARP was extended until December 2013.

The guidelines are very specific: your occupancy status cannot change, owners on title cannot change, your income must be stable/qualified and you must not be late more than 1 payment in a 12 month period. For those who do qualify it's a very cool program. Expect more extensions as time goes on to include non GSE sponsored loans (my hope).

One 105% LTV condo owner I know who was technically 'not eligible' saved $300 per month for the price of an appraisal, some extra paperwork and patience. Another gentleman closed inside 30 days on his 95% LTV home and has been able to loosen his belt a bit. Neither party is paying mortgage insurance. They both lowered their interest rates over 1.5% and in one case got out of an ARM. What's not to love?

HINT: Not all banks have sufficient relationships with Fannie Mae and Freddie Mac to offer these programs. Your tax dollars at work. Pass the word!

*This program is not for distressed borrowers who have missed payments or are facing foreclosure.

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Get a LIFE!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Fri, 02 Sep 2011 01:06:36 -0700

A real life. The kind that includes friends and work and fun in equal proportions.

I am speaking to myself here! Today's home-buyers need to feel grounded. With so much in flux it's important to impart a sense of purpose and commitment to their own lifestyles as they consider home ownership. Have you ever suggested a couple get counseling before they go house shopping? I have! Being personally grounded will help them make better decisions. Home ownership or real estate investment, after all, is about supporting a personal vision for your life.

Here are a few Buyer Tips that really add up:

+ Be Cool! I sometimes have the urge to say "Kick anyone to the curb pressuring you to ‘buy now’!" We all know the best decisions come from a sense of empowered choice. Helping our buyers learn the nuances of today's home buying process will save heartaches along the way. I suggest they take a homebuyer course, an online program or start a local buyer’s club-- and have fun with it. Rushing into buying a home out of peer pressure is not a good reason. They need to want it --really want it.

+Take Time Out. Off the clock, off the pressure. Time ON to explore goals and purpose and reasons for home ownership in the first place. Let your buyers set the pace. Of course, some people are better off renting. So if thoughtfully completing a home budget and saving money for their most basic closing cost is 'just too hard' then maybe home ownership is not for them. Maybe later.

+ Get Real: Investing in any plan is challenging. Buyers must be committed to success and willing to establish realistic expectations. At the earliest stage I address any issues like paying down auto loans or saving funds for down payment and closing costs and set a time line. This could be years away! Since we don’t charge a fee for the up front consultation- even if it takes a year or more - you have to believe in educating borrowers as building your own future.

+ Save Now! I strongly advise first time buyers devise a savings plan toward closing costs, say 5% of their home’s sale price for starters. Many loan programs allow family or employer support. We just love to see a demonstrated ability to save so money in the bank will go a long way to convincing a lender that they are ready and able to manage their mortgage commitments.

+ Get Smart! When you think about it: people should be required to get a license before becoming home owners. I invite you to send your buyers for their ‘learners permit . Local folks can attend my FREE Home Buyer Education Seminar (TBD schedule) sponsored by the Washington State Housing Finance Commission. Featuring five hours of solid financial and home ownership skills presented in a lively interactive format. I am inviting local industry professionals to share their ideas so call me if you'd like to present a segment. I'll be looking for a few home inspectors, repair contractors and home budgeting bookkeepers to join my Lender and Realtor team. Participants will receive an approved Home Buyer Certificate for successful completion. Very cool. Great exposure for presenters also- so call me if you are interested.

= Rock Star Buyers: A Pre-Approved Home Buyer with our Priority Buyer Letter in hand is, after all, a beautiful sight!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Smart buyers make hay while the sun SHINES!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sun, 31 Jul 2011 18:47:18 -0700

LOTS of hay is being made in this market! Are you and your buyers fretting over politics and things we cannot control - when the best opportunity in recent history to purchase a home is like, NOW? Smart buying never goes out of style. It's up to us to communicate the value of picking your moment and the right home. Like a smart trader who watches their target industry and product, our buyers need to be empowered to research, hunt and pounce with glee.

After all, when things get rosey again, we can pretty much guarantee that higher home mortgage rates will offset the benefits of lower bounce points in housing prices.

Feel free to share my Tips for Buyers: http://realestatemarbles.com/loannetter/2011/07/31/home-owners-tip-make-hay/

So get out there, Sunshine, and spread the news! Happy haymaking!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Just say THANK YOU!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Tue, 03 May 2011 14:50:39 -0700

Today I received my third call in three days from a credit impaired borrower. Most are referrals from Realtors. One could take this as a kind of insult that I am considered the 'helper' rather than the closer of their better clients. I also receive referrals of better clients - so who's complaining? I consider all referrals an honor and a compliment to my skill. I am grateful for every call from every person regardless of their situation. I know once I see their reports that these very folks are, in many cases, being cast aside by our system because of one or two small mistakes. Trusting a boyfriend on a car loan, not paying a medical bill their insurance company was supposed to handle, losing a few months income between jobs. Are these people worth any less of our concern? Sure it's not a slam dunk loan but these are people, People!

For me it's an investment in my future business to spend 30 minutes or less (on the phone) with a prospect who in many ways may become the most loyal borrower once I have helped them. I am able to quickly get to the heart of the matter and direct them how to get mortgage ready. I am not in the business of credit repair but I know who is - and I hand out their cards freely!

Sadly, most of these folks are told simply 'NO' by their bank or loan officer. I guess we are all just too hard pressed making a living to appreciate that a simple act of kindness could mean more 'real clients' a few months down the road.

What does it cost me really to up the phone or email a news bit every few months to cheer them on? Just my time. What does it pay me back? Good feelings, potential clients and goodwill in my community.

I am recommending everyone read The Thank You Economy by Gary Vaynerchuck. A little tome on remembering a gentler time when people mattered and engaged in their communities. Social media is reminding us to value our peeps. Everyone matters in my book!

All the best to you! loannetter

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

"The Bernanke" goes LIVE!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Wed, 27 Apr 2011 19:01:43 -0700

4/27/11: The Federal Reserve Chair, Benjamin Bernanke held his first live news conference:

FOMC HOLDS FED FUNDS RATE TARGET AT 0.25% (AS EXPECTED); LIKELY TO REMAIN LOW FOR AN EXTENDED PERIOD- Unanimous vote by all Federal Reserve Bank Chairs.

Just so we understand what is going on here: the Federal Reserve Banks are private institutions telling our Federal Reserve they need more cheap (0.25%)* money ad infinitum. Why? Because without our tax dollars propping them up, despite record profits just recorded, they would fail and bring our houses down without a very long trough to keep their wheels spinning.

This analogy offered by a Bloomberg TV speaker today: It's almost as if your Model T is in a ditch and your farrier arrived with horseshoes and could not fix the problem.

One might ask: what would happen if the banks stopped getting such cheap money? What calamity exactly are we afraid of here?

From The Fed:

Bernanke reaffirmed his intention to end treasury purchases in June now - Since inflation has picked up in recent months, the Fed is prepared to 'adjust holdings' to keep the financial markets afloat.
Surprising to me is that Mr. Bernanke anticipates that economic conditions are likely to warrant exceptionally low levels for the federal funds rate for an 'extended period'. He insists that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually.

On the street:

Supposedly recent statistics show household spending and business investment in equipment and software continue to expand. They do admit that investment in commercial real estate is weak, and the housing sector continues to be depressed. While admitting the unemployment rate remains elevated, and measures of underlying inflation continue to be somewhat low, the news is 'positive'. Besides the 'fewer job losses' lingo, he believes the recovery is sustainable but is 'watching market indicators'. The dual mandate is price stability and maximum employment. The supposed increase in market stability is not being reflected in today's dollar drop. Frankly other countries and investors are not all that keen to hold our greenbacks. At least not for long.

Market reactions:

Initially after the FOMC statement, we observed a +2% rebound in the precious metals. The dollar devaluation is helping mortgage interest rates by sending safe money into bonds. How long we can keep lowering interest rates to keep feeding banks via borrowing in such a climate is questionable.

Busted inner city, booming suburbs?

I spite of vacant inner city shops and rising short sales andforeclosures of single family homes, multifamily is bouncing back with a vengeance. Our subsidized housing initiatives ((ultra high tech green)are sprouting up all over) funded by the local municipalities and non profits-- I wonder if we have reached a tipping point: when private owners (tax payers) of college housing will find it hard to rent their little old 1-4 plex compared to the shinier new versions closer to nightlife with groovy hidden Murphy beds and built in flat screens owned by these conglomerates. I'd be interested in other perspectives on this--anyone familiar with the private/municipal housing?

OUCH to 30% interest!
This article came out just before Bernanke spoke.

http://www.dailyfinance.com/2011/04/27/bank-of-americas-new-credit-card-penalty-interest-rate-is-nearl/

Is this social equality?

When we have extended to these same banks the ability to borrow very cheap money and we, the consuming tax payer must pay even higher fees to use this same money?

Ironically, banks are complaining that too many people are paying down their debt! Lightening up. Scaling down. A friend of mine just took off for a six month hike on the Pacific Coast Trail today from California to Canada carrying 35 pounds on his back. Perhaps he has the right idea!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Prepare for the Wall Street LOCKUP!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Thu, 07 Apr 2011 13:39:08 -0700

By now you will have heard a few gripes from your mortgage professionals about the recent fun of changing systems to meet our new 'Federal Loan Officer Compensation Rule guidelines'. If any of your colleagues asked for your help to speak up to congress I hope you did. For those willing to put head in sand you can now put foot on behind. We will all be feeling the effects of higher rates on our mutual clients. It's just that simple.

While the 'Fed Fight' is officially over as far as the appellate courts go, there is still life left in our organizations NHIAP and NAMP. Challenges are now being directed to the new Consumer Protection Agency director, Elizabeth Warren to point out the devastating effect of fixed origination fees to consumers not to mention that the big banks are escaping this particular scrutiny machine as usual.

What do I have to complain about? Our new fixed Loan Officer Compensation just rolled plan sounds pretty good if you have been slicing and dicing your fees like most of us just to keep our customers happy since the Wall Street Meltdown. My actual origination fee will go up across the board. Only now I can't help my clients with an appraisal fee or lock extension. In fact I get paid the same whether I do a good or bad job. How's that for incentive?

What's the true cost of this new rule?

Mortgage professionals argue that the new Federal LO Compensation Rule will raise interest rates and transaction costs to consumers. Further, many mortgage banks will be put out of business by creating higher costs of operation and oversight. What if only five banks are left offering mortgages?

Ask yourself: Is letting big conglomerates run things really all that great an idea for local interests?

If you loved the Wall Street Meltdown prepare for the Wall Street Lockup! Loan products, underwriting guidelines and rates will be controlled by handful of people who, by the way, also run our Federal Reserve. Those same banks that own or are owned by the architects of the credit derivative game. If you've seen the movie: "Inside Job" it's hard to miss the sickening fact that de-regulation from former eras backfired big time. Enter knee-jerk regulation- not the answer. But that's exactly the answer we got on Tuesday.

Good news for loan officers!

I'm pretty sure this 'good news' for loan officers won't be appreciated by our clients when they see the new rate sheet. Passing on regulatory costs is a fact of life in our industry. My only beef is that these regulations are focused on non bank financing and our colleagues at the big banks are immune. I'll miss the ability to assist clients.

How will this new rule affect your borrower?

On larger loans your borrower will pay a higher fee because we have to set one percentage for all loans regardless of size. Formerly if your loan involved more effort for the size of the transaction, I could set my fee to make it worth my time to do a decent job.

Previously, a larger loan amount allowed me to lower the feeI charged. No more. One set fee (percentage of the loan amount) suggests that loans under about $150,000 will be hard to justify for the effort takes to close that loan. So, lower priced loans may be denied. In contrast, larger loan amounts will be charged higher fees than normal and will return loan originators a higher fixed fee. This will no doubt anger the borrower who has to pay it! According to the new Rule, I can't do anything to help take away this sting! If you don't want to pay my fee yourself, then the lender will pay me according to a set rate structure on the day. Your rate will be higher and I will not be able to price it competitively (like I do now) to help your borrower get better terms. I can 't use any of my commission to kick in toward costs. Not one dime!

What about consumer protection?

I predict if you are seeking a loan under $150,000 you can expect very few options, thanks to this Fed rule. Bankers will skew their target base to higher loans for higher commissions. The 'anti steering' idea of this bill was to protect consumers from allowing us to steer you to a higher priced loan. The horse left that barn a few years ago. No banker or broker worth their salt would allow that kind of thing today at risk of losing their license. We do have this little law called Fair Lending. If only the exiting laws were enforced uniformly between both banks, brokers and the big guys?

Was limiting choices of lower priced home buyers the intent of the rule? Officially, this rule was devised to protect consumers but in reality everyone will pay more. Irony of ironies: the much maligned 'ysp' or yield service premiumn, (our margin formerly used to pay down costs or pay your your broker/banker) was returned to your borrower via the 2010 GFE. It's now going back into your bank's pocket. Sweet for them!

Our task now is to pick up our smiles and get on with doing a better job than our competitors. Fortunately, better service is the easy part!

All the best! loannetter

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Where is the LOVE?

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Wed, 16 Feb 2011 13:13:18 -0800

Notice a certain --ah--absence of mortgage professionals worth their salt in your town? Notice that some of your clients may be having a hard time getting financing? Has sending your clients to your bank instead of supporting independent mortgage brokers backfired?

We got the message: Loan Officers and Mortgage Companies have been getting out of the business in droves. For several reasons. 1. New federal and state licensing regulations discouraged folks who weren't up for new learning and fees. Fine, we only want committed professionals in our business....a good thing! 2. New HUD and Lender guidelines limited the companies who could qualify to sell them loans. The smart viable companies have met these changes...also good! 3. Refinancing is becoming less attractive as rates start to climb so our market is tightening. 4. People who want to make a decent living with community respect may have gone to work somewhere where they get paid to show up 9 to 5.

Where is the Love? http://www.youtube.com/watch?v=ZcHPNUN-U8E

"If you had had a sudden change of heart .,..I wish you would tell me so. Don't leave me hanging on the promises. You've got to let me know!!"

What you want, HUH? http://www.youtube.com/watch?v=-o1Bg7yBxQo&feature=related

"All I'm asking is a little respect. R.E.S.P.E.C.T Just a little bit. Just a little bit." Sing it LOUD!

Celebrate those still working hard for YOUR clients. That's all we ask.

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Thanks for the Invitation!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sat, 29 Jan 2011 22:27:04 -0800

I consider being invited to a group on ActiveRain quite a ocmpliment. Hope to make some contributions here. I'll post a recent article I just wrote on Sustainable Real Estate Plan and look forward to your comments! Susan

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Collaborate, Co-Create and Celebrate to SUCCEED!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Wed, 06 Oct 2010 15:53:50 -0700

I spent a career in advertising prior to becoming a mortgage professional. I am now learning how to develop healthy direct relationships, not just account names and awards on the advertising agency roster. Today's lending landscape is challenging for everyone. Let's turn that on it's head: our success depends entirely on being effective and engaged!

Previously, I delivered strategic plans and implementing a brand evolution, often in difficult competitive markets. A decade later I still find those core lessons illuminating. Classic marketing or what some unkindly refer to as 'old school' is, in fact, the basis of 'new school'. And anyone worth their salt in marketing has learned these lessons and evolved or, like a hapless loan officer relying on paid leads, is dead and gone.

To restate the so-called new school strategy correctly, it is essentially based on advising people how to focus and use your limited resources to establish yourself as the trusted leader in your market in order to succeed. A successful strategy is based on the WHAT AND WHY of becoming successful. How you accomplish a group of tools is tactical. Tactics are the HOW, the 'conduct of engagement'.

Warning: It drives me crazy when people use the word strategy when they are talking about tactics. Tactics are easy to leap into implementing right away because we understand a good tool when we see one. But a tactic is easily misused or even wasted, if not targeted for a specific reason to a specific end user.

Define 'strategy': from wikipedia:
"Strategy, a word of military origin, refers to a plan of action designed to achieve a particular goal. In military usage strategy is distinct from tactics, which are concerned with the conduct of an engagement, while strategy is concerned with how different engagements are linked. How a battle is fought is a matter of tactics: the terms and conditions that it is fought on and whether it should be fought at all is a matter of strategy, which is part of the four levels of warfare: political goals or grand strategy, strategy, operations, and tactics.

Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal."(end wiki quote)

Tools are Tactical. Tools are not strategies!!!! Tactics are the responses or means you implement to ACHIEVE your strategy. It's worth remembering that to blithely employing a bunch of tactical responses without a brand strategy 'net' to weave it all together could be compared to a shotgun scattering your ammunition in one great blast compared to using a laser beam to focus on your actual target's forehead. Pardon the graphics, but I think you get the picture. Lasers take a lot less energy too!

If you use Facebook to tell people about your summer vacation, you could be missing the real opportunity to mine that platform! Facebook can help you build a leadership position while you celebrate others in your community (your referral partners hint hint!) so you win by association with things that inspire others.

Develop a Laser Vision: Read Guerrilla Marketingby Jay Conrad Levinson. Levinson defines his approach essentially as: Using your resources that you have, in fact, maximizing those resources; to become the best most trusted professional in your field. This is based on the WHY. You can then link up the the various means you will employ to build your brand strategy = victory = recognition and financial success.

In this context, tactics or your tools define the 'conduct of engagement'. Your tactics need to be linked to the goals or desired outcome of the battle. This is stuff is actually very old school and Lao Tsu might be the oldest strategic dog of all.

Collaborate, Co-Create and Celebrate! Another strategy to consider is the enormous potential of collaboration over competition. We have arrived in a unique time and place in our culture. The shift beneath our feet has allowed us to look around. Consider what we truly value. Smart caring professionals are engaged in our communities because it's the right thing to do. We have a lot of skills and tools to share. In a way, it would be unethical not to share them!

Read The Go-Giver by Burg and Mann. Learn to give without expectation of reward simply because it's the right thing to do. Carl White talks a lot about this in his 'Results in Advance theory'. Look him up! (Warning: Carl thinks old school marketing is old hat but we love him for what he puts out!)

Your generosity will not be lost on your local market. These times have provided new opportunities to value our exchanges with our greater audiences based on mutual respect and win win for all. The new school of cultural change for the common is not about 'killing the competition'. It's about building a better world in which we can all enjoy an abundant life for all. Not just to save our businesses but to help rebuild our communities.

Embrace that! loannetter

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Mortgage Bankers Weekly Update: Mortgage Applications Decrease

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sun, 26 Sep 2010 19:02:14 -0700

Thanks to Howard for gathering this information. As always, the national average varies widely from region to region. "Homebuilder Profits up" claimed just last week on Wall Street 'does not compute' with actual housing starts going down.

Via Howard Bell (www.yourpropertypath.com):

Mortgage Bankers Association for the week of  09/22/2010

Market Composite Index:(loan application volume)    decreased 1.4 percent on a seasonally adjusted basis from one week earlier.

Refinance Index: decreased 0.9 percent from the previous week, which is the third straight weekly decrease.

Purchase Index: decreased 3.3 percent from one week earlier

Refinance Share of Mortgage Activity: increased to 81.1 percent of total applications from 80.5 percent the previous week.

Arm Share: decreased to 5.9 percent from 6.2 percent of total applications from the previous week.

MBA outlook: (Excerpted from mbaa.org)

We predict that mortgage originations will decrease to $1.4 trillion in 2010 from an estimated $2.1 trillion in 2009. Purchase activity continues to be weak, although it was given a brief boost in the spring by the tax credit program, while refinance activity is being propped up by mortgage rates that remain close to historical lows, although there is less refinancing going on now than in previous periods of comparably low mortgage rates. Purchase originations will fall to $539 billion from $740 billion in 2009 and refinance originations will decrease to about $910 billion in 2010 from $1.4 trillion in 2009. This monthâ€™s originations estimates for 2010 forward were revised downwards to reflect the weaker July data for home sales and housing starts.

Related Articles

FHA Offers Short Refi Program For Underwater Homeowners

FHA Financing Now Available For REO Properties

Section 8 : An Owners Guide

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Today's Distressed Homeowner is Tomorrow's BUYER!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sat, 25 Sep 2010 20:52:20 -0700

Unfortunately, by the time most distressed borrowers seek help to avoid Foreclosure, they have often been struggling with income loss, divorce, legal or health issues for so long that theyre are not only falling behind financially but they are as one fellow put it to me: "taking drugs to just to sleep at night from the stress". This does not paint a picture of a person ready and able to put up a decent defense with their bank or have the energy to direct their own loan modification or self help bankruptcy. Far from it. Being financially strapped as well, paid legal help is usually out of the question.

Asking for Help: I often suggest to folks that they have a serious family sit down with other members of their extended family or community who might offer some relevant advice. They may need help clarifying their priorities. Next up are the free resources listed below. Feel free to share them.

Consumer Advocates: Below is a current list of resources that I keep handy. Certainly encourage anyone struggling with their lender about their home loan to contact their State Attorney General as they hold the responsibility to protect consumer rights. The Making Home Affordable free counseling is heavily weighted toward conventional banking guidelines. Which is not all bad. However, many people don't fit the conventional mold may indeed qualify for a private lender option in spite of being denied for MHA or HAMP. Always always ask for help and ask again.

Feel free to share this list with anyone you know in financial/mortgage distress:

The Obama Administration's Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure: http://www.makinghomeaffordable.gov For a free HUD Counselor call: 1- 888 995 4673

For state specific help go here: http://www.hud.gov/offices/hsg/sfh/hcc/fc/

On a case by case basis, we refer to local modification colleagues (licensed brokers and loan originators who specialize in this area) They may negotiate your case if you prefer to have someone do this for you. They employ our Federal and State guidelines. Usually modifications agents charge between $1500 and $2,000 total fee. This process can take three to six months or more. There are no guarantees. Check out loan modification agents with your State Attorney General and BBB to verify they are legitimate.

If you feel you have been treated unfairly or cannot get help from your lender contact:

1. Washington State Attorney General investigates consumer scams. They may take legal action against an company found to be abusing consumer laws in this state. STATEWIDE TOLL FREE 1-800-551-4636 http://www.atg.wa.gov I print out the form or send folks this link and they they can file complaints online.

2. Washington State Department of Financial Institutions. They oversee Washington Banks and Brokers and will investigate on your behalf. Washington State Department of Financial institutions requires that any provider offering loan modifications be licensed as a loan originator, mortgage broker or consumer loan company. Check the Call: 1-877-RING-DFI. ONLINE complaint about a Mortgage Broker, Bank or Modification Agent: http://www.dfi.wa.gov/cs/cscomplaintform.htm

3. Home Foreclosure Legal Aid. Homeowners seeking Legal representation who are unable to afford a lawyer should contact the Home Foreclosure Legal Aid Project, a partnership of the Washington State Bar Association and the Northwest Justice Project. Call 1-877-894-HOME (4663).

4. National Office of the Comptroller of the Currency. http://www.occ.treas.gov/customer.htm Homeowners may register a complaint to the OCC who performs oversight on National Banks. They will inform the Bank of your complaint and follow up on their response to you. http://www.helpwithmybank.gov HelpWithMyBank.gov provides assistance to customers of national banks. The site includes answers to common questions and helps walk people through the process of contacting the OCC for additional assistance. Visit the site to learn more about the OCC Customer Assistance Group or call these numbers

Contact OCC CAG (Consumer Assistance Group)

Toll Free: 1-800-613-6743
TDD Number 713-658-0340
FAX: 713-336-4301
Hours: 8 a.m. - 8 p.m., Eastern, Monday-Friday
Mail: Customer Assistance Group,
1301 McKinney Street, Suite 3450
Houston, TX 77010
Online Customer Complaint Form

5. Contact your Congressional Representatives! Your congressional representatives have the ability to intervene with banks and financial institutions on your behalf. We know clients who have gotten good results from taking a three pronged approach of filing complaints with several agencies at the same time. It is your right as a consumer to request help. http://www.congress.org type in your zip code for your representatives contact details.

Referral Partners: Gather a great group of local people who have success in these areas: Loan Modification, CPAs, Bookkeepers, Bankruptcy Attorneys, Short Sale Realtors and Debt Consolidation or Credit Restoration Agencies. Just offering personal referrals means a lot to someone in distress. Naturally you want to know the people you refer to are reliable and STAY reliable. One of my great referral partnerships backfired when my partner changed course, and I am still smarting from the distress they caused several folks.

Bouncing Back From Short Sale or Foreclosure: This post outlines how a homeowner start working toward credit recovery the moment they start working on a solution to their immediate situation. To most folks in trouble today, the hope of home ownership again is a vision worth hanging onto.

We do not offer advice about matters outside our area of expertise, which is mortgage lending.

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

GRAB that FANNIE (REO) with HomePath!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Thu, 29 Jul 2010 02:12:02 -0700

OK so it' a little risque but so is 5% down and conventional lending for Investors. Am I right?

At today's rock bottom prices -- REO or "Real Estate Owned Homes" (i.e., in the bank's portfolio) are the best value going. You do need a keen nose to ferret out a solid home beneath the banged doors and tall grass. Do folks realize what 'as is' really means? That there could be problems lurking deeper than the tattered wallpaper? So let's assume you or your buyer are that savvy and your done your homework. Funding foreclosures is the bugaboo. Especially for investors. Fortunately Fannie Mae and VA will fund their own 'acquired homes'.

For most folks the home you can afford is the one you can get a loan on! Funding is a big conundrum with most REO's due to their often distressed condition, the quick sale aspect at auction and the mood of the selling bank. If you've tried your hand at closing a Foreclosure or Short Sale you know how much fun that can be.

Our Government Sponsored Enterprises have acquired a boatload of properties to offload. Fannie Mae has the advantage of offering the funding via the HomePath Loan program. So the kid gloves are off! HomePath loans (we can fund these) are only available on Fannie Mae REO properties. These loans apply to buyers intending to live in the property, as well as investors who intend to rent or resell. No kidding! These loans offer great terms, and may include renovation funds, energy improvement incentives or appliance packages.

Cruise the REO's on the Fannie Mae site by zip code: http://www.homepath.com

Also check out VA REO site: https://va.equator.com/index.cfm

You need not be a Veteran to qualify. Investors only need 5% down and some rental experience with no limit on properties owned.

You may have to dig around for a HomePath and VA lender as not all banks or brokers are certified Happy shopping!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Should this home be SAVED?

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Wed, 09 Jun 2010 01:17:30 -0700

I read a wake up article recently by a mortgage market advisor Mark Hanson, who suggests that unless foreclosures double from the April 2010 record, because of the sheer number of 'shadow inventory' homes on the market --it will take at least 8-years to clear the sales backlog of homes for sale. Wow.

Which suggests, by deduction, that our national housing markets will be affected by these lower priced distressed homes lagging if not languishing on the market beside new and non distressed homes, affecting their values for years. We have no idea how long this financial recovery will really take and what the actual cost will be to home values and the real estate industry.

Mr. Hanson goes on to suggest: "Massive-scale home retention (mortgage mod) programs have truly helped only a small slice but primarily served to slow up the pace at which foreclosures have occurred over the past year. This has created a giant bubble of distressed homeowners in the pipeline that over time will be liquidated. "

Apparently Mr. Hanson feels many of those homes in distress now will eventually be foreclosed because it is apparent that the buyers were unqualified to buy those homes (or have experienced financial barriers to keeping them). So if that is the case, are banks ready to accept their part in over-lending and start writing off seconds and writing down principal balances willingly? So far the assistance offered has leaned toward banks and not borrowers. Many of us in the front lines would like to see the balance shifted toward a more fair and equitable assistance for homeowners caught in the middle.

It's too early to tell how investors will apply the new Principal Write Down guidelines and if this will actually lower many loan balances. The biggest proponent, Bank of America, is saying that Principal Write-downs are a good thing but what most people don't know is that their losses will be 'asssisted off their books' with more incentives. Paid for by us. A borrower has to make perfect payments for at least five years to qualify for these incentives --so if they suffer other financial setbacks they could still loose.

One just has to ask: who is really being helped here? I am happy to see someone who can't afford their loan get a better deal if it means less pain all around. In effect, keeping someone in their home who can't really afford it is lashing that person to a financial ball and chain. If a bank writes down the balance on an existing loan, this is essentially devaluating that home for that homeowner. Althought the lower loan balance is not immediatly obvious until someone tries to sell that lower liened home and that person can afford to take a lower sale price. Isn't that what foreclosures accomplish just faster? Lowering the property values by flooding the market with cheaper goods? It is confusing to me why taxpayers would be expected to pay for these losses to banks...while quite directly absorbing these losses of our neighbor's foreclosed homes devaluing our own home next door. It's a double whammy for solid citizens to be asked to help our neighbors while also watching our home values decline.

Recently I spoke with a bankruptcy attorney who wondered aloud if homeowners in financial distress realized that loan modification is not a silver bullet. There are no guarantees. Your lender could put you through a trial mod and still reject you at the end if your situation has changed. You see, these programs have a certain life, and an end to the funding programs. Which could mean that months and months of effort might result in those losses still happening via foreclosure, short sale or deed in lieu.

Most people are really concerned about the effects of walking away or suffering a foreclosure when--and I have recently formed this opinion--the effects of a long drawn out short sale may cause as much, if not more damage, to your psyche and your credit score than making an earlier decision to take the loss via foreclosures or deed in lieu. Heresy, I know. Realtors who handle short sales would be spared those sales. Never mind the cost to the borrowers of a year on the market and all that uncertainty and lost sleep. Would it be better to settle up and clear you mind of the financial burden and move to a place you can actually afford? Folks need to weight this up carefully. ('Deed in lieu' by the way is agreeing with your lender to simply hand the keys back and avoid the legal public foreclosure process.)

I am reminded of my photo safari in Kenya: driving across the Masai Mara we came upon a group of baboons migrating in a long line. Following them was a young cheetah and the male baboons were displaying quite an angry 'go away' stance on an anthill to scare him away, beating their chests and screaming at him. According to my driver, the cheetah probably didn't know that picking a fight with a baboon would be a bloody hard fight and at the end of it they don't make a very good meal.

There is a certain tendency of those of us who work with homeowners to want to 'fix it' and make the pain go away. Or to fight the fight because people feel so wronged. But some things just can't be fixed. Certainly we have tools at our disposal if a home owner can be assisted within reason. The point of modifying your loan may be to buy time, while accepting that you may eventually need to get out from under this level of debt.There is nothing like being decisive, making a tough decision and not fighting that fight for a bad meal.

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Bad Loans are More PROFITABLE!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Fri, 14 May 2010 00:03:28 -0700

Have you done the math on your mortgage? What is that 30 year payback schedule really costing you over the long term? A lot of people are making tough decisions about keeping homes that may not be the best investment at the moment...or possibly ever. But like most people, if you have lived in your home for very long you become attached to more than the physical aspects. Your memories and lives are intertwined in your community and sense of your self in context.

Oddly, the idea of every paying off our mortgages seems almost foreign to us. We live with debt. Debt feels normal. How did this happen? A mere 80 years or so ago people didn't live this way. What has changed in our culture? I'll tell you what's changed: the value of the dollar has been serously devalued since 1933. But that's another story of enormous proportions.....meanwhile, back at the debt wheel:

Bad Loans = Good Investments! As it turns out, if you are in danger of defaulting on your loan, chance are you are in a high interest product that was originally rigged to explode. And explode it has. Now it also turns out that your lender is often very happy to string out the agonizing process of 'helping you' for as long as it takes. Why? Bad loans accrue interest, penalties, interest on the interest and interest on the penalties. And as long as you keep that string rolling the servicing lender makes more and more for keeping you on the debt wheel. Your debt piles up and they make more money on that growing pile.

Bankers who are too helpful get fired! Perhaps you caught a few of the recent tell-alls by insiders in banks who threw up their hands in disgust when told to 'stop helping people'. I've had my suspicions for some time that keeping the servicing drawn out collecting fees was their goal. It seemed to me that looking the other way at inefficiencies was how things worked once folks got behind. There is no other plausible reason that getting your loan modified should take ninety plus days! The lackadaisical attitude of debt mitigation departments was odd to me. Until I saw the arrears piling up. Fees and penalties in addition to the arrears are making loans balloon amazingly fast.

Quotas on Foreclosures: Here is the evidence of an insider at EMC (servicer for Bear Stearns) speaking out about her efforts to do what she thought was her job: help homeowners stay in their homes. This person was fired for stopping a foreclosure sale because Bear Stearns actually wanted to foreclose on a valuable home with a small mortgage. http://www.youtube.com/watch?v=vxyRFSYe7ws&NR=1

Every day a new program is announced: Hope, HARP, HAMP...MHA 2MP? Programs designed to stem foreclosures are legion and ever evolving. A few of the largest banks are even talking about Principal Write Downs and 2nd Mortgage extinguishment starting in July 2010. Naturally they are finding a way to be paid for their trouble via your tax dollars. So...if you thought all this stringing you out was really for your own good. Stop. Do the math. The longer you are in your mortgage the more your bank makes and the longer you are in that mortgage given inflation and the value of money over time, you become quite a little factory for your bank. Even with the low teaser rates and your APR being lowered by a good MHA modification, if you wind up in a 40 year loan instead of a 30 year loan the bank is going to make more in the end. At some point soon it is becoming apparent that not all of the banks can keep being paid by us to keep paying themselves more.

At what point do we stop paying banks to get richer? When enough people leave their homes by strategic default in disgust? When enough people decide they'd rather rent than be chained to the debt wheel forever? When Congress figures this out?

We have thrown at least a Trillion dollars at this crisis so far 'helping people' and yet not many people feel all that helped. Bank of America says they have modified 600,000 loans. Really? Only 8.4 Million to go then? Not even Fed Chairman Ben Bernanke knows where all that money of ours went. How about a little accountability? What a concept!

Be a citizen : speak up. Click this link and plug in your zip code: http://www.congress.org and email, write or call your representatives or better yet, the entire financial services committees in both the House and Senate. They need to hear from you. Your stories, your concerns, your ideas. Perhaps its time to staple of Notice of Default on Congress's door for reneging on their responsibilities to American citizens!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

USDA Rural Housing Loans--will they live or DIE?

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sun, 25 Apr 2010 13:12:54 -0700

Without Congressional Action, USDA 502 Rural Housing Program Will Run Out of Funding Within Days

H.R 5017 introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, has passed the House and awaits the Senate vote. Senator Barney Frank has personally advised members of the USDA lobby (unpaid industry people like you and me) that he will see this bill makes it to the Senate Floor before the end of the Month. Immediate approval is necessary or the Banks funding USDA loans will literally run out of funds to lend. The proposal seeks to make these loans 'self sustaining' by raising the up front fee paid to guarantee the loan. Similar to VA, there is no monthly MI.

From a press release: "Chairman Kanjorski’s legislation will correct the Section 502 Single Family Housing Guaranteed Loan Program funding shortfall by enabling the program to pay for itself, rather than relying on federal funding. In order to pay for the program, lenders will pay up to a 4 percent fee on new home mortgages. As a result of these changes, financing of the program will move from a combination of government funding and industry fees to a self-sustaining initiative.

Realtors: Put this on your Listings! Search Property Eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

You can also search Income Eligibility by county for the 'modest income' limits in your region. A family of one to four in my area can earn up to $74,400--quite generous by local standards for first time buyers.

Basic Homeowner Facts: http://www.rurdev.usda.gov/rhs/sfh/GSFH_Information/individuals.htm

The facts are clear that in areas where housing costs are high in relation to the rural worker's average wage, home ownership is simply not feasible. These guarantees increases reduce exposure of home lenders to defaults so that they will underwrite more mortgages. In 2009, loans made under the program averaged $112,000. I have personally funded these loans and I can say they are EASY to fund and EASY to close. Timing is an issue with the USDA desks in your state having to approve the loan application (the wait time varies from 2 to 6 weeks) but the funding and the generous seller contributions allowed make this a real boon to first time owners.

Please write your representatives and urge they support this very important bill. http://www.congress.org

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

USDA Rural Housing Loans ON THE BUDGET BLOCK!!!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Thu, 22 Apr 2010 11:52:14 -0700

Every year, the USDA Rural Housing Loan program is re-funded through a budgetary approval process. And every year we get notices it's about to expire or a particular lender's reserved funds have run out, but like clockwork these funds have been restored.

Given the BUDGET CUTTING PARTY on the hill --Congressional budget cuts may kill it again!

UPDATE 2/10/2011:I first reported this in August 2010. The program comes up for budget review every year. Right now our key USDA lender advises they 'have unlimited funds'. Not all lenders who do a few USDA loans reserve sufficient funds for their own needs so you need to find a dedicated USDA lender.

House bill: H.R. 5017 in 2010 saved USDA by appropriating the funds and agreeing to increase the loan guarantee fee. The increased Up Front Funding Fee of 3.5% fee makes the program self sustaining. Previously it was 2%. By the way, these loans perform!

What's so hot about USDA? No Down Payments! And the best part: the UFFF 3.5% can be funded completely in the loan, based on the APPRAISED Value. So if the home comes in valued higher than the sale price, the borrower can even fund their closing costs. The Upfront Fee may be funded or paid by the seller with NO Monthly MI. It's a lot like VA in that regard with less paperwork. Our USDA lender allows us to us a certified FHA appraiser rather than talk to the 'firewall'.

USDA Property Eligibility Search. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Click the Property Eligibility: Single Family Housing to search properties

Click the Income Limits: Single Family Housing: Guaranteed tab by state to find your county income limits. For example the income limit is $74,400 for an individual up to a family of four. That's a generous figure in our area. Standard 41% DTI ( like VA loans) housing expense ratio applies.

REALTORS: This is a selling point! Search homes in your area to see if your homes will qualify and ADD that the home qualifies for USDA program (just raised to 103.5% later in 2010--see comments below)

USDA also offers very generous seller contributions and folks, this is classified as a conventional loan. It's easy to close as long as the borrower truly has sufficient income and decent credit. There is a standard underwriting review for the USDA and that can hang up the timing depending on workload but seriously folks, this is a great loan program for homeowners entering the market. The buyers can't own other real estate and the home must be in a zip code that qualifies based on the housing to income ratios.

Never heard of a Rural Condo? In ares with rural laboroers condos are rural. They are so much easier to fund via USDA than FHA.

Your Support for USDA is UBER URGENT! Please, take a moment to write your congress persons and ask that they support USDA funding EVERY YEAR. http://www.congress.org Just type in your zip code (see middle of page, "Write your Leaders" and your reps senators pop up and you can email or write them on the spot.

Contact the Congressional Subcommittee on Agricultural Appropriations requesting they KEEP funding the USDA Rural Housing program. We all need to get behind this! Otherwise about July you will start having your sales go sideways...and we wouldn't want THAT now would we?

Rural homeowners and sellers will thank you. Again and AGAIN!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Making Homes REALLY Affordable?

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Mon, 12 Apr 2010 23:07:37 -0700

Principal Writedowns + Help for Unemployed Homeowners:
HAMP and Making Home Affordable Guidelines updated today are sounding pretty progressive: The much touted PR about Principal Balance Write Downs is being implemented by the first subscribers to the program: notably Bank of America, one of the most "hated companies in America" according to Huffington Post, right behind GM and Chrysler. If the idea of principal write downs (lowering your loan balance) has any goodguy points be aware that we, you and I, will be paying for this via more bailout funds.

Why Bank of America? In their assumption of failed Countrywide Bank, B of A has acquired the lion's share of Pay Option ARMS, and assorted sub prime loans famous for exploding one's principal balance. Many of these loans were sold to people who simply did not qualify for the full principal and interest payments. They became the embarassment of the 'stated' income loophole and essentially took Countrywide down when the adjustments to higher rates created a rash of predictable mortgage defaults.The new MHA guidelines seek to expand the use of principal write-downs during the modification process. As one option. There are many. The stipulations are equally tight --so we are not cheering just yet.

The approach will include incentive payments for each dollar of principal write-down, earned on a 'pay for successs' basis. Naturally lenders who are in danger of losing all via foreclosure might well breathe a collective sigh of relief. It's also good for 2nd Lienholders if the 1st Lien is brought in line to 80% of value rather than 120% thereby insuring they have a decent chance of collecting on the second. Eventually.

Unemployed Borrower Boon: The best news in this release is the consideration of reduced repayment terms for unemployed people while they are in job seeking mode. Up to 6 months break is being bandied about. So you could theoretically qualfiy for this using your unemployment insurance. If you find a job making less, the permanent terms would use HAMP guidelines to determine your new payment. Perhaps also lowering the principal in line with what you can now afford if your value has also dropped.

Another HAMP initiative suggests of this annoucement promise 'clear performance timeframes" when a borrower is in the modification period. Indeed this is good news. We have seen some clients still struggling for help one year or more into their modification process.

HAMP will also now apply to FHA loans. Hint: any FHA lender who is worth their salt is already applying HAMP or better guidelines to their troubled assets.

Other help includes financial assistance (up to $3,000) to move to more affordable housing and extinguishment of subordinate liens (2nd and 3rd lines and loans). Several such programs already exist (notably Cash for Keys) but this release suggests more will be done to prevent foreclosures.

Perhaps now more than ever, it's important that homeowners in financial distress seek a trusted advisor to help them understand which programs may be of assitance. Seek out a bankruptcy attorney. Get your CPA on board. Ask your mortgage professional who is handling these programs. Speak with your State Attorney General, and HUD counselors.. The implications for individuals of which path they choose may have lasting effects on their financial future.

Download this document: http://makinghomeaffordable.gov/docs/HAMP%20Improvements_Fact_%20Sheet_032510%20FINAL2.pdf

Please continue to write your congressional representatives and express your views and news about people in your locale: http://www.congress.org

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Foreclosed Bankrupt Middle Class Deadbeats: UNLOAD HERE

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Wed, 07 Apr 2010 19:09:48 -0700

More highly educated professionals are finding themselves among the millions facing bankruptcy and foreclosure. Is anybody tracking the suicide rate among foreclosed homeowners? Developers, Builders and Realtors and Mortgage Bankers head this list. Having your home foreclosed is becoming almost commonplace. Have we become numb to the effects of this financial devastation all around us?

I could hardly believe my ears today when the Think Big Work Small team proclaimed Foreclosure Sales as good for the real estate industry; generating income for Realtors and Bankers and taking all that inventory off the books. WOW. How shortsighted is that? The problem isn't going to go away when the For Sale signs come down and we all go back to mowing the lawn in oblivion of our neighbor's distress. Slates are not wiped clean. People have been rendered homeless and financially ruined.

Unfortunately, the turn in the market is not happening fast enough for those who had resources to weather the last few years. Several years of steadily declining incomes are just now being felt by many who never imagined themselves facing such a prospect as bankruptcy. People can only hold out for so long. Many are just one divorce, disease, death or disaster away from utter financial collapse.

According to Arianna Huffington of the Huffington Post: 4/6/10

"There were 1.1 million consumer bankruptcies filed in 2008. A studyby Elizabeth Warren and Ohio University's Deborah Thorne, entitled "The Vulnerable Middle Class: Bankruptcy and Class Status," found that the personal bankruptcy surge is being led by former members of the middle class.

According to the report, the proportion of bankruptcies filed by those who had attended college went from around 46 percent in 1991 to almost 60 percent in 2007. And, ominously, the data for the report was compiled before the economic crash. "I'm almost afraid to look at the data now," says Warren.

Given the lack of urgency we are seeing in Washington, and the lack of focus on real people, it would seem that our lawmakers -- for very different reasons than Warren -- are taking the same "can't bring myself to look" approach."

Huffington Post kindly posted sites where people can share their job loss stories, seek help restarting their careers and just commiserate.

http://Recessionwire.com

http://LayoffSupportNetwork.com

http://LayoffSpace.com

http://HowIGotLaidOff.com

http://The405club.com

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

OMG! 2MP=2nd Loan Modifications + Principle Reductions

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Fri, 26 Mar 2010 18:02:13 -0700

2nd Loan Mod rumors have been around for some time. Who knew? My colleague has handled a few in the course of modifying combined loans. With different lenders it's not exactly a picinic. Officially, this Directive to modify 2nd Liens was issued in August 2009, but not adopted by any banks until January 2010. Now Bank of America, Wells Fargo, Chase (others mooted) are participating: Of course, Banks interpret these guidelines liberally as do the investors.

According to a local Bankruptcy Attorney "This is good news for some of my clients. In some Chapter 13 cases we are able to void the second mortgage if there is no equity in the home above the amount owed on the first. "

The 2MP Directive reads: "Under 2MP, when a borrower's first lien is modified under HAMP and the servicer of the second lien is a 2MP participant, that servicer must offer either to modify the borrower's second lien according to a defined protocol or to accept a lump sum payment from Treasury in exchange for full extinguishment of the second lien. The 2MP offer will be made in reliance on the financial information provided by the borrower in conjunction with the HAMP modification and without additional evaluation by the second lien servicer."

For the full document: https://www.hmpadmin.com/portal/docs/second_lien/sd0905.pdf

Enter Principle Reductions, Stage Right: Real or Just PR?

http://www.housingwire.com/2010/03/24/bofa-to-reduce-principal-in-hamp-mortgage-modifications/

This program will land June 2010 with Bank of America loans that are more than 120% under water and over 60 days delinquent. We could get down to serious business saving homes. According to the news blurbs less than 2% of modified loans have involved principal reductions to date. This could change!

The US Treasury Department Administers HAMP. No watchdogs. No visible means of support.

Now, concerns that "silent" second liens pose extra risk to first lien bond holders in residential mortgage-backed securities (RMBS) has raised issues whether there will be even less investment in US Bonds or Securities by foreign investors. (Transate: any investor). House Financial Services Committee chairman Barney Frank (D-Mass.) is urging the big box lenders to pursue "write down second mortgages." The very same House Committee that handed out our dollars to these very lenders to stay afloat.

As my pals Frank and Brian at Think Big Work Small suggest: as the Feds pull out of the RMBS market we have just a couple of days before RATES, FHA fees and all things mortgage are going up. Just in time for Spring! http://www.thinkbigworksmall.com/mypage/archive/1/50105

Are you speaking up yet? www.congress.org

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

HARPing about HAMP!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sat, 06 Mar 2010 14:47:46 -0800

IS THIS GOOD NEWS? H.A.R.P., The Home Affordable Refinance Program and H.A.M.P., the Home Affordable Modification Program are working hard to earn trust from distressed homeowners. Or so they say. Fortunately, the Stimulus funds for HARP will be extended at least until June 2011. HAMP has been working a bit harder for people with underwater homes -- that is if you owe more than your home is worth up to 25% negative value or 125% LTV.

Define underwater: You see, if you owe more than your home is worth, your lender takes a rather dim view of the risk factors for your likely ability to keep making the payments. And if you are going for HARP i.e., to refinance, those risk factors weigh rather heavily against you -- so the terms (rates) are less than exciting. In fact, less than 220,000 of the supposedly 4.5 million people who would be eligible for HARP have qualified. Most people are either in arrears (having missed payments) or in a position of eminent default if they have lost income and realize they can't sell for a profit...then they are facing the next most likely options. Short Sales, Foreclosure, Deed in Lieu and 'strategic defaults' i.e., simply walking away.

What about the Guidelines? The actual problem is far more complicated than just a set of government guidelines and labels. Your lender is not a government institution. Sure, Congress has passed bills adopting these terms and recommending them. But please understand: Banks are private companies charged with delivering a profit to their shareholders. While some would rightfully argue that our government owns a large share of the biggest banks, the fact is the banks still get the decision making power to deliver a profit. The 'guidelines' for HAMP, HARP and MHA (Making Home Affordable) are just that. Guidelines. They are not laws. Banks get to interpret them if and when they feel justified. Naturally a bank that took more TARP money has a certain obligation to consider the guidelines more so than a bank that did not. Many local Banks, Savings and Loans and Credit Unions who did not receive TARP funds are flatly saying no to modification, forbearance or distressed refinances with impunity. There is more pressure on the TARP recipients to at least pretend to be complying with these guidelines. They will say you didn't qualify when in fact you might very well qualify if you got a reasonable negotiator to understand your predicament.

Which brings up the biggest problem of all: Inept modification and loan mitigation staff. This is a new arena and the people being hired by these servicing arms of banks may be freelance staff, who do not have a grasp of what your family budget and work situation really indicates in terms of likelihood to keep paying your mortgage. (The mitigators also don't talk to the collection department staff so the poor clients gets a barrage of different and conflict in information). The loan mitigators rarely understand complex personal financial documents. We see a lot of gross errors on the lender's financial documents. Naturally, they err on the side of caution --so it's really hard to convince such a person you WILL keep paying your reduced mortgage if you have been in bankruptcy for a year and made no payments during that time. They are very 'bottom line' motivated so it's important to keep coming back to what that means. DO they want to explain to their superiors the decision to foreclose on someone who was wiling to pay more than their house was worth or DO they prefer to take their losses at auction? This is a very gray area.

Most people who have experienced some income loss or family financial pressures would technically qualify for either HAMP or HARP if they make enough now to afford a reduced payment totaling no more than 31% of their gross loan to value. Certainly there are limits to how low a bank will go and for how long. It's important to show that your hardship is both real and temporary. The luck of the draw is which bank or servicing lender is handling your loan and how motivated is that servicer to assist you. There are so many factors: How long have you been in arrears? Do you have stable income now, and not least: Have you alienated you lender with a long drawn out process?

Are these programs just for your Freddie or Fannie Loans? Freddie Mac loans are negotiated slightly differently than Fannie Mae loans and so on. FHA and VA depend on the lender's own interpretations in addition to the standard government guidelines (most have their own investor guidelines or overlay) and all rely on the very different situations a borrower will present. For example, is your hardship a continuing issue? For how long? Do you have sufficient income now to afford a lower payment and for how long? Will your income recover quickly or take years? Is your financial pressure time frame yet known? Etc., etc. Each lender has their own ideas. There are literally thousands of options!

Are these programs just political? There certainly is a lot of posturing at congressional level by people who write the laws. Do they get what the actual effects of these laws are? You can bet these new and extended programs are being used to stump for votes by politicians. So you would be naturally be wise to keep your particular representatives apprised of your progress.

Success story: Recently a client received a wrongful denial of permanent terms after four months in a trial modification program. It was quickly determined that an error was made figuring their income but no reasoning seemed to get the desired result to convert the temporary modification into a permanent term. They were being stonewalled. So they wrote seeking help from their Congressional Representatives, including the President, at http://www.congress.org

This very frustrated home owner had been getting the run around. They lodged complaints with whomever would listen. One Senator actually called the CEO of the National Bank involved on their behalf. Another Senator offered helpful advice on which agencies could assist. The same borrower wrote a complaint letter to the State Attorney General who also reported their concerns to the State Attorney General of New York who forwarded the complaint to the Comptroller of the Currency, the overseer for National Banks. I guess you could say they realized they were all on notice. Magically the corrected permanent modification papers arrived by courier...right on cue! So it pays to know your rights and due process.

I just listened to Charlie Rose interviewing Elizabeth Warren, our official 'watchdog' on the subject of Consumer Protection and she calls this agency the unwanted stepchild. Nobody wants to police banks on loan and credit card fairness-- even if it is their 'job'. http://www.charlierose.com/view/interview/10895

Until the consumer protection laws are actually implemented and fairly, the current state of our consumer protection is: borrower beware!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

Fake Appraisers Cruising Distressed Homes

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Fri, 22 Jan 2010 01:56:25 -0800

Local impostors are claiming to be appraisers to gain entry to distressed homes
.
We have heard from distressed homeowners who, after having the Notice of Default letters taped to their door, (pre-foreclosure) had unannounced individuals arriving at their door with cameras saying they are the appraiser sent by 'their bank'.

These people are impostors.
They are getting names off the county bulletin boards of homes in arrears pending foreclosure proceedings. It is apparent some foreclosure buyers use this tactic of false pretense to gain entry and review properties prior to auction. One homeowner just called to say a person arrived with a camera, without a business card, asking for information (she didn't give out) about her loan, her property, etc. They didn't know the name of the Bank or Trustee and asked how much was owed and other private information. She had the presence of mind to tell them to leave and call her trustee.

Unfortunately a skilled impostor would have a lot of this information. They may even have fake cards made up. Really no one should just show up wanting access without having called first so you can check them out and schedule a time that suits you.

If someone arrives claiming to be an appraiser:

Ask who sent them. They should KNOW!
Offer NO information whatsoever.
Ask for a card. If no card, have them write down their name, phone number and sign it.
If you have a cell phone with a camera, take their picture.
Take down their vehicle license plate number, or photograph with your camera cell phone
If they park in a position where you cannot see the vehicle this is a tip-off.
DO NOT LET THEM IN unless they provide correct information and you feel comfortable with them
BETTER: Tell them they must make an appointment at your convenience
Don't let them walk around outside or take any photos.
If you have an attack dog.... (!)

If the person seems fishy, ask them to leave immediately. Dial 911 with a description.

Then call your Trustee and ask if they sent an appraiser and explain what happened

Our homeowner's Trustee verified they had NOT sent an appraiser and had no intention to. In most cases, a lender or Trustee does not ask for a Broker Price Opinion until well down in the negotiation process, if ever. Loan modification applicants (who may be in default) are rarely subjected to an appraisal unless there is considerable doubt about a property's value or condition.

To misrepresent oneself and demand entry is criminal trespass not to mention a breach of privacy and common courtesy. If an appraiser cannot properly identify themselves and asks for information (they should have on their person) they should not be allowed to enter your property. Period. A legitimate appraiser would call first and make an appointment.

NOTE: One homeowner's 12 year old daughter was at home alone when a man arrived at the door and demanded entry. Then he went through the house taking pictures. Imagine the outrage of her parents to realize this was probably a local investor posing as a bank appraiser. Imagine if that child had been harmed or there was any question of improper behavior by the intruder.

Express your concerns and support to your congress persons http://www.congress.org

For more information on your consumer rights, check out the WA State Attorney General's site: http://www.atg.wa.gov or call your state attorney general.

Stay safe and sane!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

HAMPer full of Hope?

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Wed, 20 Jan 2010 01:36:08 -0800

Fact: Less than 7% of the homeowners who entered Trial Modification Periods for the Housing Affordable Modification Program (HAMP) in some form have succeeded to date: http://abcnews.go.com/Business/wireStory?id=9572114

This news has spurred updates on the government site: www.makinghomeaffordable.gov

Enter the new 'Conversion Campaign'

According to MHA: "The Home Affordable Modification Program requires borrowers to enter into a Trial Period Plan before receiving a permanent Home Affordable Modification." Which suggests that you 'may' be converted to a permanent program after your required trial. Or does it? Exactly who decides who gets to move ahead into modification bliss and who gets denied? That part is quite a mystery. The link on ABC News above has made it quite clear that very few are making it through the Trial Period Plan now.

The Housing Affordable Modification Program has been deemed a failure for some time now. Success rates are abysmal by their own record. Why is this? You see, HAMP it is not a law with appropriate enforcements, but a set of guidelines. Lenders who opt into these guidelines get--you guessed it--extra financial benefits! But what does this mean to you, Mr. or Ms. Homeowner in distress? Essentially, any bank who says they are applying HAMP or MHA to modify your loan has their own set of interpretations of these guidelines. It depends on what their investor thinks about you, your property, your scenario and the likelihood anyone in congress or any oversight committee or governing body or ethics committee ever finding out what happened to you in the process of applying for loan modification.

So what happens if your loan modification application fails? Let's take a look what MHA promises next.

"LATEST NEWS: Treasury announces programs designed to expand resources for working families to access affordable rental housing and home ownership over long term at little or no expected cost to the taxpayer." What exactly does this neat set of nice sounding phrases really mean?

Let's dissect this masterfully worded statement:

What does a 'Treasury program' imply? A law? Something enforced and policed? Fat chance. Treasury has not exactly been working hard for homeowners. In fact, we can thank our Treasury for printing more money and devaluing your dollar (so everything you buy costs more) while letting Banks get a boatload of money for practically free. The active verb "designed' is an interesting choice of words. A design is a plan or methodology to deliver a solution of some kind. All good intentions are 'designed' to work.

The key phrase 'expand resources' bears definition. Are they are implying more people on the desks of Hope for Homeowners (free HUD approved counseling service)? If so, I sincerely hope they are also arming these phone counselors with something more than free DIY advice. Currently the free advisors are doing little if anything to help you access actual help. They check your box and send you back to your bank. That's it. To be fair, maybe they have something grander in mind?

OK, assuming those expanded resources are worthwhile, why are they limiting them to 'working families'? What about working individuals or retired couples or other homeowners not neatly boxed up in that one phrase 'working families'? Doesn't this sound a tad biased?

Then we have: ' to access affordable rental housing and home ownership over long term'. This certainly implies you could 'access' your own home again. Congratulations! You may be offered your very own 'affordable (you can define that one) rental housing and get to stay put right where you live. So-does the 'affordable ...home ownership' bit mean you could own your home again after a period of said affordable rent? This sounds an awful lot to me like the 'we'll buy your house' folks who 'let' you rent your home and some time later, the price has gone up and woops you are back out on the street. I thought that whole flipping a distressed homeowner thing was illegal. Let's hope the MHA version is a kinder and gentler version.

But wait, there's more: 'at little or no expected cost to the taxpayer'. OH REALLY? What taxpayer are we talking about here? Today's taxpayer who behaved responsibly and didn't buy a house they couldn't afford or the future taxpayer who will inherit all these bills for expanded resources? I'd say a few so called living and breathing taxpayers might be incensed at the thought of subsidized housing for people who may or may not have behaved responsibly financially. To say the 'taxpayer' won't be footing the bill is ludicrous. Of course we are. Treasury has no other place to get the funds to fund these programs except our own tax dollars they take from our paychecks daily. Banks who hold these underwater homes that get 'rented or owned affordably' will be paid by the American taxpayer to keep people in their homes. I'm guessing the Banks will now hold full rights of title to the homes and if the renters fail in their cheap rent or upkeep the Banks will exercise their right to turf them out and sell when the time is right. For them.

Am I missing something here in this basket of tricks (HAMPer)? Feel free to add your thoughts. After all, we will be paying these bills for generations to come!

Remember to exercise your right to address your elected officials with your concerns: www.congress.org

FYI: Bank loan modifications are within the scope of authority of the Office of Comptroller of the Currency, Administrator of National Banks. Their website is: http://www.occ.treas.gov The website offers an online customer complaint form that can be used to make a complaint against your bank. Another resource, http://www.helpwithmybank.gov/provides answers and assistance to customers of National banks. The site includes answers to common questions and helps walk people through the process of contacting the OCC for additional assistance. If you prefer to contact the OCC by telephone they have the following toll free numbers:

Contact OCC CAG Toll Free:1-800-613-6743

TDD Number: 713-658-0340 FAX: 713-336-4301 Hours: 8 a.m. - 8 p.m., Eastern, Monday-Friday

Mail: Comptroller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010

Meanwhile, we just have to be vigilant. That's what works.

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com

EDUCATE Thyself!

Susan Templeton (Home Mortgage Consultant NMLSR ID 94045) — Sun, 03 Jan 2010 15:29:26 -0800

We talk a lot about educating our clients about their options and best choices in making real estate decisions. But who among us knows it all? More to the point, who among us is adequately keeping up with all the changes in our industry these last three years?

Evolve or die! The basic Darwinian premise applies to every business and especially to those of us who count ourselves among the entrepreneurial class. The question is how do we best evolve?I am talking about becoming a proactive resource for our clients of WHAT MATTERS. What they NEED to know about their real estate transactions, not just what we legally must disclose on the GFE. For that we have our industry sources and regulating bodies.

Ethical dilemmas: For example, what do you do when a transaction you've been working on for say, three months, hits a rough patch at closing? Do you cast blame on the counter parties who didn't do their job (mea culpa) or do you pitch in and try to solve it? It's certainly not convenient to have to make new statements to an underwriter that could jeopardize the sale and our commissions. Solving the problems that do arise with your client's interest in the forefront of your mind makes what course you recommend much easier.

Continuing Education: Yes, we have Ethics and legal Courses now required for every licensed loan officer. What did you learn from your CE class beyond the basic 'must dos'? You quickly find out that every situation is highly subject to interpretation of 'what is best'. I find reading on subjects outside of my expertise very helpful in this regard. Philosophical books and Biographies of leaders are a great resource. Being more than a single dimensional human being certainly helps!

Becoming aware of broader market factors: During the last two plus years, with so much news about Wall Street landing daily --it become quickly apparent to me I NEEDED to know more about the workings of our financial markets in order to be a better adviser. So I subscribed to a couple of blogs focused on trading, investing and news outlets including external sources (international news) that would give me a better understanding.

Read and listen broadly! You literally have to compare notes to get a feel for what is going on. If for example, you only listen to one radio commentator, then you tend to become myopic in your view. A range of business to philosophy to political sites and news sources helps me reflect on how what is 'going on' in my world relates to the bigger picture. If CNN or Fox TV is all you watch, you will have a 'sound bite' mentality that tends to dismiss the deeper issues behind the scenes.

Be Professional! Becoming a better, more well sounded resource and perspective provider can only assist your profile in your community. As a wonderful side effect, you now have the power of information on your side informing your decisions.

Be a Citizen! I recently discovered (shock horror) that my own local and state and federal civil servants do NOT know all that much about what is happening on the street. It's up to us to inform THEM about these things. Being part of our community means speaking up about what can be done locally as well as to our elected officials. I am approaching our local councils to find out what can be done to assist local homeowners in distress in light of how foreclosures are affecting our local economy. I also recently joined an investor group and am reseraching more private options to help provide options for folks not being served by our banks. Once you make yourself known as someone willing to help you will attract natural referrals based on your attitude of service.

Some resources I recommend: sign up for news alerts on topics of interest. Many of these sites have riveting video sources and active blogs.

http://uk.reuters.com (note I read the British version first)

http://online.wsj.com

http://www.nytimes.com/pages/business

http://www.vanityfair.com/politics

http://www.huffingtonpost.com

http://www.rollingstone.com/politics

http://www.mcclatchydc.com

http://www.newyorker.com

http://www.caracommunity.com

http://www.zerohedge.com

For example:Watch today's video on regulation of the 'hidden' aspect of mortgage backed securities owned by China: a topic you can easily research on Google or these sites above. I have set 'mortgage backed securites' as a news alert on several sites, so I get email notices when the topic is published.

http://online.wsj.com/video/heard-on-the-street-a-telling-move-in-hong-kong/8F9BB84E-9616-472D-9216-6BEEDF3A2417.html

I'd be interested in sources you find useful. After all, Active Rain is all about sharing ideas! Here's to our educational evolutional revolution in 2010!

Home Mortgage Consultant l 360-220-2997 l http://www.susantempleton.com