WHAT'S NEW

HMMMM well lets see. I read that Countrywide is posting record foreclosures in fact they were twice as high as January last year. Who said you reap what you sew? I don’t think I have read recently that Bank of America is just so excited to buy Countrywide but I am sure they are. I know I would be if I was the biggest ego bank of the world. Watch out for that reaper!!!!

A lot of big lenders have put a moratorium on foreclosures for 30 days to see if some of the folks who are going to foreclosure could work out some options. I didn’t know you could get a call returned in 30 days. All kidding aside I think the industry sees the benefit of doing whatever it can to slow down the foreclosure snowball. I know a young man who works in that area for CW and tells me that most buyers don’t trust their mortgage company enough to even talk to them. Imagine that?????

The president did sign the economic stimulus bill which is good, I still am not sure how much money I am going to get but I am checking the mailbox everyday for sure. I can’t decide what I am going to do with my money. I think Karren wants a new sink for the kitchen she is fixing to remodel. Maybe she will find the check and spend it before I get the chance. I was thinking about putting it back into the economy where I knew it counted and buying as much beer as I could. I hope my Govt. check is big; I am going to need it if I reach my economic dreams.

One thing the economic stimulus bill did was to raise the maximum loan amounts for regular conventional loans. That won’t be for the Dallas Fort Worth area since we are not a high cost area. Pity!!! Also the FHA limit was raised to just over $271,000.00. Now that would be great for this area and would help plenty with our market but guess what. We can’t make the loans yet because all the greedy folks are now trying to figure out how to make a bigger profit ON them. I am not sure who all oF “them” are but you can bet the politicians and Wall Street is in there for sure. Instead of just saying yes lets do something that makes total sense and could help, “them” is trying to decide that these loans need to be in a different kind of security and all kind of other things so guess what, the price of loans, (the interest rate) will be higher and more profit will be made. Greed all the way baby.

Oh yes if you don't think Hillary is a big enough screw up already, read the following article:

http://www.chicagotribune.com/news/columnists/chi-080217chapman-column,1,4589006.column

Enough for this addition, good grief!!!

More to come

Lonny