As promised the plan to bring buyers back into the market.
If you have been following the past few days Blog the real estate and mortgage industry needs a tool to solve a problem that exists today. The problem is that in my estimation about 40% of would be buyers have no access to mortgage loans because of credit and cash down. A basic belief needs to be these buyers deserve the chance to own a home and with proper training and motivation, they will pay on time.
Simply stated, a person who is otherwise qualified in regards to job stability and income but who has credit issues and little or no money to put down and who does not qualify for any legitimate loan program available could enter a FHA program and earn the ability to get an FHA loan. Let’s call it “The Revamped FHA Loan”. Or not, call it something.
The parameters of the program are:
1. 100% loans are available.
2. The buyer would have to pay an elevated mortgage insurance premium based on the fact the lender and FHA is taking more risk. 2 tiers of insurance cost exist, one with and one without a down payment.
3. The elevated cost is fair and the money is refunded in the form of a mortgage principle reduction when the first 24 months payments are made on time.
4. At the end of 24 months the insurance premiums charged are the normal FHA premiums.
5. The buyer must attend 6 counseling sessions provided by a HUD approved counselor over a 6 month period where the buyer learns budgeting, credit basics, credit management, and comes out better prepared to succeed.
6. During the 6 months the buyer may not acquire any more debt or make any late payments on existing debt.
The plan is pretty simple. The buyers come out educated and protected from the predatory lenders and toxic loans with a solid FHA loan in hand.
The politicians will say you should not charge more to those who are already struggling. I say buyers who want the chance to own will jump at this. Let the people decide ignore the politicians.
Some will say these people don’t deserve the chance. I say it is time to give them the chance it is a win win for the economy and society.
Some will fear no matter what this group of people will fail, HUD approved counselors say they will not fail and even as bad as the loans were in the last lending cycle a surprisingly large percentage of people are making their payments on time.
The benefits are obvious; we have more people to buy the homes on the market. More people experience pride of ownership and accomplishment. The economy recovers faster, fewer foreclosures, and the list does not stop there.
“The Revamped FHA Loan”…………What do you think, I know it will work.
More to come
Lonny
Friday, November 30, 2007
Thursday, November 29, 2007
BUYERS BUYERS BUYERS
As the news worsens on a daily basis in regards to the mortgage lending meltdown what we in the Real Estate and Mortgage Industries need are more buyers to buy the homes that are for sale. We know you are out there. In the midst of the problems there is a silver lining. The market will recover, the losses will be absorbed, and hopefully the industry will learn a hard lesson and do things for the correct reason instead of greed. Bargains on homes abound out there; it is a buyers market for sure. Mortgage loans are available to qualified buyers at very low attractive rates. 100% loans are still available at good rates and you can get an FHA loan easily in the 5% interest rate range. With some money down and good credit scores Stated Income loans still exist at very low rates. So if you are thinking about buying, stop thinking and start buying. Oh yes send me your loan.
That being said, the mortgage industry needs a tool to bring buyers into the markets who don’t qualify under traditional underwriting guidelines. If you read my Blog yesterday you will know that I think this is about 40% of the people who would be buyers. To restate a large % of people who would be great borrowers are shut out completely of any mortgage loan at all. This void is created because of poor credit, a credit system that is clearly set up to keep people from buying, and little or no money to put down.
FHA loans could be used to bring these buyers back into the market. There is current reform in congress in regards to FHA loans. It will be helpful but in no way will it serve those who are now left out. If the reform passes (my money says it won’t) it will help a few. It allows 100% loans to first time home buyers, it raises the loan amounts and gives lenders some ability to risk base price. That is where you charge more to mitigate more risk on different types of loan products.
The pure simple fact of the matter is that the way the industry has to qualify the 40% has to change. It can’t be based on credit or credit scores. Traditional Automated Underwriting Systems can’t be used and HUD has to think outside of the box and eliminate politics and special interests and do something to help those who are left out. That is the reason HUD and the FHA exists as I recall. There is a basic approach that will work. Tomorrow, the plan will be revealed. Pulitzer Prize people get your reading glasses out! Can you hardly wait?
More to come
Lonny
That being said, the mortgage industry needs a tool to bring buyers into the markets who don’t qualify under traditional underwriting guidelines. If you read my Blog yesterday you will know that I think this is about 40% of the people who would be buyers. To restate a large % of people who would be great borrowers are shut out completely of any mortgage loan at all. This void is created because of poor credit, a credit system that is clearly set up to keep people from buying, and little or no money to put down.
FHA loans could be used to bring these buyers back into the market. There is current reform in congress in regards to FHA loans. It will be helpful but in no way will it serve those who are now left out. If the reform passes (my money says it won’t) it will help a few. It allows 100% loans to first time home buyers, it raises the loan amounts and gives lenders some ability to risk base price. That is where you charge more to mitigate more risk on different types of loan products.
The pure simple fact of the matter is that the way the industry has to qualify the 40% has to change. It can’t be based on credit or credit scores. Traditional Automated Underwriting Systems can’t be used and HUD has to think outside of the box and eliminate politics and special interests and do something to help those who are left out. That is the reason HUD and the FHA exists as I recall. There is a basic approach that will work. Tomorrow, the plan will be revealed. Pulitzer Prize people get your reading glasses out! Can you hardly wait?
More to come
Lonny
Wednesday, November 28, 2007
GOOD NEWS / BAD NEWS
In the last insane mortgage lending cycle the BAD NEWS was that a lot of buyers got mortgages they should not have gotten. The GOOD NEWS was that a lot of buyers who should not have gotten them did. Just doesn’t seem logical for some reason.
The reason all these folks got the loans is sub prime loans were readily available to those with bad credit, lax underwriting standards, rampant mortgage fraud fueled by an industry that looked the other way, and products that allowed people to sign up for more than they could hope to pay for. The result of the BAD NEWS is that there are record foreclosures and more to come for some time to come. The result of the GOOD NEWS is that a lot of people who had no chance before of home ownership are now living the American Dream and will make their payments.
The unfortunate reality of all that has gone on is that an entire group of buyers are shut out of any type of mortgage loan once again. The lax loan programs are not coming back, sub prime loans are history and mortgage fraud is going to be harder to get away with and the industry has finally started looking for it instead of looking the other way.
A rather large percentage of today’s population has less or no money and poor credit which will eliminate in my estimation some 40% of people who would like to buy a home. These people would for the most part be good borrowers who make their payments on time. The real estate industry is seeing record inventories of homes unsold and pending sales down more than 20% from just one year ago. This in turn fuels more foreclosures and the cycle gets deeper and deeper.
Congress in now considering reforming the good ole FHA loan but the reform will not bring back the majority of this group of buyers. Help yes, substantially, no, and it is bound up in the political process and likely to fail altogether. Politicians are rushing to pass laws that will hurt the good lenders and do little if nothing to stop the bad ones. The result, harder credit and more buyers unable to access mortgage loans.
There is a solution to the problem. Problem is no one wants to listen. Imagine that. I was ranting and raving to my friend Larry the other day and I told him if the politicians would simply use their heads (and do what I suggest) they could really help the people they are supposed to represent. He reminded me that was not what politicians like to do.
More to come
Lonny
The reason all these folks got the loans is sub prime loans were readily available to those with bad credit, lax underwriting standards, rampant mortgage fraud fueled by an industry that looked the other way, and products that allowed people to sign up for more than they could hope to pay for. The result of the BAD NEWS is that there are record foreclosures and more to come for some time to come. The result of the GOOD NEWS is that a lot of people who had no chance before of home ownership are now living the American Dream and will make their payments.
The unfortunate reality of all that has gone on is that an entire group of buyers are shut out of any type of mortgage loan once again. The lax loan programs are not coming back, sub prime loans are history and mortgage fraud is going to be harder to get away with and the industry has finally started looking for it instead of looking the other way.
A rather large percentage of today’s population has less or no money and poor credit which will eliminate in my estimation some 40% of people who would like to buy a home. These people would for the most part be good borrowers who make their payments on time. The real estate industry is seeing record inventories of homes unsold and pending sales down more than 20% from just one year ago. This in turn fuels more foreclosures and the cycle gets deeper and deeper.
Congress in now considering reforming the good ole FHA loan but the reform will not bring back the majority of this group of buyers. Help yes, substantially, no, and it is bound up in the political process and likely to fail altogether. Politicians are rushing to pass laws that will hurt the good lenders and do little if nothing to stop the bad ones. The result, harder credit and more buyers unable to access mortgage loans.
There is a solution to the problem. Problem is no one wants to listen. Imagine that. I was ranting and raving to my friend Larry the other day and I told him if the politicians would simply use their heads (and do what I suggest) they could really help the people they are supposed to represent. He reminded me that was not what politicians like to do.
More to come
Lonny
Tuesday, November 27, 2007
WATCH OUT
For some time I have been watching what has happened with the illegal immigration problem. God knows there is plenty of press about it and opinions are everywhere. I suppose I am like the next person when I observe what is going on. When the folks show up to cut my yard I am pretty sure they are not legal people. (My yard guy swears they are) As long as my yard looks good it is easy to look the other way. I do believe there are many jobs not wanted by the rank and file of us and that we do need a legitimate, monitored guest worker program. I do have sympathy for those who try to enter the country legally to work to find a totally corrupt system that is practically impossible to utilize. Trust me I know, I have experienced it first hand.
When I was a young man working in West Texas I worked around many illegal aliens. For the most part they kept to themselves, were very respectful of our culture and our laws and those who enforced them. They made sure they were hidden from the authorities and didn't stand out any more than they did. My how things have changed.
As I drive down S. Cooper street on my way to work I see every day 10s of illegals standing waiting for someone to pick them up for work. They have no fear of being picked up by the authorities, they could care less if a policeman drives by, they know that the border patrol is not going to come by. This lack of fear is underpinned by all the special interests who protect them and line the pockets of the lawyers and politicians. It is business as usual for those who could care less about our society and the problems that rampant disregard for the law brings. To me this is something that is as defining for our future as much as anything. If this law is ignored and no one cares why should anyone obey any law. What a great message we are sending. A solution must be found.
It all became very real to me yesterday when I was almost ran off the road by two men who I would bet were illegals. They did it on purpose and were laughing during the entire ordeal. They were openly drinking and no doubt drunk by the way the driver was acting and driving. I thought to myself has it gotten so bad that they don't have any fear of the law? Surely not. I have noticed quite an attitude change lately in those who appear to be illegals. They are rude, very disrespectful and the numbers are growing. These people are rewarded every day for coming into our country and breaking the law.
It is time something is done. Let your elected officials know that now is the time to do something and if they don't you will do everything in your power to see that they are voted out of office. Now is the time........and Please Hurry.
More to come
Lonny
When I was a young man working in West Texas I worked around many illegal aliens. For the most part they kept to themselves, were very respectful of our culture and our laws and those who enforced them. They made sure they were hidden from the authorities and didn't stand out any more than they did. My how things have changed.
As I drive down S. Cooper street on my way to work I see every day 10s of illegals standing waiting for someone to pick them up for work. They have no fear of being picked up by the authorities, they could care less if a policeman drives by, they know that the border patrol is not going to come by. This lack of fear is underpinned by all the special interests who protect them and line the pockets of the lawyers and politicians. It is business as usual for those who could care less about our society and the problems that rampant disregard for the law brings. To me this is something that is as defining for our future as much as anything. If this law is ignored and no one cares why should anyone obey any law. What a great message we are sending. A solution must be found.
It all became very real to me yesterday when I was almost ran off the road by two men who I would bet were illegals. They did it on purpose and were laughing during the entire ordeal. They were openly drinking and no doubt drunk by the way the driver was acting and driving. I thought to myself has it gotten so bad that they don't have any fear of the law? Surely not. I have noticed quite an attitude change lately in those who appear to be illegals. They are rude, very disrespectful and the numbers are growing. These people are rewarded every day for coming into our country and breaking the law.
It is time something is done. Let your elected officials know that now is the time to do something and if they don't you will do everything in your power to see that they are voted out of office. Now is the time........and Please Hurry.
More to come
Lonny
Sunday, November 25, 2007
BLOGGER VACATION
You may have noticed (or not) that I have been on Blogger Holiday for the past few days. It is concerning to me that I have been a Blogger for less than one full month and for some reason I hit a wall. Yes it is true my brain checked out on me and I had a problem coming up with anything that I thought was worth blogging about. There must be a real correlation between coming up with witty thought provoking comments and the amount of Pecan Pie and Miller Lite that is roaming in ones blood stream at any one given time. I did continue to hope that when most of the toxins were free from my body that I would have something that might be worth talking about.
Here goes:
Sunday morning I was relegated too, watching a little Sunday morning TV. I must admit I am one of those people who have almost entirely been convinced by Fox News that I can’t trust anything said on any of the other networks. Honestly I am almost there but from time to time I stray a bit.
The banter on the show I chose was the same as most days on most of the shows. First on the list was the war in Iraq, followed by the rest of the problems in the Middle East, all being commented on by a number of people who all have opinions some more convincing than others. Honestly the whole thing scares me quite a bit. I am not so scarred of the reality that I might get blown up anytime soon but in something that is entirely scarier.
When I look at the politics of the day in regards to the race for the President, I want to run for cover, move to Cancun, or wall myself up in a cave with enough food to last me till the end. Do any of us think there is anyone out there who can truly lead a country divided by Partisan Politics and special interests? I look at things like illegal immigration, the broken health care system, and the loss of ethics and family values and wonder how much trouble we are truly in. My guess is our enemies have a better idea than we would hope to imagine.
My opinion is we had all better get active in the political process and be heard by those who represent us or claim too. If there is still something politicians are scared of is being voted out of office. I personally am not active enough in the process and should be. On the other hand I am more convinced than ever that the power still lies within the people who elect these so called leaders to power. Just look what happened when the people spoke up to defeat the last immigration bill. My challenge to you today is to be heard, loud and often. Whatever you choose to do…………. Please hurry.
More to come
Lonny
Here goes:
Sunday morning I was relegated too, watching a little Sunday morning TV. I must admit I am one of those people who have almost entirely been convinced by Fox News that I can’t trust anything said on any of the other networks. Honestly I am almost there but from time to time I stray a bit.
The banter on the show I chose was the same as most days on most of the shows. First on the list was the war in Iraq, followed by the rest of the problems in the Middle East, all being commented on by a number of people who all have opinions some more convincing than others. Honestly the whole thing scares me quite a bit. I am not so scarred of the reality that I might get blown up anytime soon but in something that is entirely scarier.
When I look at the politics of the day in regards to the race for the President, I want to run for cover, move to Cancun, or wall myself up in a cave with enough food to last me till the end. Do any of us think there is anyone out there who can truly lead a country divided by Partisan Politics and special interests? I look at things like illegal immigration, the broken health care system, and the loss of ethics and family values and wonder how much trouble we are truly in. My guess is our enemies have a better idea than we would hope to imagine.
My opinion is we had all better get active in the political process and be heard by those who represent us or claim too. If there is still something politicians are scared of is being voted out of office. I personally am not active enough in the process and should be. On the other hand I am more convinced than ever that the power still lies within the people who elect these so called leaders to power. Just look what happened when the people spoke up to defeat the last immigration bill. My challenge to you today is to be heard, loud and often. Whatever you choose to do…………. Please hurry.
More to come
Lonny
Thursday, November 22, 2007
THANKSGIVING 2007
Karren rolled out early this morning to make the dressing. I went along to stir and cut and chop and make coffee. I am not real handy but sometimes I can even surprise myself. As I was stirring I was thinking about the day and my thoughts seemed to go back to the times I remembered spending when I grew up and the many times family and friends gathered at Thanksgiving. I thought really for me Thanksgiving is about the good times and the memories of the past and the anticipation of those to come.
These days it is easy to think of the multitude of problems we seem to have but when I think of generations past the problems of the day don't seem so bad. It is for some reason much easier to focus on the bad and not the good. There is a passage in the bible that says something like don't worry about the problems of the day, there will be plenty to worry about tomorrow. Good advice for me especially.
On this day I will do my best to give thanks for all those who protect us and for all those who care for us and for all those who love us past and present. Just think a minute, I bet your list is as long as mine.
God bless you and yours and have a great Thanksgiving.
More to come
Lonny
These days it is easy to think of the multitude of problems we seem to have but when I think of generations past the problems of the day don't seem so bad. It is for some reason much easier to focus on the bad and not the good. There is a passage in the bible that says something like don't worry about the problems of the day, there will be plenty to worry about tomorrow. Good advice for me especially.
On this day I will do my best to give thanks for all those who protect us and for all those who care for us and for all those who love us past and present. Just think a minute, I bet your list is as long as mine.
God bless you and yours and have a great Thanksgiving.
More to come
Lonny
Wednesday, November 21, 2007
POLITICIANS TO THE RESCUE...
As is the norm I suspect after the cows are out of the barn is when someone starts worrying about closing the back door. So it is with the politicians who now are concerned about predatory lenders and those that they destroy. Lets keep in mind that predatory lending has been around for at least the last decade. The house passed a bill, house bill 3915, which is called the anti predatory lending bill, (I think). There are some good things about it but the in my opinion overall a big waste of time and effort. I doubt the crooks and thieves are sitting around stressing out over a law that has little or no hope of ever being enforced if it does pass.
In my opinion this bill has very little hope of becoming law. The reason you ask? There is no way to adequately define predatory lending and once all the well intentioned (whatever) politicians try to define it will certainly die a slow and agonizing death. Other politicians are now coming to the rescue with their own versions that try to fix what is wrong with the original version. Another problem is that it is hard to enforce the laws that are on the books that one can define like selling drugs, stealing cars, murder, etc. If a law is passed that has provisions that are open to interpretation then what is the likelihood anyone can or will enforce it. HB 3915 says for instance that if a lender refinances a home then that loan must have a “net tangible benefit” to the consumer. Now if you took all the possible combinations of why a consumer wants to refi their home and you let all the lawyers argue whether they got a net tangible benefit there would be no end. For instance if you wanted to refi your loan to lower your payment but you extended the term on the loan which over the long term made you pay more then would that be a net tangible benefit. I wonder what the odds are that the people who enforce such laws are going to sit around, look at every loan that is made and try to enforce a ridiculous law that no one can define.
The problem is that the lending process is so confusing that the predatory lenders will survive whatever law might be passed and the only group that will win in the end of this mess will be the lawyers who will always get paid.
The politicians need to be fighting the battles that do count and trying to enforce the laws that are on the books as a starter. But in thinking about it if they were to do that then they would not be politicians would they.
If you are getting a loan you better trust the person you are dealing with. Predatory Lenders are out to get you and they know what they are doing. Buyer beware.
If you are interested there is a great article that describes the reality of the Predatory Lender, click on this one.
http://www.nytimes.com/2007/11/20/opinion/20herbert.html?hp
More to come
Lonny
In my opinion this bill has very little hope of becoming law. The reason you ask? There is no way to adequately define predatory lending and once all the well intentioned (whatever) politicians try to define it will certainly die a slow and agonizing death. Other politicians are now coming to the rescue with their own versions that try to fix what is wrong with the original version. Another problem is that it is hard to enforce the laws that are on the books that one can define like selling drugs, stealing cars, murder, etc. If a law is passed that has provisions that are open to interpretation then what is the likelihood anyone can or will enforce it. HB 3915 says for instance that if a lender refinances a home then that loan must have a “net tangible benefit” to the consumer. Now if you took all the possible combinations of why a consumer wants to refi their home and you let all the lawyers argue whether they got a net tangible benefit there would be no end. For instance if you wanted to refi your loan to lower your payment but you extended the term on the loan which over the long term made you pay more then would that be a net tangible benefit. I wonder what the odds are that the people who enforce such laws are going to sit around, look at every loan that is made and try to enforce a ridiculous law that no one can define.
The problem is that the lending process is so confusing that the predatory lenders will survive whatever law might be passed and the only group that will win in the end of this mess will be the lawyers who will always get paid.
The politicians need to be fighting the battles that do count and trying to enforce the laws that are on the books as a starter. But in thinking about it if they were to do that then they would not be politicians would they.
If you are getting a loan you better trust the person you are dealing with. Predatory Lenders are out to get you and they know what they are doing. Buyer beware.
If you are interested there is a great article that describes the reality of the Predatory Lender, click on this one.
http://www.nytimes.com/2007/11/20/opinion/20herbert.html?hp
More to come
Lonny
Tuesday, November 20, 2007
WHAT A DEAL
After dinner last night, Karren brought my attention to a solicitation we received in the mail. It was from our energy provider TXU Energy. It said many of their valued customers had asked if TXU offered a plan whereby customers could take advantage of energy prices when the cost of natural gas fell. For some reason they didn’t attach the list of all of us who had asked that. I tried to remember if I had but I don’t think it was me. They went further and said that customers who were on this plan were currently paying 12.0cents/kWh in November. They failed to say what the rest of us were paying.
Next they spoke of having the best of both worlds by saying if natural gas prices happen to rise (what are the chances) more than we would be comfortable with that we could switch to any of the other plans for free. For some reason they didn’t bother describing the other plans. One of the plans allowed you to lock into a lower plan and you were protected for a specific period of time. HMMMM wonder what that one is???
The greatest news of all it was all free, simply detach the handy form and sign up. There was some small print on the front of form that was not understandable to me. There was also some small print on the back of the form. Here is part of the part on the back. “Current pricing of 12.0 cents per kWh is based on the monthly natural gas price of $7.27/MMBtu in effect on November 1, 2007. Additional average annual prices shown are examples assuming natural gas prices of $9/MMBtu (14.4 cents per kWh), $7/MMBtu (12.4 cents per kWh), and $5/MMBtu (10.5 cents per kWh), respectively”. Man that sure cleared up my confusion!!
OH yes, Eligibility requirements, terms and conditions apply.
Is this the same energy company that while making record profits solicited the Texas Utility Commission for a 25% price increase on two occasions and, as I recall, got it?
I would suggest everyone who thinks TXU is working in the best interest of their customers and truly wants us to save money run, yes run, and sign up for this program. For the rest of us remember there is a sucker born every minute. As for me, I think I will take my chances and just let them “do me” per month as they have been.
If you visited the Blog today e-mail me at lcspeaks@yahoo.com and let me know.
More to come
Lonny
Next they spoke of having the best of both worlds by saying if natural gas prices happen to rise (what are the chances) more than we would be comfortable with that we could switch to any of the other plans for free. For some reason they didn’t bother describing the other plans. One of the plans allowed you to lock into a lower plan and you were protected for a specific period of time. HMMMM wonder what that one is???
The greatest news of all it was all free, simply detach the handy form and sign up. There was some small print on the front of form that was not understandable to me. There was also some small print on the back of the form. Here is part of the part on the back. “Current pricing of 12.0 cents per kWh is based on the monthly natural gas price of $7.27/MMBtu in effect on November 1, 2007. Additional average annual prices shown are examples assuming natural gas prices of $9/MMBtu (14.4 cents per kWh), $7/MMBtu (12.4 cents per kWh), and $5/MMBtu (10.5 cents per kWh), respectively”. Man that sure cleared up my confusion!!
OH yes, Eligibility requirements, terms and conditions apply.
Is this the same energy company that while making record profits solicited the Texas Utility Commission for a 25% price increase on two occasions and, as I recall, got it?
I would suggest everyone who thinks TXU is working in the best interest of their customers and truly wants us to save money run, yes run, and sign up for this program. For the rest of us remember there is a sucker born every minute. As for me, I think I will take my chances and just let them “do me” per month as they have been.
If you visited the Blog today e-mail me at lcspeaks@yahoo.com and let me know.
More to come
Lonny
Monday, November 19, 2007
What A Mess
Unless you have just not been looking or listening you no doubt realize what a mess the Real Estate and Mortgage Businesses are in today. There are some good reasons we are in the mess we are in. At least a partial list is as follows:
1. Predatory Lenders and those Lenders who create and use loan fraud as a tool have created many loans to borrowers who now can’t pay them back and who can’t sell their homes for what they owe against them.
2. The mortgage lending industry created products that made loans available to people who should not have gotten the loans at all, and now for the most part those loan products are gone for everyone, even those who should have gotten them.
3. Pending sales are down because a huge number of people can’t qualify to buy the homes that are on the market, and the market is flooded with foreclosures that need to be purchased by the people who now have no access to mortgage funds.
4. Politicians are now trying to fix something that up until now they had no interest in and that they don’t understand. The result will not help but only create laws that no one has time to enforce and penalize the honest people in the business.
5. HUD, in using the FHA loan, is trying to reform an agency that is outdated and stuck in the past. HUD and the politicians are not going to get together for any fix that helps the people who want to buy homes buy homes.
Because there is so much going on in the mortgage lending and real estate industry that is relevant to the health and well being of the economy many of the daily Blogs you will be seeing over the next few days and weeks will be breaking it down as I see it. These are and will be my opinions and if nothing else hopefully will be interesting to you.
You know what they say about opinions?
Please post your comments, your feedback is appreciated.
More to come
Lonny
1. Predatory Lenders and those Lenders who create and use loan fraud as a tool have created many loans to borrowers who now can’t pay them back and who can’t sell their homes for what they owe against them.
2. The mortgage lending industry created products that made loans available to people who should not have gotten the loans at all, and now for the most part those loan products are gone for everyone, even those who should have gotten them.
3. Pending sales are down because a huge number of people can’t qualify to buy the homes that are on the market, and the market is flooded with foreclosures that need to be purchased by the people who now have no access to mortgage funds.
4. Politicians are now trying to fix something that up until now they had no interest in and that they don’t understand. The result will not help but only create laws that no one has time to enforce and penalize the honest people in the business.
5. HUD, in using the FHA loan, is trying to reform an agency that is outdated and stuck in the past. HUD and the politicians are not going to get together for any fix that helps the people who want to buy homes buy homes.
Because there is so much going on in the mortgage lending and real estate industry that is relevant to the health and well being of the economy many of the daily Blogs you will be seeing over the next few days and weeks will be breaking it down as I see it. These are and will be my opinions and if nothing else hopefully will be interesting to you.
You know what they say about opinions?
Please post your comments, your feedback is appreciated.
More to come
Lonny
Saturday, November 17, 2007
HE DIDN'T HAVE TO DO IT
I wish the very best to you and yours on this Sunday morning. I think the group Alabama sang a song many years back that had a line in it that went, “Oh oh oh, I believe there are angels among us, sent down to us from heaven above”. I love that song!
I want to tell you about a young man who chose to help a family in need. It was Oct. 31, 2007 when he was watching TV and he recognized the name of a family who had lost their home to fire. Rather than simply listening and then going back to whatever he was doing he choose to send out an e-mail to his friends and family to get donations of furniture, food, clothing and whatever else might be available to help out. I got the e-mail and didn’t think a lot about it at the time. After all tragedy happens every day and we can do little about it.
If that wasn’t enough he knew of a remarkably generous family who he talked too who donated a home for the displaced family to live in for a few months till they could relocate. Yes you heard correctly, this young man arranged for a free house for the family.
What is even more remarkable to me is that this young man is in an industry that is having hard times and he does not have a lot of extra money to be spending but he spent a lot of time over the next few days driving around to pick up donations and taking them to the family. He could have simply done nothing and saved his money.
As he was helping he was seeing few pats on the back and asking for none. He worked for the purpose of helping this family. Diligently and without purpose except to do something for someone he barely knew because they needed the help.
No matter how we give thanks on this Sunday we should give thanks that there are people like him who care about us and will rise to an occasion to help. I should be more like my friend but one thing for sure is that I am comforted knowing that he will be there for me if I need him.
Thanks Josh!
More to come
Lonny
I want to tell you about a young man who chose to help a family in need. It was Oct. 31, 2007 when he was watching TV and he recognized the name of a family who had lost their home to fire. Rather than simply listening and then going back to whatever he was doing he choose to send out an e-mail to his friends and family to get donations of furniture, food, clothing and whatever else might be available to help out. I got the e-mail and didn’t think a lot about it at the time. After all tragedy happens every day and we can do little about it.
If that wasn’t enough he knew of a remarkably generous family who he talked too who donated a home for the displaced family to live in for a few months till they could relocate. Yes you heard correctly, this young man arranged for a free house for the family.
What is even more remarkable to me is that this young man is in an industry that is having hard times and he does not have a lot of extra money to be spending but he spent a lot of time over the next few days driving around to pick up donations and taking them to the family. He could have simply done nothing and saved his money.
As he was helping he was seeing few pats on the back and asking for none. He worked for the purpose of helping this family. Diligently and without purpose except to do something for someone he barely knew because they needed the help.
No matter how we give thanks on this Sunday we should give thanks that there are people like him who care about us and will rise to an occasion to help. I should be more like my friend but one thing for sure is that I am comforted knowing that he will be there for me if I need him.
Thanks Josh!
More to come
Lonny
F I S H and BLOGS
Today Robyn answers the all important question to why FISH is on FISH trucks, thanks Robyn. The reason you did this is you couldn't help it, welcome to the club. You too have the right to remain silent, just not the ability.
Also Lee in El Paso asked what a Blog was; she thought it was like a personal diary. Lee was correct the genesis of blogs (it appears) came as a result of online personal diaries.
FISH and more than you ever wanted to know about Blogs. Enjoy
Robyn said...
I can't believe I'm actually responding to this......even more so, I'm embarrassed that I've spent so much time researching this FISH subject, but here goes!According to a trucker on the web who has spent many years hauling perishable goods in refrigerated boxes,trucks hauling fish are required to be especially identified because of the danger of cross contamination if the containers are used for other products, as well as odor control and other safety/hygienic issues. She said the FDA regulates this, as they do other food labeling/identification issues, and truckers hauling fish are subject to inspection by the FDA as well as the normal DOT authorities, and having the boxes labeled "FISH" facilitates this.I also found that the Texas Parks and Wildlife can fine a fish vehicle that is not properly marked.There you go Mr. Coffey. Do what you will with this useless information!Robyn
The Word Blog
The running updates of online diarists combined with links inspired the term 'web log' which was eventually contracted to form the word Blog.
Online Diaries
In online diaries, people write their day-to-day experiences, social commentary, complaints, poems, prose, illicit thoughts and any content that might be found in a traditional paper diary or journal. They often allow readers to contribute through comments or community posting
Blog
From Wikipedia, the free encyclopedia
A blog (a portmanteau of web log) is a website where entries are written in chronological order and commonly displayed in reverse chronological order. "Blog" can also be used as a verb, meaning to maintain or add content to a blog.
Many blogs provide commentary or news on a particular subject; others function as more personal online diaries. A typical blog combines text, images, and links to other blogs, web pages, and other media related to its topic. The ability for readers to leave comments in an interactive format is an important part of many blogs. Most blogs are primarily textual, although some focus on art (artlog), photographs (photoblog), sketchblog, videos (vlog), music (MP3 blog), audio (podcasting) and are part of a wider network of social media. Micro-blogging is another type of blogging which consists of blogs with very short posts.
As of September 2007, blog search engine Technorati was tracking more than 106 million blogs.[1]
Go to this link to find out more than you ever wanted to know about Blogs
http://en.wikipedia.org/wiki/Blog#_note-34
More to come
Lonny
Also Lee in El Paso asked what a Blog was; she thought it was like a personal diary. Lee was correct the genesis of blogs (it appears) came as a result of online personal diaries.
FISH and more than you ever wanted to know about Blogs. Enjoy
Robyn said...
I can't believe I'm actually responding to this......even more so, I'm embarrassed that I've spent so much time researching this FISH subject, but here goes!According to a trucker on the web who has spent many years hauling perishable goods in refrigerated boxes,trucks hauling fish are required to be especially identified because of the danger of cross contamination if the containers are used for other products, as well as odor control and other safety/hygienic issues. She said the FDA regulates this, as they do other food labeling/identification issues, and truckers hauling fish are subject to inspection by the FDA as well as the normal DOT authorities, and having the boxes labeled "FISH" facilitates this.I also found that the Texas Parks and Wildlife can fine a fish vehicle that is not properly marked.There you go Mr. Coffey. Do what you will with this useless information!Robyn
The Word Blog
The running updates of online diarists combined with links inspired the term 'web log' which was eventually contracted to form the word Blog.
Online Diaries
In online diaries, people write their day-to-day experiences, social commentary, complaints, poems, prose, illicit thoughts and any content that might be found in a traditional paper diary or journal. They often allow readers to contribute through comments or community posting
Blog
From Wikipedia, the free encyclopedia
A blog (a portmanteau of web log) is a website where entries are written in chronological order and commonly displayed in reverse chronological order. "Blog" can also be used as a verb, meaning to maintain or add content to a blog.
Many blogs provide commentary or news on a particular subject; others function as more personal online diaries. A typical blog combines text, images, and links to other blogs, web pages, and other media related to its topic. The ability for readers to leave comments in an interactive format is an important part of many blogs. Most blogs are primarily textual, although some focus on art (artlog), photographs (photoblog), sketchblog, videos (vlog), music (MP3 blog), audio (podcasting) and are part of a wider network of social media. Micro-blogging is another type of blogging which consists of blogs with very short posts.
As of September 2007, blog search engine Technorati was tracking more than 106 million blogs.[1]
Go to this link to find out more than you ever wanted to know about Blogs
http://en.wikipedia.org/wiki/Blog#_note-34
More to come
Lonny
Friday, November 16, 2007
B 22
First a couple of Blog enhancements. For those of you who have tried to leave a comment only to find that you had to register by getting a new g mail account that has been fixed. Now no restrictions, sorry, please comment; I value your participation. Also now you can e-mail the days Blog to a friend if you like.
Well as luck or destiny would have it I had the pleasure of flying back to Dallas last night on Southwest. I don’t know why I am struggling so with the new boarding procedures but I just had to follow up. I know what you are thinking: Lonny needs to get a life; he needs to tell someone who cares, good grief can he not find a better topic? The good news is I think I know why all the fuss on my end.
First the facts:
I was shocked out of a restful slumber at 5 AM and realized I had not got my boarding pass. I threw on my cloths, rushed down stairs and got my pass, it was B 22. I must have been having a nightmare about C 31-60.
At the airport and a veteran at the new procedures, I watched as the A 1-30 elite smugly board the airplane laughing silently under their breath at the rest of us, then the A 31-60 who confidently boarded knowing the dreaded middle seat would not be their fate on this day. The call came for the B 1-30 to line up. I stepped in my spot. I had to ask, “What do you think of the new boarding procedures”? The person next to me said I love it; in fact I refused to fly Southwest until they did this. Oh my God, was she kidding? I was dying to ask others and start a fight there in the B 21-26 box but believe it or not I said, “I was just curious, thanks”.
I sat (in an isle seat) next to a young lady who was a lawyer, we talked a bit and she said “I am not sure I like the new boarding procedures, I don’t know why they just don’t assign seats”. I wanted to hug her, but once again I was restrained and said I could not agree more. She graduated from SMU, law degree from Tech, quite a talented young lady.
My deal is this, I miss the world where I had more control instead of less, maybe the deal at Southwest is better but I think I prefer when I am a B to get their earlier, get in front and at least have a bit of say so. I think I will fly next with an assigned seat and get on when I want. I really don’t want the peanuts anyway.
More to come,
Lonny
Well as luck or destiny would have it I had the pleasure of flying back to Dallas last night on Southwest. I don’t know why I am struggling so with the new boarding procedures but I just had to follow up. I know what you are thinking: Lonny needs to get a life; he needs to tell someone who cares, good grief can he not find a better topic? The good news is I think I know why all the fuss on my end.
First the facts:
I was shocked out of a restful slumber at 5 AM and realized I had not got my boarding pass. I threw on my cloths, rushed down stairs and got my pass, it was B 22. I must have been having a nightmare about C 31-60.
At the airport and a veteran at the new procedures, I watched as the A 1-30 elite smugly board the airplane laughing silently under their breath at the rest of us, then the A 31-60 who confidently boarded knowing the dreaded middle seat would not be their fate on this day. The call came for the B 1-30 to line up. I stepped in my spot. I had to ask, “What do you think of the new boarding procedures”? The person next to me said I love it; in fact I refused to fly Southwest until they did this. Oh my God, was she kidding? I was dying to ask others and start a fight there in the B 21-26 box but believe it or not I said, “I was just curious, thanks”.
I sat (in an isle seat) next to a young lady who was a lawyer, we talked a bit and she said “I am not sure I like the new boarding procedures, I don’t know why they just don’t assign seats”. I wanted to hug her, but once again I was restrained and said I could not agree more. She graduated from SMU, law degree from Tech, quite a talented young lady.
My deal is this, I miss the world where I had more control instead of less, maybe the deal at Southwest is better but I think I prefer when I am a B to get their earlier, get in front and at least have a bit of say so. I think I will fly next with an assigned seat and get on when I want. I really don’t want the peanuts anyway.
More to come,
Lonny
Thursday, November 15, 2007
If It Aint Broke (Too Bad) Don't Fix It
I had the pleasure of flying Southwest yesterday. I am a little miffed about their new boarding policy I must admit. When Southwest started (yes I remember) it couldn’t have been much easier as I recall but now things have changed.
I don’t remember what year Southwest started but it was in the early 70s I think. The first time I flew on Southwest I was on one of the first Southwest flights from Amarillo to Dallas. I remember walking up to the gate, paying my money, the person that sold me the ticket put my money in a cash register and printed a receipt and that was my boarding pass.
Then we all remember the colored boarding cards. If you got to the airport early you got the best boarding assignments. When the internet was well established then the in crowd went on line early and the higher tech you were the quicker you boarded. There were 3 lines, everyone crowded in and fought for the best seats. The airline was known as the cattle car or something like that. It used to be cheaper before the airlines started price fixing. (I can’t believe I said that)
Now someone at Southwest decided to fix something that was not broken (too bad). Now you still go online if you don't want to board last, but you get a group and a number. When I got to the airport (my boarding # was A33) yesterday there were electronic boards, high tech poles sticking up everywhere and the idea is that you don’t have to push your way in line, you can sit in your chair until your little sub group is called. Stay with me here, I was supposed to line up in the second A group where the 33 number sub section was. I was now a little clearer on why the electronic sign said A 1-30 for one line and A 31-60 in the other. Now I got why the poles had numbers on them. Like my place was between the first two poles in the line that said A 31-60. Now I get it but I don’t really get it, what is the point? Everyone still crowded in the different lines, I couldn’t get to my spot unless I cut through the line, (I’m not going to try that) the gate attendant didn’t care what your sub group number was and I still felt like I used too when I didn’t have to figure out so much.
I understand now Southwest is going to let you board even earlier if you pay more. Wow a no class first class. My guess seat assignments will be a Southwest revelation within 12 months. For me I think I will try to drive or stay home. But…..I still got my free nuts!!! Stale but free!!!
More to come
Lonny
I don’t remember what year Southwest started but it was in the early 70s I think. The first time I flew on Southwest I was on one of the first Southwest flights from Amarillo to Dallas. I remember walking up to the gate, paying my money, the person that sold me the ticket put my money in a cash register and printed a receipt and that was my boarding pass.
Then we all remember the colored boarding cards. If you got to the airport early you got the best boarding assignments. When the internet was well established then the in crowd went on line early and the higher tech you were the quicker you boarded. There were 3 lines, everyone crowded in and fought for the best seats. The airline was known as the cattle car or something like that. It used to be cheaper before the airlines started price fixing. (I can’t believe I said that)
Now someone at Southwest decided to fix something that was not broken (too bad). Now you still go online if you don't want to board last, but you get a group and a number. When I got to the airport (my boarding # was A33) yesterday there were electronic boards, high tech poles sticking up everywhere and the idea is that you don’t have to push your way in line, you can sit in your chair until your little sub group is called. Stay with me here, I was supposed to line up in the second A group where the 33 number sub section was. I was now a little clearer on why the electronic sign said A 1-30 for one line and A 31-60 in the other. Now I got why the poles had numbers on them. Like my place was between the first two poles in the line that said A 31-60. Now I get it but I don’t really get it, what is the point? Everyone still crowded in the different lines, I couldn’t get to my spot unless I cut through the line, (I’m not going to try that) the gate attendant didn’t care what your sub group number was and I still felt like I used too when I didn’t have to figure out so much.
I understand now Southwest is going to let you board even earlier if you pay more. Wow a no class first class. My guess seat assignments will be a Southwest revelation within 12 months. For me I think I will try to drive or stay home. But…..I still got my free nuts!!! Stale but free!!!
More to come
Lonny
Wednesday, November 14, 2007
ETHICS ETHICS ETHICS
I attended a Texas Mortgage Bankers conference yesterday and to say the least the attendees were not jumping for joy at the recent events in our industry and the prospects for the foreseeable future. There was a lot of talk about where we had been and the mistakes that were made. Plenty of banter about returning to basics in the way we approach our business and who we make loans too. One speaker actually told the audience that if we required a borrower to make a down payment we would have a loan that would perform better. Now there is a shocker I wish I had thought of that. He was lucky no one was listening.
My goal is to make this Blog a light hearted place but I have warned you that I will be going off on the mortgage business and those who have tried and will continue to try to ruin it. The gentleman I work for (Bob) warned me not to get so opinionated that I would come off wrong. Bob has had to listen to me plenty and what I like about Bob is that he listens and he is an ethical, honest person. I do heed Bob’s advice as I have been known from time to time to let my mouth overload my brain. Ron White a comedian had a line in one of his bits that I should remember. I think he said, “I realize I have the right to remain silent, I just don’t have the ability”.
If you look at what happened to our business and what will continue to happen it just has everything to do with a loss of ethics and ethical treatment for the customers the mortgage lenders represent. The Predatory Lenders and those who boldly and brazenly create and perfect loan fraud (I call them the Crooks and Thieves) are imbedded in our industry are unfortunately here to stay. They have one thing in mind and that is to fleece as much money out of you as they can and they don’t mind destroying you in the process. They are out there and they are everywhere and they are all disguised as honest folks working in your best interest. There is a story about how someone asked Clyde Barrow (remember Bonnie and Clyde) why he robbed banks? His answer was because that was where the money was. The reason the MORTGAGE crooks and thieves are so successful in robbing so many for so much is because that is where the money is and you know what it is a lot easier than robbing banks or stealing cars.
I ran into my friend Sylvia at the meeting this day past and she said I wish the ethical people could get back to doing loans and the others would go away. Amen Sylvia, me too.
More to come,
Lonny
My goal is to make this Blog a light hearted place but I have warned you that I will be going off on the mortgage business and those who have tried and will continue to try to ruin it. The gentleman I work for (Bob) warned me not to get so opinionated that I would come off wrong. Bob has had to listen to me plenty and what I like about Bob is that he listens and he is an ethical, honest person. I do heed Bob’s advice as I have been known from time to time to let my mouth overload my brain. Ron White a comedian had a line in one of his bits that I should remember. I think he said, “I realize I have the right to remain silent, I just don’t have the ability”.
If you look at what happened to our business and what will continue to happen it just has everything to do with a loss of ethics and ethical treatment for the customers the mortgage lenders represent. The Predatory Lenders and those who boldly and brazenly create and perfect loan fraud (I call them the Crooks and Thieves) are imbedded in our industry are unfortunately here to stay. They have one thing in mind and that is to fleece as much money out of you as they can and they don’t mind destroying you in the process. They are out there and they are everywhere and they are all disguised as honest folks working in your best interest. There is a story about how someone asked Clyde Barrow (remember Bonnie and Clyde) why he robbed banks? His answer was because that was where the money was. The reason the MORTGAGE crooks and thieves are so successful in robbing so many for so much is because that is where the money is and you know what it is a lot easier than robbing banks or stealing cars.
I ran into my friend Sylvia at the meeting this day past and she said I wish the ethical people could get back to doing loans and the others would go away. Amen Sylvia, me too.
More to come,
Lonny
Tuesday, November 13, 2007
F I S H
Well I been a Blogger for only a few days and I have already been asked to blog on a specific topic. I tell you the sweet smell of success is ever present in the air. Hardly started and the demand for my opinions and thoughts is almost overwhelming. OK a bit overstated but take it wherever you can get it as far as I am concerned.
A young lady (Eden) I have the pleasure of working with would like our opinion on the trucks that carry Fish. I must admit I have wondered about the subject before on my own. Actually her request was not about the trucks themselves but on why they have a sign on them that say F I S H. It makes sense that trucks that carry hazardous material would say hazardous material as it is hazardous material and we should be aware of it. It would be helpful if those trucks that carry, say illegal aliens, would say illegal aliens. It would make it a lot easier for The Border Patrol to find them if they start looking more often. In the future we might insist that trucks that carry terrorists coming to blow us up would be labeled T E R R O R I S T S so we might run for our lives.
But why F I S H???? I have imagined that it might spoil faster and therefore the folks who unload it would certainly want to do it faster than say a truck that had, paper towels, laundry soap, brooms, mops etc, the list must be endless. But Eden (she is very smart) asks, and is on the mark by the way, why trucks would not need to be labeled, Chicken, Beef, Milk, etc. Do those foods not spoil and need to be dealt with? If I were unloading trucks I would hate to think I was unloading a truck that I thought was full of bottled water only to find a truck load of smelly gross spoiled Chickens!!!
My goodness Eden you might have just asked the question that can’t be answered. If anyone truly knows, please give us the answer or any helpful comments. Oh Yes I forgot to mention if you want to post a comment just click on comments at the bottom of this message, it is easy and who knows you might just win the prize.
More to come,
Lonny
A young lady (Eden) I have the pleasure of working with would like our opinion on the trucks that carry Fish. I must admit I have wondered about the subject before on my own. Actually her request was not about the trucks themselves but on why they have a sign on them that say F I S H. It makes sense that trucks that carry hazardous material would say hazardous material as it is hazardous material and we should be aware of it. It would be helpful if those trucks that carry, say illegal aliens, would say illegal aliens. It would make it a lot easier for The Border Patrol to find them if they start looking more often. In the future we might insist that trucks that carry terrorists coming to blow us up would be labeled T E R R O R I S T S so we might run for our lives.
But why F I S H???? I have imagined that it might spoil faster and therefore the folks who unload it would certainly want to do it faster than say a truck that had, paper towels, laundry soap, brooms, mops etc, the list must be endless. But Eden (she is very smart) asks, and is on the mark by the way, why trucks would not need to be labeled, Chicken, Beef, Milk, etc. Do those foods not spoil and need to be dealt with? If I were unloading trucks I would hate to think I was unloading a truck that I thought was full of bottled water only to find a truck load of smelly gross spoiled Chickens!!!
My goodness Eden you might have just asked the question that can’t be answered. If anyone truly knows, please give us the answer or any helpful comments. Oh Yes I forgot to mention if you want to post a comment just click on comments at the bottom of this message, it is easy and who knows you might just win the prize.
More to come,
Lonny
Monday, November 12, 2007
State Government at its finest
As will happen from time to time we all have the opportunity to re register our cars. I am sure we would all agree it is a great way for the good ole state of Texas to get some more of our money. Must feed the monster, can't escape death and taxes, the "Show Must Go On", all the normal sayings come to mind. What I don't understand (and need your help) is the stupid form the sticker comes on.
In my day I have seen where you were actually sent a new set of license plates every year. Have you ever gone in an old guys garage and seen license plates hanging around? Now you know why. I for one liked getting them, once a year we got to take the old plates off and put the new ones on, one year the plates were white and one year they were black. That made it easier for the police to check you out etc. It was easy to do, didn't take much time, got to get out the ole tool set, the whole thing made me feel more manly some how. Texas inmates (I was told) made the plates, it gave them something to do now that they could not rob and kill us. Ah for the good ole days.
As I recall the government stopped sending us plates every year and we went to having a little sticker we would stick to our existing plate every year. Made sense, saved money, saved time, not sure what the inmates were going to do but who really cares what they are doing anyway.
Now as luck would have it the sticker is better, it has a blue backing, actually comes off in one nice piece, it comes in Spanish and English so that the illegals can understand it if they decide to register their cars. On the blue part it says "Check the date, love your state", that is only in English, guess the illegals don't have to do that. There is a web site, www.texasinyourcorner.com Whatever, I am afraid to go to that site! Here is what I don't get. There is still a sticker for your plate. It says VOID DO NOT USE/NO USE. Why is it on there if we don't use it? Can you tell me? I am calling the governor (Perry is it), and I will let you know what he says. My guess he doesn't know either?????
More to come
Lonny
In my day I have seen where you were actually sent a new set of license plates every year. Have you ever gone in an old guys garage and seen license plates hanging around? Now you know why. I for one liked getting them, once a year we got to take the old plates off and put the new ones on, one year the plates were white and one year they were black. That made it easier for the police to check you out etc. It was easy to do, didn't take much time, got to get out the ole tool set, the whole thing made me feel more manly some how. Texas inmates (I was told) made the plates, it gave them something to do now that they could not rob and kill us. Ah for the good ole days.
As I recall the government stopped sending us plates every year and we went to having a little sticker we would stick to our existing plate every year. Made sense, saved money, saved time, not sure what the inmates were going to do but who really cares what they are doing anyway.
Now as luck would have it the sticker is better, it has a blue backing, actually comes off in one nice piece, it comes in Spanish and English so that the illegals can understand it if they decide to register their cars. On the blue part it says "Check the date, love your state", that is only in English, guess the illegals don't have to do that. There is a web site, www.texasinyourcorner.com Whatever, I am afraid to go to that site! Here is what I don't get. There is still a sticker for your plate. It says VOID DO NOT USE/NO USE. Why is it on there if we don't use it? Can you tell me? I am calling the governor (Perry is it), and I will let you know what he says. My guess he doesn't know either?????
More to come
Lonny
Saturday, November 10, 2007
Day 2 as a Blogger
This morning I am on my home computer, it is Saturday, 7:00 AM. Since the time changed, earlier to bed, earlier to rise. Not my plan just my reality. I have spent the last hour trying to turn my cookies on so I could get into the site to do my post. Bad news is I still don't know what a cookie has to do with anything in the computer lingo and why didn't whoever the smart people are call it something else. Couldn't it have been a web site enabler device or a if you don't have this on something won't work button. Whoever made whatever a cookie is called it a cookie is on my list because I think the youngster did it just to confuse me. The good news......I got the damn thing turned on!!!! Mark one up for the old guy. When I told Carole (my sister) I was doing a blog she asked why. I told her so people would know what I was thinking. She said finally maybe I will know what you are thinking. Who knows maybe she will, regardless my sister will continue to love me, (it is her job) and hopefully she knows I know.
My goal is to make this blog fun. I will be going off on the mortgage business and those who have done their best to ruin it but hopefully my thoughts will be more than that. I am mad at the government, I am mad at the oil companies, and the utilities and we will all get to go off on them. I will have some thoughts and some interesting facts and figures. Today my heart reminds me to count my blessings and thank the good lord for things like Karren who loves me in spite of me, for my kids who sitll want to come around, for my new granddaughter Lainey who is indeed a miracle of God, and for my new grandbaby who God willing I will meet in June. For those of us who are loved and blessed and still on this side of the dirt we should give thanks and praise on this Saturday in Nov. 07.
If you like the blog tell your friends, it is everyones forum. More to come.
Lonny
My goal is to make this blog fun. I will be going off on the mortgage business and those who have done their best to ruin it but hopefully my thoughts will be more than that. I am mad at the government, I am mad at the oil companies, and the utilities and we will all get to go off on them. I will have some thoughts and some interesting facts and figures. Today my heart reminds me to count my blessings and thank the good lord for things like Karren who loves me in spite of me, for my kids who sitll want to come around, for my new granddaughter Lainey who is indeed a miracle of God, and for my new grandbaby who God willing I will meet in June. For those of us who are loved and blessed and still on this side of the dirt we should give thanks and praise on this Saturday in Nov. 07.
If you like the blog tell your friends, it is everyones forum. More to come.
Lonny
Friday, November 9, 2007
Me a Blogger
Well a couple of days ago I didn't know what a Blogger was and now as the old saying goes, I are one. As I read the news of the day I am amazed at how the consumer is being victimized by almost all businesses. I have been in the Mortgage Banking business since 1974 and have watched my industry go from a well respected business that worked in the best interest of the consumer to an industry where at the very least a significant percentage of the industry has no other business model than to skin the consumer out of as much money as possible. The problems associated with Predatory Lending and Mortgage Fraud are hardly a thing of the past and the average consumer doesn't have a chance in the hands of the Predatory Lender. Tell me your stories or what your opinion is. I hope my thoughts will be interesting to you. More to come. Lonny Coffey
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