Smart Borrower Blog

Archive for June, 2008

What The New President Faces

Jun 29th, 2008 @ 4:13 PM by Alden Smith

A report by Bloomberg states that 3 million homes now face foreclosure in the U.S.  U.S. lawmakers aren’t expected to complete work on a bill until after the July 4 recess.  This leaves a lot of people in a lurch, but we all know how slowly the wheels of Washington turn.  President Bush has said […]

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California Steps Backward

Jun 28th, 2008 @ 5:09 PM by Alden Smith

The general consensus amongst mortgage market insiders it that the whole mortgage mess begin in the 1980’s when the industry was deregulated.  Anyone that could throw up a store front and put together a few thousand were suddenly in the mortgage business.  Being a creative sort, and nowhere near as conservative as most bankers, they […]

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Michigan Bites The Bullet

Jun 27th, 2008 @ 5:19 PM by Alden Smith

Current legislation in Michigan at his time could make it very hard for both consumers and lending institutions if they pass the legislature.  Michigan has been hard hit by the mortgage market fiasco, and the state of the economy is such that even graduating college kids run for the border as soon as they have […]

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Shareholders Take A Beating

Jun 22nd, 2008 @ 4:38 PM by admin

The many different facets of the mortgage market never fail to amaze me at times.  I read a lot of things about this market to stay in touch with what is going on, and the more I dig, the more worrisome it gets. We must remember that it isn’t just Mr. Average Joe that suffers […]

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The Demise Of The Ownership Society

Jun 21st, 2008 @ 1:44 PM by Alden Smith

It appears that the ownership society of America has silently slipped down the tubes.  Mentioned by President George W. Bush in a speech February 20, 2003 in Kennesaw, Georgia, it grew full blown in 2005, with specific policy proposals concerning medicine, education and savings.  Brought on by a tax cut proposal by Bush,  it was […]

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Looking For Someone To Blame

Jun 20th, 2008 @ 5:56 PM by Alden Smith

It is now old news that two Bear Stearns executives have been arrested and face a myriad of charges from conspiracy, securities fraud to wire fraud.  Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin were charged on Thursday, and Cioffi was also charged with insider trading. The fund managers administered the two hedge […]

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Fannie And Freddie Strike Again

Jun 15th, 2008 @ 4:27 PM by Alden Smith

Just when I thought that people were beginning to make sense of it all, and working to clean up the mortgage mess, I read an article in the Austin American Statesman that completely blows me away. What have we learned from this current state of the market?  For one thing, that people should not be […]

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Friends Of Angelo?

Jun 14th, 2008 @ 2:26 PM by Alden Smith

I found an article very interesting today concerning the mortgage market that I just have to share.  As many of you are aware, James Johnson, head of Senator Barack Obama’s vice-presidential selection committee, stepped down this past week because of conflict of interest in business dealings.  What I hadn’t heard it that it involved dealings […]

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Latest Market Stats

Jun 13th, 2008 @ 4:00 PM by Alden Smith

If you believe that the mortgage companies and all concerned are making any kind of dent in the current crisis, then I have some ocean front property in New Mexico you may be interested in.  My research today shows that mortgage foreclosures are up almost 50% from where they were a year ago, with no […]

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Sobering Stats On Ohio

Jun 8th, 2008 @ 6:06 PM by Alden Smith

No one needs to be told about the mortgage market, and how shaky things still are.  Hard hit states such as California, Nevada and Florida make the evening news, but we don’t often hear much about the hardest hit state of them all – Ohio.  Ohio is in deep trouble, not only having a high […]

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