***Smart Financial Mortgage Weekly Mortgage Update July 31, 2009*** News Flash!!!!!From a July 27th story in the Arizona Republic………………….An amendment to the state’s foreclosure law (SB 1271) now makes somehomeowners inforeclosure liable for the difference between their mortgage and what the lender can get whenreselling the home. The new law would affect any Arizona homeowner in foreclosure who has not lived in the home for six consecutive months. This would impact owners of secondhomes as well a

“Protecting yourself and your family is not an action for the faint of heart or downright dedicated cowards. –Jim Sinclair “The bravest are surely those who have the clearest vision of what is before them, glory and danger alike, and yet notwithstanding, go out to meet it.” –Thucydides, 471 B.C. Jim Sinclair’s Commentary The financial industry, those just bailed out by us through a debt which must be paid by our children and grandchildren, gave 5000 employees a bonus of a

July 31st, 2009SarahLeave a commentGo to comments The clock ticks while MLB’s trade deadline creeps. The Yankees ride ownership’s checkbook and Girardi’sacumen to compete for a ring. Is knocking on the door of the postseason enough or do the Bombers flaunt their financial clout again and kick it in? Rumors, innuendo, speculation and fiction fly. What’s next? Let’s hit the links in an effort to glean some insight: “Do not believe this poppycock about the Yankees having sudden pangs of payroll a

Seven hundred and eighteen years ago tomorrow, Switzerland became independent of the British Empire, which until that point governed the territory, known as “Sweden,” using fearsome galloglass mercenaries (rösti, the Swiss national dish, is named for technique the Swiss used to humiliate the galloglasses after they were deposed—the soldiers were dragged in front of a dais and had to listen to embarrassing stories about themselves told by people eating potatoes). So happy birthday, Switzerland !

It’s Friday desk clearing time for this blogger. “Ari and William Morel are homeowners and grandparents who hope to save their home from foreclosure after becoming victims of what they consider to be a predatory loan. The Morels, whose troubles began in 2006 when Will lost his job as a bank adjuster, were told that they could not force the bank to modify the loan under the Making Home Affordable Refinance and Modification program. The program gives struggling homeowners facing foreclosure and

The Federal Reserve has done a terrible job at financial regulation. Why give it more power?The Obama administration’s plan to increase the powers of the Federal Reserve, says one critic, is like giving a teenager “a bigger, faster car right after he crashed the family station wagon.” Treasury Secretary Timothy Geithner disagrees. He argues that the Fed is “best positioned” to oversee key financial companies, and that the Obama plan would give the Fed only “modest additional authority.”Mr. Geith

A: The condo market will more clearly show the pain/excess that this market experienced for obvious reasons. In a market like Manhattan where 70% of the housing stock is co-op, you don't expect there to be high levels of speculation that often marks the top of an asset bubble. After all, the island of Manhattan certainly didn't experience a development boom to the extent that say a Miami did. But we did see a development boom and we did see a credit and housing bubble deflate - in the end, no ma

There’s been plenty of outrage directed at Goldman Sachs lately, and a common complaint is that the Wall Street firm is earning huge profits by making risky trading bets even as it enjoys government guarantees, either explicit or implicit.But Robert Lenzer, a national editor at Forbes magazine who worked at Goldman during the 1960s, argues that Goldman is no reckless gambler. In fact, he says, a look at the firm’s positions in credit default swaps — the derivative that nearly toppled American In

You won't get much argument here that the budget "plan" has a few holes. Beyond the fact that the plan hinges on getting $1B+ for a state worker's compensation fund that seems unrealistically optimistic, there is a bunch of borrowing and gimmicks in the deal that will leave us vulnerable in coming budget years. My guess? We'll be back talking about the budget in October or so. But, a report by the credit rating agency Moody's puts a specific number on it: $15 Billion. The plan signe

Author : Lindsy Emery For those of you trying to qualify for a loan modification, it is crucial to prepare a powerful, well-written letter detailing your circumstances and stating why you cannot make the current monthly payments Mortgagees must be made aware of your situation to determine whether or not you fit their modification guidelines Make sure your explanations are short, but to the point You must also cover three major points which your lender will need to know in order to get you

Amazon.de Widgets Debt Consolidation Benefits: Truth Or Myth?By : Devora Witts - The theoretical advantage of debt consolidation is that the interest rate and fees paid for the resulting debt are lower and the payments more manageable than that of the previous unsecured debt. However, this is so only in theory. What happens in the practice? It really depends on the willingness of the debtor to commit to certain conducts in terms of expenses and money management because sometimes the solution is

"I was not going to be the Federal Reserve chairman who presided over the second Great Depression," declared Federal Reserve Chairman Ben Bernanke this past Sunday. Well, he sure had me fooled. My gut reaction to Mr. Bernanke's statement was to recall the famous words of former President Nixon, who said of the Vietnam conflict, "I'm not going to be the first American president to lose a war." And we know how that turned out. Poor Mr. Bernanke. Does he really not understand his fate? I'll g