Category Questions Results:
My husband and I are at a financial crossroads in our lives. I recently finished my medical residency, he is about to get his MBA in two weeks. I ran a "debt snowball" calculator adjusted for my new attending physician earnings and we'll payoff our debts (primary home mortgage, mortgages for 3 investment properties, a credit card and small student loan) in 5 years. This doesn't include the increase in salary that my husband will hopefully receive, so complete payoff may come sooner than 5 years. We would also save tons in interest saved from early pay off.
On the other hand, we also set the goal of building a real estate property company, eventually transitioning from residential rental to medical commercial rental properties. In aid of this goal, we could capitalize on the weak housing market and continue to purchase residential rental property. This would make us lots of money because our major South Texas city has inexpensive housing that is now even cheaper in this depressed market, but will undoubtedly be worth considerable more in the next five years or so.
My husband and I have discussed this at length, we've gone back and forth. Both routes are very attractive. So my question is this-- If you were in a similar position, would you just go into "payoff mode" and erase your debt in 5 years or would you continue to build real estate holdings?
Lavista-- Totally missed the point. First of all, my degree is worth more than paper. To me and most any country in the world, it gives me license to do what I've always wanted to do which is heal people. Additionally, I try to make sure that I'm not caught up by the superficial world (although I admit that this is a constant conscious thing I struggle with) My husband and I live in a neighborhood where the average salary is 1/3 of what our yearly salary is, my car is 10 years old, I still wear clothes that I've had since middle school, we seldom shop for any consumer goods and in general try to be good stewards of the earth's resources. Having said this, I do like to be stable. I like knowing that come what may, I will be able to provide for myself and my family. There is nothing superficial or wrong about this desire especially since I donate more in time and money than the average US citizen. Thanks for the link, though. I'll check it out. -M
My husband and I are at a financial crossroads in our lives. I recently finished my medical residency, he is about to get his MBA in two weeks. I ran a "debt snowball" calculator adjusted for my new attending physician earnings and we'll payoff our debts (primary home mortgage, mortgages for 3 investment properties, a credit card and small student loan) in 5 years. This doesn't include the increase in salary that my husband will hopefully receive, so complete payoff may come sooner than 5 years. We would also save tons in interest saved from early pay off.
On the other hand, we also set the goal of building a real estate property company, eventually transitioning from residential rental to medical commercial rental properties. In aid of this goal, we could capitalize on the weak housing market and continue to purchase residential rental property. This would make us lots of money because our major South Texas city has inexpensive housing that is now even cheaper in this depressed market, but will undoubtedly be worth considerable more in the next five years or so.
My husband and I have discussed this at length, we've gone back and forth. Both routes are very attractive. So my question is this-- If you were in a similar position, would you just go into "payoff mode" and erase your debt in 5 years or would you continue to build real estate holdings?
Lavista-- Totally missed the point. First of all, my degree is worth more than paper. To me and most any country in the world, it gives me license to do what I've always wanted to do which is heal people. Additionally, I try to make sure that I'm not caught up by the superficial world (although I admit that this is a constant conscious thing I struggle with) My husband and I live in a neighborhood where the average salary is 1/3 of what our yearly salary is, my car is 10 years old, I still wear clothes that I've had since middle school, we seldom shop for any consumer goods and in general try to be good stewards of the earth's resources. Having said this, I do like to be stable. I like knowing that come what may, I will be able to provide for myself and my family. There is nothing superficial or wrong about this desire especially since I donate more in time and money than the average US citizen. Thanks for the link, though. I'll check it out. -M
I'm new to loans, but wanted to know that if I were to take over residential real estate property by means of auction, etc., and make monthly payments on it, could I use that property to obtain an equity loan, mortgage loan, or some sort of collateral loan?
I'm new to loans, but wanted to know that if I were to take over residential real estate property by means of auction, etc., and make monthly payments on it, could I use that property to obtain an equity loan, mortgage loan, or some sort of collateral loan?
I had a short sale completed in 2008, please see my affected credit scores.
Credit Score Equifax FICO 780 08/22/2008 As good as it gets.
Credit Score Equifax FICO 644 02/17/2009 after missing one mortgage payment.
Credit Score Equifax FICO ??? 03/01/2009 Short Sale Completed
Credit Score Equifax FICO 704 07/15/2010 Perfect payment history since short sale
Questions, how long do you suspect it will take to get back up to FICO 780. How long will I have to wait before I can get another mortgage loan?
I had a short sale completed in 2008, please see my affected credit scores.
Credit Score Equifax FICO 780 08/22/2008 As good as it gets.
Credit Score Equifax FICO 644 02/17/2009 after missing one mortgage payment.
Credit Score Equifax FICO ??? 03/01/2009 Short Sale Completed
Credit Score Equifax FICO 704 07/15/2010 Perfect payment history since short sale
Questions, how long do you suspect it will take to get back up to FICO 780. How long will I have to wait before I can get another mortgage loan?
http://www.bloomberg.com/news/2010-06-13/fannie-freddie-fix-expands-to-160-billion-with-worst-case-at-1-trillion.html
The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.
Fannie and Freddie, now 80 percent owned by U.S. taxpayers, already have drawn $145 billion from an unlimited line of government credit granted to ensure that home buyers can get loans while the private housing-finance industry is moribund. That surpasses the amount spent on rescues of American International Group Inc., General Motors Co. or Citigroup Inc., which have begun repaying their debts.
“It is the mother of all bailouts,” said Edward Pinto, a former chief credit officer at Fannie Mae, who is now a consultant to the mortgage-finance industry.
Fannie, based in Washington, and Freddie in McLean, Virginia, own or guarantee 53 percent of the nation’s $10.7 trillion in residential mortgages, according to a June 10 Federal Reserve report. Millions of bad loans issued during the housing bubble remain on their books, and delinquencies continue to rise. How deep in the hole Fannie and Freddie go depends on unemployment, interest rates and other drivers of home prices, according to the companies and economists who study them.
Does the tax payer have to eat all these losses??
nancy...............Yes, I'm aware of that program that all top Democrats ALSO supported when it passed. What is your point exactly??
http://www.bloomberg.com/news/2010-06-13/fannie-freddie-fix-expands-to-160-billion-with-worst-case-at-1-trillion.html
The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.
Fannie and Freddie, now 80 percent owned by U.S. taxpayers, already have drawn $145 billion from an unlimited line of government credit granted to ensure that home buyers can get loans while the private housing-finance industry is moribund. That surpasses the amount spent on rescues of American International Group Inc., General Motors Co. or Citigroup Inc., which have begun repaying their debts.
“It is the mother of all bailouts,” said Edward Pinto, a former chief credit officer at Fannie Mae, who is now a consultant to the mortgage-finance industry.
Fannie, based in Washington, and Freddie in McLean, Virginia, own or guarantee 53 percent of the nation’s $10.7 trillion in residential mortgages, according to a June 10 Federal Reserve report. Millions of bad loans issued during the housing bubble remain on their books, and delinquencies continue to rise. How deep in the hole Fannie and Freddie go depends on unemployment, interest rates and other drivers of home prices, according to the companies and economists who study them.
Does the tax payer have to eat all these losses??
nancy...............Yes, I'm aware of that program that all top Democrats ALSO supported when it passed. What is your point exactly??
I operate a real estate investment fund and we are seeking to lend hard money to a limited degree. Will I need any licenses (ie mortgage banker/broker license) to do so? The Partnership is headquartered in AZ but incorporated in DE and loans will only be for AZ residential real estate. Thank you.
I operate a real estate investment fund and we are seeking to lend hard money to a limited degree. Will I need any licenses (ie mortgage banker/broker license) to do so? The Partnership is headquartered in AZ but incorporated in DE and loans will only be for AZ residential real estate. Thank you.
I received a letter in mail from Residential Relief Foundation LLC stating that they were an attorney's office who were able to approve you for a government modification and reduce your mortgage loan. I called the number and he told me that instead of the 31% debt to income ratio that lenders have, their attorney's office have a 41% debt to income ratio which will help you get approved through the government modification. They wanted me to pay 995.00 for a processing fee. This sounds a bit like a scam. If you have been helped by this company please let me know. If you have been ripped off please tell me what happened. Thanks for all info!
I received a letter in mail from Residential Relief Foundation LLC stating that they were an attorney's office who were able to approve you for a government modification and reduce your mortgage loan. I called the number and he told me that instead of the 31% debt to income ratio that lenders have, their attorney's office have a 41% debt to income ratio which will help you get approved through the government modification. They wanted me to pay 995.00 for a processing fee. This sounds a bit like a scam. If you have been helped by this company please let me know. If you have been ripped off please tell me what happened. Thanks for all info!
Assuming average credit score for a borrower, will lenders finance 80% of the value of a home as a first mortgage if the borrower puts little or no money down (i.e., assuming the borrower finds a lender, family, or friend willing to lend under a 2nd mortgage)? Does the first mortgage lender care how the borrower gets 20% down?
Assuming average credit score for a borrower, will lenders finance 80% of the value of a home as a first mortgage if the borrower puts little or no money down (i.e., assuming the borrower finds a lender, family, or friend willing to lend under a 2nd mortgage)? Does the first mortgage lender care how the borrower gets 20% down?
Friend A is buying a house. It is 2 parcel numbers. One with the house on it and the other is a vacant lot which at this point looks like a "side yard".
Friend B who is a loan processor for a mortgage company is telling me it is hard to get conventional mortgages approved when there are multiple lot numbers. Does anyone have any experience with this and can tell me whether the loan is likely to be denied during underwriting? Friend A is worried because although contract was signed before 4/30 he is worried this may interfere with closing before 6/30 for the first time homebuyer credit.
It does appear from county records that the two parcels have always been sold together, although I do not have a parcel map which would indicate if this is soley because the house is effectively partially built on parcel 2.
Friend A is buying a house. It is 2 parcel numbers. One with the house on it and the other is a vacant lot which at this point looks like a "side yard".
Friend B who is a loan processor for a mortgage company is telling me it is hard to get conventional mortgages approved when there are multiple lot numbers. Does anyone have any experience with this and can tell me whether the loan is likely to be denied during underwriting? Friend A is worried because although contract was signed before 4/30 he is worried this may interfere with closing before 6/30 for the first time homebuyer credit.
It does appear from county records that the two parcels have always been sold together, although I do not have a parcel map which would indicate if this is soley because the house is effectively partially built on parcel 2.
I want to buy a piece of property to build an rv park on. I don't want to go through the whole process of getting a small business and all, I would rather just finance the land and build the park out of my own pocket. I know the land will have to be zoned for Commercial use but what I don't know is if you have to get a commercial mortgage or can I buy the property with a residential mortgage? Would the property have to be zoned commercial and residential? What are the loan requirements for a commercial mortgage? Are they about the same as conventional mortgage or are they harder to qualify for? Maybe easier? What would be the best way to go about this? Any input is appreciated.
I want to buy a piece of property to build an rv park on. I don't want to go through the whole process of getting a small business and all, I would rather just finance the land and build the park out of my own pocket. I know the land will have to be zoned for Commercial use but what I don't know is if you have to get a commercial mortgage or can I buy the property with a residential mortgage? Would the property have to be zoned commercial and residential? What are the loan requirements for a commercial mortgage? Are they about the same as conventional mortgage or are they harder to qualify for? Maybe easier? What would be the best way to go about this? Any input is appreciated.
I am Mr. Lomax Milton a private lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for:
Free mortgage/loan assessment,Home Purchase Loans,Refinance Loans,Fixed Rates,Adjustable Rates,Land Development Loans,Residential Investment Loans,Multi-unit Loans,Personal loans,
Business loans,Auto loans.
Contact: lomaxmilton_loan_investment@yahoo.com
website: www.lomaxloans.cz.cc
I am Mr. Lomax Milton a private lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for:
Free mortgage/loan assessment,Home Purchase Loans,Refinance Loans,Fixed Rates,Adjustable Rates,Land Development Loans,Residential Investment Loans,Multi-unit Loans,Personal loans,
Business loans,Auto loans.
Contact: lomaxmilton_loan_investment@yahoo.com
website: www.lomaxloans.cz.cc
I am Mr. Lomax Milton a private lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for:
Free mortgage/loan assessment,Home Purchase Loans,Refinance Loans,Fixed Rates,Adjustable Rates,Land Development Loans,Residential Investment Loans,Multi-unit Loans,Personal loans,
Business loans,Auto loans.
Contact: lomaxmilton_loan_investment@yahoo.com
website: www.lomaxloans.cz.cc
I am Mr. Lomax Milton a private lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for:
Free mortgage/loan assessment,Home Purchase Loans,Refinance Loans,Fixed Rates,Adjustable Rates,Land Development Loans,Residential Investment Loans,Multi-unit Loans,Personal loans,
Business loans,Auto loans.
Contact: lomaxmilton_loan_investment@yahoo.com
website: www.lomaxloans.cz.cc
Is their pay contingent on the loan funding?
I am asking about independent underwriters who are paid per loan that sometimes even work remotely.
Thanks
Is their pay contingent on the loan funding?
I am asking about independent underwriters who are paid per loan that sometimes even work remotely.
Thanks
My in-laws bought a residential lot using a construction loan with plans to build their retirement home. It was 3 years, interest-only. Due to the housing market crash they have not been able to build on it yet, but the time has come to re-finance. Their bank no longer re-finances construction loans. What are the best options? Should we try to find another bank to re-finance, even with no immediate plans to build? Could they take out a normal mortgage without a structure on the property? The developer will not buy the lot back; could they sell it and start over?
My in-laws bought a residential lot using a construction loan with plans to build their retirement home. It was 3 years, interest-only. Due to the housing market crash they have not been able to build on it yet, but the time has come to re-finance. Their bank no longer re-finances construction loans. What are the best options? Should we try to find another bank to re-finance, even with no immediate plans to build? Could they take out a normal mortgage without a structure on the property? The developer will not buy the lot back; could they sell it and start over?
This started in 2007. I have the copy of the Uniform Residential Loan Application that we were given that shows my income at $4,000 per month. We made an offer on a home, but then backed out when we were given the terms of the loan. They tried to give us a sub-prime loan that was interest only for two years, then it was going to bump up significantly. I knew there was no way we could afford it so we backed out. Afterwards we received another copy of the URLA in the mail. They altered my income and stated I made $10,900 per month. I never stated that and I never signed anything stating that. It also states that I have a $36,000 fishing boat and $45,000 worth of equipment.
The payments were $4,500 for 24 payments then $5,500 for 335 payments. 11.84% costing almost $2 million to by a $549k house.
My only concern is that the state attorney general knows about it in case they are doing something about it and this may help them.
What do you think about it?
This started in 2007. I have the copy of the Uniform Residential Loan Application that we were given that shows my income at $4,000 per month. We made an offer on a home, but then backed out when we were given the terms of the loan. They tried to give us a sub-prime loan that was interest only for two years, then it was going to bump up significantly. I knew there was no way we could afford it so we backed out. Afterwards we received another copy of the URLA in the mail. They altered my income and stated I made $10,900 per month. I never stated that and I never signed anything stating that. It also states that I have a $36,000 fishing boat and $45,000 worth of equipment.
The payments were $4,500 for 24 payments then $5,500 for 335 payments. 11.84% costing almost $2 million to by a $549k house.
My only concern is that the state attorney general knows about it in case they are doing something about it and this may help them.
What do you think about it?
5.Housing is sensitive issue in China. In may, 2006, The China Banking commission publically discouraged financial institutions from lending to investors buying more than one residential unit. The commission was expected to raise the minimum down payment on mortgage loans from 30% to 50%. Apply the economic analysis of demand and supply to explain how the mortgage restrictions would affect housing prices and housing stock in the short run and in the long run.
5.Housing is sensitive issue in China. In may, 2006, The China Banking commission publically discouraged financial institutions from lending to investors buying more than one residential unit. The commission was expected to raise the minimum down payment on mortgage loans from 30% to 50%. Apply the economic analysis of demand and supply to explain how the mortgage restrictions would affect housing prices and housing stock in the short run and in the long run.
For instance, you don't want to scare your customers/trading partners into thinking you might not be in as good a shape as they thought. So you simply keep some off your losses off the official books.
Would this be legal if you did this as a business owner?? Are the rules different for the Treasury Dept??
http://answers.yahoo.com/question/index;_ylt=AqzQ8Y4decSx2pHalTEgairsy6IX;_ylv=3?qid=20100224133216AA6fsdq
WASHINGTON – The Obama administration will wait until 2011 to propose an overhaul of mortgage giants Fannie Mae and Freddie Mac, Treasury Secretary Timothy Geithner said Wednesday, arguing that he wanted to put some distance between a new system and what he called "the worst housing crisis in generations."
Geithner also told lawmakers the administration had no intention of including the two entities in the federal budget, even though they were taken over by the government in 2008 as they faced mounting losses from mortgage defaults.
"That's going to be a difficult set of reforms, but we do not believe it's necessary to consolidate the full obligations of those entities onto the balance sheet of the federal government at this stage," Geithner told the House Budget Committee.
Fannie Mae and Freddie Mac are vital players in the mortgage industry, purchasing home loans from lenders and selling them to investors. They own or guarantee about half of all residential mortgages. Had they gone broke in 2008, millions of people would have been unable to get mortgages.
For instance, you don't want to scare your customers/trading partners into thinking you might not be in as good a shape as they thought. So you simply keep some off your losses off the official books.
Would this be legal if you did this as a business owner?? Are the rules different for the Treasury Dept??
http://answers.yahoo.com/question/index;_ylt=AqzQ8Y4decSx2pHalTEgairsy6IX;_ylv=3?qid=20100224133216AA6fsdq
WASHINGTON – The Obama administration will wait until 2011 to propose an overhaul of mortgage giants Fannie Mae and Freddie Mac, Treasury Secretary Timothy Geithner said Wednesday, arguing that he wanted to put some distance between a new system and what he called "the worst housing crisis in generations."
Geithner also told lawmakers the administration had no intention of including the two entities in the federal budget, even though they were taken over by the government in 2008 as they faced mounting losses from mortgage defaults.
"That's going to be a difficult set of reforms, but we do not believe it's necessary to consolidate the full obligations of those entities onto the balance sheet of the federal government at this stage," Geithner told the House Budget Committee.
Fannie Mae and Freddie Mac are vital players in the mortgage industry, purchasing home loans from lenders and selling them to investors. They own or guarantee about half of all residential mortgages. Had they gone broke in 2008, millions of people would have been unable to get mortgages.
Isn't this the same way we funded the Iraq war?? (didn't include it in the budget and borrowed, and borrowed, and borrowed..........probably started printing at some point) Didn't Obama/Democrats criticize Republicans for doing this??
http://news.yahoo.com/s/ap/20100224/ap_on_bi_ge/us_geithner_house_8;_ylt=AgPcPYc8GoUiKr5DtfjvEDzw.6F4;_ylu=X3oDMTE2bzA5djE5BHBvcwMyBHNlYwN5bi1yLWItbGVmdARzbGsDZXYtZ2VpdGhuZXI6
WASHINGTON – The Obama administration will wait until 2011 to propose an overhaul of mortgage giants Fannie Mae and Freddie Mac, Treasury Secretary Timothy Geithner said Wednesday, arguing that he wanted to put some distance between a new system and what he called "the worst housing crisis in generations."
Geithner also told lawmakers the administration had no intention of including the two entities in the federal budget, even though they were taken over by the government in 2008 as they faced mounting losses from mortgage defaults.
"That's going to be a difficult set of reforms, but we do not believe it's necessary to consolidate the full obligations of those entities onto the balance sheet of the federal government at this stage," Geithner told the House Budget Committee.
Fannie Mae and Freddie Mac are vital players in the mortgage industry, purchasing home loans from lenders and selling them to investors. They own or guarantee about half of all residential mortgages. Had they gone broke in 2008, millions of people would have been unable to get mortgages.
Shouldn't the federal govt. give the U.S. tax payers an honest assessment of how much national debt they're currently responsible for??
Isn't this the same way we funded the Iraq war?? (didn't include it in the budget and borrowed, and borrowed, and borrowed..........probably started printing at some point) Didn't Obama/Democrats criticize Republicans for doing this??
http://news.yahoo.com/s/ap/20100224/ap_on_bi_ge/us_geithner_house_8;_ylt=AgPcPYc8GoUiKr5DtfjvEDzw.6F4;_ylu=X3oDMTE2bzA5djE5BHBvcwMyBHNlYwN5bi1yLWItbGVmdARzbGsDZXYtZ2VpdGhuZXI6
WASHINGTON – The Obama administration will wait until 2011 to propose an overhaul of mortgage giants Fannie Mae and Freddie Mac, Treasury Secretary Timothy Geithner said Wednesday, arguing that he wanted to put some distance between a new system and what he called "the worst housing crisis in generations."
Geithner also told lawmakers the administration had no intention of including the two entities in the federal budget, even though they were taken over by the government in 2008 as they faced mounting losses from mortgage defaults.
"That's going to be a difficult set of reforms, but we do not believe it's necessary to consolidate the full obligations of those entities onto the balance sheet of the federal government at this stage," Geithner told the House Budget Committee.
Fannie Mae and Freddie Mac are vital players in the mortgage industry, purchasing home loans from lenders and selling them to investors. They own or guarantee about half of all residential mortgages. Had they gone broke in 2008, millions of people would have been unable to get mortgages.
Shouldn't the federal govt. give the U.S. tax payers an honest assessment of how much national debt they're currently responsible for??
I'm 37, and I'm at a career change, not by choice. I"ve always loved Real Estate, but I would like to get my license as either a Mortgage Broker or Real Estate Agent? Which one is more lucrative, and which one is more solid in bad times. Thanks for the help.
I'm 37, and I'm at a career change, not by choice. I"ve always loved Real Estate, but I would like to get my license as either a Mortgage Broker or Real Estate Agent? Which one is more lucrative, and which one is more solid in bad times. Thanks for the help.
Bought house I live in 4 years ago. Recently went to refinance to the bank which holds my Mortgage. The mortgage originated through a morgage broker, as a "first time buyer, no closing costs (costs rolled into the mortgage)" loan. So now this banker told me he could not refinance me because it was not residential! He told me it was down as an "agricultural loan and what was I farming?" I do not have a farm! I wish I had a farm though, but the house is only on 3.5 acres! Shortly after, I ran a yearly credit check and paid attention to the details of my mortgage, and sure enough My credit report has this house's mortgage down as "AGRICULTURAL!" Did I get scammed by the mortgage broker? All I remember him saying about anything was , asking if the house was in a rural area, and me saying yes, that it had a low population density and that I am surrounded by 100's of acres of cornfields. He told me he was doing a "rural zoned" loan for rural areas. Should I do anything? I also remember him saying it was a "rural development" loan but I did not think this meant "developing a farm", I just thought it was for living in rural areas, keeping the residences developed.
Bought house I live in 4 years ago. Recently went to refinance to the bank which holds my Mortgage. The mortgage originated through a morgage broker, as a "first time buyer, no closing costs (costs rolled into the mortgage)" loan. So now this banker told me he could not refinance me because it was not residential! He told me it was down as an "agricultural loan and what was I farming?" I do not have a farm! I wish I had a farm though, but the house is only on 3.5 acres! Shortly after, I ran a yearly credit check and paid attention to the details of my mortgage, and sure enough My credit report has this house's mortgage down as "AGRICULTURAL!" Did I get scammed by the mortgage broker? All I remember him saying about anything was , asking if the house was in a rural area, and me saying yes, that it had a low population density and that I am surrounded by 100's of acres of cornfields. He told me he was doing a "rural zoned" loan for rural areas. Should I do anything? I also remember him saying it was a "rural development" loan but I did not think this meant "developing a farm", I just thought it was for living in rural areas, keeping the residences developed.
Dec. 30 (Bloomberg) -- GMAC Inc., the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion, said a person familiar with the matter.
The size of the assistance is under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached in days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person said.
GMAC received two rounds of government aid totaling $13.5 billion as it struggled with losses at home-mortgage operations, which include Residential Capital LLC, known as ResCap. The primary lender to General Motors Co., its former parent, and Chrysler Group LLC is being helped by profits in auto-lending and is working to sell or restructure the ResCap unit.
“We question why GMAC needs this capital,” CreditSights Inc. analyst Adam Steer said in an interview. “If you look at where the losses are coming from, it’s not coming from the core automotive business, it’s coming from the legacy portfolio at ResCap.” Steer has called for GMAC to cut ties to the home lender or place it in bankruptcy.
http://www.bloomberg.com/apps/news?pid=20601103&sid=ap0H4JFsSyTs
Should the government still be backing companies with taxpayer dollars?
Dec. 30 (Bloomberg) -- GMAC Inc., the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion, said a person familiar with the matter.
The size of the assistance is under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached in days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person said.
GMAC received two rounds of government aid totaling $13.5 billion as it struggled with losses at home-mortgage operations, which include Residential Capital LLC, known as ResCap. The primary lender to General Motors Co., its former parent, and Chrysler Group LLC is being helped by profits in auto-lending and is working to sell or restructure the ResCap unit.
“We question why GMAC needs this capital,” CreditSights Inc. analyst Adam Steer said in an interview. “If you look at where the losses are coming from, it’s not coming from the core automotive business, it’s coming from the legacy portfolio at ResCap.” Steer has called for GMAC to cut ties to the home lender or place it in bankruptcy.
http://www.bloomberg.com/apps/news?pid=20601103&sid=ap0H4JFsSyTs
Should the government still be backing companies with taxpayer dollars?
Democrats (like Barack Obama/ACORN/ Barney Frank) pushed the government to socialize the housing mortgage market.
Banks were threatened by Obama/ACORN into extending credit to sub-prime borrowers (mostly poor uncreditworthy Democrat voting minorities).
Barney Frank and Rham Emmanuel then made sure the bad loans were backstopped by the tax payer by having the government sponsored agencies Fannie Mae and Freddie Mack buy them up.
This guaranteed that when the whole thing blew up taxpayers would end up paying the bill for the banking losses (socialized losses).
The misuse of complex insurance derivatives by Wall Street and AIG to supposedly offset the downside risk of these loans packaged into Mortgage Backed Securities exacerbated the severity of the crisis.
That is the structural cause.
The proximate cause was residential real estate stopped going up and people bought their houses with money borrowed from China.
Tybalt's point is well taken, the shady lenders in the private sector laid the foundation for this and I am not trying to get them off the hook.
Nevertheless I think everyone already knows about the shaby loans.
I think fewer people know about the direct role Barack Obama, Rham Emmanuel and Barney Frank played in this economis disaster.
Republicans, to their credit, gave many warnings about this whole thing but they fell on deaf ears.
Bernanke has been behind the eight ball throughout the entire crisis which intelligent person saw coming years in advance.
Democrats (like Barack Obama/ACORN/ Barney Frank) pushed the government to socialize the housing mortgage market.
Banks were threatened by Obama/ACORN into extending credit to sub-prime borrowers (mostly poor uncreditworthy Democrat voting minorities).
Barney Frank and Rham Emmanuel then made sure the bad loans were backstopped by the tax payer by having the government sponsored agencies Fannie Mae and Freddie Mack buy them up.
This guaranteed that when the whole thing blew up taxpayers would end up paying the bill for the banking losses (socialized losses).
The misuse of complex insurance derivatives by Wall Street and AIG to supposedly offset the downside risk of these loans packaged into Mortgage Backed Securities exacerbated the severity of the crisis.
That is the structural cause.
The proximate cause was residential real estate stopped going up and people bought their houses with money borrowed from China.
Tybalt's point is well taken, the shady lenders in the private sector laid the foundation for this and I am not trying to get them off the hook.
Nevertheless I think everyone already knows about the shaby loans.
I think fewer people know about the direct role Barack Obama, Rham Emmanuel and Barney Frank played in this economis disaster.
Republicans, to their credit, gave many warnings about this whole thing but they fell on deaf ears.
Bernanke has been behind the eight ball throughout the entire crisis which intelligent person saw coming years in advance.
just trying to understand the whole business of mortgages
just trying to understand the whole business of mortgages
Please help me to understand this article by giving me a summary...thank you
Stay or Grow?
Mixed-up projects: develop, sell or mothball in today’s environment?
By Brianne Binelli
Just three years ago, it was almost unheard of to see a new, five-star hotel erected in Canada without complementary components like residential, office or retail space thrown in the mix. At the time, the barriers to entry where punitively high to build a downtown luxury hotel, but by pre-selling residences and leasing office and retail space, a developer could drive more revenue back into the property and create synergies that made it function better as a whole. When each part of a mixed-use property complements the others, RevPAR goes up, as does the value of the residences, office and retail space. What developer doesn’t want that?
But in today’s risk-laden market, the recession has changed the way developers and lenders are approaching newly built, mammoth mixed-use hotel projects. Many are learning toward building smaller stand-alone hotel projects in secondary markets, at least until the economy recalibrates itself. “We like the diversity of doing smaller deals, having the regional diversity, the brand diversity, and the borrow diversity,” says an executive from a prominent lender into hotel real estate.
That’s all well and good, unless you’re already got a huge hole in the ground for your project, have been selling residences for two years, and now have to come up with the money to see it through at a time when the availability of capital is as low as it’s been in decades. But while the economy is certainly ailing, it’s not time to run for the hills just yet, even if you are building a large mixed-use hotel. While combining residential, office or retail space into your hotel can cause legal hiccups and lead to higher costs associated with longer construction time, it doesn’t necessarily mean it’s time to sit back and wait until the economic slump passes.
Ron Taylor, senior vice-president and director of Arcturus Realty Corporation, admits the current economic climate will lead to many financial road-blocks, but he’s adamant it’s more important than ever to be cautiously optimistic and push ahead on projects if possible. “I wouldn’t ever be just sitting around,” says Taylor from his office in Victoria. “I’m busy right now trying to influence government and the financial sector,” he adds, while explaining the importance of stimulating the economy. “[We must] find innovative ways of doing [business]; look at best practices from Europe and the U.S.”
Speaking of the U.S., Canada isn’t experiencing a sub-prime mortgage crisis like our southern neighbours, but we are battling rising unemployment rates, and while gaining financing for large hotel project may seem more difficult than ever, it’s not a lost cause. In fact, one of Taylor’s clients was recently successful in securing financial backing. It’s the entity processing and managing the loan, which is backlogged.
Getting in the door may be hard, but Carol Pennycook – a Toronto-based partner at Davies Ward Phillips & Vineberg, who specializes in the financial sector – suspects there could also be some challenges negotiating loans. Financial institutions could be asking for a host of new requirements before doling out large sums to developers. A lender, for example, may require that a higher percentage of condominium units in a mixed-use condo/hotel property be sold before financing is made available.
Even with the best of intentions, it’s no secret that some mixed-use developments may be in the hole – literally and figuratively. “Depending on the state of construction, in some cases projects have stopped and the gates have been locked,” explains Taylor. “[Sometimes] the happiest developer is the one who hasn’t actually started to do hard construction.”
Of course, some provinces are faring better than others. “Downtown Toronto is a work/love/play community, so it’s a desirable area for people to go when, financially things get tight,” explains Taylor. That’s one reason why Toronto is home to numerous mixed-use hotel developments that are currently under construction, including a new Four Season flagship property. The hotel/residence, which is expected to be finished in 2012, will be comprised of two owners – one with 259 hotel rooms and 101 private residences, the second with 103 private residences. The hotel will also include a restaurant, bar, ballroom, meeting space, spa, and health club.
Luckily for the project’s developers, 75 per cent if the private residences have already been sold, with the down payments made on those units used to offset some of the construction cost. “We were fortunate to have started sales and sold the majority of the private residences before the economic downturn began,” says Erika Hansen, development manager of Four Seasons Hotels and Resorts in Toronto. But that doesn’t mean things are easy for the Four Seaso
Please help me to understand this article by giving me a summary...thank you
Stay or Grow?
Mixed-up projects: develop, sell or mothball in today’s environment?
By Brianne Binelli
Just three years ago, it was almost unheard of to see a new, five-star hotel erected in Canada without complementary components like residential, office or retail space thrown in the mix. At the time, the barriers to entry where punitively high to build a downtown luxury hotel, but by pre-selling residences and leasing office and retail space, a developer could drive more revenue back into the property and create synergies that made it function better as a whole. When each part of a mixed-use property complements the others, RevPAR goes up, as does the value of the residences, office and retail space. What developer doesn’t want that?
But in today’s risk-laden market, the recession has changed the way developers and lenders are approaching newly built, mammoth mixed-use hotel projects. Many are learning toward building smaller stand-alone hotel projects in secondary markets, at least until the economy recalibrates itself. “We like the diversity of doing smaller deals, having the regional diversity, the brand diversity, and the borrow diversity,” says an executive from a prominent lender into hotel real estate.
That’s all well and good, unless you’re already got a huge hole in the ground for your project, have been selling residences for two years, and now have to come up with the money to see it through at a time when the availability of capital is as low as it’s been in decades. But while the economy is certainly ailing, it’s not time to run for the hills just yet, even if you are building a large mixed-use hotel. While combining residential, office or retail space into your hotel can cause legal hiccups and lead to higher costs associated with longer construction time, it doesn’t necessarily mean it’s time to sit back and wait until the economic slump passes.
Ron Taylor, senior vice-president and director of Arcturus Realty Corporation, admits the current economic climate will lead to many financial road-blocks, but he’s adamant it’s more important than ever to be cautiously optimistic and push ahead on projects if possible. “I wouldn’t ever be just sitting around,” says Taylor from his office in Victoria. “I’m busy right now trying to influence government and the financial sector,” he adds, while explaining the importance of stimulating the economy. “[We must] find innovative ways of doing [business]; look at best practices from Europe and the U.S.”
Speaking of the U.S., Canada isn’t experiencing a sub-prime mortgage crisis like our southern neighbours, but we are battling rising unemployment rates, and while gaining financing for large hotel project may seem more difficult than ever, it’s not a lost cause. In fact, one of Taylor’s clients was recently successful in securing financial backing. It’s the entity processing and managing the loan, which is backlogged.
Getting in the door may be hard, but Carol Pennycook – a Toronto-based partner at Davies Ward Phillips & Vineberg, who specializes in the financial sector – suspects there could also be some challenges negotiating loans. Financial institutions could be asking for a host of new requirements before doling out large sums to developers. A lender, for example, may require that a higher percentage of condominium units in a mixed-use condo/hotel property be sold before financing is made available.
Even with the best of intentions, it’s no secret that some mixed-use developments may be in the hole – literally and figuratively. “Depending on the state of construction, in some cases projects have stopped and the gates have been locked,” explains Taylor. “[Sometimes] the happiest developer is the one who hasn’t actually started to do hard construction.”
Of course, some provinces are faring better than others. “Downtown Toronto is a work/love/play community, so it’s a desirable area for people to go when, financially things get tight,” explains Taylor. That’s one reason why Toronto is home to numerous mixed-use hotel developments that are currently under construction, including a new Four Season flagship property. The hotel/residence, which is expected to be finished in 2012, will be comprised of two owners – one with 259 hotel rooms and 101 private residences, the second with 103 private residences. The hotel will also include a restaurant, bar, ballroom, meeting space, spa, and health club.
Luckily for the project’s developers, 75 per cent if the private residences have already been sold, with the down payments made on those units used to offset some of the construction cost. “We were fortunate to have started sales and sold the majority of the private residences before the economic downturn began,” says Erika Hansen, development manager of Four Seasons Hotels and Resorts in Toronto. But that doesn’t mean things are easy for the Four Seaso
Where to get hard money mortgage loan for Las Vegas residential property? Anybody know some lenders?
Where to get hard money mortgage loan for Las Vegas residential property? Anybody know some lenders?
I can't afford the 35% down for a hard money loan, but I heard that some Portfolio Lenders (lenders who make loans for their own portfolios and not to sell in the second market) will make owned occupied residential mortgages on mixed use properties. Though I'm having a hard time finding one. Any help is greatly apprieciated.
I think the property is already to small to subdivide anymore.
I'll called a few dozen brokers in the area, most try to sell me a hard money loan (I think that's because they get a big commission on those), but noone has hooked me up with a portfolio lender yet. I know they're out there or at least they used to be.
Property is contains a house, warehouse, and store front.
I can't afford the 35% down for a hard money loan, but I heard that some Portfolio Lenders (lenders who make loans for their own portfolios and not to sell in the second market) will make owned occupied residential mortgages on mixed use properties. Though I'm having a hard time finding one. Any help is greatly apprieciated.
I think the property is already to small to subdivide anymore.
I'll called a few dozen brokers in the area, most try to sell me a hard money loan (I think that's because they get a big commission on those), but noone has hooked me up with a portfolio lender yet. I know they're out there or at least they used to be.
Property is contains a house, warehouse, and store front.
I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a later date? Please let me know if you have any ideas on how to handle this situation.
I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a later date? Please let me know if you have any ideas on how to handle this situation.
I was approved for a residential construction loan in March of 2008. I built the house and it was finished and inspected in November of 2008 and at that time I moved into the house. Now, almost a year later, the bank that granted the construction loan cannot find someone to finance the balance in a mortgage. The house is worth quite a bit more that I built it for, so I will have a lot of equity in the home. The bank that financed the construction loan is being NO help at all in aiding the process of converting the construction loan into a mortgage. I have been paying the interest payments on the construction loan for well over a year, and due to a variable interest rate, the payments are higher than my proposed house payment. What can I do?
To the person who asked if I have called around or looked at Lending Tree - The bank that financed the loan tried several times to get it financed and they could not find anyone to cover the loan. I am just wondering what happens if I can't get it financed. My credit score, debts, ect. have not changed for the worse since I was appoved for the construction loan. Does the bank who has the construction loan have to help me getting it financed as a mortgage?
My bank is the one who gave me the construction loan.
I was approved for a residential construction loan in March of 2008. I built the house and it was finished and inspected in November of 2008 and at that time I moved into the house. Now, almost a year later, the bank that granted the construction loan cannot find someone to finance the balance in a mortgage. The house is worth quite a bit more that I built it for, so I will have a lot of equity in the home. The bank that financed the construction loan is being NO help at all in aiding the process of converting the construction loan into a mortgage. I have been paying the interest payments on the construction loan for well over a year, and due to a variable interest rate, the payments are higher than my proposed house payment. What can I do?
To the person who asked if I have called around or looked at Lending Tree - The bank that financed the loan tried several times to get it financed and they could not find anyone to cover the loan. I am just wondering what happens if I can't get it financed. My credit score, debts, ect. have not changed for the worse since I was appoved for the construction loan. Does the bank who has the construction loan have to help me getting it financed as a mortgage?
My bank is the one who gave me the construction loan.
My husband and I have paid all monthly payments to the owner (a large residential and commercial contractor in Michigan) of our new condo (located in Michigan) which we moved into a year and a half ago on a Land Contract. We were planning to purchase the home by October 2009 (which is an agreement written in the Land Contract) but are unable to get a bank loan at this time. All payments have been made on time and in full, but the owner has been calling us asking when we will have the Mortgage ready. We would like to extend the Land Contract, but he may not let us and may foreclose on the property. Is the company legally allowed to foreclose if we have made all due payments and have kept the property in tip top condition? We are very worried about this because a foreclosure would disable us from buying a home in the next couple of years.
Please respond to the best of your ability. We could really use the help.
Thanks,
NBP
My husband and I have paid all monthly payments to the owner (a large residential and commercial contractor in Michigan) of our new condo (located in Michigan) which we moved into a year and a half ago on a Land Contract. We were planning to purchase the home by October 2009 (which is an agreement written in the Land Contract) but are unable to get a bank loan at this time. All payments have been made on time and in full, but the owner has been calling us asking when we will have the Mortgage ready. We would like to extend the Land Contract, but he may not let us and may foreclose on the property. Is the company legally allowed to foreclose if we have made all due payments and have kept the property in tip top condition? We are very worried about this because a foreclosure would disable us from buying a home in the next couple of years.
Please respond to the best of your ability. We could really use the help.
Thanks,
NBP
please lead me to the internet address to find out about this law. Thankyou
please lead me to the internet address to find out about this law. Thankyou
I applied to refinance my mortgage, and the first loan app showed my assets and liabilities correctly, except one asset was missing but didn't seem to affect the loan's outcome. However, while signing and initialling paperwork at closing, I noticed that the final loan app suddenly lists my assets as two cents. LOL
Why would the bank do this? Did it get me some sort of benefit that I would not otherwise have gotten?
I applied to refinance my mortgage, and the first loan app showed my assets and liabilities correctly, except one asset was missing but didn't seem to affect the loan's outcome. However, while signing and initialling paperwork at closing, I noticed that the final loan app suddenly lists my assets as two cents. LOL
Why would the bank do this? Did it get me some sort of benefit that I would not otherwise have gotten?
I have heard that the BTLs are less regulated than residential loans but I do not understand what that actually means ?
I have heard that the BTLs are less regulated than residential loans but I do not understand what that actually means ?
I am 23 years old and about to be a college grad in August, in probably the worst job market in our history. I really want to start a career instead of taking another pointless job that is not going to fulfill my career needs. I know someone in my family is a Loan Officer and she did not even attend college. I am wondering how someone gets into this type of field. What type of licensing is required and how do I overcome the lack of experience?
Also I have read answers to this type of question about going on job boards and such, I have been for 6 months now and I can't even land an interview. I am also wondering if there is someone who would be able to mentor me and it could be as simple as just e-mailing back and forth. Thanks.
I am 23 years old and about to be a college grad in August, in probably the worst job market in our history. I really want to start a career instead of taking another pointless job that is not going to fulfill my career needs. I know someone in my family is a Loan Officer and she did not even attend college. I am wondering how someone gets into this type of field. What type of licensing is required and how do I overcome the lack of experience?
Also I have read answers to this type of question about going on job boards and such, I have been for 6 months now and I can't even land an interview. I am also wondering if there is someone who would be able to mentor me and it could be as simple as just e-mailing back and forth. Thanks.
Here is the scenario, I am considering purchasing a home based day care for $680k. the day care is $180K and the seller will carry the note. The home is the other $500K. Can I use an SBA loan for $100K to use as a 20% down payment on a residential mortgage. Then I could put 10-20% ($10-$20K) down and purchase the entire package?
Here is the scenario, I am considering purchasing a home based day care for $680k. the day care is $180K and the seller will carry the note. The home is the other $500K. Can I use an SBA loan for $100K to use as a 20% down payment on a residential mortgage. Then I could put 10-20% ($10-$20K) down and purchase the entire package?
Im a mortgage/banking/residential appraisal professional who is wanting desperately to get out of this industry before the bottom falls completely out. I want to go back to school in something with medicine. nurse, ultrasound, paramedic... something. but i don't know where to start regarding the grants, student loans... there's so much information that i don't have and don't know where to find it. information that could make or break the deal of going back to shool. can anyone point me in the right direction? live in new orleans, la.
thanks in advance,
S
Im a mortgage/banking/residential appraisal professional who is wanting desperately to get out of this industry before the bottom falls completely out. I want to go back to school in something with medicine. nurse, ultrasound, paramedic... something. but i don't know where to start regarding the grants, student loans... there's so much information that i don't have and don't know where to find it. information that could make or break the deal of going back to shool. can anyone point me in the right direction? live in new orleans, la.
thanks in advance,
S
What is going on with RE market?
Residential vs. Commercial?
Property Values?
Loan Defaults?
Institutional Losses?
Why is it so difficult to get a mortgage now?
What are the causes?
What types of loans were the culprits of the bubble?
How did Wall Street make it worse?
What forms of fraud did borrowers commit? Are they the victims?
What conflicts of interest existed among the various market participants?
What were some of the excesses of the lending institutions?
How is it possible that the US residential crisis could bring down the global financial system?
What is going on with RE market?
Residential vs. Commercial?
Property Values?
Loan Defaults?
Institutional Losses?
Why is it so difficult to get a mortgage now?
What are the causes?
What types of loans were the culprits of the bubble?
How did Wall Street make it worse?
What forms of fraud did borrowers commit? Are they the victims?
What conflicts of interest existed among the various market participants?
What were some of the excesses of the lending institutions?
How is it possible that the US residential crisis could bring down the global financial system?
I've been applying to inside outside sales jobs(account executive and manager) and doing pretty good in the interviews but getting very few offers. Keep in mind these are entry level positions requiring 1-3 years of experience. I'm a recent grad from college and have had much more part time experience than any of my friends while in school. These jobs came with much greater responsibilities as well. So basically I dont know if theres somthin on the resume that scares them away or what it is that makes these deals fall through. Most of my friends were able to land these jobs that require 1-5 years of experience with pretty much 0 expererience or at best it would be very unrelated to the job. Keep in mind most didn;t have an IN or a contact in there that would place them in the company. Any idea what im doing wrong or whats wrong on my resume? I do good on interviews and the main concern for hiring managers is that I have no B2B sales experience it seems. Only the first company is my first real full time job.
company 1, A January – March 2009
Business Development Associate
• Analyzed all physicians within market for referral patterns and potential marketing plans. Concentration placed on Neurosurgeon, Orthopedic and Chiropractic physicians
• Generated new business by cold calling physician offices and effectively presenting, marketing and advertising our service
• Cooperate with other divisions and business units to ensure that our marketing strategy and measures are aligned with overall corporate strategies
Company 2 January – July 2008
Sales Intern Program
• Building and maintaining nationwide database of over 500 prospective clients
• Calling commercial real estate buyers throughout the U.S. to introduce transactions, drive bids and assist in driving the market-making process
• Assisting Directors with the hands-on execution of transactions in various phases
• Creating sales proposals and market evaluations using necessary documents from third parties
Company 3 2005 - 2008
Manager
• Directly responsible for management and operation of a high quality 24- hour care center for elderly and disabled residents
• Analyzed existing business practices and developed new business model to maximize high quality of service
• Worked closely with the Department of Social and Health Services to meet the WAC regulations
company 4 2004 – 2005
Agent/Marketing Specialist
• Marketed listings throughout Seattle and held open houses to aggressively grow area sales
• Prepared contracts and documentation; advised clients on general escrow and title procedures
• Designed and updated marketing materials. Performed competitive product evaluations
company 5 2003 - 2004
Manager
• Responsible for the marketing and managing of a $10 million portfolio consisting of over 18 commercial and residential real estate assets in the Puget Sound area
company 6 2002 - 2003
Junior Loan Officer
• Assisted Customers in determining financial needs and recommended appropriate mortgage solutions
• Embraced cold calling as means to build business and generate new leads
I've been applying to inside outside sales jobs(account executive and manager) and doing pretty good in the interviews but getting very few offers. Keep in mind these are entry level positions requiring 1-3 years of experience. I'm a recent grad from college and have had much more part time experience than any of my friends while in school. These jobs came with much greater responsibilities as well. So basically I dont know if theres somthin on the resume that scares them away or what it is that makes these deals fall through. Most of my friends were able to land these jobs that require 1-5 years of experience with pretty much 0 expererience or at best it would be very unrelated to the job. Keep in mind most didn;t have an IN or a contact in there that would place them in the company. Any idea what im doing wrong or whats wrong on my resume? I do good on interviews and the main concern for hiring managers is that I have no B2B sales experience it seems. Only the first company is my first real full time job.
company 1, A January – March 2009
Business Development Associate
• Analyzed all physicians within market for referral patterns and potential marketing plans. Concentration placed on Neurosurgeon, Orthopedic and Chiropractic physicians
• Generated new business by cold calling physician offices and effectively presenting, marketing and advertising our service
• Cooperate with other divisions and business units to ensure that our marketing strategy and measures are aligned with overall corporate strategies
Company 2 January – July 2008
Sales Intern Program
• Building and maintaining nationwide database of over 500 prospective clients
• Calling commercial real estate buyers throughout the U.S. to introduce transactions, drive bids and assist in driving the market-making process
• Assisting Directors with the hands-on execution of transactions in various phases
• Creating sales proposals and market evaluations using necessary documents from third parties
Company 3 2005 - 2008
Manager
• Directly responsible for management and operation of a high quality 24- hour care center for elderly and disabled residents
• Analyzed existing business practices and developed new business model to maximize high quality of service
• Worked closely with the Department of Social and Health Services to meet the WAC regulations
company 4 2004 – 2005
Agent/Marketing Specialist
• Marketed listings throughout Seattle and held open houses to aggressively grow area sales
• Prepared contracts and documentation; advised clients on general escrow and title procedures
• Designed and updated marketing materials. Performed competitive product evaluations
company 5 2003 - 2004
Manager
• Responsible for the marketing and managing of a $10 million portfolio consisting of over 18 commercial and residential real estate assets in the Puget Sound area
company 6 2002 - 2003
Junior Loan Officer
• Assisted Customers in determining financial needs and recommended appropriate mortgage solutions
• Embraced cold calling as means to build business and generate new leads
I'm looking to buy 3-4 acres of grazing land for around £20,000.
I'm unsure about finance (will take proper advice if I find somewhere suitable).
Can you tell me whether I need a land mortgage? Or will an ordinary residential mortgage or a loan suffice?
I'm looking to buy 3-4 acres of grazing land for around £20,000.
I'm unsure about finance (will take proper advice if I find somewhere suitable).
Can you tell me whether I need a land mortgage? Or will an ordinary residential mortgage or a loan suffice?
And why did Barney Frank proclaim in July 2008 that Fannie and Freddie were "sound" AFTER he took notice to Mark Zandi's report in December 2007?
Quoted from the Washington Post.......
He (Zandi) is best known among his peers as one of the first economists to grasp the magnitude of the housing problem. His book "Financial Shock," about the subprime mortgage crisis, caught the attention of House Financial Services Chairman Barney Frank (D-Mass.), who became an early cheerleader.
"Residential mortgage loan defaults and foreclosures are surging and without significant policy changes will continue to do so through the remainder of the decade," Zandi warned the Senate Judiciary Committee in December 2007.
And why did Barney Frank proclaim in July 2008 that Fannie and Freddie were "sound" AFTER he took notice to Mark Zandi's report in December 2007?
Quoted from the Washington Post.......
He (Zandi) is best known among his peers as one of the first economists to grasp the magnitude of the housing problem. His book "Financial Shock," about the subprime mortgage crisis, caught the attention of House Financial Services Chairman Barney Frank (D-Mass.), who became an early cheerleader.
"Residential mortgage loan defaults and foreclosures are surging and without significant policy changes will continue to do so through the remainder of the decade," Zandi warned the Senate Judiciary Committee in December 2007.
Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?
P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.
Thanks.
Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?
P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.
Thanks.
WASHINGTON (AFP) - - The US government extended a new lifeline Friday to Bank of America, injecting another 20 billion dollars in capital and guaranteeing shaky assets to help it weather the grinding financial crisis.
ADVERTISEMENT
The bailout for the largest US bank by assets is aimed at helping Bank of America absorb broker Merrill Lynch, which faced a meltdown last year as the credit crunch intensified.
A joint statement by the US Treasury, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said the government would invest 20 billion dollars in the bank, on top of a 25-billion-dollar injection last year under the Troubled Asset Relief Program (TARP).
Additionally, the government "will provide protection against the possibility of unusually large losses" on 118 billion dollars of assets backed by residential and commercial real estate loans, the market for which has been frozen due to the housing meltdown and credit crisis.
The banking giant will pay the government a dividend of eight percent on the investment and agree to limits on executive compensation. The bank also agreed to implement a "mortgage loan modification program" to limit foreclosures that threaten to undermine a recovery in the housing sector.
The announcement came hours before BofA released its fourth-quarter earnings. The Charlotte, North Carolina-based bank posted a loss of 1.7 billion dollars, after managing a profit of 268 million dollars a year earlier.
The results stem from soaring credit costs and massive write-downs. Merrill Lynch, which was not included in the results, lost over 15 billion dollars in the quarter.
The bailout comes with US authorities scrambling to avert a further collapse in the banking sector that could deal another blow to an ailing economy. A similar deal was announced last year with Citigroup.
"The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security," the Treasury said.
But some analysts were skeptical and Bank of America shares fell 13.7 percent to 7.18 dollars after a dive of 18 percent on Thursday.
"These measures have seemingly removed a worst-case scenario for equity holders, but they show just what a mess Bank of America has managed itself into," said Patrick O'Hare at Briefing.com.
Even as other banks reeled, Bank of America appeared healthy enough to buy up troubled mortgage lender Countrywide Financial last year as well as Merrill Lynch.
But Robert Brusca at FAO Economics said the bank "simply bit off more than it could chew."
Peter Cohan of Peter Cohan & Associates consulting firm said Bank of America rushed to buy Merrill without a full understanding of its troubles.
"The numbers clearly show that without Merrill, Bank of America would be in relatively good shape, but with it, Bank of America is a financial basket case," Cohan said.
Standard & Poor's said it could downgrade the bank's credit rating and warned that BofA faces the possibility of "further write-downs" from Countrywide and Merrill Lynch.
BofA has already received 25 billion dollars in capital injections from the TARP, a US financial bailout fund set up to help rescue mainly banks reeling from financial turmoil triggered by a home mortgage meltdown. That included 10 billion dollars for Merrill Lynch.
Under the latest agreement, BofA will absorb the first 10 billion dollars of losses and the US taxpayers will cover the next 10 billion. Any additional losses will be shared 90 percent by the US government and 10 percent by BofA.
The government aid comes as the banking sector remained in deep trouble from the real estate meltdown and subsequent credit crunch that has led to around one trillion dollars in worldwide losses.
Citigroup announced Friday a quarterly loss of 8.29 billion dollars and said it was splitting into two businesses in an effort to restore profitability.
Bank of America on September 15 announced it was buying Merrill Lynch for 50 billion dollars in stock, scooping up the Wall Street icon battered by the housing and credit crisis.
While giving a lifeline to a troubled Wall Street giant, the deal created the world's largest financial services company.
The announcement came at the close of a tumultuous weekend that saw Wall Street rival Lehman Brothers seek bankruptcy protection, leading to an intensification of the crisis in the global financial system.
They cant even survive after M&A with bad debts out b4 they M&A so a waste of taxes-payer $ . so i have a chance to sell it .
I not invest in all companies that have been bailed out is as good as they dead.
WASHINGTON (AFP) - - The US government extended a new lifeline Friday to Bank of America, injecting another 20 billion dollars in capital and guaranteeing shaky assets to help it weather the grinding financial crisis.
ADVERTISEMENT
The bailout for the largest US bank by assets is aimed at helping Bank of America absorb broker Merrill Lynch, which faced a meltdown last year as the credit crunch intensified.
A joint statement by the US Treasury, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said the government would invest 20 billion dollars in the bank, on top of a 25-billion-dollar injection last year under the Troubled Asset Relief Program (TARP).
Additionally, the government "will provide protection against the possibility of unusually large losses" on 118 billion dollars of assets backed by residential and commercial real estate loans, the market for which has been frozen due to the housing meltdown and credit crisis.
The banking giant will pay the government a dividend of eight percent on the investment and agree to limits on executive compensation. The bank also agreed to implement a "mortgage loan modification program" to limit foreclosures that threaten to undermine a recovery in the housing sector.
The announcement came hours before BofA released its fourth-quarter earnings. The Charlotte, North Carolina-based bank posted a loss of 1.7 billion dollars, after managing a profit of 268 million dollars a year earlier.
The results stem from soaring credit costs and massive write-downs. Merrill Lynch, which was not included in the results, lost over 15 billion dollars in the quarter.
The bailout comes with US authorities scrambling to avert a further collapse in the banking sector that could deal another blow to an ailing economy. A similar deal was announced last year with Citigroup.
"The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security," the Treasury said.
But some analysts were skeptical and Bank of America shares fell 13.7 percent to 7.18 dollars after a dive of 18 percent on Thursday.
"These measures have seemingly removed a worst-case scenario for equity holders, but they show just what a mess Bank of America has managed itself into," said Patrick O'Hare at Briefing.com.
Even as other banks reeled, Bank of America appeared healthy enough to buy up troubled mortgage lender Countrywide Financial last year as well as Merrill Lynch.
But Robert Brusca at FAO Economics said the bank "simply bit off more than it could chew."
Peter Cohan of Peter Cohan & Associates consulting firm said Bank of America rushed to buy Merrill without a full understanding of its troubles.
"The numbers clearly show that without Merrill, Bank of America would be in relatively good shape, but with it, Bank of America is a financial basket case," Cohan said.
Standard & Poor's said it could downgrade the bank's credit rating and warned that BofA faces the possibility of "further write-downs" from Countrywide and Merrill Lynch.
BofA has already received 25 billion dollars in capital injections from the TARP, a US financial bailout fund set up to help rescue mainly banks reeling from financial turmoil triggered by a home mortgage meltdown. That included 10 billion dollars for Merrill Lynch.
Under the latest agreement, BofA will absorb the first 10 billion dollars of losses and the US taxpayers will cover the next 10 billion. Any additional losses will be shared 90 percent by the US government and 10 percent by BofA.
The government aid comes as the banking sector remained in deep trouble from the real estate meltdown and subsequent credit crunch that has led to around one trillion dollars in worldwide losses.
Citigroup announced Friday a quarterly loss of 8.29 billion dollars and said it was splitting into two businesses in an effort to restore profitability.
Bank of America on September 15 announced it was buying Merrill Lynch for 50 billion dollars in stock, scooping up the Wall Street icon battered by the housing and credit crisis.
While giving a lifeline to a troubled Wall Street giant, the deal created the world's largest financial services company.
The announcement came at the close of a tumultuous weekend that saw Wall Street rival Lehman Brothers seek bankruptcy protection, leading to an intensification of the crisis in the global financial system.
They cant even survive after M&A with bad debts out b4 they M&A so a waste of taxes-payer $ . so i have a chance to sell it .
I not invest in all companies that have been bailed out is as good as they dead.
I'm looking on my credit report, which I have already report identity theft for some of the things on here, but there is so much on here that isn't mine and I'm trying to figure out where it's coming from so I can report this to the police. It says that there is a "Real estate loan on behalf of 3901 TRIDENT MORTGAGEDEV. This inquiry is scheduled to continue on your record until Sep 2010." WHAT SHOULD I DO?! Is this what a mortgage comes up as on a credit report? Does anyone else's mortgage come up as this? I have two other ones on my credit report that say "residential rentals on behalf...etc" and they are from someone renting apartments in my name and they are real fraudulant cases. Can this one be a mortgage in my name? I can't seem to trace it back when I call the address listed and I don't know what "TRIDENT MORTGAGEDEV" is because it comes up different companies when I google it. Somebody please help! I can't stand all of this identity theft on my report and this just might be a mortgage! Also, does the "Address Identification Number" mean that is where is home is located if this is a real mortgage taken out in my name? I also can't get a hold of Experian, for someone to help me with this.
I'm looking on my credit report, which I have already report identity theft for some of the things on here, but there is so much on here that isn't mine and I'm trying to figure out where it's coming from so I can report this to the police. It says that there is a "Real estate loan on behalf of 3901 TRIDENT MORTGAGEDEV. This inquiry is scheduled to continue on your record until Sep 2010." WHAT SHOULD I DO?! Is this what a mortgage comes up as on a credit report? Does anyone else's mortgage come up as this? I have two other ones on my credit report that say "residential rentals on behalf...etc" and they are from someone renting apartments in my name and they are real fraudulant cases. Can this one be a mortgage in my name? I can't seem to trace it back when I call the address listed and I don't know what "TRIDENT MORTGAGEDEV" is because it comes up different companies when I google it. Somebody please help! I can't stand all of this identity theft on my report and this just might be a mortgage! Also, does the "Address Identification Number" mean that is where is home is located if this is a real mortgage taken out in my name? I also can't get a hold of Experian, for someone to help me with this.
i'm behind in my payments almost 3 months, and my loan has been re-assigned to chase now from citi residential. i have already done a loan modification 6 months ago.
i'm behind in my payments almost 3 months, and my loan has been re-assigned to chase now from citi residential. i have already done a loan modification 6 months ago.
I have been looking at a property for a while and absolutely love it. As it turns out, we looked at the zoning and it is a non-conforming residential. It is beside an industrial park, so they zoned it so that when the house is destroyed or abandoned over a year, it must become commercial. Since the bank did not want to deal with this zoning "problem", they just told us that we need to find a house they will give a mortgage on. It has been forclosed on for almost 9 months, so rezoning it would take too long. I was just wondering if there was anyone with advice. Thanks.
I have been looking at a property for a while and absolutely love it. As it turns out, we looked at the zoning and it is a non-conforming residential. It is beside an industrial park, so they zoned it so that when the house is destroyed or abandoned over a year, it must become commercial. Since the bank did not want to deal with this zoning "problem", they just told us that we need to find a house they will give a mortgage on. It has been forclosed on for almost 9 months, so rezoning it would take too long. I was just wondering if there was anyone with advice. Thanks.
Here are my ideas. What are yours?
1) Small scale lending must be nationalized. The "free market" has little interest in lending to individuals and small businesses. The "free market" will always avoid the risk of small loans. It isn't something that will get better with affluence or wealth. Thus, all of the historic government programs designed to facilitate lending to small borrowers must be nationalized or firmly regulated like a monopoly. The historic separation of risk and reward, the co-signing or guaranteeing of loans that has been done by Freddy mac, fanny May, FHA and others, needs to be scrapped for a government department dedicated to small capitalization lending, or heavily regulate it. Most mortgages and small business loans will fall into this category, say anything under a million dollars. Here is an easy way to think of it: We all understand that utilities have monopoly power and must be regulated. Think of residential lending in the same way. The free market will not willingly fulfill this function. The current system of private funding and government guarantee is a separation of function that simply does not work. Do you find this idea somewhat socialist? Then is the regulation of your utility company also socialist?
2) the aspects of derivative trading legalized by the "Financial reform act of 2001" needs to be repealed, permanently, or revised to have the same underwriting and capitalization requirements as the insurance industry. If an insurance business insures beyond their means, then they are consequently held criminally liable. Derivative trades must be held to the same standard. Is this too harsh? Too conservative? Then why do we hold the insurance industry to this standard, and not the investment houses?
3) Outsourcing needs to be taxed to attempt to slow or stop the capital that the the United States bleeds to India, Mexico and China. The amount those countries have grown from our outsourcing, the economic power they've used to bid up the global price of oil, is an accurate measure of the economic power the United States has lost, to outsourcing. Those revenues should be used to help fund higher education (state university systems). Let's build an affluent populous. Are you thinking Smoot Halley? India really likes it that you think that way.
4) the federal government must make provisions to develop energy sources other than foreign oil, primarily wind and nuclear energy. The raping of our coast lines and oceans for oil should be legislated permanently illegal. Notice how the call for drilling has stopped? The destruction of our oceans and coast lines shouldn't be subject to the daily price of oil.
5) disclosure of the terms of adjustable rate mortgages must be required to be in a large font size, in plain English, like effective interest rates are required to be displayed currently on all conventional mortgages. The length and nature of the "teaser" period of ARMs must be legislated to be clear and comprehensive to someone with a sixth grade education.
Here are my ideas. What are yours?
1) Small scale lending must be nationalized. The "free market" has little interest in lending to individuals and small businesses. The "free market" will always avoid the risk of small loans. It isn't something that will get better with affluence or wealth. Thus, all of the historic government programs designed to facilitate lending to small borrowers must be nationalized or firmly regulated like a monopoly. The historic separation of risk and reward, the co-signing or guaranteeing of loans that has been done by Freddy mac, fanny May, FHA and others, needs to be scrapped for a government department dedicated to small capitalization lending, or heavily regulate it. Most mortgages and small business loans will fall into this category, say anything under a million dollars. Here is an easy way to think of it: We all understand that utilities have monopoly power and must be regulated. Think of residential lending in the same way. The free market will not willingly fulfill this function. The current system of private funding and government guarantee is a separation of function that simply does not work. Do you find this idea somewhat socialist? Then is the regulation of your utility company also socialist?
2) the aspects of derivative trading legalized by the "Financial reform act of 2001" needs to be repealed, permanently, or revised to have the same underwriting and capitalization requirements as the insurance industry. If an insurance business insures beyond their means, then they are consequently held criminally liable. Derivative trades must be held to the same standard. Is this too harsh? Too conservative? Then why do we hold the insurance industry to this standard, and not the investment houses?
3) Outsourcing needs to be taxed to attempt to slow or stop the capital that the the United States bleeds to India, Mexico and China. The amount those countries have grown from our outsourcing, the economic power they've used to bid up the global price of oil, is an accurate measure of the economic power the United States has lost, to outsourcing. Those revenues should be used to help fund higher education (state university systems). Let's build an affluent populous. Are you thinking Smoot Halley? India really likes it that you think that way.
4) the federal government must make provisions to develop energy sources other than foreign oil, primarily wind and nuclear energy. The raping of our coast lines and oceans for oil should be legislated permanently illegal. Notice how the call for drilling has stopped? The destruction of our oceans and coast lines shouldn't be subject to the daily price of oil.
5) disclosure of the terms of adjustable rate mortgages must be required to be in a large font size, in plain English, like effective interest rates are required to be displayed currently on all conventional mortgages. The length and nature of the "teaser" period of ARMs must be legislated to be clear and comprehensive to someone with a sixth grade education.
I will be purchasing a 4 unit building using residential financing so I'll need to occupy one of the units in order to qualify for this type of loan. I would like to purchase a single home in the next year and wanted to know how that would affect my loan of the 4 unit since I will have to move out of there.
I will be purchasing a 4 unit building using residential financing so I'll need to occupy one of the units in order to qualify for this type of loan. I would like to purchase a single home in the next year and wanted to know how that would affect my loan of the 4 unit since I will have to move out of there.
I have a mortgage for purchase of residential property in Arizona.
I have a mortgage for purchase of residential property in Arizona.
We are interested in a 3 unit property on the same plot of land. A friend of mine just bought a 9 unit where 7 units were in one building and 2 were in another. He was able to get one commercial loan for the 7 units and a residential loan for the other. So if there is a property we are looking at that has 3 separate buildings, could we get three separate loans? There is one house and two cottages.
We are interested in a 3 unit property on the same plot of land. A friend of mine just bought a 9 unit where 7 units were in one building and 2 were in another. He was able to get one commercial loan for the 7 units and a residential loan for the other. So if there is a property we are looking at that has 3 separate buildings, could we get three separate loans? There is one house and two cottages.
I walked up and down our busiest community street this morning,
and I asked the small business owners if that amount of $250,000 would affect them; I visited five ma and pop pizza shops, 2 pizza
franchises, a family cleaning business, a residential handyman, a
painter with only 4 employees, one small hoagie shop owned by an
old man, one hippie ty-dye clothing shop and a chinese laundry owned
by Chinese folks for three generations now.
What did I find out? THAT OBAMA WOULD BE TAXING EVERY
SINGLE ONE OF THEM. EVERY ONE. WHY? BECAUSE THAT
AMOUNT OF MONEY, $250,000.00 IS NOT NET INCOME, IT IS
GROSS INCOME.
That means it is only the amount of business done, before ANY AND ALL EXPENSES INCLUDING PAYROLL, VEHICLES, UTILITIES, RENTS, BONUSES, EVERYTHING - and every single one of these
little tiny businesses GROSS THAT AMOUNT OR BETTER... Yet,
the painter with 4 employees LOST MONEY LAST YEAR earning that much. When Senator Obama raises his taxes, quess what:
HE IS OUT OF BUSINESS AND THERE GOES FOUR MORE PEOPLE ON THE JOBLESS LIST. JOBS WILL BE LOST BY THE
HUNDREDS OF THOUSANDS. I calculated from the 36 businesses
I spoke with, that out of those 36 businesses, AN OBAMA TAX INCREASE WILL MEAN THE DEMISE OF AT LEAST 9 OF THOSE
SMALL BUSINESSES, AND FOR EVERY ONE OF THE OTHERS IT
MEANS AT LEAST 2 EMPLOYEES MUST BE FIRED.
Thats the facts; When John McCain is being blamed by Obama when it was Obama and HIS BABY - ACORN - who forced banks to loan
money to people who could not afford those mortgages, its a disgrace.
John McCain is the one who wrote the reform act for Freddie and Fannie mae two years ago, and THE SAME DEMOCRATS INCLUDING OBAMA WHO REFUSED A VOTE ON IT, ARE THE SAME CROOKS THAT ARE LYING TO THE PEOPLE TODAY.
JOHN MCCAIN WANTS THEM JAILED. HE WANTS THEM TO
PAY FOR STEALING OUR MONEY, AND THEY SHOULD PAY AND THEY SHOULD BE IN JAIL FOR THEIR CORRUPTION.
WHY IN GODS NAME, DO PEOPLE WISH TO PUT INTO OFFICE
A CROOK? THAT IS EXACTLY WHAT OBAMA IS, AND IF YOU PUT HIM IN THE WHITE HOUSE, HE WILL TAKE WITH HIM ALL THE CROOKS AND RADICALS THAT HE ASSOCIATES WITH AND YOU CAN SAY GOODBYE TO ANY AMERICAN DREAM ANY OF US
HAD OR HAVE.
DOES ANYONE HAVE ENOUGH OF A BRAIN ON THEIR SHOULDER TO UNDERSTAND THE RISK OF PUTTING THIS NUT
THIS RADICAL INTO THE WHITE HOUSE?/ ANYBODY?
note; Liberals, you are part of the problem, so don't bother answering my questions because if i wanted to hear more lies and more radicalism i would put on your messiah and listen to more lies. thank you.
http://www.theobamafile.com
http://www.townhall.com
I walked up and down our busiest community street this morning,
and I asked the small business owners if that amount of $250,000 would affect them; I visited five ma and pop pizza shops, 2 pizza
franchises, a family cleaning business, a residential handyman, a
painter with only 4 employees, one small hoagie shop owned by an
old man, one hippie ty-dye clothing shop and a chinese laundry owned
by Chinese folks for three generations now.
What did I find out? THAT OBAMA WOULD BE TAXING EVERY
SINGLE ONE OF THEM. EVERY ONE. WHY? BECAUSE THAT
AMOUNT OF MONEY, $250,000.00 IS NOT NET INCOME, IT IS
GROSS INCOME.
That means it is only the amount of business done, before ANY AND ALL EXPENSES INCLUDING PAYROLL, VEHICLES, UTILITIES, RENTS, BONUSES, EVERYTHING - and every single one of these
little tiny businesses GROSS THAT AMOUNT OR BETTER... Yet,
the painter with 4 employees LOST MONEY LAST YEAR earning that much. When Senator Obama raises his taxes, quess what:
HE IS OUT OF BUSINESS AND THERE GOES FOUR MORE PEOPLE ON THE JOBLESS LIST. JOBS WILL BE LOST BY THE
HUNDREDS OF THOUSANDS. I calculated from the 36 businesses
I spoke with, that out of those 36 businesses, AN OBAMA TAX INCREASE WILL MEAN THE DEMISE OF AT LEAST 9 OF THOSE
SMALL BUSINESSES, AND FOR EVERY ONE OF THE OTHERS IT
MEANS AT LEAST 2 EMPLOYEES MUST BE FIRED.
Thats the facts; When John McCain is being blamed by Obama when it was Obama and HIS BABY - ACORN - who forced banks to loan
money to people who could not afford those mortgages, its a disgrace.
John McCain is the one who wrote the reform act for Freddie and Fannie mae two years ago, and THE SAME DEMOCRATS INCLUDING OBAMA WHO REFUSED A VOTE ON IT, ARE THE SAME CROOKS THAT ARE LYING TO THE PEOPLE TODAY.
JOHN MCCAIN WANTS THEM JAILED. HE WANTS THEM TO
PAY FOR STEALING OUR MONEY, AND THEY SHOULD PAY AND THEY SHOULD BE IN JAIL FOR THEIR CORRUPTION.
WHY IN GODS NAME, DO PEOPLE WISH TO PUT INTO OFFICE
A CROOK? THAT IS EXACTLY WHAT OBAMA IS, AND IF YOU PUT HIM IN THE WHITE HOUSE, HE WILL TAKE WITH HIM ALL THE CROOKS AND RADICALS THAT HE ASSOCIATES WITH AND YOU CAN SAY GOODBYE TO ANY AMERICAN DREAM ANY OF US
HAD OR HAVE.
DOES ANYONE HAVE ENOUGH OF A BRAIN ON THEIR SHOULDER TO UNDERSTAND THE RISK OF PUTTING THIS NUT
THIS RADICAL INTO THE WHITE HOUSE?/ ANYBODY?
note; Liberals, you are part of the problem, so don't bother answering my questions because if i wanted to hear more lies and more radicalism i would put on your messiah and listen to more lies. thank you.
http://www.theobamafile.com
http://www.townhall.com