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SIGH OF RELIEF?
October 3rd, 2008 10:58 PM

 

Dear Friends,

The Wall Street 'Bail Out' or 'Rescue Plan' finally was approved by Congress and the President signed the measure immediately. Americans and their children will be paying for this measure for many years to come. We have mortgaged our destiny due to the greed, corruption and incompetence of our lawmakers and the corporate giants in New York. Regrettably, there was no other option anyone at this late date could have devised, to end the hemorrhage on Wall Street. Unfortunately, this $700 Billion measure had to pass.

Treasury Secretary Paulson provided the original blueprints of this plan while the Congress reviewed the details. The American public and a good number of Congressional lawmakers were skeptical of the bail out. Even today many of us are furious at the entire escapade of extortion where many Americans became unwilling participants.

Panacea?

Due to the passage of this legislation, if what we are hearing across the country is correct, many of us will now be able to apply for a mortgage, auto or student loan without much difficulty. Credit will begin to be reestablished throughout all corporate and small business operations, local and state governments will begin the task of providing the funds for its infrastructure projects and once the credit markets stabilize due to these actions, the American consumer will begin to feel confident in purchasing goods once again. The infusion of capital in the marketplace by the Treasury purchasing tainted mortgage securities and assets, should begin a gradual elimination of the factors dragging down the economy. It remains to be seen however if this systemic plan of action would work in the long run. Nonetheless, the main focus to end the crisis needs to remain on foreclosures. There needs to be stability in the housing market before many of the problems we now face can eventually reach a prudent conclusion.

Job Losses

Unemployment figures just released continued the cycle of despair by the elimination of 159,000 jobs in September and 760,000 so far this year. All Americans need to sit down and take the time to do the simple research necessary in order to be informed and come away with the facts propelling the loss of our economy in this election year. You will be amazed at the root causes and the ill conceived decisions of lawmakers which created the mess we are in today. With so many financial problems facing Americans, we need to take a deep breath and utilize the humbling power of prayer in overcoming the suffering and pain many of our families are trying to overcome.

Mortgage Rates

The upheaval of the past few weeks has proved somewhat beneficial as interest rates are generally moving downward. MoneyTeam is now offering a 30 year fixed rate at 5.50% and a 15 year fixed at 5.250%. Both loans are at a 1% point cost.

Please check our RATES for more details on our other loan programs & remember to check out our 19th Anniversary Mortgage Fee Sale - which begins on Tuesday, October 7th.

Mortgage Application Preparations

Remember to have all your ducks in a row before you apply for a mortgage loan. It's true especially nowadays, one needs to be prepared before submitting your paperwork. Incomplete loan submissions can become a headache for the processor and many times your loan request will be placed on the 'back burner'.

These are the items required to proceed:

1. Last 2 years of your Federal Tax Returns

2. Last 2 years of your W2'S

3. Last 2 paycheck stubs

4. Last 2 bank statements showing your current balances

5. Last mortgage statement on all properties owned if your loan is a Refinance

6. Copies of your leases if you own rental properties

These are the main items the processor needs in order to expedite your loan request. Please call our office if you have any questions or concerns. Our office number is 323-936-3232.

Paul Newman

It was so sad to hear of his passing. He was an amazing actor and a true man of passion. He lived his life to the fullest! Many Americans loved his presence, the characters he portrayed and the noteworthy performances throughout the years. His participation in diverse films as 'Cat On A Hot Tin Roof', 'HUD', 'The Hustler', 'Cool Hand Luke', 'Butch Cassidy & The Sundance Kid' and "The Color Of Money' where he won an Oscar, brought him generations of fans. Many women were awe struck at his beautiful blue eyes while men envied his cool demeanor. His philanthropy was genuine as he devoted his time and effort in helping disadvantaged children and donating millions of dollars to charity. This man was a blessing for so many and his life is a tribute as a true humanitarian. We remember the Newman family in our prayers and for his beloved wife of 50 years, Joanne.

No doubt, Paul will be reprising his role by playing pool with Jackie Gleason up in the Heavens - and he might just let Jackie win a game or two! 

Thanks Again

 

 


Posted in:General
Posted by Jesse Dorado on October 3rd, 2008 10:58 PMPost a Comment

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