All of my hard work finally paid off and as of Friday, I have perfect credit.
Clouds are parting, choirs are singing and I see rays of sunshine and a rainbow in the sky.
I did it.
Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts
Saturday, January 15, 2022
Monday, April 19, 2021
WAL in the News
Western Alliance to Acquire AmeriHome, a Leading National B2B Mortgage Acquirer & Servicer
Feb 16, 2021
Extends WAL’s National Commercial Bank Strategy with correspondent mortgage platform that enhances growth, returns and diversification
Financially compelling; produces over 30% EPS and 500 bps ROATCE accretion in 2022E
Robust capital generation profile; TBVPS earnback in less than one year
Diversifies revenue profile; markedly increases fee revenue to total revenue mix
Deploys excess liquidity into higher yielding, low credit risk assets
Augments stable funding; increases access to growing, low-cost, low-beta core deposits
Facilitates complementary, balanced business mix; positions WAL for continued growth and consistent returns across cycles
Strong cultural fit and continuity of highly experienced leadership team minimizes operational and execution risk
PHOENIX -- Western Alliance Bancorporation (“Western Alliance”) (NYSE: WAL) today announced the execution of a definitive agreement to acquire Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC (“AmeriHome”) for an estimated purchase price of $1.0 billion in cash, subject to adjustments at closing.
AmeriHome brings a B2B approach to the mortgage ecosystem through its relationships with over 700 independent correspondent mortgage originator clients, including independent mortgage bankers, community and regional banks, and credit unions of all sizes. Based in Thousand Oaks, CA, AmeriHome is the nation’s third largest correspondent mortgage acquirer, purchasing approximately $65 billion in conventional conforming and government insured originations during 2020 from its network of independent mortgage originators and managing a $99 billion mortgage servicing portfolio, as of December 31, 2020.
For Western Alliance, the addition of AmeriHome extends its national commercial businesses with a complementary, low-risk national mortgage franchise. AmeriHome’s combination of business model, diversified and complementary channels, and sophisticated portfolio management strategies has successfully generated consistent and profitable returns throughout rate environments and economic cycles. The transaction also markedly increases the contribution from non-interest income sources. From a financial perspective, the transaction is estimated to produce accretion of over 30% to EPS and over 500 basis points to return on average tangible common equity in 2020.
“We look forward to maximizing the strategic and financial opportunities created by partnering with AmeriHome, which has been a valued client of Western Alliance Bank for years,” said Ken Vecchione, President and Chief Executive Officer of Western Alliance. “Acquiring this differentiated, high-performing mortgage platform provides a powerful growth engine and expands mortgage offerings to existing clients that give us flexible levers to drive consistent returns throughout market cycles. AmeriHome’s effective business model and exceptional leadership team will leverage Western Alliance’s liquidity and capital strength, market reach, complementary businesses and commercial customers. This move meaningfully enhances our EPS baseline and growth, diversifies our revenue mix, and mitigates business cycle volatility with a firm that augments our commercial-focused portfolio.”
Post-closing, AmeriHome will operate under its current brand, AmeriHome, a Western Alliance Bank company, and will continue to be led by Jim Furash, its current President and Chief Executive Officer.
“Joining Western Alliance Bank is a terrific opportunity to accelerate our own strategic objectives and pathway to growth, with an outstanding partner we know very well,” said Jim Furash. “AmeriHome’s successful results and unique business model proved to be highly attractive for Western Alliance Bank, which has a history of growing by adding specialized financing groups that excel through differentiated B2B expertise and strong client service. It’s a great match.”
Under the terms of the agreement, AmeriHome will become a subsidiary of Western Alliance Bank. Western Alliance will pay cash consideration of $275 million plus adjusted tangible book value at closing for an estimated aggregate consideration of $1.0 billion (based on AmeriHome’s December 31, 2020 results). Western Alliance expects to achieve annual after-tax funding cost synergies of approximately $50 million with total estimated after-tax merger and integration costs of approximately $27 million. The purchase price represents approximately 1.4x adjusted tangible book value based on December 31, 2020 financials and is estimated to create modest dilution to Western Alliance’s tangible book value per share that we expect to earn back in less than one year. Before the end of the second quarter of 2021, Western Alliance intends to raise approximately $275 million of primary capital through a registered public offering of common stock to support the transaction and future growth. The acquisition is expected to close in the second quarter of 2021, subject to customary closing terms and conditions. After closing of the transaction, Western Alliance plans to optimize the acquired mortgage servicing rights assets for both ongoing operations and regulatory capital treatment.
Evercore and Guggenheim Securities, LLC are serving as financial advisors to Western Alliance. Troutman Pepper Hamilton Sanders LLP is serving as legal advisor to Western Alliance. Houlihan Lokey Capital, Inc. and Wells Fargo Securities, LLC acted as financial advisors to AmeriHome on the transaction. Sidley Austin LLP acted as legal advisor to AmeriHome on the transaction.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss the transaction at 5:30 p.m. ET on Tuesday, February 16, 2021. Participants may access the call by dialing 1-888-317-6003 and using the participant code 6598631 or via live audio webcast using the website link https://services.choruscall.com/links/wal210216.html. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET February 17 through 9:00 a.m. ET March 16 by dialing 1-877-344-7529, using the participant code 10152528.
About Western Alliance Bancorporation
With more than $35 billion in assets, Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies. The company was #1 best-performing of the 50 largest public U.S. banks in the most recent S&P Global Market Intelligence listing and ranks high on the Forbes “Best Banks in America” list year after year. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Serving clients across the country wherever business happens, Western Alliance Bank operates individually branded, full-service banking divisions and has offices in key markets nationwide. For more information, visit westernalliancebank.com.
About AmeriHome Mortgage Company, LLC
Founded in 2013, and based in Thousand Oaks, CA, AmeriHome is a leading U.S. residential mortgage acquirer and servicer focused on driving profitable growth across market environments. The firm operates three complementary business segments: Correspondent, Consumer Direct and Servicing. It ranked as the third largest correspondent producer of mortgages and the 13th largest producer of mortgages overall in the U.S. during 2020. AmeriHome has created a flexible and scalable platform with a modern, purpose-built technology infrastructure, advanced data and analytics capabilities, all leveraging the management team's collective experience to achieve a highly efficient cost structure to target profitability in all market environments. AmeriHome has a track record of consistent, prudent and profitable growth, having expanded its production volume from $18.7 billion in 2015 to $64.5 billion for the twelve months ended December 31, 2020 and its servicing portfolio from $18.9 billion to $98.8 billion as of December 31, 2020. For more information, visit amerihome.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the Merger between Western Alliance and Aris Mortgage Holding Company, LLC (“Aris”), including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from Western Alliance’s acquisition of AmeriHome, Aris’ wholly-owned subsidiary; (ii) expected capital raising activities (iii) objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iv) other statements identified by words such as “may,” “assumes,” “approximately,” “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements.
These forward-looking statements are based upon the current beliefs and expectations of the management of Western Alliance and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the control of Western Alliance. In addition, these forward- looking statements are subject to various risks, uncertainties and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:
the businesses of Western Alliance and AmeriHome may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected;
the expected growth opportunities, accretion or cost savings from Western Alliance’s acquisition of AmeriHome may not be fully realized or may take longer to realize than expected;
operating costs and business disruption following the Merger may be greater than expected;
federal antitrust review and state licensing regulatory and other approvals required for consummation of the Merger may not be obtained or completed on the anticipated schedule, on the proposed terms or at all;
the ability of Western Alliance to complete a capital raising transaction to support the Merger and future growth on terms, conditions, and pricing it deems satisfactory;
the effects of the ongoing COVID-19 pandemic on Western Alliance, AmeriHome, and their respective customers, employees and third-party service providers; and the other factors that may affect future results of Western Alliance and AmeriHome discussed in Western Alliance’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) and AmeriHome’s Registration Statement on Form S-1 (as amended) filed with the Securities and Exchange Commission.
Any forward-looking statement made in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend to have and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this release to reflect new information, future events or otherwise.
https://www.westernalliancebancorporation.com/news/western-alliance-to-acquire-amerihome
Deals
Western Alliance Buys Apollo-Backed AmeriHome for $1 Billion
By Updated on
Saturday, January 2, 2021
I used to work for Deutsche Bank...
I used to work for Deutsche Bank. My company was bought out/taken over by them and so my pension is based upon me being a legacy employee for the former company I worked for.
The news article below is not about my pension but the pensions of current employees.
Today, it is Jan 2, 2021, and as I was searching for my pension website because I was too lazy to go into the other room and find it, I happened to stumble on this news article that was written in 2017:
Deutsche Bank's secret generosity to its longest-serving staff
And dependant upon the value of the DB stock...
...if Deutsche's share price hits €23 in the first three weeks of 2021.
Conversion of 10.90 USD to Euros is 8.98 Euros.
Do you think that their stock will almost triple in the next three weeks?
Friday, September 25, 2020
Veterans Need to be on High Alert when Seeking VA Mortgage Loans
Many finance companies do a good job of providing accurate advertising that generates leads and can be developed into new business. However, the results below, even though well-intentioned, did not meet the criteria set forth by the CFPB.
This post consists of public information available on the websites of CFPB and BBB.
Saturday, January 26, 2019
Christ, January is almost over...Happy 2019
I had to work on December 31st, so last year's New Year's Eve was a non-event. The closest I got to a celebratory mood was saying to my staff "Happy New Year" as we all exited the building at 11:30PM. I worked so hard in January that when MLK Day rolled around, I didn't even recognize it as a day I got off work for a hot minute.
I bought rocks for painting and a new rosemary plant to replace the last one that I had for years. I'm going to plant that in the one medium planter/pot and the other with basil. Or maybe I'll move the onions into a pot this year. Last year's cherry tomato self-seeded and I currently have a hedge of chinka cherry tomatoes. It's spectacular. Best this plant has ever looked.
I decided this Spring is the time to go get my mortgage refi in order. I need to get the place all spiffy before the appraiser gets here. So I'm doing things like completing the LVP floor project for the two closets that I didn't do. FINALLY painting my bathroom. Throwing away the broken cheap ass mirror over the sofa and putting up a more stylish one I found at Target with a shelf. Have to paint the living room and the kitchen. All of this so I can get a chunk of the equity out of my home to get two windows, two patio sliders installed, maybe a new kitchen and bath remodels and pay off some bills. But because we've lived here since 1999, it's a cluttered mess. Not packrat, hoarder type piles, just little piles of stuff that need to go be donated, better organized if it's going to stay or put away.
The idea to get all this stuff done in a reasonable amount of time for this professed procrastinator is a simple one. I know I'll be financially in a better place and I'm using the following to keep me on track and motivated each day:
> Clean one thing;
> Fix one thing;
> Put away or organize one thing; and
> Donate one thing I don't need or want anymore.
Stephen's closet took 3 days for the floor during the week and yesterday, I went to Home Depot and bought the baseboard moulding. After I made my purchase, and with the molding in my hands on the way to the car. some random guy was laughing at me in the parking lot about getting that moulding home. Umm, yeah, 9 ft of moulding fits in my car with the back passenger seat down, thankyouverymuch. That's why I cut it that length. Jerk.
The fig tree that once seemed like a miracle when it popped up growing in my #1 raised planter box is now a nuisance. Between Winter, the rain and the wind, it looks like shit and from what I read it takes a year to get figs from it if the birds and rats don't get them first. At one point I saw two on there, but that was months ago and I didn't attend to the fruit to keep it for myself I mean atleast grow it because I can't eat seeds anymore. So really what's the point of keeping the fig tree, right? So I'm planning on cutting it down and/or digging it out.
I bought rocks for painting and a new rosemary plant to replace the last one that I had for years. I'm going to plant that in the one medium planter/pot and the other with basil. Or maybe I'll move the onions into a pot this year. Last year's cherry tomato self-seeded and I currently have a hedge of chinka cherry tomatoes. It's spectacular. Best this plant has ever looked.
I decided this Spring is the time to go get my mortgage refi in order. I need to get the place all spiffy before the appraiser gets here. So I'm doing things like completing the LVP floor project for the two closets that I didn't do. FINALLY painting my bathroom. Throwing away the broken cheap ass mirror over the sofa and putting up a more stylish one I found at Target with a shelf. Have to paint the living room and the kitchen. All of this so I can get a chunk of the equity out of my home to get two windows, two patio sliders installed, maybe a new kitchen and bath remodels and pay off some bills. But because we've lived here since 1999, it's a cluttered mess. Not packrat, hoarder type piles, just little piles of stuff that need to go be donated, better organized if it's going to stay or put away.
The idea to get all this stuff done in a reasonable amount of time for this professed procrastinator is a simple one. I know I'll be financially in a better place and I'm using the following to keep me on track and motivated each day:
> Clean one thing;
> Fix one thing;
> Put away or organize one thing; and
> Donate one thing I don't need or want anymore.
Stephen's closet took 3 days for the floor during the week and yesterday, I went to Home Depot and bought the baseboard moulding. After I made my purchase, and with the molding in my hands on the way to the car. some random guy was laughing at me in the parking lot about getting that moulding home. Umm, yeah, 9 ft of moulding fits in my car with the back passenger seat down, thankyouverymuch. That's why I cut it that length. Jerk.
The fig tree that once seemed like a miracle when it popped up growing in my #1 raised planter box is now a nuisance. Between Winter, the rain and the wind, it looks like shit and from what I read it takes a year to get figs from it if the birds and rats don't get them first. At one point I saw two on there, but that was months ago and I didn't attend to the fruit to keep it for myself I mean atleast grow it because I can't eat seeds anymore. So really what's the point of keeping the fig tree, right? So I'm planning on cutting it down and/or digging it out.
Tuesday, April 3, 2018
The Tax Man Cometh Soon!
I spent the whole day and into the night Saturday doing my taxes. I had to take extra time and analyze my toll road activity to get that deduction. I also had to find the way to print out last years auto registration fee. It looks like I might break even.
Saturday, December 2, 2017
A great article about foreclosure and how it effected one family in Southern California...
A great article about foreclosure and how it effected one family in Southern California...
The Never Ending Foreclosure
Sunday, September 24, 2017
My Medical Insurance Evolution
My Medical Insurance Evolution
Due to the progression of Crohn's disease, since my 2000 resection surgery, once a month I must get a B12 injection. It's good yet interesting that I really don't get sick all that much except for having to deal with the effects of Crohn's if I eat something that doesn't agree with my guts.
1) Kaiser was great until my employer decided it was too expensive for them. I paid a monthly premium so I could pay $8 a shot I could administer myself at home.
2) Then my employer changed insurers and I went to a different PCP of my choice who accepted my insurance near my home. And I didn't have to pay anything for my monthly injection, but had to come into the office to get it. I had a co-pay if I was seen for anything else.
3) After that, I paid an office visit fee because I changed jobs and my medical insurance had not kicked in yet. $69 for the office visit to obtain the same injection. I was thankful to my doctor.
4) Then I quit that job and went on COBRA. That was $500 a month, but all I used it for was the same B12 injection. With the same doctor that previously charged me $69 for the same injection.
5) Then I became an independent contractor. I was mad and worried having to pay so much for so little during a time when I was starting my own business and I decided to concentrate on getting my Crohn's more under control since I had more time at home. As I did this, ObamaCare came into play. My COBRA ran out at the end of 2016 and I found a plan with Kaiser for $185 a month premium based upon my new income bracket. I don't have to pay for the B12 injections if I use the nurse's clinic, but blood tests are now something new I have to pay a co-pay for. And I have a co-pay if I need to see my doctor for anything
6) Now I'm worried again that my government reps may change the mandated medical insurance plan and I'll get kicked off because Kaiser won't have to cover me anymore under the discounted plan I currently can afford.
Due to the progression of Crohn's disease, since my 2000 resection surgery, once a month I must get a B12 injection. It's good yet interesting that I really don't get sick all that much except for having to deal with the effects of Crohn's if I eat something that doesn't agree with my guts.
1) Kaiser was great until my employer decided it was too expensive for them. I paid a monthly premium so I could pay $8 a shot I could administer myself at home.
2) Then my employer changed insurers and I went to a different PCP of my choice who accepted my insurance near my home. And I didn't have to pay anything for my monthly injection, but had to come into the office to get it. I had a co-pay if I was seen for anything else.
3) After that, I paid an office visit fee because I changed jobs and my medical insurance had not kicked in yet. $69 for the office visit to obtain the same injection. I was thankful to my doctor.
4) Then I quit that job and went on COBRA. That was $500 a month, but all I used it for was the same B12 injection. With the same doctor that previously charged me $69 for the same injection.
5) Then I became an independent contractor. I was mad and worried having to pay so much for so little during a time when I was starting my own business and I decided to concentrate on getting my Crohn's more under control since I had more time at home. As I did this, ObamaCare came into play. My COBRA ran out at the end of 2016 and I found a plan with Kaiser for $185 a month premium based upon my new income bracket. I don't have to pay for the B12 injections if I use the nurse's clinic, but blood tests are now something new I have to pay a co-pay for. And I have a co-pay if I need to see my doctor for anything
6) Now I'm worried again that my government reps may change the mandated medical insurance plan and I'll get kicked off because Kaiser won't have to cover me anymore under the discounted plan I currently can afford.
Monday, May 2, 2016
Finance in the News 05/02
Puerto Rico Defaults:
http://money.cnn.com/2015/08/03/investing/puerto-rico-default/
http://www.ibtimes.com/puerto-rico-default-how-we-got-here-what-happens-next-2034788
http://www.cnbc.com/2016/04/14/rescue-bill-for-puerto-rico-as-major-debt-deadline-looms.html
http://www.bloomberg.com/news/articles/2016-05-01/puerto-rico-will-default-on-government-development-bank-debt
http://money.cnn.com/2015/08/03/investing/puerto-rico-default/
http://www.ibtimes.com/puerto-rico-default-how-we-got-here-what-happens-next-2034788
http://www.cnbc.com/2016/04/14/rescue-bill-for-puerto-rico-as-major-debt-deadline-looms.html
http://www.bloomberg.com/news/articles/2016-05-01/puerto-rico-will-default-on-government-development-bank-debt
Wednesday, April 13, 2016
Why you should avoid buying anything from an infomercial at 3AM
You have to be careful because everyone wants to separate you from your money. I think about this fact every time I read the emails that land in my inbox advertising for this or that.
And then there is all the commercials on tv. Buy our product because you're getting older, uglier, sadder and sicker as time rolls on and if you buy our products you'll be less of those things. But you need money to buy all of those things. And when you don't feel like you have enough, people will go through all sorts of lengths to get it. So here I am, currently unemployed and wide awake at 3AM watching the latest infomercial selling the idea that life can be easier if you follow our system to be a real estate investor. Immediately, I'm skeptical. If it sounds too good to be true, it probably is. Bait and switch. These were the things that were running through my head watching advertising for a seminar to get rich quick flipping homes cloaked as become a real estate investor.
So here's how it goes. You attend a seminar. You are baited by a book and some sort of minimal free giveaway of cheap electronic equipment they bought in bulk. You get some general information, but not enough to do anything with unless you buy into additional workshop. So you have to then buy into the workshop. And then at the workshop, you are sold access to the experts and walkthroughs. "This is how I did it and if I can do it, you can do it, too."Learn the steps to success and repeat these steps over and over again."
Doug Clark. Who is this guy? Someone from Utah that flipped houses and was filmed doing so to make a certain type of reality tv show. You can find this out if you search for "Flip Men" and watch shows on youtube. The tv show went off the air four years ago. Investigating further, the Better Business Bureau currently has a great example of what it's like to go through their learning process and you can read how these poor people from New Mexico feel like they were duped:
http://www.bbb.org/utah/business-reviews/seminars-and-training-wealth-building-and-real-estate-results-not-substantiated/doug-clark-in-lindon-ut-22364446/Complaints#breakdown
So how does this go for them? They buy an LLC. They make a business selling you the same LLC paperwork to you. You pay the filing fee. They call an infomercial company and create 10 minutes of script that's repeated 3 times to create a 30 minute show. They hire a host to ask scripted questions of spokesperson. The background for the host looks like a newsroom or a talk show stage. The spokesperson looks like they are sitting inside a beautiful home, but it can be a photo projected on a green screen which provides the desired appearance for you to think, "Yeah, I want what this guy has." In actuality, he's sitting in another part of the studio. Once the infomercial is filmed and produced, they rent seminar rooms in hotels around the country. They develop presentations at four different levels. One for the free talk to get you to come in (the infomercial). Two to provide some more information to bait you to buy the seminar. (They have to sell enough seminars to pay for the space they rented on credit cards.) Three is to buy the access to the process and techniques they are familiar with but you're not..Maybe even a website they feed with the foreclosures that you can get from newspapers yourself. They prey on the fact that you're not confident you're doing things right because you're not gaining the expected results they tell you you should be having so... Four you get access to the experts... the people that keep you in the process so they can use any amount of success you may have to bolster what they are trying to sell in the first place.
You paid for a seminar, a LCC, you maxed out all of your credit cards and then paid for access. You haven't bought a foreclosed home yet which is what you wanted to do in the first place. You'll need more money to do that so you'll have to get others to pay for the purchase of a foreclosed home reducing your profit margin. You'll have to pay for others to fix the home because you're probably not a licensed contractor and then will reduce your profit margin more. If you couldn't find other serious investors, you went to a bank or mortgage company to get a loan and then the mortgage comes due between 30-60 days. That's the same time frame you have to fix the property and sell it. This is why you want a buyer on contract to get you out from under having to pay for that mortgage payment. They also forgot to tell you you also have to file two tax returns, one personal and one for your business. They also don't tell you that as a real estate investor, you're responsible for self employment taxes on all money you make.
You don't need to buy someone else's seminar to know that everything you do involving a home is expensive and you end up paying for it in the end. You don't need to buy someone else's seminar to tell you that if the mortgage payment is more than the going rental rate, you'll forced to sell. Guys like these love to sell seminars like these in states where the real estate is expensive so you have no recourse when you fail because you didn't follow their program.
And then there is all the commercials on tv. Buy our product because you're getting older, uglier, sadder and sicker as time rolls on and if you buy our products you'll be less of those things. But you need money to buy all of those things. And when you don't feel like you have enough, people will go through all sorts of lengths to get it. So here I am, currently unemployed and wide awake at 3AM watching the latest infomercial selling the idea that life can be easier if you follow our system to be a real estate investor. Immediately, I'm skeptical. If it sounds too good to be true, it probably is. Bait and switch. These were the things that were running through my head watching advertising for a seminar to get rich quick flipping homes cloaked as become a real estate investor.
So here's how it goes. You attend a seminar. You are baited by a book and some sort of minimal free giveaway of cheap electronic equipment they bought in bulk. You get some general information, but not enough to do anything with unless you buy into additional workshop. So you have to then buy into the workshop. And then at the workshop, you are sold access to the experts and walkthroughs. "This is how I did it and if I can do it, you can do it, too."Learn the steps to success and repeat these steps over and over again."
Doug Clark. Who is this guy? Someone from Utah that flipped houses and was filmed doing so to make a certain type of reality tv show. You can find this out if you search for "Flip Men" and watch shows on youtube. The tv show went off the air four years ago. Investigating further, the Better Business Bureau currently has a great example of what it's like to go through their learning process and you can read how these poor people from New Mexico feel like they were duped:
http://www.bbb.org/utah/business-reviews/seminars-and-training-wealth-building-and-real-estate-results-not-substantiated/doug-clark-in-lindon-ut-22364446/Complaints#breakdown
So how does this go for them? They buy an LLC. They make a business selling you the same LLC paperwork to you. You pay the filing fee. They call an infomercial company and create 10 minutes of script that's repeated 3 times to create a 30 minute show. They hire a host to ask scripted questions of spokesperson. The background for the host looks like a newsroom or a talk show stage. The spokesperson looks like they are sitting inside a beautiful home, but it can be a photo projected on a green screen which provides the desired appearance for you to think, "Yeah, I want what this guy has." In actuality, he's sitting in another part of the studio. Once the infomercial is filmed and produced, they rent seminar rooms in hotels around the country. They develop presentations at four different levels. One for the free talk to get you to come in (the infomercial). Two to provide some more information to bait you to buy the seminar. (They have to sell enough seminars to pay for the space they rented on credit cards.) Three is to buy the access to the process and techniques they are familiar with but you're not..Maybe even a website they feed with the foreclosures that you can get from newspapers yourself. They prey on the fact that you're not confident you're doing things right because you're not gaining the expected results they tell you you should be having so... Four you get access to the experts... the people that keep you in the process so they can use any amount of success you may have to bolster what they are trying to sell in the first place.
You paid for a seminar, a LCC, you maxed out all of your credit cards and then paid for access. You haven't bought a foreclosed home yet which is what you wanted to do in the first place. You'll need more money to do that so you'll have to get others to pay for the purchase of a foreclosed home reducing your profit margin. You'll have to pay for others to fix the home because you're probably not a licensed contractor and then will reduce your profit margin more. If you couldn't find other serious investors, you went to a bank or mortgage company to get a loan and then the mortgage comes due between 30-60 days. That's the same time frame you have to fix the property and sell it. This is why you want a buyer on contract to get you out from under having to pay for that mortgage payment. They also forgot to tell you you also have to file two tax returns, one personal and one for your business. They also don't tell you that as a real estate investor, you're responsible for self employment taxes on all money you make.
You don't need to buy someone else's seminar to know that everything you do involving a home is expensive and you end up paying for it in the end. You don't need to buy someone else's seminar to tell you that if the mortgage payment is more than the going rental rate, you'll forced to sell. Guys like these love to sell seminars like these in states where the real estate is expensive so you have no recourse when you fail because you didn't follow their program.
Sunday, March 20, 2016
W/e 03/20/16
My head is in a bunch of different places this Sunday morning.
I've received papers in the mail to execute in order to releave my obligation to the timeshare condo I bought and don't choose to maintain anymore. That's good news. It's value went from the high of $7k which was what I paid in 1999 down to today's assessor's value of $502. It's value is so low now, the county doesn't even bother to send the tax bill anymore.
I'm contemplating whether or not I want to stay at my job. I've gained ReverseVision, HECM, FHA, Ginnie Mae and advanced MS Excel experience in the seven months since I've started. There was a sobering statistic disclosed at the last Operations town hall which stated sadly only 33 percent of staff were there for over one year. An audible gasp came from the audience. Being #1 comes at a cost having to deal with the sheer volume which makes it hard to attract and retain employees, not to mention favoritism. So between now and June will be the time for me to either figure out where I fit in or find a new job. And the latter is looking more attractive. The stress is so palpable, my eyelids twitch just thinking about the place and I hate that.
So I'm really looking forward to the week's vacation I put in for even though it has it's own level of stress and sorrow built in. In 58 days, I'll be in New York with my family for Uncle Frank's memorial.
Last weekend, I bought supplies to build another two raised planting beds on my patio. I almost killed the tomato plants I bought drying them out without watering them for a week. they seem to come back to life after being drenched on Friday and Saturday. I have more coming up where they the cherry tomato plants were last year, now the where the peas are planted.
I've received papers in the mail to execute in order to releave my obligation to the timeshare condo I bought and don't choose to maintain anymore. That's good news. It's value went from the high of $7k which was what I paid in 1999 down to today's assessor's value of $502. It's value is so low now, the county doesn't even bother to send the tax bill anymore.
I'm contemplating whether or not I want to stay at my job. I've gained ReverseVision, HECM, FHA, Ginnie Mae and advanced MS Excel experience in the seven months since I've started. There was a sobering statistic disclosed at the last Operations town hall which stated sadly only 33 percent of staff were there for over one year. An audible gasp came from the audience. Being #1 comes at a cost having to deal with the sheer volume which makes it hard to attract and retain employees, not to mention favoritism. So between now and June will be the time for me to either figure out where I fit in or find a new job. And the latter is looking more attractive. The stress is so palpable, my eyelids twitch just thinking about the place and I hate that.
So I'm really looking forward to the week's vacation I put in for even though it has it's own level of stress and sorrow built in. In 58 days, I'll be in New York with my family for Uncle Frank's memorial.
Last weekend, I bought supplies to build another two raised planting beds on my patio. I almost killed the tomato plants I bought drying them out without watering them for a week. they seem to come back to life after being drenched on Friday and Saturday. I have more coming up where they the cherry tomato plants were last year, now the where the peas are planted.
Tuesday, February 16, 2016
And then I was thinking... 02/16/16
They say the essentials we all need are food, shelter and clothing. [...and then the government taxes us for what they provide while we provide some sort of existence/life for our ourselves and our families. Paid taxes in 2015 for the first time in a while.]
But as I was walking back to my home after driving home from work, it hit me that these things are driven by money, emotions, and comfort.
One's ability to earn enough money could either raise or lower the emotional state resulting in a level of comfort in life. Personality and education back it up. Health, whether it be physical or mental is controllable to a certain extent, but for the most part, your health outcome is in the genes you get from your parents. You get what you get healthwise, from genetics, unless you smoke, drink, or take/abuse drugs and food and don't choose to move your body in vigorus ways to help build muscle and remove the toxins then the results or the lack thereof - you did to yourself and your genes did it to you. [Yes, I have Crohn's disease, but changing jobs has changed my commute and my stress level is down due to less of a commute, up to new surrounding and standards to get re-acquainted with on job tasks I'm already familiar with and working for a manager that actually cares to manage, but change is good.]
And then I was thinking, that, "Isn't it enough to be a good person?" ...as I drive home on the "freeway" in this car, with this amazing horsepower as I grasp the steering wheel, this conveyance I'm seated in, that others, too, are seated in as we travel to our destinations and in my mind's eye/imagination- the exterior of the cars melted away and all people commuting on the freeway were seated floating in a dimly glowing interior blue light with powertrain and frame assuming the driving position with hands on their steering wheels, no upholstery with tires-this technology that really hasn't changed all that much in over 100 years [but to make it faster, safer, use less gas, or another fuel, but really at what cost to our environment if the power to make that alternate fuel was derived from fossil fuel?] and when we as humans end up using up all of the fossil fuels this world has, would we then need to worry about the need to expand our roadways or instead how they scarred the earth, contributed to global warming and how they'll need to be deconstructed?
No, it's not enough to be a good person if you're not exhibiting that goodness for someone else other than yourself to recognize, witness and benefit from. Hence we reward the leaders in their field - whatever they may be and punish those who don't meet society's expectations of what is good and right and true and sometimes - most of the time - logical.
If people were forced to work and live only within the areas that their feet could carry them, how many could? Could one's life be richer and still not have to worry financially?
And to think the fact that management tools are being rolled out to my team tomorrow. And I'm so excited, I can't sleep.
But as I was walking back to my home after driving home from work, it hit me that these things are driven by money, emotions, and comfort.
One's ability to earn enough money could either raise or lower the emotional state resulting in a level of comfort in life. Personality and education back it up. Health, whether it be physical or mental is controllable to a certain extent, but for the most part, your health outcome is in the genes you get from your parents. You get what you get healthwise, from genetics, unless you smoke, drink, or take/abuse drugs and food and don't choose to move your body in vigorus ways to help build muscle and remove the toxins then the results or the lack thereof - you did to yourself and your genes did it to you. [Yes, I have Crohn's disease, but changing jobs has changed my commute and my stress level is down due to less of a commute, up to new surrounding and standards to get re-acquainted with on job tasks I'm already familiar with and working for a manager that actually cares to manage, but change is good.]
And then I was thinking, that, "Isn't it enough to be a good person?" ...as I drive home on the "freeway" in this car, with this amazing horsepower as I grasp the steering wheel, this conveyance I'm seated in, that others, too, are seated in as we travel to our destinations and in my mind's eye/imagination- the exterior of the cars melted away and all people commuting on the freeway were seated floating in a dimly glowing interior blue light with powertrain and frame assuming the driving position with hands on their steering wheels, no upholstery with tires-this technology that really hasn't changed all that much in over 100 years [but to make it faster, safer, use less gas, or another fuel, but really at what cost to our environment if the power to make that alternate fuel was derived from fossil fuel?] and when we as humans end up using up all of the fossil fuels this world has, would we then need to worry about the need to expand our roadways or instead how they scarred the earth, contributed to global warming and how they'll need to be deconstructed?
No, it's not enough to be a good person if you're not exhibiting that goodness for someone else other than yourself to recognize, witness and benefit from. Hence we reward the leaders in their field - whatever they may be and punish those who don't meet society's expectations of what is good and right and true and sometimes - most of the time - logical.
If people were forced to work and live only within the areas that their feet could carry them, how many could? Could one's life be richer and still not have to worry financially?
And to think the fact that management tools are being rolled out to my team tomorrow. And I'm so excited, I can't sleep.
Saturday, January 9, 2016
Finance in the News w/e 1/9/16
Finance in the News for the week ending 1/9/16.
This is my first financial post of the new year!
1)
Just when you think the country has gotten passed the ridiculousness of the subprime mortgage crisis and learned its lesson having to bail out under capitalized financial institutions, Fannie Mae has devised a way to entice those desperate to own a home with another high risk mortgage product:
Fannie Mae Rolls Out Easy Mortgage, Catering To High-Risk Immigrants Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials/010716-788747-government-wants-to-lend-more-to-high-risk-immigrants
https://www.fanniemae.com/singlefamily/homeready
2)
Powerball soars to a new record high $800M with a drawing tonight at 8PM. Image having an extra $400M laying around after taxes. Wow. And remember, you can't win if you don't play.
http://www.powerball.com/
http://abcnews.go.com/US/powerball-drawing-clues-previous-lottery-winners/story?id=36143401
3)
Millennials are debt averse. I should know. My twenty-something son, who still lives at home, is one.
http://www.bloomberg.com/news/articles/2015-09-11/these-millennials-are-socking-away-15-of-their-salary
Friday, December 25, 2015
Happy Christmas 2015
As a result of my son working black Friday, he received a 25% off voucher so I decided to take advantage of that discount and bought an xbox with Kinect, a year games with gold subscription for xbox, ooma, new cable modem so I don't have to rent one from TimeWarner Cable anymore, and a mattress topper. Merry Christmas to me.
I also switched out the cable box with dvr because it had an issue with turning on we were struggling with for awhile. Now, maybe it was just us moving the remote too soon to the coffee table before it was switched on fully or maybe it was the level of crap on the coffee table preventing the signal from getting to the cable box in the first place, but anyway, the new box is smaller and sleeker and comes with a better menu. Last weekend, I was able to turn in the two cable modems and turn off the phone with TimeWarner since my number porting operation was completed with ooma earlier that week.
Wednesday, we had a pot luck at work. I brought in a 4-flavor variety cake from the Walmart bakery and picked up a dozen tamales from a local mexican bakery (Yelp Review #1026 & First Review #147) because someone who was let go from another team had noted those on the pot luck sign-up sheet. I also brought in a bag of mandarin oranges for my team for an extra shot of vitamin C to stave off the colds and flu we have been passing around the office. Way too many people have been sneezing and sniffling this season. I need to get a jumbo bottle of hand sanitizer going again on my team since we handle the files after at least five other groups handle them (set-up, processing, funding, closer, underwriter) and it's a proven fact that paper harbors germies, especially paper money.
I was let off work at 3PM yesterday, forgot the gifts I received on my desk (santa bear, itunes gift card, Starbucks gift card, snack container, tea cup and saucer and a bunch of candy canes) and the leftover cake when security was doing their sweep of the building, and made my way to the local Albertson's before heading home where there were a ton of shoppers gathering foodstuffs for the holiday. I don't remember the parking lot being so full since... probably Thanksgiving. My own shopping basket held a Foster Farms turkey breast, chicken strips, corned beef, crescent rolls, biscuits, pie crusts and sage sausage.
Breaking tradition, I actually prepared Christmas dinner on Christmas Eve. Roasted Turkey breast, roasted rosemary carrots, mashed potatoes and gravy. Banana Bread for dessert.
When I got home, I checked the freezer while putting away the groceries for the mixed vegetables and found none. It appears my son is the human vegetable vacuum. So it seems I need turkey gravy, said mixed vegetables and mayo (it's expired 11 days ago) to get through the weekend.
A side note: I love the fact that I earn enough to not worry about paying my bills, but especially not having to worry about what I spend at the grocery store. I basically get what I want when I want it. I guess that helps to satisfy, on some level in my life, my need for spontaneity.
So my Christmas morning started with me turning on BBC America to watch the Dr Who marathon and working on some crochet.
I'm thinking about making monkey bread this morning while the Disney xmas parade is on.
I also switched out the cable box with dvr because it had an issue with turning on we were struggling with for awhile. Now, maybe it was just us moving the remote too soon to the coffee table before it was switched on fully or maybe it was the level of crap on the coffee table preventing the signal from getting to the cable box in the first place, but anyway, the new box is smaller and sleeker and comes with a better menu. Last weekend, I was able to turn in the two cable modems and turn off the phone with TimeWarner since my number porting operation was completed with ooma earlier that week.
Wednesday, we had a pot luck at work. I brought in a 4-flavor variety cake from the Walmart bakery and picked up a dozen tamales from a local mexican bakery (Yelp Review #1026 & First Review #147) because someone who was let go from another team had noted those on the pot luck sign-up sheet. I also brought in a bag of mandarin oranges for my team for an extra shot of vitamin C to stave off the colds and flu we have been passing around the office. Way too many people have been sneezing and sniffling this season. I need to get a jumbo bottle of hand sanitizer going again on my team since we handle the files after at least five other groups handle them (set-up, processing, funding, closer, underwriter) and it's a proven fact that paper harbors germies, especially paper money.
I was let off work at 3PM yesterday, forgot the gifts I received on my desk (santa bear, itunes gift card, Starbucks gift card, snack container, tea cup and saucer and a bunch of candy canes) and the leftover cake when security was doing their sweep of the building, and made my way to the local Albertson's before heading home where there were a ton of shoppers gathering foodstuffs for the holiday. I don't remember the parking lot being so full since... probably Thanksgiving. My own shopping basket held a Foster Farms turkey breast, chicken strips, corned beef, crescent rolls, biscuits, pie crusts and sage sausage.
Breaking tradition, I actually prepared Christmas dinner on Christmas Eve. Roasted Turkey breast, roasted rosemary carrots, mashed potatoes and gravy. Banana Bread for dessert.
When I got home, I checked the freezer while putting away the groceries for the mixed vegetables and found none. It appears my son is the human vegetable vacuum. So it seems I need turkey gravy, said mixed vegetables and mayo (it's expired 11 days ago) to get through the weekend.
A side note: I love the fact that I earn enough to not worry about paying my bills, but especially not having to worry about what I spend at the grocery store. I basically get what I want when I want it. I guess that helps to satisfy, on some level in my life, my need for spontaneity.
So my Christmas morning started with me turning on BBC America to watch the Dr Who marathon and working on some crochet.
I'm thinking about making monkey bread this morning while the Disney xmas parade is on.
Monday, July 27, 2015
CU Investigation Article 7/24/15
http://www.cutimes.com/2015/07/24/bankers-press-for-ncua-investigation?ref=rss
Wednesday, July 8, 2015
Lest We Forget
A great New York Times Article about Germany's own financial crisis after WWII:
http://www.nytimes.com/2015/07/08/business/economy/germanys-debt-history-echoed-in-greece.html?mabReward=A3&moduleDetail=recommendations-2&action=click&contentCollection=U.S.®ion=Footer&module=WhatsNext&version=WhatsNext&contentID=WhatsNext&configSection=article&isLoggedIn=false&src=recg&pgtype=article
http://www.nytimes.com/2015/07/08/business/economy/germanys-debt-history-echoed-in-greece.html?mabReward=A3&moduleDetail=recommendations-2&action=click&contentCollection=U.S.®ion=Footer&module=WhatsNext&version=WhatsNext&contentID=WhatsNext&configSection=article&isLoggedIn=false&src=recg&pgtype=article
Tuesday, June 30, 2015
Greece is not the word
Did you see the news about Greece this morning? The banks were closed and they've placed limits on the money it's customers can take out per day.
http://www.bbc.com/news/world-europe-33322754
http://finance.yahoo.com/news/greece-defaults-imf-payment-despite-013243561.html
http://www.bbc.com/news/world-europe-33322754
http://finance.yahoo.com/news/greece-defaults-imf-payment-despite-013243561.html
Tuesday, May 12, 2015
Finance In the News 05/12/15
Deutsche Bank to Pay $2.5 Billion to End Libor Probe By Shane Strowmatt, Suzi Ring, Greg Farrell
http://bloom.bg/1Jx7hw1
Bloomberg
http://finance.yahoo.com/news/certain-deutsche-closed-end-funds-210000245.html
http://finance.yahoo.com/news/nomura-rbs-face-805-million-damages-u-ruling-182443514--sector.html
http://finance.yahoo.com/news/sf-fed-president-says-first-rate-hike-likely--later-this-year--143121592.html
http://bloom.bg/1Jx7hw1
Bloomberg
http://finance.yahoo.com/news/certain-deutsche-closed-end-funds-210000245.html
http://finance.yahoo.com/news/nomura-rbs-face-805-million-damages-u-ruling-182443514--sector.html
http://finance.yahoo.com/news/sf-fed-president-says-first-rate-hike-likely--later-this-year--143121592.html
Monday, March 23, 2015
In the News
http://www.nationalmortgagenews.com/news/servicing/ginnie-transferring-taylor-bean-portfolio-to-specialty-servicers-1042153-1.html
http://www.nationalmortgagenews.com/news/servicing/ginnie-mae-nixes-bank-of-america-mortgage-servicing-transfer-1041601-1.html
So again, I've been feeling my commute is too much, so I started a job search. Carrington has been posting for Ginnie Mae roles. I just put two and two together and figured out where a lot of these Ginnie Mae MSR loans are landing.
http://www.nationalmortgagenews.com/news/servicing/ginnie-mae-nixes-bank-of-america-mortgage-servicing-transfer-1041601-1.html
So again, I've been feeling my commute is too much, so I started a job search. Carrington has been posting for Ginnie Mae roles. I just put two and two together and figured out where a lot of these Ginnie Mae MSR loans are landing.
Saturday, March 7, 2015
Dear Diary 03/06/2015
Dear Diary,
I don't think anyone really reads this blog unless they *really* know me or trip over it while scanning for something to read in general on Blogger being nosy and peaking into others lives or even living vicariously through them, so here it goes.
Yesterday was the last day of my physical therapy. It was twelve sessions of a routine structured by my physical therapist in order to gain back the flexibility and strength in my left wrist. My left hand is still weaker than the right one, always has been, but I've got full flexibility and can move with no pain which were the main goals.
So along with doing this routine, I have unexpectedly been getting to know my physical therapist.
On the first day, he seemed excited that he met me... a woman who was around the same general age he was and he started to talk about moving to Irvine and how bad-bad-bad the traffic is driving around LA. And then, whether he realized it or not, he insulted me and my decisions about morality. "What in the hell...", and "Where does he get off...", was the running through my mind as I was hooked up to the electric muscle stimulator/ice pack wrap for the next 20 minutes. I couldn't just walk out, I didn't want to create a scene in the therapy room by ripping off the pack and electrodes as I already did that online by writing a bitchy review on Yelp.com about deceitful practices, wait times and patient privacy in the clinic. In my mind, I knew I had a finite time for therapy and then I wouldn't have to deal with Mr. Insensitive ever again.
Most of the time when there were other patients in the PT room, I'd just sign in and do this routine: stretch on the tabletop both ways, twist the red rubber rod both ways, exercise my fingers to gain strength with devices that look like clothes pins, wrist rolls with 1 and then 2 lbs weights (100 reps each way, front, back, and vertical), wall push-ups, picking up and putting down a weighted wooden box, then 10 minutes on full body cycle. After other patients left, he'd talk to me more and more.
And like I stated before, yesterday, was the last day of therapy. He talked about his HAMP refinance, his interest rate, his sister, his parents, his friends marriage and how his wife doesn't cook or clean, snow in Utah, San Francisco, Texas, the bonus money he got by working in Texas, taxes and deductions, eventually moving to Seattle, his parents and the fact that he's working on Torrance per diem this weekend. I'm not a psychologist, I'm a human. If people feel the need to talk to me, I'm a good listener. I'm not sure if it sunk in that I'm not going to be coming to therapy anymore with this guy. I asked for a printout reflecting that I went to all of my therapy session so show my employer. And we said our goodbyes and he said he would see me on the 17th when I have my appointment with the Ortho doctor, which confused me. I asked if he'll be at the appointment, and he said he's be here.
With all of these discussions, I feel like I'm getting sized up for a bigger role in his life as though he he's interested in me and wants more than just the therapist/patient relationship, but hasn't directly expressed this to me. Why do guys send out signals like this?
I don't think anyone really reads this blog unless they *really* know me or trip over it while scanning for something to read in general on Blogger being nosy and peaking into others lives or even living vicariously through them, so here it goes.
Yesterday was the last day of my physical therapy. It was twelve sessions of a routine structured by my physical therapist in order to gain back the flexibility and strength in my left wrist. My left hand is still weaker than the right one, always has been, but I've got full flexibility and can move with no pain which were the main goals.
So along with doing this routine, I have unexpectedly been getting to know my physical therapist.
On the first day, he seemed excited that he met me... a woman who was around the same general age he was and he started to talk about moving to Irvine and how bad-bad-bad the traffic is driving around LA. And then, whether he realized it or not, he insulted me and my decisions about morality. "What in the hell...", and "Where does he get off...", was the running through my mind as I was hooked up to the electric muscle stimulator/ice pack wrap for the next 20 minutes. I couldn't just walk out, I didn't want to create a scene in the therapy room by ripping off the pack and electrodes as I already did that online by writing a bitchy review on Yelp.com about deceitful practices, wait times and patient privacy in the clinic. In my mind, I knew I had a finite time for therapy and then I wouldn't have to deal with Mr. Insensitive ever again.
Most of the time when there were other patients in the PT room, I'd just sign in and do this routine: stretch on the tabletop both ways, twist the red rubber rod both ways, exercise my fingers to gain strength with devices that look like clothes pins, wrist rolls with 1 and then 2 lbs weights (100 reps each way, front, back, and vertical), wall push-ups, picking up and putting down a weighted wooden box, then 10 minutes on full body cycle. After other patients left, he'd talk to me more and more.
And like I stated before, yesterday, was the last day of therapy. He talked about his HAMP refinance, his interest rate, his sister, his parents, his friends marriage and how his wife doesn't cook or clean, snow in Utah, San Francisco, Texas, the bonus money he got by working in Texas, taxes and deductions, eventually moving to Seattle, his parents and the fact that he's working on Torrance per diem this weekend. I'm not a psychologist, I'm a human. If people feel the need to talk to me, I'm a good listener. I'm not sure if it sunk in that I'm not going to be coming to therapy anymore with this guy. I asked for a printout reflecting that I went to all of my therapy session so show my employer. And we said our goodbyes and he said he would see me on the 17th when I have my appointment with the Ortho doctor, which confused me. I asked if he'll be at the appointment, and he said he's be here.
With all of these discussions, I feel like I'm getting sized up for a bigger role in his life as though he he's interested in me and wants more than just the therapist/patient relationship, but hasn't directly expressed this to me. Why do guys send out signals like this?
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