Lewis Poretz - - Maryland Mortgage Expert -

America - Land of Foreign opportunity ? --

A large Korean bank is very close to gobbling up a huge percent of Lehman Brothers. China is dumping Fannie/ Freddie shares in favor of US Treasuries. Oh yes - there is gold in American financial landscapes if you have the bucks to play and foreign investors are jumping in with both feet. As conventional loans continue to tighten guidelines, look for a new breed of investor to enter the US Mortgage market with completely new underwriting guidelines. What this means to you is still up in the air but changes are coming...... stay tuned!

............... Maryland FHA Expert

Whatever happened to Baseball?

In these days of stress and uncertainty it is always a pleasure when you have the opportunity to take your mind off the craziness for a bit.

There is a new book out that will bring back memories of your childhood and have you grining from ear to ear. If you played youth baseball you gotta read this book. If you want to teach your children about life, read this book, then read it to your kids.

I am not one to hawk a product for someone else over the internet. Matter of fact a make it a rule not to. I have no monetary involvement in pushing this book. I do however know the man who wrote it. Jeff Potter had myself and many other parents scratching our heads over many decisions he made on the field. He would prove us wrong every time. From starting what many considered the worst pitcher on the team in a championship game only to have him throw a shutout against a team that should have crushed him. To benching the best player in the state to make a point. You will be smiling when you read this book. I was as I delightfully relived my youth.

After every chapter I found myself shaking my head -- those were my experiences playing youth baseball. I learned those life lessons the same way Potter teaches and coaches, although I never quite "got it" at the time. The kids Potter coached eventually all "got it". I have never been a big reader but I read this book from cover to cover without putting it down. If you are a sports fanatic and have kids you will thank me for turning you on to this book.... if you want to teach your children life lessons or if you yourself need a reality check, get this book!

read this book then pass it to your kids...... it is that important and teaches life lessons in ways that hit home!

I think it is inevitable. How rates have been maintaining the level they have been hovering at the past few weeks I have no clue. I guess the mortgage backed securities market is just in a wait and see mode. Fannie and Freddie today reported large profits on recent loans. But it is coming. A rate correction.

The possibility of rates dropping are still a reality, but sooner or later, they will turn for the worse. Chatter from the Fed this week is to expect a rate increase and soon. Take interest rates out of the equation and you will find home prices an unbelievable bargain and many predict housing values to continue to slide.

So here is the big question - Are higher interest rates a fair trade off for buying property at 60 - 70% of values from just three years ago? If you are looking to time the market when it hits the sweet spot of low rates and low values this could be the time. Consult with a mortgage expert while the timing is right!

If you haven't heard yet, Carteret Mortgage announced they are closing their doors. Of all the net branch organizations, this was the one I respected the most. Trust me - I was a net branch for four years. The founder of the company said they simply ran out of money.

I believe the net branch model is one that will not last this mortgage crisis. There are just to many cowboys out there running free with the title of branch manager. Regardless of the regulations, forms, and policies you have in place, the model just doesn't work. You simply cannot hold the string tight enough and police the branches effectively. Carteret however is leaving the industry with it's head held high. I think they just made a smart business decision. Don't believe you have seen the last of Mr Weinstein. He is one smart man. He built an empire and was well respected compared to many of the other net shops.

I anticipate a few of the other big net branches to tumble. It is always horrible news when people are without work, but maybe a few more of these are what the mortgage industry has in store for itself to be able to make a correction. You see, these loan originators get 85%, 90% sometimes 100% of the fees. How can a company pay that much mony and still have enough handle the bad loans and buy backs the cowyboys create. Not to mention any RESPA, State or Federal violations.

God bless the many unemployed mortgage originators and office staff. Find yourself a nice home to lay your head. Don't just demand 90% pay splits but look for a company with values that can weather the storm. The going split for originators has dropped to 50% in the DC / Baltimore area. That is what any company that will weather this storm pays anyway. I have run the numbers over and over, if you do not net X amount each month, eventually you will die. The net branch model kicked butt when originations were up because the company made a per loan fee typically. With loan volume down, it is now harder to pay the bills.

If your a victim to a layoff to due your company being shut down and you are a talented loan officer - do me a favor stay the course.... you were meant to be here and will reap the rewards in a few years..........

for more info on Carteret shutting down click here Carteret will shut it's doors

I for one am sad to see them go. Some of the other net shops I could not say the same about but this one kind of hurts...... anyone with comments or predictions regarding the net branch model - let's here you!

I am now eligible for a new phone from AT & T. Man, I think I have been with them ( Cingular, Cell One etc..) since the time I had a bag phone. I am a cell phone junkie. My wife and three kids all have phones on my plan so I become eligible for an upgrade quite often and take them up on it quite often as well.. :-)

I have been very happy with my Blackberry Curve. I have tried just about every other PDA on the market and nothing seems as reliable as my trusty Blackberry. I got my wife a iPhone over a year ago. It was a blessing for me because she now reads her email daily as opposed to, uhhh, never. She swears by the phone.

I have used her phone several times. The display is very cool. The phone is very cool. The keyboard takes a lot of getting used to. But, it just isn't a Blackberry. The new Blackberry Bold is due out soon - at least they keep telling us.... I am holding out for that bad boy but I am getting the itch and the Bold keeps getting it's release date pushed back.

So here is the question - Blackberry or iPhone? or any other in between?