Find Out More About How A Purchasing Manager Affects Our Economy!
When I was growing up, no one that I knew of wanted to be a “purchasing manager”. Anyway, purchasing managers are surveyed, and the results can make the financial markets move. What exactly is a purchasing manager? Whether for use by their own company, or for re-sale, purchasing managers, buyers, and purchasing agents purchase goods for a job. They are considered experts at price, quality, availability, reliability, and technical support when choosing suppliers and merchandise, and are responsible for obtaining all of those at the best price while maintaining desirable inventory levels. It may be a commodity, a finished good, whatever, produced in an old way or by using new technology, produced by a long-time supplier or a new vendor, it doesn’t matter. So tracking what these purchasing managers are doing gives statisticians and recent math majors a feeling that they have their finger on the pulse of the general economy.
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What do we have for economic news during the last official week of summer, and the last week that one can wear white pants and still be fashionable? (That is, if ever wearing white pants is fashionable outside of Florida…) Today is the Chicago Purchasing Manager’s Index (see above). Tomorrow we’ll have Construction Spending, Pending Home Sales, and the ISM Index; Wednesday Factory Orders, the minutes from the Fed meeting, and the always-questionable ADP Employment Survey; Thursday Jobless Claims,; and then on Friday, when everyone is trying to leave town (whatever town they happen to be in), all of the Nonfarm Payroll data (NFP expected -225k). With no news yet, the bond market is seeing a slight rally: the 10-yr is back down to 3.45% and the 5-yr and mortgage prices are about unchanged versus Friday afternoon.
Fannie Mae gave loans from Taylor Bean “the Heisman”. (Think of the statue: player holding his arm outstretched, hand pushing away.) “Conventional and government loans for which TBW was involved in any part of the origination process – including borrower application, processing, obtaining documentation, and/or underwriting – are ineligible for delivery to Fannie Mae unless re-underwritten by the lender selling the loan to us.” And if anyone wants to send Fannie one of the TBW loans, they must obtain all new documentation, with a HVCC-compliant appraisal, “including a new borrower loan application, and underwrite the TBW-originated loan to your own standards and Fannie Mae requirements. If the loan was previously underwritten through DU, a new DU loan case file must be created and submitted, or the loan must be fully underwritten manually.” And any seller had better be prepared to rep and warrant their underwriting, plus Fannie “will perform extra quality control on loans known to be sourced by TBW.”
And since Fannie is purportedly able to track previous DU case numbers, it probably isn’t in anyone’s best interest to try to slip a loan by them that was previously related to TBW.
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Is your sentiment as a consumer improving? The sentiment of those consumers polled by the University of Michigan’s is, improving in late August but still below July’s level. And what else happened Friday? The FDIC said it had 416 banks on its “problem list” at the end of June, equivalent to about 5% of the nation’s banks. And these banks had/have a combined $300 billion of assets, compared with only $78 billion a year ago. So should the government send the FDIC more money now or wait a month or two? On Friday the FDIC “only” closed down three banks: Affinity Bank (CA), Bradford Bank (MD), and Mainstreet Bank (MN).
With rates having crept down somewhat, canny Secondary folks are dusting off their float-down information. It runs the gamut, from “we don’t have a policy” to “what’ll take to keep that lock?” Flagstar, for example, says, “Existing locks can now go to current market minus .50 in fee from the current market price…you will be capped at your current rebate if the float down price exceeds your current rebate.” Bank of America Home Loans say, “We don’t have an official float down policy but we will work with our customers to renegotiate the rate down.” Be forewarned, however, that most investors won’t pay a higher premium, but will focus on lowering the rate for the borrower.
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Home Mortgage Help – 8 Cases That Qualify For Mortgage Interest Relief
See occurrences of help with mortgage payments and how much you could lower your mortgage payments. These are eight instances of lower mortgage payments that qualify under the TARP Mortgage Reduction Plan. I have selected eight cases with various scenarios and locations across the US that qualify for a modification of mortgage. These eight cases include houses that are negative equity, mortgages with equity, home owners that are current on payments, those that are behind, investment properties that are negative cash flow, different regions of the US and varying property values. Yes, you can lower your payment, even if your home mortgage is upside down or payments are current.
8 Recent Cases That Qualify For Mortgage Payment Help:
• Mortgage Rate Reduction #1: This is a house in Santa Rosa California. Purchase amount $750k, market value $380k, 1st (ASC) balance $602k, 6.5% adjustable, monthly installment $3256, 150 days late. 2nd (Chase) balance $92k, 8.5% fixed, monthly payment $720, 150 days late. They qualified for a loan modification to 3.5% with lower installments of $1755 for 10 yrs on the 1st and 3.5% with a lower payment of $268 for 10 yrs on the 2nd, a combined savings of $1951 a month.
• Mortgage Rate Reduction #2: This is a property in Missoula Montana. Purchase amount $167k, current market value $197k, 1st (B of A) balance $147k, 6% fixed, monthly payment $921, 0 days late. No 2nd. This home owner qualified for a loan modification to 4.2% with a lower mortgage payment of $513 for 5 years, a savings of $407 a month.
• Mortgage Rate Reduction #3: This is a house in Fulerton California. Purchase amount $350k, current market value $330k, 1st (Met Life Home Loan) balance $362k, 6.87% fixed, monthly payment $2552, 0 days late. 2nd (First Horizon) balance $89k, 8.75% fixed, monthly payment $719, 0 days late. They qualified for a rate reduction to 3.87% with lower mortgage payments of $1167 for 10 yrs on the 1st and 3.87% with a lower payment of $288 for 10 years on the 2nd for a combined savings of $1814 a month. Additionally a balloon payment was coming due that is put off for 10 years.
• Mortgage Rate Reduction #4: This is a home in Lawrenceville Georgia. (First of two properties by the same owner. This one is the primary residence and the next will be the income property) Purchase cost $252k, current market $285k. 1st (B of A) balance $383k, 6.75% fixed, monthly installment $1620, 0 days late. 2nd (City Group) balance $95k, 8.25% fixed, monthly payment $514, 0 days late. This couple qualified for a rate reduction to 3.75% with lower payments of $1197 for 10 yrs on the 1st and 3.75% with lower mortgage payments of $297 for 10 years for a combined savings of $640 a month.
• Mortgage Rate Reduction #5: This is the investment property from the owner above located in Snellville Georgia. Purchase price $163k, current market value $165k, 1st (ASC) balance $111k, 8.25% fixed, monthly payment $1166, 0 days late. 2nd (First Horizon) balance $47k, 14.25% fixed, monthly installment $578, 0 days late. This couple qualified for a loan modification to 5.25% with a lower monthly mortgage payment of $485 for 10 years on the 1st and 5.25% with lower mortgage paymentsof $205 for 10 years on the 2nd for a combined savings of $1052 a month. This rate reduction turned this investment property from a negative cash flow to positive cash flow. Both properties combined total a savings of $1692 a month.
• Mortgage Rate Reduction #6: This is a house in Manassas Virginia. Purchase cost $130k, current market value $262k, 1st (B of A) balance $276k, 5.5% fixed, monthly payment $1659, 30 days late. No 2nd. This home owner qualified for a modification of mortgage to 3.7% with lower mortgage payments of $852 for 5 yrs on their 1st. This is a savings of $807 a month.
• Mortgage Rate Reduction #7: This is an investment property in Clearwater Florida currently un-rentable. Purchase cost $98k, current value $60k, 1st (PHH Mortgage Services) balance $91k, 8.895% fixed, monthly payment $742, 0 days late. This owner qualified for a modification of mortgage to 5.895% with a lower mortgage payment of $447 for 10 years. This is a savings of $295 a month.
• Mortgage Rate Reduction #8: This is a property in Rancho Palos Verdes California. Purchase cost $1.2mil, current market $1.5mil, 1st (B of A) balance $1mil, 6.25% fixed, monthly payment $6500, 210 days late. 2nd (B of A) balance $125k, 6.5% fixed, monthly payment $1000, 30 days late. This home owner qualified for a modification of mortgage to 4.45% and lower monthly mortgage payments of $3708 for 5 years on the first and 4.45% with a lower payment of $463 for 5 yrs on the second for a combined monthly savings of $3328.
Find Out If You Qualify For The Government Mortgage Interest Relief Program
Whether your home mortgage is underwater or your investment property is negative cash flow, you may qualify. 70% of US home owners do qualify. Find out if you do too. As a free service to all US home owners the author Dan North is making the Government Mortgage Interest Relief Program data base available to anyone that wants to find out if they qualify for this program. Call or email, ask for a mortgage questionnaire, once completed and returned we will run your info through the database, generate a report of what you qualify for and email it back to you.
Email TARPdatabase@gmail.com or call Dan North at 406-546-2517
(c) Copyright — Dan North. All Rights Reserved Worldwide
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Things You Should Know Before Buying A House
Things you want to Know Before Purchasing a place. Knowing what you are getting yourself into will help you to get better prepared, stop costly mistakes, find better deals and, most importantly, get the best help.
Being prepared will make sure that you ask the right questions that may in turn show you probably did your homework and,by itself command respect and quality services.
Take care what you which for as you simply might get it! Too many householders have been taken merit of by sneaky home-loan brokers who swayed them they could spend more and buy the house they really whished for, the house of their dreams.. I’m hoping this does give you point of view if and when you’re offered a loan for a higher interest rate or for more than you suspect you’re able to afford as it’s your folks’s home you are chancing here. It just might be worthwhile to wait a little and fix whatever problem, whether it’s your credit report, your credit proportion or your work history, so you can get safer and more cost effective financing prospects.
I am hoping I do not offend anybody when I say you shouldn’t trust loan officials any nearly than any other sales people : a lot of them are good, truthful and conscientious people but they won’t humanly be 100 of the profit ( the difference between purchasing cost including cost of restorations and selling price ) if you obey to some rules like not doing it more often than once each one or two years depending on where you reside and, in some places, reinvest your profits in buying a more expensive property. Sometimes, this is the second time when you want to keep a cool head. Questions you must ask here are : is this going to be your place for the subsequent fifty years or is this a stepping stone towards your dream home? How is the commute between your place and your work? Is this house going to fit your folks’s wants in two, five, 10 years? Can this house be improved cosmetically with little effort and would this noticeably affect it’s resale value? Is the area’s reputation going to switch in a predicted future? Where are the drugstore, greengrocer, bank, video club, restaurants? Is there public transit available? Does the flooring cause your kids to have allergies? How simply can this house be maintained? The most important question of all : do you actually like this house? Bonus query : will this house satisfy your entertaining needs? You have got to like it if you don’t want to grow to detest it. Getting a place does need your whole family to make some sacrifices. You have got to like your place, at least a bit if you do not need to resent each payment. Watch home makeovers or hire a professionnal to aid in making your home appealing to your senses as this can regularly be done for miniscule money and make an incredible difference in how you dropped each time you pass your front door. You can’t know it all nor if you have to. Surround yourself with true advisers like an accountant, a barrister and a property agent who has a rep of integrity and good negociation skills. Select helpers you are ok with as you will have to share some intimate info with them. And at some point.
Have some fun as this should, if done right and with good counsellors, be a particularly pleasant process! Good luck with your purchase.
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