TEAMBLOG

Dear Friends,

There are occurrences of profound importance in a generation which shape the consciousness and the destiny of its citizens. In our personal lives, many of us desire to go back and change events so that a better outcome is preserved. Sometimes I imagine going back in time & tinkering with traumatic circumstances in our nation's history in order to forestall painful and devastating consequences in which we are currently suffering its after effects. Whether the prevention of the Kennedy assassinations, the war in Vietnam, the killing of Dr. King, the surrounding developments of the Watergate era, the terrorist attacks on 9/11 or the horrors of Katrina, these are dramatic chapters in our nations' history which were truly painful for all of us.

One event not mentioned in sometime, revolves around the Supreme Court's decision in 1962 outlawing school prayer in Engel v Vitale. This ruling perhaps has helped vanquish the moral character of this country by abandoning the religious heritage and principles of its founding fathers. The disintegration of the American family and the moral abyss throughout every facet of society today, is considered a direct result of this ruling, conceived by 6 justices 46 years ago. Many scholars and statisticians agree this ruling and subsequent others, has affected the cohesiveness of American society. Notwithstanding, the turmoil of the 1960's and the Watergate influence, has gradually developed a confluence of disparaging and cynical concepts in our behavior, which has harmed the natural optimism and decency once displayed and honored in years past.  

We are now known to have MORE. More murders, more divorces, more teenage pregnancies, more children born out of wedlock, more unwed mothers, more abortions, more sexually transmitted diseases, more child molesters, more crime, more violence, more drug addicts, more high school drop outs, more illiterates, more prisoners in institutions, more pornography of every kind, more bankruptcies, more foreclosures than the Great Depression, just MORE of everything!

It's been 46 years of MORE misery and destruction of the soul and character of this nation. When will we see deliverance?

As I have mentioned on previous TEAMBLOGS, common sense demonstrates the decisions made in the past have profound ramifications for our welfare in the future. I do not portend to have the wisdom of Solomon, however most of us know history tends to repeat itself. This concept is now being experienced again in a new twist, as we begin to pay exorbitant prices for gas and let others control the direction and sovereignty of our nation.

During the 1970's we ran out of gas. There were gas lines miles long. I remember those days only too well. Now in 2008, we presumably have the gas but it's too expensive to fill up. The irony is too blatant not to notice.

If America was able to land a man on the moon, we have and can acquire the technology to build vehicles than can run on electricity, solar and even water!

America does not have an ENERGY policy. We do not have a blueprint for the energy needs our country requires for its future. There must be a summit of the major forces involved in this issue and its participants must be scrutinized by all  citizens. This conference or convention must not occur behind closed doors and must be open to the public. As well, this summit will be delivered by all the major networks on radio and primetime live television. The press would be implored to write the days conclusions on the front pages of its newspapers. The event would lead to recommendations which would eventually translate into a nationwide referendum and voted upon by all Americans.

While gathering all the 'special interests' for such a conference might be considered a naive and simplistic approach to iron out differences, this might be the only process which can give the American people the options needed in order to have a concise policy in moving forward. It's time all of us make the sacrifices necessary for the betterment of our country as a whole. We need to have the courage to 'take our country back' from the mediocre politicians we've placed in power. It's time to end the procrastination and eliminate the addiction of MORE oil. It's time for a clean slate.

Energy plans conceived by T Boone Pickens - www.pickensplan.com and Al Gore - www.wecansolveit.org among others, can become the steppingstone we need to begin a debate for America's future.

As of this year, the US population now stands at over 300 million. There are many of us who are sincere and genuine in our beliefs for the preservation of democratic ideals and furthering a discourse of providing practical solutions for the problems we all face. Our history has numerous examples of principled men & women overcoming insurmountable odds in their personal lives in order to make a lasting magnanimous contribution to American society. There are concerned citizens of integrity and character known to sacrifice and bare the burdens for a better future for their families and the Republic. We see them every day. It's time to hear their voices again. 

THE MORTGAGE ANGLE:

In regards to the mortgage crisis we are experiencing today, many of these problems were promulgated by ill conceived loan programs. These programs enabled borrowers to pay minimal monthly payments without paying the principal, creating 'negative amortization'. When this happens, one can conceivably owe more money to the lender than the property is worth. Another loan was a 2nd deed of trust for 125% of the property's value. This loan is truly dangerous as a borrower can refinance and walk away from ever paying the loan due to declining property values as there is no equity. The lender that conceived this loan believed property values would continue to escalate in such a manner as their loan would not be considered a risk.

Other loan programs consisting of 'sophisticated' adjustables, no money down, no loan documentation of any kind or of entire applications left blank, was the handiwork of numerous participants in the mortgage realm. From government lawmakers and regulators to lenders, appraisers, mortgage brokers, realtors and borrowers, many had a hand in promulgating this culture of 'looking the other way' for the sake of GREED and securing the 'American Dream' at any cost. There's no need to be reminded of the skyrocketing foreclosures due to such agreements.

The revamping of the mortgage industry in its attempts to end such abuses is currently a work in progress. Balanced measures are required. This type of approach will ultimately end the fraud associated with the crisis and begin to resurrect confidence and trust in the marketplace of public opinion. Once this occcurs, we will begin to see stability in the American economy.

IN OTHER NEWS

Next Thursday, August 7th, is the last day for our MORTGAGE APPRECIATION SALE. Please check our previous TEAMBLOG on 7/16 for more details or call our office at 323-936-3232.

Thanks Again

Dear Friends,

Beginning next Tuesday, September 2nd through the end of 2008, MoneyTeam will contribute 10% of its net loan proceeds to a charity in your name on all loan originations. 

It is very sad to see so many homeless persons on our streets. With the financial stress many Americans are facing today, we've noticed an increase in families unable to provide foodstuffs for their children. There have been long lines in shelters and food banks. It's time to help those in need and we are grateful to have the ability in helping the less fortunate. We encourage all of our regular readers to our blog, to open your hearts and reinvigorate your soul by donating to a cause which is truly invaluable in scope. Our prayers are devoted to those families struggling to make ends meet, to keep food on the table, to clothe their youngsters and to have a safe and comfortable place to live. We hope these donations can help those in need during these challenging times. We all need a GUARDIAN ANGEL to help us in overcoming these obstacles.

Interest Rates

Rates are holding steady this week. Please check our current rates. MoneyTeam is offering a 30 Year Fixed Conforming Loan for 6.125% @ 1 Point. A 15 Year Fixed Conforming Loan is currently priced at 5.50% @ 1 Point. Please do not hesitate to call our office at 323-936-3232 for more details.

Former Clients

Next week, most of our former clients will be contacted by phone in order to provide assistance in any new refinance or purchase transaction. MoneyTeam has special discounts. This could be the best time to secure financing on your home with either an FHA or conventional loan. You'll hear from us soon. 

Every 4 Years

I was able to view several of the speeches made by Democratic leaders at the national convention this week in Denver. Next week, the Republicans are in the spotlight.

I can truly appreciate the mechanics of a well written and passionately delivered speech. The strength of one's delivery can resonate and provide inspiration for those in the convention audience and for television viewers. The thoughts and the vision for a country's future explored by the speakers at a convention, can help decide the course of events in choosing our leaders in the General Election.

Throughout modern American history, national political conventions have been viewed by millions. Gavel to gavel coverage was the norm on all major networks during the early years of television broadcasting. Political theater, entertainment, a civics lesson, platform of idealogy, profound rhetoric and oratory are just several of the footnotes a national convention provides for a participant.

Gifted orators of both parties have delivered exceptional and memorable speeches which transformed the spirit of its members. A transfusion of passion for a cause and for a political victory in November is the ultimate goal. 

While speeches can provide the text, there are times where circumstances and visual displays of intensity can provide added meaning to the challenges and the soul of a political convention.

The Democrats - Several Highlights From Past Conventions

During the 1964 Democratic National Convention, when he appeared at the podium, Robert Kennedy was given a 22 minute standing ovation by the delegates. It was only 9 months earlier that his beloved brother, President John F. Kennedy was assassinated in Dallas. From the eloquence of Shakespeare, Bobby conveyed an eternal spirit of his loss. "When he shall die, take him and cut him out in little stars and he will make the face of Heaven so fine that all the world will be in love with night, and pay no worship to the garish sun." 

The Whole World Was Watching

In 1968 during the turmoil in Chicago,  millions of Americans viewed the horror of  violence outside the convention. On live television, brutal attacks by police on Vietnam antiwar protesters added to the tension inside the convention hall. One of the most graphic was Connecticut Senator Abraham Ribicoff's exchange of words with Chicago Mayor Richard Daley where he furiously stated, "With George McGovern as President of the United States we wouldn't have Gestapo tactics in the streets of Chicago!" The eventual nominee, Vice President Hubert Humphrey did his best to bring harmony by invoking the passages of prayer from St. Francis of Assisi.

In 1980, Massachusetts Senator Edward Kennedy in his failed attempt to win the nomination from President Jimmy Carter, was truly eloquent in his keynote speech. With a pronounced passion, he ended with these words, "For all those whose cares have been our concern, the work goes on, the cause endures, the hope still lives and the dream shall never die." 

In 1984, New York Governor Mario Cuomo's eloquence in his keynote address, "A Tale Of Two Cities" brought about national recognition and inquiries from the press and the public, pertaining to possible presidential aspirations.

In 1988, Texas State Treasurer Ann Richards brought down the house when referring to Vice President George Bush by saying, "Poor George. He can't help it. He was born with a silver foot in his mouth!" 

Next week, we'll explore several memorable events and quotes from past Republican conventions.

Thanks Again

Dear Friends,

The title to our post this week is ODDS & ENDS. I remember this term being used during the old JEOPARDY television show in the 1960's. The host of the show, Art Fleming had a unique and distinctive voice tailor made for JEOPARDY. I also enjoyed the classification of answers by the heading POUPOURRI. I thought this was a funny word and I never knew what it meant.  I liked the pronunciation - the sound of it. At this stage in my life, I'll use both terms in my desire to better acquaint myself to what life ultimately means. I guess I can say my life is full of ODDS & ENDS with a little POUPOURRI on the side!

Next week I might delve into my fascination with the Hollywood Squares & the Match Game. Where are the likes of Paul Lynde & Charles Nelson Reilly in American comedy today? We all need to laugh a little!

Well, I still must remind myself this is a mortgage blog, but after 26 years in the mortgage business, I feel compelled to write about other adventures in order to escape the current doom & gloom of it all. Please forgive me, as my intention is to do no harm. I hope I haven't JEOPARDIZED my relationship with you. Perhaps I consider this a 'catharsis', probably similar to a quote attributed to a presidential candidate recently, suggesting delegates, in order to implement a 'catharsis' should vote on the convention floor even though the odds of winning the nomination for this particular candidate is unlikely. This activity once accomplished is truly a release, of not looking back. We are encouraged to look forward with no regrets. Que sera sera!

I'm also aware of my natural optimistic tendencies which have been challenged by the marketplace at times, due to continued dismal financial news. However, I wake up and start my ascent into believing that all things are possible and miracles do happen! Indeed at MoneyTeam and in my life, they certainly do!

INTEREST RATES

Mortgage rates are lower this week on average from last week. MoneyTeam is offering a 30 Year Fixed Rate for 6.375% at NO POINTS. A 15 Year Fixed Rate goes for 5.750% at NO POINTS on CONFORMING/CONVENTIONAL loan requests. These loans are for borrowers providing a fully documented application.

STATED INCOME - STATED ASSET

If you are unable to provide tax returns in order to qualify for a regular conventional or FHA loan, we offer an alternative. You must have at least a 680 middle FICO score. Rates for this mortgage product are similar to a 'fully documented' loan. Please call our office for more information.

JUMBO LOANS TO $10,000,000 OR MORE

MoneyTeam provides competitive rates on refinance or purchase loan requests for these type of loan requests.

LAND - CONTRUCTION - COMMERCIAL MULTIFAMILY LOANS

We are beginning to see more loan requests for these types of loans. MoneyTeam is approved by numerous sources capable of providing the lowest rates and the best loan for your particular situation. Give us a try!.

MORTGAGE SALE

Check our previous TEAMBLOGS for our  SUMMER APPRECIATION SALE, for details. Our SALE is extended only until FRIDAY, AUGUST 29TH.

OFFICE HOURS - LABOR DAY WEEKEND

Our office will be closed at 12 Noon on Friday August 29th. We will reopen on Tuesday, September 2nd at 12 Noon. We wish you, your family & friends a safe Holiday Weekend! 

BE PREPARED

Just a reminder, in order to apply for a mortgage loan nowadays, you must BE PREPARED. Have in your possession the following items in order to expedite the processing of your loan:

1. Last 2 Years 1040's - 2007 & 2006 Tax Returns

2. Last 2 PayCheck Stubs

3. Last 2 months Bank Statements showing reserves in the account. Do your best in saving at least 3 months worth of mortgage payments for reserves.These monies should be 'seasoned', or in your account for at least 2 months time.

If your mortgage payment with property taxes and hazard insurance equals $2450, you should have at least $7350. Using the same example, if your loan is a purchase, plan to have the 3 months mortgage reserves, the down payment & the closing costs in your account - untouched - for at least 2 months before you decide to buy. Please do not hesitate to call our office if you have any questions or concerns in regards to this equation.

GAS PRICES

The national average for a gallon of gas has gone down! It's less than $4.00 a gallon. The current national average is $3.70. This is almost $1.00 more than a year ago. AAA offers the facts. Check their website www.fuelgaugereport.com for more information.

THE HUMAN EXPERIENCE

I was happy to receive an email from the Associate Producer of a film I viewed earlier this Summer. The Human Experience has won several awards at various Film Festivals across the country. It is my understanding the film won for Best Documentary at the Maui Film Festival - Honorable Mention at the SoCal Independent Film Festival and was given an award at the Sedona International Film Festival. Please check their website at www.grassrootsfilms.com for additional information about this passionate film.

EX'S EXES

I was pleasantly surprised to receive an email from an old friend of mine. She was a neighbor for many years and I've lost touch for awhile as I've been embroiled overcoming the 'trials & tribulations' of the mortgage business. If you are a reader of this BLOG, you are painfully aware of the financial 'roller coaster' ride most Americans have been on since the beginning of this year. Well, this dizziness truly is no excuse for becoming a recluse and avoiding contact during the past several months.

My friend Luise Heath is an actress. I've seen Luise provide outstanding theater performances throughout the years in Los Angeles. I've always noticed her Tony worthy portrayals of gritty and intriguing characters. The play, Ex's Exes, is centered around a conversation among two women discussing their former husbands and coming to terms with their current friendship. Luise's character also suffers from bouts of Alzheimers', which is truly sad but can be a blessing in disguise in eliminating painful memories one is unable to confront. This play was a poignant 'slice of life' that provides healing for both women. While provocative in scope, I'm glad I went! I can't wait to see Luise again - on Broadway!

Please contact Luise Heath at The Attic Studio/The Attic Theater in Los Angeles.

THE CALIFORNIA BUDGET

It seems as though the Governor and the Legislature are unable to come up with a budget. The Governor also has mentioned the possibility of RAISING TAXES in order to compromise to end the stalemate. I mention this activity in passing, as I will add my voice in a debate that only common sense can solve. Stay tuned.

Thanks Again  

Dear Friends,

This week's TEAMBLOG is vastly different from other topics we've explored before. The events in China & Russia are important to all Americans. We need to explore the future pursuits of both countries and the consequences their actions will have on our security. The challenge to overcome the ideologies of these regimes is a formidable obstacle in our desire for peace in the modern world. Notwithstanding, we are also faced with danger by religious fanatics in the Middle East eager to pose harm on our society. This is certainly no time for appeasement.

As the host of the Olympic Games, the entire world has focused their attention on China. The opening ceremonies last Friday garnered a stream of superlatives for its choreographical staging, culminating in the lighting of the Olympic torch. The colorful displays of various native garments worn by the athletes, the rich refrain of exotic chords of music and the intense explosion of fireworks was the backdrop for the competition yet to come.

The Olympic Games is an event which provides a spirit of camaraderie among nations every 4 years. The competition of our athletes with youngsters around the world, is a simple exercise in diplomacy. The concept of sport begun by the ancient Greeks is a true and sincere attempt to end divisions and disageements. The quest for civility, balance and respect are goals worthy of all peoples in one's desire to live in harmony. As a nation, when we witness the accomplishments of our athletes, we become proud participants in spirit.

Unfortunately, these uplifting ideals are lost in the equation when human rights abuses are noted by the government hosting the games. For many years, China and its antiquated, grotesque philosophy of Communism, has destroyed any semblance of dissent by punishing and ultimately killing innocent citizens in their totalitarian theology of control. The pretty scenes we are viewing on our television screens has become a zone of 'smoke & mirrors', where the Olympic Games are utilized to create a mirage of benevolence where none has ever existed. The Communist propensity to overpower the senses in its desires for respectability is a classic case of delusion. In other words, the Chinese government specifically, has ordained the Olympics as testament to their incredulity by spending billions of dollars in order to overwhelm and show favor for a belief of despotic hubris.

While the athletes entertained the Chinese spectators in the 'Birds Nest', the focus surreptitiously shifted from the marvelous attempts of bliss in Beijing to the Russian invasion of Georgia. The Russian Bear awoke from hibernation by resurrecting Communist ideology in its incursion of a sovereign, democratically elected state. In its manifesto, the dormant desire for conquest has been reawakened. This event has increased the specter of indignation among the West and the smaller countries of the former Soviet Union. Russia's actions has created an unstable level of anxiety throughout the region.

The timing of this assault was planned in advance. Vladimir Putin, a KGB operative during the days of the 'Evil Empire', orchestrated the plot of intrigue by the indiscriminate advance of Russian troops miles within Georgia. Make no mistake, this man is calling the shots while its new President is an amiable wooden puppet, controlled by hazardous strings of movement. Putin perceives America to be preoccupied with other ailments, as he surmises all of our eggs are deployed inside the basket of nations, Iraq & Afghanistan. Russian aggression has now changed the dynamic in our relations with Moscow.

We are also reminded of evil manifested in the Middle East, where there are nations providing comfort and encouragement to slaughter Americans as sport and the goal to destroy Israel, in order to gain favor for a religious doctrine.

While there are agents throughout the world eager to neutralize the profound moral commencement of a great nation, Americans must heed the voice of past generations. This is where genuine values of duty and honor are rediscovered in a common pursuit to end the destruction of our civilization by extrinsic ideologies. Marxism, Communism and Socialism are patterns of thought where beleaguered Americans fought and lost their lives in order to protect the incursion of such impaired beliefs in our midst. Freedom is the hope of all peoples. The Olympic Games is a symbol of hope in a world of despair.

The next several months will generate additional challenges. Americans need to explore its ability to end the exterior forces willing to cause us and our devoted allies harm. We also need to remedy the interior of our nation, where the damage to ourselves has made us susceptible to a perception of weakness by our enemies. Perhaps, the danger facing our Republic is best spoken by Cassius, "The fault dear Brutus, is not in our stars, but in ourselves". 

Thanks Again

Dear Friends,

During the past several months, there has been a steady stream of disconsolate financial events threatening the US economy on all fronts. Such news has taken its toll in numerous ways upon the psyche of all Americans. We are beginning to see a change in behaviors due to these circumstances.

Collectively, one of the ways we have been forced to change, perhaps for the better, is conserving energy. In large part, by using less gas, prices have come down recently to less than $4 per gallon in some parts of the country. We are also driving less and beginning attempts to try public transportation. We are becoming aware of every last dollar spent. These reactions are understandable due to the reality of the 'roller coaster' effect of the present economy that 'takes no prisoners'.  There's no need to be reminded of the hazards Americans face daily in making the right decisions in order to keep food on the table, a roof over one's head and the ability to get around town.

In an attempt to correct the outbreak of foreclosures and to lift confidence levels of the 2 major mortgage financing concerns in this country, President Bush signed into law the "Housing and Ecomonic Recovery Act of 2008" last week.

This provision provides additional funds for FannieMae & FreddieMac. These institutions are quasi-governmental agencies which have enormous power in the mortgage banking industry. Their underwriting guidelines and recommendations are standard. Any hint of monetary problems in its operations is tantamount to an 'earthquake' in the financing sector. A few weeks ago we had a 'tremor' of sorts, due to investors fears of funding problems. If you recall, in order to alleviate investor anxiety, the President and the Treasury Secretary immediately outlined plans and reassured the public the government will provide additional monies for these institutions.This new legislation provides a sigh of relief.  

The new law also helps homeowners facing foreclosure. The government estimates the ability of helping up to 400,000 homeowners save their properties through new loans insured by FHA beginning October 1st. The loans offered under this program by FHA is for a fully amortized 30 year fixed rate loan. Please check our rates at  www.moneyteamusa.net/RateSheet for more information.

A homeowner is able to refinance their owner occupied property up to 90% of the appraised value. If the mortgage on the property is more than the house is currently worth, the cooperation from your current lender is needed. In order to make this work, your current lender needs to agree this is the best course of action under the circumstances. Your lender's participation is voluntary as they are likely to lose hundreds of thousands of dollars.

Another detail of this loan, is the homeowner has to provide the FHA 50% of any equity over 90% Loan To Value/LTV accrued since the signing of the loan agreement. For example, if your loan was appraised at $500,000 when you signed up with FHA today and let's say the value of your home in 2 years is worth $600,000 - FHA is entitled to 50% or $50,000 of equity once you refinance or sell your home. 

There are also provisions to help first time homebuyers by providing 'tax credits' of up to $7500. This 'credit' is basically a loan, as this money has to be given back to Uncle Sam within a 15 year period.

Updating loans for Veterans, fine tuning underwriting guidelines and requirements of all mortgage financing operations and new laws to help curtail fraud in financial transactions, these are the newest provisions signed into law. The next edition of the TEAMBLOG will discuss these matters at length.

While TEAMBLOG is a column devoted to events and issues surrounding the mortgage banking industry and the economy as a whole, there are times in which other topics have been discussed in an attempt to end the monotony of depression and gloom Americans have been experiencing recently. Moreover, at this time in the US where the economy is the major topic of conversation, it's always healthy to escape such discussions of financial doldrums and pursue stories of a philosophical or a spiritual nature in order to understand the beginnings of the conflicts Americans are involved in. We truly appreciate your continued readership.

IN OTHER NEWS

Our MORTGAGE APPRECIATION SALE is  extended until Friday, August 29th. Please see our previous TEAMBLOG for more information or call us at 323-936-3232. We value your business!

Thanks Again