I met with a journalist that had a conversation with one of the mega-mortgage banks who told her that if you did not put in your full application by October 1st, they could not guarantee a closing by 11-30-09.

What are they smoking?

Are buyers and real estate agents going to stand for this?

Of course not.

They are going to find a mortgage broker that gives a darn (or you can replace that with any other 4 letter word of your liking.

The hard working pros that are on the ground will be the ones to push the deal through but don't wait until November.

The final day to really start a mortgage is October 31st. Happy Halloween!

Now, what will happen after this date? I foresee that is when there will be an extension of the credit. It will not be what it is now because the CBO has said it will cost between $16 and $20B. 

My answer? Give us the credit but under three conditions:

1. Have it paid back over 10 years at 3.5%. This way people have "skin in the game"
2. Give it directly to the consumer for a down payment so they can actually buy the house!
3. Give it to everyone. First-timers, second home buyers, foreclosure investor buyers too.

Let's not forget, all the buying will still depend on one thing- J-O-B-S! Duh! 

Everybody should stop watching Jon & Kate, the balloon boy (who names their kid after a bird?) and concentrate on how we can manufacture long-term, real, good paying jobs in America.

Unemployed now? Try volunteering for a non-profit that deals with companies you want to work for, take a commission only job, intern somewhere for free. One never knows what might come out of all that, but it is different and it will give you a better chance of success.