Free Classifieds at Learntitle.com
Title Continuing Education

They're also reacting to the realization that the Bush administration's refusal to do anything about the housing bubble for over two years spread tons of bad debt and risk around to world banks.  So the world is staring a deep recession in the face because the Bushies decided they'd rather wait until America was in debt past its eyeballs before proposing something.

The Federal Reserve is offering to buy up another $300 billion of loans from banks, without collateral of course, to unfreeze credit markets.  How are they going to pay for that?  By borrowing money from the banks.  By printing more money.  Printing more money, by the way, increases inflation, which was at 5.4% last I checked (and that's a b.s. low-ball calculation by economists who want to pretend the economy is doing better than it really is).  In an era of stagnant incomes and rising unemployment, higher inflation will simply wreck the middle class' ability to stay afloat.

The economy has been running on credit, as everyone should be well aware of by now.  First in the 1980s and 1990s with credit cards.  Then in the 2000s with home equity.  Now that credit is being taken away in a flash.  What's left has two distinct faces: consumer borrowing is down for the first time since 1998.  While it's good that people are borrowing less, it also means they're going to spend less.  After all, incomes after inflation haven't increased in years.  Consumers without credit will have no money to spend unless one of two things happen: incomes increase (the better solution) or credit flows again (the worse option).  Raising incomes will put our economy back onto the path of health again in a meaningful way.

Oh, here's the worse economic news.  Foreclosures were running at record rates for the past 12 months or so.  Well, it turns out that the government uses numbers from RealtyTrac.  So good, so far?  Well, RealtyTrac hasn't kept track of foreclosures in 900 rural counties across the United States.  Here's a choice piece of the article:

But in West Virginia last year, it [RealtyTrac] counted fewer than 500 foreclosure notices. New federal statistics counted 12,000 notices in the state, since the start of 2007.

Heck, that's only 24 times as bad.  Who's counting?  Thankfully, a Democratic Senator in July co-sponsored the Foreclosure Prevention Act, which Congress passed in July. The bill required the Department of Housing and Urban Development to measure foreclosure rates in each state.

So amid stagnant wages, rising unemployment, rising inflation and worse foreclosure numbers than have been reported in two years, the Republicans have done a pretty good job of wrecking America's economy.  Their pursuit of making the richest Americans uber-rich has affected millions of good, hard-working Americans negatively.  That's the reason Barack Obama is leading John McCain by double digits in polls and is nearing a blowout in the electoral college numbers.  That's the reason why John McCain and Sarah Palin are inciting their supporters with hate speech.

Till vänster står Jan Marini-produkter, Bioglycolic Facial Cleanser och Night Zyme, och på kanten står en intensivtoning från Wella som El Mika rekommenderade. Den ska ta bort oönskade gula reflexer, vilket passar mig utmärkt.

Jan Marini handlar jag på Pretty Skin 4 Less, och toningen kommer från Look Fantastic.

HUD has just released details on its FHA HOPE for Homeowners program.  You can access them by clicking here.  

Here is the text of HUD’s Fact Sheet on the program:  

FACT SHEET: HOPE FOR HOMEOWNERS TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS  

HOPE for Homeowners will provide another resource to the Federal Housing Administration’s (FHA) existing efforts to aid struggling homeowners.  Under the program, borrowers having difficulty paying their mortgages will be eligible to refinance into FHA-insured mortgages they can afford. 

For borrowers who refinance under HOPE for Homeowners, lenders will be required to “write down” the size of the mortgage to a maximum of 90 percent of the home’s new appraised value.  In many instances, lenders will determine that such a reduction in principal will allow them to avoid a costly foreclosure, while helping borrowers stay in their homes.  

HUD strongly encourages borrowers to work with their current lender to determine if HOPE for Homeowners is the right program for them.  Lenders should explore all options, including HOPE for Homeowners, before issuing foreclosure notices.  For lenders, this voluntary program will serve as another loss mitigation tool that can be used to help families keep their homes.   

Sustainable, Affordable Homeownership  

HOPE for Homeowners will only offer 30-year fixed rate mortgages – so the borrower’s last payment will be the same as the first payment.  Further, this program will maintain FHA’s long-standing requirement that new loans be based on a family’s long-term ability to repay the mortgage.  Only owner-occupants are eligible for FHA-insured mortgages. 

Consistent with statutory requirements, borrowers must also meet the following criteria:    

• Their mortgage must have originated on or before January 1, 2008;  
• They cannot afford their current loan;  
• They must have made a minimum of six full payments on their existing first mortgage and did not intentionally miss mortgage payments;  
• They do not own a second home; 
• Their mortgage debt-to-income must be at least 31 percent;  
• They did not knowingly or willfully provide false information to obtain the existing mortgage, and they have not been convicted of fraud in the last 10 years;  
• They must follow FHA’s long-standing and strict policy of fully documented income and employment.  
• Homeowners must agree to share both the equity created at the beginning of their new HOPE for Homeowners mortgage and any future appreciation in the value of their home.   
• To participate, existing subordinate lenders must agree to release their outstanding mortgage liens.  

The new HOPE for Homeowners mortgage payment must be at or below 31 percent of the borrower’s income, unless there is ‘trial modification’ period prior to loan application.  A trial modification would give borrowers the opportunity to demonstrate their capacity and willingness to make a mortgage payment that does not exceed 38 percent of their monthly income.  

Funding

FHA will insure up to $300 billion in new loans.  

Program Timeline

The program will last from October 1, 2008 through September 30, 2011.   

Voluntary Lender Participation

FHA will continue to offer lenders an alternative to foreclosing on borrowers.  Similar to FHASecure, lenders will be required to write-down the outstanding mortgage principal balances to 90 percent of the new value of the property.  In many cases, reductions in principle will cost lenders less than the losses associated with foreclosure.  

Homeowners In Need Should Act Now

While lenders are gearing up to offer this new program, families should not wait to seek mortgage relief.  Right now, homeowners can determine if they are already eligible for mortgage assistance through FHASecure.  They can obtain information through any of the following options:  

1.       Contact current lender

2.       Contact a local, HUD-approved housing counseling agency at HUD.gov;

3.       Contact the HOPE NOW Alliance at 1-888-995-HOPE; or

4.       Call FHA at 1-800-CALL-FHA.

Garth Rieman I Director of Housing Advocacy and Strategic Initiatives I National Council of State Housing Agencies

444 N. Capitol Street NW, Suite 438 I Washington, DC 20001 I p. 202-624-7710 I f. 202-624-5899

Obama sought HUD grant for donor's project

*snip*

EXCLUSIVE:

Sen. Barack Obama, who vows to change Washington by trimming wasteful spending and disclosing special-interest requests, wrote the Bush administration last year to seek a multimillion-dollar federal grant for a Chicago housing project that is behind schedule and whose development team includes a longtime political supporter.

Mr. Obama's letter, however, was never disclosed publicly. In fact, the letter was ghostwritten for him by a consultant for the Chicago Housing Authority, which wanted the money - a practice ethics watchdogs have frequently criticized.

As Mr. Obama campaigns for president as an agent of change who promises to clean up Washington's money game, his role in the Stateway project raises questions about the appearance of a conflict of interest and whether he has been participating in the very system he criticizes, watchdogs say.

But complicating the picture, one of developers for the Stateway Project is a firm headed by Allison S. Davis, one of Mr. Obama's early mentors and a longtime political supporter. A founding partner at the firm where Mr. Obama practiced law, Mr. Davis and his family have given the senator from Illinois tens of thousands of dollars in political contributions over the years.

Aides to Mr. Obama said he did not know of Mr. Davis' involvement in the Stateway project when he sent the letter.

Oh my, here we go again with the "he didn't know"...

Though Mr. Obama's office said he didn't know of Mr. Davis' role, ethics watchdogs said he left himself open to creating the appearance of a conflict of interest, a situation senators are encouraged to avoid in their code of ethics.

Chicago Housing Authority officials say the practice is nothing unusual and in fact has been going on for years.

Just a normal day in the Chicago Machine, hey? Well, that explains it...3 pages worth of reading on site.

Sen. Barack Obama, who vows to change Washington by trimming wasteful spending and disclosing special-interest requests, wrote the Bush administration last year to seek a multimillion-dollar federal grant for a Chicago housing project that is behind schedule and whose development team includes a longtime political supporter....

As Mr. Obama campaigns for president as an agent of change who promises to clean up Washington's money game, his role in the Stateway project raises questions about the appearance of a conflict of interest and whether he has been participating in the very system he criticizes, watchdogs say....

But complicating the picture, one of developers for the Stateway Project is a firm headed by Allison S. Davis, one of Mr. Obama's early mentors and a longtime political supporter. A founding partner at the firm where Mr. Obama practiced law, Mr. Davis and his family have given the senator from Illinois tens of thousands of dollars in political contributions over the years.

By the way, Allison Davis also has very strong ties to our favorite political fundraiser Tony Rezko.

Yeah, way to change the way things are done in Washington...   I am sure things will be really different under an Obama Administration....  (and yes, that is sarcasm)

1. Sell the home, paying off the mortgage in full
2. Keep the home as a second/vacation home
3. Convert the home to an investment property

The most common action plan is the first one -- sell the home and pay off the mortgage.  However, with home prices poised to rebound, some savvy homeowners are trying to avoid "selling low".

Unfortunately -- as of August 1, 2008 -- waiting out the market won't be so easy. 

Burned by foreclosures and wary of risk, Fannie Mae issued new conforming mortgage guidelines that specifically apply to home buyers planning to convert an existing primary residence into a second home or investment property.

Among the highlights of Fannie Mae's changes:

Selling the primary residence
If the new home being purchased closes prior to the existing home's sale, both payments must be used to qualify the buyer for the new mortgage.

Converting to a second home
If the home has less than 30 percent equity in it, the home buyer must show 6 months of PITI reserves for both properties to qualify for the new mortgage.

Converting to an investment property
If the home has less than 30 percent equity, its rental income may not be used to help the buyer qualify for the new mortgage.

Even HUD,  issued temporary guidelines effective September 19, 2008,  for FHA Loans , wherein rental income form the primary residence being vacated can ONLY be used in case of

1. Relocation : Wher the homebuyer is relocating with a new employer, or being transferred by the current employer to an area not within resonable commuting distance.
2. Sufficent equity in Vacated Property : That is the homebuyer has a minimum of 25% equity in the property being vacated.

If it seems like mortgage rules are getting strict, that's because they are.  And they're expected to get tougher, too.  With each foreclosure and high-profile bank collapse, mortgage lenders tighten up their guidelines just a bit, freezing out the "fringe" borrower from access to mortgage money.

Mortgage rates may rise through 2009, or they may fall.  We don't know.  But what we do know is that borrowing money to buy a home will be tougher.

If you plan to buy a home in the next 12 months, consider moving up your timeframe or -- at least -- planning ahead.  Understanding the mortgage rules and how they can change may be the difference between getting approved for a home loan, or getting turned down.

The Washington Times

House Republicans defend deregulation

The Hill

RNC to file FEC report against Obama

The Hill

Supreme Court’s Direction Hinges on Who Wins ’08 Race

The Washington Post

In Nancy Pelosi's supposedly bipartisan speech to the House on why the rescue Bill should be passed in the House - the Bill that went down to defeat - she eviscerated the Republican Administration and the Republican members in Congress for the crisis - yet her party has their hands, feet, and lips all over this debacle.  After the Bill went down in defeat by 12 votes, she had the audacity to blame Republicans on national television who voted no, while 12 Democratic members of Barney Frank's House Financial Services committee - the committee responsible to the House for crafting such legislation and for watching out for the voters - voted no.  She blamed the Republicans while 5 of her committee chairs voted no.  Anyone watching would come away swearing at those dastardly Republicans.

Yes, the Republicans need to have their knuckles smacked with a ruler for not fighting hard enough to avert this problem.  Perhaps they did send up flairs that we were running into an iceberg, but since the news media protects Democrats and holds Republicans out to dry, then perhaps the Republicans were screaming and no one heard them, because they were in a media created vacuum.

At this point, you folks on the left or even mainstream Democrats are thinking, this guy is  a "kool aid" drinking right-winger.  Well my assertions are supported by the facts and timeline.  Let's examine the mortgage crisis.  I have written on this in other posts and I have some knowledge of the workings of mortgage backed securities and banking.

In 1968 Fannie Mae was spun off as a Federal Agency to become privatized, but was really a quasi private organization.  It had heavy oversight from members of the Democratic Party.

In 1970 Freddie Mac was created by the Federal Government, and the Fannie Mae model was followed.

In 1977 the Community Reinvestment Act, CRA, was enacted.  This was during the Carter Administration and the purpose was to ensure that banks were giving low income families credit.  This law allowed community groups to interfere, so to speak, with banks wanting to expand, open branches, or to merge.  To not appear racist and to avoid the stick in the eye from community groups, banks started to make questionable loans to people who did not qualify solely on a credit perspective.

One community group, the Association for Community Organizers for Reform Now, ACORN, became a major player among community groups with an organized and concerted effort to force banks to make loans to people who strictly on a credit basis were poor risks.  Under CRA, Acorn complained about one particular bank - that is did not make the kind of loans required under CRA.  Barack Obama was a community organizer who helped ACORN effectively use CRA to punish banks that did not make ill advised loans to people with limited ability to repay.  With Obama's guidance, ACORN took the bank to court and won, effectively lowering credit standards nationally.

Fannie Mae was prodded by the Clinton Administration, circa 2004, to buy these questionable mortgages now being generated by banks under CRA and ACORN pressure.  The move by Fannie Mae to accept these underperforming borrowers signaled to other financial institutions that this was now the way to go.  Since Fannie Mae really had unlimited money due to its government backing, it began to buy these mortgages in earnest from banks, freeing up cash for the banks to make more of these loans.  The sub-prime mortgage market was founded.

This was the start of "affordable" housing for persons who might not ordinarily qualify for a mortgage.  Actually at the end of the Clinton Administration, HUD (Department of Housing and Urban Development) told Fannie and Freddie to keep making these loans until these loans equaled half of their portfolios.   Seeing dollar signs, mortgage lenders jumped on board, due to the lucrative fee income from the program, and broadened the borrowers to include higher income people buying condos and other properties.  By using the same criteria of a no documentation loan, i.e. not providing income and employment verification, and requiring little or no down payment, the sub-prime mortgage program expanded to the mainstream with upscale properties.

Democrats had been pushing these programs as a means of helping those with little means to obtain homes.  Republicans just did not pay attention.  Democrats in their effort to make this a noble thing, failed to understand that credit and borrowing needs to make sense.  Just because you put someone into a home with little down, an artificial short term low interest rate and with little capacity to pay, to help them you are  not necessarily doing a good thing.  You cannot ignore the reality of payback, of credit repayment, and the reality of where is the money coming from.  The Democrats from Barack Obama through Barney Frank did just that - they ignored reality, because they apparently knew better than the experts.

Two Democrats, Chuck Schumer and Barney Frank, have been the lead Democrats in supporting Fannie Mae.  These two among others were the enablers.  Schumer and Frank used Fannie Mae and Freddie Mac for political benefit.

Now the real fun begins.  When sub-prime mortgages are initiated they are often placed into a group of other mortgages as security for a sale of these instruments to private buyers, at least it started with private buyers.  This is called securitization - a mortgage backed security has now arrived.  These are sold to institutional investors or investment banks.  Often these are then combined and repackaged as collateralized mortgage obligations, CMO's, and then placed into tranches based on risk level.  Often these are given credit enhancement insurance to make the package market worthy and balance rate versus risk.

The more these tranches were commoditized and were moved throughout the financial markets easily.  This new market created even more money to lend to create more of the loans - the spiral cycle began.  The Achilles Heel to this pan was that the weak borrowers had to keep up with payments and property values had to continue to increase.  The gas crisis and other slowness in the economy start the whole cycle to unravel.  As housing prices dropped, weak borrowers who had no equity in their home just stopped paying, creating a flood of foreclosures.  As foreclosures flooded the market, housing prices dropped even further, thus continuing the cycle.  Credit insurance could not keep up with these out of equity defaults.  Mortgage securitization plans in the past have not worked, yet we embarked on it again.

In 2002, the Wall Street Journal, published a story on the risks of Fannie Mae, being Enron like, and the state of the mortgage market coupled with housing prices. Fannie Mae Enron? Year's later A Wall Street Journal video on this issue that describes the Democrats reaction to being told that this was becoming a risky matter can be seen with a click of your mouse.

The Bush Administration on September 10, 2003 told the House Financial Services Committee that more supervision was needed for Fannie Mae and Freddie Mac.  Barney Frank at that time the ranking Minority member of that committee told John Snow, Treasury Secretary, that these two entities were financially fundamentally sound and that affordable housing would be in danger if controls were placed on these entities.  Affordable housing cannot come from magic, if the borrower is not well suited to the loan, then problems happen for the borrower and the lender.

In 2004, Clinton appointee, Franklin Raines, head of Fannie Mae stepped down and transactions of Fannie Mae under Raines are still under investigation for cooked books by the Security and Exchange Commission.  During Raines' term, he earned $90 Million in five years.  Raines is still a key Obama advisor.  In February 2004, The Federal Reserve Chairman, Alan Greenspan, told Congress that regulation of Fannie Mae must be strengthened or we will face the possibility of insolvency and crisis.

In April 2005, the Bush Administration managed to get the Senate Banking committee to approve regulation for Fannie and Freddie, with all Republicans voting for regulation and all Democrats voting against regulation.  The measure failed because in the Senate you need 60 votes to pass a measure and the Republicans did not have 60 members.  This bill could have prevented a number of the problems we are experiencing currently.

In April 2005, Senator Schumer told his colleagues in Congress that things were good in the housing market and that radical change was not needed - he was referring to Fannie Mae and Freddie Mac.  In fact Schumer's colleague Chris Dodd, at the time ranking member of the Senate Committee on Banking, Housing, and Urban Affairs received $165,000 for Fannie over 20 years and a questionable mortgage from a giant sub-prime originator Countrywide Financial.  Obama received a whopping $126,000 in only 3 years - tell me they did not want him in the White House.  Republican Bob Bennet received $108,000.  John McCain, received during his long tenure in the House and Senate $21,000.

In 2006 Senate Republicans tried again with another bill co-sponsored by John McCain.  Again party line voting blocked the measure - Democrats, now in the majority, were in lock step to block regulation.  In September 2008, Chris Dodd told his colleagues in the Senate that this entire calamity was foreseeable and preventable.  Between 2005 and 2008 Fannie and Freddie added a trillion dollars of these securities.

The Democrats whose hands are covered with the mortgage meltdown mess are: Senators Charles Schumer, Barack Obama, and Chris Dodd, Congressional Representatives Barney Frank, and Maxine Waters.  Yet, if you find a microphone in a Capitol hallway, you will most likely find one of these people in front of it slamming those "deregulation" Republicans, in Congress and in the Administration, blaming them entirely for the financial crisis.  Pelosi and Reid know better, but they can without hesitation slam the Republicans for this mess, without missing a heartbeat or blinking.  Democrats are much better politicians than Republicans.

Content is derived from the Wall Street Journal, Fox News, and a career in consumer finance.  When it is finally posted you may be able to watch an eye opening special on the crisis called Saving Our Economy - What's Next? at hulu.com/fox-new-specials.

Masken jag valde var späckad med c-vitamin och ingefära, och ett strålande resultat utlovades.

Masken är alltså ingen traditionell kräm, utan en tygbit indränkt i serum som man ska lägga på ansiktet. Det är inte helt lätt, och jag fick trycka till den ett par gånger under verkningstiden. (Fast det kanske är jag som har ett för litet ansikte...) I början känns det kallt och blött, men efter ett tag känns det ganska behagligt. Efter 15 minuter drar man av tyget och torkar bort överflödigt serum med en näsduk. Det stod inget på förpackningen om att man skulle smörja in sig efteråt, men det gjorde jag i alla fall.

Om jag fick så mycket mer strålande hud efter behandlingen vet jag inte, men visst, lite rosigare om kinderna är jag.

Pris: 20-30 kr (tittade inte, slängde bara ner den i korgen) på H&M.
Betyg: Okej, inte mer.

Eftersom jag bara provat den en gång är det alldeles för tidigt att säga något annat än att krämen känns skön på huden, tränger in snabbt och kladdar inte. Och oj vad len man blir! Ett längre omdöme kommer när jag har gett den lite tid, men än så länge är jag positiv.

First, how does this help struggling homewners? It seems to me that if the city now has $7 million to buy up, renovate and then resell property they would benefit from having more foreclosures on the market. With more foreclosures available the city will have a greater choice when selecting which properties they wish to invest in. This creates quite a conflict of interest for the city wouldn't you say? I mean if a family stays in their home and pays their taxes the city might make $1,800 a year off that property but if the family is foreclosed on and the city buys, renovates and then flips the property they stand to make $10k+ right now, plus the taxes, depending on property values in the area and how quickly the property sells.

Secondly, whose going to get the contracts to do the renovations on the properties the city is purchasing? It only seems fair that the city should use local contractors. I personally know several quality, qualified, hard working contractors who are starving for work. Not to mention the Vizion crews who while by no means are starving would always appreciate more work.

It would be a real shame if the city decided to bring in crews from another city to do this work when so many contractors in Kansas City are going weeks without a job. Sadly if outside crews were brought in to do the renovations this wouldn't be the first time. The construction currently being done on Bannister road (95th in Kansas) is being done by Chester Bros. Construction of Hannibal, MO. Not a Kansas City company.

Third, $7 million dollars won't even make a dent in the foreclosure problem here in Kansas City. Especially when you take into account that the $7 million also has to pay for the materials and the labor involved in the house flipping business. I figure at least 20% of this money will be lost in operating expenses before a single home is even purchased. Just thinking about all the additional office personal necessary to run this operation is making my head spin. Accountants, Contractors, Realtors, Office Managers, Inspectors and the list just keeps on going. Then of course you've got to count in all the office supplies needed pens, paper clips, staplers, computer, printers, desks, office space, etc. We could lose half a million dollars just getting the supplies necessary to set up the operation.

Fourth, where exactly in the city is this money going to be invested and how are the profits going to be used? If the city even plans on making a profit they are not going to make any money by investing in the urban core unless their planning on implementing a buy an hold strategy with section 8 rentals. Is the city even aware of profitable real estate investment strategies or have they just seen a few episodes of Flip This House and figured they can do it too?

If the city really wants to make money flipping houses they should seriously consider working with an established real estate investment company such as The Vizion Group. With our help and our proven system of investing in real estate we could actually help the city more than the city could help itself. Listed below are just a few ways Vizion could assist Kansas City with its investment needs.

1. We would make sure that the city would make an incredible return on its investment infact they would probably end up at least doubling their money every year.

2. All of our crews and the additional crews we would bring on would be based in Kansas City thus we would actually be increasing the number of jobs in the city while positively impacting the local economy I call that a win win.

3. If the city invested this money with The Vizion Group it would significantly reduce the expenditures necessary to set up this operation. Vizion already has the office space and the personal needed to run an operation of this magnitude and in the event we need to bring on additional personal that cost would be on the company not on the tax payers.

The city should be forewarned that flipping houses can be very rewarding but more often than not its stressful, time consuming, and labor intensive not to mention it also has a costly learning curve, just ask any seasoned investor. Our proven system of investing would put the city in a passive position away from the day to day stresses of flipping houses and most importantly would make the city a lot of money. If any city officials or member of HUD would be interested in discussing this further I can be reached by email at justin@vizionkc.com or by phone at 816-437-8386. I hope to hear from you soon.

vizionkc.com

-- Justin of Vizionkc

Homeowners should be advised to seek out the non-profit agencies that can assist these homeowners without charging a fee and real estate brokers who can represent the homeowner for a fee paid after they have completed their work.  There are programs that will go in effect the  middle of October - There is Hope! 

But there is a potentially troublesome problem looming for the FHA: New loan volume is exploding -- tripling in the past 12 months alone -- and Congress has handed the agency the responsibility for almost all the government's efforts to keep economically distressed homeowners out of foreclosure by refinancing their unaffordable loans.

The FHA says it needs to hire more staff and upgrade its technology to be able to handle the crush of new business, but it complains that Congress hasn't appropriated the necessary funds -- $65 million -- to do the job fast enough. Capitol Hill appropriations committee staff dispute some of that, but the specifics of the arguments over dollar amounts aren't the issue.

The real question is this: Can a government agency whose market share dropped below 3 percent during the heyday of the subprime boom now properly handle explosive volume rocketing it to an estimated market share of 30 percent this year? Are both the agency and Congress -- which controls the purse strings -- up to the task?

Mortgage industry, home building and real estate experts worry about the possible consequences of shifting too heavy a share of the mortgage market too quickly to an agency that may be inadequately staffed or funded. Howard Glaser, who served during the Clinton administration as acting general counsel for HUD, the parent department for the FHA, worries that loading on too much business without properly funding staff and technology upgrades raises the odds of breakdowns.

"FHA is assuming the risks of a mortgage market abandoned by private investors -- without the risk management tools," he said. "My fear is that next year at this time, we will be debating an FHA bailout."

Steve O'Connor, senior vice president of the Mortgage Bankers Association, agreed there's danger lurking in the massive increases in business going to the FHA. "You just can't expect to fit that amount down the same size pipe -- you've got to expand the size of the pipe" by funding additional staff and technology, he said. "It's a very serious concern."

Other industry groups, including the National Association of Home Builders and the National Association of Realtors voice similar worries. Dick Gaylord, president of the Realtors, said "if [the FHA] is truly going to serve its growing constituency," it will need more money and people.

The FHA -- for years the forgotten federally controlled stepchild of an industry dominated by Fannie Mae, Freddie Mac and the Wall Street mortgage bond machines -- is now insuring more than 140,000 new loans a month, according to agency statistics. It has $400 billion in outstanding loans in its insurance portfolio and runs its home mortgage business with 937 employees in offices spread around the country. The agency wants authorization to add 160 employees immediately.

Though historically a resource for first-time buyers, minorities and people with imperfect credit, the FHA increasingly is the go-to place for people who have above-average credit backgrounds but lack -- or choose not to use -- large amounts of down-payment cash. In August, according to agency data, approximately 23 percent of new FHA home purchasers had FICO credit scores above 720 -- far beyond the proportion of prior years. In the same month, just 12 percent had FICO scores below 600.

With mortgage limits extending into the jumbo category, the agency is attracting large numbers of customers from high-cost areas of the country, especially California and the mid-Atlantic states. One of 10 new borrowers in August was from California.

To some mortgage lenders and loan officers, the FHA is now the main game in town. "Nothing competes with them," said Paul Skeens, chief executive of Colonial Mortgage Group in Waldorf.

Fannie Mae and Freddie Mac, both now in federal conservatorship, have steadily added fees to the point where "they just aren't competing with FHA on down payments or costs," Skeens said. In 2001 and 2002, Skeens' firm did just one-quarter of 1 percent of its volume in the FHA. Now it's 60 percent.

"The last thing we need right now, with the shape the housing market is in," he said, "is for FHA not to function well."

By Kenneth R. Harney

Feels like the world got a little warmer this week.  I guess that’s what happens to a world that loses the coolest guy in it. Well world, they say sometimes, in times like these, the best thing you can do to keep from boiling over is to try thinking cool thoughts.  So I thought it would be a good idea to take a break from the regular ranting and raving this week to just remember some of the coolest moments from a stone-cold legendary career.  Read the entire article here.

The operations may target practitioners who either have complaints filed against them or who are found to be in violation of fair housing advertising laws.

Recently it was announced that HUD has charged a Jonesboro, Georgia real estate practitioner with steering. Steering occurs in its most common form when an agent directs customers to specific neighborhoods based on the race of the customer rather than by showing customers properties based on the customers preferences or desired area of purchase. In the Georgia case, the Coldwell Banker firm that the agent works at has also been charged with violations of the Fair Housing Act. Members are encouraged to remain vigilant in our training and education of fair housing laws and issues within our firms and our associations.

>>>>> Click Here to read more about this case

Qualifying for a HECM product is very easy and you only need to meet a few criteria. You need to be 62 years of age or older, use your primary residence, keep the property up to code, keep the taxes and insurance up to date and the Loan to Value of the property ( this determines how much you can get)...and that's it.  No credit scores, payment histories, other assets or bank accounts are ever needed to qualify.  You can even be in foreclosure and still get a Reverse Mortgage as long as you meet the qualifications stated above.

In general, HECM's are used for so many purposes.  Such as, a source of income other than Social Security, or using the money to subsidize their Social Security or a Pension that's not paying enough.  Or, money to pay additional doctor bills that aren't covered by Medicare.  Seniors have also used the money to take well deserved vacations that they normally couldn't afford to take before they retired.  They can also use the money for needed home repairs.  How about money for a rainy day or sudden emergency or gifting for college for their grandchildren.  The needs are endless and the beauty is you never have to pay it back for as long as you live or live in the primary residence.

Before HUD made changes to this type of loan, The Reverse name was synonymous with "bad loan"...but not anymore.  For ten years now, after HUD made so many changes to finally protect the Seniors, the HECM loan has been growing in the market as one of the best things to happen for Seniors.  In fact Wells Fargo has sold over 400,000 Reverse Mortgage loans in the past ten years and growing at an alarming rate. Some of the advantages a Reverse Mortgage are as follows:

1. You never lose the house to the bank

2. You never lose Title

3. You never can borrow more than the home is worth

4. Use the money for any reason

5. The money is NOT taxed

6. Your heirs are never responcible (non-recourse) for paying back the bank after your death

7. Never make any payments for the rest of your life

8. Pay off existing liens and/or debts

9. Use the money to buy a 2nd home

10. Repair your home and never make a payment

11. and much much more...

Here's another thought...  Let's say a baby-boomer is just turning 62.  Instead of applying for Social Security payments, he/she can apply for a HECM loan to subsidize his/her income.  Wait until they're 65 or even 67 before applying for Social Security and reap the benefits of getting a larger payment at the later age from the government.  The HECM can also save you from taking from your investments to help subsidize income.  Plus there's no taxes with a HECM loan.  Or...how about applying the HECM to purchase a 2nd home and probably pay cash (depending on how much you qualify for) and still NOT have any payments for the rest of your life...pretty terrific.

So that's it for now...I'll be adding more in the coming days and weeks so stay tuned.  Please let me know what you think about my post or ask me for a Reverse Mortgage Guide that I can send you.

En gång i veckan gör jag en syrapeel, just nu använder jag en salicylvariant. Salicylsyra gör rent porerna på djupet och minskar inflammationer i huden, och är därför bra mot pormaskar och finnar. Dessutom får man så underbart len hy!

Efter att jag rengjort huden duttar jag på gelen i hela ansiktet med en bomullspad. Därefter sätter jag timern, jag tycker att det räcker för mig med fyra minuter, men jag är å andra sidan rätt van vid syror. Det sticker och pirrar lite i huden, men det känns inte obehagligt. När tiden är ute sköljer jag ansiktet med ljummet vatten och klappar torrt med en handduk. Sen smörjer jag in mig med min vanliga nattkräm. Eftersom man kan bli lite röd gör jag alltid peel på kvällen, så att huden kan återhämta sig under natten. Det är också normalt att bli torr och flaga, men det går över efter ett par dagar.

Peelen finns att köpa på Skinlaboratory.com.