The Massachusetts senate vote takes place today in what will be a historic day whichever way the turnout goes. If Republicans win, it will likely be a large obstacle for the President and the Democrats Healthcare agenda. If Democrats win, they'll have the control they need over making final decisions on the healthcare bill.
Although this is a mortgage site, it seems the governments meddling in the housing market and mortgage business is having a major effect on the way I do business, so I feel it's in my right to make necessary commentary.
My major thought on this topic lies w/President Obama flying into Massachusetts in attempt at getting the Democratic party more votes, while putting down the Republican party nominee. Where does Obama have a right to tell people of a state which way to go? He completely undermines what Democracy really is. If he truly believed in Democracy, he would let the people of the state decide what is best for them. However, as he faced opposition on the stimulus package from we the people and passed it anyway, and as he's facing opposition on the healthcare package and still is forcefeeding it upon the country, this man does not care what we the people want. He seems convinced that he and the government know what's best for you and I. I feel he is wrong. I feel that a 1000+ page bill written in legal jargon does not represent the wants and needs of we the people. I feel that I'd rather have watched the major banks fail and fall than to see them reaping record profits while ripping off their clients, many unemployed due to the same economy that was causing the banks problems (or I guess you could say the many unemployed due to the banks causing the economy to collapse, thus bringing problems upon themself).
Let the people choose. If they feel the Democratic representative would better serve them, so be it. If they want to go in another direction, then guess what...that's democracy, and that's the beauty of the country we live in. That being said, I hope that the Republican party wins, not because I don't think the healthcare system needs to change, but because there needs to be checks and balances, and all the special interest groups included, and all the pork---it all needs to go. ALL OF IT. Either make a bill with the sole benefit of a better system, or don't make a bill, but don't waste taxpayer money with all of the BS hidden in the pages, and the millions of dollars that are wasted with every bill that is passed. If that's how this bill is going to play out, I'd rather see it not passed.
Good luck today, Massachusetts, I hope you make the right decision, whichever way you go.
As a member of the Newark Morning Rotary Club, I announce the beginning of our ONLY annual fundraiser, the Morning Rotary report to the community. This publication announces our activities over the past year, along with a bio of each member and advertisements from local businesses.
To generate funds for the activities we do throughout the year, we sell advertising space in this fine publication.
Benefits Include:
-Reasonable ad prices-All proceeds stay IN THE NEWARK COMMUNITY-Ads seen in homes of Newark Post readers-Great shelf life, an entire year displayed in local businesses-Distributed at Newark Nite, Community Day, and other events-Drawing to win free advertising space in next years 2011 Report to the Community
YOUR HELP IS NEEDED. In this time of financial uncertainty, we need your help more than ever. Folks in our community depend on your support of this project!
Happy Martin Luther King Jr Day.
Dr. King was more than his "I have a dream" speech. His leadership and what he stood for is an example to be followed, and his perseverance is a quality that is tough to exceed. Some quotes from Dr. King that should be pondered and remembered.
“All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence.”
Dr. Martin Luther King, Jr
“Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.”
“Injustice anywhere is a threat to justice everywhere.”
“The hottest place in hell is reserved for those who remain neutral in times of great moral conflict.”
“The quality, not longevity, of one’s life is what’s important.”
“The time is always right to do what is right.”
“Whatever your life’s work, do it well. A man should do his job so well that the living, the dead, the unborn could do it no better.”
“Every man must decide whether he will walk in the light of creative altruism or in the dark of destructive selfishness.”
As of 1/1/2010 all loans are under the new RESPA laws, which require a new Good Faith Estimate (GFE), designed to make things more lucid to borrowers when doing a loan, and comparing offers from different lenders.
This new good faith estimate is 3 pages long, does not need to be signed, still is not guaranteed after 10 days, and has so much excess verbiage that I'm not sure how anyone that's not a mortgage professional can make sense of it.
We had a 2 hour conference call with a real estate/mortgage attorney for one of our lenders, and even he isn't sure what to make of some of the verbiage. Once again, another shining example of how government intervention, and the attempt at making things better, has made them worse.
Also, rather than a simple rundown of fees (the format of the old GFE, not titled "initial fees disclosure", there is unnecessary explanation, and very stringent guidelines on what can be changed and why. For example, if a borrower wants to avoid locking in hopes for a better interest rate, and the market takes a dive for the worse, as a lender/broker I'd have to charge more up front to offer the same rate. This is no longer allowed, and considered a fee that I'd have to eat. Well folks, as much as I pride myself on outstanding customer service, I also have bills to pay, so I'd rather decline your loan than be stuck paying for someone else's mistake.
While the new GFE is designed to prevent "bait and switch" tactics that some brokers used in the past to get people in their door, these changes negatively effect the "Good guys" in the industry. All of my good faith estimates are within a couple hundred dollars, and the only differences in the rare event they're underdisclosed comes from taxes, which still aren't taken into consideration under the new rules. All of these changes are designed to help, but are really making the industry a living hell for us professionals that have been doing right by clients since day 1. It's more documentation, more waiting, followed by more documentation, followed by 10 extra phone calls, followed by more documentation, followed by more waiting, and all for nothing. Where does it end?
OK rant over. As with everything, changes need to be made to the industry, but where does it end? Licensing has proven to be nothing more than a revenue stream for states, and this new GFE and RESPA guide is a Ryan Howardesque swing and miss. HUD and the government really struck out on this one. But hey, when all those folks on capitol hill are running to get re-elected, now they can say "WE DID SOMETHING ABOUT HOUSING REFORM!". Cause really, after the banks getting bailed out and those in charge looking the other way when it comes to the struggling middle class, we all know what it's really about. Votes and money...and unfortunately, in their effort to get both, business becomes more tedious.
Well it's 2010 and so far we have more of the same
Reps and Dems arguing healthcare, Sarah Palin continuing to have trouble keeping herself out of the spotlight, and banks are still taking advantage of the taxpayers with the help of their government partners in crime.
The latest should have people wanting immediate contrition, and immediate redemption. In e-mails discovered between the New York Fed and Goldman Sachs, there was apparently instruction from the Fed (then led by Timmy Geithner) to hide key elements of AIG's troubles when purchases of their toxic debts were being purchased WITH TAXPAYER MONEY. This is blatantly deceptive to the American public, and the fact that the Fed acted in this way 100% shows everyone that the Fed MUST BE AUDITED, and really must come to an end. To know that a private group of bankers can deceive the public to manipulate billions of dollars is infuriating, but to know that this same group determines our monetary policy and for all intents and purposes manipulates our economy is ludicrous. Folks should be up in arms about this much more than they are, especially since the man in charge of the Fed at the time this occurred is sitting aside the leader of the free world right now as Obama's treasury secretary. I'm not saying this is Geithner's fault, or that he even knew about it. But if a group he was overseeing acts this way, it makes me very seriously question his judgment and oversight of anything.
GRRRRRR not even a full 2 weeks into the new year, and they've got my blood boiling! Can someone please please please lessen government corruption, step up, audit the fed, and bring freedom back to the American people.
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