That was indeed the question of the week...and the final answer came on Friday, as the House of Representatives followed the Senate's lead and passed the $700 Billion rescue plan.
The week began with the House initially voting against the plan on Monday, causing Stocks to plunge in their final minutes of trading to their single worst loss in the 112-year history of the Dow Jones. However, on Wednesday, the Senate passed a revised rescue plan that included some tax breaks and an increase in FDIC protection from $100,000 to $250,000. This was the version the House subsequently passed and President Bush signed into law on Friday.
Why was it important for the plan to pass? Simply put, the plan frees up some of the frozen credit that consumers and small businesses across the country need to survive. As examples, even auto loans were becoming harder for consumers to qualify for...and on the business side, many retail operations have had difficulty in financing their inventory. Credit issues like these are not good for the economy, confidence, and consumer spending, and the rescue plan was passed to help matters.
In other news from Friday, the Labor Department reported that 159,000 jobs were lost in September, which is much worse than the 105,000 lost jobs that economists were expecting. So far in 2008, we have lost 760,000 jobs. And while Bonds and home loan rates would have typically improved on this weak economic news (remember weak economic news usually causes money to flow from Stocks into Bonds, helping home loan rates improve), talk that the Fed and other Central Banks around the world may start cutting their benchmark rates kept Bonds and home loan rates from making a big improvement. Remember, a cut in the Fed Funds Rate is inflationary, and therefore bad for Bonds and home loan rates.
When all was said, done and passed during this incredibly volatile and historic week, Bonds and home loan rates ended the week only slightly improved from where they began. I will continue to monitor this situation closely in the days and weeks ahead.
Donna is known as an honest and straight-forward financial adviser and operates Ascot Mortgage Services in Dallas, Texas with the highest level of integrity. Her focus is not merely on selling mortgage programs. She takes the time and gets to know her clients and evaluates their financial goals and objectives carefully before she shops the loan programs that would best suit her clients’ needs.
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Source: HUD, last updated December 1st, 2007
DEAR MS. SHAWVER,
Are you getting the kind of service that you need from your current residential or FHA roster residential real estate appraisers in the areas of northern and central New Jersey? Does Ascot Mortgage even have a residential or FHA roster residential real estate appraiser for all 10 counties that DS APPRAISAL SERVICE covers? In these busy, fast-paced times, when time is of the essence, are the appraisal companies you are currently working with delivering to you on time?
If the answer is no, I would like you to consider using a new alternative, DS APPRAISAL SERVICE.
At DS APPRAISAL SERVICE, we cover 10 counties, which is over 400 towns, in northern and central New Jersey. We pride ourselves with a guarantee of two-business day turn a-round from the day of the appraisal inspection (in most cases). We understand that the faster you have the information you need from the appraisal company, the quicker you are able to close your deals. We strive to perform and deliver high quality reports as quickly as possible. We know you have many choices and we want you to choose DS APPRAISAL SERVICE because of our timeliness and level of service. I have enclosed a package of credentials for your review.
The next step is up to you. For faster service, visit our web site WWW.DSAPPRAISALSERVICE.COM then call DS APPRAISAL SERVICE today for all your residential or FHA residential appraisal needs. Feel free to send this letter and the attached credentials to all your teammates. I look forward to doing business with you and the rest of your team.
KIND REGARDS
BENEDICT SCASSERRA
PROPRIETOR
DS APPRAISAL SERVICE
RESIDENTIAL REAL ESTATE APPRAISAL SPECIALIST
WWW.DSAPPRAISALSERVICE.COM
WE SERVICE 10 COUNTIES OF NORTHERN AND CENTRAL NEW JERSEY, THIS IS OVER 400 TOWNS! WITH A GUARANTEED 2 BUSINESS DAY TURN A-ROUND! (in most cases)
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Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of DS Appraisal Service/Benedict Scasserra. If you are not the intended recipient, you are notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.
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