Traci Gregory, Financier

We are an FHA Direct Endorsed Lender

I’ve read with dismay about the people giving up their houses, going to credit counseling, trying to make ends meet.

The biggest bill most of us pay is for rent or for our mortgages, and for some reason the news makes it appear that there is no mortgage money when in fact there is quite a lot.

The credit crunch could affect mortgage money availablity, but it has not. 

I’ve been a mortgage banker for 20 years . . . and I know that refinancing a $250,000 mortgage that is at 7% ($1630/month)  to 6% or less ($1498/month)  would make a positive change in any budget.

• People with questionable credit can refinance with an FHA loan, even if their loan isn’t an FHA backed loan now.
• Streamline refinances are done with no appraisal, and in a lot of cases, reduced fees, to help homeowners stay in their houses.  For conventional AND FHA loans.

This is a time to hunker down, figure out how we’re going to get through the next few years, and giving up the time and money we have invested in our homes is not a good way to start a hard run!

I understand that Cobb County’s revenues for intangible taxes and real estate filing fees was averaging between $2 and $3 MILLION a month in 2007.  Now, they are at less than $300,000 a month.  Even the local government is feeling the pinch of the fall in real estate business.

I recommend that everyone who owns a home and is paying more than they are comfortable with look hard at all the options for refinancing and lowering their payments, particularly if they want to get into a 30 year fixed rate, plain vanilla, feel-safe-to-everyone mortgage.

I also highly recommend that the Real Estate Professionals in the area get more familiar with FHA and for people outside Cobb County, Rural Development loans.  THAT MONEY IS WAITING TO BE SPENT!

There IS down payment assistance money – for homeowners who don’t have cash to close.  We can revive the economy on a local level, but only if we don’t give up on it.

Should you take Cramer's advice and quit the Market?

“Whatever money you may need for the next five years,” Jim Cramer told the legions of Cramericans yesterday, “please take it out of the stock market right now.”

From Agora Financial's 5 minute forecast:

"Mr. There’s always a bull market somewhere” officially checked out of the current market, suggesting that a the current drama could cause “as much as a 20% decrease in the stock market.”

You don't have to run screaming from the market and take losses today because Cramer said to.  You can take a loan against your portfolio to hedge against losses; non-recourse loans mean that if your stock tanks, you can walk away.

I don't recommend making any decision on the emotions we're experiencing now.  Check out your options, take a deep breath, then sleep on it. 

If you'd like a quote on a particular stock, I can give it to you  via e mail.  I'll need:

• symbol
• value
• state of your residence
• whether or not you are associated with the company

I'll get a quote for you as fast as I possibly can.  Loans tend to close in ten days or less, unless they exceed the ten million mark.

Common shareholders, non-affiliates and insiders who are holding stock that trades at least $25K a day in volume can access millions in cash simply using their stock as collateral.

Manage the risk of owing stock in this market by taking out a stock loan.  If you have $1 million in stock you can borrow $500,000.00 now and if the stock drops in value during the loan you can walk away from the loan without any negative impact on your credit.

If the stock increases in value you can capture that appreciation. There is NO fall-back position to selling your stock.

Done is done.

Use a stock loan to hedge your position instead of abandoning it.

“Whatever money you may need for the next five years,” Jim Cramer told the legions of Cramericans yesterday, “please take it out of the stock market right now.”

From Agora Financial's 5 minute forecast:

"Mr. There’s always a bull market somewhere” officially checked out of the current market, suggesting that a the current drama could cause “as much as a 20% decrease in the stock market.”

You don't have to run screaming from the market and take losses today because Cramer said to.  You can take a loan against your portfolio to hedge against losses; non-recourse loans mean that if your stock tanks, you can walk away.

I don't recommend making any decision on the emotions we're experiencing now.  Check out your options, take a deep breath, then sleep on it. 

If you'd like a quote on a particular stock, I can give it to you  via e mail.  I'll need:

• symbol
• value
• state of your residence
• whether or not you are associated with the company

I'll get a quote for you as fast as I possibly can.  Loans tend to close in ten days or less, unless they exceed the ten million mark.

Common shareholders, non-affiliates and insiders who are holding stock that trades at least $25K a day in volume can access millions in cash simply using their stock as collateral.

Manage the risk of owing stock in this market by taking out a stock loan.  If you have $1 million in stock you can borrow $500,000.00 now and if the stock drops in value during the loan you can walk away from the loan without any negative impact on your credit.

If the stock increases in value you can capture that appreciation. There is NO fall-back position to selling your stock.

Done is done.

Use a stock loan to hedge your position instead of abandoning it.

Bits and Pieces

So, the Donald is going to bail out Ed McMahon on his $4.8 mil mortgage.

Wonder how many regular guys he could bail out with that kind of money? 

~~~~~~~~~~

Countrywide Financial Corp. is the subject of yet another federal investigation: the Federal Trade Commission (FTC) is investigating for possible violations of federal laws in the servicing of its $1.49 trillion loan portfolio.

Aren't they the ones foreclosing on McMahon?

~~~~~~~~~~

From the Associated Press:
After a full six months of investigating appraisals in the US, an independent federal agency known as the Appraisal Subcommittee says the nationwide system set up to monitor appraisers because of the savings and loan crisis (?) did little to prevent appraisers, real estate agents and mortgage brokers from colluding to inflate home prices during the housing boom.

There just don't seem to be any appraisers with a backbone in this country . . . I read everywhere that they were coerced into high values . . . Please.

~~~~~~~~~~

From the Wall Street Journal:
Are Obama's tax cuts The New Tax Welfare? Is he proposing to create or expand government spending programs disguised as tax credits?

I didn't know he had thought up tax cuts - I thought he just wanted to make sure we were all at a 54% income tax level, in addition to paying for capital gains, and, oh, yeah, when we die . . .

Pax et bonum

I.O.U.S.A. the Movie