Tuesday Talk


Happy 4th of July!


 

The Spirits To Move wants to wish each of you a happy and safe 4th of July! 

As you spend time with family and friends, take a moment on this day to remember the

men & women of present & past that have and are still fighting every day for our independence.

Have a Safe & Happy

4th of July!

Wednesday Wisdom…


Rely on your own strength of body and soul.  Take for your star self-reliance, faith,

honesty & industry.  Don’t take too much advice – keep at the helm and steer your own

ship, and remember that the great art of commanding is to take a fair share of the work. 

 Fire above the mark you intend to hit.  Energy, invincible determination with the right

 motive, are the levers that move the world.

~ Noah Porter

Look Around YOUR Home For Ideas


Some are still putting away the holiday decorations, some already have them down and all are left staring at the large spaces that 20 days ago glitzy and gleamed.  Now what?

Are you sitting in this space wondering what to put on that empty wall space? Maybe thinking about that chair that just doesn’t fit the rest of the room or looking at the kids art work piling up and not sure what to do with all of it?

Let’s take a look at what we can create and do to change some of these dull or unfitting pieces.

That large open spot on the wall:   Have you been given some great dishes with unique designs on them?  Why not create a wall design that uses these?  You can get wall hangers for plates and such at any hardware store or large box store.  Hang the hangers-on the wall in a unique arrangement that will display these great pieces and make for wonderful conversation pieces.  How about some unique jewelry that you aren’t using any longer but still remember all the compliments and “OH’s & AH’s” you got when you wore it.  Why not get a frame and use this as a picture on a wall or in a stand on a counter.  This way you can still get that wonderful “OH’s & AH’s” and display these great pieces rather than hide them away.

Curtain tie backs: Rather than using the same old tie backs that all of us buy at the local store, then walk into our neighbors and see the same thing and think, “I WISH I HAD SOMETHING NO ONE ELSE DID”.  Again, use your old jewelry to create a unique & custom tie back that will create a distinguished look you are hoping for.  Use long pearls wrapped or tied back. Have a large necklace these work great also and can create quit a sparkle in any room.

That chair that just doesn’t fit: You painted the room and now that great chair doesn’t fit any more.  What to do? Why not repolster it or if it is wood, paint it and put a new cushion on it.  These are cost saving ways to update a chair and make it work in the room.  You can find easy instructions to assist in these projects on the internet.

Oh, all the kids artwork!:  What wonderful pieces your child has created and given to you.  Know what?  You have a one of a kind original that no one; no matter how hard they try will be able to get a copy of (unless you pass it along or copy for them)?  Why not put these pieces in frames and display them on your wall, end tables or frame stands around the house?  Your guests will love to see their work, your kids will love telling everyone what they were thinking when they created it  and you can rotate these so your pictures and decor are always changing.

Be creative and let THE SPIRITS TO MOVE help you to create new focal points, discussion points and save you money while doing it.  We all have many unique things in our own homes that can be used for more than it’s intended purpose, open your mind and see what you can create.

Are the banks finally owning their responcibility in the housing crash?


 Here is a great article I saw on Reuters written by Joe Rauch about Bank of America agreeing to pay Fannie Mae & Freddie Mac BILLIONS to settle claims that they sold bad home loans.  Will other banks finally own up to their responcibility in this crisis we are in also and will this acknowledgement & payback help any of the people about to loose their homes find any help in this move?  I guess time will tell…

(Reuters) – Bank of America Corp agreed to pay Fannie Mae and Freddie Mac $2.8 billion to settle claims that it sold the mortgage finance companies bad home loans, signaling that the bank may be closer to containing its outsized housing losses.

The news sent Bank of America shares up 5.5 percent to $14.08 in midday trading on the New York Stock Exchange. The deal triggered hopes that other banks may soon make similar settlements, and shares of Citigroup Inc and JPMorgan Chase & Co also rose.

Investors have feared for months that Bank of America would have to buy back billions of dollars of home loans it sold to investors at the height of the housing boom.

“I think 2011 will see the issue hopefully behind us,” said Alan Villalon, a senior bank analyst at Chicago-based Nuveen Investments, which owns Bank of America shares.

The agreement with Fannie Mae and Freddie Mac resolves the bulk of Bank of America’s exposure to those government-sponsored enterprises (GSEs), but likely means the bank will post its second straight quarterly loss when it announces fourth-quarter earnings on January 21.

Before the settlement was announced, analysts projected the bank would post a profit of 25 cents per share for the quarter, according to Thomson Reuters I/B/E/S. The settlement had some analysts revising their estimates.

For example, Sandler O’Neill analyst Jeff Harte reduced his fourth-quarter earnings estimate from a profit of 20 cents per share to a loss of 20 cents.

Bank of America said it would set aside $3 billion in the fourth quarter to help cover the Fannie and Freddie claims. It also said it expects to take a $2 billion charge in the quarter to write down goodwill linked to its home loans and insurance business unit, amounting to an admission that the unit is not as profitable as the bank had expected.

Despite the settlement, the bank still faces potential liabilities from mortgages it sold to private investors, as well as big losses from home loans it has made and kept on its books.

“This doesn’t get the bank completely out of trouble. They’re still going to face litigation on repurchases from private-label investors,” said Chris Whalen, senior vice president and managing director of Institutional Risk Analytics.

Mortgage investors say the home loans should never have been sold to them in the first place because they did not meet investors’ underwriting requirements.

Bank of America said it made a $1.28 billion cash payment to Freddie Mac as part of an agreement to end all claims, including future claims, related to mortgages sold through 2008 by Countrywide, a mortgage company bought by the bank that same year.

The bank paid Fannie Mae $1.34 billion in cash and applied certain credits to reach an agreed $1.52 billion settlement on 12,045 Countrywide loans from 2004-2008. Fannie Mae has reserved the right to bring future claims against the bank.

BofA Chief Financial Officer Charles Noski said on a conference call with analysts that the bank does not expect to add significantly to the reserve for additional repurchase requests from Fannie or Freddie in the future, though the agreement only covers loans originated by Countrywide.

The bank estimates it will have $2.7 billion in outstanding repurchase requests from Fannie and Freddie not covered by the settlement. Noski said this includes $832 million of requests due to incomplete documentation that can be resolved without large losses to the bank.

 In October, Bank of America said it was two-thirds of the way through its GSE-owned mortgage repurchases and had bought back $11.4 billion in mortgages from Fannie Mae and Freddie Mac.

SETTING PRECEDENTS

The agreement is similar to but much larger than a recent $462 million settlement between Ally Financial Inc and Fannie Mae.

The regulator for Fannie Mae and Freddie Mac, the Federal Housing Finance Agency, suggested other banks may be forced to follow suit.

“While these agreements are an important step, the Enterprises (Fannie Mae and Freddie Mac) have other outstanding claims across a range of counterparties and they are being pursued,” said Edward DeMarco, acting director of the FHFA.

As the largest mortgage servicer in the United States, Bank of America has been at the center of the multi-year foreclosure crisis. The agreement with Fannie and Freddie is not the end of the problem.

Bank of America said during its third-quarter earnings presentation that it had received $8.7 billion in repurchase requests from outside investors and monoline insurers, on $910 billion in mortgage-backed securities sold to those two groups during the housing boom.

Nuveen’s Villalon said the agreement with Fannie Mae and Freddie Mac could set a precedent in the bank’s negotiations with private investors, since the GSEs had stricter underwriting standards.

The bank started negotiating with a group of mortgage investors — including the Federal Reserve Bank of New York and PIMCO — last month in an apparent shift in its stance toward such claims.

In October, Bank of America Chief Executive Brian Moynihan said the bank would fight back against investors whose attitude was: “I bought a Chevy Vega but I want it to be a Mercedes.”

(Reporting by Elinor Comlay in New York and Joe Rauch in Charlotte; additional reporting by Maria Aspan in New York; Editing by John Wallace) 

By Joe Rauch

Quote of the day


When I walk around whether it be in the mall, grocery shopping, at the gym or where ever my day may take me, it seems when I look around I can see confusion & concern on the faces that move toward me.  What could these wonderful people be thinking about? Family, friends, financial or maybe their own personal dreams and growth?

Many of us do not take the time to invest in ourselves, but rather continue to put everyone in front of our own needs.  With the New Year coming quickly at us, why not make a committment to ourselves to take time for YOURSELF? When THE SPIRITS TO MOVE come across your own being and you take 5 minutes to possibly 1 hour whether it be a day or a week, this could change your whole world, outlook and put a smile on your face!

Now is the time to invest in you! For your health, happiness & DREAMS!

Here is a great quote that always makes me look at what I can do.  Not only for myself, but others around me and some I may not even know.

Everyday begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.  Harriet Tubman

Would be, Won’t be…which are you?


 

Having the RIGHT agent does help.

Many people are still saying, I can’t afford to buy a home.  Is this you?  If so, you have not found the right person to work with, or your SPIRITS TO MOVE is not strong enough.

When you work with someone or a team of people that are intersted in seeing you achieve your goals, they will give you direction, suggestions and stay by your side until your goal is accompolished.  How can this happen you ask…here is how:

Lenders: Do you realize that when you work with someone you truly trust, they can do more than fill out paperwork for you? They should be abe to  pull your credit report work through it with you and give you suggestions that will help to improve your credit score.  Some will also work with you in ways to get the old items removed that may just need a letter written to the correct person.  They can also lay out a plan in which outstanding items should be paid to increase your score at a faster rate.

Agents: Most agents in todays market will not begin to show you homes until you have a qualification letter from your lender.  If you hear this from an agent, don’t get upset with them; they are doing this for your best interests even though you may not understand it.  They are protecting you from being your own worst enemy by thinking you qualify for more than you do. You don’t want to start to look at homes in the higher price range only to find out you aren’t qualified for that dollar amount, but a lesser amount.  Tradition shows that in most cases you will not be as happy with the homes in the lower range and get discouraged when looking at these homes.  So trust the agent you decide to work with.  Most do have your best interest at heart when they are working with you.

YOU: Can you believe it…YOU play the most important role in this whole transaction! From the moment you feel THE SPIRITS TO MOVE is when your job becomes the most important one.  Once you start talking to people you may work with, treat it as an interview for the person.  You will be telling them some of the most confidential things in your personal life, spending LOTS of time with some and spending tons of time on the phone, in homes and tring to reach the same goal.  Once you have been approved for how much you can afford, there are only 3 people that need to know that amount; YOU, the lender & your agent.  You do not want everyone to know what you have been approved for as this is your secrect card when it comes to negotating the home you want.  When you do find the home you love, NEVER put the qualification amount on the letter you will send to the other agent…KEEP THIS INFORMATION CONFIDENTIAL.  Remember, the lender & agent are working for YOU!

Keep your dreams with in reach by keeping your credit report in check, your spending under control & your goals within reach.  THE SPIRITS TO MOVE can be within your reach!

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