Live Blog from the Anchor Desk 2/11/09
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PLEASE ASK SUZE!!!
I was a first time home buyer and got 2 loans to avoid PMI. One loan is a 30fixed at 6.3 the second is a 10 year balloon at 8.2. I know it financially makes sense to refinance but I haven't found anyone that is willing to.
I live in Houston, TX and mortgage lenders are saying that my second loan is a "cash out HELOC". How can this been when I used the loan to purchase the house?
I need your help girlfriend, where can I go to refinance?
The Treasury secretary, Timothy Geithner, made a mistake yesterday: explain bad a complicated economic plan poorly, and that move with the money of people.
• Doubt 1: who will convince the private sector to put for money in fund that will buy bad paper from banks?
• Doubt 2: what price the papers will be bought?
(If the market price, they aren't worth anything.)
• Doubt 3: Stress Test Bank. What is a stress test in a bank? And if the bank that doesn't pass the test?
• Doubt 4: how the banks will again be solid? When re-borrow? And people can again trust the system?
What hypocritical cogressmen we have. They are upset over the way the banks handled the bailout money. It should have been loaned out, not for bonuses and company excursions, yet the congressmen
pack the stimulus plan with things that have nothing to do with
economic stimulus.....
Still Washington business as usual. Do as I say not as I do.
Real estate Recovery and foreclosures :
I‘ve been buying real estate and doing value added to housing for thirty nine years, this is not my main income but, a profitable hobby. I am not a real estate broker or a real estate agent but, I did have to learn every real estate law and code on the books in order to comply with ordinances and gain a profit. I have listened with thoughtful attention to what the Harvard and Brookings professors, analyst, and politicians have suggested to the foreclosure crises. I can not disagree with these persons any greater. What inflates real estate is states, counties, and cities need to tax for revenue. The three main sources of revenue for them are wage tax, real estate tax, and sales tax or purchasing tax. When local government looks to set the next year budget, they adjust the real estate assessed value by sending out the county assessor to re-evaluate real estate each year thus, covering the needed revenue. When housing prices fall the assessed value inflation was applied at to great a value. The answer to the foreclosures crises is relatively simple if you know real estate financing. The purchase price on a real estate contract is only a starting price, a house selling for $100,000.00 at the end of a thirty year contract cost the buyer $500,000.00. Why do politicians and big name professors call for tax payers to buy up bad real estate contracts and throw those kinds of profits away? Use economics 101: do the bad banks, negotiate a fair assessed value and fair market value with local government and we the tax payers hold a profitable long term contract, with over sight and collection done by community banks. Taxes will not allow property value to remain low, home buyers deserves a fair contract, and we the tax payers deserve a profitable return on our money.
AC 360.comCutting through the bull. When President Obama was campaigning down on Main St, he made the middle and lower class working people several promises. Once he was elected, he started climbing up the ladder toward the rich. When it was time to pass the stimulus package, he was in Florida making more promises to the same people instead of being in Washington fighting for the middle and lower class. He ran like a scared chicken.
Good Evening Mr Gergen...good to see you blogging w/ us 🙂
You know, the bnk CEO's look like children in the principal's office...saying "we're never gonna do this again" I don't buy their "sincerity"
Since we are going to close Guantonomo Bay, maybe we could send some of the banking CEO's down for a retreat. They are economic terrorist. We could also set up a waterboarding party for them.
I have been a real estate agent for almost 30 years and I have never seen a market like we are in today.
I am sorely disappointed that the credit for purchasing a home has been removed from the stimulus package.
In order to fix the economy we need to fix real estate and this credit was a step in the right direction.
I would have made not only first time buyers, but move up buyers have the confidence to buy a home.
A tax credit and lower rates is what we need to put confidence back in the market~
What about job creation for people with college degrees?
Question for Suze Orman: My company just announced that they are discontinuing the 401k match for employees, which was a generous 100% match up to 6% for many years. Should I stop contributing, or lower my contribution and put my money elsewhere?
Why are the so afriad to fire the heads of these companies? They did that in the UK. These guy's are bloviating
@David Gergen: T. Geithner still is not giving any details. This does not give me any confidence. Without details, how will Americans gain confidence that Washington isn't going to make the same mistakes again?
Hello I have a financial question, I'm a 19 year old college student with money in a bank CD. I want money after college should I also start investing?
I'm mystified! Who in their right mind truly beleives in this spending bill? How do you manage your own personal finances? Surely not by spending like crazy when in financial stress. Urgency creates disaster.
This whole bank testimony seemed to be wink, wink, nod, nod to me. A staged event to divert blame from Congress who threw money at them with no controls in place.
Obama in Northern Virginia.... remembering Lincoln at the same time... and I'm wondering if a log cabin is more than just pancake syrup.
Hi Anderson, Randi
Question for Suze Orman
Suze, I've been saving to buy my first house or apartment. I rent now and there is no rush to buy something. Do you recommend I buy real estate or should I put 1/2 my downpayment into the market and see what happens in the next year?
David, Joe and Candy, we're in for a good nite:)
How long must we suffer through another round of smiling, polite, "boy-am-I-glad-I'm-here-let-me-tell-you-what-we've-learned" congressional hearings? These guys are completely clueless and should be fired immediately. If a company took public money then all the CEOs and CFOs should be fired immediately and replaced with others. While I do NOT support a nationalization of industry, these times require different strategies. Trust me, you start firing a few of these bad boys and tossing their corpses over the bow (figuratively) you'll get a response.
A couple of items; though most experts probably agree on the need of a large enough stimulus to have the desired effect, remember that we are entering the early ,annual upswing of the economy. It can augment the effect of the stimulus package. Also it was wise not to spend the whole 700 million bank bailout money last fall, enabling us to re-evaluate the first 350 and to propose a better course of action for
the second half. Judious spending of the stimulus money could result in considerable overall cost savings.
Suzy, I have a adj rate mtg with wells fargo..i have tried several times speaking to a number of managers there to refinance the mtg... they refuse.. i have continued to pay on time..now i am renting out the property loosing about $1000 a month...i am upside down in this mtg..
if i were to sell today i guess i would loose around $100,000. I bought the property for $360,000 in 2006 in Maryland... What advice do you have for me....Love you Suzy...
Barry
Hi AC,David Gergen,Crew and bloggers!
AC-nice shirt and tie!
David Gergen lookin forward to hear what you have to say!
Also is surgeon general position confirmed?dont know what happened with that..
Regarding stimulus..the first part of it didnt go to good use..but now we have a man willing and able to make good use of it!he has good intentions..i say let it go through....!besides CEO's are gettin most of it anyway....lets see if this stimulus gets us through!
I guess it scares me because I'm not sure the money they are passing out has value. There is no gold standard, there is no standard – they just print more when they need it. The big picture of it scares me and feels like a big huge risk.
I think the financial panel "flogging" the bank exec.'s need to call the bank exec.'s parents and tell them that these boys will be attending saturday detention at that conference room every saturday for the next year...and that they need to bring their own lunch.
Gary Ackman is best congress in the world!!!! GO ACKMAN!
Politicians forcing banks to loan money they otherwise didn't want to is the exact thing that got us into this mess, and yet the politicians are suggesting just that...Imagine bailing out the Detroit Lions, then making them set a salary cap of 500k, granted the team was bad before, but the salary cap would make it impossible for them to succeed. Same goes for banks. They should have never given them money to begin with.
Anderson, ask David Gergen how to tie a tie knot
$70 million dollars in bonuses!!! Surely that must be incentive-based pay... or a typo!
Suze,
My husband and I combined make around the limit to contribute to a Roth IRA. Our income fluctuates a bit and we can't predict exactly what we are going to make by the end of the year. We would like to dollar cost average, but do not want to get penalized for contributing to a Roth if ineligible. Are we doing the right thing by waiting until the end of the year when we know we are within the limits to contribute? We do max out our 401k contributions every year. Thank you.
The photos of the First Lady on Vogue are absolutely stunning. What a wonderful role model for all women, of all ages, of all cultures, of all status, of all professions
Good evening to all – It's interesting and useful to have a personal finance expert on, but the current problem also needs to be seen as a problem for communities. The payoffs need to be for communities – their businesses and schools if individuals are going to really benefit.
Anderson, I saw an article about some Somali Hijackers and thought to myself.
"Now the U S Navy is cracking down on the free trade practices by interrupting the Somali American Bank CEO Training Classes. These guys were just one hijacking away from being awarded their CEO Suits and given Top Executive Positions in American Banks." YA THINK?
Suzie,
Do taxpayer get a rebate or bot. I'm hearing a TAX BREAK!! Will I get a check in the mail or what???????????????????????????????????????????????
Good Evening Anderson & Randi & Bloggers!
🙂
Hope everyone had a great Wednesday!
OMG did you just say that Octo Mom has had plastic surgery?
How does a woman with no money have 6 kids, and plastic surgery and then invitro for another 8 children?
I am still gobsmacked over this story – it just keeps getting stranger and stranger!
Carrie B, UES. Ive never dealt with credit unions but have certainly considered the move.
evening everyone...
@David Gergen: I think Geithner has blundered by putting out the plan detail free. He's not doing well in earning my confidence, but I'm willing to wait at see what he does in the coming days.
David Gergen, I read an interesting blog today that described a similar situation in 1920. Pres. Harding did the exact opposite, cutting both taxes and spending. He paid down the debt, and the economy soared. The Roaring 20's resulted. How was paying down debt then good, but increasing it now good?
I am so happy that a couple of republicans had the sense and goodwill to put the interest of the American people and the American economy before the interest of their party.
I think the American banking system needs to do a large over haul and get rid of all the small little private banks. Regulations need to be enforced and look to the sounds Canadian Banking system!
Good evening Anderson, 360 Cast & Crew, and Fellow Bloggers.
Glad to hear that Congress was able to work together to reach a compromise on this bill - thought it would take a lot longer.
Also, glad to hear that they are taking time with TARP II - they need to get it right this time.
And, Anderson, you're stealing Jack Gray's line on the Octo Mom and Angelina Jolie.
Anderson,
Hi! It's great the stimulus plan has reached a successful outcome–and quickly. I hope it's fully resolved in the time-span Pres. Obama has requested.
It's difficult to believe these big greedy corporations CEOs are really inclined to change their dirty ways – they seem to have all kinds of tricks up their sleeves to continue fleecing the public.
First Lady Obama's picture on the cover of Vogue loos amazing.
Senate confrontation of the CEO's was a joke. All Senators, the way they spoke was a joke. The way CEO's answered the terrible questions posed by senators was a joke. This whole things is a joke.... and we the taxpayers are paying for this joke.
and that in itself IS A JOKE!
Suzie – Do you think your advice is hurting the economy?
The one thing good about this whole economic crisis is that congress and the senate are finally working. Imagine working for your paycheck:(
Why do these bank CEOs still have jobs? I love this sparring match, and I see Mr. Ackerman!!! Go get 'em!
"America dosen't trust you anymore". Amen, mister. You got that right!
I use a credit union; I never did trust banks. This whole mess surely has done nothing to change my mind in that respect.
Get well wishes to Jack Gray who has the bird flu~