Archive for August 15, 2008
Contrary to what you’re hearing, “The Sky is not falling”!
by Kelly Krauth
Disclosure: Kelly is a mortgage broker at Vanguard Mortgage. Your editor is a Vanguard customer.
Every time you hear the news or see a report on the current economic status, you are sure to hear those words, “The Mortgage Crisis”. The national media continues to publicize and advertise to consumers that investing in real estate is a bad idea. What they are trying to do is to make real estate into a national market and look like the Crash of 1929! This is simply not the case!
The majority of the delinquencies and foreclosures that are being publicized are concentrated in the subprime market. Agreeably there is a huge increase in foreclosures but it is mainly because of borrowers who, in most cases, would not have previously qualified for a conforming loan. These borrowers were given a “golden ticket” to buy a home that they obviously did not qualify to own. Lenders began to advertise these great new programs, i.e. adjustable rate mortgages, “no fee” loans and many people signed on in order to obtain the great American dream of home ownership. Things like Stated Income, and Stated Asset loans (SISA) allowed these borrowers to do this easily without much verification; basically negating normal conditions that would traditionally be required to “qualify” for a home loan. Normal requirements such as steady, dependable employment, assets, reserves, and good credit were no longer a necessity. Basically anyone could now buy a home. But at what cost? »» Contrary to what you’re hearing, “The Sky is not falling”!
Grow Your Own – Food Aplenty
by John Weckerle
This week we return to our regular (more or less) garden report. Both beds are doing very well, although the peppers have been largely overwhelmed by the surrounding plants (but are still trying to put out a few peppers for us). We’re not too concerned about that, as we have peppers growing in pots on the deck. Over the past week, the string beans have been the star, having yielded about three pounds of beans or so. Some of these were steamed and then tossed in a wok with olive oil, dill, and lemon juice, and the rest are headed for tonight’s string bean casserole. Last night was pasta primavera, with everything except onions and tomatoes (and, of course, the pasta) coming from the garden. Several eggplants (white and regular) are nearly ready to pick – there will be a lot of them before all this is through – and we picked the first tomato yesterday. The spaghetti squash also looks as if it is nearly ready to collect. »» Grow Your Own – Food Aplenty