Parent’s like to think that their son or daughter might go into the same profession in which they work. I got my son’s report card in the mail on Saturday, and three teachers had written comments about him. They were, “Since my last report, your child has reached rock bottom and has started to dig.” [...]

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Speed of price correction is ‘almost unprecedented’ - USC economists present some bad news, some better news - Glenn Roberts Jr. - Inman News  ———— Martin T. Sosnoff - The credit and housing crises need to get worse before the economy can get better. - Forbes  ———— Is Countrywide’s Angelo Mozilo Hall of Fame material? [...]

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Bad To Own (Bad to the Bone- George Thorogood)  -  as re-written by Russ Middleton at JPMorgan Securtities On the day I got long, all the Managers gathered ’round. They gazed at my blunder, and not one made a sound. The Head Trader spoke up, he said “It’s dropping like a stone!” They all backed [...]

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Special note: Contact Joe Garrett to receive 3 special attachments:   1  Ten Keys to Survival, 2.  Being Small, and   3. FHA Card To Our Clients, Colleagues and Friends:     · We spoke with a co-owner of a good sized mortgage company which had gone through a near-death experience earlier this year.  His big lesson learned?  If [...]

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There is a saying that “men love with their eyes, women love with their ears”. So what is being heard out there about mortgages? All systems appear to be “go” with the July 1 date at Countrywide & Bank of America with the buy-out. An article yesterday in the WSJ by Bob Hagerty said that [...]

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TRY THIS YOURSELF - You’re On Notice! - The Stephen Colbert “On Notice Board” Generator -    - thanks to The Big Picture for pointing this out ———— skew? - California Home Prices Fell 35% in May, Realtors Say - Bob Ivry - … About 38 percent of California home sales are of houses that were [...]

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Morgan Offer for Wachovia Makes Sense - Todd Sullivan - Value Plays - refers to stocks: BSC / JPM / STI / WB - seeking alpha ———— Baby Boomers Face Massive Loss of Retirement Wealth Due to Housing Market Meltdown -  Plummeting house prices will leave millions of homeowners dependent on Social Security in their [...]

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The Senate voted 83 to 9 to consider authorizing the Federal Housing Administration (FHA) to help troubled borrowers refinance into more affordable loans if their bankers agree to forgive a portion of their debt. The proposed bill would also create an $8,000 tax credit for first-time home buyers, provide $4 billion in emergency assistance to [...]

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  Watching the Weather Channel can be addictive. When I have finished my nightly ritual of fried chicken and Andy Griffith, I turn to the Weather Channel. Tracking storm cells, hurricanes, and cold fronts is cheap entertainment. In the spring and summer, there are thunderstorms and tornados. In late summer and early fall, there are [...]

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Is California on fire? It sure seems that way, with over 1,000 individual fires!   Check this out. OK, if house prices in many markets are continuing to decline, and Consumer Confidence, based on a survey of 5,000 U.S. households, fell to 50.4 in June (the 5th lowest reading ever) why aren’t rates lower? Overnight Fed [...]

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