Fannie Mae told the U.S. Treasury on Friday that it will need another $19 billion to offset a loss of $23.17 billion in the first quarter, as the company continues to be battered by mortgage defaults, The Wall Street Journal reports.
This demand for capital will bring the amount provided Fannie to about $34 billion; the Treasury has agreed to provide as much as $200 billion to Fannie and to Freddie Mac. Freddie, which will report its results in a few days, has already received $45 billion.
Both companies, which were taken over by the government, buy home loans from banks and turn them into securities for sale to other investors. They are suffering losses because they focus on the weakest segments of the housing market.
Alt-A loans, many of which allowed borrowers to avoid documenting their income, accounted for 39 percent of Fannie’s credit losses in the latest quarter.
Source: The Wall Street Journal, James R. Hagerty (05/09/2009)
Monday, May 11, 2009
Saturday, May 9, 2009
South West Lower Michigan April Numbers
The number of properties sold for April 2009 was -10% from April 2008. There were a total of 196 properties sold this year vs. 217 last year. Leading the way with increases were: South Haven/Bangor/Covert (+35%), Coloma/Watervliet (+33%) and the Edwardsburg/Cassopolis and Benton Harbor markets were both at +8% for the month.
On the negative side of number of properties sold were: Dowagiac/Marcellus (-41%), Berrien Springs/Eau Claire (-20%), St. Joseph/Lakeshore (-18%), Niles/Galien (-15%), Hartford/Lawrence (-13%) and Bridgman/New Buffalo (-10%).
Two areas showed positive numbers for Average Sales Price over last year, Dowagiac/Marcellus and St. Joseph/Lakeshore which were both at +10%. The negatives were: Bridgman/New Buffalo (-63%), South Haven/Bangor/Covert (-62%), Coloma/Watervliet (-51%), Benton Harbor (-45%), Edwardsburg/Cassopolis (-42%), Hartford/Lawrence (-16%), Berrien Springs/Eau Claire (-9%) and Niles/Galien (-7%).
Overall, total dollar volume was -40% from $39,913,258 down to $23,993,126.
With the units total up and dollar volume down, hopefully this is a sign that the market has bottomed out as it appears that the investors are buying up the bargains.
On the negative side of number of properties sold were: Dowagiac/Marcellus (-41%), Berrien Springs/Eau Claire (-20%), St. Joseph/Lakeshore (-18%), Niles/Galien (-15%), Hartford/Lawrence (-13%) and Bridgman/New Buffalo (-10%).
Two areas showed positive numbers for Average Sales Price over last year, Dowagiac/Marcellus and St. Joseph/Lakeshore which were both at +10%. The negatives were: Bridgman/New Buffalo (-63%), South Haven/Bangor/Covert (-62%), Coloma/Watervliet (-51%), Benton Harbor (-45%), Edwardsburg/Cassopolis (-42%), Hartford/Lawrence (-16%), Berrien Springs/Eau Claire (-9%) and Niles/Galien (-7%).
Overall, total dollar volume was -40% from $39,913,258 down to $23,993,126.
With the units total up and dollar volume down, hopefully this is a sign that the market has bottomed out as it appears that the investors are buying up the bargains.
Friday, May 8, 2009
Auction Item Photos and Starting Bids
Autographed Keith Richards Guitar. Starting Live Auction bid at $2,400
Autographed John Cougar Mellencamp Guitar. Starting Live Auction bid price $300
Signed Jack Nicholson photo. Starting Silent Auction bid price at $150
Autographed Willie Nelson Lp. Silent Auction starting bid price at $125
Autographed Dan Quayle Photo. Starting Silent auction bid at $40
Autographed Bruce Springsteen Photo. Silent Auction Starting bid at $300
Autographed Billy Joel LP. Starting Silent Auction price at $175
Autographed Hillary Clinton for President Poster. Silent Auction starting bid $125
Signed Clint Eastwood Photo. Silent auction starting price at $125
Autographed Eric Clapton Guitar. Starting bid price $4,000
The Sunshine Kids, Helping Kids With Cancer Smile
Prudential realestate has a national charity called The Sunshine Kids. This 501 (c)(3) non for profit is based out of Houston, Texas and is devoted to sending children that have been diagnosed with cancer on trips with positive group activities.
Purdential One Realty of Michiana has been participating with this charity for a few years. Every year, Prudential One Realty has an auction/fundraiser that occurs sometime in the spring. The money that we raise, stays local to help local kids from Memorial Hospital.
This years fundraiser, Helping Kids With Cancer Smile, is being held on May 16, at the Mishawaka FOP which is on 12th street. The event runs from 5:00 p.m. and will last until close to midnight. We have live entertainment from Darryl Buchanan and BLAMMO, a polish buffet and of course, the auction. The dress code is casual, tickets cost $30 each and can be purchased by calling me at 574-370-8156. This is going to be a great event, with lots of fun and is a great way to make an impact on our community.
About 1 year ago, I was approached about the possibility of taking lead on the auction portion of the event, which I agreed to do. I recruited a few agents to help and a couple people from outside Prudential to help as well. Below is a list of items that my team has compiled. I think you will agree, it is a very impressive list. There are gift certificates that could be won in a raffle by purchasing a $1 ticket and there are items that could sell for thousands. We are still adding items, but here is what we have and what categories they look to be in.
Piggy Raffle Items (items that could be won by purchasing a $1 ticket)
$50 Portrait Package
$25 Gift Certificate to Reggio's Restaurant
$40 Gift Card to Famous Daves BBQ
Bob Evans Gift Basket
Avon Gift Basket
Dinner for 2 at The Bonefish (bang, bang shrimp anyone?) Valued upto $45
$25 gift certificate to Doc Pierces
3 Pizza's from Papa Murphy's
$25 gift certificate from The Woodfire in Dowagiac
$25 gift certificate from Hacienda
Pizza, 4 drinks and 100 tokens from Chuck-E-Cheese
Dinner for 2 at Don Pablo's
$50 gift certificate for Auto 1
$20 gift certificate from the Boat House Restaurant
2 Oil changes from Zolman Tire
A Can Safe
A CD Case Safe
$20 gift certificate from Hackers Golf and Games in Niles (there are 2 of those)
Autographed Photo of Chicago White Sox Pitcher Matt Thornton
Autographed Ornament of Ara Parseghian
Autographed Mini Mini Football of Ara Parsghian
Candle Basket
Knitted Yellow Blanket
6 items of choice from Del Taco
A SNUGGIE
Ace Hardware Basket
3 Lunches at Penn Station
2 Basket meals plus desert at Culvers of Mishawaka
Golf Michiana Package
Silent Auction Items
Whole House Carpet and Tile Cleaning from A & R Extreme Clean $500 Value
Taste of Michiana Gift Card Tree (various rest. from our area)
Avon Gift Basket
Candle Gift Basket
Realtor Gift Basket
Golfing at Juday Creek
Water Pik
Dog Basket
Cat Basket
Art Work
Sculpture
AS SEEN ON TV Gift Basket
Ryan Newman Autographed Hat
Spa Package
Tony Dungee Signed Mini Helmet
Andre Dawson Signed Photo
Reggie Jackson Signed Photo
Billy Joel Signed LP
Bruce Springsteen Signed LP
Clint Eastwood Signed Photo
Hillary Clinton For President Autographed Sign
Jack Nicholson Signed Photo
Willie Nelson Signed LP
Dan Quayle Signed Photo
Notre Dame Football Tickets (vs. Mich. State and Boston Coll.)
TIP BOARDS
Chick-Fil-A Nugget Tray
Wii
Wii Fit
Pizza A Month For A Year from Little Caesars
Pizza A Month For A Year from Papa Johns
Charlie Weis Signed Football
Golf Michiana
LIVE AUCTION (These are the big ticket items)
Dinner for 5 Including Congressman Joe Donnelly at Carrabba's
Autographed Larry Bird Jersey
A Trip to Las Vegas
Dinner for 5 Including Mayor Jeff Rea of Mishawaka at Carrabba's
Autographed Joe Montana ND Jersey Framed
Autographed Peyton Manning Jersey Framed
Play Like A Champion Today banner signed by Lou Holtz and Charlie Weis
Autographed Eric Clapton Guitar
Friday Night Cruise on the River with Drinks and Hoers Devours
1988 Football signed by Lou Holtz and 5 others (national championship year)
Keith Richards Autographed Guitar
John Cougar Mellencamp Autographed Guitar
Autographed Mohammad Ali Boxing Glove
Purdential One Realty of Michiana has been participating with this charity for a few years. Every year, Prudential One Realty has an auction/fundraiser that occurs sometime in the spring. The money that we raise, stays local to help local kids from Memorial Hospital.
This years fundraiser, Helping Kids With Cancer Smile, is being held on May 16, at the Mishawaka FOP which is on 12th street. The event runs from 5:00 p.m. and will last until close to midnight. We have live entertainment from Darryl Buchanan and BLAMMO, a polish buffet and of course, the auction. The dress code is casual, tickets cost $30 each and can be purchased by calling me at 574-370-8156. This is going to be a great event, with lots of fun and is a great way to make an impact on our community.
About 1 year ago, I was approached about the possibility of taking lead on the auction portion of the event, which I agreed to do. I recruited a few agents to help and a couple people from outside Prudential to help as well. Below is a list of items that my team has compiled. I think you will agree, it is a very impressive list. There are gift certificates that could be won in a raffle by purchasing a $1 ticket and there are items that could sell for thousands. We are still adding items, but here is what we have and what categories they look to be in.
Piggy Raffle Items (items that could be won by purchasing a $1 ticket)
$50 Portrait Package
$25 Gift Certificate to Reggio's Restaurant
$40 Gift Card to Famous Daves BBQ
Bob Evans Gift Basket
Avon Gift Basket
Dinner for 2 at The Bonefish (bang, bang shrimp anyone?) Valued upto $45
$25 gift certificate to Doc Pierces
3 Pizza's from Papa Murphy's
$25 gift certificate from The Woodfire in Dowagiac
$25 gift certificate from Hacienda
Pizza, 4 drinks and 100 tokens from Chuck-E-Cheese
Dinner for 2 at Don Pablo's
$50 gift certificate for Auto 1
$20 gift certificate from the Boat House Restaurant
2 Oil changes from Zolman Tire
A Can Safe
A CD Case Safe
$20 gift certificate from Hackers Golf and Games in Niles (there are 2 of those)
Autographed Photo of Chicago White Sox Pitcher Matt Thornton
Autographed Ornament of Ara Parseghian
Autographed Mini Mini Football of Ara Parsghian
Candle Basket
Knitted Yellow Blanket
6 items of choice from Del Taco
A SNUGGIE
Ace Hardware Basket
3 Lunches at Penn Station
2 Basket meals plus desert at Culvers of Mishawaka
Golf Michiana Package
Silent Auction Items
Whole House Carpet and Tile Cleaning from A & R Extreme Clean $500 Value
Taste of Michiana Gift Card Tree (various rest. from our area)
Avon Gift Basket
Candle Gift Basket
Realtor Gift Basket
Golfing at Juday Creek
Water Pik
Dog Basket
Cat Basket
Art Work
Sculpture
AS SEEN ON TV Gift Basket
Ryan Newman Autographed Hat
Spa Package
Tony Dungee Signed Mini Helmet
Andre Dawson Signed Photo
Reggie Jackson Signed Photo
Billy Joel Signed LP
Bruce Springsteen Signed LP
Clint Eastwood Signed Photo
Hillary Clinton For President Autographed Sign
Jack Nicholson Signed Photo
Willie Nelson Signed LP
Dan Quayle Signed Photo
Notre Dame Football Tickets (vs. Mich. State and Boston Coll.)
TIP BOARDS
Chick-Fil-A Nugget Tray
Wii
Wii Fit
Pizza A Month For A Year from Little Caesars
Pizza A Month For A Year from Papa Johns
Charlie Weis Signed Football
Golf Michiana
LIVE AUCTION (These are the big ticket items)
Dinner for 5 Including Congressman Joe Donnelly at Carrabba's
Autographed Larry Bird Jersey
A Trip to Las Vegas
Dinner for 5 Including Mayor Jeff Rea of Mishawaka at Carrabba's
Autographed Joe Montana ND Jersey Framed
Autographed Peyton Manning Jersey Framed
Play Like A Champion Today banner signed by Lou Holtz and Charlie Weis
Autographed Eric Clapton Guitar
Friday Night Cruise on the River with Drinks and Hoers Devours
1988 Football signed by Lou Holtz and 5 others (national championship year)
Keith Richards Autographed Guitar
John Cougar Mellencamp Autographed Guitar
Autographed Mohammad Ali Boxing Glove
Monday, May 4, 2009
New Indiana Foreclosure Bill
A new bill that has been unanimously passed by both chambers of the Indiana General Assembly is just waiting for Gov. Mitch Daniels to sign off on it. Once implemented, mortgage lenders trying to foreclose on a home in the state of Indiana will have to meet with delinquent home owners in order to try to modify loan terms before foreclosing on the property at sheriff's auction.
During the face to face meeting, lenders will be required to inform the property owner where they can find certified foreclosure prevention counseling and off the opportunity to engage in a settlement conference with the borrower. The lender representative does not have to have the power to authorize on the spot modified terms, but there must be someone available by telephone that does have that power. Also, the bill does NOT mandate that the lender must modify the loan.
The purpose behind the bill is to create more dialogue between the homeowner and the lender. It is estimated that there will be a need for about 700 people to perform these face to face meetings statewide. There has been no time table announced for when this would take effect once Gov. Daniels signs the bill into law.
During the face to face meeting, lenders will be required to inform the property owner where they can find certified foreclosure prevention counseling and off the opportunity to engage in a settlement conference with the borrower. The lender representative does not have to have the power to authorize on the spot modified terms, but there must be someone available by telephone that does have that power. Also, the bill does NOT mandate that the lender must modify the loan.
The purpose behind the bill is to create more dialogue between the homeowner and the lender. It is estimated that there will be a need for about 700 people to perform these face to face meetings statewide. There has been no time table announced for when this would take effect once Gov. Daniels signs the bill into law.
Saturday, May 2, 2009
Are You Doing Your Best?
Do you ever feel that you are doing your best, only to find out that you really are not? And when you find out what you can actually do, you are stunned and surprised by what you can do?
It certainly happens to me! It happens in all areas of my life too. Spiritual, relational and professional. There are many reasons for it. Sometimes it is just getting too comfortable where I am at, other times it is not believing that I could do any better. Sometimes I put those obstacles up, other times outside forces put those obstacles up. Sometimes I can snap myself out of the comfort zone that I am in, sometimes friends snap me out of that comfort zone and other times God snaps me out of it. In reality, I guess, God is always the one that snaps me out of it.
I tend to be a very visual type of person, so I love motivational video clips or scenes from movies that I find to be a motivator. When I find one of these scenes or clips, I can't help but to find Christ somehow worked into it.
One of those scenes is below. It is a scene from Facing The Giants. The scene has the coach trying to prove to his players what can be accomplished through faith. The coach asks the team captain to do "The Death Crawl" which is where the player gets down on all fours while another player is lying on his back on top of him. The goal is to see how far you can crawl without your knees touching. The team captain thinks he can go about 20 yards which is further than the other players on the team can go. The coach thinks that he can go even further if he trusts and puts his faith in the coach by being blind folded before he begins his crawl. You will see when you play the video the constant encouragement by the coach. "You can do it" "Just a little Further" "Don't Give Up". When hearing the coach, I can't help but to think how often Christ is saying those same words to me. And my response is just like the words the player is saying "I Can't Go Any Further" "I'm Tired" "It's Too Hard" the coach or Christ saying "Keep Going" "Give Me Your Best!" This is an amazing video clip that reminds me that I can always do better and that I do not want to let God down, just as this player did not want to let his coach down. I hope you enjoy this video clip as much as I do!
It certainly happens to me! It happens in all areas of my life too. Spiritual, relational and professional. There are many reasons for it. Sometimes it is just getting too comfortable where I am at, other times it is not believing that I could do any better. Sometimes I put those obstacles up, other times outside forces put those obstacles up. Sometimes I can snap myself out of the comfort zone that I am in, sometimes friends snap me out of that comfort zone and other times God snaps me out of it. In reality, I guess, God is always the one that snaps me out of it.
I tend to be a very visual type of person, so I love motivational video clips or scenes from movies that I find to be a motivator. When I find one of these scenes or clips, I can't help but to find Christ somehow worked into it.
One of those scenes is below. It is a scene from Facing The Giants. The scene has the coach trying to prove to his players what can be accomplished through faith. The coach asks the team captain to do "The Death Crawl" which is where the player gets down on all fours while another player is lying on his back on top of him. The goal is to see how far you can crawl without your knees touching. The team captain thinks he can go about 20 yards which is further than the other players on the team can go. The coach thinks that he can go even further if he trusts and puts his faith in the coach by being blind folded before he begins his crawl. You will see when you play the video the constant encouragement by the coach. "You can do it" "Just a little Further" "Don't Give Up". When hearing the coach, I can't help but to think how often Christ is saying those same words to me. And my response is just like the words the player is saying "I Can't Go Any Further" "I'm Tired" "It's Too Hard" the coach or Christ saying "Keep Going" "Give Me Your Best!" This is an amazing video clip that reminds me that I can always do better and that I do not want to let God down, just as this player did not want to let his coach down. I hope you enjoy this video clip as much as I do!
Friday, May 1, 2009
Obama and Guns
This morning in my men's bible study group, someone made a comment about gun prices going up because people are afraid that President Obama is going to take away our rights to gun ownership. I too have seen these gun prices rise since the election. I made the comment to my group that people are worried about the wrong issue when it comes to guns. And, at my friend Augie's urging, I will explain what I am talking about. But before I do, you need to know, that I voted for our current president and I do own a gun and my wife has a weapons permit so that she can carry her .22 or 9mm if she chooses to. And she is deadly accurate with them, kind of cool, huh?
Anyway, it is my belief that the focus has been misplaced. I do not believe, for a second, that President Obama is going to take away our rights to gun ownership. I don't think he is even going to try to. Don't get me wrong, I do not believe that President Obama is pro gun. I just don't think he is going to try to take them away. For one, Vice President Biden has a weapons permit to carry and IS pro gun ownership. Another reason, is that 65% of the democrats that hold office are pro gun ownership. But I also do not think President Obama is going to fight this perception of him wanting to take away guns. Why would he want to? The pro gun ownership part of this country is creating fear, which is driving the price of guns up, which makes it harder to buy them. In other words, the very people that want their guns are making harder for themselves to buy the guns that they want.
What I do think President Obama is going to try to do though, is to make it harder to buy the ammunition. President Obama is a very smart man and he knows that he cannot tamper with the constitution, but there is nothing in the constitution about the right to own the ammunition that you put in the guns. I don't think that he is going to ban bullets, just make it harder for people to purchase them. There is talk about having every bullet that is manufactured be marked with its own individual serial number. The cost of manufacturing ammunition will sky rocket, making it harder to buy the bullets needed.
So, whether you are pro gun or anti gun, that is for you to decide. I just thought that I would throw out a different perspective as to what is going on with gun ownership.
Anyway, it is my belief that the focus has been misplaced. I do not believe, for a second, that President Obama is going to take away our rights to gun ownership. I don't think he is even going to try to. Don't get me wrong, I do not believe that President Obama is pro gun. I just don't think he is going to try to take them away. For one, Vice President Biden has a weapons permit to carry and IS pro gun ownership. Another reason, is that 65% of the democrats that hold office are pro gun ownership. But I also do not think President Obama is going to fight this perception of him wanting to take away guns. Why would he want to? The pro gun ownership part of this country is creating fear, which is driving the price of guns up, which makes it harder to buy them. In other words, the very people that want their guns are making harder for themselves to buy the guns that they want.
What I do think President Obama is going to try to do though, is to make it harder to buy the ammunition. President Obama is a very smart man and he knows that he cannot tamper with the constitution, but there is nothing in the constitution about the right to own the ammunition that you put in the guns. I don't think that he is going to ban bullets, just make it harder for people to purchase them. There is talk about having every bullet that is manufactured be marked with its own individual serial number. The cost of manufacturing ammunition will sky rocket, making it harder to buy the bullets needed.
So, whether you are pro gun or anti gun, that is for you to decide. I just thought that I would throw out a different perspective as to what is going on with gun ownership.
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