November 16, 2008
Another viable program designed to help financially troubled homeowners was recently implemented by Bank of America, the bank that acquired Countrywide Financial Corporation in July. The new program would modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for about 400,000 Countrywide customers nationwide.
The program is designed to achieve affordable mortgage payments for borrowers who financed their home purchase with subprime loans serviced by Countrywide and originated before December 31, 2007. It’s primarily structured as a modification process to provide relief for eligible borrowers who are seriously delinquent, or likely to become so, as a result of loan features such as rate resets.
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November 15, 2008
One of the most effective new programs to help troubled homeowners from losing their home through foreclosure is called the Hope for Homeowners (H4H) program, created by Congress and implemented on October 1. It refinances the owner’s mortgage to a more affordable fixed-rate home loan insured by the Federal Housing Administration (FHA).
The program will remain effective until September 30, 2011. It’s available only to home owner-occupants. Nearly 400,000 homeowners will be able to avoid foreclosure by utilizing this program over the next three years, according to FHA. The refinancing would be facilitated through FHA-approved mortgage lenders or servicers. The existing lender would have to agree to take a loss on his current loan, but that would probably cost them less than the expense of a foreclosure and resale procedure.
Qualified homeowner-borrowers must live in their home and have mortgage loans that were issued to them between January 2005 and June 2007. Borrowers must be spending at least 31 percent of their gross monthly income on mortgage debt to qualify for the special program. They can be up-to-date on their existing mortgage or in default, but either way they must prove that they will not be able to keep paying their existing mortgage payments. Also, they must attest that they are not deliberately defaulting just to obtain a lower payment loan.
Posted in Lending, Real Estate No Comments »
November 14, 2008
Veterans who are having problems in making their monthly payments on the subprime mortgage loan they use to finance the purchase of a home can now get a special break from the government. They can refinance those troublesome loans with a safe and affordable loan when they take advantage of the Veterans’ Benefits Improvement Act of 2008, recently signed by the President.
The act contains housing provisions for veterans who are already homeowners and those who aspire to homeownership. The law extends VA loan limit increases through 2011, helping veterans living in high-cost areas. With the help of this legislation, the VA can now offer adjustable-rate mortgages to veterans, making homeownership more attainable for military families and personnel who often have to move more frequently than most homeowners.
Posted in Lending, Real Estate No Comments »
November 13, 2008
486 - The average IQ needed to understand a PC.
State-of-the-art - Any computer you can’t afford.
Obsolete - Any computer you own.
Microsecond - The time it takes for your state-of-the-art computer to become obsolete.
G3 - Apple’s new Macs that make you say "Gee, three times faster than the computer I bought for the same price a Microsecond ago."
Syntax Error - Walking into a computer store and saying, "Hi, I want to buy a computer and money is no object."
Hard Drive - The sales technique employed by computer salesmen, esp. after a Syntax Error.
GUI - What your computer becomes after spilling your coffee on it. (pronounced "gooey")
Keyboard - The standard way to generate computer errors.
Mouse - An advanced input device to make computer errors easier to generate.
Floppy - The state of your wallet after purchasing a computer.
Portable Computer - A device invented to force businessmen to work at home, on vacation, and on business trips.
Disk Crash - A typical computer response to any critical deadline.
Power User - Anyone who can format a disk from DOS.
System Update - A quick method of trashing ALL of your software.
Posted in Loretta's Line No Comments »
November 12, 2008
Condominiums are holding their own, price-wise and in sales volume, in most markets throughout the country. They are becoming the residence-of-choice for increasing numbers of buyers. Condo values have been notably resilient while other housing types have seen considerable drops in prices nationwide, according to a report from the National Association of Realtors. In some major markets, condo values have actually increased over the past year. Other markets report modest value declines.
The evolution of condos has been interesting. In the 1960s, the term "condominium" was strange and confusing to many consumers. Writers had to define it before reporting on the subject. Condos quickly became a popular option for buyers - especially for young first-time homebuyers and retirees. Today, they are more popular than ever, appealing to all segments of home buyers.
Choices now range from very small, inexpensive mini-condos to large, luxurious units often located in high-rise structures in metro areas. To demonstrate the progressive demand for condos, in May of this year about 580,000 condo and cooperative units were sold nationally (per NAR stats), in June sales rose to 590,000, and in July sales climbed to 610,000.
Convenience, economy and security are probably the key motivators for condo buyers. Owners aren’t bothered with landscape or other outdoor maintenance. It’s all handled by professionals. When going on a trip, owners just lock the door and away they go, worry free. Condos today are not bargains. They can be quite costly, but compared with single-family detached homes their prices are very attractive. It often provides an opportunity for a buyer to enjoy the benefits of homeownership when other forms of housing are not affordable.
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November 11, 2008
Veterans Day gives Americans the opportunity to celebrate the bravery and sacrifice of all U.S. veterans. However, most Americans confuse this holiday with Memorial Day, reports the Department of Veterans Affairs. What’s more, some Americans don’t know why we commemorate our Veterans on Nov.11. It’s imperative that all Americans know the history of Veterans Day so that we can honor our former servicemembers properly.
A Brief History of Veterans Day
Veterans Day, formerly known as Armistice Day, was originally set as a U.S. legal holiday to honor the end of World War I, which officially took place on November 11, 1918. In legislation that was passed in 1938, November 11 was "dedicated to the cause of world peace and to be hereafter celebrated and known as ‘Armistice Day.’" As such, this new legal holiday honored World War I veterans.
In 1954, after having been through both World War II and the Korean War, the 83rd U.S. Congress — at the urging of the veterans service organizations — amended the Act of 1938 by striking out the word "Armistice" and inserting the word "Veterans." With the approval of this legislation on June 1, 1954, Nov. 11 became a day to honor American veterans of all wars.
In 1968, the Uniforms Holiday Bill ensured three-day weekends for federal employees by celebrating four national holidays on Mondays: Washington’s Birthday, Memorial Day, Veterans Day, and Columbus Day. Under this bill, Veterans Day was moved to the last Monday of October. Many states did not agree with this decision and continued to celebrate the holiday on its original date. The first Veterans Day under the new law was observed with much confusion on Oct. 25, 1971.
Finally on September 20, 1975, President Gerald R. Ford signed a law which returned the annual observance of Veterans Day to its original date of Nov. 11, beginning in 1978. Since then, the Veterans Day holiday has been observed on Nov. 11.
Celebrating the Veterans Day Holiday
If the Nov. 11 holiday falls on a non-workday — Saturday or Sunday — the holiday is observed by the federal government on Monday (if the holiday falls on Sunday) or Friday (if the holiday falls on Saturday). Federal government closings are established by the U.S. Office of Personnel Management — a complete schedule can be found here. State and local government closings are determined locally, and non- government businesses can close or remain open as they see fit, regardless of federal, state or local government operation determinations.
United States Senate Resolution 143, which was passed on Aug. 4, 2001, designated the week of Nov.11 through Nov. 17, 2001, as "National Veterans Awareness Week." The resolution calls for educational efforts directed at elementary and secondary school students concerning the contributions and sacrifices of veterans.
The difference between Veterans Day and Memorial Day
Memorial Day honors servicemembers who died in service to their country or as a result of injuries incurred during battle. Deceased veterans are also remembered on Veterans Day but the day is set aside to thank and honor living veterans who served honorably in the military - in wartime or peacetime.
President Eisenhower’s letter to Harvey V. Higley, Administrator of Veterans’ Affairs, designating him Chairman, Veterans Day National Committee
The White House Office
October 8, 1954
Dear Mr. Higley:
I have today signed a proclamation calling upon all of our citizens to observe Thursday, November 11, 1954 as Veterans Day. It is my earnest hope that all veterans, their organizations, and the entire citizenry will join hands to insure proper and widespread observance of this day. With the thought that it will be most helpful to coordinate the planning, I am suggesting the formation of a Veterans Day National Committee. In view of your great personal interest as well as your official responsibilities, I have designated you to serve as Chairman. You may include in the Committee membership such other persons as you desire to select and I am requesting the heads of all departments and agencies of the Executive branch to assist the Committee in its work in every way possible.
I have every confidence that our Nation will respond wholeheartedly in the appropriate observance of Veterans Day, 1954.
Sincerely,
DWIGHT D. EISENHOWER
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November 10, 2008
Some consumers see gloom and doom in today’s volatile economy. Others see timely opportunity, particularly in the real estate sector. With the lowering of the Fed rate by a half or a percentage point on October 29 and mortgage rates that are currently at historically low levels (but rising), coupled with lower home prices generally, many prospective buyers are deciding this is a strategic time to take action.
"Long-term mortgage rates are following long-term Treasury bond yields, pushing up fixed-rate mortgage interest rate levels," said Frank Nothaft, chief economist for Freddie Mac. "House price declines in many markets have improved housing affordability and stimulated home sales."
Posted in Real Estate, Thought For Today No Comments »
November 9, 2008
Once again, The Washington Post has published the winning submissions to its yearly ‘neologisms’, in which readers are asked to supply alternate meanings for common words.
The winners are:
1. Coffee (n.), the person upon whom one coughs.
2. Flabbergasted (adj.), appalled over how much weight you have gained.
3. Abdicate (v.), to give up all hope of ever having a flat stomach.
4. Esplanade (v.), to attempt an explanation while drunk.
5. Willy-nilly (adj.), impotent.
6. Negligent (adj.), describes a condition in which you absentmindedly answer the door in your nightgown.
7. Lymph (v.), to walk with a lisp.
8. Gargoyle (n.), olive-flavored mouthwash.
9. Flatulence (n.) emergency vehicle that picks you up after you are run over by a steamroller.
10. Balderdash (n.), a rapidly receding hairline.
11. Testicle (n.), a humorous question on an exam.
12. Rectitude (n.), the formal, dignified bearing adopted by proctologists.
13. Pokemon (n), a Rastafarian proctologist.
14. Frisbeetarianism (n.), The belief that, when you die, your Soul flies up onto the roof and gets stuck there.
15. Circumvent (n.), an opening in the front of boxer shorts worn by Jewish men.
Posted in Fun Stuff - Cartoons, Loretta's Line, Thought For Today No Comments »
November 5, 2008
Governor Arnold Schwarzenegger recently signed legislation prohibiting drivers from using text messaging devices while operating a motor vehicle in California, an additional restriction on drivers to the ban on use of cell phones while driving without a hands-free device imposed earlier this year.
The new text messaging law bans the use of an electronic wireless communications device to write, send, or read a text-based communication while driving a motor vehicle. Violators face a base fine of $20 for a first offense, and $50 for each subsequent offense.
Posted in Helpful Hints, Things of Interest No Comments »
November 4, 2008
History of Voting
1776 When this country announced its independence from Britain, voting rights were based on property ownership. This typically meant that those voting were white males over the age of 21 of Protestant religion.
1787 In the newly drafted Constitution, states were given the power to set voting mandates and most were still favorable to white males who owned property.
1830 Many states had dropped religion and property ownership as requirements for voting and with such a large percentage of the population at the polls, political parties were beginning to develop.
1868 The 14th Amendment recognizes African Americans as citizens, giving them the right to vote. However, state officials continue attempts to deny this right.
1870 African Americans were given the right to vote in the 15th Amendment. It prohibited any state or local government from denying that right.
1890 Wyoming becomes the first state to recognize women’s right to vote and provide for it in a state constitution.
1913 Voting power is expanded with 17th Amendment, calling for the popular election of US. senators.
1920 The 19th Amendment was added to the Constitution, giving women across the nation the right to vote. Sufferin’ Till Sufferage
1940 Congress recognizes Native Americans as citizens. However, it wasn’t until 1947 that all states granted them the right to vote.
1964 The 24th Amendment declares that no person should be denied the right to vote because they cannot pay a "poll tax."
1965 An amendment to the Voting Rights Act bans the use of literacy tests, poll taxes and other obstacles designed to keep people from voting.
1971 The voting age is lowered to 18.
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Loving the San Diego Coast!
