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Why Did Fannie Mae Fail?

With all that is going on in the mortgage and banking world right now, don't you wonder WHY? Why did this mess begin? What started it? Didn't anyone see it coming?

Yes - someone saw it coming. The New York Times actually reported it coming back on September 30th in 1999. How many years ago is that? Maybe it was while Clinton was President, not George Bush....

In 1999 Steven Holmes from the New York Times wrote that Fannie Mae was under extreme pressure from the Clinton Administration to expand mortgage loans to low and moderate income people. In doing this "Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times.... but may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's".

Do you remember the 80's when WE bailed out the savings and loan industry? Often times we forget our past, our history and with that we repeat it over and over. Bailout - something new? NO WAY! We do it over and over and over. As much as I disliked my history courses in school and as much as my husband will razz me over saying this....

Maybe we should pay more attention to our past so we do not continue to repeat it but instead make better choices for our future.

Susan Hilton

Susan Hilton - Realtor & Sales Trainer for Century 21 Beal

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Original post - College Station Real Estate #1 in Customer Service

Debbie Davis is FAMOUS throughout Texas!

Have you heard our own local mortgage broker, Debbie Davis on the radio? If not you should!

Debbie Davis

Not only does Debbie host a show on Sunday afternoons in Bryan College Station, Debbie has a show each morning in Dallas!

Debbie continues to expand her market with straight talk about money, politics, real estate and life. Her conservative politics, belief in personal responsibility and humor makes her show one listeners tune into over and over.

Debbie Davis continues to take loan applications and run Dexter Mortgage while taking care of her two beautiful children, husband, and 2 radio shows. How can she do it? Who knows but she does! And she does it well!

Debbie Davis and College Station Real Estate

Government Bailout - Fishman's Millions - Fair?

So, what are your thoughts about the $750 million billion PLUS!!! bailout coming at us? Did you cash your rebate check? If so, they need it back. If you didn't cash it yet, mail it back!

So what are your thoughts about Fishman? Remember WAMU? Alan Fishman worked for WAMU 17 days as the chief executive officer. After working those HARD 17 days WAMU went under and was taken over by the FDIC. Now, after working 17 days, do you know how much he is to get?

According to Fox News -

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million - both of which he gets to keep.

I WANT THAT JOB!!! I want to get a $7.5 million dollar bonus, work 17 days and then get a severence package of $11.6 million!!! Now I don't blame Fishman for taking it but who are the insane people who authorized this? Was it the board of directors? Maybe they should pay this (and the stockholders who lost EVERYTHING) out of their pockets.

So, now that Fishman has his millions, WAMU stockholders have nothing, our rebate checks are returned and we now are all responsible for a $750,000,000,000 debt... any ideas how we are going to pay this back? I don't know about you but I don't think I can pay any more taxes. Wonder how this is going to affect College Station real estate...

Original post - College Station Real Estate

How is New Construction Doing in College Station?

January - August 2008

Type of Permit Permit Unit Amount
Single-Family- Home 405 405 $61,361,539
Duplex 34 68 $5,387,633
Tri-Plex/Four-Plex 2 6 $515,350
Apartment 28 405 $4,553,525
New Commercial 61 n/a $124,515,739
Commercial Remodel 79 n/a $6,255,518

So what does it all mean?

Single-Family Homes (not including slab onlys)

January - August (YTD - 1yr) Down 14%

January- August (YTD - 2yr) Down 19%

Year-to-date, single family home permits decreased in quantity when compared to last year this time, August 2007, and decreased when compared with two years ago, August 2006.

Commercial (Does not include slab onlys)

January - August (YTD - 1yr) Up 3%

January - August (YTD - 2yr) Up 10%

Year-to-date, commercial permits experienced an increase in quantity when compared to last year at this time, August 2007, and an increase compared with two years ago, August 2006.

Total Permits

January - August (YTD - 1yr) Up 1%

January - August (YTD - 2 yr) No change

Year-to-date, total permits experienced an increase in quantity when compared to last year at this time, August 2007, and experienced no change when compared with two years ago, August 2006.

Other College Station, Texas real estate information can be found!

PATRIOT'S DAY - September 11th - Did you know?

Patriots Day

We all remember the confusion, terror, horror, sadness and patriotism we felt on September 11th and know this is a day that is different from all others but I didn't know it had a name other than "9-11″.

Patriot's Day is in memory of the nearly three thousand who died on September 11th in the terrorist attacks.

On December 18, 2001, President George Bush signed the resolution into law. The day was first called the National Day of Prayer and Remembrance for victims of the Terrorist Attacks on September 11, 2001 and then on September 4, 2002 President Bush changed it to Patriot Day.

Each year on September 11th, President Bush has the United States flag flown at half-staff. The flag is to be flown at half-staff at homes, businesses, the White House and all government buildings in the United States and beyond. There is also a moment of silence beginning at 8:46am (Eastern Daylight Time) marking the time the first plane hit in New York City.

In the Brazos Valley we were to have a memorial evening at the Veterans Memorial Park (which is now being used as an evacuee staging area due to hurricane Ike), but the event has been moved to the Southwood Valley Complex on Rock Prairie Road.

Take a moment on the 11th and remember who we are, what we stand for and that we will overcome!

PATRIOT'S DAY - September 11th - Did you know?