What picture are you painting…”We are what we think about”
"When you paint success pictures in your mind, you initiate an inner process whereby your attitudes, hopes, aspirations, and enthusiasm are elevated in response to an image of a more promising future. Every person who aspires must first sell themselves hope, the promise of a better life."
U.S. Andersen
1917-1986, Author of The Magic In Your Mind
Happy 4th of July
Our highest level of gratitude goes out to all the individuals enrolled in protecting our freedom an independence. Thanks!
–http://www.twitter.com/seanshallis/status/17718011842
Sincerely,
Sean T. Shallis
Who Would Finance Mortgages If Fannie, Freddie Disbanded? – CNBC
US NewsPage 1 of 3 | Next Page
Show Entire ArticleWho Would Finance Mortgages If Fannie, Freddie Disbanded?CNBC.com | July 02, 2010 | 11:44 AM EDTBig changes are in store for the banking system should Fannie Mae and Freddie Mac be revamped or eliminated—both of which are being discussed by housing experts and government officials to deal with the distressed real estate market.
As the system works now with the two entities, Fannie [ FNM 0.3226
-0.0224 (-6.49%) ] and Freddie [ FRE 0.3661
Fannie and Freddie guarantee the mortgage payments, so that the MBS buyer, be it the Chinese government or an American pension plan, has the security of the US government behind them. Their only risk is in the interest rate.
“It helps them make deep and liquid, and it expands, dramatically, the pool of capital that’ll come in and will play and support our housing market,” said Peter Fisher, BlackRock’s managing director and co-head of fixed income.
This system worked great for years. In fact, so great that Fannie and Freddie shareholders got rich because the companies borrowed money in the markets with an implied government guarantee.
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Show Entire Article
On the surface ..Interestly reading .. Through the eyes of a true professional with years of experience? Down right scary!
As I’m writing this post, there are basically a handful of ways left to actually buy a home with financing.
1. Private Mgt from family or friends
2. Private investor or Portfolio lender*
3. Small or local bank or credit union
4. Large bank or financial institution
Seems like there are plenty of options right? Not so much!
Understand, other than the personal loan, small local bank or portfolio lender, these “retail suppliers” of equity/liquidity are all going back to the same wholesaler with the same guidelines and restrictions. Ok, you are all very smart. Guess who?
Yes, Uncle Sam…ok kind of, uh ?
So, obviously, they aren’t showing up to the treasury and saying hey “we gave the American people loans to buy homes, were out of money to loan can you help?”
Enters Fannie and Freddie… In my personal experience in over one hundred personal transactions in the last twelve months, 98.5 % of the people financing a home, ultimately the deal needed to meet the guidelines of of either Fannie, Freddie, or Veterans Administration guidelines.
Obviously, the company providing the loan is requiring the property meet the guidelines on the onset so they can eventually package the individual loan into a commercial mortgage bank security only to be resold to Uncle Sam!
Ok, smart people, simple math, that’s more than 90% of deals!
Don’t worry, we’ll be fine. Sure …you don’t mind if I get my helmet do you?
Hope this helps. Another “on the street translation”.
Tax Credit Extension Approved!
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To: All REALTORS® From: Vicki Cox Golder, 2010 NAR President Date: July 1, 2010 Re: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated Dear fellow REALTORS®, |
I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.
For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.
Neither of these bills would have passed without your support. Nearly 83,000 REALTORS® responded to our latest Call for Action, sending more than 250,000 letters to Congress asking them to extend the National Flood Insurance Program. I know many of you also raised your voices in support of extending the tax credit deadline.
On behalf of NAR, I thank you, and I ask that you visit the RealtorActionCenter.com and make your voice heard on every issue.
Sincerely,
Vicki Cox Golder, CRB
2010 NAR President
Posted via email from WWW.THESHALLISGROUP.COM
Great Morning Quote…How “Important is Passion and or Burning Desire?”
Does your real estate agent have the “Burning Desire” needed to help you buy or sell a home in this challenging market?
“So let your deepest desires direct your aim. Set your sights far above the ‘reasonable’ target. The power of purpose is profound only if you have a desire that stirs the heart.”
Price Pritchett
Author of You2
………………
My group and I are committed to your success! Yes, “We are passionate about your successful outcome.”
We take our mission seriously. What about the people working for you and or on your behalf? Are they truly passionate and committed to your success?
Weichert Realtors and The Shallis Group: Mission Statement
![Regional Map [NJTransit]](http://www.njtransit.com/images/hb_final_1031.gif){kind=link}