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October 4th, 2009 8:51 PM

Dear Friends,

I debated whether I should write about my experiences in which 'all hell breaks loose' when loan originations go bad. Well, I do consider myself a kind soul in the midst of chronic conflict where trust and communications amongst the various players in any financial transaction can lose their way. Nevertheless, there are instances where everything imaginable can go wrong and one can throw the kitchen sink at it or 'throw the baby out with the bath water' in utter desperation and the problem resurrects anew. While in 27 years I have had the occasion in witnessing and unwittingly becoming involved in stressful situations which can humble one's persona, I am of the opinion there are times where events such as these need to be recounted in order that history does not repeat itself. Lessons learned are always beneficial in one's personal growth which brings an understanding of the importance these tribulations can have in shaping our demeanor and development in later years. These circumstances eventually do us good as it shapes our character and ultimately provides the basis for the attainment of wisdom.

Most of us will agree this year has seen the dramatic forces of dissent rising to a new accord, where democracy as envisioned by the Founding Fathers has begun to be recognized and utilized. Whether a 'silent majority' has been awakened by powerful interests in detrimental efforts seeking to direct this nation towards a bottomless pit, there are Americans of humble origins which possess the higher calling of discernment in confronting conflict and overcoming obstacles to end the scourge of despotism. While we need to be reminded of the inherent sacrifices many Americans throughout history have made for our liberty, there is a concerted effort by new entities fomenting a desire to control our lives for consolidation of their power at all costs.

With this backdrop, there are disturbing realities which were created by previous decisions and legislation where government and business interests have destroyed the peace of mind of many Americans. The derision we feel when unemployment continues its upward movement to a high of 9.8% as reported this past Friday, we are continually reminded of the disgrace and contempt many citizens feel for their government and those responsible for the pain and suffering many Americans must continue to endure. The choreography of dissent in 'throwing the bums out' is being heard convincingly by those affected by the repugnant concentration of corruption, incompetence and greed we've become to know exists and has promulgated parts of this country towards a genuine economic Depression. While in 1973 Americans were made aware of a 'Cancer on the Presidency', this same remark can be construed as an effective prose in the offices of those we've entrusted to represent the interests of its many citizens. Foreclosures, rising bankruptcies, chronic unemployment, the entombment of classic journalism and the prurient nature of a culture which delves in the incessant invocations of moral bewilderment, America is beginning to lose its bearings to the gratification of those willing its demise. While America has many problems, there will come a time when the circumstances in which we are so intrinsically involved, will eventually find a solution. The day of reckoning is coming soon enough.

Every day in the news we hear of banks going under or being purchased by much larger banks. The TARP funds approved by Congress was given without enforceable requirements to many of the major banking institutions, in a concerted effort to use the funds to help consumers apply for business and home loans. This plan was devised to stimulate lending and thereby give a lift to the ailing economy. Unfortunately, the banks decided it would be best to utilize tax payer monies given by the Treasury, in purchasing other smaller banks and hoarding the monies for their internal bottom line, prolonging the economic misery we are plagued with today. This development has created unintended consequences whereby banks of behemoth proportions are in effect 'gobbling' up smaller banks or financial institutions. The aftermath of this current 'PacMan' approach sanctioned by powerful interests will eliminate competition by raising banking fees, interest rates and the reduction in service. By all accounts this activity has enlisted the workings of an ultimate irony in its makeover, by resembling the grandiose bureaucracy of the US Government! Such is the score today, as we are now susceptible to an out of control largesse which fuels a dysfunctional approach of administrative bungling, all too familiar to most Americans. Whether the attributes of competence or lack thereof administered by those at the Post Office, Amtrak, Medicare or any other government run agency is a self-fulfilling prophecy, this model or template of ineptitude is coming or has arrived to a financial institution near you. 

Next week, I will briefly continue highlights of experiences which I have come across just recently, which has fostered my concern and frustration in regards to the future of mortgage transactions.

Rates Are Down!

Mortgage rates are lower today. Due to the effects of the economy, the bond market has shown continued movement during the past several days. MoneyTeam is now offering a 30 Year Fixed @ 4.625% at a 0.750 cost and a 15 Year Fixed at 4.125% at a 1.50 Point cost on Conforming loan requests. Please check our website for more details. We also encourage your review of our 20th Anniversary Promotion throughout the entire month of October for savings on mortgage fees. Please call our office at 323-936-3232 for additional details on Jumbo & Super Jumbo loans.

20th Anniversary Celebration Continues!

We want to thank our previous clients and those in the mortgage industry that have wished us the best during the past several days. We are truly appreciative of the wonderful letters and emails we've received! Your support of MoneyTeam is endearing! We thank you!

Thanks Again      

    


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Posted by Jesse Dorado on October 4th, 2009 8:51 PMPost a Comment

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