Buffett Investment News/Fact Did you know that if you invested $10,000 with Warren Buffett in 1965 your investment would be worth roughly around $80 million today.
19 Feb
Mortgage Loan Mods Gaining Traction?
Making Home Affordable Program (HAMP) is "gaining traction" based on figures released by the Treasury Department and HUD. As of the end of January, over 116,000 permanent loan modifications had been signed, nearly double the 66,000 reported at the end of December, and an additional 76,000 had been extended permanent modification offers but had not yet returned the paperwork. 830,000 borrowers are still in some stage of the required three month trial period required by the program guidelines. Mortgage News Daily pointed out, however, that over 57% of loan modifications have been borrowers who are out of work or are underemployed. If those borrowers are unable to get work, those loans might end up defaulting anyway.
As millions of Americans find themselves unable to afford their home may have attempted to obtain a loan modification. In fact the US Government came out with a Home Affordable Plan, better known as the Obama Plan. For those of you who are not familiar with this program it essentially was created to entice banks to modify the mortgage notes of Americans in order to make their mortgage payments more affordable thus reducing the foreclosures in the US. The problem has been that banks have been stalling on these mortgage modifications and in most cases even unjustly declining them. This video may be the best indicator why. Even though the video focuses on IndyMac, the FDIC, and OneWest Bank, one the public catches wind of this, both mortgage bankers and bankers will have more explaining to do:
For those who don't feel like taking notes, it is a study on the sweetheart deal they cut, complete with an example of a bad $478,200 loan with six months of missed payments purchased at 70% for $334,600. The borrower is forced into a short sale on the property at $241,000, so the loss on the original loan is $244,200. The FDIC pays 80% of the loss calculated from the original price, not reduced 70% reduced price, bringing the loss payment to the purchaser to it to $195,360. So the short sale proceeds plus the FDIC guarantee totals $436,360. Already the profit for the purchaser is $241,000+$195,360-$334,600= $101,760, and on top of this, the original borrower was forced to sign a promissory note for $75,000.
Shocked? Understandably so, I reacted the same way. Obviously profits can be made in this market, that is the premise of Capitalism, but at what expense?
I have been traveling a substantial amount in the past two months and with that comes lots of human interaction. Of course with all of the economic uncertainty i.e. layoffs, recession, foreclosures, bank failures etc, the common topic of discussion is the economy. And why not right? Well I agree with that to a point. I have however, been growing more and more irritated with the abuse of the economy excuse.
It seems as though most Americans have adopted this excuse and are using it to blame everything bad that is going on in their lives. The large majority of us find comfort in having an excuse to underperform especially in an economic time period where underperformance seems to be so widely accepted. A large portion of Americans are hardly as phased by a foreclosure as they were say 20 years ago, nor do they care about their role in this economic decline. Sure they may have been duped into a toxic mortgage, but they were shopping for something they couldn't afford in the first place. I understand that layoffs often times may not be warranted nor expected but use the time to jump start your brain to do something better for yourself and your career.
Human beings are extremely resilient and strive through adversity with the right mental conditioning. That conditioning starts every morning right when you get up. What are thinking about? Are you dwelling on how bad your situation is or on how you are going to make it better. Once there is a shift in your mind set all sorts of new opportunities and doors open. This is an unprecedented time period is in history for entrepreneurs. Markets, and deals are available now that have never been accessible. The key to finding success in this economic downturn is finding your zone or sweet spot and working the hell out of it. Lock in on your goal and make it come to life. Sure times could be better or easier for all of us but just remember it could always be worst and usually is for someone else. So in questionably the worst economic climate in US history where will you be left at the end of the day? Using the economy excuse while thousands of opportunities pass you by or grabbing the situation by the horns and creating your on success or dynasty? The time to start was yesterday but the good news is it is never to late to start, especially with the right mind set.
Brooklyn Troy & Co looks to purchase land in undeveloped areas with a large amount of growth capacity. Our company acquires land for several master plan developers and is able to predict which areas will be in the direct growth path of major metropolitan areas.
401k rollover help to plan your rollover from 401k, 403b, 457 to Traditional IRA or Roth IRA.
401k rollover investment information for 401k rollover plans. 401K Rollover is how you continue to benefit from the tax-deferred growth of earnings provided by current 401K rollover plan.
The government limits 401k rollovers every twelve months. Complete a 401k rollover
and move the assets to an Individual Retirement Account (IRA) Completing a 401k rollover is
almost always the best. If you are unsatisfied with the choices available to you, completing
a 401k rollover to an IRA may be a better option.
A 401k rollover refers to moving a 401k rollover plan from a former or current employer into either
an IRA or another qualified plan. IRA rollover stands for “individual retirement rollover account” and has
similar rules to the 401k rollover.
Not all 401k rollover and IRA rollover plans have high internal expenses, but many do. One employee decides to leave his 401k rollover with a former employer upon switching jobs, invested in sub-accounts through a variable annuity
platform. The other employee rolled his 401k rollover over to a fee-based brokerage IRA rollover.
Rollover Investing money in a company 401k rollover plan is an excellent way to save money. If you have
questions about your 401k rollover plan and would like to speak to an advisor, please feel free to
give me a call.
What is a 401k Rollover?
A 401k rollover occurs when you change jobs or retire and then elect to transfer or
"rollover" your 401k rollover into a new IRA rollover . This process of transferring a 401k rollover with a previous
employer into an IRA rollover is referred to as a “401k Rollover”, “Rollover IRA” or “IRA Rollover.”
The assets in your 401k rollover can be transferred from your 401k rollover directly to an IRA rollover via a
trustee-to-trustee transfer.
401k Rollover:
Leave his/her assets in the old employer's 401k rollover retirement plan
Many 401k rollover plan administrators charge record keeping and other fees to manage
your account, regardless of whether you are still with the company.
Complete a 401k rollover to the new employer's 401k rollover plan
The decision should largely be made based on the investment options
of the new 401k rollover plan. If you are unsatisfied with the choices available to
you, completing a 401k rollover to an IRA may be a better option.
Free web directorySEO ExecutiveKwBrowse.com - browse the Keyword Map of brooklyntroy.com
Accommodation Booking Near Destinations Book hotel accommodation near airports, conventions, popular tourist attractions, compare: prices of accommodation type and location near cities of destination
