Keep Pressing Forward

“2 get something u never had, u have 2 do something u never did. When He takes something from ur grasp, He’s not punishing u, but merely opening ur hands 2 receive better. The will of God will never take u where the Grace of God will not protect u. “

Our deepest fear

Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It is not just in some of us; it is in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others. a return to love – marianne williamson

FHFA Treasury in Historic Takeover of Fannie and Freddie

On September 7, Congress decided to buy out the government-sponsored mortgage giants Fannie Mae and Freddie Mac, placing the pair into separate conservatorships, with the federal government committing $100 billion to each. The government also removed their CEOs, laying the groundwork for a radical and historic restructuring of the entire U.S. mortgage market.

 

As part of the GSE restructuring plan, the Treasury Department is providing capital and funding support in an effort to boost investor confidence in Fannie and Freddie’s $5.2 trillion worth of debt and mortgage-backed securities. Federal Housing Finance Agency director James Lockhart said as of Monday September 8, the GSEs would operate as usual, “only with stronger backing for the holders of MBS, senior debt and subordinated debt.” The FHFA was formerly known as the Office of Federal Housing Enterprise Oversight.

 

The Treasury has committed to purchase new Fannie and Freddie mortgage-backed securities, a move that will add liquidity to the mortgage bond market. It will purchase $5 billion worth of agency MBS in September alone. The FHFA dismissed Fannie CEO Daniel Mudd and Freddie chairman and CEO Richard Syron. The two men will remain on in transition roles. Herb Allison, a former vice chairman at Merrill Lynch, was named CEO of Fannie, and David Moffet, former vice chairman of U.S. Bancorp will lead Freddie.

 

The new CEOs will be charged with examining Fannie and Freddie’s “guarantee fee structure with an eye toward mortgage affordability,” Treasury secretary Henry Paulson said. “The primary mission of these enterprises now will be to increase the availability of mortgage finance,” he said. The FHFA director placed the GSEs in conservatorships due to their ailing financial condition and their deteriorating ability to support the mortgage market. In agreeing to a conservatorship, the GSEs each issued $1 billion in senior preferred stock to Treasury. With each capital infusion, Treasury will accumulate more preferred stock.

 

The past cannot be changed. The future is yet in your power

Time

There are four rules of time. The first is that time is perishable. This means that it cannot be saved. In fact, time can only be spent. Because time is perishable, the only thing you can do with it is to spend it differently, to reallocate your time away from activities of low value and toward activities of higher value. But once it is gone, it is gone forever.

Time Is Indispensable
The second rule of time is that time is indispensable. All work requires time. No matter what it is you want to do in life, even looking out a window or sleeping in for a few extra minutes, it requires a certain amount of time. And according to the 10/90 Rule, the 10% of time that you take to plan your activities carefully in advance will save you 90% of the effort involved in achieving your goals later. The very act of thinking through and planning your work in advance will dramatically reduce the amount of time that it takes you to do the actual job.

The Currency of the Future
The third rule of time is that time is irreplaceable. Nothing else will do, especially in relationships. Time is the only currency that means anything in your relationships with the members of your family, your friends, colleagues, customers and coworkers. Truly effective people give a lot of thought to creating blocks of time that they can then spend, without interruption, with the important people in their lives.

Trust men and they will be true to you; treat them greatly, and they will show themselves great.

Are there government programs for rehabilitation?

The U.S. Department of Housing and Urban Development’s Section 203 (K) rehabilitation loan program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old. Condominiums are not eligible.

The 203(K) loan is usually done as a combination loan to purchase a fixer-upper property “as is” and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.

Plans and specifications for the proposed work must be submitted for architectural review and cost estimation. Mortgage proceeds are advanced periodically during the rehabilitation period to finance the construction costs.

For a list of participating lenders, call HUD at (202) 708-2720.

If you are a veteran, loans from the U.S. Department of Veterans Affairs also can be used to buy a home, build a home, improve a home or to refinance an existing loan. VA loans frequently offer lower interest rates than ordinarily available with other kinds of loans. To qualify for a loan, the first step is to apply for a Certificate of Eligibility.

Another program is the Federal Housing Administration’s Title 1 FHA loan program.

How much can I expect to spend on maintenance?

Experts generally agree that you can plan on annually spending 1 percent of the purchase price of your house on repairing gutters, caulking windows, sealing your driveway and the myriad other maintenance chores that come with the privilege of homeownership. Newer homes will cost less to maintain than older homes. It also depends on how well the house has been maintained over the years.

What repairs should I make before putting a home on the market?

If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair.

The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down market.

Can neighbor problems de-value the property?

While it may not reduce the actual value, a cluttered landscape next door can detract from the positive aspects of your home. Review your local laws, which should be on file at the public library, county law library or City Hall.

A typical “junk vehicle” ordinance, for example, requires any disabled car to either be enclosed or placed behind a fence. And most cities prohibit parking any vehicle on a city street too long.

It also may be worthwhile to check into local zoning ordinances. An operator of a home-based business usually is required to obtain a variance or permanent zoning change in residential areas.

In addition, if a neighbor’s repair work produces loud noises, he may be breaking local noise-control ordinances, which are enforced by the police department.

Before bringing in the authorities, you may want to make a copy of the pertinent ordinance and give it to your neighbor to give them a chance to correct the problem.