From the WSJ: Revised Bill Lets FDIC Borrow Without Limits The Senate financial market rescue bill would temporarily allow the Federal Deposit Insurance Corp. to borrow unlimited amounts of money from the Treasury Department in connection with the larger government deposit coverage that would extend until the end of next year.This is important because it would increase the backstop that the FDIC has to make sure that insured depositors can be repaid if their bank fails. full text of the revised bill. This could really help preven the "run on the banks" that many are fearing and prepare the FDIC for more bank failures. I like this move... 10/01/2008

Marlon G. Cook, a regional manager in the Federal Deposit Insurance Corp. in Atlanta, told those at Tuesday's Coastal Economy Outlook conference that Alabama's financial and real-estate markets are doing better than most of the country. Cook predicted mortgage credit would "remain under tremendous pressure until the end of the year and into 2009." But, he added, Alabama is doing "relatively well" compared to its neighbors in Florida and Georgia, and when compared to the nation. "We find good news with ThyssenKrupp, which will bring in about 3,000 jobs," he said. The German steelmaker is building a $3.7 billion steel plant in north Mobile County that is set to open in 2010. Consumer spending is better in Alabama than in the rest of the Southeast, according to Cook. Mortgage credit condit... 10/01/2008

I never thought I would see the United States being led around by our nose by leaders of foreign governments because WE owed them so much money, but it has happened. I am concerned about the signal being sent... From Bloomberg: "European Central Bank President Jean- Claude Trichet said U.S. lawmakers must pass a $700 billion rescue package for banks to shore up confidence in the global financial system. ``It has to go, for the sake of the U.S. and for the sake of global finance,'' Trichet said in an interview in Frankfurt with Bloomberg Television late yesterday. ``I am confident, but of course it is the decision of the U.S. Congress.'' Click here for the entire article http://www.bloomberg.com/apps/news?pid=20602007&sid=aRJToi7NKwSQ&refer=govt_bonds   10/01/2008

1. Get the right mindset. Once you list your home, detach yourself. 2. Start at the curb. Look at what people see when they pull up. 3. Paint -- it's money in a can. 4. Focus on the entry. 5. Catch up on maintenance. Get around to the repairs you should have been doing all along. 6. Look for alternatives to expensive or messy upgrades. 7. Consider new appliances. 8. Add some house bling. Make anything metal in your home look new and shiny. 9. Start packing. "The average home would show much better if it had 50% less stuff," 10. Remove the "you" factor. Sorry but home buyers don't care about your trophies, your hobbies, your taste in art or your photos. 11. Clean house. 12. Banish smells. 09/30/2008

Breaking News! From NY Times blog: "Citi assumes Wachovia banking operations for $1 a share, a move that that would concentrate power within the nation's banking industry in the hands of a few giant lenders, The New York Times's Eric Dash and Andrew Ross Sorkin reported Monday morning. The Federal Deposit Insurance Corporation said in a statement on Monday that Citigroup will assume Wachovia's senior subordinated debt, and emphasized that Wachovia did not fail." 09/29/2008

From the NY Times: Citigroup and Wells Fargo Said to Be Bidding for Wachovia Citigroup and Wells Fargo were locked in a bidding war on Sunday over a possible emergency takeover of the Wachovia Corporation ... The government, led by the Federal Reserve and Treasury Department, has been involved in the talks as well ... The government has ... opposed taking over Wachovia the way it did Washington Mutual earlier this week, these people said, unless its financial position deteriorates more rapidly....Citigroup and Wells Fargo are unlikely to bid more than a few dollars per share for Wachovia 09/28/2008

Alright guys, who is man/woman enough to read this article in its entirety? I have linked the pdf version and it is 106 pages. Good luck and please report back with Cliff Notes... The Troubled Assets are initially limited to commercial and residential mortgages and instruments based on them. The Treasury has to go to Bernanke and get his consent and then write a note to Congress. http://money.cnn.com/2008/09/28/news/pdf/index.htm   09/28/2008

There seems to be a deal reached on the bailout bill. The House Republicans were conspicuously missing from the press conferences early this morning, but many people associated think this deal can get done... From the NY Times: Breakthrough Reached in Negotiations on Bailout Congressional leaders and the Bush administration reached a tentative agreement early Sunday...The bill includes pay limits for some executives whose firms seek help, aides said. And it requires the government to use its new role as owner of distressed mortgage-backed securities to make more aggressive efforts to prevent home foreclosures. In some cases, the government would receive an equity stake in companies that seek aid, allowing taxpayers to profit should the rescue plan work and the private firms flourish in ... 09/28/2008

Free Comprehensive Search of Mobile Alabama MLS http://mobile.alabama.mls.searchrealestatehomesforsale.com/ Use this comprehensive Web site to help you navigate through the Mobile Alabama real estate. I have created this Web site as a resource to help you make an informed decision about your real estate prospects here in the Gulf Coast area. With established roots in the Mobile community, I have interested buyers who would be excited to see your home. Selling your home with me, I am committed to treating you as more than the seller of a home. And in this you'll be able to trust that I will show your home to interested buyers who are looking at houses for sale. As a real estate agent who has your best interest in mind, I have also created this Web site to help you understand how to best ... 09/28/2008

Prior to closing, you would be wise to revisit the property to verify that it is in the condition you have outlined in your purchasing offer and to be certain that required repairs have been completed to your satisfaction. It is best to do this final inspection no later than 1-3 days before you plan to close. Be sure to have this right of a final inspection included in your bid to buy the home. This final inspection report should describe anything not to your satisfaction. Before your move in, even minor details such as scratches and incomplete paintwork should be addressed. After you settle in your home, the other items can be corrected. If you choose, you can hire a private building inspector or engineer to conduct the inspection on your behalf. During your inspection, address the fol... 09/28/2008

The Gulf Coast of Alabama and all its beauty is a great place to live, However the price tag has gone up. Homeowners Insurance has caused more buyers not buy, more so than all the changes in lending.   When looking for homeowners insurance, use the many resources available to you.  You'll find valuable information through friends, family, the phone book and Internet. It's best to collect a wide range of prices from a number of different companies.  SHOP AROUND When looking for homeowners insurance, use the many resources available to you. In addition to a fair price, the insurance companies you select also should offer high-quality service. While this outstanding service might come with a higher cost, it is important to be associated with an insurance company with a well-respected reput... 09/27/2008

Another wild night in the financial markets... CNBC reports: FDIC to Seize WaMu and Sell Deposits to JPMorgan The Federal Deposit Insurance Corp will seize Washington Mutual and sell its deposits to JPMorgan Chase for an undisclosed sum, CNBC has learned. The deal is expected to be announced during a Thursday night conference call at 9:15 p.m. ET. JPMorgan announces investor conference call: JPMorgan Chase & Co. (NYSE: JPM) will host a conference call at 9:15 p.m. (Eastern Time) tonight, September 25, 2008. You may access the conference call by dialing 1-877-238-4671 (U.S. and Canada) / 1-719-785-5594 (International) - access code: 814030 or via live audio webcast at www.jpmorganchase.com under Investor Relations/Investor Presentations. Materials and further communication will be availa... 09/25/2008

1.    THERE'S NO TIME LIKE THE PRESENT:  Pay your bills on time. An indication of how you will pay your bills in the future is taken from how you have paid your bills in the past. Your credit scores emphasize your most recent payment record.  If you've been late in the past, start paying on time now! 2.      GIVE THEM WHAT THEY WANT:  Pay at least the minimum amount required. You can always pay more, but you should never pay less. 3.      HOW LOW CAN YOU GO:  Keep credit card balances low. Don't "max out" your credit cards. 4.      SAVE YOURSELF:  Don't apply for too many loans or new accounts. Lenders will be concerned that you won't manage your debt well if you are requesting a lot of credit in a short time span. 5.      GET ESTABLISHED:  Establish credit if you have none. Apply for ... 09/25/2008

Here is the transcript of the speech Chairman Bernanke will give to Congress this afternoon. It was made public just a few minutes ago... Testimony Chairman Ben S. Bernanke Economic outlook Before the Joint Economic Committee, U.S. Congress September 24, 2008 Chairman Schumer, Vice Chair Maloney, Representative Saxton, and other members of the committee, I appreciate this opportunity to discuss recent developments in financial markets and to present an update on the economic situation.  As you know, the U.S. economy continues to confront substantial challenges, including a weakening labor market and elevated inflation.  Notably, stresses in financial markets have been high and have recently intensified significantly.  If financial conditions fail to improve for a pr... 09/24/2008

Here are some tips that could save you a lot of time, money and trouble. Plan ahead.Establish good credit and save as much as you can for the down payment and closing costs. Set a budget and stick to it.We can help you determine a comfortable price range. Keep your day job.If there's a career move in your future, make the move after your loan is funded. Lenders tend to favor a stable employment history. Know what you really want in a home.How long will you live there? Is your family growing? What are the schools like? How long is your commute? Consider every angle before diving in. Make a reasonable offer.To determine a fair value on the home, ask your real estate agent for a comparative market analysis listing all the sales prices of other houses in the neighborhood. Choose your loan ... 09/23/2008

This is a very interesting read just made public. This is the speech Chairman Bernanke will give before the Committee on Banking, Housing and Urban Affairs... The entire speech: Chairman Ben S. Bernanke U.S. financial markets Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate September 23, 2008   Chairman Dodd, Senator Shelby, and members of the Committee, I appreciate this opportunity to discuss recent developments in financial markets and the economy.  As you know, the U.S. economy continues to confront substantial challenges, including a weakening labor market and elevated inflation.  Notably, stresses in financial markets have been high and have recently intensified significantly.  If financial conditions fail to improve for a protracted pe... 09/23/2008

they have petitioned the Fed to become bank holding companies which will oversee their balance sheets and give them limits on leverage and access to the discount window. From the Fed press release: Release Date: September 21, 2008 For release at 9:30 p.m. EDT   The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies.  To provide increased liquidity support to these firms as they transition to managing their funding within a bank holding company structure, the Federal Reserve Board authorized the Federal Reserve Bank of New York to extend credit to the U.S. broker-dealer subsidiaries of Goldman Sachs and Morgan Stanley against all types of collateral that may... 09/21/2008

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITYTO PURCHASE MORTGAGE-RELATED ASSETSSection 1. Short Title.This Act may be cited as ____________________.Sec. 2. Purchases of Mortgage-Related Assets.(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;(2) entering into contracts, includ... 09/20/2008

The ClosingThe closing is the final step to buying a home. The meeting generally takes about an hour and is held at the title company office as specified on your contract. To obtain a final listing of the costs of the mortgage transaction, you should request a HUD-1 Settlement Statement from your title agent at the title company.  The HUD-1 Settlement Statement is a final listing of the costs of the mortgage transaction. It provides the sales price, down payment, and the total settlement costs required from the buyer and seller. Important note:To cover the closing costs and the balance of funds due, you must use a certified check or cashier's check made out to the title company or a wire transfer. The closing agent will receive a check from the lender that covers the mortgage.  If your ... 09/19/2008

As a fairly general rule, homes appreciate about 3% - 5% a year. The appreciation value may be more in some years and less in others and will vary from neighborhood to neighborhood and region to region. Initially, 5% may not seem like that much. At times, stocks appreciate much more, and you could earn over 6% with the safest investment of all, treasury bonds. If you bought a $200,000 house, you presumably did not pay cash for the home but instead financed through a mortgage. Suppose you put as much as 20% down - that would be an investment of $40,000. At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your "return on investment" would be a whopping 25% annually.  You... 09/19/2008