Good Monday! The countdown is on.. Will Stupidity Part 2 come to fruition? Will the European countries revert to their singular currencies and abandon the euro? Will the U.S. economy show some strength sooner rather than later?
Last week, Leslie Neilsen died and we have Mark Newman of MLB.com asking whether Leslie Nielsen's umpiring work as Lt. Frank Drebin/Enrico Pallazzo in "The Naked Gun" might be the best baseball scene in Hollywood history. It works for me -- every time and it's on youtube of course.
More sports.. did you ever wonder about those yellow and blue lines that keep getting moved on the football field? A friend of mine actually does that. No.. he doesn't run out on the field between downs and use magic paint, but he does this with computers. This is what he told me:
"It's a software program that takes the most dominant color, which is green, and is able to separate the field from the rest of the images. Then the lines are attached to the green and it appears that the players run over the lines. Very complex and I have to do 16 things each play before I put the lines in. We calibrate 3 of the cameras about 2 hours before the game, then test the lines and adjust them based on the crowning of the field caused by the camera lens and then adjust the down and distance logo between the yard markers and hash lines. It took 2 months of training before they let us do a live game. " And this is all done so that you never have to wonder what's going on. Cool stuff, Jim.
Stupidity Part 2. Get this. "A national consumer coalition plans to files a series of fair housing complaints..that challenge a widespread practice by banks and mortgage lenders.." that require credit scores above the minimums set by FHA itself. FHA requires a minimum of 580 credit scores; most lenders require scores of 640 - 660. So, the same people who are screaming about what lenders did in the years leading up to 2007, i.e., giving loans to people who couldn't afford them, thereby causing the the residential real estate meltdown, are now screaming that lenders won't do it again. And this time, they would saddle the Feds aka FHA with the foreclosure problems in 24 to 36 months, if not sooner.
So the 'do-gooders' are screaming that the requirement that you have some evidence of paying bills on time unfairly discriminates against minorities, and now I'm reading between the lines, because, the do gooders say, minorities don't like to pay their bills on time and have a decent credit score. Give me a ^())(#$% break ! I'm all for fair housing opportunity. I'm also for everyone paying their bills on time. No credit... no loan. I don't care what color, race, religion, or anything else that makes you a minority. .. understand this concept: borrow money?! Pay it back as agreed. And you get your loan. And yes, I can talk... I've been divorced, bankrupt, and in debt. I recovered from my bankruptcy and have great credit now. I earned my new credit by paying my bills on time. You want a loan? Pay your bills on time. And quit whining and wasting everyone's time and money.
Apparently, some of the consumer groups have purchased small banks in anticipation of the enactment of some parts of the Dodd-Frank cut and slash bill. Let those banks take on the low FICO score loans. I'm sure that a lot of lenders will be happy to refer the high risk loans to them. And 24- 36 months from now, we will hear "WAAAAA WAAAA, we didn't do anything wrong. FHA told us to do it !" What a crock !!
Let's have the industry bring back loan programs for the self employed with good credit and reserves. Quit crying about people who don't pay their bills ! (Note: I concede that there are extenuating circumstances like medical bills that create FICO score havoc and to those people, I apologize for my criticism. To the rest of you... PAY your bills on time !!!)
I can't tell you how many times I heard "No one ever told me that I had to pay the credit card bills when they gave me a credit card". This is where education in the schools comes in to play. And that commentary will be left for another time.
Rates continue to be very low. Take a look at this 3 minute video and then call me at 818.305.4695 or by email
Have a great week and be sure to look at the last announcement after Lou Barnes' commentary.
Have a great week and be sure to look at the last announcement after Lou Barnes' commentary.
Les
And Berman's Factoids of the Day:
Scientists say: there are more creatures in your mouth than there are humans on earth.
U.S. law requires that Yankee bean soup be served in the Congressional dining room at all times. (hey, I just copy them, I don't write them :-)
Les Berman is a Senior Mortgage Advisor with First California Mortgage. His specialty is residential loans and 1-4 unit investment properties. He can be reached at 818.305.4695 or by email at les@lesberman.com
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