An underlying question keeps occurring regardless of what topic we are discussing. That question would be, “When should government step in…or out.”
I believe it is probably human nature to take the path of least resistance. The concern that one may have is... does this short cut take you to a dead end?
It seems recently all we have been hearing is talk of bailouts. Mortgage companies have all gotten in line to take the bailout money. Now we have stumbled across another obstacle. Once the money is given should the companies be accountable for how it is used?
President Obama’s political honeymoon is in danger. AIG is giving huge bonuses to there employees. Do they deserve such bonuses when they are taking money to keep the company running? I would say “NO.” However, was there a discussion that took place or contingency on accepting these funds? I think not.
One may assume that in the economic climate that is has sparked awareness for companies to be more pro-active in doing the right thing. Mortgage companies where encouraged to do loans. The majority of Loan Originators worked off straight commission. Shouldn’t one assume that they weren’t just concerned about the homeowner’s decision to buy a home, but that they needed to close the loan in order to be paid? AIG employees, regardless of what shape the company is in, is interested in fulfilling there own financial interests. Congressional leaders are threatening not to approve further bailouts for banks and financial institutions. AIG lost $100bn last year. These executives obviously where not making good decisions, but they still feel like they deserve bonuses? This is asinine.
Obama has become the “yes” man. He has hurried through quick fixes that have turned into large problems. He has failed to fill key administration posts, such as appointing Tim Geithner who had failed to pay his taxes, as US treasury secretary. Charles Grassley said that AIG executives have committed hara-kiri. In a radio interview yesterday, he said: "I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, 'I'm sorry', and then either do one of two things: resign or go commit suicide. And in the case of the Japanese, they usually commit suicide before they make any apology."
Obama is naïve to think that these companies are looking after the common folk. I would tend to agree with Charles Grassley. They have met immediate gratification, but the opportunity will never rise again. Now it is a matter of time to see how they plan to fix their problems. Remember, they have backed themselves into a corner thus fare. There needs to be a plan that is well sought out and that can be implemented for a long-term fix. Not one that is a band aid fix that will only endure the next four years that the President is in office.
http://www.guardian.co.uk/world/2009/mar/17/aig-bonuses-obama-economy
Renee Fogle
Your Credit Company
Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Wednesday, March 18, 2009
Friday, March 13, 2009
Find The Good News
TGIF!
In the spirit of ending the week, that has seen some good news in the economy, on a good note I wanted to highlight some good news in the Housing Market.
According to the Mortgage Bankers Association mortgage applications continued a string of weekly increases. The press release states that mortgage applications for the week of March 11, 2009 increased 11.6% from the previous week (ending March 6, 2009) and a 5.7% increase from the same week a year earlier.
Yes, many news articles this week are leading with last month's foreclosure numbers increasing 6%. However, interest rates are at an amazingly low 5.02% and with more and more people applying for loans this leads to the strong possibility of more action in the housing market.
In my previous position with a local home builder we watched these numbers closely. Movement in the housing market was very important to us (even when it was not us selling a home). We would be highly encouraged by people buying homes because that meant people who sold their home potentially would be buying another home, thus creating a domino effect.
Reduction in housing inventory is important to getting our economy back on track. The housing industry affects a myriad of business (many of them small business) from contractors and their sales/marketing and support staffs to installers to suppliers, to manufactures. We may still have to endure for awhile longer, but positive numbers should offer some encouragement and a reason to lift our collective chin.
Matt Kemper
YourCreditCompany.com
To apply for a mortgage or get more information on mortgages visit us today!
In the spirit of ending the week, that has seen some good news in the economy, on a good note I wanted to highlight some good news in the Housing Market.
According to the Mortgage Bankers Association mortgage applications continued a string of weekly increases. The press release states that mortgage applications for the week of March 11, 2009 increased 11.6% from the previous week (ending March 6, 2009) and a 5.7% increase from the same week a year earlier.
Yes, many news articles this week are leading with last month's foreclosure numbers increasing 6%. However, interest rates are at an amazingly low 5.02% and with more and more people applying for loans this leads to the strong possibility of more action in the housing market.
In my previous position with a local home builder we watched these numbers closely. Movement in the housing market was very important to us (even when it was not us selling a home). We would be highly encouraged by people buying homes because that meant people who sold their home potentially would be buying another home, thus creating a domino effect.
Reduction in housing inventory is important to getting our economy back on track. The housing industry affects a myriad of business (many of them small business) from contractors and their sales/marketing and support staffs to installers to suppliers, to manufactures. We may still have to endure for awhile longer, but positive numbers should offer some encouragement and a reason to lift our collective chin.
Matt Kemper
YourCreditCompany.com
To apply for a mortgage or get more information on mortgages visit us today!
Monday, February 23, 2009
What We are Watching
Welcome Back!
I hope everyone had a great weekend. This week we are looking at a couple topics that directly pertain to you or your friends' financial affairs.
First, Credit Cards always seem to be a hot topic. As they should be. It is not hard to find someone who has been broke, to use credit cards (in the interest of fairness there have been a significantly less number that have made a fortune because they maxed out their credit cards). The Senate Banking, Finance, and Urban Affairs Committee have been holding hearings examining the credit card industry. We will be following the hearings as well as any other events in this industry.
If you are looking for information on credit cards or a place to "shop" the best rates check out YourCreditCompany.com
Second, we are watching for more updates on the Homeowner Affordability and Stability Initiative. The U.S. Senate's Banking, Housing and Urban Affairs Committee is scheduled to hold hearings on the initiative on February 26, 2009 at 10:00am.
Check back soon, or better yet subscribe!
Matt Kemper
YourCreditCompany.com
I hope everyone had a great weekend. This week we are looking at a couple topics that directly pertain to you or your friends' financial affairs.
First, Credit Cards always seem to be a hot topic. As they should be. It is not hard to find someone who has been broke, to use credit cards (in the interest of fairness there have been a significantly less number that have made a fortune because they maxed out their credit cards). The Senate Banking, Finance, and Urban Affairs Committee have been holding hearings examining the credit card industry. We will be following the hearings as well as any other events in this industry.
If you are looking for information on credit cards or a place to "shop" the best rates check out YourCreditCompany.com
Second, we are watching for more updates on the Homeowner Affordability and Stability Initiative. The U.S. Senate's Banking, Housing and Urban Affairs Committee is scheduled to hold hearings on the initiative on February 26, 2009 at 10:00am.
Check back soon, or better yet subscribe!
Matt Kemper
YourCreditCompany.com
Wednesday, February 18, 2009
Welcome!
Welcome to the brand new Your Credit Company Blog!
This is our first venture into the blogoshpere, and we are looking forward to expanding our efforts to educate and inform. Educate and inform, two of our primary reasons for existing. We encourage you to check out our main web page http://www.yourcreditcompany.com/ to see what we can do for you.
We will be focusing on issues that surround the housing market in this blog. This is a broad range and this should keep us busy providing fresh new content. If there is another topic you would like for us to blog on, please let us know. We do not operate in a vacuum!
Our Mission...
...at YourCreditCompany.com is to provide you with the answers, solutions, and services you need to resolve with any credit-related issues. We also provide the information and resources to help you understand your options when facing financial decisions.
Our Commitment to you, who read this blog
We will not simply quote news articles. We will pull press releases from the original source. There will be no anonymous sources here. The author's name will appear on each post and the source will be cited for that post.
All authors will accept the possibility of being wrong, and make a correction, but we will accept no liability, and will give no advice. If you are reading a blog of this subject matter, I think we can all assume that you are astute enough to make your decisions and take responsibility for the subsequent result.
We look forward to all comments and remember that word of mouth is the best form of advertising. We strive to have each person tell 5 others about this blog.
Enjoy!
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