Press Release
Release Date: October 3, 2008
For immediate release
I applaud the action taken by the Congress. It demonstrates the government's commitment to do what it takes to support and strengthen our economy. The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses.
The Federal Reserve will continue to work closely with the Treasury as it undertakes these new initiatives. We will continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibrant economy.
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...
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
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."
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
I am very involved in my community. I have many passions besides marketing, but I love helping clients reach their full potential. Wife-Susy Son-Percy Dog-Traveler
After several years in the financial services industry with MetLife and his own company, Pilot Financial Services, Mr. Manders had an opportunity to learn the mortgage business and made the most of the opportunity. He recently earned the designation of Certified Liability Advisor (CLA). The program, Manage Liabilities Into Assets, provided an intense two day education that involved various liability management concepts, strategies, and case studies. The program is offered to mortgage professionals to assist them with the integration of their client's borrowing and related liabilities as a core step toward financial independence. Completion of the training allows Billy to provide consumer advice on how to best build wealth through the effective management of liabilities. Mr. Manders also has his Certified Mortgage Planning Specialist (CMPS) certification and was the first Mortgage Banker in the State of Alabama to achieve this designation. Billy is certified as an instructor for Realtors, Financial Planners and CPAs needing state required continuing education credits.
Mr. Manders was recently chosen as one of 40 mortgage advisors from around the country to participate in the inaugural ground-breaking liability management Mentor Program by Kendall Todd, the leading provider of strategy, content, tools and training for mortgage and Financial Advisors seeking to maximize their clients wealth creation through management of their liabilities. As a Series 6 and 63 licensed professional, Mr. Manders has a unique ability to understand the power of incorporating the mortgage you choose with your overall long and short-term financial strategy.
He is the founder of The Manders Group, The Institute of Wealth Strategies, and The National Institute of Financial Education(along with several financial professionals from around the country) where he spends much of his time educating clients, financial and real estate professionals on how to effectively use a mortgage as a tool to build financial stability and create wealth.
Billy is very active in his community. A member of the Board of Director's for several organizations in the Mobile area:
The Mercy Medical Foundation--Co-Chair
Goodwill/Easter Seals of the Gulf Coast
The Drug Education Council of South Alabama
The Mulherin Custodial HomeMr. Manders is a 2008 graduate of Leadership Mobile, a year-long program that targets emerging leaders in the community.
--First-time Homebuyer Specialist
--Foreclosures(both FHA and Conventional loans available)
--FHA/VA
--In-house underwriting
--USDA
--Financial Education
--Credit Seminar
--Credit optimization
--Wealth Seminars
--CE courses for Realtors, CPA's and Financial Planners
"The Manders Group provided me with exceptional service in obtaining a new mortgage. Billy and Connie were very responsive to my needs and were diligent in their efforts to ensure that I locked into the very best deal the market had to offer. I would highly recommend The Manders Group to anyone looking for a new mortgage, refinance of an existing mortgage, or their consulting arm to explore strategies on restructuring your financial portfolio to minimize risks and plan for your future financial well-being."
Stephen Hand - U.S. Army Corps of Engineers--Mobile, Alabama
"I know that we are not your only deal, but you made us feel that way. I know that you guys make all your clients feel that way. Thank you for getting all this together for us..."
Jason Schmitt, CPA - McKean & Associates, P.A.
"Billy is a very diligent and hard working individual. Despite not doing any business with Billy to date, I discussed my financial situation, and specifically my debt structure with Billy. He gave me excellent advice, and he recommended that I should not change a thing. I think Billy holds his clients and their best interest in the highest regard, even if this results in no economic benefit to Billy. When you are a commission only provider, and you approach your business in the manner Billy does, word gets out, and it pays off in the long-run. I completely trust Billy, and would strongly recommend Billy to anyone that is exploring replacing or entering into debt."
John Hensley - Senior Vice President, Regions Bank
"I have worked with Billy on more than one occasion and highly recommend him to anyone needing financial assistance - be it a mortgage, refinance or just financial advice. He is ALWAYS available to help and answer any questions. He is truly a Top-Notch advisor and goes that extra mile EVERY time."
Sara Cummings--Real Estate Agent--Dauphin Realty--Mobile, AL
"Billy is a thoughtful and smart leader in the financial education community. He has a passion to help others grow financially and truly enjoys his role of educator. I highly recommend working with Billy if you have the opportunity and you might learn and grow from him as I have by working side by side with him. Billy is a man of high integrity and superior knowledge."
Mike Young, - Faculty, National Institute of Financial Education
"One of the most enthusiastic individuals I have had the pleasure of working with. Really works hard and is always determined to do the best job that he can for his clients. I give Billy 5 Stars - someone who truly has other people's best interests in mind."
Timothy Dozier - Owner, Hummingbird Ideas. Inc
"Bill is a very hard worker and he is determined to succeed. His organization skills allow him to make sure that not only is everything in order, but that it is followed up on. In addition Bill has a true desire to help others, something very refreshing in today's world."
Matt Carr, Chief Sales Officer, Fox Filtration
"I strongly encourage, at a minimum, speaking with The Manders Group if you are considering a new mortgage, a refinance, or financial advice in real estate transactions. I have used the Manders Group on two occasions, once for a refinance, and more recently for a new mortgage. On both occasions, I have been nothing but pleased with the active participation of The Manders Group, including their providing of sound financial advice, ease of process, and their ability to "close the deal." They have gone above and beyond my expectations in order to ensure that the product they provided was exactly what I needed, nothing more, nothing less. They are responsive, well informed, knowledgeable, professional, courteous, and diligent. My experiences with The Manders Group have been absolutely positive, and I encourage anyone making or considering to make any financial moves in this market to give Billy a call."
Jeremy P. Taylor, Attorney at Law, Carr Allison, P.C. - Daphne, Alabama
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