IE Business Daily Business news for the Inland Empire.
September 11 is coming up, marking the 13th anniversary of the attacks on the Twin Towers in New York, the Pentagon and United Airlines Flight 93. I think people out there have forgotten about that tragic day, which is troubling. There have been reports on Newsmax that Islamic extremists are threatening to attack a high-profile city like Las Vegas and New York to kill thousands of people in one fell swoop. We can’t let our guards down because an attack on U.S. soil will be inevitable if our president continues to sit idly by.
Two or three years after 9/11 happened Dawn and I visited New York City and had dinner at Mister Chow’s, where we struck up a conversation with a young couple. The guy said that the U.S. should have left Saddam Hussein in power because he had everything under control. I couldn’t believe how stupid his logic was! That’s the problem with kids today, they don’t read enough or think enough.
Last week we witnessed another brutal beheading of yet another American journalist, Steven Sotloff, also videotaped for the world to witness. The same cowardly British extremist who appeared in both videos threatened another beheading if President Obama doesn’t “back off” military airstrikes. It’s enraging to watch videos of their numerous executions. We can’t even damage a Koran without a Jihadist attack on America, and yet we have people beheading innocent Americans on TV and Obama goes golfing! For some reason almost forty percent of you citizens still think he’s doing a good job. I can’t fathom that. How is it possible that we’re both watching the same things unfolding in the Middle East and there’s a difference of opinion?
As I predicted, Fannie Mae has loosened up some of its regulations, the most current deals with homes being foreclosed on that’s included in a homeowner’s bankruptcy. In the past when a borrower enters the bankruptcy process, the bank had to cease foreclosure proceedings until they received notice from the court that it was clear to carry on. Homeowners were able to purchase another house three years after the foreclosure process was completed. Most of the time banks neglect to complete the foreclosure process in a timely manner due to lost paperwork or other obligations, and the property still shows adversely on the borrower’s credit as a late mortgage, and it could take up to seven years before they’re allowed to buy another property because of the lender’s negligence or procrastination.
Because the housing market has become more solvent, I forecasted that Fannie Mae would loosen up their rules, and they have. Today when a homeowner includes their house in bankruptcy proceedings, they’re able to purchase another home three years after the bankruptcy discharge date, rather than the date lenders conclude with foreclosure proceedings.
All of you who were depending on refinancing your underwater properties under HARP (Home Affordable Refinance Program) promised by Obama, I can reassure you that you will never be able to take advantage of that relief program if you’re financed through a lender other than Citibank, Wells Fargo, Chase, GMAC or Bank of America. Programs rarely come through for hard working people who pay their bills on time. My advice to you if your property is upside down is to pay it down by making a higher payment each month.
As I mentioned earlier we are approaching the anniversary of 9/11 and I stress the importance for all of us not to forget that tragic day. I have created a 25-minute tribute to 9/11 and I invite you to listen to it on my website: www.edhoffman.net. You can also follow me on Twitter @edhoffman, or like me on Facebook at TheMainEventAM590.
