<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Archive: March, 2008
 

Archive for March, 2008

Where to Budget???

March 11th, 2008 at 04:35 am

So where do I start budgeting? Meaning, do I go out and buy Quicken? Or do I try going on-line to a Mint.com or a Yodlee type website? The problem with the second option is that if I'm not mistaken both of those websites are done predominately on-line and that makes me uncomfortable. If I can be frank……………….........and yes, you can still be you. ;-)

Any suggestions or ideas that can help with these reservations?

Americans Are the Victims? Really?

March 4th, 2008 at 12:16 am

In this whole “Mortgage Meltdown,” and “Sub prime Crisis” I am getting a little tired of Americans playing the victims. Right off the bat, I don’t want to offend anyone, but when are we as adults going to start taking responsibilities for our actions? Every time I open a newspaper or magazine I read an article about how someone was tricked by their loan officer or how some Countywide Rep forced me into this loan program. And although I am sure that there was some deceit out there, I do not think it’s as bad as the media makes it out to be. What I mean is that homebuyers were doing some lying on their end too. These Real Estate Speculators were all trying to get rich quick. And who can blame them; it appeared to be the going trend for a year or two. I live in Arizona and I can recall home auctions that you needed to pay $1000 just to get in the drawing.

Over the past week I have listened in to what I call, “the interrogation of Ben Bernanke.” For two days Congress “peppered” the FED Chairman with questions of inflation, banking laws and recession. It seemed as a large number of those questions referenced that homeowners were the victims in all this. If you are someone who is not familiar with the home buying process the media would have you thinking that loan officers nationwide were lying and cheating to make money. Whenever you are dealing with an individual and their services rendered is how they earn a living; you are always going to come across people who lack integrity and may not be looking out for your best interest. It’s our job as Americans to raise our awareness and educate ourselves; so that we know exactly what we are signing and what the terms are. That is also why you should be referred to a loan officer. Or one comes highly recommended and someone vouches for their character.

What are the other opinions out there?
Does everyone really think that all these homeowners were tricked and lied too?
Does everyone think that these Adjustable Rate Mortgages are really the problem?

I would love to know some other opinions, because I think it’s a classic case of people stripping equity from their home and the cash pot ran out. Another thing to keep in mind is two-three years ago 30 year fixed interest rates did not look that appealing. 2/28 and 3/27 loan programs just made sense at the time and people needed band aid loans or they were already being suffocated with debt.