Marc's Mortgage Matter's

To all those that have served or are serving on active duty: Thank you.

Independence Day:
"On July 2, 1776 the Second Continental Congress voted to approve a resolution of independence. After approving the vote for independence, attention was directed at writing the Declaration of Independence. The Declaration of Independence was to be a statement explaining this decision to seek independence from Great Britain. Thomas Jefferson was the principal author". As we should all know, The Declaration of Independence was approved and signed on July 4. Enjoy the holiday.
"In a remarkable coincidence, both John Adams and Thomas Jefferson, the only signers of the Declaration of Independence later to serve as Presidents of the United States, died on the same day: July 4, 1826, which was the 50th anniversary of the Declaration." 

This IS the economy, stupid...     (From a buddy in California)

Over the past three and a half years as I've watched my career get annihilated, my savings accounts dwindle, waiting for the Great Punkin' as it were, it finally dawned on me a little over a year ago, this is the economy, stupid! It has been mildly amusing to fairly sickening to watch the City of San Jose not unlike other municipalities whine and fuss over a 10% pay cut while many of us have easily taken a 75% haircut and counting. It hasn't escaped me either that we are about forty six months into this financial crisis and we are just now hearing and reading the call for emergency pay cuts not to mention the budget cuts that have been littering the headlines of late. Not without notable mention the most recent headline on June 22, 2011 where the California State Controller Chiang threatened to withhold California lawmaker's paychecks for not producing a balanced budget, and without much fanfare unlike times in the past a short time later, June 28, 2011 (ahem!) the Mercury News reported Governor Brown had a budget in hand he was sure to approve! Amazing that our "public servants" can get along so well and settle their differences now that is it their money that is being withheld.

Without going through all of the blame and rhetoric that we're all nauseated hearing one more time, I do believe that if we cannot stimulate the economy, first through some sort of renewed confidence that isn't spelled QE3, with said confidence in fact it may lead to new jobs and then the American public into at least considering buying a home our lifestyles might JUST change as in a downgrade and maybe change for the foreseeable future and possibly beyond. My personal opinion, I look for home values to continue to deteriorate another 10% at the minimum and up to 30% or worse (somewhat rosier in the New York City (Brooklyn, Queens, SI, Westchester and Nassau area!) should we continue in this downward holding pattern we cannot seem to shake. With Americans continuing to lose equity in their homes, some losing half, or most of their savings riding out their unemployment situation how can our lifestyles that we've become so accustomed to stay at status quo when our resources are tapped leaking like a sieve at unprecedented levels? Especially since we've been in an uptrend with regard to the American lifestyles upgrading over the past few decades? Some things or a lot of things for that matter have got to give.

It is one thing to complain, so what is the solution? Run to the mirror and deem yourself accountable, we the American public are responsible for the politicians we vote into office and allow, yes I said allow to make laws that are not in our best interests but their own. We as the voting public need to consider that MAYBE WE AS A NATION CANNOT AFFORD THE PRIVILEGE OF THESE "PUBIC SERVANTS" SERVICES AND starting immediately elect officials:

#1. Have to ask the American people IF they can have a raise and not vote their own raise in, automatic pay increases no less.
#2. Have the EXACT same retirement program we have, no more lifelong pensions, are you KIDDING me???
#3. Have the EXACT same Health Care Program that they prescribe for all Americans
#4. Consider increasing our expectations of said politicians and kick out the candidates with DUI's, Domestic Violence history, accepting any favor whatsoever, ANY perverted behavior, there is never just one cockroach, ANY cheating spouse, if you don't have any more self- control than that OR the nuts to tell your spouse you want out, don't try to run our country or your municipality clean up your home front First!
#5. Any and all laws said elected officials enact have the exact same consequence for themselves as they vote to give to Americans

I received a call from a former client that had a home paid for in another state, took money out of that house and paid cash for another, upgraded home they purchased and now are letting the first house which they took cash proceeds from go back to the bank. I'm not a huge fan of the banks but that is just not right, we as Americans HAVE to find it in ourselves to do the right thing even in the face of watching our corporation owned and operated government do exactly to us and others the same thing I am describing here in varying degrees, this HAS to stop somewhere and it starts with us as individual Americans. My father's generation, he's 74 with all its foibles did a lot of things right and to this day if you shake my dad's hand, whatever he shook on he'd rather die than not keep his word. For us to get back the former reputation, respect and dignity of our once pristine nation we need to act accordingly and make sure our corporations and government are in line with OUR values as a nation. Your vote does count, what you say and do does too, everyone is watching, your kids, family, neighbors, friends and colleagues!

Finally, some unintended benefits came from this gut wrenching time and I can say I'm better for it
- I appreciate my family more than ever, all of them, even Uncle Art...
- I appreciate my four year old car and don't understand my previous obsession with driving a newer one than my new one
- I may not ever be able to buy Diesel brand jeans again, so I love the one's I have
- I'm still in this business and I thank God for every client, like my jeans I love the one's I have!

Despite the naval blockade on the Gaza Strip, the Israel Defense Forces (IDF) ensures the daily transfer of nearly 6,000 tons of goods and roughly 260 truckloads via Kerem Shalom, an Israel-Gaza land crossing.

Lawfully enforcing the naval blockade on the Gaza Strip allows the Israeli Navy to halt rocket and missile attacks into Israel by Hamas, Islamic Jihad and other terrorist organizations in the Gaza Strip. What the F--- is the damn flotilla about?? Just percolating anti-Israel sentiment worldwide? Sick!

The downward swing for mortgage rates may have come to at least a temporary end. Somewhat better economic news, a hopeful start to a resolution of the Greek debt mess, growing concerns about our own debt-limit ceiling and the turn of both the quarter and half-year are all factors contributing to the upward pressure. The end of the Fed's QE2 program no doubt has played a small role in the increase in rates, too. It's also worth noting that the government's push to drive oil prices downward through the use of the Strategic Petroleum Reserve should also help to put additional billions of dollars back in consumer pockets and eventually into the economy as the year moves forward. This should help continue or even possibly improve the strength of the recovery.

The benchmark 10-year Treasury has risen appreciably over the past seven days, running from 2.93% on June 24 to a close of 3.18% late Friday. A little more optimism and a little less fear among investors pushed the Dow Jones Industrial Average up by a fat 650 points this week, and a lot of cash to fuel that rally seemed to be was generated by selling Treasuries of all stripes. The quarter-point rise in the 10-year's risk- free yield puts pressure on the rates of other, more risky investment products, and mortgage rates will begin the second half of 2011 moving higher.

Even given a more-hopeful expression by investors, it's not as though the economic skies have suddenly brightened by much. There are still many roadblocks to a full recovery and no doubt more troubles ahead to overcome. Still, if the outlook does not continue from bleak to black, there is little likelihood that interest rates can continue on a downward path, and signs of improvement in the economic climate -- even sporadic ones -- will cause a an upward pop in interest rates. To sustain any increase in rates, we'll need either a sustained increase in stronger economic news (especially job markets) or a renewed bout of inflation, which seems unlikely at the moment, particularly if oil holds below $100/bbl.

It's a holiday-shortened week, but there are a number of important new pieces of economic data, including the employment report. Mortgage rates will be higher, perhaps 15-20 basis points by the time mid-week rolls around. That would make them the highest rates since... late May, so there's little reason for great concern, even if a few refinancers may find less-stellar rates than they might have a week ago.

Enjoy your Independence Day holiday. July 4th is just a date on a calendar, but take a minute to reflect on all the things which make America great, and don't forget to spare a moment for those in our Armed Services who protect our freedoms.

AMAZINGLY SIMPLE HOME REMEDIES (That Really Work!)

1. AVOID CUTTING YOURSELF WHEN SLICING VEGETABLES BY GETTING SOMEONE ELSE TO HOLD THE VEGETABLES WHILE YOU SLICE.

2. AVOID ARGUMENTS WITH THE FEMALES ABOUT LIFTING THE TOILET SEAT BY USING THE SINK.

3. FOR HIGH BLOOD PRESSURE SUFFERERS ~ SIMPLY CUT YOURSELF AND BLEED FOR A FEW MINUTES, THUS REDUCING THE PRESSURE ON YOUR VEINS. REMEMBER TO USE A TIMER.

4. A MOUSE TRAP PLACED ON TOP OF YOUR ALARM CLOCK WILL PREVENT YOU FROM ROLLING OVER AND GOING BACK TO SLEEP AFTER YOU HIT THE SNOOZE BUTTON.

5. IF YOU HAVE A BAD COUGH, TAKE A LARGE DOSE OF LAXATIVES. THEN YOU'LL BE AFRAID TO COUGH.

6. YOU ONLY NEED TWO TOOLS IN LIFE - WD-40 AND DUCT TAPE. IF IT DOESN'T MOVE AND SHOULD, USE THE WD-40. IF IT SHOULDN'T MOVE AND DOES, USE THE DUCT TAPE.

7. IF YOU CAN'T FIX IT WITH A HAMMER, YOU'VE GOT AN ELECTRICAL PROBLEM.