B is for Bailout - 11/24/08 07:32 AM
The $700 billion bailout plan is here and it is more than 400 pages long. I've had numerous Realtors and loan officers ask me how to explain the bailout plan to borrowers and how homeowners are going to be helped by this plan. So, in this article, I'll attempt to give you an overview of the plan, but I won't get into details. This is a simplistic explanation, but many people have found it useful. For all of the details, Google "TARP plan." 
How does the bailout plan help homeowners?
It doesn't - at least not directly. The bailout is … (2 comments)

Fannie and Freddie Announce a Temporary Halt to All Foreclosure Sales - 11/21/08 10:11 AM
Fannie Mae and Freddie Mac have announced a temporary halt to all foreclosure sales on occupied single-family properties as well as to the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 through January 9, 2009.
For additional information, please click on the following links:
Fannie announcement - http://www.fanniemae.com/newsreleases/2008/4531.jhtml;jsessionid=AV03CURNVIOERJ2FECHSFGQ?p=Media&s=News+Releases
Freddie Announcement - http://freddiemac.com/news/archives/servicing/2008/20081120_foreclosure-suspend.html
 
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Props to My Company - Good Communication - 11/21/08 09:17 AM
Props to My Company
I was reading the USA Today yesterday (11/20/08) and there was a chart in the Money Section that caught my attention.
It said - "Have your company's leaders communicated with employees about how the current economy might affect the company?"
The answer:
70% - No
29% - Yes
1% - Don't Know
My company comfortably fits in the 29% category.  We have had meetings, calls, bulletins and even webcasts discussing the economy and what we, as a company, are doing to maintain our position as a leader.
And I can say this - I am so glad … (4 comments)

Cold Calling Activerain Members? - Read Their Profile First - 11/17/08 04:04 PM
If you were going to cold call a potential customer, wouldn't you want to know anything you could about the person before you made the call?  I know I would.  It is basically sales 101 - the more information you have on the potential customer, the better.
So here I am sitting at my desk and my phone rings.  I pick it up and find a fellow Activerain member on the other line.  He quickly tells me that he saw that I was online on Activerain and then he launches into a pitch of how he can help me close more … (3 comments)

Good News - Finally - First Time Homebuyers on the Rise - 11/10/08 02:12 PM
Tired of all the negative news?  Well check out this site - http://www.msnbc.msn.com/id/27631021/from/ET/.
MSNBC ran a story yesterday that the number of first time homebuyers is on the rise.  Last year, the numbers were at 39% of all transactions and this year we are at 41%.  Is that a huge gain?  No.  Is it finally some good news? ABSOLUTELY.
The median age of first-time homebuyers is 30.  There is some other great information on the site, so click in and enjoy the good news.  I am not saying that everything is sunshine and rainbows, but at least this has a positive … (7 comments)

Come Out and Fight ALS - Cleveland November 14 - 11/10/08 10:56 AM
 Friday - November 14 - Cleveland, Ohio - House of Blues - Be there and help fight ALS and support Barry Winovich and his family (mortgage and real estate professionals). 
It is a great cause and a great time - Buy your tickets today before it sells out.
 

For more information on Barry, the Foundation or the function at the House of Blues, click here - http://brightsideoftheroad.org/
 
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Quotes, Quotes and More Quotes - An Online Resource - 11/10/08 08:40 AM
As we try to write our blogs and send out our newsletters and our daily inspirational e-mails (marketing never sleeps), we can always use a new source for information.  I use a site that lists 54,000 quotes and categorizes them by subject and author.  Using a geat quote helps add legitimacy and fun to your presentations, emails and newsletters.  The site also produces a daily inspiration.  Check out the quotes resource and let me know what you think.
 http://cybernation.com/quotationcenter/ 
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Quick Weekly Market Update - 11/07/08 12:56 PM
 Let me know if you have any questions.
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November 14 in Cleveland - Come Out and Fight ALS - 11/06/08 11:08 AM
One of the best people I have ever met my entire life is Barry Winovich.  There is nobody that lives life larger or has a bigger heart.  Barry has ALS or Lou Gehrig's Disease.  This disease does not dampen his spirit.  Rather, he has gone out and created the Bright Side of the Road Foundation to fight ALS and search for a cure.  Each year (this is the third), he hosts a phenomenal party at the House of Blues in Cleveland, Ohio.  It is a great party.  It is a great cause.  I will be there and hope you can make … (1 comments)

The New American Pastime - Debt - 11/05/08 11:49 AM
The New American Pastime
So if you read this blog (and who doesn't?), you know I travel.  A lot. And recently I noticed something in the airports.  There have always been people at tables throughout the terminals with credit card offers trying to get you to sign up.  Who can resist a free stuffed animal dressed like a pilot or wearing an American flag sweater?  But recently, I've noticed, their approach has changed.  They are outright aggressive in trying to get people to come over and talk to them.  Just flat out hawking.
So after probably the tenth person calls out … (2 comments)

Conservatorship and the GSEs - 11/04/08 08:58 AM
The "C" Word
On September 7, 2008, Fannie Mae and Freddie Mac were placed into conservatorship. 
What does this mean?
Conservatorship means that a Conservator, in this case FHFA (which replaced OFHEO as the GSE regulator) has taken over control of Fannie Mae and Freddie Mac (referred to as the GSEs).
What is the goal of conservatorship?
To preserve and conserve the GSE's assets and property To put the GSEs in a sound and solvent condition To help restore confidence in the GSEs To enhance the GSEs' capacities to fulfill their mission To mitigate the systemic risk that has contributed … (2 comments)

Mortgage Meltdown. Real Estate Crunch. Credit Crisis. Banking Collapse. - 11/03/08 07:59 AM
Mortgage Meltdown. Real Estate Crunch. Credit Crisis. Banking Collapse.
Pick your favorite phrase and call it what you like, but the ever-popular question remains and is debated -  who caused this mess and how did we get here?
 For a great description that discusses politics and regulations and names names, check out the link at the bottom of this blog entry.  It is a quick easy read and gives you great insight into not only what went wrong, but also where we need to go into the future.
 http://news.yahoo.com/s/bw/20081020/bs_bw/oct2008pi20081017950382

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Steve Richman

Raleigh, NC

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Genworth Financial

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