Imagine, if you will, standing at home plate.  It is the bottom of the 9th inning, and you’re at bat.  Three balls and two strikes.  Bases loaded.  Here’s the pitch……..STRIKE THREE!

That is the image I get when I read of what the House passed today in Washington.

In an attempt to place regulations in the entire finance industry, from Bill’s Bank and Trust, to World Bank of North American Chinese Commodities and Securities, the House passed the bill in a vote of 223-202. 

I suppose I should explain a little.  The legislation would govern the simplest payday loan and the most complicated high-finance trades. In its breadth, the measure seeks to impose restrictions on every house of finance, from two-teller neighborhood thrifts to huge interconnected conglomerates.

Democratic leaders had to fend off a last-minute attempt to kill a proposed consumer agency, a central element of the legislation and one the features pushed by President Barack Obama. The agency would strip consumer protection powers from current banking regulators, and big banks and the U.S. Chamber of Commerce vigorously opposed the idea.

Democrats said the legislation would help address the shortfalls that led to last year’s calamitous financial crisis. Republicans argued that the regulations would overreach and would institutionalize bailouts for the financial industry.

That was just a tidbit from the AP report.

Being in the finance industry, I feel compelled to speak of how ridiculous this would be.  Maybe the Senate will kill it in January, which is where it goes next.

This bill essentially gives the FED control over the financial sector of the United States.  So let us look.  Government Healthcare (in progress still), Federal Bailout (thank you taxpayer), and Government controlled Financial System???

There are many things that need to change, we would all agree, but some things make no sense, and judging by the already loud voices I’ve heard, this is not a change.  It’s a takeover. 

I stated that I think large entities should be permitted to fail, that’s capitalism.  However, letting the FED control them, well that could be another “ism” we won’t talk about today. 

Read the linked article and draw your own conclusions.  The market remained the same pretty much all day with stocks trending up, and bond prices tanking (raising) mortgage rates.  Aside from the legislation today, there was plenty of positive news to read about that you can find in my recent posts.

This article is a great read about the general population’s belief of the Finance Industry. 

It goes into details about bailouts, profiteering, and much more.  This excerpt, however, goes to my post yesterday about refinancing (and even purchasing):

For a decade or more, many people resented, or envied, the money winners on Wall Street and in the City of London made. But they weren’t fixated on it. They had complaints, but they had jobs. They had bills, but their houses were worth more every year.

Then came the bursting of the bubble, lower house prices and foreclosures, furloughs and unemployment, and new impediments to borrowing. And the public was told that spending hundreds of billions of dollars of taxpayer money to bail out the banks was the only way to prevent catastrophe. Ben Bernanke, the Fed chairman, tried to explain: I didn’t set out to save Wall Street. I set out to save Main Street. But to save Main Street, I had to save Wall Street.

Read my post from yesterday about refinancing.  Of course, it is only an opinion, but I am in a position to know what’s going on, slightly.  Also click the link below for the entire article from the Wall Street Journal and Yahoo!

the-publics-new-fear-of-finance: Personal Finance News from Yahoo! Finance.

What I hope is in an effort to decrease the amount of foreclosures, the Obama administration and Treasury Department will check in on mortgage companies to ensure the servicers are doing all they can to assist homeowners who qualify for the Home Affordable Modification Program.

The will even go so far as to embarrass the companies by releasing a list of their names in December.

Read the full article, which includes contact information for mortgage modification,here.

For more information on building, buying, selling or leasing commercial or residential property anywhere in the world, contact Nicole Tucker, licensed agent with Keller Williams, Dallas Preston Road office at 972-992-8204 or visit my website at http://www.NicoleRE.com.
Nicole Tucker ~ Making Real Estate Real Easy!

By:  LoanMan

It’s hard to get a small business loan with bad credit. Options are limited, and borrowing is more expensive. Don’t give up though.  Read this article and pick up some valuable pointers you may not have thought about. If you’re trying to get a loan with bad credit, do some homework before you get a loan. It’s easy to get into expensive traps, and there are a few things you can do to improve your chances.

Do you really have bad credit?

Your credit may not be as bad as you think. If you’ve been told that your credit ruined your chances of getting a loan, make sure it’s true. There may be errors on your credit report. Once those are fixed, things may look very different to lenders. Before you get too worked up, find out exactly what your credit score is. You may be surprised to learn that what you’ve heard about bad credit scores is not entirely true. Very few businesses have perfect credit scores. When you dispute charges on a vendor bill, and it goes to collection, you have some recourse to work with the creditor and have the collection taken off your record.  If your credit is truly bad, here are a few ways to try getting a bad credit small business loan.

Visit Credit Unions

Credit unions may be more willing to offer you a loan with bad credit. They’re more willing to look at you personally – as opposed to just looking at a credit score and the loan application. If you sit across the desk from a human being, you’re more likely to get a loan with bad credit.You must have a sound business plan, containing a section on how you will improve your credit. Often, the loan committee for a credit union is made up of local business people, along with credit union officers. That is much better than having your loan application shipped off to a branch office where no one knows you.

Try Peer to Peer Lending

Peer to peer lending services are a good option for getting a loan with bad credit. Instead of borrowing from banks (with rigid rules and higher overhead costs), you can borrow from individuals. These services are available on line. They may be more sympathetic, but they’re not looking to lose their money. The same rules apply to peer to peer lending. You must have a sound business plan, containing a section on how you will improve your credit. The advantage to peer to peer lending is that, often your peers are in the same type of business.  They know the market and your type of business. Be prepared to pay more interest, though, and possibly a small percentage of your company.

Tap Friends & Family

Most peer to peer lending sites allow you to borrow from strangers. However, friends and family may be your only option for finding a loan with bad credit. They know you, and may be even more willing to take a chance. If you borrow from friends and family, do it properly so everybody’s protected. Have an attorney draw up documents explaining terms of the loan, interest rate, default provisions and other items that the attorney feels are important.  Even though this is family, treat it like a business deal…and pay it back!

Use Family Collateral

If friends and family can’t lend to you, they might still be able to help. You may qualify for a loan with bad credit as long as you have a co-signer. If you’re having trouble getting a loan with bad credit, you family may need to put up collateral. By pledging something of value, your lender knows you and your family are serious and the lender has a better chance of collecting some money.

How often do we open our cell phone bill, credit statement, cable bill, etc and notice new charges? Does anyone take the time to study their bill. These charges are often hidden in the fine print making it hard to find these charges.

Consider these facts as evidence to the above:
1.) Banks, thrifts and credit unions take in billions each year on fees. In 2006, they took in $36 Billion, up from $24.4 billion in 2000.
2.) IN 2003, credit card companies made $20.7 billion in credit card fees.
3.) The value of unused gift cards was estimated to be $8 billion in 2006.
4.) A recent study by Consumer Reports found that 25% of rebates are never claimed.
5.) Approximately 78% of cell phone minutes paid for remain unused.

If any of these points raise the hair on your back; cause you to scream or tear up your credit cards, take a look at a few tips to help avoid the frustration. There are plenty of ways to fight back and keep your money. Taking the time to conduct a search on the web, analysis and negotiate will put you in a better spot. At least controlling your money versus the banks and credit card companies controlling you. Fight Back and keep your money!

Shop around especially on the internet. It’s a great place to make sure you’re getting the best price, and there are a number of online sites you can use to search and compare services before you go to the store. If you decide to purchase something on the Internet, check several website and make sure you deal with reputable merchants.

Some great sites include:
www.pricegrabber.com
www.shopping.com

Consider reliability and warranties when comparison shopping. A high-quality product with a good warranty maybe worth paying a little more for up front. Consumer guides can be worth the cost if it leads to the right decision, and back issues can be found at the library.

Read the fine print before you buy. Look out for hidden fees, usage charges and costs for additional services. Always ask about refund and return policies.

Exercise your due diligence before you decide to purchase any kind of insurance, phone, cable or internet service, compare the bundled cost with the price for each service separately. Select the company that offers the best overall plan at the best rate.

While bundle and bargain offers can promise significant discounts, carefully consider the purchase of additional merchandise or services. If you don’t really want or need the extra’s, it’s not a good deal.

Often, special offers are temporary price reductions on a longer-term contract. Make sure you calculate the annual cost of each option for an accurate comparison.

Don’t be afraid to negotiate and ask for discounts. Always ask for fees to be waived; sometimes they will be, but if you don’t ask, they definitely won’t be waived. Be upfront and explain you’re total purchase.

Here are some of my recommended negotiating tips:
– Research prices and store policies, and bring evidence of better deals, such as Web printouts, flyers and ads.
– Be patient and plesant.
– Ask a manager – the person helping you may not have the authority to offer a discount.
– Be willing to walk. The most persuasive tactic you have is the ability to spend your money someplace else.
– Call your service providers periodically and ask for a rate reduction; competition is high and the mention that that you are shopping around is usually enought to get a vendor to compete for your business.