I have been informed by a friend who is also a gas station owner that the price of gasoline will be rising significantly tomorrow here on the gulf coast and over the next few days over the southeast and the rest of the nation. This is said to be due to the probability of a refining shutdown in Louisiana and Texas.
Take it for what it's worth...
First, the Washington Post, New York Times, and Wall Street Journal all report that the Fed and Treasury are brokering a deal, but are trying to avoid the use of public funds.
From the WSJ: Lehman Brothers in Sales Talks; B of A Seen As a Potential Suitor Lehman Brothers Holdings Inc. is actively shopping itself to potential suitors, including Bank of America Corp., people familiar with the matter said Thursday. ... But potential buyers remain wary about plugging holes in Lehman's balance sheet, and are increasingly looking to the U.S. government to help backstop.
When will this end?
As a resident of the Gulf Coast of Alabama, I would like to extend a prayer to our neighbors in Texas as Hurricane Ike approaches. I have been though several hurricanes in my life, from Frederic in '79 all the way through Ivan and Katrina over the last couple of years.
Please stay safe...
Members of the U.S. Senate Banking Committee have asked Fannie and Freddie to freeze foreclosures for loans in their portfolio's for 90 days.
``This action would provide immediate relief to many homeowners'' and let the companies ``turn these non-performing loans into performing assets to minimize losses,'' Senators Charles Schumer, Robert Menendez and other panel Democrats said today in a letter to the companies and the Federal Housing Finance Agency, which is overseeing them under the government conservatorship. The companies also should ease their policies on modifying mortgages, the senators wrote.
Washingtom Mutuals stock is in a freefall and we could see a run on the bank soon, similar to what happened with InyMac. This bank should be monitored closely today. They are knee-deep in Pay-Option ARMS, mostly in California.
From the MarketTicker:
Those of you who have read The Ticker for a while know that I have been banging on the drum of WaMu for a long time - since last April when I first piled onto them following their 1Q 07 report in which I "noticed" that they were paying dividends out of (in part) Capitalized Interest - which, while "booked" profit, isn't cash.
As I always said in my years in business, its first, foremost, and always the cashflow stupid; all else is a nice distraction.
Now swaps on WaMu (protecting against the risk of default) are being quoted not in basis points but in percent up front; yesterday there were reports that it was being quoted at 40% up front.
To put this in perspective this means you pay $4,000,000 to protect $10,000,000 in corporate bonds initially, plus more every year (for a total of five years.)
Does anyone else think this is a particularly bad price for that insurance? Does anyone else think this is essentially slamming the door on anyone who might want to buy?
To put this in perspective it is similar to what you'd pay for homeowner's insurance (if you could buy it at all) with a Cat 5 hurricane 4 hours from landfall and your home is on the beach and in the direct impact path.
The odds are impact are extremely high, and if you do get hit the odds are near 100% that all you will find when you return is a slab and the water feed pipe to what used to be your house sticking out of the ground.
To read the entire article go here http://market-ticker.denninger.net/archives/577-Ok,-Im-gonna-say-it....-WaMu.html
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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