TEAMBLOG

St. Vitus With Dancers

Dear Friends,

Almost every day we hear horrific economic news. The constant reminder of massive layoffs, high unemployment, the falling dollar, record foreclosures, prohibitive gas prices, record delinquencies in credit card & mortgage payments, rising food prices, declining property values and difficulties in securing mortgage financing are just several of the shortcomings we've become accustomed to in this state of financial instability. However, as Americans, we've been through these times of volatility before.

In todays' economic news, the downward spiral continues! The Stock Market lost 394 Points - Oil is now at $138.54 a barrel - Unemployment surged from 5.0% to 5.5% which is the largest one month increase since 1986.

In light of todays' figures, most Americans are optimistic by nature. Many of us work hard, strive to better our economic situations in a respectable manner and do our utmost to provide comfort for our families. Unfortunately, the values most Americans cherish are being desecrated due to a preponderance of decisions and factors constituted by forces and philosophies foreign to the ideals fostered by the Founding Fathers. While I have to remind myself this is a mortgage blog and such introspection may not be appropriate, I'm old enough to know better. There are certain circumstances that I've witnessed during the past several months which have created a sense of melancholy in my approach to situations which are difficult to control. Hopefully, not for long. But I can truly say, the soul of this country is changing. One day after all is said and done, I'll provide additional insights to these dilemmas and its oxymoronic component.

While our economy is exhibiting turmoils similar to a St. Vitus Dance, it's best to reenforce the positive aspects of our personalities and intellect in efforts to overcome the failings of others.

Now more than ever, if you are seeking to refinance or purchase a home, there needs to be a strategy. You need to be prepared in order to answer all questions posed by the lender and have the resources required in order to secure a loan approval.

Most borrowers should have the following information and documentation ready before applying:

1. 2 Months Bank Statements showing deposits of up to 3 months of PITI in reserves. PITI is Principal & Interest on your mortgage.

2. Know your credit score. There are 3 scores given by the credit agencies, Experian, Transunion and Equifax. The middle score or FICO score is the most important. Over 680 you should be OK.

3. 2 years 1040's and/or W2's

4. Most current last 2 paycheck stubs

5. If purchasing a property, the Realtor will ask for a PRE-QUAL or PRE-APPROVAL LETTER from either a lender or mortgage broker (MONEYTEAM) in order to proceed with the transaction.

6. You should be employed at the same job for the past 2 years continuously. If not, you should have worked in the same line of profession.

7. If you are seeking a STATED INCOME/VERIFIED ASSET loan, a 680 to 700 score is mandatory.

These are just some of the tips which will prepare you in applying for a mortgage loan. If you have any questions or concerns, please do not hesitate to call us at 323-936-3966.

IN OTHER NEWS:

We are content to know more of you are requesting a subscription to our TEAMBLOG! We're thrilled!

Remember our MORTGAGE FEE SALE ends on Tuesday, June 17th. Please call our office if you need additional information.

MONEYTEAM also has resources to provide COMMERCIAL - LAND - MULTI FAMILY - HARD MONEY financing. Please call our office for more details.

Thanks Again

Dear Friends,

It is with deep sadness that America is suffering a daily deluge of incomprehensible events of major importance. The circumstances are noteworthy as these events in the US and throughout the globe resemble those of Biblical proportions. All over the world, vast populations have suffered debilitating effects of peculiar weather patterns. Typhoons, tornadoes, hurricanes, drought and earthquakes have become the norm. The effects of chronic famine, disease, war, crime and other destructive forces has garnered discussion and whispers of the end times. The fight of the ages between good and evil has become a prelude for the moral compass and the direction of our society. Whether it be America or the world, the fight for domination for a specific ideal is a challenge all of us must focus and embrace. 

AMERICA'S CHALLENGE

The constant stream of depressing news from all angles has developed a deep inconsolable struggle in America's heartland.

The floods in the Midwest where many of our citizens have lost their homes & businesses due to the rising waters and broken levees is a source of concern. Such sights are similar to the devastation of Hurricane Katrina in September 2005. We are now active eyewitnesses to the gradual disintegration of America's infrastructure of our bridges, freeways and commercial buildings.The peculiar weather during the past several months has also created a rash of tornadoes of heightened intensity and frequency in various parts of the country. The effects are cruel as lives are destroyed and towns become inhabitable. These residents are truly devastated and many don't know where to turn for help. Even in Northern California, there are more than 800 wildfires devastating the countryside. Everyone from the firemen to its townspeople are emotionally and physically exhausted from these tragic events.

The US economy has seen better days. With continued foreclosures, most property values are dropping dramatically, with no end in sight. In some areas, real estate assets are worth less than the mortgages secured to purchase them. Consumer confidence for the future is one of anxiousness.

The 'credit crunch' has made the process of applying for a mortgage loan or other types of credit a frustrating experience. Inflation has begun to set a foothold in our spending patterns. We've become overly frugral and recognize the ultimate value of the dollar, even though the US dollar is no longer worth as much as in years past. Being frugal is not a bad concept to have in one's life. However, we are in need of consumers to spend money in order to turn this economy around. This recommendation is easier said then done. For this to happen, there are numerous hurdles the US economy must overcome in order for us to get out of this mess. The outlook is grim.

Foreclosures have brought havoc and a sense of despair to many families. Entire neighborhoods are devalued and are desolate due to the abandonment of these properties. Where do families move once their displaced? Where do older Americans go to live? Homelessness is a sad and truly devastating consequence we as a country must begin to recognize as a direct result of misplaced priorities. 

Other economic factors 'fueling' the steady plight of its population is the increasing joblessness in California and other regions of the country. Families are struggling to feed their children as a direct result of higher food prices.

The precipitous drop in the stock market of 360 points yesterday, was due to the events transpiring in the futures markets and the economy in general. The machinations of speculators driving up the cost of oil to almost $140 a barrel is a main contributing factor to the spiraling events we've been forced to become accustomed to in such a short period of time. The high cost of energy is 'fueling' the panic and there are no signs of activity ending any time soon. The President of OPEC mentioned yesterday a barrel of oil can conceivably sell for $170 a gallon later this year! Such musings can send the stock market skidding south on a more sustained path while Americans begin to grapple with $5 to $6 a gallon for gas! Our economy could not handle this event. Can a Depression be in the offering?

There are solutions for all of these problems. I will do my best to provide logical answers to the crisis America is facing, the psychology of those seeking to benefit from such strife and the destiny these events has created in our daily lives. These are tough times and tough people wiill persevere. Please check our TEAMBLOG posting on Friday, July 11th.

IN OTHER NEWS

Our office will be closed on Thursday, July 3rd at 12 Noon and reopen on Monday July 7th at 12 Noon for the Independence Day Holiday. Our office wishes you a Happy 4th Of July with your family & friends!

Thanks Again

Dear Friends,

The other day I was confronted again with the sad and depressing news pertaining to the mortgage industry and the economy in general. I needed an escape! I needed to alleviate the chronic stress in my mind associated with such developments. All of a sudden, I came across an old casette of one of my favorite singers of all time - Frank Sinatra! I said to myself, gosh, Ol'  Blue Eyes can make me feel better again! Well, I listened to Frank and relished the wonderful memories associated with listening to my favorite Sinatra song ever - 'Summer Wind'!

This song takes me back - way back to a time & place of joyful abandon! There are so many songs, not just from Frank, but from other artists that can take someone back to events of serendipity! Such nostalgia can bring tears to your eyes! This might be silly to some but 'Summer Wind' is able to provide a temporary comfort I need during these trying times.

We all need a harmless escape from such chronic bad news now and then. Whether it be music, a walk in the park, going to a movie or prayer, these are just a few examples which can help make our circumstances bearable, for at least a few hours.

In thinking about Frank, there are so many top notch artists that can take you back to a previous generation. I grew up in Detroit and have many fond music memories of Motown!

Well, it's that time again to confront the problems at hand and shake off any sense of complacency. In order to remedy your financial situation, there has to be a plan of action. In several previous TEAMBLOGS we've mentioned strategies to combat the effects of the mortgage meltdown. If you are facing FORECLOSURE, please contact our office as we will do our best to suggest methods or options which could help you overcome these problems. We're here to help.

Today is June 20th - the 1st day of Summer! The next several months can be an eternity if you are involved with financial challenges. Most importantly, remember to do the little things to alleviate stress in your life. Your health is too important to neglect!

I'll be humming 'Summer Wind' and flying my kite on the beach this weekend! I hope to find you there! 

A Few Lyrics from 'Summer Wind'

The summer wind, came blowin' in from across the sea

It lingered there to touch your hair and walk with me

All summer long, we sang a song and then we strolled that golden sand

Two sweethearts and the summer wind

Thanks Again

Dear Friends,

In the financial marketplace, there are events which are created and nurtured in order to achieve a desired result. The American economy in its status as a major force in the world as a superpower and a beacon for innovation in all of its productions, is now hampered by other spheres of economic influence throughout the world. The financial health of America in 2008 has no resemblance to the boom years of the 1950's nor to any configuration previous to the NAFTA accords.

Such agreements began the evolution of a 'global economy' where America relinquished its prominence in financial matters to the benefit of emerging worldwide markets. From the manufacturing sector to commodities, America is losing its sovereignty to other nations by its inability to master the elements of financial volatility and by its indecisiveness.

Indecisiveness? Procrastination? Ineptitude? Indifference?

Simply stated, many of the financial problems Americans are suffering today could have been eliminated, if plans for energy independence debated years ago were implemented.

This same concept could have streamlined the mess this nation will eventually face with the insolvency of the Social Security system, where there will be 72 million Americans in retirement by 2030.

In highlighting this lack of follow through, the implementation of the 1986 Simpson-Mazzoli Immigration Act, with all of its features of enforcement would have spared the headaches this country is now embroiled, with wanton disregard of our borders and the problems it fosters.

Unfortunately, these are just a few of the multitude of past decisions which are creating havoc in June of 2008.

One other major problem is the falling dollar. The American dollar is no longer viewed in high esteem. In a few short years, there are many in the world today that recognize Euros as a more stable and valued currency. Due to the rise of other currencies, America is now for sale - at firesale prices!

American goods, businesses and real estate holdings have lost their value in such a precipitous fashion that foreigners of all persuasions are buying up these assets to the eventual detriment of this country. When we hear there are foreign interests seeking to purchase Anheuser-Busch with an unsolicited bid, the Chrysler Building and other significant landmarks & businesses due to the cheap dollar, the destruction of our republic has begun in earnest. The loss of such valuable assets throughout the US, creates an atmosphere of 'financial abandonment' where Americans agree to sell anything of value in order to end the cycle of frustration and suffering due to the stressful effects of the economy. Whether such actions are portrayed as fear, greed or just throwing in the towel, the consequences are immense. 

The control of corporations and financial concerns on our territory by countries or interests outside our borders will foster financial manipulations. This activity will control certain aspects of the US economy, rendering America powerless in its efforts of autonomy or securing control of its own destiny.    

The main issue today revolves around the rising costs of energy. The staggering cost of oil is crippling the American economy and has created an outpouring of disbelief and anxiousness throughout the country. By July 4th, several economists have forecasted $150 for a barrel of oil and $4.50 for a gallon of gas. Tremors of $5 to $6 for a gallon of gas this year, will do unbelievable damage. The consequences of such musings are too painful to envision.

We need to remind ourselves that every decision adopted and applied by government has consequences beyond its intended purpose. While such actions may be considered sincere and genuine in its conception, there are interests seeking to overturn the prudent and practical concerns of an educated electorate.

I'm not an economist but I know there are discussions of economic ideas which are promulgated as sancrosanct by universities, government and financial institutions. Once accepted, the interests in all three of these spheres of influence agree to go forward.

Unfortunately, many decisions of overwhelming importance in our society revolves around the acquisition and spending of money. This major influence or preoccupation permeates throughout our country by the actions of its citizens in every aspect of one's life.

Due to this chronic and major influence notwithstanding, the events we are witnessing today are a direct result of greed promulgated by numerous individuals in their perverse desire to satisfy a thirst for money, power and control. The culprits in our society and those of other cultures have developed a philosophy of entitlement nurtured by financial and political actors eager to enrich themselves without reproach.

This philosophy has gradually infiltrated the mindset of numerous individuals to the detriment of our society as a whole. The evolution of the 'global economy' has reconfigured the American psyche in such a manner where corporate greed has become a perverse virtue by proxy.

Whether it be the greed of oil companies in the US or their counterparts in the Middle East - or the self-serving mediocre politicians elected or installed in all levels of government from the local to national levels developing agreements in efforts to pocket their own wallets - or to lobbyists employed to infiltrate the environs of government and the press in their desire to create a positive opinion of its positions -or to those Americans eager to take advantage of others by demonstrating lack of character and integrity - or just to the procrastination, apathy or naivete of the country itself, many of us are just bewildered on how we got here!

The facts are staggering!

* Gasoline at more than $4.50 a gallon.

* The end of the manufacturing industry and steel production to foreign competition. Americans no longer make anything!

* The 'outsourcing' of jobs to other countries.

* The glut of imports destroying the jobs of numerous American workers in the automobile industry.

* The influx of inferior and dangerous goods from China and other nations.

* Tainted produce and imported foodstuffs being sold without adequate inspection by US officials.

* The shakeup of the South Korean government due to plans of importing American beef which the Koreans believe is tainted and has elements of 'Mad Cow Disease'. Can you have imagined this?

* The rise of diseases once eradicated in previous years poses threats to the health of our most vulnerable citizens, our children.  

In regards to the mortgage industry, the 'meltdown' we are experiencing today is a direct result of the financial irresponsibility we have placed upon ourselves. The greed fostered by such exploits is just one aspect of the reprehensible actions of financial institutions in their quest for higher and sustained corporate profits.

In subsequent TEAMBLOGS our discussion will highlight the options Americans have in their possession to end the incompetence and the timid philosophy of political correctness which has exacerbated the ills we are confronting today.

IN OTHER NEWS:

REMEMBERING NEWSMAN TIM RUSSERT: A FEW THOUGHTS FROM A DEVOTED FAN

Americans were truly saddened to hear of Tim Russert's passing earlier today. This man of integrity and character has become an irreplaceable journalist known for fairness and objectivity in all matters of political discourse. 

There are many Americans like myself that never met him, but he was a member of the family. On a typical Sunday from 8AM to 9AM before Church - for years - I'd be glued to the TV!  He was always prepared, did his homework by being focused on his subject and confronting issues head on. He elicited noteworthy responses. As a political junkie before the term was ever devised, Meet The Press set the standard for intelligent communication and dialogue. I rarely missed his show! 

Any observer would know he loved his family immensely. He loved his father, 'Big Russ'. His book about his Dad is an inspiration! The folks from Buffalo, his hometown, must be grieving. It's so sad to know he was called Home the weekend we are all celebrating Father's Day. Our thoughts and prayers are with his family and friends.

This Father's Day is truly poignant. I'll be thinking of my Father this weekend and the sacrifices he made for our family. My Father and Dads from all generations have opened the gates of Heaven and are welcoming our beloved Tim with open arms.

Tim Russert, a man of faith, will truly be missed.

Thanks Again