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Dear Friends,

Every time I turn on the television, glance at the newspaper headlines, listen to current events on the radio or come across the bold and colorful displays of news footage on the internet, there's the continued refrain of gloom and the exasperation of a society without solutions or an intelligent direction to stem its preordained entrance into utter ruin.

This great nation is in a storm of its own making by fostering incongruous remedies in futile attempts to end the tumult of an economic disturbance. These new powerful voices dredged from parts unknown are making their voices heard in profound and disturbing ways. When we hear a government official praise the character of Mao Tse Tung in a graduation ceremony at a university, when we are informed America is not a Christian nation, when government efforts to intimidate, dismantle and to destroy the viability of a news organization similar to activities of a bygone Nixonian era, when a suggestion is made that America's health care system should emulate that of Cuba's, I feel as though I'm transported by train not to my birthplace of Havana nor to Santiago De Cuba, the birthplace of my beloved mother, but to the last stop on a bewildering journey destined to be fulfilled in The Twilight Zone!

In regards to the economy, we are reminded by sources in unified acclamation that the Recession is over, only to learn the 'jobless recovery' is considered a 'new normal' where double digit unemployment will continue to reign throughout 2010 and when a trillion dollar deficit is construed as a temporary planned anomaly insuring the suffering of future generations. This is just a few of the numerous events providing suspense and drama in chapters of a treatise, where the major plotline involves the gradual and planned forfeiture of American sovereignty and the loss of its freedom. This conflagration is to benefit the mediocre minds of a philosophy devoted to a desolate inspired form of governance, in which the free market system is an affront to the liberty and the standard of living Americans have acquired and enjoyed since its independence. Americans have become unwitting participants in a political novel where the most powerful cast of characters suffer from ailments too graphic to be disclosed, taking up residence in the nations' capital and in the boardrooms of billion dollar corporations and the main street media. We have become privy to their thoughts and aspirations by acknowledging a different vision of the responsibilities and the values inherent in a democracy.

Limited government and the will of the people are basic standards which provides the opportunities and the positive attitudes required for sustaining a Republic with high ideals and principles. To desert one's convictions or compromise to gain temporary favor to end intense pressure promulgated by an opposition, is not courageous nor has elements of true bravery. 

If you are a regular reader of the TeamBlog, you know very well of my steadfast views in regards to the displays of hubris, incompetence, greed and corruption that has infiltrated important elements of our society. From Wall Street, government and the media, this triumvirate has harmed the sacred trust of all Americans by its abdication of its responsibility. The devastation of many lives through foreclosures, unemployment, bankruptcies and the loss of respect and dissention amongst our neighbors, these unfortunate developments has ushered in a troubling status quo where optimism is replaced with fear and anxiousness.

While Americans are being subjected to an ordeal of such magnitude, the time in which we appreciate and come to terms with our destiny is on the horizon. 'Hope does spring eternal' and the suffering of many will soon come to pass. There are solutions to these problems. In upcoming TeamBlogs, I will devote my time in providing sane and methodical exchanges of thought, where options are revealed to help dismantle the grief we all recognize and hope to conquer. Without God's help and guidance during these troubled times, America will never resolve its vast problems. The day His presence is no longer a priority in our precious lives, the promise and the experiment of America invented 233 years ago, will unravel to the detriment of us all.

Our 20th Anniversary Sale Ends 10/31/09

Saturday, October 31st is the last day of our Anniversary Sale. Throughout this month MoneyTeam has offered impressive savings on closing costs. This will be the last promotion planned for this year. If you are a First Time Home Buyer, we encourage you to call our office at 323-936-3232 for more details on securing the financing required to meet the November 30th deadline for the $8000 Tax Credit. For others, let us help you in your Refinance or Purchase loan request. We are here to help! 

Mortgage Rates Are Inching Up

If you are on the sidelines, we strongly suggest you apply for your particular loan request today. We have noticed a rise in interest rates due to the activity in the bond market. Also, with the Holidays fast approaching, there will be delays. It's a smart idea to plan your closing early and beat the crowds!

MoneyTeam is now offering a fixed rate at 4.750% for a 30 Year loan and 4.250% for a 15 Year Fixed. Both loans are under Conforming guidelines at 1 point cost. We also have impressive Super Jumbo loans at great rates! For loans over $2,000,000, please call our office at 323-936-3232 for more details.

Thanks Again    

Dear Friends,

Around this time every Autumn, I'm reborn!  The trappings of a busy, goal oriented life continues, even though several obstacles prevented my efforts in writing the TeamBlog which was scheduled to be posted several days ago. If it weren't for my excitement in celebrating a birthday or taking a day off from work on Monday for Columbus Day or my curiosity in watching a snippet of Sidney Poiter's reprised portrayal of a police detective in the 1970 film, 'They Call Me Mr. Tibbs!' or the shocking death of Macarena in the telenovela 'En Nombre Del Amor' or the heavy rains in Los Angeles which destroyed the power line to my house creating a power outage for over 24 hours, I must say I'm in good spirits and not worse for wear! I also was delighted to receive my first phone call of the day on Tuesday from 'Bobby', a splendid octogenarian client and a wonderful friend for many years, as he recited verbatim 3 Rodney Dangerfield jokes, too scandalous to mention here. But I must say that I too at times fall victim to the antics of others and get no respect! Well, that's life! During my Freshman year at college my English 101 Professor always mentioned that 'life is not a bowl of cherries'. At the ripe old age of 54, I've known this from the day I walked in her classroom 36 years ago!

Loan Stories From Our Vault

In recalling the previous post of our TeamBlog, I mentioned there were times throughout the years where a handful of   loan originations have gone into a cesspool where Murphy's Law was duly incorporated. There are the run of the mill stories where clients quit their jobs in the middle of the loan process and are astounded when the bank denies the application after securing an approval just weeks before. There's another story where elderly clients within the hour of signing refinance loan documents, left the escrow office, got in their car, turned on the radio and heard a competitor offering an all expense paid trip to Hawaii for 'free'. The borrowers immediately called to cancel the loan just agreed upon, reapplied and was approved by the bank offering the trip, only to discover, the 'free' trip was not 'free', as the expenses for the trip were hidden in the closing costs and the interest rate went up during the processing of their new loan!

Another story which has happened more times than I care to remember revolves around a refinance or purchase transaction which MoneyTeam secured for a client in the past. This same client decides to submit an application to another lender or mortgage broker only to recognize the rate and the fees charged were much more than MoneyTeam would have requested in the first place. The embarrassed client requests that I review the closing statement, only to be made aware of the misfortune of paying higher closing costs and the awkward explanation which follows of not submitting an application  with our company at the outset. I've also experienced situations where previous clients, after several attempts in submitting their application to various lenders all over town, eventually ended up empty handed with loan denials as a result. But miraculously, once the loan was submitted to MoneyTeam, an approval provided a happy ending!

Going The Distance

I never give up! There will be no stone unturned until I see a client go home satisfied with a loan, which helps solve a current need or a recurring problem. There was a time years ago that I submitted a client's loan application 17 times before receiving an approval from a bank! Even with today's mortgage meltdown, there are rare occasions that after much pleading and organizing the case for a loan approval on a difficult file, the underwriter can 'see the light' and does her duty to secure an exception.  

I've also had circumstances in which the borrower was not forthright and neglected to mention a bankruptcy, marital status  or child support obligations when interviewed, ultimately preventing MoneyTeam in procuring a loan approval on their beahalf. I've also examined fraudulent tax returns, fake social security numbers, pay check stubs, bank statements, bogus appraisals, reviewed questionable paperwork from 'straw buyers' and other types of financial documentation which results in a colossal waste of time. As a reminder, there are in place new federal guidelines to end such abuses and the penalties for such misguided attempts of deception are staggering.

Today's Reality

While there are 'Draconian' safeguards in all new loan originations due to the sub prime mess we've witnessed these past several years, we are now entering a new phase. This phase is where common sense and competence is no longer utilized in underwriting by at least one major bank that I've submitted loans to recently. There is a dwindling supply of banks, mortgage bankers and institutions that have the ability to finance mortgages. If you check the Mortgage Implode-O-Meter website, http://ml-implode.com  you will notice the decimation of this industry continues to this day. Knowing full well the state of mortgage financing, when an old acquaintance suggested I try his bank, I jumped at the chance! He mentioned the prospect of quick loan decisions, competitive rates, good loan programs and low fees. I immediately submitted 4 loans. All of the loans were approved within 48 hours. I relayed the good news to my clients and to continue processing the file I was asked to provide their credit card numbers so the bank could order the appraisal. The appraisals were ordered, there were no delays in its completion. The values were conservative but did not affect the equity required. However, after numerous inquiries in regards to the disposition of loan documents after chronic delays, the loans which were approved just a few weeks before were denied for no apparent logical reason. I was furious! When clients have an average of 800 Fico credit scores, over $150,000 in cash reserves and low loan to value ratios of 35% or less, there must be a total disregard of common sense or a penchant for incompetence to deny a loan application with such favorable compensating factors. On all 4 loans the bank's decision was final. To add insult to injury, the bank refused to reemburse our clients for the appraisal fees. The horror of this situation was alleviated when MoneyTeam resubmitted these files to other lenders where 3 of the 4 loans were approved immediately.

In denying loans, many banks rely on cold, disparate and obtrusive equations which eliminates the human component in decision making. When a bank of this magnitude, lacks the basic understanding of mortgage guidelines or the discernment in evaluating a file without seasoned mortgage professionals on their staff, the proclivity of inept underwriting decisions becomes a sad reality. This major bank was awarded our taxpayer dollars in the bail out frenzy Americans have come to despise. We know full well the monies were used to replenish their cash reserves, to purchase other ailing banks and were never utilized as intended, in funding mortgage loans to worthwhile aplicants. So far this year I've encountered lazy responses from lenders eager to decline a file rather than work the numbers by offering the approval the loan file merits. This kind of mindset is prevalent. It stands to reason the day the pendulum begins to move so ever slightly away from such a strict adherence to such factors, this will be the day the US economy and the marketplace flourishes unencumbered.

20th Anniversary Sale Continues

Our sale continues! Please review our website for our current offers until the end of this month. Now is indeed the time to refinance as mortgage rates continue to be attractive. If you are a first time homebuyer, the deadline to take advantage of the $8000 Tax Credit is fast approaching. Your loan must close escrow by November 30th. MoneyTeam is working at all hours to help you beat the deadline! Call our office at 323-936-3232 for more details on how we can help you! 

Open House On Sunday, October 18th

I will be helping Melissa Zee of the Beverly Hills office of Rodeo Realty, qualify prospective buyers at an Open House from the hours of 2:00 PM until 5:00 PM. Please check the website: www.8404franklinave.com for more information in regards to this beautiful home. I hope to see you there!

Help Needed

My good friend Arnold called me the other day to voice his concern in regards to the tragedy in the Philippines. We spoke about the devastation from Typhoon Ketsana which has resulted in over 1000 deaths. This tragedy has galvanized many Filipinos and concerned citizens in the Los Angeles area by sending clothing and donations to help those in need of shelter in the region. We invite you to send a contribution of any size to help those devastated by this ordeal. You can visit the website where your gift will be truly appreciated: www.philippineaid.org.

Thanks Again         

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